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/raid1/www/Hosts/bankrupt/TCRLA_Public/171010.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, October 10, 2017, Vol. 18, No. 201 Headlines B A R B A D O S BARBADOS: Controversial Levy Raking in the Dough for Gov't B R A Z I L BRAZIL: To Improve Environmental Sanitation With $67.5MM IDB Loan C A Y M A N I S L A N D S OCEAN RIG: Meets Nasdaq Listing Compliance Requirements E L S A L V A D O R EL SALVADOR: Fitch Cuts IDR to 'RD' Following Debt Exchange J A M A I C A JAMAICA: Needs More Flexible Financing Options M E X I C O MEXICO: Annual Inflation Slowed in September * MEXICO: Arrests Ex-Governor Who Is Fugitive From U.S. Justice T R I N I D A D & T O B A G O SANDALS RESORTS: Hurricanes Hit Resort's Tobago Plans TRINIDAD & TOBAGO: Will be Poorer if TT$ Depreciates Substantially - - - - - =============== B A R B A D O S =============== BARBADOS: Controversial Levy Raking in the Dough for Gov't ---------------------------------------------------------- Caribbean360.com reports that the National Social Responsibility Levy (NSRL) that has left businesses and consumers crying out has reaped big dividends for the cash-strapped Barbados government. According to Finance Minister Chris Sinckler, the tax has generated BDS$50 million (US$25 million) in revenue, just three months after a 400 per cent increase in the levy was introduced, the report notes. "I believe the figure so far is just short of BDS$50 million (US$25 million), which, if you're to multiply it by four quarters, would give you just around BDS$200 million (US$100 million)," he told Parliament while leading off debate on the National Social Responsibility Levy Amendment Bill 2017, according to Caribbean360.com. Not only have the NSRL's earnings exceeded expectations, but Minister Sinckler reported that the final figure for the period could be higher, the report notes. He pointed out that additional Value Added Tax earned under the NSRL still had to be added, the report relays. In the May budget, the Finance Minister had projected that the NSRL would earn BDS$186 million (US$93 million) in revenue in one fiscal year, in addition to BDS$32 million (US$16 million) in VAT, the report discloses. The tax, which was one of the revenue generating measures to help the Freundel Stuart administration close a massive fiscal gap, is calculated on the customs value of imported and locally produced goods, the report relays. It is applied on the production cost of locally produced goods and VAT is added to the total cost, the report notes. Government has been at odds with key social partners, including the private sector and trade unions, over the onerous tax, the report says. Back in July, more than 20,000 demonstrators led by the island's main unions and the Barbados Private Sector Association staged a protest urging a rollback of the measure which has led to a spike in the cost of living, the report relays. The report discloses that Minister Sinckler acknowledged that amid the "difficulties", the tax measure was meeting Government's objectives. Despite the windfall, he admitted that the Barbados economy would fall short of projections, and only grow between 0.5 per cent and 0.7 per cent this year, the report says. "We have such a tight fiscal progamme, demand is going to be constrained and once demand is constrained in an economy like Barbados, we don't think growth is going to be significant," the report quoted Minister Sinckler as saying. "We believe it will be [about] 0.5 to 0.7 per cent. We won't get two per cent growth as originally predicted at the beginning of the year." As reported in the Troubled Company Reporter-Latin America on Oct. 2, 2017, S&P Global Ratings said it lowered on Sept. 27, 2017, its long-term local currency sovereign credit rating on Barbados to 'CCC' from 'CCC+'. S&P said, "We also affirmed our long-term foreign currency sovereign rating at 'CCC+. The outlook on both long-term ratings is negative. We also affirmed the short- term ratings at 'C'. The transfer and convertibility assessment for Barbados remains 'CCC+'." =========== B R A Z I L =========== BRAZIL: To Improve Environmental Sanitation With $67.5MM IDB Loan ----------------------------------------------------------------- Salvador da Bahia, Brazil's fourth largest urban area, will invest in environmental sanitation of the Mane Dende River basin with help from the Inter-American Development Bank (IDB). The area is home to more than 31,000 people, most of them living in highly vulnerable, informal settlements. The project's total cost is $135 million, of which $67.5 million will be loaned by the IDB to the Salvador Municipality and the remaining 50 percent will be covered by the city government using its own funds. The project will help improve sanitary and environmental conditions, reduce flood vulnerability risks, and enhance urban conditions in the Mane Dende river basin. It will include macro and micro drainage works, slopes stabilization, water and sanitary sewer systems, urbanization, roads and urban equipment, and help to resettle families to less vulnerable locations. Additionally, the project will finance efforts to boost the population's sanitary education and habits and to improve the performance of the institutions responsible for the sustainable operation of the infrastructure. The Mane Dende is a tributary of the Rio do Cobre, the main waterway in the Salvador da Bahia metropolitan area. Its waters feed the Sao Bartolomeu Park waterfalls, the city's main green space. For this reason, the sanitation works aimed at restoring the water quality will bring about far more important benefits to the population at large. The loan will be disbursed over a five-year period and have a 25- year amortization term, with a 5.5-year grace period and a LIBOR- based interest rate. As reported in the Troubled Company Reporter-Latin America on Aug. 17, 2017, S&P Global Ratings removed its 'BB' long-term foreign and local currency sovereign credit ratings on the Federative Republic of Brazil from CreditWatch, where it had placed them with negative implications on May 22, 2017. S&P said, "At the same time, we affirmed the 'BB' long-term ratings, and the outlook is negative. We also affirmed our 'B' short-term foreign and local currency ratings on Brazil. The transfer and convertibility assessment is unchanged at 'BBB-'. In addition, we removed the 'brAA-' national scale rating from CreditWatch with negative implications and affirmed the rating with a negative outlook. This incorporates the revision of the mapping table for Brazil national scale ratings, published Aug. 14, 2017." ========================== C A Y M A N I S L A N D S ========================== OCEAN RIG: Meets Nasdaq Listing Compliance Requirements ------------------------------------------------------- Ocean Rig UDW Inc. (NASDAQ: ORIG), an international contractor of offshore deepwater drilling services, on Sept. 27, 2017, disclosed that it has received formal notice from The Nasdaq Stock Market ("Nasdaq") that it has demonstrated compliance with all applicable requirements for the continued listing of the Company's common stock on Nasdaq. As previously announced on June 12, 2017, the Nasdaq Hearings Panel had granted the Company a conditional exception from the decision by the Nasdaq Staff to delist the Company's common stock and had asked the Company to demonstrate compliance with certain listing requirements upon emergence from its financial restructuring. The Company announced the completion of its financial restructuring on September 22, 2017. Nasdaq confirmed that, as a result of its favorable determination, the Company's common stock will continue to be listed on The Nasdaq Global Select Market and that the compliance matter is now closed. About Ocean Rig Nicosia, Cyprus-based Ocean Rig UDW Inc. (NASDAQ: ORIG) -- http://www.ocean-rig.com/-- is an international offshore drilling contractor providing oilfield services for offshore oil and gas exploration, development and production drilling, and specializing in the ultra-deepwater and harsh-environment segment of the offshore drilling industry. On March 24, 2017, Ocean Rig UDW Inc., et al., filed winding up petitions with the Cayman Court and issued summonses for the appointment of joint provisional liquidators for the purpose of the Restructuring. By orders of the Cayman Court dated March 27, 2017, Simon Appell and Eleanor Fisher were appointed as the JPLs and duly authorized foreign representatives, and the Cayman Provisional Liquidation Proceedings were commenced. Simon Appell and Eleanor Fisher of AlixPartners, LLP, in their capacities, as the joint provisional liquidators and authorized foreign representatives, filed for Chapter 15 protection for Ocean Rig and its affiliates (Bankr. S.D.N.Y. Lead Case No. 17-10736) on March 27, 2017, to seek recognition of the Cayman proceedings. The JPLs' U.S. counsel are Evan C. Hollander, Esq., and Raniero D'Aversa Jr., Esq., at Orrick, Herrington & Sutcliffe LLP, in New York. * * * On Sept. 15, 2017, the Grand Court of the Cayman Islands sanctioned the schemes of arrangements of the Company and its subsidiaries, Drill Rigs Holdings Inc. ("DRH"), Drillships Financing Holding Inc. ("DFH"), and Drillships Ocean Ventures Inc., ("DOV," and together with UDW, DRH and DFH, the "Scheme Companies"). The terms of the restructuring have therefore been approved by the Cayman Court. ==================== E L S A L V A D O R ==================== EL SALVADOR: Fitch Cuts IDR to 'RD' Following Debt Exchange ----------------------------------------------------------- Fitch Ratings downgraded El Salvador's Long-Term Local Currency Issuer Default Rating (IDR) to 'RD' following the successful execution of the domestic debt exchange of Certificados de Inversion Previsional (CIPs). Fitch believes that the recent exchange constituted a distressed debt exchange (DDE) as outlined in Fitch's sovereign criteria report, "Sovereign Rating Criteria" published July 21, 2017. Subsequently, reflecting the successful restructuring of the CIPs legislation as well as recent passage of pension reform, Fitch has upgraded El Salvador's Long-Term Local Currency Issuer Default Ratings (IDR) to 'B-' from 'RD'. Fitch has also upgraded El Salvador's Long-Term Foreign Currency rating to 'B-'from 'CCC' and Short-Term Local Currency and Foreign Currency ratings to 'B' from 'C'. The outlook on the Long-term Local and Foreign Currency Ratings (IDRs) is stable. In addition, Fitch has upgraded the country ceiling to 'B' from 'B-'. KEY RATING DRIVERS The government of El Salvador has restructured the terms of its debt to the local private pension funds issued under domestic law (Certificados de Inversion Previsional). As per Decree No. 789 by El Salvador's Congress Sept. 28, 2017, holders of CIPs exchanged all existing CIPs for re-issued CIPs equal in face value but with the following change in terms: (1) the maturity extended from 25 years to 30 years; (2) a grace period for principal repayments of three or five years is added; (3) the amortization schedule is altered; and (4) the interest rates are set at 2.5% in 2017 with incremental annual increases of 50bps to 4.5% in 2022, from 3.5% to 5.5% previously. The USD91 million of accrued interest and amortization of CIPs due in October 2017 were capitalized and added to the notional of the new issues. As per its sovereign rating criteria, Fitch judges that these amendments to the original terms of the CIPs constitute a distressed debt exchange. The subsequent upgrade of El Salvador's Long-Term Local and Foreign Currency ratings to 'B-' reflects the successful restructuring of CIPs and recent passage of pension reform, with the support of the major opposition Arena party that reduces the government's financing needs over the next three years. Furthermore, the restructuring as well as the recent Congressional authorization of external debt issuance for USD170 million should help the government close its remaining financing gap for 2017. After a prolonged period of extreme political polarization that ultimately led to a local default on CIPs in April 2017 and the CIP restructuring in October 2017, the nearly unanimous congressional vote in favour of the pension reform indicates a certain level of de-escalation of the political polarization. Political polarization between the governing FMLN party and Arena has contributed to fiscal policy disagreements and the blockage of external borrowing authorization. Fitch believes that the pension accord could pave the way for passage of the 2018 budget as well the authorization of external debt issuance in order to meet its financing needs through the end of 2018. However, upcoming Congressional elections in March 2018 and presidential election elections in February 2019 could complicate the political compromises necessary to achieve consensus. No external principal payments on commercial bond debt are due until December 2019 when a USD800 million bond is due. The pension reform included an increase of the contribution rate to 15% from 13% (with employee and employer each paying roughly half of the contribution). It creates a so-called solidarity fund with 5% of the contributions to be administered by the private pension funds (AFPs). The main objective of the fund is to pay a minimum pension; however, it could also be used to pay upcoming CIP amortization and interest coming due (which pays pensions for people in the old national social security fund). Over time, the solidarity fund should alleviate some of the spending pressures on the government from pensions. The estimated positive impact of the pension reform and restructuring is estimated at 0.6% of GDP in 2018, increasing over the medium term. The overall fiscal deficit is expected to reach 2.5% of GDP in 2018, down from 3.0% in 2017 and 2.8% in 2016. SOVEREIGN RATING MODEL (SRM) and QUALITATIVE OVERLAY (QO) Fitch's proprietary SRM assigns El Salvador a score equivalent to a rating of 'B-' on the Long-Term Foreign Currency IDR scale. Fitch's sovereign rating committee did not adjust the output from the SRM to arrive at the final Long-Term Foreign Currency IDR. Fitch's SRM is the agency's proprietary multiple regression rating model that employs 18 variables based on three-year centred averages, including one year of forecasts, to produce a score equivalent to a Long-Term Foreign Currency IDR. Fitch's QO is a forward-looking qualitative framework designed to allow for adjustment to the SRM output to assign the final rating, reflecting factors within Fitch criteria that are not fully quantifiable and/or not fully reflected in the SRM. RATING SENSITIVITIES Negative: -- Failure to reach political compromises in order to obtain . financing sources to meet the government's financing needs. -- Failure to reduce market financing constraints. Positive: -- A comprehensive political agreement on a multi-year fiscal adjustment and financing sources that help stabilize the debt burden and ease financing pressures. KEY ASSUMPTIONS Monetary tightening in the United States with the FED increasing policy rates to 2.5% by year-end 2018 from 1.5% at year-end 2017 as well as a gradual run-down of its balance sheet from October 2017. Oil prices remain at USD52.5 in 2017, USD52.5 in 2018 and USD55 in 2019. Fitch takes the following rating actions: -- Long-Term Local Currency IDR downgraded to 'RD' from 'CCC'; Subsequently upgraded to 'B-'; Assigned Stable Outlook; -- Long-Term Foreign Currency IDR upgraded to 'B-' from 'CCC'; Assigned Stable Outlook; -- Short-Term Foreign Currency IDR upgraded to 'B' from 'C'; -- Short-Term Local Currency IDR upgraded to 'B' from 'C; -- Country Ceiling upgraded to 'B' from 'B-'; -- Issue ratings on long-term senior unsecured foreign currency bonds upgraded to 'B-' from 'CCC' ============= J A M A I C A ============= JAMAICA: Needs More Flexible Financing Options ---------------------------------------------- RJR News reports that Roxann Linton, CEO of First Heritage Credit Union, and Finance Minister Audley Shaw agreed on the need to facilitate greater access to more affordable and flexible financing for Jamaica's productive sectors. Discussing Jamaica's thrust for economic reform, including the pursuit of single-digit inflation, both parties agreed to a closer working relationship, according to RJR News. The conversation came during a courtesy call, scheduled to coincide with the start of credit union month, the report notes. It also encompassed wide-ranging discussions, including opportunities for economic growth, public sector transformation and the evolving role of financial institutions, the report adds. As reported in the Troubled Company Reporter-Latin America on Sept. 28, 2017, on Sept. 25, 2017, S&P Global Ratings affirmed its 'B' long- and short-term foreign and local currency sovereign credit ratings on Jamaica. The outlook on the long-term rating remains stable. At the same time, S&P Global Ratings affirmed its 'B+' transfer and convertibility assessment on the country. =========== M E X I C O =========== MEXICO: Annual Inflation Slowed in September -------------------------------------------- Anthony Harrup at The Wall Street Journal reports that Mexican consumer prices rose less than expected in September as reductions in public transport and mobile phone charges following a deadly earthquake offset higher energy and back-to-school costs. The consumer-price index rose 0.31% last month, bringing the annual inflation rate down to 6.35% from a 16-year-high 6.66% in August, the National Statistics Institute said, according to The Wall Street Journal. Core CPI, which excludes energy and fresh fruit and vegetables, rose 0.28%, with the annual rate slowing to 4.8% from 5% in August, the report notes. The increases were below the median estimates of economists polled by The Wall Street Journal, which saw increases of 0.45% and 0.35%, respectively, for CPI and core CPI in September, the report relays. Overall consumer prices fell 0.17% in the second half of the month, the report discloses. A 7.1 magnitude earthquake Sept. 19 destroyed dozens of buildings and damaged thousands of others, leaving 369 people dead, including 228 in Mexico City, the report recalls. That followed an earthquake in southern Mexico earlier in the month that killed around 100 people, and several hurricanes that caused flooding and some loss of life, the report adds. In the days following the Sept. 19 quake, the Mexico City government waived fares on the city's subway system, and the country's telecommunications companies made phone calls, messaging and mobile data free so that even people without credit on their phones could communicate, the report relays. Lower fruit and vegetable prices contributed to the slowdown in inflation, while gasoline and propane gas prices rose, as did school and college fees at the start of the fall term, the report notes. The Bank of Mexico left interest rates unchanged at the end of September, saying that inflation appeared to have reached a ceiling in August, the report discloses. The bank remained cautious, however, about a possible near-term spike in some goods prices following the natural disasters, the report says. The central bank maintained its estimate that the annual inflation rate will return to its 3% target toward the end of 2018, the report adds. * MEXICO: Arrests Ex-Governor Who Is Fugitive From U.S. Justice --------------------------------------------------------------- Jose de Cordoba at The Wall Street Journal reports that a former Mexican state governor who is a fugitive from U.S. justice was detained in Mexico on corruption related charges, officials said, the fourth former Mexican governor to be arrested this year. Eugenio Hernandez, who governed the border state of Tamaulipas from 2005 to 2010, is being investigated by state prosecutors for money laundering and embezzlement, said an official from the state's prosecutor's office, according to The Wall Street Journal. Mr. Hernandez was arrested near the state capital, Ciudad Victoria, as he was preparing to take a motorcycle trip, the official said, the report notes. "We will continue taking to court any official who commits acts of corruption in our dear Tamaulipas," said Javier Castro, the state's recently named anticorruption prosecutor in a brief press conference, the report relays. Mr. Hernandez is also wanted in the U.S. where he was indicted on charges of money laundering in 2015. A U.S. official said the U.S. would seek Mr. Hernandez's extradition, the report discloses. If convicted on the U.S. charges, Mr. Hernandez faces a 20-year prison sentence, the report relays. The U.S. is also seeking a personal money judgment of $30 million from Mr. Hernandez and one other person, and has confiscated four properties in Texas worth $2 million belonging to the two men, U.S. prosecutors said in 2015, the report notes. Tamaulipas state prosecutors said the former governor's arrest stems from his allegedly fraudulent purchase through front men of a government property, the report relays. The case is being handled by a newly formed special prosecutor's office against corruption, the report says. It wasn't possible to reach Mr. Hernandez or his lawyer, the report discloses. At the time of his U.S. indictment, Mr. Hernandez said he was innocent of the charges against him. Mr. Castro said Mr. Hernandez was scheduled to make a preliminary statement before a Mexican judge, the report notes. Mr. Hernandez's arrest underlines the dimensions of Mexico's corruption problem, especially among the country's state governors who analysts say act like medieval princes, facing little oversight, and gaining power and resources as Mexico has decentralized and become more democratic in recent years, the report says. Federal transfers of tax money to the 32 Mexican state governments has jumped more than 20-fold from 1996 to $88 billion in 2016, the report discloses. The Mexican Competitiveness Institute, a private sector think tank, estimates that corruption costs the country 5% of gross domestic product, the report relays. The World Bank's International Finance Corp. puts the figure at 9% of GDP, notes the report. President Enrique Pena Nieto, whose own popularity has suffered as concerns about corruption have grown, has proposed new laws targeting graft, but lawmakers have failed to reach agreement on the appointment of an anticorruption prosecutor, the report says. Tamaulipas, the home of the drug trafficking Gulf Cartel as well as breakaway Zetas cartel, is one of Mexico's most violent states, the report relays. In many cases, drug traffickers have made common cause with members of the state's political establishment, said Guadalupe Correa-Cabrera, a professor at George Mason University, who recently published a book about the Zetas cartel, the report notes. "Drug trafficking grew in Tamaulipas thanks to protection from state government," the report quoted Ms. Correa-Cabrera as saying. Mr. Hernandez is the second former governor of Tamaulipas and the fourth former ruling party governor to be arrested this year, the report relays. His predecessor as governor of Tamaulipas, Tomas Yarrington, who is wanted in the U.S. on drug money laundering charges, was arrested in Italy in April, the report notes. Mr. Yarrington, who says he is innocent, is fighting a U.S. extradition request, the report discloses. Javier Duarte, the former governor of Veracruz state, was arrested in Guatemala earlier this year and extradited to Mexico in July, the report notes. Mr. Duarte is in prison facing charges of corruption, money laundering, and participating in organized crime, the report relays. He said he was innocent. Roberto Borge, the former governor of Quintana Roo state, where the popular beach resort of Cancun is located, was arrested in Panama in June on Mexican charges of money laundering and embezzlement the report discloses. Mr. Borge, who says he is innocent, recently went on a hunger strike in Panama as he fights extradition to Mexico the report relays. A fifth ex-governor, Cesar Duarte of the border state of Chihuahua, is a fugitive from corruption charges the report notes. Before going on the lam, Mr. Duarte, no relation to Javier Duarte, said he was innocent, the report adds. ================================ T R I N I D A D & T O B A G O ================================ SANDALS RESORTS: Hurricanes Hit Resort's Tobago Plans ----------------------------------------------------- Caribbean360.com reports that Hurricanes Irma and Maria have wreaked havoc on the planned construction of a mega Sandals resort in Tobago. The 750-room hotel project has been put on hold, Trinidad and Tobago's Prime Minister Dr. Keith Rowley confirmed at a press conference after holding talks with the business community on the country's financial situation, according to Caribbean360.com. He told reporters that negotiations for the project were well advanced and Sandals Chairman Gordon Butch Stewart was all set to wrap up the talks and sign a memorandum of understanding earlier in September when Hurricane Irma struck, the report notes. "And just as that was about to happen . . . I think the very said day . . . the day of Hurricane Irma or something like that, the group suffered significant damage to a number of properties in the Northern Antilles and they say they had about 5,000 people on their hands to treat with who were struck by the hurricane. And that had put back the meeting we had planned," the report quoted Mr. Rowley as saying. Mr. Rowley was optimistic that the project would still become a reality and used the occasion to address issues raised by critics opposed to the deal, the report relays. Underscoring that the Sandals brand in Trinidad and Tobago would be a big plus, he dismissed suggestions that the hotel was getting a sweetheart deal from his government and would therefore benefit more from the arrangement, the report notes. "I want to make it abundantly clear that the Sandals project we have on the drawing board is not giving Sandals anything. Whatever we give or invest in that project, we are not giving Butch Stewart and Sandals anything," Dr. Rowley said, the report discloses. Dr. Rowley stressed that given the high level of competition in the tourism sector, his Government was seeking a brand that would deliver benefits to the twin-island republic, the report relays. "What Sandals will bring is the brand, the labelling and the management. We will be very pleased to be able to put on it a brand that by nature will attract to Tobago certain kinds of responses," he said, the report notes. Dr. Rowley is confident that Sandals would deliver big dividends that would help to position Tobago as a leading tourism destination, the report relays. "We will do anything that is reasonably possible and doable to keep that as one of the projects we are working on," Dr. Rowley said, the report adds. TRINIDAD & TOBAGO: Will be Poorer if TT$ Depreciates Substantially ------------------------------------------------------------------ Trinidad Express reports that Trinidad and Tobago Finance Minister Colm Imbert said the country will become a poorer country, in terms of what poor people can afford, and the cost of living will increase if there is a substantial depreciation of the TT dollar. "It is easy for people who are well off to say depreciate the dollar. It's easy to say that when you're earning TT$100,000 a month, but when you're earning $5,000 a month, every dollar counts," he said, according to Trinidad Express. *********** 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 * * *