TCRLA_Public/161221.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 21, 2016, Vol. 17, No. 252


                            Headlines



A R G E N T I N A

AEROPUERTOS ARGENTINA: Moody's Raises Corp. Family Rating to B2
AEROPUERTOS ARGENTINA: Moody's Upgrades Global Scale CFR to B2
ARGENTINA: Transit Strike Affects Commuters


B E R M U D A

FLOATEL INTERNATIONAL: S&P Affirms 'B-' CCR; Outlook Negative


B R A Z I L

BRASKEM SA: Payment of BRL3.1BB in Fines Credit Neg., Moody's Says
GAFISA S/A: Moody's Puts B2 CFR on Review for Downgrade
MAPPIN LOJAS: Wins U.S. Recognition of Brazilian Proceedings


C A Y M A N  I S L A N D S

EMERGING MARKETS: Shareholders Receive Wind-Up Report
DIRECT STRATEGIES: Shareholders Receive Wind-Up Report
FRIENDOU INTERNATIONAL: Shareholders' Meeting Set for Dec. 22
GINGER CAPITAL: Shareholders' Final Meeting Set for Dec. 22
GINGER CAPITAL FEEDER: Shareholders' Final Meeting Set for Dec. 22

GOLDMAN SACHS: Shareholders Receive Wind-Up Report
HEARTSTRINGS FUND: Shareholder to Hear Wind-Up Report on Jan. 11
MULLER CAPITAL: Shareholder to Hear Wind-Up Report on Dec. 22
NAVISTAR SPECIAL: Shareholders Receive Wind-Up Report
RGM TRADING: Shareholder Receives Wind-Up Report

SPROTT OFFSHORE: Shareholder Receives Wind-Up Report
SPROTT OFFSHORE II: Shareholder Receives Wind-Up Report
SUNFUN INFO: Shareholders' Final Meeting Set for Dec. 22


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Power Firms 'Lose US$250.0MM' on Upfront Taxes
DOMINICAN REPUBLIC: Fungus Threatens Banana Crops


G U Y A N A

* GUYANA POWER: Workers on Strike, Demands Higher Wage


J A M A I C A

DIGICEL GROUP: Cutting Costs


M E X I C O

* MEXICO: Central Bank Hikes Interest Rate by More Than U.S. Fed


P E R U

BANCO INTERNACIONAL: S&P Raises Rating on Sub. Debt to 'BB+'


                            - - - - -


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A R G E N T I N A
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AEROPUERTOS ARGENTINA: Moody's Raises Corp. Family Rating to B2
--------------------------------------------------------------
Moody's Investors Service has upgraded Aeropuertos Argentina 2000
S.A. corporate family and senior unsecured debt ratings to B2 from
B3. The outlook for all ratings is stable.

RATINGS RATIONALE

The rating upgrade takes into consideration AA2000 strong traffic
and revenue trends that, in spite of the local economic recession
in recent years, translated into very strong credit metrics for
the rating category. The rating upgrade also considers the
significant proportion of revenues originated by international
travel into Argentina, that Moody's estimate account for
approximately 20% of AA2000 total revenues, that help de-link the
credit quality of the issuer from local economic conditions,
coupled with the fact that most of the issuer's revenues are
denominated or linked to the US dollar. In Moody's opinion, the
strong performance of the issuer (grid indicated rating at Baa),
the generation of revenues tied to the US dollar, coupled with
improved liquidity, and expectation of more favorable
macroeconomic conditions allow a rating differentiation from the
sovereign, currently rated at B3, stable.

AA2000 rating is supported by the airport's dominant market
position in its business sector, long established traffic and
passenger trends as well as the nature and length of the
concession agreement, with all the key assets managed by AA2000
until the end of the concession in 2028.

"AA2000 historical credit metrics are very strong, with an average
FFO to debt ratio of 50%, interest coverage (FFO + interest /
interest) of 6 times and DSCR equal to 4 times. While we expect
the company will increase leverage and start making dividend
payments to shareholders, we don't foresee an aggressive financial
policy. As a result, we anticipate that credit metrics will remain
strong over the rating horizon. We expect interest coverage at
around 5 times, FFO to debt over 30% and DSCR over 2.5 times,"
Moody's says.

Liquidity & Debt Profile

AA2000 has adequate liquidity, with strong internal cash
generation. As most of Argentine companies, AA2000 lacks committed
credit facilities although it has access to local and
international banks financing and capital markets.

While all of AA2000's debt is dollar denominated, the company
produces most of its revenues either in dollars or are dollar
denominated, providing therefore a natural hedge against
devaluation risk. Moody's note however that convertibility risk
remains in place, given that revenues are generated in Argentina.

Rating Outlook

The stable outlook for AA2000 mainly reflects the stable outlook
of the sovereign, given that the current constraints on the B2
ratings are mainly related to the linkages the company shares with
the sovereign.

What Could Change the Rating - Up

AA2000's B2 rating is constrained by Argentina's B2 sovereign
ceiling. The ratings could be upgraded if Argentina's rating is
upgraded.

Upward pressure could result from expansion of AA2000's market
size or geographic diversification, as well as from an improving
business environment in Argentina that leads to growth of both its
aeronautical and non-aeronautical revenues.

What Could Change the Rating - Down

Given the strong fundamentals of the company, the stable outlook
and current constraining factors, a rating downgrade is not likely
in the short term.

Nevertheless, developments that include passenger traffic flows
that are substantially less than projected on a sustained basis,
deterioration in the regulatory framework that could result in a
prolonged inability to adjust rates and tariffs as needed going
forward, and/or unfavorable changes to the terms of the Concession
Agreement could have negative implications for the rating.

The principal methodology used in these ratings was Privately
Managed Airports and Related Issuers published in December 2014.
Please see the Rating Methodologies page on www.moodys.com for a
copy of this methodology.

Aeropuertos Argentina 2000 S.A. was incorporated in January, 1998
after winning the national and international bid for the
concession rights related to the "Group A" airports of the
Argentine National Airport System. The concession consist of 33
airports that handle over 90% of Argentina's arriving and
departing passengers, and include the two airports which serve the
capital city of Buenos Aires, Ezeiza (EZE) and Jorge Newbery (JN)
Airports. Located 38 km. from the city of Buenos Aires, EZE is the
8th largest airport in Latin America. On an aggregate basis, EZE
and JN airports would constitute the third busiest airport in
Latin America after Sao Paulo (if also aggregated) and Mexico
City.


AEROPUERTOS ARGENTINA: Moody's Upgrades Global Scale CFR to B2
--------------------------------------------------------------
Moody's Latin America has upgraded Aeropuertos Argentina 2000 S.A.
(AA2000) Global Scale corporate family and senior unsecured debt
ratings to B2 from B3 and National Scale corporate family and
senior unsecured debt ratings to A2.ar from Baa1.ar. The outlook
for all ratings is stable.

RATINGS RATIONALE

The rating upgrade takes into consideration AA2000 strong traffic
and revenue trends that, in spite of the local economic recession
in recent years, translated into very strong credit metrics for
the rating category. The rating upgrade also considers the
significant proportion of revenues originated by international
travel into Argentina, that Moody's estimate account for
approximately 20% of AA2000 total revenues, that help de-link the
credit quality of the issuer from local economic conditions,
coupled with the fact that most of the issuer's revenues are
denominated or linked to the US dollar. In Moody's opinion, the
strong performance of the issuer (grid indicated rating at Baa),
the generation of revenues tied to the US dollar, coupled with
improved liquidity, and expectation of more favorable
macroeconomic conditions allow a rating differentiation from the
sovereign, currently rated at B3, stable.

AA2000 rating is supported by the airport's dominant market
position in its business sector, long established traffic and
passenger trends as well as the nature and length of the
concession agreement, with all the key assets managed by AA200
until the end of the concession in 2028.

"AA2000 historical credit metrics are very strong, with an average
FFO to debt ratio of 50%, interest coverage (FFO + interest /
interest) of 6 times and DSCR equal to 4 times. While we expect
the company will increase leverage and start making dividend
payments to shareholders, we don't not foresee an aggressive
financial policy. As a result, we anticipate that credit metrics
will remain strong over the rating horizon. We expect interest
coverage at around 5 times, FFO to debt over 30% and DSCR over 2.5
times," Moody's says.

Liquidity & Debt Profile.

AA2000 has adequate liquidity, with strong internal cash
generation. As most of Argentine companies, AA2000 lacks committed
credit facilities although it has access to local and
international banks financing and capital markets.

While all of AA2000's debt is dollar denominated, the company
produces most of its revenues either in dollars or are dollar
denominated, providing therefore a natural hedge against
devaluation risk. Moody's note however that convertibility risk
remains in place, given that revenues are generated in Argentina.

Rating Outlook

The stable outlook for AA2000 mainly reflects the stable outlook
of the sovereign, given that the current constraints on the
ratings are mainly related to the linkages the company shares with
the sovereign.

What Could Change the Rating - Up

AA2000's ratings are constrained by Argentina's B2 sovereign
ceiling. The ratings could be upgraded if Argentina's rating is
upgraded.

Upward pressure could result from expansion of AA2000's market
size or geographic diversification, as well as from an improving
business environment in Argentina that leads to growth of both its
aeronautical and non-aeronautical revenues.

What Could Change the Rating - Down

Given the strong fundamentals of the company, the stable outlook
and current constraining factors, a rating downgrade is not likely
in the short term.

Nevertheless, developments that include passenger traffic flows
that are substantially less than projected on a sustained basis,
deterioration in the regulatory framework that could result in a
prolonged inability to adjust rates and tariffs as needed going
forward, and/or unfavorable changes to the terms of the Concession
Agreement could have negative implications for the rating.

The principal methodology used in these ratings was Privately
Managed Airports and Related Issuers published in December 2014.
Please see the Rating Methodologies page on www.moodys.com.ar for
a copy of this methodology.

Aeropuertos Argentina 2000 S.A. was incorporated in January, 1998
after winning the national and international bid for the
concession rights related to the "Group A" airports of the
Argentine National Airport System. The concession consist of 33
airports that handle over 90% of Argentina's arriving and
departing passengers, and include the two airports which serve the
capital city of Buenos Aires, Ezeiza (EZE) and Jorge Newbery (JN)
Airports. Located 38 km. from the city of Buenos Aires, EZE is the
8th largest airport in Latin America. On an aggregate basis, EZE
and JN airports would constitute the third busiest airport in
Latin America after Sao Paulo (if also aggregated) and Mexico
City.


ARGENTINA: Transit Strike Affects Commuters
-------------------------------------------
EFE News reports that a nationwide strike launched by Argentine
public transit unions affected hundreds of thousands of people who
depend on trains, buses and other means of passenger transport to
commute to work.

In Greater Buenos Aires, the strike against income taxes for low-
income workers led to long lines of people trying to access public
transport at main traffic hubs, such as the Once and Retiro
stations, according to EFE News.

                         *     *     *

On Oct. 17, 2016, the Troubled Company Reporter-Latin America
reported that Fitch Ratings has affirmed Argentina's sovereign
ratings as:

   -- Long-term Foreign and Local Currency Issuer Default Ratings
      (IDRs) at 'B', Outlook Stable;

   -- Senior unsecured Foreign Currency bonds at 'B';

   -- Country Ceiling at 'B';

   -- Short-Term Foreign and Local Currency IDRs at 'B'.

As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, after expiration of a 30-day grace
period on a US$539 million interest payment.  Earlier that day,
talks with a court-appointed mediator ended without resolving a
standoff between the country and a group of hedge funds seeking
full payment on bonds that the country had defaulted on in 2001.
A U.S. judge had ruled that the interest payment couldn't be made
unless the hedge funds led by Elliott Management Corp., got the
US$1.5 billion they claimed. The country hasn't been able to
access international credit markets since its US$95 billion
default 13 years ago.

On March 30, 2016, after more than 12 hours of debate in the
Senate, Argentina's Congress passed a bill that will allow the
government to repay holders of debt that the South American
country defaulted on in 2001, including a group of litigating
hedge funds that won judgments in a New York court. The bill
passed by a vote of 54-16.

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B E R M U D A
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FLOATEL INTERNATIONAL: S&P Affirms 'B-' CCR; Outlook Negative
-------------------------------------------------------------
S&P Global Ratings affirmed its 'B-' long-term corporate credit
rating on Bermuda-based accommodation rig owner Floatel
International Ltd.  The outlook remains negative.

S&P also affirmed its issue rating on Floatel's $650 million term
loan at 'B-'.  The recovery rating on this loan is unchanged at
'3', indicating S&P's expectation of meaningful recovery prospects
at the lower end of the 50%-70% range in the event of a payment
default.

The company has restored its liquidity to a level S&P considers
adequate by securing $230 million in new financing for the
delivery payment of its new "Floatel Triumph" vessel and
successfully negotiating a covenant reset with its lenders.  The
affirmation reflects this, and S&P's forecast that Floatel's
credit measures will remain weak, but that free operating cash
flow (FOCF) will turn positive as investments are phased out and
material backlog remains.  The Triumph will fully contribute to
operating earnings starting from 2017.  Although S&P expects debt
to EBITDA to fall to about 6x in 2017 (from about 7.5x in 2016) as
a result, it is still unclear whether Floatel will be able to
secure new contracts and revenue streams in 2018 and beyond.

"Our assessment of Floatel's business risk is largely determined
by the highly competitive and cyclical nature of the offshore
oilfield services industry in which the company operates.  With a
fleet of five accommodation vessels, Floatel draws its revenues
and cash flows from a relatively concentrated asset base.  We
expect the Floatel Triumph, which was delivered in 2016, to
contribute close to 40% of EBITDA in 2017.  Geographic and
customer diversification is limited by the low number of vessels.
We do not view this as a major constraint, however, given the high
quality of Floatel's fleet of semisubmersible units, and its
strong commercial relationships with blue-chip exploration and
production companies.  In addition, there are fewer than 30
operational semisubmersible units in the global fleet," S&P said.

The operating environment remains very weak--oil companies
globally continue to delay and cancel projects in the oil and gas
industry as they adjust to the lower price environment.
Therefore, S&P expects demand for accommodation rigs to remain
low, which will weigh on day rates and, thus, profitability.
Floatel had a backlog of $496 million firm contracts and
$131 million of options as of September 2016, which S&P considers
a satisfactory degree of cash flow visibility.  In S&P's view,
Floatel is also less exposed to project cancellation than most
peers.  These factors are critical supports to S&P's assessment of
Floatel's business profile.

Floatel's financial risk profile has been damaged by its weakening
cash flow generation capability in an operating environment that
has deteriorated materially.  The $230 million it obtained in 2016
from its Singapore-based 50%-shareholder Keppel Corporation has
weakened its credit metrics in the short term--its debt burden has
increased but the new Triumph will not immediately have an effect
on EBITDA and cash flows.  The financing was raised as a new
tranche under the existing new vessel facility.  S&P regards the
entire amount as debt, although S&P notes the new tranche is
effectively subordinated to the existing "Endurance" tranche, and
comes with favorable terms--Floatel pays no cash interest or cash
amortization payments.  Instead, the loan is subject to a 2%
payment-in-kind interest.

Weak prospects of a market recovery over the next two years make
it uncertain whether the company will be able to secure sufficient
work in 2018 and beyond.  This could increase pressure on Floatel
over time, potentially leading S&P to reassess its view of the
sustainability of its capital structure in relation to the market
environment.  Nevertheless, S&P anticipates positive FOCF after
the delivery of Triumph as the company has no committed capital
expenditure thereafter.

In S&P's base case, it assumes:

   -- Strong utilization for contracted rigs, in line with
      historical levels;

   -- The lay-up of the Reliance vessel for a lengthy period given
      that no contract has been agreed at present;

   -- EBITDA generation of about $150 million in 2016 and about
      $175 million in 2017, compared with $188 million in 2015;

   -- No dividends; after the amendment for new vessel facility
      (NVF), dividends are subject to consent from the NVF
      lenders; and

   -- Very low capital expenditure (capex) of about $10 million
      per year starting 2017, mainly related to maintenance
      requirements.

Based on these assumptions, S&P arrives at these credit measures:

   -- Adjusted debt to EBITDA close to 7.5x for the full year 2016
      and about 6x in 2017;

   -- Funds from operations (FFO) to debt of about 8% and 10% in
      2016 and 2017, respectively; and

   -- Negative FOCF in 2016 of about $190 million, after reported
      negative FOCF of about $250 million in 2015.  FOCF should
      nevertheless turn positive in 2017 because capex is forecast
      to drop to low levels--there are no new orders on the books.

The negative outlook reflects S&P's view that Floatel's credit
measures are likely to remain weak, given the difficult operating
environment.  Although S&P anticipates an improvement in credit
metrics in 2017, it is concerned about the company's ability to
regenerate its backlog by securing new contracts in 2018 and
beyond.

S&P could lower the ratings on Floatel by at least one notch if
contracts were to be amended or cancelled to such an extent that
S&P would not consider cash flow generation to be sufficient,
leading to even higher leverage than in S&P's base case and an
unsustainable capital structure.  A liquidity squeeze and covenant
constraints could also weigh on the rating, although as a result
of the financing structure for the new vessel and the covenant
reset, S&P anticipates that Floatel will have sufficient leeway
for at least the next 12 months.  The lack of new contracting
activity in the first half of 2017, combined with S&P's view that
debt to EBITDA would remain above 7x in 2018 and thereafter, could
lead to a downgrade.  Any debt repurchase offer or similar offers
could also put pressure on the rating.

S&P would likely revise its outlook to stable if it saw
substantial improvement in the company's operations and cash
generation prospects, supported by new long-term contracts for its
units.  This would require improved visibility over 2018 earnings
and a stable or improving backlog trend.  A reduction in debt over
the course of 2017 could also lead to an outlook change.  This
could happen if S&P was to anticipate debt to EBITDA approaching
5x toward year-end 2017, with good prospects for maintaining such
leverage over the mid-term.


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BRASKEM SA: Payment of BRL3.1BB in Fines Credit Neg., Moody's Says
------------------------------------------------------------------
Moody's Investors Service comments that the leniency agreement
Braskem S.A. (Ba1 negative) signed on December 14 with Brazilian
federal prosecutors over certain corruption charges in the context
of Lava Jato investigations is credit negative, as it will impact
Braskem's liquidity in the short-term. Under the settlement,
Braskem accepts fines totaling USD957 million (BRL3.1 billion),
with about BRL1.6 billion to be paid at the homologation of the
agreements, and the remaining balance in 6 annual installments.


GAFISA S/A: Moody's Puts B2 CFR on Review for Downgrade
-------------------------------------------------------
Moody's America Latina has placed Gafisa S/A's B2 (global scale)
and Ba2.br (national scale rating) corporate family ratings and
all related ratings on review for downgrade.

The rating action follows the announcement of the sale of 50% of
Construtora Tenda S.A. ("Tenda", unrated) for a total deal value
of up to BRL 320 million and the spin-off of the remaining 50% to
Gafisa's shareholders. The review process will focus on the
resulting capital structure at Gafisa after the conclusion of the
spin-off of the Tenda business unit and on Gafisa's credit metrics
on a standalone basis.

Ratings placed on review for downgrade:

Issuer: Gafisa S/A ("Gafisa")

-- Corporate Family Rating: B2 (global scale); Ba2.br (national
scale)

-- BRL600 million (BRL492 million outstanding) secured debentures
due in 2017 (7th Issuance): B2 (global scale); Ba2.br (national
scale)

-- BRL70 million (BRL62 million outstanding) secured debentures
due in 2024 (10th Issuance): B2 (global scale); Ba2.br (national
scale)

RATINGS RATIONALE

The review process of Gafisa's ratings was prompted by the
announcement of the sale of 50% of the Tenda unit for a potential
deal value of up to BRL 320 million and the spin-off of the
remaining 50% to Gafisa's shareholders. The transaction includes
(i) the distribution of 50% of Tenda's shares to Gafisa's current
shareholders; (ii) the sale of up to 30% of Tenda's shares to
Jaguar Real Estate Partners, LP ("Jaguar", a subsidiary of Jaguar
Growth Asset Management, LLC, unrated) for BRL 231.7 million -- of
which BRL 131.7 million will be received in cash until the end of
the second quarter of 2017 and BRL 100 million will be received
from a capital reduction at Tenda (BRL 50 million will be received
in December 2018 and BRL 50 million in December 2019, both
adjusted by the Selic rate); and (iii) the offer of an additional
20% stake of Tenda to Gafisa's shareholders at similar conditions
to those offered to Jaguar, which could bring additional BRL 88
million in proceeds, depending on investor's adherence.

The deal is still subject to certain approvals and conditions
including a capital reduction at Tenda, the distribution of 50% of
Tenda's shares to Gafisa's shareholders and the conclusion of the
exercise of the preemptive rights of Gafisa's shareholders to
acquire up to 50% of Tenda's shares.

Accordingly, the review process will focus on the final structure
of the transaction and its impacts on Gafisa's capital structure,
credit metrics and operating profile after the sale, in particular
to the company's ability to generate sufficient cash at the Gafisa
unit to cover debt maturing over the next 12-18 months.

Even though pro forma to this transaction Gafisa's standalone cash
balance could increase by up to BRL 320 million, the company would
still need to address short term debt maturities of BRL 948
million (including project loans that will be paid upon the
successful mortgage take-out of receivables from completed units)
with a lower operating asset base. In this sense, further
improvement in liquidity and in the corporate debt maturity
profile would depend on liability management initiatives or
additional liquidity events throughout 2017. Also, Tenda's
projects rely on financing loans that include the anticipated take
out of receivables during construction, which reduces pressure on
working capital and financial leverage. As such, the review
process will also focus on Gafisa's cash flow generation on a
standalone basis and the resulting impact on the company's
liquidity profile.

In addition, the sale of Tenda evidences Gafisa's continued
downsizing and reduces its product and price point diversity,
increasing some of the risks associated with localized down
cycles, and limiting additional opportunity for market share
expansion and revenue growth over the medium term.

Headquartered in Sao Paulo, Brazil and founded in 1954, Gafisa is
one of the largest fully integrated homebuilders in the country
and one of the most diversified companies through its subsidiaries
Tenda and a 30% interest in the capital of Alphaville. The company
is currently present in 120 cities, mainly in the states of Sao
Paulo and Rio de Janeiro and virtually all price segments. During
the last twelve months ended September 30, 2016, Gafisa reported
net revenues of BRL2.0 billion (USD 548 million) and net loss of
BRL163 million (USD 45 million).


MAPPIN LOJAS: Wins U.S. Recognition of Brazilian Proceedings
------------------------------------------------------------
Carolina Bolado, writing for Bankruptcy Law360, reported that the
trustee of Mappin Lojas de Departamento SA got a green light from
Florida Bankruptcy Judge Robert A. Mark to chase assets of the
company's owner, who he claims drained its coffers to fund a
lavish lifestyle, first in London and now in Miami Beach.  In a
ruling from the bench, Judge Mark approved the Chapter 15
proceeding of Mappin Lojas de Departamento SA and two affiliated
companies -- Mappin Telecomunicacoes Ltda. and Casa Anglo
Brasileira -- and granted a preliminary injunction.

                     About Mappin Lojas

Massa Falida de Mappin Lojas de Departamento S.A., Mappin
Telecomunicoes Ltda. and Casa Anglo Brasileira S.A., sought
protection under Chapter 15 of the Bankruptcy Code (Bankr. S.D.
Fla. Case Nos. 16-25541 to 16-25543) on Nov. 20, 2016, seeking
recognition in the U.S. courts of an insolvency proceeding in
Brazil that started more than 15 years ago.  Afonso Henrique Alves
Braga, the court-appointed trustee responsible for foreign asset
recovery and duly-authorized foreign representative of the
Debtors, filed the petitions.

The Chapter 15 cases are pending before Judge Robert A Mark.
Kobre & Kim LLP serves as the petitioner's counsel.

The Mappin chain of department stores was founded in 1774 in
England.  On Nov. 29, 1913, two brothers, Walter and Herbert
Mappin, opened the first Mappin department store in Brazil.

Mappin Telecomunicacoes is an affiliate of Mappin Lojas.  Mansur
indirectly owns Mappin Lojas and Mappin Telecomunicacoes through
Casa Anglo.

In July 1999, Mappin Lojas was placed into a formal Brazilian
insolvency process by the Court of Justice of the State of Sao
Paulo, Central Civil Court, 18th Civil Division pursuant to
Brazilian Bankruptcy Decree-Law, number 7.661 of 1945 under the
laws of the Federative Republic of Brazil.  Subsequently, on March
23, 2000, the bankruptcy was extended to Mappin Telecomunicacoes
and Casa Anglo.

As disclosed in Court documents, the Debtors' fall into financial
distress and eventually insolvency was widely suspected to have
been the result of a fraud perpetrated by CEO Ricardo Mansur.  Due
to Mappin Lojas's failure to pay its debts as they fell due, a
large number of creditors had petitioned for Mappin Lojas to be
declared bankrupt and placed into insolvency proceedings.

In October 1996, Mansur, a Brazilian businessman and bank owner,
acquired Mappin Lojas and became its CEO.  At that time, Mappin
Lojas had approximately 9,000 employees and annual sales in excess
of 1 billion Reais per year (approx. US$300,000,000).

Mr. Braga concluded that Mansur had fraudulently misapplied assets
based on among other evidence, a report from the Central Bank,
which conclusion was corroborated by contemporaneous press
coverage reporting that Mansur was a fraudster.

On July 6, 2011, Mr. Braga applied to the Brazilian Court for an
ex parte order, for among other relief, to pierce the corporate
veil of the Debtors to hold Mansur and his assets personally
liable for the debts of the Debtors pursuant to Article 50 of Law
number 10.406, dated of 2.002, as amended.  He also requested the
Brazilian Court to reverse pierce the corporate veil of other,
non-debtor entities owned and controlled by Mansur so that those
assets would also be subject of the bankruptcy.  Mr. Braga's
application was granted by the Brazilian Court on Aug. 6, 2011.

                   CEO's Extravagant Lifestyle

According to Mr. Braga, despite the demise of the Debtors, Mansur
continues to maintain an extravagant lifestyle through strategic
asset planning and multiple relocations to avoid enforcement of
his liability to Mappin creditors in the Brazilian Proceeding.

"Despite being the majority shareholder and CEO of a company that
had thrived for nearly a century in Brazil, only to become
woefully insolvent after three years of his ownership and control,
Mansur has continued to maintain a lavish lifestyle following the
Debtors' demise," maintained Mr. Braga.

Mr. Braga disclosed that following the commencement of the
Brazilian Proceeding, Mansur relocated to London, England, where
he continued to lead an abundant lifestyle, which included living
in a multi-million dollar house in Kensington and maintaining a
polo center.  Most recently, Mansur once again moved himself and
his assets from London to Miami Beach, Florida, shortly before Mr.
Braga obtained orders from the Chancery Division of the English
High Court that enabled him to commence an asset recovery campaign
against Mansur in the UK.

On Aug. 12, 2011, following shortly upon the issuance of the Aug.
6, 2011, Veil Piercing Order, the Brazilian Court issued an order
authorizing Mr. Braga to take action abroad to identify and
retrieve the assets of the Debtors' estate.

On May 14, 2015, Mr. Braga applied to the UK Court to open
proceedings to have the Brazilian Proceeding recognized under
Article 15 of the UNCITRAL Model Law on Cross-Border Insolvency as
adopted into UK law in Schedule 1 to the Cross-Border Insolvency
Regulations 2006.  On July 6, 2015, the UK Court recognized the
Brazilian Proceeding under Articles 15 and 17 of the CBIR, and
entrusted Mr. Braga with the administration, realization and
distribution of the Debtors' assets located in the UK.

                       Brazilian Proceeding

Based on the last report from Dr. Nelson Carmona, the
court-appointed trustee responsible for the local asset recovery
in Brazil, dated as of Jan. 28, 2016, at least 1,092 claims
against Mappin have been admitted to proof in the sum of
R$361,538,176 (approximately US$109,226,035).  Of this sum,
R$51,123,805 or US$15,445,258 of the total debt was already paid
by the estate, leaving a balance of R$310,414,371 (approximately
US$93,780,776) yet to be paid.

Mr. Carmona is still considering claims which have been made by
other ordinary unsecured creditors of Mappin.  In addition, Mr.
Carmona has been considering the claims submitted by the Brazilian
tax authorities.  Those claims, if admitted, will have
preferential status.  At a minimum, these are worth R$350,000,000
(approximately US$105,740,181).

The total of the estimated debts of Mappin are, at a minimum,
therefore, approximately R$700,000,000 (approximately
US$211,480,000).  The value of the assets of Mappin collected by
the Trustees in Bankruptcy to date is approximately R$131,123,805
(approximately US$39,614,442).  As such, the total of the
estimated debts of the Debtors are, at a minimum, approximately
R$380,000,000 (approximately US$114,803,625).  By contrast, the
value of the assets of the Debtors collected by the Trustees in
Bankruptcy to date is approximately R$131,123,805 (approximately
US$39,614,442).

"The prospect of any further substantial recovery becoming
available to the Debtors' creditors is largely dependent upon
finding and retrieving valuable assets outside of Brazil that I
have the right to recover for the benefit of the Debtors' Estate
and their creditors," said Mr. Braga.

"To that end, the value I will be able to realize post-recognition
on behalf of the Debtors' creditors and Brazilian liquidation
estate is highly dependent upon preventing Mansur from
transferring assets in this District outside of the territorial
jurisdiction of the United States following notice of these
proceedings," he continued.

Accordingly, Mr. Braga is seeking pre- and post-recognition relief
entrusting him with the administration and realization of all
assets of the Debtors located in the United States and suspending
the right of Mansur or anyone else to transfer, encumber or
otherwise dispose of any such assets.

Mr. Braga is asking the Bankruptcy Court to recognize and enforce
the Brazilian Court's Veil Piercing Order, and confirm that all
assets within the territorial jurisdiction of the United States
that are owned by Mansur are "assets of the debtor" that can and
should be entrusted to Plaintiff for the benefit of the Debtors'
Brazilian liquidation estate.


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


EMERGING MARKETS: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Emerging Markets (Quantitative) Offshore Ltd
received on Dec. 15, 2016, the liquidator's report on the
company's wind-up proceedings and property disposal.

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


DIRECT STRATEGIES: Shareholders Receive Wind-Up Report
------------------------------------------------------
The shareholders of Direct Strategies (Quantitative) Offshore L
Holdings Ltd received on Dec. 15, 2016, the liquidator's report on
the company's wind-up proceedings and property disposal.

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


FRIENDOU INTERNATIONAL: Shareholders' Meeting Set for Dec. 22
-------------------------------------------------------------
The shareholders of Friendou International Inc. will hold their
final meeting on Dec. 22, 2016, at 11:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Maricorp Services Ltd.
          c/o Roger L. Nelson
          Telephone: (345) 949-9710
          #31 The Strand 46 Canal Point Drive
          P.O. Box 2075 Grand Cayman KY1-1105
          Cayman Islands


GINGER CAPITAL: Shareholders' Final Meeting Set for Dec. 22
-----------------------------------------------------------
The shareholders of Ginger Capital Multi-Strategies Fund, Inc.
will hold their final meeting on Dec. 22, 2016, at 10:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Michael Wai-Kwong Chan
          c/o Richard Bennett
          Telephone: +852 3656 6069
          Facsimile: +852 3656 6001


GINGER CAPITAL FEEDER: Shareholders' Final Meeting Set for Dec. 22
------------------------------------------------------------------
The shareholders of Ginger Capital Multi-Strategies Offshore
Feeder Fund, Inc. will hold their final meeting on Dec. 22, 2016,
at 10:00 a.m., to receive the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Michael Wai-Kwong Chan
          c/o Richard Bennett
          Telephone: +852 3656 6069
          Facsimile: +852 3656 6001


GOLDMAN SACHS: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Goldman Sachs Direct Strategies Quantitative
Fund Offshore, Ltd. received on Dec. 15, 2016, the liquidator's
report on the company's wind-up proceedings and property disposal.

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


HEARTSTRINGS FUND: Shareholder to Hear Wind-Up Report on Jan. 11
----------------------------------------------------------------
The sole shareholder of Heartstrings Fund will hear on Jan. 11,
2017, at 10:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.

The company's liquidator is:

          Jeffrey Stower
          c/o Georgina Williams
          P.O. Box 493 Grand Cayman KY1-1106
          Cayman Islands
          Telephone: +1 (345) 914-4398/ +1 (345) 949-4800
          Facsimile: +1 (345) 949-7164


MULLER CAPITAL: Shareholder to Hear Wind-Up Report on Dec. 22
-------------------------------------------------------------
The sole shareholder of Muller Capital will hear on Dec. 22, 2016,
at 10:00 a.m., the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Ka Ho Wong
          c/o Richard Bennett
          Telephone: +852 3656 6069
          Facsimile: +852 3656 6001


NAVISTAR SPECIAL: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Navistar Special Situation Fund, Ltd. received
on Dec. 14, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          James MacFee
          c/o Estera Trust (Cayman) Limited
          Clifton House, 75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +1 (345) 640 0540


RGM TRADING: Shareholder Receives Wind-Up Report
------------------------------------------------
The shareholder of RGM Trading International Limited received on
Dec. 14, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          RGM Trading, LLC
          c/o Jody Powery-Gilbert
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


SPROTT OFFSHORE: Shareholder Receives Wind-Up Report
----------------------------------------------------
The shareholder of Sprott Offshore Fund, Ltd. received on Dec. 13,
2016, the liquidator's report on the company's wind-up proceedings
and property disposal.

The company's liquidator is:

          Samgenpar, Ltd.
          c/o Joanne Huckle
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


SPROTT OFFSHORE II: Shareholder Receives Wind-Up Report
-------------------------------------------------------
The shareholder of Sprott Offshore Fund II, Ltd. received on
Dec. 13, 2016, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Samgenpar, Ltd.
          c/o Joanne Huckle
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949 9877


SUNFUN INFO: Shareholders' Final Meeting Set for Dec. 22
--------------------------------------------------------
The shareholders of Sunfun Info Co., Ltd. will hold their final
meeting on Dec. 22, 2016, to receive the liquidator's report on
the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Chang, Li
          No.7, Aly. 7, Ln. 197, Shangren St.
          Xinfeng Township, Hsinchu County 304
          Taiwan (R.O.C.)


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


DOMINICAN REPUBLIC: Power Firms 'Lose US$250.0MM' on Upfront Taxes
------------------------------------------------------------------
Dominican Today reports that Dominican Republic's power companies
grouped in ADIE expressed concern to the Government over the
advance payment mechanism for the selective fuel tax, with ensuing
losses of US$250.0 million per year on, hobbling their cash flow,
fuel purchases, operating expenses and compliance with other tax
obligations.

The sector's fear that the system to reimburse the tax created by
Executive Order 275-16 will not work is reflected in at least four
letters sent to the Government officials in charge of the fiscal,
revenue, economic and electricity areas, according to Dominican
Today.

The Finance Ministry has responded to ADIE's concern, promising a
fast draw back mechanism within 10 days.

But the ADIE considers that the procedures established in the
executive order are complicated and could lead to repayment
hurdles, with which the power companies risk illiquidity, the
report notes.

The Executive Order creating the selective fuel tax reimbursement
system was issued on November 9, 2012, to comply with the Law that
seeks to improve the government's tax-collecting capacity, the
report relays.

"Regarding the mechanism to follow for taxpayers to submit a
claim, the decree establishes a definitive approval and eventual
rectification, after reimbursement," says a December 2, 2016,
letter from Finance minister Donald Guerrero to ADIE president
Roberto Herrera, quoted by listin.com.do, the report relays.

The missive respond to previous letter dated November 21, 2016,
Herrera had communicated to Guerrero, with a copy to other
officials of the economy and the electric sector, the material
impossibility of ADIE companies to assume the advance payment of
the tax on fossil fuels and petroleum products, in accordance with
Executive Order 275-16, the report adds.

"We don't have the financial resources to comply with this
commitment", since each month, ADIE says, "We commit our capital
in the advance payment of other taxes."

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Fitch Ratings has taken the following rating
actions on the Dominican Republic:

   -- Long-Term Foreign Currency Issuer Default Rating (IDR)
      upgraded to 'BB-' from 'B+'; assigned Stable Outlook;

   -- Long-Term Local Currency IDR upgraded to 'BB-' from 'B+';
      assigned Stable Outlook;

   -- Senior unsecured Foreign and Local Currency bonds upgraded
      to 'BB-' from 'B+';

   -- Short-Term Foreign Currency IDR affirmed at 'B';

   -- Short-Term Local Currency IDR affirmed at 'B'.


DOMINICAN REPUBLIC: Fungus Threatens Banana Crops
-------------------------------------------------
Dominican Today reports that after the National Association of
Agricultural Professionals (ANPA) warned that Black Sigatoka is
posing a threat to thousands of south region banana plantations,
Agriculture minister Angel Estevez has called the situation
controllable and normal.

"There's absolutely nothing to worry about," Estevez said, quoted
by diariolibre.com. "Every time there's a lot of rain the fungus
multiplies, but once the rain falls, it disappears," the official
said, according to Dominican Today.

The report notes that Mr. Estevez noted that Black Sigatoka,
(Mycosphaerella fijiensis), is a disease that has been in the
Dominican Republic for many years.

Mr. Estevez said technicians will start distributing a fungicide
to control it and affirmed that they are already working to
deliver it to affected farmers, the report relays.

Mr. Estevez added that there shouldn't be concern of shortages.
"There's banana by the bundles here to sustain the entire national
population and to spare, in four or five months we will have the
country planted again," the report notes.

As reported in the Troubled Company Reporter-Latin America on
Nov. 22, 2016, Fitch Ratings has taken the following rating
actions on the Dominican Republic:

   -- Long-Term Foreign Currency Issuer Default Rating (IDR)
      upgraded to 'BB-' from 'B+'; assigned Stable Outlook;

   -- Long-Term Local Currency IDR upgraded to 'BB-' from 'B+';
      assigned Stable Outlook;

   -- Senior unsecured Foreign and Local Currency bonds upgraded
      to 'BB-' from 'B+';

   -- Short-Term Foreign Currency IDR affirmed at 'B';

   -- Short-Term Local Currency IDR affirmed at 'B'.


===========
G U Y A N A
===========


* GUYANA POWER: Workers on Strike, Demands Higher Wage
------------------------------------------------------
Trinidad Express reports that workers with the Guyana Power and
Light (GPL) began strike action in support of their demands for
higher wages.

The workers, represented by the National Association of
Agricultural, Commercial and Industrial Employees (NAACIE), are
seeking an eight per cent wage increase, while the company is
offering a two per cent wage hike, according to Trinidad Express.

NAACIE President, Kenneth Joseph told the Guyana-based on line
publication, Demerara Waves Online News, that the union did not
call the strike, the report notes.

"Whenever the workers feel to stop the strike, it is their
decision. It is not a strike that the union called, it was the
workers who took the matter in their own hands," he said, adding
that the union was willing to negotiate even lower than the eight
percent, the report notes. "We are willing to negotiate even
that."

The lowest paid worker earns a gross salary of GUY$60,000 (One
Guyana dollar = US$0.004 cents), the report relays.

The strike action comes as consumers experience several blackouts
during the Christmas Season, the report adds.


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


DIGICEL GROUP: Cutting Costs
----------------------------
RJR News reports that Digicel Group has embarked on a cost-cutting
plan.

One financial analyst has expressed doubt, however, about the
likely impact on the company, according to RJR News.

The Irish Times newspaper reported that Digicel Group has hired
financial consultants McKinsey and Goetzpartners to help cut its
massive debt burden as the mobile phone group grapples with
declining earnings, the report notes.

Michael Chakardjian, an analyst with US credit research firm,
CreditSights, said at a conference in London that Digicel's EUR6.2
billion debt is at an unsustainable high level at six times the
earnings of the group.

Mr. Chakardjian also said the company's cost-cutting plan was
ambitious and it faces near-term refinancing risks, the report
relays.

Digicel said that it disagreed with the conclusions and has a
positive outlook, the report notes.

Mr. Chakardjian said Digicel's cost-cutting plan, known as Project
Swan, includes changing internal process and structure, such as
back office functions as well as technology and management, has
never sought to extract savings from these measures before, the
report discloses.

Mr. Chakardjian said Digicel's debt level is so high that it has
no equity cushion and this gives it little wiggle room for poor
performance, the report notes.

The Irish Times reported on November 30 that Digicel executives
had pitched a plan to investors and analysts earlier that month to
cut its debt ratio by March 2019, the report relays.

Digicel, which operates in 32 markets in the Caribbean and South
Pacific regions, is in the middle of a third year of  earnings
decline, with its latest quarterly figures, to the end of
September, hit particularly by currency weakness in several of
its markets, the report adds.

As reported in the Troubled Company Reporter-Latin America on
May 27, 2016, Fitch Ratings has affirmed the ratings of Digicel
Group Limited (DGL) and its subsidiaries Digicel Limited (DL) and
Digicel International Finance Limited (DIFL), collectively
referred to as 'Digicel' as follows.

DGL
-- Long-Term Issuer Default Rating (IDR) at 'B'; Stable Outlook;
-- $US 2.0 billion 8.25% senior subordinated notes due 2020 at
    'B-/RR5';
-- $US 1 billion 7.125% senior unsecured notes due 2022 at
    'B-/RR5'.

DL
-- Long-Term IDR at 'B'; Stable Outlook;
-- $US 250 million 7% senior notes due 2020 at 'B/RR4';
-- $US 1.3 billion 6% senior notes due 2021 at 'B/RR4';
-- $US 925 million 6.75% senior notes due 2023 at 'B/RR4';

DIFL
-- Long-Term IDR at 'B'; Stable Outlook;
-- Senior secured credit facility at 'B+/RR3'.

The Rating Outlook is Stable.


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


* MEXICO: Central Bank Hikes Interest Rate by More Than U.S. Fed
----------------------------------------------------------------
Reuters reports that Mexico's central bank raised it benchmark
interest rate on Dec. 15, outgunning the U.S. Federal Reserve in a
bid to cool quickening inflation after Donald Trump's U.S.
election win took the peso to record lows.

The Banco de Mexico hiked interest rates by 50 basis points to
5.75 percent, more than the median forecast by a Reuters poll of
economists, according to Reuters.


=======
P E R U
=======


BANCO INTERNACIONAL: S&P Raises Rating on Sub. Debt to 'BB+'
------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Banco Internacional del Peru-Interbank (Interbank) to 'BBB' from
'BBB-'.  At the same time, S&P revised the bank's SACP to 'bbb-'
from 'bb+'.  S&P has also raised its ratings on the bank's
subordinated debt to 'BB+' from 'BB-'.  The two notch upgrade on
the subordinated debt is because the SACP on the bank is now
investment grade.

S&P raised the ratings and revised upward its SACP on Interbank
mainly because it has consistently strengthened its
capitalization, in S&P's view, due to sound internal capital
generation, while it maintains solid asset quality metrics.

"We now estimate the bank's risk-adjusted capital (RAC) ratio
before diversification and concentration adjustments at about 7.3%
in the next 18-24 months.  Our RAC projections for Interbank
incorporate our assumption of loan growth of about 6% in 2016 and
15% in 2017, relatively stable net interest margins (NIMs), low
expense growth in 2016 due to cost-cutting initiatives,
significantly lower trading gains than in 2015, and slightly
higher provisions resulting in stable profitability metrics.  We
expect an increase in market risk charges in line with what we saw
in September 2016 and a dividend payout ratio of about 45% of net
income.  The bank's quality of capital is healthy, with total
adjusted capital consisting of common equity and earnings quality
as sound.  Net interest income accounted for about 80% of
operating revenue and banking fees for about 8% as of September
2016, levels which have been fairly stable in the past three
years.  The rating on Interbank's subordinated debt is now two
notches below the credit rating because the starting point for
notching is the bank's 'bbb-' SACP, and we deduct one notch for
subordination because SACP is now investment grade," S&P said.

The rating on Interbank reflects its adequate business position as
the fourth-largest financial institution in Peru with a special
focus on retail lending with a market share in terms of loans and
deposits of 11.2% and 11.9% as of September 2016, respectively.
The rating also reflects the bank's adequate capital and earnings
with a forecasted RAC ratio of about 7.3%; adequate risk position
with asset quality metrics in line with the industry with
nonperforming loans to total loans of about 2.59% and net charge-
offs of 2.57% as of September 2016; average funding with a stable
funding ratio of 124.6% and adequate liquidity with broad liquid
assets 3.6x, which is also in line with the industry average.  The
rating on the bank also reflects one-notch uplift due to
government support.  S&P believes there's a moderately high
likelihood that the government would provide extraordinary and
timely support to Interbank in the case of credit stress.

The credit rating on Interbank is now two notches above the
corporate credit rating on the bank's ultimate parent, Intercorp
Peru Ltd. (BB+/Stable/--).  However, S&P believes that Interbank
is insulated from its ultimate parent because it's a regulated
entity and S&P expects the financial regulator to intervene to
protect the subsidiary if the parent is under financial stress.
Capital reductions require regulatory approval and there are
limits on related party exposures.


                            ***********


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.


                   * * * End of Transmission * * *