TCRLA_Public/170517.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, May 17, 2017, Vol. 18, No. 96


                            Headlines



B R A Z I L

BANCO NACIONAL: Under Investigation on Suspected Irregularities


C A Y M A N  I S L A N D S

CASSABAH INVESTMENT: Members' Final Meeting Set for May 25
CHINA QIBU: Shareholders' Final Meeting Set for May 23
GAMMA OPPORTUNITY: Shareholders' Final Meeting Set for June 7
GAMMA OPPORTUNITY II: Shareholders' Final Meeting Set for June 7
GLOBAL DEVELOPER: Members' Final Meeting Set for May 25

GOLDEN HORN: Shareholders Receive Wind-Up Report
HAPPYLATTE: Shareholders Receive Wind-Up Report
KAZIMIR RUSSIA: Shareholders' Final Meeting Set for May 17
OCTAGON PAN: Shareholders' Receive Wind-Up Report
OXFORD ENTERPRISES: Members' Final Meeting Set for May 25

POLARCUS 2: Shareholders Receive Wind-Up Report
POLARCUS 6: Shareholders' Receive Wind-Up Report
SUMMER TIME: Shareholders' Receive Wind-Up Report
TROMSO PARTICIPATIONS: Shareholders' Receive Wind-Up Report


M E X I C O

CEMEX: Digitally Transformed Ops. to Benefit Dominican Customers
MEXICO: Industrial Production Unchanged in March


P U E R T O    R I C O

PUERTO RICO: Government Debt Restructuring Won't Affect PRIIA


T R I N I D A D  &  T O B A G O

PETROTRIN: Has 5-Year Plan to Restore Business


V E N E Z U E L A

VENEZUELA: OWTU Supports Maduro


                            - - - - -


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B R A Z I L
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BANCO NACIONAL: Under Investigation on Suspected Irregularities
----------------------------------------------------------------
EFE News reports that Brazil's Federal Police launched an
investigation of suspected irregularities on the part of Banco
Nacional de Desenvolvimento Economico e Social (BNDES) in the
granting of loans to the holding company behind JBS, the world's
largest meatpacker.

The bank's decision to loan money to J&F Investimentos without
requiring the necessary repayment guarantees cost the Brazilian
treasury BRL1.2 billion ($380 million), the Federal Police said in
a statement, according to EFE News.

Starting in June 2007, BNDES -- through its BNDES Participacoes
subsidiary -- loaned a total of BRL8.1 billion ($570 million) to
J&F to finance acquisitions of smaller firms in the industry,
according to investigators, the report notes.

JBS, the world's No. 1 meat exporter, was among the targets of a
massive police operation on March 17 against companies accused of
selling beef adulterated with chemicals, the report recalls.

The questionable loans to J&F began after the holding company
hired a consulting firm linked to a member of Congress, the police
statement said, the report says.

Police detained 37 people for questioning and executed 20 search
warrants, the report notes.

News Web site G1 said that police were searching the homes of J&F
CEO Joesley Batista and former BNDES President Luciano Coutinho,
the report discloses.

Authorities have frozen assets of individuals and companies
implicated in the probe, the Federal Police said, the report adds.

As reported in the Troubled Company Reporter-Latin America on May
4, 2017, Moody's Investors Service has assigned a Ba2 long-term
foreign currency debt rating to the proposed senior unsecured
notes to be issued by Banco Nacional de Desenvolvimento Economico
e Social (BNDES). The notes will be denominated and settled in US
dollars, with maturity between five and ten years. The notes will
be issued as a green bond. The outlook on the rating is stable.

Assignments:

Issuer: Banco Nac. Desenv. Economico e Social - BNDES

  Senior Unsecured Regular Bond, Assigned Ba2


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


CASSABAH INVESTMENT: Members' Final Meeting Set for May 25
----------------------------------------------------------
The members of Cassabah Investment Co. will hold their final
meeting on May 25, 2017, to receive 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


CHINA QIBU: Shareholders' Final Meeting Set for May 23
------------------------------------------------------
The shareholders of China Qibu Group Limited will hold their final
meeting on May 23, 2017, 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:

          Zhang Limin
          Qibu Co., Ltd
          No. 3 Chiyan, Qiaoziang Industrial Zone
          Youzhu New District
          Qingtian County, Lishui City
          Zhejiang Province
          China
          Telephone +86 578 6558999
          Facsimile: + 86 578 6558999


GAMMA OPPORTUNITY: Shareholders' Final Meeting Set for June 7
-------------------------------------------------------------
The shareholders of Gamma Opportunity General Partner, Ltd. will
hold their final meeting on June 7, 2017, at 9:45 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          El Gabino 13492
          Lo Barnechea
          Santiago de Chile
          c/o Jayme Colter / Jonathan Knight
          Telephone: 56 22 724 9218


GAMMA OPPORTUNITY II: Shareholders' Final Meeting Set for June 7
----------------------------------------------------------------
The shareholders of Gamma Opportunity Fund - Series II, Ltd. will
hold their final meeting on June 7, 2017, at 9:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          El Gabino 13492
          Lo Barnechea
          Santiago de Chile
          c/o Jayme Colter / Jonathan Knight
          Telephone: 56 22 724 9218


GLOBAL DEVELOPER: Members' Final Meeting Set for May 25
-------------------------------------------------------
The members of Global Developer Limited will hold their final
meeting on May 25, 2017, to receive 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


GOLDEN HORN: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Golden Horn Trading Limited - ET 285766
received on May 16, 2017, the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:

          Doran + Minehane
          59/60 O' Connell Street
          Limerick
          Ireland
          Telephone: 00353 61 430000
          Facsimile: 00353 61 408613


HAPPYLATTE: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Happylatte received on April 24, 2017, the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Bjorn Stabell
          Ho Lee Commercial Building, Suite D, 6th Floor
          38-44 D'Aguilar Street
          Central
          Hong Kong
          Telephone: +852 2528 1008
          Facsimile: +852 2529 9830


KAZIMIR RUSSIA: Shareholders' Final Meeting Set for May 17
----------------------------------------------------------
The shareholders of Kazimir Russia Offshore Fund Ltd will hold
their final meeting on May 17, 2017, 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:

          Frances Holliday
          2 Eaton Gate
          London
          SW1W 9BJ


OCTAGON PAN: Shareholders' Receive Wind-Up Report
-------------------------------------------------
The shareholders of Octagon Pan Asia Levered received on May 16,
2017, 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


OXFORD ENTERPRISES: Members' Final Meeting Set for May 25
---------------------------------------------------------
The members of Oxford Enterprises will hold their final meeting on
May 25, 2017, to receive 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


POLARCUS 2: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Polarcus 2 Ltd. received on May 16, 2017, 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


POLARCUS 6: Shareholders' Receive Wind-Up Report
------------------------------------------------
The shareholders of Polarcus 6 Ltd. received on May 16,
2017, 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


SUMMER TIME: Shareholders' Receive Wind-Up Report
-------------------------------------------------
The shareholders of Summer Time Corp. received on May 16, 2017,
the liquidator's report on the company's wind-up proceedings and
property disposal.

The company's liquidator is:

          Summer Time Corp.
          c/o Jose A. Toniolo
          307 Fairbanks Road
          Apt. 50, George Town
          Grand Cayman
          Cayman Islands


TROMSO PARTICIPATIONS: Shareholders' Receive Wind-Up Report
-----------------------------------------------------------
The shareholders of Tromso Participations Limited received on May
16, 2017, the liquidator's report on the company's wind-up
proceedings and property disposal.

The company's liquidator is:

          Tromso Participations Limited
          c/o Hilton Nogueira Ribeiro
          Rua Engenheiro Prudente Meireles De Morais 965, APT 604
          Sso Jose Dos Campos
          Sao Paulo 12243-750
          Brazil


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M E X I C O
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CEMEX: Digitally Transformed Ops. to Benefit Dominican Customers
----------------------------------------------------------------
Dominican Today reports that CEMEX, S.A.B. de C.V. steps to
digitally transform its Dominican Republic operations, paving the
way for real-time interactions with customers, from mobile
devices.

It said that through mobile applications, the company will
transform the way it conducts business globally, from the creation
of new customers to billing, charging and post-sales support,
according to Dominican Today.

"The project, planned for 2018, is part of a sweeping global
transformation designed to improve CEMEX's customer experience,
streamline operations and increase business efficiency, and has
invested in the country to strengthen its responsiveness," the
transnational told local media, the report notes.

"At CEMEX we're committed to a new customer focus which has a
clear objective: to achieve the best customer experience, always
and everywhere. We're committed to providing not only products,
services and solutions of the highest quality, but an outstanding
and exceptional experience at all times, "said CEMEX president in
the country Carlos Emilio Gonzalez, the report relays.

As part of the efforts, CEMEX has created a new Service Promise in
which it states its commitment to guarantee the best experience in
every interaction with the company, the report notes.

The report discloses that it has also expanded its cement
packaging capacity with a new line with a capacity of 1.5 million
additional bags per month with stronger cement bags and started an
aggressive palette replacement plan, acting on recommendations
received from our customers.

"This new customer focus means that we are placing our customers
at the center of everything we do and all the decisions we make.
We seek to be more than just a supplier, we want to be partners
that add value in an agile and constant manner," the executive
said, notes the report.

In addition, CEMEX has made available additional concrete mixer
trucks and boom trucks, improving punctuality by having the
largest truck fleet o all its Caribbean operations, geo-located
and communicated at all times, the report relates.

Through the "My CEMEX" platform, which includes a website and a
digital application available since 2016, customers can access
invoices, vouchers and orders, says Dominican Today.

CEMEX is the country's leading construction industry company,
offering innovative solutions through its product portfolio:
Cemento Titan, concrete, aggregates, dry mortar, the network
Construrama Hardware Stores as well.

As reported in the Troubled Company Reporter-Latin America on
March 15, 2017, Fitch Ratings has affirmed CEMEX, S.A.B. de C.V.'s
Long-Term Issuer Default Rating (IDR) at 'BB-'. Fitch has also
affirmed the company's National Scale Long-Term Rating at 'A(mex)'
and upgraded the company's National Scale Short-Term rating to
'F1(mex)' from 'F2(mex)'. The Rating Outlook has been revised to
Positive from Stable.


MEXICO: Industrial Production Unchanged in March
------------------------------------------------
Anthony Harrup at The Wall Street Journal reports that Mexican
industrial production was unchanged in March from the previous
month as lower construction and manufacturing output was offset by
an improvement in oil and gas production, the National Statistics
Institute said.

In seasonally adjusted terms, manufacturing slipped 0.3% and
construction was down 0.2% from February, while mining activity
rose 0.1% and utilities output was up 0.5%, according to The WSJ.

Compared with March of 2016, industrial production rose 3.4% as a
result of the Easter holiday moving this year to April, the report
relays.  Economic activity tends to slow sharply during Holy Week,
when many companies close for at least two days and workers take
vacations, the report notes.

Despite the pickup from February, mining output remains the main
drag on industrial production while manufacturing has been
buoyant, the report discloses.  In the first three months of the
year, manufacturing output rose 4.8% from a year earlier with
strong gains in automotive production and electronic equipment,
the report says.  Mining output in the quarter was down 10.8%,
including an 11.6% drop in oil and gas production, the report
notes.

With March's increase, industrial production rose 0.5% in the
first quarter from the first quarter of 2016, above the
institute's previous estimate of 0.2%, the report adds.


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


PUERTO RICO: Government Debt Restructuring Won't Affect PRIIA
---------------------------------------------------------------
The Puerto Rico International Insurers Association (PRIIA) on May
11, 2017, issued the following statement in response to the filing
in the United States District Court for the District of Puerto
Rico of a voluntary bankruptcy petition under Title III of the
Puerto Rico Oversight, Management and Economic Stability Act
(PROMESA).  Enacted by the United States Congress and signed into
law by President Obama in 2016, PROMESA provides the legal
framework for local Puerto Rico government entities to restructure
debt obligations.

"Puerto Rico's International Insurance Center operates under laws
and regulations that insulate its member companies and their
clients from any changes to Puerto Rico that Title III bankruptcy
may bring about.  Regulation of companies operating in the Center
is provided by the Office of the Commissioner of Insurance of
Puerto Rico, which receives funding from fees paid by its
regulated entities.  There is no change to the tax, regulatory, or
other legal status of any licensed insurer operating in the Center
as a result of the Title III filing.  Puerto Rico's international
insurers are open for business."

In addition to the statement above, PRIIA member and CEO of
Advantage Insurance Inc., Walter Keenan, added: "PROMESA was
enacted to help grow Puerto Rico's economy.  The International
Insurance Center has brought jobs and investment capital to Puerto
Rico and will continue to play an important role in the
Commonwealth's return to prosperity.  PROMESA recognizes the
importance of growth engines, such as the International Insurance
Center, and the law expressly preserves and continues the benefits
our clients and companies enjoy today."

Ralph Rexach, a PRIIA member and former Puerto Rico Commissioner
of Insurance, explained: "Companies considering Puerto Rico's
compelling tax incentives and modern system of insurance
regulation should know that the Title III filing does not change
what Puerto Rico has to offer.  Insurance companies operating
within the International Insurance Center receive contractual tax
incentive grants that guarantee favorable taxation for at least 15
years.  PRIIA member companies and potential new entrants to the
Center can have confidence in the continuity of Puerto Rico's tax
treatment provisions under both Puerto Rico and United States
law."

                        About PRIIA

The Puerto Rico International Insurers Association (PRIIA) is the
industry trade group representing insurance carriers, service
providers and other participants in Puerto Rico's International
Insurance Center.  Founding members of PRIIA include Advantage
Insurance Inc.; Madison Re I.I.; Ryan, LLC; and U.S. Commonwealth
Life, A.I. More information about PRIIA and Puerto Rico's
International Insurance Center can be found at
http://www.PRIIA.org.

                        About Ryan

Ryan -- http://ryan.com-- is an award-winning global tax services
firm, with the largest indirect and property tax practices in
North America and the seventh largest corporate tax practice in
the United States. With global headquarters in Dallas, Texas, the
Firm provides a comprehensive range of state, local, federal, and
international tax advisory and consulting services on a multi-
jurisdictional basis, including audit defense, tax recovery,
credits and incentives, tax process improvement and automation,
tax appeals, tax compliance, and strategic planning. Ryan is a
five-time recipient of the International Service Excellence Award
from the Customer Service Institute of America (CSIA) for its
commitment to world-class client service.  Empowered by the
dynamic myRyan work environment, which is widely recognized as the
most innovative in the tax services industry, Ryan's multi-
disciplinary team of more than 2,100 professionals and associates
serves over 12,000 clients in more than 40 countries, including
many of the world's most prominent Global 5000 companies.

                       About Puerto Rico

Puerto Rico is a self-governing commonwealth in association with
the United States.  The chief of state is the President of the
United States of America.  The head of government is an elected
Governor.  There are two legislative chambers: the House of
Representatives, 51 seats, and the Senate, 27 seats.  The
governor-elect is Ricardo Antonio "Ricky" Rossello Nevares, the
son of former governor Pedro Rossello.

In 2016, the U.S. Congress passed PROMESA, which, among other
things, created the Financial Oversight and Management Board and
imposed an automatic stay on creditor lawsuits against the
government, which expired May 1, 2017.

The members of the oversight board are: (i) Andrew G. Biggs, (ii)
Jose B. Carrion III, (iii) Carlos M. Garcia, (iv) Arthur J.
Gonzalez, (v) Jose R. Gonzalez, (vi) Ana. J. Matosantos, and (vii)
David A. Skeel Jr.

On May 3, 2017, the Commonwealth of Puerto Rico filed a petition
for relief under Title III of the Puerto Rico Oversight,
Management, and Economic Stability Act ("PROMESA").  The case is
pending in the United States District Court for the District of
Puerto Rico under case number 17-cv-01578.  A copy of Puerto
Rico's PROMESA petition is posted at

         http://bankrupt.com/misc/17-01578-00001.pdf

The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets as municipal investment
banker, and Ernst & Young, as financial advisor.

Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose LLP and Hermann D. Bauer, Esq.,
at O'Neill & Borges LLC are onboard as attorneys.

Prime Clerk LLC is the claims and noticing agent.  Prime Clerk
maintains a case web site at:

           https://cases.primeclerk.com/puertorico

Jones Day is serving as counsel to certain ERS bondholders.

Paul Weiss is counsel to the Ad Hoc Group of Puerto Rico General
Obligation Bondholders.


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


PETROTRIN: Has 5-Year Plan to Restore Business
----------------------------------------------
Donstan Bonn at Trinidad Express reports that there's light at the
end of the tunnel for Petrotrin, says president of the State-owned
oil and gas company, Fitzroy Harewood.

Mr. Bonn was speaking at a luncheon hosted by the Energy Chamber
of Trinidad and Tobago at Cara Suites Hotel and Conference Centre,
Claxton Bay, according to Trinidad Express.

Mr. Harewood said that, despite the many challenges the company
faces, some of them legacy issues, Petrotrin, under its current
board of directors and management team, has embarked on a five-
year strategic plan focused on restoring the business of the
energy entity, the report notes.

"Our refinery throughput as of December 2016 was 158,000 barrels
per day," he added, says the report.

As reported in the Troubled Company Reporter-Latin America on
April 28, 2017, Moody's Investors Service downgraded Petroleum Co.
of Trinidad & Tobago corporate family rating and senior unsecured
debt ratings to B1 from Ba3. Simultaneously, Moody's lowered
Petrotrin's Baseline Credit Assessment ("BCA") to caa1 from b3.
The outlook on the ratings is stable. The rating actions are
linked to Moody's April 25, 2017 downgrade of the government of
Trinidad & Tobago bond ratings to Ba1 from Baa3, with a stable
outlook.



=================
V E N E Z U E L A
=================


VENEZUELA: OWTU Supports Maduro
-------------------------------
Julien Neaves at Trinidad and Tobago Newsday reports that Oilfield
Workers' Trade Union (OWTU) President General Ancel Roget has
blamed opposition forces in Venezuela for the suffering of the
people and claimed the mass media was supporting these forces by
spreading misinformation.

"We are opposed to the opposition forces in Venezuela. We join
arms with the suffering people in Venezuela, suffering which comes
as a result of the opposing forces and their actions," Mr. Roget
said at the Venezuelan Embassy, Port-of-Spain, the report notes.
Mr. Roget expressed solidarity with President Nicolas Maduro in
the wake of a month-long protests that has left 39 people dead,
the report relays.

Mr. Roget explained that they were gathered to express solidarity
for the Venezuelan government, the people of Venezuela and for the
Bolivarian Revolution, the report discloses.  "The story is not
properly told and the mass media is carrying a different line. The
mass media is carrying the line of the opposing forces, the dark
forces in Venezuela. Which forces are hell bent on the intent to
undermine, to circumvent and topple the democratically elected
government," the report quoted Mr. Roget as saying.

He added that misinformation carried by the north and mass media
throughout the Caribbean region suggests that Maduro does not have
the vast support of working people in the region, notes the
report.

He added that they highlight in a negative way the work of Maduro
to show and advance their own cause, "so they can seize power from
a democratically elected government." He said that as progressive
trade unionists they understand because they are also victims of a
mass media, "who continue to push the establishment line," the
report relays.

Venezuelan Ambassador to TT Coromoto Godoy-Calderon said she was
happy to see the support of the working class of Trinidad and
Tobago and she described Maduro as a president of the working
class, according to Trinidad and Tobago Newsday.

She said that on May 1, when Maduro issued a decree for a new
constitution, the president made a historical step, "defending
democracy and socialism in Venezuela. Social inclusion and social
justice." She said his call for a new constituent assembly will
deepen the rights of the people. "At this time the dark forces of
imperialism are attacking our country." She stressed that
Venezuelans are a people of freedom and of peace, notes the
report.

"Because we come from (Venezuelan liberator Simon) Bolivar and
(late former president Hugo ) Chavez we will defend our land, our
solidarity, our independence, with our own life if necessary," she
vowed. Four union representatives read solidarity statements
expressing support for Maduro and his government, says the report.


                            ***********


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, Ivy B.
Magdadaro, and Peter A. Chapman, Editors.

Copyright 2017.  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 Joseph Cardillo at
856-381-8268.


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