/raid1/www/Hosts/bankrupt/TCRLA_Public/180322.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, March 22, 2018, Vol. 19, No. 58
Headlines
A R G E N T I N A
TINUVIEL SEREI XXIV: Moody's Rates ARS12.913MM Cert. 'C(sf)'
B R A Z I L
BRF SA: Kaplan Fox Discloses Investigation of Firm
BRF SA: S&P Cuts Global Scale Corp. Rating to 'BB+', Outlook Neg.
RIO OIL: S&P Raises 2014-1/2014-3 Fixed-Rate Notes Rating to 'BB-'
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: Conep Backs Push to Normalize Trade with Haiti
M E X I C O
MEXICO: Locals Affected by Earthquakes Demand Greater Assistance
P U E R T O R I C O
ARO LIQUIDATION: US Trustee, et al., Object to Revised Plan
KONA GRILL: Extends Maturity of 2016 Credit Pact Until 2020
PANADERIA ZULMA: Taps Financial Attorneys as Notary Public
PUERTO RICO: Still Suffering 6 Months After Catastrophic Hurricane
TOYS "R" US: Landlords Object to Asset Sale Bid Procedures
TOYS "R" US: Canadian Operations Unaffected by US Biz Winddown
V E N E Z U E L A
VENEZUELA: Food Shortages Fuel Unrest in Country
- - - - -
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A R G E N T I N A
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TINUVIEL SEREI XXIV: Moody's Rates ARS12.913MM Cert. 'C(sf)'
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Moody's Latin America Agente de Calificacion de Riesgo has
withdrawn the ratings of the VDF A, VDF B, VDF C and the
Certificates because the transaction's structure has changed
before closing.
In Addition, Moody's has assigned new ratings to these tranches of
Fideicomiso Financiero Tinuviel Serie XXIV. This transaction will
be issued by TMF Trust Company (Argentina) S.A. acting solely in
its capacity as issuer and trustee.
This credit rating is subject to the fulfillment of contingencies
that are highly likely to be completed, such as finalization of
documents and issuance of the securities. This credit rating is
based on certain information that may change prior to the
fulfillment of such contingencies, including market conditions,
financial projections, transaction structure, terms and conditions
of the issuance, characteristics of the underlying assets or
receivables, allocation of cash flows and of losses, performance
triggers, transaction counterparties and other information
included in the transaction documentation. Any pertinent change in
such information or additional information could result in a
change of this credit rating.
Moody's assigned new ratings:
- ARS 48,091,210 in Class A Floating Rate Debt Securities (VDFA)
of "Fideicomiso Financiero Tinuviel Serie XXIV", rated Aaa.ar
(sf) (Argentine National Scale) and Ba2 (sf) (Global Scale)
- ARS 6,679,335 in Class B Floating Rate Debt Securities (VDFB)
of "Fideicomiso Financiero Tinuviel Serie XXIV", rated Baa1.ar
(sf) (Argentine National Scale) and B3 (sf) (Global Scale)
- ARS 21,373,871 in Class C Fixed Rate Debt Securities (VDFC) of
"Fideicomiso Financiero Tinuviel Serie XXIV", rated Caa2.ar
(sf) (Argentine National Scale) and Caa3 (sf) (Global Scale)
- ARS 12,913,380 in Certificates (CP) of "Fideicomiso Financiero
Tinuviel Serie XXIV", rated C.ar (sf) (Argentine National
Scale) and C (sf) (Global Scale).
RATINGS RATIONALE
The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 8,510 eligible personal loans denominated in
Argentine pesos. The loans bear a fixed interest rate and are
originated by Tinuviel, a non-regulated financial company based in
Argentina. Only the installments due after February 20th, 2018 are
assigned to the trust.
The VDFA will bear a floating interest rate (BADLAR plus 300bps)
with the first coupon payment date in April 2018. The VDFA's
interest rate will never be higher than 28% or lower than 22%. The
VDFB will bear a floating interest rate (BADLAR plus 400bps) from
the issue date which will never be higher than 29% or lower than
23%. The VDFC will bear a fixed interest rate of 39%.
Overall credit enhancement is comprised of subordination, various
reserve funds and excess spread. The transaction has initial
subordination levels of 25.8% for the VDFA and 15.5% for the VDFB,
based on the pool's principal balance as of February 20th, 2018.
The subordination levels will increase overtime due to the turbo
semi-sequential payment structure.
The transaction also benefits from an estimated 42.1% annual
excess spread, before considering losses, taxes or prepayments and
calculated at the caps of 28% and 29% for the VDFA and VDFB
respectively.
The securitized loans are primarily granted to pensioners and
retirees domiciled in Argentina.
Tinuviel has signed different agreements with local banks to
deduct the installments directly from the borrower's bank
accounts.
Tinuviel has also entered into a special agreement with
Cooperativa de CrÇdito, Consumo y Vivienda 20 de Julio Ltda.
(Cooperative) to act as complementary collection agent. Through
this agreement, Tinuviel can deduct the loan installments from
borrowers with accounts in Banco de la Nacion Argentina (BNA). The
percentage collected by the cooperative accounts for 84.9% of the
pool.
Tinuviel has signed agreements with Banco Patagonia (Patagonia)
and Banco Meridian (Meridian) to deduct the loans installments
from the borrower's account for the other 15.1% of the securitized
pool.
Factors that would lead to an upgrade or downgrade of the ratings:
Although Moody's analyzed the historical performance data of
previous transactions and similar receivables originated by
Tinuviel, the actual performance of the securitized pool may be
affected, among others, by economic activity, high inflation rates
compared to nominal pensions increases in Argentina, the
operational and financial strength of Tinuviel (and the
cooperative), as well as any change in the agreements with the
collecting banks.
Factors that may lead to a downgrade of the ratings include an
increase in delinquency levels beyond the level Moody's assumed
when rating this transaction.
Delinquency levels can be affected by changes in the macroeconomic
variables that impact the borrower's credit profile. Serious
operational disruption that affects Tinuviel, the cooperative
and/or the bank agreements may also lead to an increase in
delinquency levels.
Factors that may lead to an upgrade of the ratings include the
building of credit enhancement over time due to the turbo semi-
sequential payment structure.
Loss and Cash Flow Analysis:
Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, the historical performance of Tinuviel's portfolio
and performance of previous series.
In addition, Moody's considered the impact of any change/issue in
the role played by the cooperative as complementary collection
agent, Tinuviel's role as servicer and the bank agreements as the
main collection mechanism.
Considering the above factors, Moody's determines its assumptions
of default levels, prepayments and losses upon the default of
counterparties.
These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which determine
the expected loss for the rated securities.
In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the main pool with a mean
of 12.9% and a PCE of 21.8% (coefficient of variation of 43.6%).
Also, Moody's assumed conditional prepayment rate (CPR) of 6.0%.
Moody's modeled scenarios in which the counterparties default,
assuming that the defaults on the pool would increase by three
times as well as one month of collection lost due to commingling
risk.
To determine the rating assigned to the notes, Moody's has used an
expected loss methodology that reflects the probability of default
multiplied by the severity of the loss expected for each security.
In order to allocate losses to each class in accordance with their
priority of payment and relative size, Moody's has used a cash-
flow model (ABSCORE) that reproduces many deal-specific
characteristics. Weighting each loss scenario's severity result
with its probability of occurrence, the model has calculated the
expected loss level for each security, as well as the expected
average life. Moody's model then compares the quantitative values
to the Moody's Idealized Expected Loss table for each tranche.
The model results showed 0.6% expected loss for the VDFA, 4.5% for
the VDFB, 31.1% for the VDFC and 82.7% for the Certificates.
Stress Scenarios:
Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased by 9
percentage points from the base case scenario, the ratings of the
VDFA Floating Rate Securities would likely be downgraded to Ba3
(sf), the VDFB Floating Rate Securities would likely be downgraded
to Caa1 (sf) and the VDFC Fixed Rate Securities would likely be
downgraded to Ca (sf), whereas the Certificates would remain
unchanged.
The principal methodology used in these ratings was "Moody's
Approach to Rating Consumer Loan-Backed ABS" published in
September 2015.
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B R A Z I L
===========
BRF SA: Kaplan Fox Discloses Investigation of Firm
--------------------------------------------------
Kaplan Fox & Kilsheimer LLP is investigating claims on behalf of
investors of BRF S.A.
A class action complaint has been filed in the United States
District Court for the Southern District of New York on behalf of
purchasers of BRF's securities, including its American Depositary
Receipts, between April 4, 2013 and March 2, 2018, inclusive (the
"Class") alleging violations of the Securities Exchange Act of
1934.
According to the complaint, BRF represented in its public filings
throughout the Class Period that BRF focuses on quality and food
safety in all of its operations in order to meet customers'
specifications, prevent contamination and minimize the risk of
outbreaks of animal diseases. BRF also emphasized that the
Company conducts its business in strict compliance with both
national and international anti-bribery and anticorruption
legislation.
On March 17, 2017, the complaint alleges that media outlets
reported that Brazilian federal police raided BRF offices, along
with other meatpackers, following a two-year investigation into
alleged bribery of regulators to subvert inspections of their
plants. The probe, known as "Operation Weak Flesh," had uncovered
about 40 cases of meatpackers who had bribed inspectors and
politicians to overlook unsanitary practices such as processing
rotten meat and running plants with traces of salmonella.
Following this news, BRF's ADR price fell $0.99, or 7.73%, to
close at $11.81 per ADR on March 17, 2017.
On March 5, 2018, Reuters reported that Brazilian federal police
arrested BRF's former Chief Executive Officer, Pedro de Andrade
Faria, on charges that he was aware that BRF committed fraud by
trying to avoid food safety checks. Reportedly, the "police cited
evidence that five laboratories accredited by the Agriculture
Ministry colluded with the analysis department of BRF to 'falsify'
test results related to the safety of its industrial process."
Following this news, BRF's ADR price fell $1.83, or 19.43%, to
close at $7.59 per ADR on March 5, 2018.
If you are a member of the proposed Class, you may move the court
no later than May 11, 2018 to serve as a lead plaintiff for the
purported class. You need not seek to become a lead plaintiff in
order to share in any possible recovery. If you would like to
discuss the complaint or our investigation, please contact us by
emailing pmayer@kaplanfox.com or by calling 800-290-1952.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San
Francisco, Los Angeles, Chicago and New Jersey, has many years of
experience in prosecuting investor class actions. For more
information about Kaplan Fox & Kilsheimer LLP, you may visit our
website at www.kaplanfox.com.
BRF SA: S&P Cuts Global Scale Corp. Rating to 'BB+', Outlook Neg.
-----------------------------------------------------------------
S&P Global Ratings lowered its global scale corporate rating on
BRF S.A. to 'BB+' from 'BBB-' and affirmed its 'brAAA' national
scale rating. The outlook on all corporate credit ratings is now
negative. S&P also lowered BRF's issue-level ratings to 'BB+' from
'BBB-', and will assign a recovery on the notes in the next 30
days.
The downgrade reflects S&P's view that BRF is exposed to several
short-to-medium term risks that increased the uncertainty of its
ability to significantly improve financial metrics in the next six
to 12 months and reduce volatility, which was essential for
ratings maintenance. The company's leverage has been weak for its
rating category for a year now, and it still has to significantly
improve operations while it faces various obstacles ahead.
RIO OIL: S&P Raises 2014-1/2014-3 Fixed-Rate Notes Rating to 'BB-'
-----------------------------------------------------------------
S&P Global Ratings raised its ratings on Rio Oil Finance Trust's
fixed-rate notes series 2014-1 and 2014-3 to 'BB-' from 'CCC'.
The note issuances are backed by current and future receivables
generated from Rio de Janeiro State's (RJS') oil royalty and
special participation rights assigned to Rioprevidencia, a social
security fund for RJS state employees, after mandatory deductions.
On March 14, 2018, a sixth waiver was approved and executed
outlining the following key structural changes:
-- The early amortization period will cease until Jan. 9, 2019,
instead of April 30, 2018, as outlined in a fifth waiver
approved on Dec. 6, 2017. As of that date, the noteholders
will be able to reinstate the early amortization period; if
they do not, the early amortization rescission will become
permanent until a trigger event occurs.
-- It contemplates the issuance of a new series 2018-1 of up to
$600 million with no principal due within the first two years.
-- FECAM (Fundo Estadual de Conservacao Ambiental Desenvolvimento
Urbano, or State Fund for Environmental Conservation and Urban
Development) subordination legislation, which allows the
subordination of all FECAM payments to be made after the
transactions' outstanding debt is paid.
-- Oil revenues dedicated account modification legislation, which
allows Banco do Brasil (as paying agent) to have a segregated
account to deposit all collections owned by the issuer (i.e.,
the collections will no longer be deposited into the RJS
account and then transferred to the trust account as soon as
available).
-- On average, the total series debt service reserve account
required amount for each series will now be equal to the
existing one-time quarterly debt service due, plus two times
the quarterly debt service due for each series. This accounts
required amount for each series will now be equal to the
for both the reserve and liquidity accounts. Moreover, during
any early amortization period, balances in all reserve
accounts will not be flushed out automatically every month,
but will accumulate amounts until target amounts are met.
Amounts in these accounts will only be used to pay off the
entire balance of the respective series outstanding.
S&P said, "As a result, we performed a cash flow analysis based on
the total amount outstanding of all series and the total amount of
receivables generated during the transaction's life. We also
included the potential $600 million issuance of a series 2018-1."
S&P subjected the collections to the following key assumptions or
adjustments:
-- Updated oil and gas production on a field-by-field basis,
where S&P applied the following base- and stressed-case
haircuts to these figures based on our expectation for
Petrobras' production for the years in table 1 below.
Table 1
Haircuts (%)
2018 2019 2010 2021 onwards
Oil base-case 0.2 3.6 5.7 4.5
Gas base-case 0.2 3.6 5.7 4.4
Oil stressed-case 4.9 18.6 19.6 20.1
Gas stressed-case 5.1 8.4 10.4 9.2
-- S&P said, "For our base-case scenario, we used our updated
Brent and Henry Hub price assumptions for 2018 onwards as our
benchmark for field-by-field oil prices (calculated with a
historical discount factor) and gas prices, respectively.
These were recently revised in January 2018. Therefore, our
oil price assumptions now begin at 60 in 2018 and decrease to
55 by 2019, remaining flat for the remainder of the
transaction's life. Our gas price assumptions start at 3.00
and remain flat for the remainder of the transaction's life.
Under our stressed-case scenario, we applied a haircut of 20%
to both prices for all years."
-- Per the waiver, S&P assumes FECAM is subordinated, and as a
result there are no mandatory deductions for this item. S&P
continues to assume existing deductions of 25% for
municipalities and 1% for PASEP (Programa de Formacao do
Patrimìnio do Servidor P£blico, or Program for the Formation
of Assets of Public Servants).
-- S&P applied 14.27% currency depreciation for each payment
period to account for the 50-day lag before the assets are
converted back to U.S. dollars, starting at 3.25 and reaching
a minimum level of 3.79 Brazilian reals against the U.S.
dollar.
-- Updated future Brent discounts, royalty rates, net margins,
percentage of pre-salt fields, and special participation rates
on a field-by-field basis.
-- S&P applied its forecast for Brazil's inflation for 2019
onwards to calculate federal debt payments, which are still
capped by law to 60% of allocated royalties less than or equal
to a 5% royalty rate, 80% of royalties received at above the
5% minimum royalty rate, and 80% of special participations
revenues.
-- S&P continued to assume that the Law 12734--which changes the
distribution of royalties and special participations to RJS --
is applied.
-- S&P included structural features, such as a debt service and
liquidity reserve account, which are replenished according to
the transaction waterfalls. Per the sixth waiver, S&P added
additional 2x the quarterly debt service due each quarter but
subtracted the available funds in the liquidity reserve
account so that the total sum of available reserves for all
periods is equal to 3x the quarterly debt service.
S&P said, "After these adjustments, we observed that the minimum
quarterly DSC ratio under our stressed scenario will equal about
3.13x the quarterly debt service amount when the maximum amount is
due (including reserves). Under our base-case scenario, this ratio
goes up to 4.01x. Likewise, without reserves, the numbers would be
0.24x and 1.35x for the stressed and base cases, respectively. We
did not consider the April 6, 2018, payment date in our minimum
DSC ratio calculations because according to servicer reports,
federal debt payments have already been made. Because of this, we
believe the transaction is no longer under tight liquidity
stresses and conditions should be favorable for making the debt
service payments in first-quarter 2019 onwards." As a result, the
ratings are now weak-linked to the lowest of the three following
assessments:
-- The corporate performance risk assessment, which addresses
Petrobras' ability to continue operating the oil and gas
fields despite a restructuring or default on its corporate
debt obligations. However, given the continued exposure to
Petrobras as obligor, our ratings considered Petrobras' 'BB-'
foreign currency rating as opposed to its corporate
performance risk. S&P included Petrobras as the only producer
since it accounts for more than 90% of the royalty and special
participation payments to the National Treasury that will then
be allocated to RJS and then Rioprevidància, as of December
2017.
-- The structural assessment, which addressed the receivables'
ability to generate sufficient cash flows to repay the notes.
Additionally, it evaluated the changes in key structural
features, per sixth waiver outlined above.
-- A sovereign interference assessment that considered the
possibility of government interference in the transaction.
Consequently, the ratings on the notes are now linked to the
rating on Petrobras, and thus any changes to the company's issuer
credit rating or to the Brazilian sovereign rating (which could
affect the rating on Petrobras) would likely affect the ratings of
the notes.
S&P said, "To account for potential volatility in special
participation payments from Petrobras, as we have seen in the
past, we ran additional scenario and sensitivity analyses.
Likewise, we ran scenarios under which FECAM subordination
legislation was reversed as even though a sponsor refund
obligation would be triggered as a result of a change in law, we
do not rate the sponsor or RJS. Under all circumstances, the
quarterly DSC and forward looking annualized ratios were above
1.0x and above the transaction's thresholds, respectively, when we
assumed the existence of reserves per the sixth waiver.
"We will continue to monitor the ratings on these structured
finance transactions and revise the ratings as necessary to
reflect any changes in the transactions' underlying credit
quality."
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: Conep Backs Push to Normalize Trade with Haiti
------------------------------------------------------------------
Dominican Today reports that the National Business Council (Conep)
agreed with the Customs Agency's request for Haiti to lift its ban
on 23 Dominican products to enter its territory by land.
CONE Executive vice president Cesar Dargam said it's unacceptable
that tariff barriers constantly affect Dominican Republic-Haiti
bilateral trade, according to Dominican Today. "We support all of
the Customs Directorate's actions to formalize bilateral trade,
which would benefit both countries," the report quoted Mr. Dargam
as saying.
The report notes that Mr. Dargam's statement comes after months
since Haiti imposed the ban, for which Customs recently announced
an effort to normalize trade with both countries charging the
established tariff for imports and exports, the report relays.
As reported in the Troubled Company Reporter-Latin America on
Nov. 20, 2017, Fitch Ratings has affirmed Dominican Republic's
Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-'
with a Stable Outlook.
===========
M E X I C O
===========
MEXICO: Locals Affected by Earthquakes Demand Greater Assistance
----------------------------------------------------------------
EFE News reports that hundreds of people affected last fall by a
pair of powerful earthquakes held a demonstration in Mexico's
capital to demand greater support.
March 19's protest coincided with the six-month anniversary of a
Sept. 19, 2017, temblor that left 366 dead nationwide, including
238 fatalities in this capital, according to EFE News.
======================
P U E R T O R I C O
======================
ARO LIQUIDATION: US Trustee, et al., Object to Revised Plan
-----------------------------------------------------------
BankruptcyData.com reported that multiple parties -- including the
U.S. Securities and Exchange Commission (SEC), the Louisiana
Department of Revenue and the U.S. Trustee assigned to the
Aeropostale case -- filed with the U.S. Bankruptcy Court separate
objections to Aeropostale's Revised Third Amended Joint Plan of
Reorganization. The Trustee asserts, "The United States Trustee
objects to the Third Amended Joint Plan because it contains broad
non-debtor third-party releases and an exculpation provision. The
plan proponents fail to meet their burden of proof with respect to
whether this Court has subject matter jurisdiction to impose these
releases and whether the Plan can be confirmed under the standards
set forth by the Second Circuit in Metromedia."
About ARO Liquidation
Aeropostale, Inc. (OTC Pink: AROPQ) is a specialty retailer of
casual apparel and accessories, principally serving young women
and men through its Aeropostale(R) and Aeropostale Factory(TM)
stores and website and 4 to 12 year-olds through its P.S. From
Aeropostale stores and website. The Company provides customers
with a focused selection of high quality fashion and fashion basic
merchandise at compelling values in an exciting and customer
friendly store environment. Aeropostale maintains control over
its proprietary brands by designing, sourcing, marketing and
selling all of its own merchandise. As of May 1, 2016, the
Company operated 739 Aeropostale(R) stores in 50 states and Puerto
Rico, 41 Aeropostale stores in Canada and 25 P.S. from
Aeropostale(R) stores in 12 states. In addition, pursuant to
various licensing agreements, the Company's licensees currently
operate 322 Aeropostale(R) and P.S. from Aeropostale(R) locations
in the Middle East, Asia, Europe, and Latin America. Since
November 2012, Aeropostale, Inc., has operated GoJane.com, an
online women's fashion footwear and apparel retailer.
Aeropostale, Inc., and 10 of its affiliates each filed a voluntary
petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11275) on May 4, 2016. The petitions were signed
by Marc G. Schubac, senior vice president, general counsel and
secretary.
The Debtors disclosed assets of $354.38 million and total debt of
$390.02 million as of Jan. 30, 2016.
The Debtors hired Weil, Gotshal & Manges LLP as counsel; FTI
Consulting, Inc., as restructuring advisor; Stifel, Nicolaus &
Company, Inc., and Miller Buckfire & Company LLC as investment
bankers; RCS Real Estate Advisors as real estate advisors; Prime
Clerk LLC as claims and noticing agent; Stikeman Elliot LLP as
Canadian counsel; and Togut, Segal & Segal LLP as conflicts
counsel.
Judge Sean H. Lane is assigned to the cases.
The U.S. trustee for Region 2 on May 11, 2016, appointed seven
creditors of Aeropostale Inc. to serve on the official committee
of unsecured creditors. The Committee retained Pachulski Stang
Ziehl & Jones LLP as counsel.
* * *
On June 29, 2017, Judge Lane authorized changes to the Debtors'
corporate names in relation to their bankruptcy cases. The new
name for Aeropostale Inc. is now ARO Liquidation, Inc., Case No.
16-11275.
KONA GRILL: Extends Maturity of 2016 Credit Pact Until 2020
-----------------------------------------------------------
Kona Grill, Inc., KeyBank National Association and Zions First
National Bank have entered into Amendment No. 4 to the Second
Amended and Restated Credit Agreement which amends the Company's
Second Amended and Restated Credit Agreement with the Lenders
dated as of Oct. 12, 2016. Pursuant to the amendment:
(i) the available credit on the revolver was reduced from $30
million to $25 million as of the effective date of the
Amendment and further reduced to $22.5 million at June 30,
2018 and $20 million at Dec. 31, 2018.
(ii) the maturity date was amended from Oct. 12, 2019 to Jan. 13,
2020 with no option to extend the maturity date;
(iii) the applicable margins for base rate loans and the
applicable margins for LIBOR rate loans were increased by 50
bps to 100 bps if the Company's leverage ratio is above 5.50
to 1.00; and
(iv) the maximum leverage ratio was increased and the minimum
fixed charge coverage ratio was decreased for certain
periods to provide increased flexibility as detailed in the
Amendment.
Additionally, on March 9, 2018, as part of the Amendment, the
Lenders waived defaults of the leverage ratio and fixed charge
coverage ratio for the fiscal quarter ended Dec. 31, 2017.
About Kona Grill
Kona Grill, Inc., headquartered in Scottsdale, Arizona, Kona
Grill, Inc. -- http://www.konagrill.com/-- currently owns and
operates 45 upscale casual restaurants in 23 states and Puerto
Rico. The Company's restaurants offer freshly prepared food,
attentive service, and an upscale contemporary ambiance. The
Company's high-volume upscale casual restaurants feature a global
menu of contemporary American favorites, sushi and specialty
cocktails. Its menu items are prepared from scratch at each
restaurant location and incorporate over 40 signature sauces and
dressings, creating memorable flavor profiles that appeal to a
diverse group of customers. Its diverse menu is complemented by a
full service bar offering a broad assortment of wines, specialty
cocktails, and beers.
Kona Grill reported a net loss of $21.62 million for the year
ended Dec. 31, 2016, following a net loss of $4.49 million for the
year ended Dec. 31, 2015. As of Sept. 30, 2017, Kona Grill had
$103.59 million in total assets, $85.61 million in total
liabilities and $17.97 million in total stockholders' equity.
"The Company has incurred losses resulting in an accumulated
deficit of $67.3 million, has a net working capital deficit of
$6.9 million and outstanding debt of $38.0 million as of September
30, 2017. These conditions together with recent debt covenant
violations and subsequent debt covenant waivers and debt
amendments, raise substantial doubt about the Company's ability to
continue as a going concern. The ability to continue as a going
concern is dependent upon the Company generating profitable
operations, improving liquidity and reducing costs to meet its
obligations and repay its liabilities arising from normal business
operations when they become due. While the Company believes that
its existing cash and cash equivalents as of September 30, 2017,
coupled with its anticipated cash flow generated from operations,
will be sufficient to meet its anticipated cash requirements,
there can be no assurance that the Company will be successful in
its plans to increase profitability or to obtain alternative
financing on acceptable terms, when required or if at all," the
Company stated in its quarterly report for the period ended Sept.
30, 2017.
PANADERIA ZULMA: Taps Financial Attorneys as Notary Public
----------------------------------------------------------
Panaderia Zulma Inc. seeks approval from the U.S. Bankruptcy Court
for the District of Puerto Rico to hire a notary public.
The Debtor proposes to employ The Financial Attorneys, PSC to act
as the notary public for the authorization of the public deeds
required and other related notary functions in connection with the
sale of its business, including two real estate properties.
The applicable honoraries and fees will be based on standard rates
specified in the Notary Law of Puerto Rico.
Rafael Ferreira Cintron, Esq., at Financial Attorneys, disclosed
in a court filing that the firm and its principals are
"disinterested persons" as defined in Section 101(14) of the
Bankruptcy Code.
The firm can be reached through:
Rafael Ferreira Cintron, Esq.
The Financial Attorneys, PSC
PMB 274, 405 Esmeralda Avenue, Suite 2
Guaynabo, PR 00969
Tel: (787) 635-0172
Fax: (787) 287-3928
E-mail: rfc@thefinancialattorneys.com
About Panaderia Zulma
Panaderia Zulma Inc. filed a Chapter 11 bankruptcy petition
(Bankr. D.P.R. Case No. 16-07217) on Sept. 11, 2016, disclosing
less than $1 million in both assets and liabilities. Judge
Enrique S. Lamoutte Inclan presides over the case. Myrna L. Ruiz-
Olmo, Esq., of MRO Attorneys, is the Debtor's counsel. Hector A.
Morales of Morales Munoz & Asociados CPA, PSC, is the accountant.
PUERTO RICO: Still Suffering 6 Months After Catastrophic Hurricane
------------------------------------------------------------------
Josiah Bates at ABC News reports that six months after Puerto Rico
was devastated by a hurricane that knocked out power to almost the
entire island, tens of thousands remain without electricity and
the U.S. territory is struggling to recover.
Hurricane Maria severely damaged Puerto Rico's electrical grid and
caused an estimated $100 billion in property damages when it made
landfall on Sept. 20, the report recounts. Most of the territory's
three million residents were left in darkness and cut them off
from basic supplies, according to ABC News.
Six months later, the island is still trying to return to normal,
including with tens of thousands of people still lacking power,
the report notes.
Many relief efforts for Puerto Rico that began soon after the
hurricane continue. The report notes that American Red Cross, The
Salvation Army and Catholic Charities are still accepting both
relief donations funds and volunteers to help areas affected by
the hurricane.
United for Puerto Rico, a fund set up by Puerto Rico's first lady
Beatriz Rossello, wife of Gov. Ricardo Rossello, collects
donations and distributes them to non-profits helping people
affected by the disaster, the report relays.
AmeriCares said that for every $1 donated it provides $20 worth of
medical aid and disaster support, the report notes.
Among others helping are New York Gov. Andrew Cuomo who recently
announced that a team of experts will go to Puerto Rico to help
local officials with rebuilding plans and, over the summer,
students from both the State University of New York and the City
University of New York will go to the island to assist, the report
adds.
About Puerto Rico
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 on-board as attorneys.
McKinsey & Co. is the Board's strategic consultant, Ernst &
Youngis 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.
TOYS "R" US: Landlords Object to Asset Sale Bid Procedures
----------------------------------------------------------
BankruptcyData.com reported that DDR Corp., GGP LP, Shopcore
Properties, Philips International, National Retail Properties,
National Realty & Development, Rouse Properties, Basser-Kaufman,
Regency Centers, Aston Properties, DLC Management, Benderson
Development Company and Hines Global REIT (collectively,
"Landlords") and Pappas Union City and Weingarten Realty Investors
filed with the U.S. Bankruptcy Court separate objections to Toys
"R" Us' motion for entry of an order (i) establishing bidding
procedures, (ii) approving the sale of certain real property and
leases and (iii) granting related relief.
According to the report, the Landlords assert, "In complete
disregard for the clear adequate assurance requirements for
Landlords found in section 365(b)(3) of the Bankruptcy Code, the
Debtors do not require bidders to provide adequate assurance and
do not indicate when such information would be transmitted to
Landlords, if provided. Despite not providing this statutorily
mandated information, the Debtors provide interested parties just
3 days to evaluate and object to the sales and assignments. This
timeline is grossly inadequate and should be revised as described
in this Objection. Without citing to any authority, the Debtors
also seek to sell real property leases to third parties or backup
bidders without providing any notice to landlords (or any other
party). These procedures deprive Landlords of their right to
adequate assurance of the new tenant's ability to perform and
force Landlords to bear the risk that a tenant of the Debtors'
choosing cannot abide by the lease terms. Landlords cannot be
blindsided by new tenants whose very presence may violate use,
radius, or tenant mix restrictions. The Debtors should only be
permitted to market leases at non-debtor locations with the
written consent of the applicable Landlord. The Debtors have not
articulated a legitimate reason for violating the Landlords'
statutorily mandated rights."
About Toys "R" Us
Toys "R" Us, Inc., is an American toy and juvenile-products
retailer founded in 1948 and headquartered in Wayne, New Jersey,
in the New York City metropolitan area. Merchandise is sold in
880 Toys "R" Us and Babies "R" Us stores in the United States,
Puerto Rico and Guam, and in more than 780 international stores
and more than 245 licensed stores in 37 countries and
jurisdictions. Merchandise is also sold at e-commerce sites
including Toysrus.com and Babiesrus.com.
On July 21, 2005, a consortium of Bain Capital Partners LLC,
Kohlberg Kravis Roberts and Vornado Realty Trust invested $1.3
billion to complete a $6.6 billion leveraged buyout of the
company.
Toys "R" Us is a privately owned entity but still files with the
Securities and Exchange Commission as required by its debt
agreements.
The Company's consolidated balance sheet showed $6.572 billion in
assets, $7.891 billion in liabilities, and a stockholders' deficit
of $1.319 billion as of April 29, 2017.
Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its
Canadian subsidiary voluntarily filed for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No.
17-34665) on Sept. 19, 2017. In addition, the Company's Canadian
subsidiary voluntarily commenced parallel proceedings under the
Companies' Creditors Arrangement Act ("CCAA") in Canada in the
Ontario Superior Court of Justice. The Company's operations
outside of the U.S. and Canada, including its 255 licensed stores
and joint venture partnership in Asia, which are separate
entities, are not part of the Chapter 11 filing and CCAA
proceedings.
Grant Thornton is the monitor appointed in the CCAA case.
Judge Keith L. Phillips presides over the Chapter 11 cases.
In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis
International LLP serve as the Debtors' legal counsel. Kutak Rock
LLP serves as co-counsel. Toys "R" Us employed Alvarez & Marsal
North America, LLC as its restructuring advisor; and Lazard Freres
& Co. LLC as its investment banker. It hired Prime Clerk LLC as
claims and noticing agent. A&G Realty Partners, LLC, serves as
its real estate advisor.
On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors. The Committee retained
Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott
Rivers, P.C. as local counsel; FTI Consulting, Inc. as financial
advisor; and Moelis & Company LLC as investment banker.
Toys "R" Us UK
Toys "R" Us Limited, Toys "R" Us, Inc.'s UK arm with 105 stores
and 3,000 employees, was sent into administration in the United
Kingdom in February 2018.
Arron Kendall and Simon Thomas of Moorfields Advisory Limited, 88
Wood Street, London, EC2V 7QF were appointed Joint Administrators
on Feb. 28, 2018. The Administrators now manage the affairs,
business and property of the Company.
The Administrators said they will make every effort to secure a
buyer for all or part of the business.
Liquidation of U.S. Stores
Toys "R" Us, Inc., on March 15, 2018, filed with the U.S.
Bankruptcy Court a motion seeking Bankruptcy Court approval to
start the process of conducting an orderly wind-down of its U.S.
business and liquidation of inventory in all 735 of the Company's
U.S. stores, including stores in Puerto Rico.
TOYS "R" US: Canadian Operations Unaffected by US Biz Winddown
--------------------------------------------------------------
BankruptcyData.com reported that Toys "R" Us (Canada) announced
that it is unaffected by the recent Toys "R" Us motion seeking
U.S. Bankruptcy Court approval to begin the process of conducting
an orderly wind-down of its U.S. business. The release notes that
Toys "R" Us Canada "remains committed to serving its customers in
all of its 82 stores across Canada." Toys "R" Us Canada's business
is managed in Canada, operates autonomously from U.S. operations
and continues to be a stable and profitable market leader in
Canada. The Company notes that Toys "R" Us Canada has "strong
cash and liquidity position and is able to continue business
operations without disruption." Toys "R" Us and its advisors are
currently pursuing a going concern sale of Toys "R" Us Canada and
are in active discussions regarding a transaction that would
result in an acquisition of the entire Canadian business. To that
end, Toys "R" Us is seeking Court approval of a process for the
sale of its equity interest in Toys "R" Us Canada.
About Toys "R" Us
Toys "R" Us, Inc., is an American toy and juvenile-products
retailer founded in 1948 and headquartered in Wayne, New Jersey,
in the New York City metropolitan area. Merchandise is sold in
880 Toys "R" Us and Babies "R" Us stores in the United States,
Puerto Rico and Guam, and in more than 780 international stores
and more than 245 licensed stores in 37 countries and
jurisdictions. Merchandise is also sold at e-commerce sites
including Toysrus.com and Babiesrus.com.
On July 21, 2005, a consortium of Bain Capital Partners LLC,
Kohlberg Kravis Roberts and Vornado Realty Trust invested $1.3
billion to complete a $6.6 billion leveraged buyout of the
company.
Toys "R" Us is a privately owned entity but still files with the
Securities and Exchange Commission as required by its debt
agreements.
The Company's consolidated balance sheet showed $6.572 billion in
assets, $7.891 billion in liabilities, and a stockholders' deficit
of $1.319 billion as of April 29, 2017.
Toys "R" Us, Inc., and certain of its U.S. subsidiaries and its
Canadian subsidiary voluntarily filed for relief under Chapter 11
of the Bankruptcy Code (Bankr. E.D. Va. Lead Case No. Case No.
17-34665) on Sept. 19, 2017. In addition, the Company's Canadian
subsidiary voluntarily commenced parallel proceedings under the
Companies' Creditors Arrangement Act ("CCAA") in Canada in the
Ontario Superior Court of Justice. The Company's operations
outside of the U.S. and Canada, including its 255 licensed stores
and joint venture partnership in Asia, which are separate
entities, are not part of the Chapter 11 filing and CCAA
proceedings.
Grant Thornton is the monitor appointed in the CCAA case.
Judge Keith L. Phillips presides over the Chapter 11 cases.
In the Chapter 11 cases, Kirkland & Ellis LLP and Kirkland & Ellis
International LLP serve as the Debtors' legal counsel. Kutak Rock
LLP serves as co-counsel. Toys "R" Us employed Alvarez & Marsal
North America, LLC as its restructuring advisor; and Lazard Freres
& Co. LLC as its investment banker. It hired Prime Clerk LLC as
claims and noticing agent. A&G Realty Partners, LLC, serves as
its real estate advisor.
On Sept. 26, 2017, the U.S. Trustee for Region 4 appointed an
official committee of unsecured creditors. The Committee retained
Kramer Levin Naftalis & Frankel LLP as its legal counsel; Wolcott
Rivers, P.C. as local counsel; FTI Consulting, Inc. as financial
advisor; and Moelis & Company LLC as investment banker.
Toys "R" Us UK
Toys "R" Us Limited, Toys "R" Us, Inc.'s UK arm with 105 stores
and 3,000 employees, was sent into administration in the United
Kingdom in February 2018.
Arron Kendall and Simon Thomas of Moorfields Advisory Limited, 88
Wood Street, London, EC2V 7QF were appointed Joint Administrators
on Feb. 28, 2018. The Administrators now manage the affairs,
business and property of the Company.
The Administrators said they will make every effort to secure a
buyer for all or part of the business.
Liquidation of U.S. Stores
Toys "R" Us, Inc., on March 15, 2018, filed with the U.S.
Bankruptcy Court a motion seeking Bankruptcy Court approval to
start the process of conducting an orderly wind-down of its U.S.
business and liquidation of inventory in all 735 of the Company's
U.S. stores, including stores in Puerto Rico.
=================
V E N E Z U E L A
=================
VENEZUELA: Food Shortages Fuel Unrest in Country
------------------------------------------------
The Guardian reports that amid desperate food shortages
Venezuelans are picking up new survival skills.
On the night of January 9, for example, a hungry mob took just 30
minutes to pick clean a grocery store in the eastern city of
Puerto Ordaz, according to The Guardian. By the time owner Luis
Felipe Anatael arrived at the bodega he'd opened five months
earlier, the looters had hauled away everything from cold cuts to
ketchup to the cash registers, the report notes.
"It makes you want to cry," said Anatael in a telephone interview,
notes the report. "I think we are headed for chaos."
Evidence for his prediction can be found in towns and cities
across Venezuela that have been hit by an outbreak of looting and
mob violence, the report notes. Angry about empty supermarket
shelves and soaring prices, some people are breaking into
warehouses, ransacking food trucks and invading outlying farms,
the report relays.
During the first 11 days of January the Venezuelan Observatory for
Social Conflict, a Caracas rights group, recorded 107 episodes of
looting and several deaths in 19 of Venezuela's 23 states, the
report says.
But the figures don't fully capture the level of desperation, the
report relays.
The report notes that recent headlines from Venezuela read like
notes from the apocalypse:
-- on Margarita Island dozens of people waded into the ocean
and forced their way aboard a fishing boat, making off with
its catch of sardines
-- in the city of Maracay, just west of Caracas, thieves broke
into a veterinary school, stole two pregnant thoroughbred
horses and slaughtered them for meat.
-- a recent video from the western state of Merida shows a
group of people cornering a cow before stoning it to death
as bystanders yell: "The people are hungry!"
There have been previous incidents of looting but analysts fear
that the current wave could linger amid the Venezuela's economic
freefall, the report says.
President Nicolas Maduro blames the country's woes on an "economic
war" against his government by right wingers and foreign
interests, the report says.
But his critics say his government has disrupted domestic food
production by expropriating farms and factories, the report notes.
Meanwhile, price controls designed to make food more widely
available to poorer people have had the opposite effect: many
prices have been set below the cost of production, forcing food
producers out of business, the report relays.
Meanwhile the government has less cash to import food because of
its mismanagement of the oil sector, where production has fallen
to a 29-year low, the report says. Hyperinflation and the
collapse of the currency have put the prices of foodstuffs
available on the black market beyond the reach of many families,
the report discloses.
But rather than reforming the economy, the government has resorted
to handouts and far-fetched schemes, the report relays.
A newly formed ministry of urban farming encourages people to grow
tomatoes and raise chickens on their patios and rooftops, the
report notes. Another campaign encourages Venezuelans to breed
rabbits for the table, the report relays. At a recent news
conference, Freddy Bernal, the urban farm minister, declared: "We
need people to understand that a rabbit is not a pet. It's two
and a half kilos of meat," the report adds.
But as they grow thinner some Venezuelans insist they have a right
to take matters into their own hands, the report notes. That was
the case in the western city of Maracaibo, where residents
recently swarmed into the streets, stopped two trucks filled with
flour and candy, and emptied them, the report says.
"We either loot or we die of hunger," one of the looters, Maryoli
Corniele, told Diario la Verdad, the local newspaper, the report
notes.
Sometimes the looting has been spontaneous. But in other cases the
targeting of shops and food trucks appears to have been
coordinated via chat groups on Facebook and Whatsapp, the report
discloses. Security forces have largely stood by, the report
relays.
Although his bodega is located just down the street from a
national guard post, Anatael said that his pleas for help were
ignored, the report notes. He scoffed at officers' claims that
they lacked enough troops to protect businesses, the report says.
"Whenever there are anti-government protests, they have more than
enough teargas, tanks and troops to put them down," he said, notes
the report. "But for us business people, there is no security,"
he added.
As reported in the Troubled Company Reporter-Latin America on
March 13, 2018, Moody's Investors Service has downgraded the
Government of Venezuela's foreign currency and local currency
issuer ratings, foreign and local currency senior unsecured
ratings, and foreign currency senior secured rating to C from
Caa3. Concurrently, the foreign currency senior unsecured medium
term note program has also been downgraded to (P)C from (P)Caa3.
The outlook has been changed to stable from negative.
***********
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.
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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 2018. 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.
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* * * End of Transmission * * *