/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/170831.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 Thursday, August 31, 2017, Vol. 18, No. 173 Headlines A R G E N T I N A ARGENTINA: Court Rules That Menem May Run for Senate BUENOS AIRES: S&P Affirms 'B' ICR; Outlook Stable TRANSENER SA: S&P Raises CCR to 'B' On Improved Capital Structure B R A Z I L DEWEY & LEBOUEF: Ex-Partners Ask Court to Be Lenient in Sentencing GOL LINHAS: S&P Upgrades CCR to 'CCC+' on Stronger Liquidity ITAU UNIBANCO: Fitch Affirms BB+ Long-Term IDR; Outlook Negative OI MOVEL: Antonio Filho to Become New Foreign Representative OI SA: Bondholders Reach Consensus on Key Restructuring Terms OI SA: Antonio Filho to Become New Foreign Representative TELEMAR NORTE: Antonio Filho to Become New Foreign Representative C H I L E FREEPORT-MCMORAN: Deal With Indonesia Credit Pos., Moody's Says E C U A D O R ODEBRECHT SA: Ecuadorian Court Bars VP From Leaving Country P U E R T O R I C O FOURZERO INC: Unsecureds to Get 15%, Plus 4.5% Interest in 60 Mos. PUERTO RICO ELECTRIC: Bond Insurers Demand Remittance of Funds RENT-A-CENTER: Egan-Jones Ups LC Unsec. Debt Rating to B+ T R I N I D A D & T O B A G O TRINIDAD & TOBAGO: Struggling Businesses Ask for Tax Amnesty V E N E Z U E L A VENEZUELA: New Assembly Approves Treason Trials for Opposition - - - - - ================= A R G E N T I N A ================= ARGENTINA: Court Rules That Menem May Run for Senate ---------------------------------------------------- EFE News reports that the Argentine Elections Court on Aug. 29 rejected the legal challenge brought against the senatorial candidacy of former President Carlos Menem, a move that will allow him to run in the Oct. 22 legislative elections, court sources reported. The court determined that the time period within which a challenge to the candidacy could be brought had expired and that the Supreme Court on Aug. 22 had "clearly" ruled that the seven-year prison sentence for weapons smuggling to Ecuador and Croatia handed down against Menem, who governed from 1989-1999, was not valid, according to EFE News. * * * As reported in the Troubled Company Reporter-Latin America on May 10, 2017, Fitch Ratings affirmed Argentina's Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'B' with a Stable Outlook. The issue ratings on Argentina's senior unsecured Foreign and Local Currency bonds are also affirmed at 'B'. The Country Ceiling is affirmed at 'B' and the Short-Term Foreign and Local Currency IDRs at 'B'. On Jan. 30, 2017, the Troubled Company Reporter-Latin America reported that Moody's Investors Service has assigned a B3 rating to the Government of Argentina's US$3.25 billion bond due 2022 and the US$3.75 billion bond due 2027. The outlook on the Government of Argentina's rating is stable. 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. BUENOS AIRES: S&P Affirms 'B' ICR; Outlook Stable ------------------------------------------------- On Aug. 29, 2017, S&P Global Ratings affirmed its 'B' foreign and local currency long-term issuer credit ratings on the province of Buenos Aires (PBA). The outlook remains stable. OUTLOOK S&P said, "The stable outlook reflects our view of an increasing dialogue between the local and regional governments (LRGs) and the federal government to address various fiscal and economic challenges expected to remain in 2017-2018. In addition, we consider that the PBA's fiscal performance could gradually improve toward 2019, if the province continues focusing on reducing operating deficits in 2017 and 2018, while receiving financial support from the federal government. However, we consider that the overall budgetary performance remains weak and volatile amid still high inflation. As a result, the PBA is likely to post a shortfall in free cash throughout 2017 and 2018, so borrowing in the local and international markets, delaying payments to suppliers, as well as federal transfers are going help the province close budget gaps." Downside scenario S&P said, "We could lower our ratings on the PBA if we were to lower the sovereign local or foreign currency ratings. We could also lower the ratings if we were to revise our financial management assessment to a weaker category due to transparency issues or unwillingness to service debt, as well as the province's deteriorating ability to levy taxes and invest in capital projects. However, this scenario is unlikely, in our view, in the next 12 months." Upside scenario S&P said, "We could only raise our ratings on the PBA if we were to raise the local and foreign currency ratings on Argentina. Such an upgrade would have to be in line with a strengthening of Argentina's LRGs' institutional framework, as well as a more balanced budgetary performance that could improve the liquidity position in the coming years. Additionally, we assume that the federal government would remain strongly committed in financially supporting the province due to structural imbalances that the latter faces within the national system of fiscal coordination." RATIONALE S&P said, "Our 'B' rating on the PBA reflects its still weak fiscal performance in recent years than those of its domestic and international peers, which we expect will improve gradually toward 2019. Since the April 4, 2017, upgrade of the PBA following the same rating action on the sovereign, the province has continued to tap markets to close its budget gaps. We expect the gradual macroeconomic recovery in Argentina to support the province's revenue growth, while it maintains adequate expenditure controls as well as prudent debt and liquidity policies. "The PBA, like all LRGs in Argentina, still operates under a very volatile and underfunded institutional framework, in our view. However, we see a positive trend in predictability from the outcome of potential reforms and the pace of their implementation. We expect moderate reforms of the distribution of federal tax revenues to the LRGs in the next few years. Also, in our view, more consistent support from the federal government has allowed LRGs to measure the support's short- and longer-term impact on their finances. We view favorably the constructive dialogue between the federal and subnational governments to resolve the current institutional, administrative, and budgetary challenges. As a result, a stronger institutional framework could improve LRGs' credit quality in the next few years. "The foreign currency rating on the PBA is the same as our 'B' global scale long-term issuer credit rating on Argentina. The province, like most Argentine LRGs, doesn't meet the conditions to have a higher rating than the sovereign, mostly because the province's liquidity position is weak and Argentine provinces still operate in a very volatile and underfunded institutional framework." Governor Maria Eugenia Vidal of the Cambiemos political coalition, who took office in December 2015, faces a difficult task. Cambiemos lacks a majority in PBA's legislature, which requires the administration to rely on political negotiations with other political parties to advance its agenda. Although capital spending will keep increasing in 2017 because the province is authorized to issue up to AR52 billion to fund infrastructure projects, among other items, capital expenditure is still below 7% of total spending. Therefore, the province grapples with budgetary constraints given that operating items accounts for the majority of the spending, and difficult to cut. S&P expects the relationship between the provincial and national governments to be strong over the next few years. As a demonstration of this support, since December 2015, the national government has provided financial assistance to the province, advanced coparticipation funds, and the PBA got the federal government authorization to issue debt during 2016 and 2017. Argentina's improved economy and prudent financial management practices over the next two to three years are necessary to strengthen the PBA's finances. With a diversified economy that represents around 36% of Argentina's GDP, the PBA's economic growth will maintain the same pace as the country's. Although a significant portion of provincial exports go to Brazil (30%), exports to other markets--such as China, Peru, and Mexico--have increased their share of total over the past year. As of March 31, 2017, the province reported an operating balance but still pressured by expenditure items such as payroll, transfers to municipalities, and social security costs. So, S&P's base case for fiscal 2017 assumes an operating deficit of just above AR10 billion, requiring strong political commitment to achieve an operating surplus over the next two years and overall fiscal sustainability in the medium term. S&P said, "At the end of fiscal 2017, we estimate that tax supported debt will reach 50% of estimated operating revenue. Stock of provincial debt rose to $14.2 billion as of March 31, 2017, from $10.4 billion in the same period last year. Most of the debt consists of international and local capital market issuances. Around 58.6% of the PBA's total debt is denominated in dollars, 31.9% is in Argentine pesos, 9% in euros, less than 1% in other currencies. At the end of 2016, its total debt reached ARP196.3 billion or 50.8% of operating revenues. In 2016, the province's debt rose by ARP74.2 billion, if we incorporate the amortization in the domestic and international capital markets, federal government loans, and multilateral agency loans. "PBA's liquidity is weak, in our opinion. The province's 2017 debt issuances improved its liquidity in the short term. However, we believe that the PBA's free cash (cash that's not required to meet daily operating needs or planned capital costs) and its internal cash flow generation are limited due to a deficit after capital accounts that will remain above 7% of total revenue in 2017 and 2018. We also expect the province's debt service cost to be above ARP40 billion in 2017. Although the province has obtained significant levels of financing in 2016 and 2017 from domestic and international sources, we believe that it still struggles to access external liquidity at same conditions as its higher rated peers in other countries. "The PBA has overall moderate contingent liabilities, in our view. The province is the sole owner of Banco de la Provincia de Buenos Aires S.A. (BPBA; B/Stable/--), the second-largest bank in Argentina in terms of deposits and assets. The province guarantees all of BPBA's deposits and other liabilities. However, the bank's creditors, seeking to enforce the guarantee, must exhaust all legal steps against the bank before requesting payment from the province. Other contingent liabilities from other provincial entities are also moderate, with limited but likely support coming from the provinces in a scenario of financial stress. "In accordance with our relevant policies and procedures, the Rating Committee was composed of analysts that are qualified to vote in the committee, with sufficient experience to convey the appropriate level of knowledge and understanding of the methodology applicable (see 'Related Criteria And Research'). At the onset of the committee, the chair confirmed that the information provided to the Rating Committee by the primary analyst had been distributed in a timely manner and was sufficient for Committee members to make an informed decision." After the primary analyst gave opening remarks and explained the recommendation, the Committee discussed key rating factors and critical issues in accordance with the relevant criteria. Qualitative and quantitative risk factors were considered and discussed, looking at track-record and forecasts. The committee's assessment of the key rating factors is reflected in the Ratings Score Snapshot above. The chair ensured every voting member was given the opportunity to articulate his/her opinion. The chair or designee reviewed the draft report to ensure consistency with the Committee decision. The views and the decision of the rating committee are summarized in the above rationale and outlook. The weighting of all rating factors is described in the methodology used in this rating action (see 'Related Criteria And Research'). RATINGS LIST Ratings Affirmed Buenos Aires (Province of) Issuer Credit Rating B/Stable/NR Senior Unsecured B TRANSENER SA: S&P Raises CCR to 'B' On Improved Capital Structure ----------------------------------------------------------------- Transener's capital structure and liquidity have improved in line with S&P's expectations after Argentina's National Regulatory Electricity Authority announced the Integral Tariff Review (ITR) for the electric sector on Jan. 31, 2017. S&P Global Ratings raised its corporate credit and issue-level ratings on Compania de Transporte de Energia Electrica en Alta Tension TRANSENER S.A. (Transener) to 'B' from 'CCC+'. The outlook is now stable. The rating action follows the improvement in Transener's capital structure and liquidity since the announcement of the ITR on January 31, 2017. The ITR set a scheme of rates and an investment plan for the next five years. The new regulatory framework eliminates Transener's dependence on discretionary disbursements from the government and improves its cash flow predictability in the short to medium term, as well as its liquidity and capital structure. =========== B R A Z I L =========== DEWEY & LEBOUEF: Ex-Partners Ask Court to Be Lenient in Sentencing ------------------------------------------------------------------ Jody Godoy, writing for Bankruptcy Law360, reports that former Dewey & LeBoeuf LLP partners expressed support for a no-jail sentence for former Dewey Chief Financial Officer Joel Sanders, saying Mr. Sanders' actions didn't cause the Firm's collapse. According to the report, four ex-partners at the firm joined a slew of family members and former and current colleagues in asking New York Supreme Court Judge Robert Stolz to be lenient at a sentencing scheduled for Oct. 6. About Dewey & LeBoeuf Dewey & LeBoeuf LLP sought Chapter 11 bankruptcy (Bankr. S.D.N.Y. Case No. 12-12321) in 2012 to complete the wind-down of its operations. The Firm had struggled with high debt and partner defections. Dewey disclosed debt of $245 million and assets of $193 million in its Chapter 11 filing late evening on May 29, 2012. The petition was signed by Jonathan A. Mitchell, chief restructuring officer. Dewey & LeBoeuf LLP operated as a prestigious, New York City- based, law firm that traced its roots to the 2007 merger of Dewey Ballantine LLP -- originally founded in 1909 as Root, Clark & Bird -- and LeBoeuf, Lamb, Green & MacCrae LLP originally founded in 1929. In recent years, more than 1,400 lawyers worked at the firm in numerous domestic and foreign offices. At its peak, Dewey employed about 2,000 people with 1,300 lawyers in 25 offices across the globe. When it filed for bankruptcy, only 150 employees were left to complete the wind-down of the business. Dewey's offices in Hong Kong and Beijing are being wound down. The partners of the separate partnership in England are in process of winding down the business in London and Paris, and administration proceedings in England were commenced May 28. All lawyers in the Madrid and Brussels offices have departed. Nearly all of the lawyers and staff of the Frankfurt office have departed, and the remaining personnel are preparing for the closure. The firm's office in Sao Paulo, Brazil, is being prepared for closure and the liquidation of the firm's local affiliate. The partners of the firm in the Johannesburg office, South Africa, are planning to wind down the practice. The firm's ownership interest in its practice in Warsaw, Poland, was sold to the firm of Greenberg Traurig PA for $6 million. The Pension Benefit Guaranty Corp. took $2 million of the proceeds as part of a settlement. Judge Martin Glenn oversees the case. Albert Togut, Esq., at Togut, Segal & Segal LLP, represents the Debtor. Epiq Bankruptcy Solutions LLC serves as claims and notice agent. JPMorgan Chase Bank, N.A., as Revolver Agent on behalf of the lenders under the Revolver Agreement, hired Kramer Levin Naftalis & Frankel LLP. JPMorgan, as Collateral Agent for the Revolver Lenders and the Noteholders, hired FTI Consulting and Gulf Atlantic Capital, as financial advisors. The Noteholders hired Bingham McCutchen LLP as counsel. The U.S. Trustee formed two committees -- one to represent unsecured creditors and the second to represent former Dewey partners. The creditors committee hired Brown Rudnick LLP led by Edward S. Weisfelner, Esq., as counsel. The Former Partners hired Tracy L. Klestadt, Esq., and Sean C. Southard, Esq., at Klestadt & Winters, LLP, as counsel. FTI Consulting, Inc., was appointed secured lender trustee for the Secured Lender Trust. Alan Jacobs of AMJ Advisors LLC, was named Dewey's liquidation trustee. Scott E. Ratner, Esq., Frank A. Oswald, Esq., David A. Paul, Esq., Steven S. Flores, Esq., at Togut, Segal & Segal LLP, serve as counsel to the Liquidation Trustee. Dewey's liquidating Chapter 11 plan was approved by the bankruptcy court in February 2013 and implemented in March. The plan created a trust to collect and distribute remaining assets. The firm estimated that midpoint recoveries for secured and unsecured creditors under the plan would be 58.4 percent and 9.1%, respectively. GOL LINHAS: S&P Upgrades CCR to 'CCC+' on Stronger Liquidity ------------------------------------------------------------ S&P Global Ratings has raised its global scale corporate credit and issue-level ratings on Gol Linhas Aereas Inteligentes S.A. (Gol) to 'CCC+' from 'CCC'. At the same time, S&P has raised the national scale ratings on the company to 'brB' from 'brCCC'. The outlook on the corporate ratings is positive. S&P said, "The rating on Gol's senior unsecured debt is at the same level as the corporate credit rating, reflecting our recovery rating of '4', given the expected average recovery of 35% (rounded). "We have also affirmed the 'BB+' issue-level rating on Gol's $300 million term loan, which benefits from full and unconditional guarantee by Delta Air Lines (BB+/Positive/--). This issue has a recovery rating of '4', mirroring that of Delta's senior unsecured debt. "The upgrade of Gol reflects our view that recent restructuring efforts of operations and capital structure, in addition to less volatile operating conditions, will continue to improve cash generation, reducing liquidity pressures and refinancing risks. Given stronger operating performance, we now envision reduced default risks for the company for the next 12 months." ITAU UNIBANCO: Fitch Affirms BB+ Long-Term IDR; Outlook Negative ---------------------------------------------------------------- Fitch Ratings has affirmed the ratings for Itau Unibanco Holding S.A. (IUH) and its subsidiary, Itau Unibanco S.A., including the Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) at 'BB+'. The Rating Outlook is Negative. KEY RATING DRIVERS VR, IDRS, AND SENIOR DEBT The bank's IDRs and senior debt ratings are driven by the bank's 'bb+' Viability Rating (VR) which reflects IUH's consistent performance within the challenging operating environment of the past four years and its diversified revenues from its global franchise. The VR also reflects IUH's conservative risk appetite and growth, strong liquidity and capitalization. IUH and Itau Unibanco's VRs are one notch above Brazil's sovereign rating given the bank's sound business and financial profile, but they remain constrained by Brazil's challenging operating environment. The Negative Outlook for the banks' Long-Term IDR mirrors the Negative Outlook on the sovereign's IDRs. One rationale for IUH's IDRs being above the sovereign rating is that IUH is the largest private-sector financial conglomerate in Brazil, and in Latin America, where it is a market leader in assets, deposits, credit, and asset management. With a substantial branch network focusing on a solid and diversified base of depositors and customers, IUH is considered locally as a safe haven in times of crisis. While having significantly curtailed its risk appetite during the past few years over concerns with the difficult operating environment in Brazil, the bank continued its expansion in other Latin American and overseas countries as part of its strategy to further diversify its risks and sources of revenues. The most recent and relevant effort was through a merger between Itau Chile and CorpBanca. During the second quarter of 2016, Itau Corpbanca was consolidated into IUH's financial statements, as IUH is the controlling shareholder. IUH continues to perform satisfactorily in the still challenging operating environment as evidenced most recently by the results of 1H17 when it reported an ROAA and ROAE of approximately 1.7% and 19.3%, respectively, as per Fitch's method of calculation. These results compare favorably to the approximately 1.6% and 18.0% reported at FYE2016 and also compare well to those of its direct peers. Lower margins and the impact of the new revolving credit card regulations on pricing were offset by higher fee income. Profitability was boosted by lower credit-provisioning expenses as the need for loan-loss provisioning decreased as asset quality continued to show signs of improvement. IUH also continues to focus on cost control. IUH's asset quality metrics remained satisfactory as its consolidated 90-day NPL ratio fell to 3.2% at June 30, 2017 down from 3.6% a year earlier. At the same time the 90-day non- performing loan (NPL) coverage ratio rose to 243% from 215% over the same period. Reflecting management's conservatism, the IUH maintained an additional provision of BRL10.7 billion at June 30, 2017. IUH's ample client deposit base, as well as its conservative funding policies, contribute to a strong liquidity position. The bank's Loan-to-Deposit ratio (including Letras Financeiras, LCIs and LCAs) at June 30, 2017 was at a comfortable level. Also, the majority of the securities portfolio consists of liquid government securities. Capitalization ratios are also at very comfortable levels and are expected to remain so given management's recently revised guidance for total credit growth ranging from 0% to 4% for the remainder of 2017. Fitch Core Capital (FCC) at June 30, 2017 reached one of its highest levels of the past five years at 13.9%, which compares well to peers. IUH's CET I at June 30, 2017 was 15.7%. Given IUH's expected performance and conservative risk appetite, IUH is not expected to have any difficulty adapting to the BIS III requirements, and if those were fully implemented as of June 30, 2017, the simulated CET I would be 14.5% even with the impact of the Citibank consolidation and the XP investment, as these would be mostly offset by the use of tax credits. The total Regulatory capital ratio has remained at a comfortable 18.4% as of June 30 2017). SUPPORT RATING AND SUPPORT RATING FLOOR The bank's Support Rating of '3' and Support Rating Floor of 'BB-' reflect a moderate probability of support from the Brazilian government, in view of the uncertainty as to its capacity and willingness to do so. It also mirrors IUH's strong franchise and market share within the banking system, where is accounts for nearly 14% of the loans and 17% of the deposits. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES Following Fitch's rating criteria, the IUH Tier II subordinated debt is rated two notches below its VR, one notch lower due to Loss Severity features and its subordinated status, and a one- notch deduction due to the risk of non-performance. IUH's subordinated debt carries a cumulative coupon deferral mechanism. A deferral will only occur if IUH is noncompliant with its regulatory capital requirement. This rating was also affirmed. SUBSIDIARY AND AFFILIATED COMPANY Itau Unibanco is a wholly owned subsidiary of IUH and currently has the same VR as IUH, reflecting Fitch's view of their integral roles in the consolidated operation, and the fact that broad risk management and strategic direction are coordinated as a consolidated entity. NATIONAL RATINGS The 'AAA(bra)'/Stable Outlook National Rating was also affirmed, reflecting the bank's very strong credit profile. RATING SENSITIVITIES IDRS, SENIOR DEBT IUH and Itau Unibanco's IDRs and debt ratings are sensitive to a change in Fitch's assumptions around specific issuer rating factors and rating factors affecting the sovereign. The Negative Outlook on the IDRs reflects Fitch's current negative view on the operating environment for Brazilian banks, which in turn is heavily influenced by the Negative Outlook on Brazil's Sovereign rating. A downgrade of the sovereign could lead to a downgrade of IUH's ratings. The Rating Outlook for the sovereign is Negative. VR IUH and Itau Unibanco's VRs are sensitive to a change in Fitch's assumptions regarding the bank's rating factors. The VR could be downgraded if the bank's loss absorption capacity diminishes. In the unlikely event that the issuer's FCC falls below 9%, or there is a sustained decrease in ROAA below 1.25% and over-90-day NPL ratios are above 6% (currently 3.2%), a ratings review would be triggered. SUPPORT RATING AND SUPPORT RATING FLOOR SR is potentially sensitive to any change in assumptions around the propensity or ability of the sovereign to provide timely support to the bank. SUBORDINATED DEBT AND OTHER HYBRID SECURITIES IUH's subordinated debt ratings are broadly sensitive to the same considerations that might affect IUH's VR. NATIONAL RATINGS As the National Ratings are at the highest possible level of Fitch's Rating Scale, there is no upside potential for these ratings, thus the Rating Outlook for the National Rating is Stable. These ratings could only be downgraded in the event of Itau being rated at or below the Sovereign rating on the international scale. IUH is the largest private-sector financial conglomerate in Brazil, and Latin America, where it is a market leader in assets, deposits, credit, and asset management. With a substantial branch network focusing on a solid and diversified base of depositors and customers, IUH is considered locally as a safe haven in times of crisis. Fitch has affirmed the following ratings: IUH -- Long-Term Foreign- and Local-Currency IDRs at 'BB+'; Outlook Negative; -- Short-Term Foreign- and Local-Currency IDRs at 'B'; -- Viability Rating at 'bb+'; -- National Long-Term Rating at 'AAA(bra)'; Outlook Stable; -- National Short-Term rating at 'F1+(bra)'; -- Support Rating at '3' -- Support Rating Floor at 'BB-'. -- Senior USD notes due 2018, Long-Term Foreign Currency rating at 'BB+'. -- Subordinated USD notes due 2020-2023 Long-Term Foreign Currency rating at 'BB-'. Itau Unibanco -- Long-Term Foreign- and Local-Currency IDRs at 'BB+'; Outlook Negative; -- Short-Term Foreign- and Local-Currency IDRs at 'B'; -- Viability Rating at 'bb+'; -- National Long-Term Rating at 'AAA(bra)'; Outlook Stable; -- National Short-Term Rating at 'F1+(bra)'; -- Support Rating at '3' -- Support Rating Floor at 'BB-'. OI MOVEL: Antonio Filho to Become New Foreign Representative ------------------------------------------------------------ The High Court of Justice Division, Companies Court, CR-2016- 0033537, disclosed that Antonio Reinaldo Filho is recognized and confirmed as the foreign representative of Oi Movel SA in the Brazilian restructuring proceeding commenced in respect of the debtor in the Bankruptcy Court of Rio de Janeiro in Brazil. Mr. Filho will replace Richard Hudson as the original representative. Mr. Filho can be reached at: Antonio Reinaldo Filho Rua Humberto de Campos 425 5th Florr Lebanon As reported in the Troubled Company Reporter-Latin America on Aug. 12, 2016, that on July 28, 2016, Oi Movel SA was placed under Cross-Border Insolvency Regulations 2006. OI SA: Bondholders Reach Consensus on Key Restructuring Terms ------------------------------------------------------------- The Steering Committees of the International Bondholder Committee and of the Ad Hoc Group of Oi Bondholders along with a majority of the group of export credit agencies (ECAs) represented by FTI Consulting (together, the "Oi Creditor Groups") on Aug. 23, 2017, disclosed that they have been working cooperatively and have reached consensus on certain key economic terms of a common restructuring framework for Oi S.A. and its subsidiaries (the "Common Restructuring Framework"). The Common Restructuring Framework is an important milestone as the Oi Creditor Groups believe it is the first framework for plans that garners the support of the majority of Oi's main groups of creditors and provides a path for the potential consensual resolution of ongoing claims and the successful emergence of Oi as a well-capitalized, viable and strong competitor in the Brazilian telecommunications industry. The Oi Creditor Groups represent in excess of BRL22.6 billion (US$6.6 billion) of Oi group debt. The Common Restructuring Framework of the Oi Creditor Groups contemplates, subject to the qualifications set forth below, among other things, plans with the following mutually dependent features: (a) new committed equity capital of BRL3 billion that will be backstopped in full by certain members of the Oi Creditor Groups, (b) significant debt reduction through a capitalization of up to BRL26.1 billion in bond debt for 88% in equity of the restructured Oi, (c) a new transparent and professional governance structure, (d) the satisfactory resolution of all regulatory claims and (e) equivalent recoveries among all unsecured financial creditors on account of their claims, including parity treatment to all bondholders. Further, the Oi Creditor Groups are in discussions with other key creditors and stakeholders of Oi regarding the terms of the Common Restructuring Framework as it relates to their indebtedness so that the Common Restructuring Framework can also be acceptable to these interested parties. This development follows the groups' announced and continued opposition to the amended restructuring plan terms disclosed by Oi S.A. on March 22, 2017 and the continued failure of the Oi group to engage in negotiations with its principal creditor groups, including the Steering Committees of the International Bondholder Committee and of the Ad Hoc Group of Oi Bondholders. The Oi Creditor Groups remain committed to discussing the benefits of their Common Restructuring Framework with the company and other major stakeholders as a viable path to implement a feasible restructuring that ensures Oi's emergence as a well-capitalized company that can prosper in the long run. The International Bondholder Committee holds approximately US$2.7 billion of bonds issued by various members of the Oi group. The Ad Hoc Group of Oi Bondholders holds approximately US$3.0 billion of bonds issued by various members of the Oi group. The cooperating Export Credit Agencies hold approximately US$942 million of debt issued by various members of the Oi group. The Common Restructuring Framework is non-binding on the Oi Creditor Groups, and the terms, conditions, form and structure of implementation of any proposals, plans or agreements will be subject to various customary conditions, including completion of due diligence, all internal and credit committee approvals, negotiation and agreement of acceptable documentation, structuring and implementation of the plans, adoption of regulatory changes and judicial confirmation of restructuring plans in all applicable jurisdictions including the Netherlands. The Oi Creditor Groups do not have or assume any fiduciary or other duties to any party. Any transaction arising from the Common Restructuring Framework shall be voted on a non-substantively consolidated basis and shall be subject to approval by the trustees and court in the Netherlands for FinCo and PTIF, the court in Brazil for other debtors and the US Bankruptcy Court for all Chapter 15 debtors. About Oi SA Headquartered in Rio de Janeiro, and operating almost exclusively within Brazil, the Oi Group provides services like fixed-line data transmission and network usage for phones, internet, and cable, Wi-Fi hot-spots in public areas, and mobile phone and data services, and employs approximately 142,000 direct and indirect employees. On June 20, 2016, pursuant to Brazilian Law No. 11.101/05 (the "Brazilian Bankruptcy Law"), Oi S.A. and certain of its subsidiaries filed for recuperao judicial (judicial reorganization) in Brazil. On June 21, 2016, OI SA and its affiliates Telemar Norte Leste S.A. and Oi Brasil Holdings Cooperatief U.A. commenced Chapter 15 proceedings (Bankr. S.D.N.Y. Lead Case No. 16-11791). Ojas N. Shah, as foreign representative, signed the petitions. Coop and PTIF are also subject to proceedings in the Netherlands. The Chapter 15 cases are assigned to Judge Sean H. Lane. In the Chapter 15 cases, the Debtors are represented by John K. Cunningham, Esq., and Mark P. Franke, Esq., at White & Case LLP, in New York; and Jason N. Zakia, Esq., Richard S. Kebrdle, Esq., and Laura L. Femino, Esq., at White & Case LLP, in Miami, Florida. On July 22, 2016, the New York Court recognized the Brazilian Proceedings as foreign main proceedings with respect to the Chapter 15 Debtors, and granted certain additional related relief. OI SA: Antonio Filho to Become New Foreign Representative --------------------------------------------------------- The High Court of Justice Division, Companies Court, CR-2016- 003450, disclosed that Antonio Reinaldo Filho is recognized and confirmed as the foreign representative of Oi SA in the Brazilian restructuring proceeding commenced in respect of the debtor in the Bankruptcy Court of Rio de Janeiro in Brazil. Mr. Filho will replace Richard Hudson as the original representative. Mr. Filho can be reached at: Antonio Reinaldo Filho Rua Humberto de Campos 425 5th Florr Lebanon About Oi SA Headquartered in Rio de Janeiro, and operating almost exclusively within Brazil, the Oi Group provides services like fixed-line data transmission and network usage for phones, internet, and cable, Wi-Fi hot-spots in public areas, and mobile phone and data services, and employs approximately 142,000 direct and indirect employees. On June 20, 2016, pursuant to Brazilian Law No. 11.101/05 (the "Brazilian Bankruptcy Law"), Oi S.A. and certain of its subsidiaries filed for recuperao judicial (judicial reorganization) in Brazil. On June 21, 2016, OI SA and its affiliates Telemar Norte Leste S.A. and Oi Brasil Holdings Cooperatief U.A. commenced Chapter 15 proceedings (Bankr. S.D.N.Y. Lead Case No. 16-11791). Ojas N. Shah, as foreign representative, signed the petitions. Coop and PTIF are also subject to proceedings in the Netherlands. The Chapter 15 cases are assigned to Judge Sean H. Lane. In the Chapter 15 cases, the Debtors are represented by John K. Cunningham, Esq., and Mark P. Franke, Esq., at White & Case LLP, in New York; and Jason N. Zakia, Esq., Richard S. Kebrdle, Esq., and Laura L. Femino, Esq., at White & Case LLP, in Miami, Florida. On July 22, 2016, the New York Court recognized the Brazilian Proceedings as foreign main proceedings with respect to the Chapter 15 Debtors, and granted certain additional related relief. TELEMAR NORTE: Antonio Filho to Become New Foreign Representative ----------------------------------------------------------------- The High Court of Justice Division, Companies Court, CR-2016- 003539, disclosed that Antonio Reinaldo Filho is recognized and confirmed as the foreign representative of Telemar Norte Leste in the Brazilian restructuring proceeding commenced in respect of the debtor in the Bankruptcy Court of Rio de Janeiro in Brazil. Mr. Filho will replace Richard Hudson as the original representative. Mr. Filho can be reached at: Antonio Reinaldo Filho Rua Humberto de Campos 425 5th Florr Lebanon As reported in the Troubled Company Reporter-Latin America on July 27, 2016, on June 23, 2016, Telemar Norte Leste commenced Brazilian restructuring proceedings in the Bankruptcy Court of Rio de Janeiro in Brazil, pursuant to Federal Law No. 101, and is thus recognized as a foreign main proceedings in accordance with the UNCITRAL model Law on Cross-Border Insolvency as set out in Schedule 1 to the Cross-Border Insolvency Regulations 2006. ========= C H I L E ========= FREEPORT-MCMORAN: Deal With Indonesia Credit Pos., Moody's Says --------------------------------------------------------------- Moody's reports that Freeport-McMoRan Inc.'s (FCX -- B1 CFR, positive outlook) announcement that it and the Government of Indonesia (GOI) had reached a framework agreement regarding long- term operations within Indonesia by its PT Freeport Indonesia (PT- FI) subsidiary is credit positive as it provides better clarity and certainty as to how operations will be conducted going forward. Key highlights of the framework agreement, which is subject to documentation and board approval of FCX and its partners, include a) converting the contract of work (COW) to a special license (IUPK), which will provide operating rights through 2041, b) the providing of fiscal and legal terms during the tenor of the IUPK by the GOI, which will give greater certainty of operations going forward, c) the construction of a new smelter within 5 years by PT-FI and d) the divestiture by FCX of PT-FI shares to Indonesian interests such that FCX's interest reduces to 49% from currently 90.64% on a direct and indirect basis. FCX, a Phoenix based mining company, ranks among the top copper and molybdenum producers globally and is a leading gold producer. With the completion of the sales of its Gulf of Mexico oil and gas properties and its California oil and gas properties, FCX's business will be comprised predominately of its copper mining operations and their related by-products. The company's global footprint includes copper mining operations in Indonesia through its subsidiary PT-FI, the United States, Chile and Peru. Revenues for the 12 months ended June 30, 2017 were $15.3 billion. ============= E C U A D O R ============= ODEBRECHT SA: Ecuadorian Court Bars VP From Leaving Country ----------------------------------------------------------- EFE News reports that the Ecuadorian National Court of Justice on Aug. 29 barred Vice President Jorge Glas from leaving the country because he, along with other suspects, is being subjected to a formal investigatory hearing related to the Odebrecht corruption case, the Attorney General's Office said. The travel prohibition was imposed "taking into consideration that, during the development of the pretrial and trial phase, (Glas) has attended all the hearings held by the Attorney General's Office," according to EFE News. As reporter in the Troubled Company Reporter-Latin America on Dec. 2, 2016, The Wall Street Journal related that Marcelo Odebrecht, the jailed former head of Brazilian construction giant Odebrecht SA, agreed to sign a plea-bargain agreement in connection with Brazil's largest corruption probe ever, according to a person close to the negotiations. The move could roil the nation's political class yet again. The testimony of the former industrialist, which is part of the deal, has the potential to implicate numerous politicians who allegedly took kickbacks from contractors as part of a years-long graft ring centered on Brazil's state-run oil company, Petroleo Brasileiro SA, known as Petrobras, according to The Wall Street Journal. ====================== P U E R T O R I C O ====================== FOURZERO INC: Unsecureds to Get 15%, Plus 4.5% Interest in 60 Mos. ------------------------------------------------------------------ Fourzero, Inc., filed with the U.S. Bankruptcy Court for the District of Puerto Rico an amended small business disclosure statement dated Aug. 16, 2017, referring to the Debtor's plan of reorganization. General unsecured creditors are classified in Class 3, and will receive a distribution of 15.0% of their allowed claims plus 4.5% legal interest -- for a total amount of $6,793 -- to be distributed in 60 consecutive monthly installments commencing on the effective date of the Plan. The holders will get $114 per month starting Nov. 11, 2017, and ending on Nov. 1, 2022. Class 4 claims are impaired by the Plan. Payments and distributions under the Plan will be funded from the revenues of the restaurant operation. The hearing at which the Court will determine whether to finally approve this Amended Disclosure Statement and confirm the Plan will take place on Sept. 20, 2017, at 9:00 a.m. Ballots must be received by Sept. 6, 2017. Objections to the Amended Disclosure Statement or to the confirmation of the Amended Plan must be filed with the Court by Sept. 6, 2017, or by an earlier date as the Court may fix. A full-text copy of the Amended Disclosure Statement is available at: http://bankrupt.com/misc/prb16-00100-110.pdf As reported by the Troubled Company Reporter on Jan. 4, 2017, the Debtor filed a plan which proposed that general unsecured creditors recover 11.7% of their allowed claims. They would receive payments of their claims in 60 months at an interest rate of 4.5%. About Fourzero Inc. Fourzero, Inc., is a corporation created and operating pursuant to the laws of the Commonwealth of Puerto Rico which was originally incorporated on March 8, 2006. It is a small business within the meaning of 11 USC Section 101(51D). Shortly after its inception, on April 4, 2006, the Debtor executed a franchise contract with Franquicias de Martins BBQ, Inc. This contract was renewed by contract titled "Contrato de Renovacion y Franquicias" dated July 30, 2015. Through the franchise agreement, the Debtor was authorized to operate a restaurant of Franquicias de Marins in the Municipality of San Sebastian, Puerto Rico, in exchange of the use of the commercial name and brand, and for the use of methods, procedures, and other industrial and intellectual rights. The Debtor sought Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No. 16-00100) on Jan. 12, 2016. The Debtor is represented by Manuel A. Segarra Vazquez Law Office. The case is assigned to Judge Mildred Caban Flores. PUERTO RICO ELECTRIC: Bond Insurers Demand Remittance of Funds -------------------------------------------------------------- Alex Wolf, writing for Bankruptcy Law360, reports that MBIA Inc. subsidiary National Public Finance Guarantee Corp., Assured Guaranty Corp., Syncora Guarantee Inc. and a group of bondholders with interest in most of the $8.3 billion in outstanding bond debt issued by Puerto Rico Electric Power Authority launched a complaint to force the utility to remit pledged funds for debt service. The company has failed to honor contractual obligations, Law360 says, citing the bond insurers. About Puerto Rico and Title III Cases Puerto Rico is a self-governing commonwealth in association with the United States that's facing a massive bond debt of $70 billion, a 68% debt-to-GDP ratio and negative economic growth in nine of the last 10 years. The Commonwealth of Puerto Rico has sought bankruptcy protection, aiming to restructure its massive $74 billion debt-load and $49 billion in pension obligations. The debt restructuring petition was filed by Puerto Rico's financial oversight board in U.S. District Court in Puerto Rico (Case No. 17-01578) on May 3, 2017, and was made under Title III of 2016's U.S. Congressional rescue law known as the Puerto Rico Oversight, Management, and Economic Stability Act ("PROMESA"). The Financial Oversight and Management Board later commenced Title III cases for the Puerto Rico Sales Tax Financing Corporation (COFINA) on May 5, 2017, and the Employees Retirement System (ERS) and the Puerto Rico Highways and Transportation Authority (HTA) on May 21, 2017. On July 2, 2017, a Title III case was commenced for the Puerto Rico Electric Power Authority ("PREPA"). U.S. Chief Justice John Roberts has appointed U.S. District Judge Laura Taylor Swain to oversee the Title III cases. The Honorable Judith Dein, a United States Magistrate Judge for the District of Massachusetts, has been designated to preside over matters that may be referred to her by Judge Swain, including discovery disputes, and management of other pretrial proceedings. Joint administration of the Title III cases, under Lead Case No. 17-3283, was granted on June 29, 2017. 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; and Hermann D. Bauer, Esq., at O'Neill & Borges are onboard as attorneys. McKinsey & Co. is the Board's strategic consultant, Ernst & Young is the Board's financial advisor, and Citigroup Global Markets Inc. is the Board's municipal investment banker. Prime Clerk LLC is the claims and noticing agent. Prime Clerk maintains a case web site at https://cases.primeclerk.com/puertorico Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA, and PREPA. O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico Fiscal Agency and Financial Advisory Authority (AAFAF), the agency responsible for negotiations with bondholders. The Oversight Board named Professor Nancy B. Rapoport as fee examiner and to chair a committee to review professionals' fees. Bondholders' Attorneys Toro, Colon, Mullet, Rivera & Sifre, P.S.C. and Kramer Levin Naftalis & Frankel LLP serve as counsel to the Mutual Fund Group, comprised of mutual funds managed by Oppenheimer Funds, Inc., Franklin Advisers, Inc., and the First Puerto Rico Family of Funds, which collectively hold over $3.5 billion in COFINA Bonds and over $2.9 billion in other bonds issued by Puerto Rico and other instrumentalities, including over $1.8 billion of Puerto Rico general obligation bonds ("GO Bonds"). White & Case LLP and Lopez Sanchez & Pirillo LLC represent the UBS Family of Funds and the Puerto Rico Family of Funds, which hold $613.3 million in COFINA bonds. Paul, Weiss, Rifkind, Wharton & Garrison LLP, Robbins, Russell, Englert, Orseck, Untereiner & Sauber LLP, and Jimenez, Graffam & Lausell are co-counsel to the ad hoc group of General Obligation Bondholders, comprised of Aurelius Capital Management, LP, Autonomy Capital (Jersey) LP, FCO Advisors LP, Franklin Mutual Advisers LLC, Monarch Alternative Capital LP, Senator Investment Group LP, and Stone Lion Capital Partners L.P. Quinn Emanuel Urquhart & Sullivan, LLP and Reichard & Escalera are co-counsel to the ad hoc coalition of holders of senior bonds issued by COFINA, comprised of at least 30 institutional holders, including Canyon Capital Advisors LLC and Varde Investment Partners, L.P. Correa Acevedo & Abesada Law Offices, P.S.C., is counsel to Canyon Capital Advisors, LLC, River Canyon Fund Management, LLC, Davidson Kempner Capital Management LP, OZ Management, LP, and OZ Management II LP (the QTCB Noteholder Group). Committees The U.S. Trustee formed a nine-member Official Committee of Retirees and a seven-member Official Committee of Unsecured Creditors of the Commonwealth. The Retiree Committee tapped Jenner & Block LLP and Bennazar, Garcia & Milian, C.S.P., as its attorneys. The Creditors Committee tapped Paul Hastings LLP and O'Neill & Gilmore LLC as counsel. RENT-A-CENTER: Egan-Jones Ups LC Unsec. Debt Rating to B+ --------------------------------------------------------- Egan-Jones Ratings Company, on July 21, 2017, raised the local currency unsecured debt rating on Rent-A-Center Inc. to B+ from BB-, and the foreign currency unsecured debt rating on the Company to B+ from BB. Previously, on June 21, 2017, EJR downgraded the Company's local currency senior unsecured debt rating to BB- from BB. Rent-A-Center, Inc. operates franchised and company-owned Rent-A-Center and ColorTyme rent-to-own merchandise stores. The Company's stores offer home electronics, appliances, furniture, and accessories under flexible rental purchase agreements. Rent-A-Center operates across the United States and Puerto Rico. ================================ T R I N I D A D & T O B A G O ================================ TRINIDAD & TOBAGO: Struggling Businesses Ask for Tax Amnesty ------------------------------------------------------------ Caribbean360.com reports that struggling tourism businesses in Tobago have reached out to the Government for a helping hand as several operators report they are on brink of foreclosure. In a desperate plea, they are calling on the Keith Rowley administration to give them a tax amnesty and to ask the Central Bank and Bankers' Association to hold their hands on foreclosures, according to Caribbean360.com. "Do what we ask. Put things in place and give us 12 months. We can turn things around," implored Chris James, president of the Tobago Hotel and Tourism Association, the report notes. He told the Trinidad Guardian that hotel occupancy in Tobago is as low as 34 per cent and it was almost certain that businesses would record losses, the report relays. "We need a 50 per cent occupancy. International business has declined and we are dependent on the Trinidad market, but we have lost out on the July-August vacation because of the air and sea bridge issues and we will not get that money back," he said, the report discloses. The report notes that Mr. James said the situation was so dire that business owners were forced to choose whether they would send home staff, pay taxes or meet their loans, because they were not in position to "do all three." "We not earning, we not spending, it's all grinding to a halt," he said, the report relays. One of the island's largest tour operators has shut down and relocated to Jamaica, the report notes. The owner of Enchanted Waters Hotel and Casino, Ken Patino was facing foreclosure due to a mounting debt to the bank, the report relays. In fact, he said the bank warned that his businesses would be advertised for sale, the report notes. Mr. Patino and other business owners got a chance to their concerns in a meeting with Prime Minister Rowley, the report notes. Minister Rowley has mandated the establishment of a committee comprising stakeholders to look at issues affecting the Tobago business community, but did not give any commitment to asking banks to provide some ease to the businessmen the report adds. ================= V E N E Z U E L A ================= VENEZUELA: New Assembly Approves Treason Trials for Opposition -------------------------------------------------------------- BBC News reports that Venezuela's new constituent assembly has unanimously voted to put opposition leaders on trial for treason. The assembly said it would pursue those it accuses of supporting US economic sanctions against the country, according to BBC News. Washington approved the measures in response to what it called the "dictatorship" of President Nicolas Maduro, the report relays. The report notes that President Maduro has accused the US of trying to cripple Venezuela's economy amid an ongoing economic crisis. US President Donald Trump signed an executive order on August 25 to ban trade in Venezuelan debt or the sale of bonds from its state oil company, the report says. The report discloses that his reasons included "serious abuses of human rights" as well as the creation of the "illegitimate" constituent assembly, which the US accuses of usurping the democratically elected parliament. The constituent assembly, which was convened by President Maduro and is made up of government supporters, has been condemned by international leaders as unconstitutional, the report notes. 'Immoral Actions' Members of the assembly unanimously approved a decree calling for the investigation of "traitors" who supported the economic sanctions, the report notes. During the three-hour session, they took turns denouncing those who have been critical of the government in ever more colorful language, the report relays. Among those they attacked for allegedly being "engaged in the promotion of these immoral actions against the interests of the Venezuelan people" were not only members of opposition parties but also former supporters of the socialist government, the report notes. The sacked chief prosecutor Luisa Ortega, who over the past months has become one of the most vocal critics of the government, came in for particular vitriol, the report says. Constituent assembly member Iris Varela called Ms. Ortega "scum". She also said that Ms. Ortega "crawled like a worm" and "sold her homeland for a few dollars she stole from this country," the report relays. Ms. Ortega was sacked by the constituent assembly in its first session earlier this month and replaced by a loyal government supporter, Tarek William Saab, the report notes. She has since travelled to a number of Latin American countries denouncing alleged government corruption in Venezuela, the report discloses. The head of the opposition-controlled parliament, Julio Borges, was named as "one of the real enemies of Venezuela" for asking US bank Goldman Sachs to stop buying Venezuelan bonds, the report relays. Mr. Borges reacted by saying that it was time the government stopped looking for others to blame for Venezuela's economic and political crisis, the report notes. "The only one responsible is Maduro and it's time he takes a look in the mirror and accepts he has ruined Venezuela," he told reporters, the report adds. *********** 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, 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 * * *