/raid1/www/Hosts/bankrupt/TCRLA_Public/170613.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Tuesday, June 13, 2017, Vol. 18, No. 116
Headlines
A R G E N T I N A
ARCOR: Reopening of USD150MM Notes No Impact on Moody's B1 Rating
RIO NEGRO: Moody's Rates Proposed ARS3,000MM Medium Term Notes B3
SALTA PROVINCE: Fitch Affirms B Issuer Default Ratings
B R A Z I L
COMPANHIA ENERGETICA: S&P Keeps 'BB' Rating on Watch Negative
COMPANHIA SIDERURGICA: Debt Talks Said to Stall
JBS SA: Moody's Lowers Corporate Family Rating to B2
NATURA COSMETICOS: S&P Puts 'BB+' CCR on CreditWatch Negative
TUPY SA: Fitch Affirms BB Long-Term Issuer Default Ratings
C A Y M A N I S L A N D S
CMHI FINANCE: Creditors' Proofs of Debt Due July 5
GOLDFINCH CAPITAL: Placed Under Voluntary Wind-Up
PORTON CAPITAL: Placed Under Voluntary Wind-Up
PORTON CAPITAL INC: Placed Under Voluntary Wind-Up
PORTON CAPITAL LIMITED: Placed Under Voluntary Wind-Up
PPI ACQ: Creditors' Proofs of Debt Due June 26
PREMIUM POINT MASTER: Creditors' Proofs of Debt Due June 26
PREMIUM POINT MINI-MASTER: Creditors' Proofs of Debt Due June 26
PREMIUM POINT OFFSHORE: Creditors' Proofs of Debt Due June 26
TRITON CAPITAL: Placed Under Voluntary Wind-Up
C U B A
CUBA: Another Foreign Company Fined for Breaking US Trade Embargo
C O L O M B I A
COLOMBIA: Pushes Forward Fin'l System Reforms With $450MM IDB Loan
J A M A I C A
JAMAICA: Add'l $100MM Allocated to Farmers Affected by Heavy Rains
M E X I C O
GRUPO POSADAS: Fitch Affirms B Long-Term Issuer Default Ratings
V E N E Z U E L A
VENEZUELA: Woes on Paying Russia Debt Raise Prospect of Default
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A R G E N T I N A
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ARCOR: Reopening of USD150MM Notes No Impact on Moody's B1 Rating
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Moody's Latin America Agente de Calificacion de Riesgo comments
that Arcor's B1 global scale rating and Aa1.ar national scale
rating of the Senior Unsecured Global Notes due 2023 will remain
unchanged after the reopening of up to USD150 million. The outlook
for the ratings remains positive.
On May 23, 2017, Arcor announced that it would issue additional up
to USD150 million Senior Unsecured Global 2023 Notes. The new
notes will be an add-on to the USD350 million Senior Unsecured
Global Notes due in 2023 issued by the company back in June 2016.
Proceeds from the reopening will be used for debt refinancing and
for general corporate purposes.
While foreign currency exposure will increase to 63% of total
financial debt as of June 2017 from 54% as of March 2017,
liquidity will improve as part of the proceeds will be used to pay
down short term local notes Class 7 & 8 for about USD 51 million.
Pro-forma for the transaction, Moody's views liquidity as
adequate, with cash and equivalents expected to cover around 60%
of short term debt. Moody's also expects lease-adjusted
Debt/EBITDA to reach 2.9 times as of the last twelve months June
2017 from 2.5 times as of March 2017. With a successful add-on
transaction, Arcor short term debt will represent 25% of total
debt as of June 2017 from 46% in March 2017.
Arcor S.A.I.C., Cordoba, Argentina, is one of the largest food
companies in the country with over USD 2.6 billion in sales for
last twelve months ended on March 2017 (ARS 39.6 billion). Arcor's
well-known brands include: Arcor Butter Toffees, Bon o Bon,
Rocklets, Coffler, Arcor Cereal Mix, Bagley, Opera, Sonrisas, La
Campagnola, Dos en Uno, Topline, Sapito. For last twelve months
ended on March 2017, Arcor generated approximately USD 271 million
in EBITDA. Total employees amount 20,460.
RIO NEGRO: Moody's Rates Proposed ARS3,000MM Medium Term Notes B3
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Moody's Latin America Agente de Calificacion de Riesgo has
assigned B3 (Global Scale local currency) and Baa3.ar (on
Argentina National Scale in local currency) ratings to proposed
Classes 1 and 2 Medium Term Notes to be issued by the Province of
Rio Negro ("Rio Negro") for up to a combined amount of ARS3,000
million. The ratings are in line with the province's long term
local currency issuer ratings, which carry positive outlook on the
Global scale but Stable on the National Scale.
RATINGS RATIONALE
The Province will issue these Notes under its Medium Term Program
created by Provincial Decree Nß359/17. These two new Classes to be
issued under the program, will constitute direct, general,
unconditional and unsubordinated obligation of Rio Negro, ranking
at all times pari passu without any preference among other debts.
Both Classes will bear variable interest rate (local benchmark
plus a maximum margin of 5%) on a quarterly basis and will be
issued and payable in Argentine Pesos for the combined equivalent
amount of up to ARS3,000 million. Class 1 Notes will mature in 36
months whereas Class 2 will mature in 60 months with bullet
amortization in both cases. The province will use the proceeds of
these Notes to cancel the upcoming services of its Short-term
Treasury Bills.
After the issuance of these 2 Notes classes, coupled with the
repayment of some debts maturing during this year and the expected
increase in Rio Negro's total revenues, Moody's anticipates that
the ratio of total debt relative to total revenues will rise to
37% by the end of 2017 from 26.6% at the end of 2016 fiscal year.
The assigned debt ratings reflect Moody's view that the
willingness and capacity of Rio Negro to honor these Medium Term
Notes is in line with the provincial's long-term credit quality as
reflected in the B3/Baa3.ar issuer ratings in local currency.
The assigned ratings are based on preliminary documentation
received by Moody's as of the rating assignment date. Moody's does
not expect changes to the documentation reviewed over this period
or anticipates changes in the main conditions that the notes will
carry. Should issuance conditions and/or final documentation of
any of the notes under this program deviate from the original ones
submitted and reviewed by the rating agency, Moody's will assess
the impact that these differences may have on the ratings and act
accordingly.
WHAT COULD CHANGE THE RATINGS UP/DOWN
Given the strong macroeconomic and financial linkages between the
Government of Argentina's and Sub-sovereigns' economic and
financial profiles and ratings, an upgrade of Argentina's
sovereign bonds ratings and/or the improvement of the country's
operating environment could lead to an upgrade of the Province of
Rio Negro. Conversely, a downgrade in Argentina's bond ratings
and/or the continuation of strong cash financing deficits coupled
with a debt to total revenues ratio rising above 40% could exert
downward pressure on the ratings assigned.
The principal methodology used in these ratings was Regional and
Local Governments published in January 2013.
Moody's National Scale Credit Ratings (NSRs) are intended as
relative measures of creditworthiness among debt issues and
issuers within a country, enabling market participants to better
differentiate relative risks. NSRs differ from Moody's global
scale credit ratings in that they are not globally comparable with
the full universe of Moody's rated entities, but only with NSRs
for other rated debt issues and issuers within the same country.
NSRs are designated by a ".nn" country modifier signifying the
relevant country, as in ".za" for South Africa. For further
information on Moody's approach to national scale credit ratings,
please refer to Moody's Credit rating Methodology published in May
2016 entitled "Mapping National Scale Ratings from Global Scale
Ratings". While NSRs have no inherent absolute meaning in terms of
default risk or expected loss, a historical probability of default
consistent with a given NSR can be inferred from the GSR to which
it maps back at that particular point in time. For information on
the historical default rates associated with different global
scale rating categories over different investment horizons.
SALTA PROVINCE: Fitch Affirms B Issuer Default Ratings
------------------------------------------------------
Fitch has affirmed the Province of Salta's Long-Term Foreign and
Local Currency Issuer Default Ratings (IDRs) at 'B'/Stable Rating
Outlook. Fitch has also affirmed both the long-term rating on
Salta's USD185 million secured notes and USD350 million unsecured
notes at 'B'.
The ratings are capped by Argentina's Country Ceiling.
KEY RATING DRIVERS
Salta's ratings reflect its low debt level, representing 37% of
current revenues at year-end 2016, adequate budgetary discipline
but restricted financial flexibility, considering a negative
operating balance in 2016 in a context of high inflation and
growing operating expenditures, and a deterioration of its ability
to pay debt service as a result; however, still adequate for
Salta's rating level.
PS's total debt increased 137% to ARS11.0 billion in 2016 from
ARS4.7 billion in 2015 due to the issuance of new debt and the
devaluation of the argentine peso. Total debt represented 37% of
current revenues, which Fitch considers still a low indebtedness.
The new bond was issued on June 29, 2016 for USD300 million out of
the USD350 million authorized by Law 7931. A retap of USD50
million was made in Aug. 25, 2016. The note is denominated in U.S.
dollars, to accrue a fixed interest rate of 9.125% payable on a
semi-annual basis. The final maturity is of eight years, with
equal capital payments in the last three years (July 7, 2022, July
7, 2023 and July 7, 2024). The notes are a senior unsecured
obligation of the PS.
Even though 77% of Salta's direct debt is denominated in foreign
currency, the currency risk is partially mitigated by the fact
that the province has part of its own revenues (royalties) linked
to the USD. Nevertheless, Fitch will monitor the currency risk
exposure and the possible effect of movements in the exchange rate
on the province's debt service.
In 2016, debt service absorbed 5.1% of current revenues but the
operating margin resulted negative, effectively deteriorating
other debt servicing coverage ratios. Fitch already expected debt
to decrease sustainability due to the issuance of two bonds in
2016, and as a result of the narrowed margins expected for the
year end. PS's debt ratios are still in line with those of its
peers in the same rating category.
Fitch estimates that operating margins will continue to be
narrowed at year-end 2017 and towards 2018, considering a
challenging macroeconomic context, including recession, high
inflation, and currency devaluation. However, lower margins could
still be adequate for the current rating category.
The secured bond's performance guaranteed by royalties has been
previously affected by a highly regulated oil & gas sector in
Argentina, recent currency devaluation, and low global oil prices.
Nevertheless, a change in national energy policy approved in 2016
increased gas tariffs and royalties collection showed an important
growth. As a result, debt service coverage ratio (DSCR) improved
in the second semester of 2016. Fitch will monitor the evolution
of this topic and its further impact on the bond's performance.
RATING SENSITIVITIES
An upgrade of the country ceiling accompanied by an adequate
budgetary performance could lead to an improvement in Salta's
ratings. Any change in the rating of the province will impact the
bonds rating in the same direction. If conditions in the Argentine
hydrocarbon market improve, Fitch will reassess the potential for
positive movement of the secured bond rating, although Salta's
ratings will remain constrained by the country ceiling.
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B R A Z I L
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COMPANHIA ENERGETICA: S&P Keeps 'BB' Rating on Watch Negative
-------------------------------------------------------------
S&P Global Ratings kept its 'BB' global scale and 'brAA-' Brazil
national scale corporate credit ratings on CESP - Companhia
Energetica de Sao Paulo (CESP) on CreditWatch with negative
implications. The company's 'bbb-' stand-alone credit profile
(SACP) remains unchanged.
The CreditWatch reflects the cap from the ratings on the state of
Sao Paulo (Sao Paulo: BB/Watch Neg/--; brAA-/Watch Neg/--). The
ratings on the company are constrained by the absence of a legal
framework, which would otherwise protect CESP from a potential
intervention by its controlling shareholder during a hypothetical
default or financial distress. However, S&P don't expect such a
scenario in the short term, because Sao Paulo doesn't have a track
record of such intervention.
COMPANHIA SIDERURGICA: Debt Talks Said to Stall
-----------------------------------------------
Paula Sambo, Eliza Ronalds-Hannon, and R.T. Watson at Bloomberg
News report that Latin America's most indebted steelmaker has yet
to file audited financial statements for 2016 and the first
quarter of 2017 amid a review of its accounting practices. Now,
state banks Caixa Economica Federal and Banco do Brasil are
balking at requests to renegotiate Cia. Siderurgica Nacional SA's
loans, said the people, who asked not to be named because the
talks are private, according to Bloomberg News. The company is
negotiating a waiver with creditors of its local bonds, two of the
people said, the report notes.
A spokesman for the Sao Paulo-based company declined to comment,
as did officials for Caixa and Banco do Brasil, notes the report.
CSN Chief Executive Officer Benjamin Steinbruch said on the
company's third-quarter conference call in November that the
steelmaker is in talks to extend the maturity on some of its
BRL7.3 billion of debt due in 2018 and 2017, Bloomberg News notes.
CSN negotiated extensions with Caixa and Banco do Brasil in 2015,
but this time the process is taking longer, said Sean Glickenhaus,
a fixed-income analyst at UBS AG in New York, Bloomberg News
relays.
Another factor that may be complicating the current talks is the
company's approaching international bond maturities, Glickenhaus
speculated, Bloomberg News says.
In addition to its local obligations, CSN has almost $3 billion in
outstanding bonds denominated in U.S. dollars, Bloomberg News
discloses. The international debt consists of $1.95 billion in
bonds due in 2019 and 2020, as well as a $1 billion perpetual
bond, Bloomberg News notes. The company's 2019 and 2020 bonds
last traded at 76 cents on the dollar and 72 cents on the dollar,
respectively.
"If another extension takes them beyond the maturity of the
international bonds, that could be one risk the banks are thinking
about," the report quoted Mr. Glickenhaus as saying. CSN's
ability to service those bonds has also come into question,
although there aren't any issues suggesting default is a real risk
in the short-term, Bloomberg News notes.
CSN has a significant cash balance and good odds of refinancing
debt, said Omar Zeolla, a New York-based analyst at Oppenheimer
Inc, Bloomberg News relays.
"Why would the banks not refinance and bring on a liquidity
problem when there is no benefit to them?" Mr. Zeolla said,
Bloomberg noted. "They are probably just asking for collateral,
better terms for them," Mr. Zeolla added.
CSN most likely will have to talk to bondholders to extend the
2019 and 2020 international maturities, UBS's Glickenhaus said,
but it's unlikely to want or be able to increase its interest
burden, Bloomberg News relays.
As reported in the Troubled Company Reporter-Latin America on
Dec. 15, 2016, Fitch Ratings has affirmed Companhia Siderurgica
Nacional's (CSN) Long-Term Foreign and Local Currency Issuer
Default Ratings (IDRs) at 'B-'. Fitch has also affirmed CSN's
National Scale rating at 'BB-(bra)'. The Rating Outlook remains
Negative.
JBS SA: Moody's Lowers Corporate Family Rating to B2
----------------------------------------------------
Moody's Investors Service has downgraded JBS S.A. (JBS).'s
corporate family rating to B2 from Ba3, the senior unsecured
ratings of its wholly-owned subsidiary JBS USA Lux S.A. ("JBS
USA") to B1 from Ba3, and JBS USA senior secured ratings to Ba3
from Ba2. The ratings of both companies remain under review for
downgrade.
The ratings downgrades reflect continued risks related to
potential future litigation cases, governance of the company, and
reputational damage, and whether, or to which extent, these risks
could harm the company's operations, market access, and liquidity.
The action also incorporates possible additional criminal
investigations that directly or indirectly involve JBS S.A.
JBS' controlling shareholder, J&F Investimentos, on May 31st,
confirmed it signed a leniency agreement, and it will be
responsible for paying BRL 10.3 billion in 25 years, concerning
corruption investigations in which certain JBS executives were
involved. This agreement removes uncertainty regarding
investigations conducted by Brazil's Public Prosecutor's office
and serves to quantify the impact of a pecuniary penalty. The
review process will continue to focus on the likelihood that
pending processes, inquiries, or potential future litigation cases
could revert into significant additional liabilities and penalties
for the company.
On May 18, 2017 JBS S.A. had announced that seven executives of
the company and its controlling entity, J&F, entered into a plea
bargain agreement with the Federal Public Prosecutor's Office,
which was ratified by the Supreme Court. The agreement establishes
the payment of a fine totaling R$225 million by these executives,
as well as their cooperation with the Public Prosecutor's Office
regarding all matters disclosed to the authorities, amongst other
obligations.
If liquidity deteriorates as a consequence of these developments,
Moody's could take further rating action prior to the final
conclusion of its review process. The company's BRL10.7 billion of
consolidated cash combined with BRL4.3 billion (USD1.6 billion) in
lines under revolving credit facilities available in the US
provides 0.87x coverage of its BRL18.1 billion of short-term debt
as of March 2017. Around 75% of this short-term debt relates to
trade-finance loans that typically mature in six to 12 months.
The B1 senior unsecured ratings of JBS USA Lux are one notch
higher than the B2 Corporate Family Rating of JBS S.A reflecting
the majority proportion of total EBITDA (74%) generated by the US
operations compared to a lower proportion of total debt (44%). In
addition, debt holders of JBS USA enjoy a downstream guarantee
from parent JBS S.A. There are no upstream guarantees. The Ba3
secured debt instrument ratings of JBS USA Lux are notched above
its senior unsecured debt ratings, reflecting higher priority
claims of secured creditors.
Ratings downgraded as follows:
Issuer: JBS S.A.
LT Corporate Family Ratings to B2 from Ba3
Issuer: JBS USA Lux S.A.
$700mm GTD GLOBAL NOTES due 2020: to B1 from Ba3
$1150mm GTD GLOBAL NOTES due 2021: to B1 from Ba3
$2800mm GTD SR SEC TERM LOAN due 2022: to Ba3 from Ba2
$750mm SR GLOBAL NOTES due 2024: to B1 from Ba3
$900mm GTD GLOBAL NOTES due 2025: to B1 from Ba3
All Ratings were placed under review for Downgrade
RATINGS RATIONALE
JBS S.A's ratings incorporate the strength of its global
operations as the world's largest protein producer and its good
diversification of protein products, raw material sourcing and
sales. The company's strategy to increase its global footprint in
higher value added and processed food segments has been improving
its business profile and should support higher and more stable
margins over time.
Offsetting these positive attributes is the inherent volatility of
the protein industry, which is subject to risk factors such as
weather conditions, diseases, supply imbalances, and global trade
variables, along with a history of aggressive growth via
acquisitions. The current high leverage ratio is an additional
negative consideration.
Headquartered in Sao Paulo, Brazil, JBS S.A. ("JBS") is the
world's largest protein producer in terms of revenues, slaughter
capacity and production. It is the leader in beef, chicken and
leather and one of the leading lamb producers on a global basis,
and the second largest pork producer in the USA. In the LTM March
2017 it generated BRL 166.3 billion (USD 50 billion) in sales, its
production units are spread out in five continents and it exports
to more than 150 countries. No single country represents more than
14% of total export revenues.
The principal methodology used in these ratings was Global Protein
and Agriculture Industry published in May 2013.
NATURA COSMETICOS: S&P Puts 'BB+' CCR on CreditWatch Negative
-------------------------------------------------------------
S&P Global Ratings placed its 'BB+' global scale corporate credit
rating and its 'brAA' national scale corporate credit and issue-
level ratings on Natura Cosmeticos S.A. on CreditWatch negative
following the announced of the bidding offer to acquire The Body
Shop International Plc.
The CreditWatch placement reflects S&P's view that the acquisition
of The Body Shop International Plc. (TBS) will likely increase
Natura's leverage sharply and probably result in integration
challenges as Natura's business model and geographic coverage are
different from those of TBS.
If Natura finances the EUR1 billion acquisition with debt, it
could weaken the company's credit metrics, resulting in debt to
EBITDA close to 4x, compared with the current level of close to
2x. In this scenario S&P could downgrade the ratings up to two
notches depending on the amount of debt and the evolution of the
combined business.
On the other hand, the acquisition would increase Natura's scale
and geographic diversification, what could provide more resilience
to future cash flow generation. S&P will also analyze those
factors but the impact on the ratings probably wouldn't be
immediate.
TBS is a global cosmetic company focused on natural products with
more than 3,000 stores distributed in 60 countries. Its annual
revenue reached EUR920 million in 2016.
S&P expects to resolve the CreditWatch listing over the next 90
days, after S&P has more clarity of Natura's funding strategy and
the resulting capital structure of the combined entity upon the
conclusion of the acquisition.
S&P also expects to have more details on Natura's integration
strategy in order to incorporate potential synergies and
improvements of TBS margins in S&P's forecasts for the combined
entity, as well as assess potential execution risks.
TUPY SA: Fitch Affirms BB Long-Term Issuer Default Ratings
----------------------------------------------------------
Fitch Ratings has affirmed Tupy S.A.'s Foreign and Local Currency
Long-Term Issuer Default Ratings (IDRs) at 'BB' and Long-Term
National Scale Rating at 'AA(bra)'. At the same time, Fitch has
affirmed Tupy Overseas S.A.'s USD350 million senior unsecured
notes due 2024 at 'BB'. The Rating Outlook for the corporate
ratings is Stable.
KEY RATING DRIVERS
The affirmation reflects Fitch's expectations that Tupy will
recover its adequate profitability and operational cash flow
generation as of the second half of 2017. After two years of
adverse market conditions with low volumes and a series of non-
recurring expenses to adjust the installed capacity, the agency
believes the company is set to recover margins as increasing
demand for its products in the U.S. will meet a much more
efficient cost structure. In addition, the agency considers
proposals from U.S. administration to change imported taxes of
Mexican products (Tupy has two plants there), are unlikely to
impair the company's operations as there are no substitutes for
its products in U.S.
The ratings also incorporate Tupy's conservative capital
structure, comfortable liquidity profile and expected positive
free cash from (FCF) from 2018 on, as well as its leading position
in the global engine blocks and cylinder heads manufacturing over
the last years. High variable costs and efficient cost management
have provided the company with an important operating flexibility
to rapid adjust production to demand fluctuations of the
automotive sector, allowing it to maintain resilient operating
margins through cycles.
Tupy's ratings are somehow constrained by its relatively low scale
and still limited geographic industrial diversification when
compared to other global auto-part companies and by the high
cyclicality and competitive environment of the automotive
industry. Also factored into the ratings is the customer
concentration, the challenging scenario in the Brazilian economy
and the uncertain sustainable recovery of the domestic auto
sector.
Strong Business Profile
Tupy mitigates the above average risk associated with the auto-
part industry through its leading position in the manufacturing of
high value-added engine blocks and cylinder heads globally. The
company's increasing global presence (83% of sales derive from the
external market) and its longstanding relationship with original
equipment manufacturers (OEM) with sale in approximately 40
countries reinforce its credit profile. Such diversification is a
key aspect considering that the auto-part and automotive
industries are cyclical and volatile. Sales in hard currency
represented 83% in 2016, which adds to the company's credit
profile.
Its components have a wide application in the industry, ranging
from light vehicles, trucks, buses, agricultural and construction
machineries, as well as hydraulics for industrial and engineering
applications. Since OEMs predominantly have only one supplier of
engine blocks and cylinder heads, the switching cost is high.
Negatively, the five main clients represented a high concentration
of 77% of Tupy's net revenues in 2016. Market share is estimated
at 43% in the Americas, 9% in Europe and 25% in the Western
hemisphere.
Adequate Capital Structure
Fitch expects Tupy to maintain an adequate capital structure with
net leverage below 2.0x over the next three years. As of the
latest 12 months (LTM) ended March 31, 2017, the company reported
a net leverage of 2.1x, compared to 1.9x in 2016 and 1.6x in 2015.
Leverage trimmed up due to an 8% deceleration on the EBITDA due to
one-off capacity adjustments in Brazilian plants. The agency
estimates Tupy will benefit from the recovery of the U.S.
automobile market over a more efficient cost structure, with no
need to issue debt in the short run.
FCF Turning Positive in 2018
Fitch forecasts Tupy generating negative FCF of BRL28 million in
2017 and positive of BRL168 million in 2018 due to increasing
demand in U.S. and a much more efficient cost structure. The main
reason for the negative FCF in 2017 would be the decision to
distribute BRL200 million in dividends, compared to BRL84 million
in 2016. Some one-time expenses from adjustments in the installed
capacity are likely to pressure 2017 cash flow generation as well.
As of the LTM ended March 31, 2017, Tupy reported funds from
operations (FFO) of BRL272 million, which favorably compares to
BRL197 million in 2016, but strongly misses the BRL469 million
reported in 2015. The reduction in volumes, severance payments,
and learning curve of new assembly lines were the main reasons for
the weaker performance. High working capital needs of BRL81
million led to a cash flow from operations (CFFO) of BRL192
million, which was not enough to cover capex of BRL122 million and
dividends of BRL85 million, and resulted in a negative FCF of
BRL16 million. EBITDA of BRL331 million and EBITDA margin of 10.2%
were also below historical levels and should resume growth in the
coming years, with EBITDA margin in the range of 15%-16%.
Potential Threat from Aluminum
Fitch believes Tupy will continue to experience competition from
aluminum products in the small engine market. The agency estimates
Tupy will lose 2%-3% of revenues over the next four to five and
that 4%-5% of its current revenues is somehow threatened by
aluminum. On the other hand, its cast iron and compact graphite
iron (CGI) parts will continue to have a lead in the light
commercial vehicles and larger trucks that represented 79% of
revenues in 2016. Aluminum is lighter but less resistant than
iron. On top of the material, there is also room to evolve on the
geometry of the engine blocks with thinner walls. All in all,
Fitch believes the two metals will co-exist for a long period of
time and that changes favoring one or the other in the small-
engine segment will be gradual given the long term contracts.
KEY ASSUMPTIONS
-- Revenues growing at a 4.7% three-year compound annual growth
rate (CAGR);
-- EBITDA of BRL369 million and BRL518 million in 2017 and 2018,
respectively;
-- EBITDA margins around 12% in 2017 and 15% in 2018;
-- Capex at 4.4% and 4.1% of net revenues in 2017 and 2018,
respectively;
-- Dividends of BRL200 million in 2017 and 40% payout rate after
that;
-- No major acquisitions in the near term.
RATING SENSITIVITIES
Future developments that may, individually or collectively, lead
to a negative rating action include:
-- Severe decline in the American auto production that leads to
reduced demand for Tupy's products;
-- Net leverage consistently above 2.0x;
-- FCF turning negative, eroding the company's liquidity;
-- Drastic changes in the U.S. tax regime for Mexican exports
that affects Tupy's production in that country;
-- Advance of aluminum products leading Tupy to materially lose
contracts;
-- Relevant acquisitions financed with debt.
An upgrade is unlikely in the short to medium term. However, there
future developments that may, individually or collectively, lead
to a positive rating action include:
-- Expansion of Tupy's geographic footprint while improving FCF
materially;
-- Net leverage below 1.0x for a prolonged period of time,
conditioned to the maintenance of the robust liquidity.
LIQUIDITY
Fitch expects Tupy to keep a robust liquidity in the next three
years as part of its conservative financial policy. In March 2017,
company's cash position of BRL1.8 billion covered 3.7x the short-
term debt of BRL306 million. Tupy's short-term debt coverage ratio
jumps to a robust 4.4x when CFFO is added to cash. The current
cash position is enough to cover total debt maturities until 2023.
Short-term debt is mostly related to trade finance, funding
company's exports that are backed by receivables.
FULL LIST OF RATING ACTIONS
Fitch has affirmed the following ratings:
Tupy S.A.
-- Long-Term Foreign Currency IDR at 'BB';
-- Long-Term Local Currency IDR at 'BB';
-- Long-term National Scale Rating at 'AA(bra)'.
Tupy Overseas S.A.
-- USD350 million senior notes, guaranteed by Tupy, due in 2024,
at 'BB'.
The Rating Outlook for the corporate ratings is Stable.
==========================
C A Y M A N I S L A N D S
==========================
CMHI FINANCE: Creditors' Proofs of Debt Due July 5
--------------------------------------------------
The creditors of CMHI Finance (Cayman) Inc. are required to file
their proofs of debt by July 5, 2017, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on May 5, 2017.
The company's liquidator is:
Stuart Sybersma
c/o Christopher Yeramian
Deloitte & Touche
Citrus Grove Building, 4th Floor
Goring Avenue, George Town KY1-1109
Cayman Islands
Telephone: +1 (345) 814 3469
Facsimile: +1 (345) 949 8258
GOLDFINCH CAPITAL: Placed Under Voluntary Wind-Up
-------------------------------------------------
The shareholders of Goldfinch Capital Management Offshore, Ltd.,
on May 11, 2017, passed a resolution to voluntarily wind up the
company's operations.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Avalon Ltd.
Reference: GL
Landmark Square, 1st Floor, 64 Earth Close
P.O. Box 715, Grand Cayman KY1-1107
Cayman Islands
Telephone: (+1) 345 769 4422
Facsimile: (+1) 345 769 9351
PORTON CAPITAL: Placed Under Voluntary Wind-Up
----------------------------------------------
The sole shareholder of Porton Capital Technology Funds, on
May 15, 2017, passed a resolution to voluntarily wind up the
company's operations.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Andrew Childe
c/o Trudy-Ann Scott
FFP (Cayman) Limited
Harbour Centre, 2nd Floor
42 North Church Street
George Town, Grand Cayman
10 Market Street, #769, Camana Bay
Grand Cayman KY1-9006
Cayman Islands
Telephone: +1 (345) 947 5854
PORTON CAPITAL INC: Placed Under Voluntary Wind-Up
--------------------------------------------------
The sole shareholder of Porton Capital, Inc., on May 15, 2017,
passed a resolution to voluntarily wind up the company's
operations.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Andrew Childe
c/o Trudy-Ann Scott
FFP (Cayman) Limited
Harbour Centre, 2nd Floor
42 North Church Street
George Town, Grand Cayman
10 Market Street, #769, Camana Bay
Grand Cayman KY1-9006
Cayman Islands
Telephone: +1 (345) 947 5854
PORTON CAPITAL LIMITED: Placed Under Voluntary Wind-Up
------------------------------------------------------
The sole shareholder of Porton Capital Limited, on May 15, 2017,
passed a resolution to voluntarily wind up the company's
operations.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Andrew Childe
c/o Trudy-Ann Scott
FFP (Cayman) Limited
Harbour Centre, 2nd Floor
42 North Church Street
George Town, Grand Cayman
10 Market Street, #769, Camana Bay
Grand Cayman KY1-9006
Cayman Islands
Telephone: +1 (345) 947 5854
PPI ACQ: Creditors' Proofs of Debt Due June 26
----------------------------------------------
The creditors of PPI ACQ Ltd are required to file their proofs of
debt by June 26, 2017, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on May 12, 2017.
The company's liquidator is:
Jeffrey Stower
c/o Gareth Dixon
P.O. Box 493 Grand Cayman KY1-1106
Cayman Islands
Telephone: +1 345-815-2622/ +1 345-949-4800
Facsimile: +1 345-949-7164
PREMIUM POINT MASTER: Creditors' Proofs of Debt Due June 26
-----------------------------------------------------------
The creditors of Premium Point Master New Issue Opportunity Fund,
Ltd. are required to file their proofs of debt by June 26, 2017,
to be included in the company's dividend distribution.
The company commenced liquidation proceedings on May 12, 2017.
The company's liquidator is:
Jeffrey Stower
c/o Gareth Dixon
P.O. Box 493 Grand Cayman KY1-1106
Cayman Islands
Telephone: +1 345-815-2622/ +1 345-949-4800
Facsimile: +1 345-949-7164
PREMIUM POINT MINI-MASTER: Creditors' Proofs of Debt Due June 26
----------------------------------------------------------------
The creditors of Premium Point Mini-Master New Issue Opportunity
Fund, Ltd. are required to file their proofs of debt by June 26,
2017, to be included in the company's dividend distribution.
The company commenced liquidation proceedings on May 11, 2017.
The company's liquidator is:
Jeffrey Stower
c/o Gareth Dixon
P.O. Box 493 Grand Cayman KY1-1106
Cayman Islands
Telephone: +1 345-815-2622/ +1 345-949-4800
Facsimile: +1 345-949-7164
PREMIUM POINT OFFSHORE: Creditors' Proofs of Debt Due June 26
-------------------------------------------------------------
The creditors of Premium Point Offshore New Issue Opportunity
Fund, Ltd. are required to file their proofs of debt by June 26,
2017, to be included in the company's dividend distribution.
The company commenced liquidation proceedings on May 11, 2017.
The company's liquidator is:
Jeffrey Stower
c/o Gareth Dixon
P.O. Box 493 Grand Cayman KY1-1106
Cayman Islands
Telephone: +1 345-815-2622/ +1 345-949-4800
Facsimile: +1 345-949-7164
TRITON CAPITAL: Placed Under Voluntary Wind-Up
----------------------------------------------
The sole shareholder of Triton Capital SPC, on May 16, 2017,
passed a resolution to voluntarily wind up the company's
operations.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Ka Ho Wong
c/o Richard Bennett
Ogier
Central Tower, 11th Floor
28 Queen's Road Central
Central
Hong Kong
Telephone: +852 3656 6069
Facsimile: +852 3656 6001
=======
C U B A
=======
CUBA: Another Foreign Company Fined for Breaking US Trade Embargo
-----------------------------------------------------------------
Caribbean News Now reports that the US Treasury Department's
Office of Foreign Assets Control (OFAC) has fined the American
Honda Finance Corporation (AHFC) US$87,255 for violating US
regulations that are part of the trade embargo against Cuba.
According to a document published on the US Treasury Department
website, one of Canada's AHFC subsidiaries, Honda Canada Finance
Inc., approved and financed 13 car lease agreements between the
Cuban embassy in that country and a Honda dealership in Ottawa
between February 2011 and March 2014, Caribbean News Now notes.
The Canadian subsidiary of the American Honda Finance Corporation,
a California-based motor vehicle financing company, had already
rejected, on March 30, 2015, a transfer to the island's diplomatic
institution in that country of cars that were due for replacement,
Caribbean News Now relays.
The report discloses that this fine adds to the long list of
extraterritorial sanctions of the US government, set out in the
framework of laws that regulates the economic, commercial and
financial embargo against Cuba.
In January, just a week before President Barack Obama's term
ended, the US Treasury Department imposed fines on the nonprofit
Alliance for Responsible Politics for Cuba (ARCPF) and Canadian
bank Toronto Dominion (TD), for amounts of $10,000 and $955,750
respectively, for violating the embargo against Cuba, the report
relays.
Since the normalization of relations announcements of December 17,
2014, the US government has fined 11 entities -- seven American
and four foreign -- over $2.8 billion, the report notes.
During Obama's term of office (2009-2017), 56 fines were imposed
for violations of sanctions regime against Cuba and other
countries, amounting to some $14.27 billion, the report relays.
===============
C O L O M B I A
===============
COLOMBIA: Pushes Forward Fin'l System Reforms With $450MM IDB Loan
------------------------------------------------------------------
The Inter-American Development Bank approved the second phase of
an operation to support financial system reforms aimed at boosting
up Colombia's economic growth. The loan is for $450 million.
The reforms being pushed forward by the government of Colombia
seek for safeguard the country's macroeconomic stability, enhance
productive development and public-private partnerships financing,
strengthen the financial system's regulation and monitoring
progress, and improve financial inclusion.
Among other things, the program will seek to ease the access of
micro-, small-and mid-sized enterprises (MSMEs) to financing
through the use of secured transactions and electronic invoices as
financial collateral. It will also deepen the structuring of
productive infrastructure projects through the Financiera de
Desarrollo Nacional (FDN).
Additionally, Colombia is striving to achieve a greater degree of
financial system transparency and to foster the development of its
capital markets in line with its process of joining the
Organization for Economic Cooperation and Development (OECD) and
its agenda of financial integration within the Pacific Alliance
framework.
Furthermore, issuance of the Financial Inclusion Act's
implementing regulations and implementation of financial education
initiatives will provide enhanced access of unbanked persons to
financial services.
This operation is being carried out under the Programmatic Policy-
Based Loan modality, designed to provide financial support to
priority reforms in member countries.
The loan is for a 20-year term, with a 5.5-year grace period and
LIBOR-based interest rate.
=============
J A M A I C A
=============
JAMAICA: Add'l $100MM Allocated to Farmers Affected by Heavy Rains
------------------------------------------------------------------
RJR News reports that Jamaica Agriculture Minister Karl Samuda
disclosed that an additional J$100 million has been allocated to
farmers who were affected by heavy rains last month.
The ministry said this is in addition to the J$118 million has
already been allocated to the sector, according to RJR News.
More than 10,000 farmers were affected by the May rains, with
losses amounting to an estimated J$794 million, the report notes.
As reported in the Troubled Company Reporter-Latin America on
Feb. 9, 2017, Fitch Ratings affirmed Jamaica's Long-Term Foreign
and Local Currency Issuer Default Ratings (IDRs) at 'B' with a
Stable Outlook. The issue ratings on Jamaica's senior unsecured
Foreign and Local Currency bonds are also affirmed at 'B'. The
Outlooks on the Long-Term IDRs are Stable. The Country Ceiling is
affirmed at 'B' and the Short-Term Foreign Currency and Local
Currency IDRs at 'B'.
===========
M E X I C O
===========
GRUPO POSADAS: Fitch Affirms B Long-Term Issuer Default Ratings
---------------------------------------------------------------
Fitch Ratings has affirmed Grupo Posadas, S.A.B. de C.V.'s
(Posadas) ratings:
-- Local and Foreign Long-Term Issuer Default Ratings (IDRs) at
'B';
-- National Scale long-term rating at 'BB+(mex);
-- USD400 million senior notes due 2022 at 'B+/RR3'.
The Rating Outlook is Stable
Posadas' ratings are supported by the company's business position
as a leading hotel chain in Mexico, solid brand equity, good
operating performance and broad brand portfolio. The use of
multiple hotel formats allows the company to target both domestic
and international, business and tourist travellers from different
income levels, diversifying its revenue base. Consistent product
offering and presence in all major urban and costal locations in
Mexico have resulted in occupancy levels that are above the
industry average. Conversely, Fitch incorporates into Posadas'
ratings its high leverage levels and the industry's high
correlation to economic cycles, which negatively affect operating
trends in downturns and increases volatility of operating results.
The 'RR3' Recovery Rating assigned to the senior notes issuances
indicates good recovery prospects given default. 'RR3' rated
securities have characteristics consistent with historically
recovering 51%-70% of current principal and related interest.
KEY RATING DRIVERS
Solid Business Position: Posadas' ratings are supported by the
company's business position in Mexico, solid brand name and
multiple hotel formats. The company's diversified revenues are
generated from owned and leased properties, managed hotels and
vacation club membership sales and annual fees. The ratings
incorporate the industry's high correlation to economic cycles,
which negatively affect operating trends in downturns and
increases volatility of operating results. The use of multiple
hotel formats allows the company to target domestic and
international business travellers of different income levels, in
addition to tourists, thus diversifying its revenue base.
Geographic diversification is limited as Posadas' operations are
primarily located in Mexico.
Good Operating Performance: Consistent product offering and
quality brand image have resulted in occupancy levels that are
above the industry average in Mexico. Occupancy has been
relatively stable for the past couple of years at around 65%,
above the 2016 and 2015 year-end country averages of 60.3% and
59.6%, respectively. The company's diverse brand portfolio allows
it to offer luxury, upscale, midscale, extended-stay and economy
rooms nationwide. The change in sales mix, supported by robust
market demand and the strength of the U.S.-dollar-denominated
rates, has contributed to increased ADRs and, despite steady
occupancy rates, resulted in year-over-year sales growth of 9.2%
for the LTM ended March 2017.
Cash Flow from Operations Supports Capex investments: Fitch
expects capex levels to reach up to MXN1billion in 2017 and then
decrease to MXN750 million for the next few years. Capex is mainly
related to the Vacation Club project in Los Cabos as well as the
remodelling of rooms. These investments are expected to be funded
with internally generated cash flows, which will result in no
additional debt for the company. Going forward, Fitch believes
Posadas' strategy will continue to be focused on managed hotels,
as opposed to owned hotels.
Fitch estimates that the recently announced tax settlement
payments will not have an adverse impact on Posadas' credit
profile despite reducing the company's cash flow generation. The
company has resolved all audits, fiscal credits and observations
related to the fiscal years 2007 to 2013 in a conclusive manner.
Posadas has agreed to pay MXN612 million in 2017, and annual
payments of around MXN309 million from 2018-2023. Management has
stated that payments will be covered by operating cash flows and
should not affect projects and investment forecasts in the
following years.
FX Exposure: The company has a natural hedge to exchange rate risk
in servicing its debt, since U.S. dollar revenues are used to
cover USD31.5 million of interest expense annually. Around 25% of
the company's revenues are denominated in USD, since their hotels
in coastal destinations and some urban locations have rates in
this currency. The remaining revenues are not directly denominated
in USD, but increases in hotel daily rates tend to follow
movements in the USD/MXN exchange rate. Fitch expects that the
company will maintain around 30% of its cash and equivalents
denominated in USD in the mid term. As of March 31, 2017 the
company's USD cash balance was USD40.2 million and 100% of its
debt balance was denominated in USD..
Fitch calculates that if prices were to remain unchanged, net
leverage, measured as net debt/EBITDA, would increase from 3.2x to
3.3x. In 2015-2016 the impact of the Mexican peso depreciation on
Posadas' leverage was partially offset by improved EBITDA margins,
as a result of higher ADRs and occupancy levels, resulting in
improved RevPAR as well as increased sales from the vacation club
segment.
Leverage Remains High: Fitch does not expect reductions in
Posadas' outstanding debt balance; the slight strengthening of
leverage ratios should come from improvements in EBITDA margins.
Posadas increased its USD-denominated senior notes outstanding in
mid-2016 to USD400 million from USD350 million after a reopening
in May of that year. No further debt increases are expected, as
the company deploys its growth strategy using primarily internally
generated cash flows. Fitch expects higher EBITDA margins from an
increase in the amount of managed hotels in the portfolio.
Adjusted debt/EBITDA is expected to remain close to 5.0x in the
short term, but improve to around 4.5x as EBITDA margins
strengthen to above 20%.
DERIVATION SUMMARY
Posadas is the largest hotel operator in Mexico, with 155 hotels,
resorts and vacation properties in its portfolio with about 24,714
rooms. The company's hotels are located in a mix of urban and
costal destinations serving both leisure and business travellers,
with approximately 83% of rooms located in urban destinations and
17% in costal destinations. Posadas owns only one hotel outside
the Mexican territory; it is located in Laredo, Texas, and
represents less than 1% of the available rooms. The company
operates under multiple formats: owned, leased and managed hotels.
Fitch estimates the total number of rooms will grow to around
30,000 by year end 2019. Less than 2% of these rooms will be
incorporated as a wholly owned hotel. Posadas' development plan,
focused mainly on managed hotels, will allow the company to keep
capex levels low, as growth could be funded by third parties.
Fitch estimates that cash flows generated by operations and cash
on hand will be enough to cover maintenance capex and annual tax
settlement payments.
Posadas is well positioned in the domestic market in Mexico; its
size and geographic diversification are smaller than global hotel
operators; operating metrics are in line with industry players
such as NH Hotel Group S.A. ('B'/Positive) although the latter has
higher leverage (Dec. 2016 adjusted net debt/EBITDAR of 6.6x).
Business models are different, since Posadas has migrated to an
asset-light structure where strategic hotels are owned and growth
is coming mostly from managed hotels, while NH leans more towards
owning and leasing the properties.
KEY ASSUMPTIONS
Fitch's key assumptions within Fitch ratings case for Posadas
include:
-- Future growth focuses on managed properties, resulting in the
portfolio mix moving away from owned and leased properties;
-- Sales for the vacation club segment increase from the addition
of a new property;
-- Broadly stable operating indicators in the short- to medium-
term;
-- EBITDA margins improve slightly based on the increase in
managed properties;
-- Capital expenditures reflect pipeline of one owned hotel and
recurring maintenance/remodelling Capex.
-- Tax settlement payments of MXN612 million paid in 2017 and
MXN309 million paid from 2018-2023;
-- The company does not issue additional debt, gross leverage
levels remain between 5.0x and 4.5x.
RATING SENSITIVITIES
Future Developments That May, Individually or Collectively, Lead
to Positive Rating Action
-- Stable EBITDA generation across cycles in conjunction with a
strengthening in the margin.
-- Consolidating gains in operating indicators.
-- A proven track record of stronger and stable credit metrics,
such as adjusted debt/EBITDAR consistently below 4.5x.
-- Strong liquidity in the form of robust cash balances
complemented by available committed credit lines.
Future Developments That May, Individually or Collectively,
Lead to Negative Rating Action
-- Weakening operating trends or decreases in RevPAR that could
lead to lower EBITDA and cash flow levels.
-- Contingent liabilities that affect the issuer's ability to
generate cash.
-- Cash outflows or incurring debt that result in adjusted
debt/EBITDAR consistently higher than 5.0x.
LIQUIDITY
Liquidity is robust. The only debt maturity is the senior notes
due in 2022. Cash balances as of March 31, 2017 were MXN1,982,
before the MXN612 million payment related to the tax settlement.
Cash and equivalents include a USD position worth USD40.2 million.
As of March 31, 2017, the company has an unused committed secured
credit line of MXN200 million, which provides additional support
to liquidity.
FULL LIST OF RATING ACTIONS
Grupo Posadas, S.A.B. de C.V.
-- Local and Foreign Long-Term IDRs at 'B';
-- National Scale Long-Term Rating at 'BB+(mex);
-- USD400 million senior notes due 2022 at 'B+/RR3'.
The Rating Outlook is Stable.
=================
V E N E Z U E L A
=================
VENEZUELA: Woes on Paying Russia Debt Raise Prospect of Default
---------------------------------------------------------------
The Financial Times discloses that reports of a failure to pay a
debt to Russia and a requested ruling on whether such a failure
constitutes a "credit event" that could trigger insurance
contracts on billions of dollars of international bonds have
brought Venezuela closer than ever to the brink of financial
collapse.
Debt default and the fall of the government in Caracas have been
foretold many times before but, even as the country descends into
chaos, with dozens killed in clashes between demonstrators and
riot police in the past two months, President Nicolas Maduro and
his chavista administration have clung to power, according to the
Financial Times.
Yet the events of the past two weeks suggest they are turning to
increasingly desperate measures, the report notes.
First came the news that Goldman Sachs Asset Management had bought
bonds with a face value of $2.8 billion for the knockdown price of
$865 million, the report relays. The bonds were issued in 2014 by
PDVSA, the national oil company, but were not offered to market
investors, the report discloses.
Instead, they were quietly sold to the central bank, which held
them until it offloaded them to GSAM through an intermediary, the
report relays. GSAM got quite a bargain, paying just 31 cents on
the dollar, the report adds.
As reported by The Troubled Company Reporter-Latin America,
S&P Global Ratings, on Feb. 28, 2017, affirmed its 'CCC' long-term
foreign and local currency sovereign credit ratings on the
Bolivarian Republic of Venezuela. The outlook on both long-term
ratings remains negative. S&P also affirmed its 'C' short-term
foreign and local currency sovereign ratings. In addition, S&P
affirmed its 'CCC' transfer and convertibility assessment on the
sovereign.
***********
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.
* * * End of Transmission * * *