/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/190520.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 Monday, May 20, 2019, Vol. 20, No. 100 Headlines A R G E N T I N A GAUCHO GROUP: Incurs $1.40 Million Net Loss in First Quarter B R A Z I L BRAZIL: Economic Activity Shrinks in March CORNERSTONE VALVE: Seeks Approval to Hire Accountant P A R A G U A Y [*] PARAGUAY: Economy Performing Very Strongly, IMF Says P U E R T O R I C O KONA GRILL: Taps Epiq Corporate as Claims Agent SEARS HOLDING: Exteriors by Design Objects to Disclosure Statement THAI LEMAR: June 5 Plan Confirmation Hearing V E N E Z U E L A VENEZUELA: Gasoline Shortage Comes to Haunt Caracas VENEZUELA: Guaido Confirms Sending Negotiators to Norway X X X X X X X X [*] BOND PRICING: For the Week May 13 to May 17, 2019 - - - - - ================= A R G E N T I N A ================= GAUCHO GROUP: Incurs $1.40 Million Net Loss in First Quarter ------------------------------------------------------------ Gaucho Group Holdings, Inc., filed with the U.S. Securities and Exchange Commission on May 15, 2019, its quarterly report on Form 10-Q reporting a net loss of $1.40 million on $440,495 of sales for the three months ended March 31, 2019, compared to a net loss of $1.42 million on $1.27 million of sales for the three months ended March 31, 2018. As of March 31, 2019, Gaucho Group had $6.25 million in total assets, $7.61 million in total liabilities, $9.02 million in series B convertible redeemable preferred stock, and a total stockholders' deficiency of $10.38 million. The Company has an accumulated deficit of $82,623,456 at March 31, 2019. Cash used in operating activities was $1,582,720 and $1,191,886 during the three months ended March 31, 2019 and 2018, respectively. Based upon projected revenues and expenses, the Company believes that it may not have sufficient funds to operate for the next twelve months. The Company funded its operations during the three months ended March 31, 2019 through the proceeds from convertible debt obligations of $786,000 and proceeds from the sale of common stock for net proceeds of $884,750. The Company repaid loans payable of $43,226 and debt obligations of $30,000, during the three months ended March 31, 2019. Gaucho Group said, "Based on current cash on hand and subsequent activity as described herein, we may not have sufficient funds to operate our business operations for the next twelve months. While we are exploring opportunities with third parties and related parties to provide some or all of the capital we need over the short and long terms, we have not entered into any external agreement to provide us with the necessary capital. Historically, the Company has been successful in raising funds to support our capital needs. If we are unable to obtain additional financing on a timely basis, we may have to delay vendor payments and/or initiate cost reductions, which would have a material adverse effect on our business, financial condition and results of operations, and ultimately, we could be forced to discontinue our operations, liquidate and/or seek reorganization under the U.S. bankruptcy code." A full-text copy of the Form 10-Q is available for free at: https://is.gd/qYg4A2 About Gaucho Group Headquartered in New York, NY, Gaucho Group Holdings, Inc. -- http://www.algodongroup.com/-- was incorporated on April 5, 1999. Effective Oct. 1, 2018, the Company changed its name from Algodon Wines & Luxury Development, Inc. to Algodon Group, Inc., and effective March 11, 2019, the Company changed its name from Algodon Group, Inc. to Gaucho Group Holdings, Inc. Through its wholly-owned subsidiaries, GGH invests in, develops and operates real estate projects in Argentina. GGH operates a hotel, golf and tennis resort, vineyard and producing winery in addition to developing residential lots located near the resort. In 2016, GGH formed a new subsidiary and in 2018, established an e-commerce platform for the manufacture and sale of high-end fashion and accessories. The activities in Argentina are conducted through its operating entities: InvestProperty Group, LLC, Algodon Global Properties, LLC, The Algodon - Recoleta S.R.L, Algodon Properties II S.R.L., and Algodon Wine Estates S.R.L. Algodon distributes its wines in Europe through its United Kingdom entity, Algodon Europe, LTD. Gaucho Group reported a net loss attributable to common stockholders of $6.40 million for the year ended Dec. 31, 2018, compared to a net loss attributable to common stockholders of $8.25 million for the year ended Dec. 31, 2017. As of Dec. 31, 2018, Gaucho Group had $5.64 million in total assets, $6.71 million in total liabilities, $9.02 million in series B convertible redeemable preferred stock, and a total stockholders' deficiency of $10.09 million. Marcum LLP, in New York, NY, the Company's auditor since 2013, issued a "going concern" qualification in its report dated April 1, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, citing that the Company has a significant working capital deficiency, has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. =========== B R A Z I L =========== BRAZIL: Economic Activity Shrinks in March ------------------------------------------ Jamie McGeever at Reuters reports that Brazilian economic activity fell in March, a central bank indicator, adding weight to the view flagged by policymakers earlier that the economy likely contracted in the first quarter. The central bank's IBC-BR economic activity index, a leading indicator of gross domestic product (GDP), fell 0.28% in March from February, more than the median 0.2% decline predicted in a Reuters poll of economists, according to Reuters. In the first three months of the year, activity fell 0.68%. The IBC-BR index released follows a string of weak economic indicators for March, including declines in industrial production, retail sales and jobs, the report notes. Minutes from the central bank's May 7-8 policy meeting showed that policymakers believed there was a "relevant probability" that GDP contracted in the first quarter and that this weakness will likely be felt in subsequent quarters, the report says. Reuters discloses that Economy Minister Paulo Guedes said the government will cut its 2019 growth forecast to 1.5% from 2.2%, bringing it more in line with private sector forecasters who think 2019 GDP growth will struggle to improve much on the 1.1% registered in each of the previous two years. The IBC-BR economy activity index fell 2.52% in March compared with the same month a year ago, and rose 0.23% in the January-March period on a year-on-year basis, the central bank said. In the 12 months to March, it rose 1.05%, the report relays. Government and central bank policymakers say approval of the pension reform bill, which aims to generate savings of 1.237 trillion reais (US$314 billion) over the next decade, is key to reviving the economy, the report adds. As reported on the Troubled Company Reporter-Latin America on Feb. 11, 2019, S&P Global Ratings affirmed its 'BB-/B' long- and short-term foreign and local currency sovereign credit ratings on Brazil. The outlook on the long-term ratings remains stable. At the same time, S&P affirmed its transfer and convertibility assessment of 'BB+'. S&P also affirmed its 'brAAA' national scale rating, and the outlook remains stable. CORNERSTONE VALVE: Seeks Approval to Hire Accountant ---------------------------------------------------- Cornerstone Valve, LLC and Well Head Component, Inc., seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire an accountant. In an application filed in court, the Debtors propose to employ Darshan Wadhwa, a certified public accountant, to file their tax returns and provide audit services. Mr. Wadhwa will charge $175 per hour for his services. The retainer fee is $3,000. Mr. Wadhwa is "disinterested" as defined in Section 101(14) of the Bankruptcy Code, according to court filings. About Cornerstone Valve and Well Head Component Cornerstone Valve LLC -- http://www.cornerstonevalue.com/-- is a manufacturer of fabricated metal products. Well Head Component, Inc., which conducts business under the name Avsco, provides supply chain and project management services. It offers engineering, designing, and manufacturing services, as well as modification and logistics services. Well Head is an international OEM representative and distributor of industrial products for the most requested brands used by energy markets. Headquartered in Houston, Texas, Well Head has an in-country presence in Nigeria, Libya, UAE and most recently in Brazil and Italy. Cornerstone Valve and Well Head sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case Nos. 19-30869 and 19-30870) on Feb. 15, 2019. At the time of the filing, Cornerstone Valve estimated assets and liabilities of between $1 million and $10 million. Well Head estimated assets of between $1 million and $10 million and liabilities of less than $1 million. The cases are assigned to Judge Marvin Isgur. Sartaj Bal, PC, is the Debtors' bankruptcy counsel. =============== P A R A G U A Y =============== [*] PARAGUAY: Economy Performing Very Strongly, IMF Says -------------------------------------------------------- A group of Directors from the 24-member Executive Board of the International Monetary Fund (IMF) comprising Mr. Sami Geadah, Mr. Zhongxia Jin, Mr. Gabriel Lopetegui, Mr. Maher Mouminah, Mr. Thomas Ostros, and Mr. Piotr Trabinski visited Paraguay from May 16-17. At the end of their visit, the Executive Directors issued the following statement: "Paraguay and the International Monetary Fund have enjoyed a long and a very positive relationship. Our visit to Asuncion was an opportunity to strengthen our engagement with the country and learn firsthand about the authorities' policies to continue improving the country's economy. We also learned more about the challenges Paraguay faces and discussed how the IMF can contribute. We had the honor to meet with President Mario Abdo Benitez, Finance Minister Benigno Lopez, Central Bank Governor Jose Cantero Sienra, other senior officials, as well as members of congress, representatives of the private sector and students. "The Paraguayan economy has performed very strongly over the past decade and a half, enjoying one the fastest rates of growth in the region. Sound macro-economic policies, including credible monetary policy and low fiscal deficits and debt have contributed to enviable resilience. Paraguay has also made very important strides on the social front. Income inequality and poverty rates have fallen substantially over the past 15 years. Looking ahead, continued efforts to facilitate diversification and improve productivity growth will raise living standards for all Paraguayans, and boost convergence with advanced countries. "The Fund has worked with Paraguay through policy dialogue and the provision of technical assistance and capacity development to help improve the design and implementation of its policies. Going forward, we expect to continue strengthening our excellent cooperative relation. "We would like to thank the authorities and the people of Paraguay for their warm welcome and open dialogue." As reported in the Troubled Company Reporter-Latin America on Feb. 8, 2019, Fitch Ratings has assigned a 'BB+' rating to Paraguay's USD500 million bond, with final maturity in 2050. The bond has a coupon of 5.4%. ===================== P U E R T O R I C O ===================== KONA GRILL: Taps Epiq Corporate as Claims Agent ----------------------------------------------- Kona Grill, Inc. received approval from the U.S. Bankruptcy Court for the District of Delaware to hire Epiq Corporate Restructuring, LLC as its claims and noticing agent. The firm will oversee the distribution of notices and the maintenance, processing and docketing of proofs of claim filed in the Chapter 11 cases of the company and its affiliates. Epiq will charge these hourly fees for claim administration services: Clerical/Administrative Support $25 - $45 IT/Programming $65 - $85 Case Managers $70 - $165 Consultants/Directors/VPs $160 - $177.50 Solicitation Consultant $190 Executive VP, Solicitation $215 Executives No Charge Epiq will receive a retainer in the amount of $25,000. Kathryn Tran, director of Epiq, disclosed in court filings that the firm and its employees are "disinterested" as defined in Section 101(14) of the Bankruptcy Code. Epiq can be reached through: Kathryn Tran Epiq Corporate Restructuring, LLC 777 Third Avenue New York, NY 10017 Phone: (646) 282-2523 About Kona Grill Kona Grill, Inc. -- https://www.konagrill.com/ -- owns and operates 27 casual dining restaurants in 18 states, as well as Puerto Rico, serving contemporary American favorites, sushi, and alcoholic beverages throughout the United States and Puerto Rico. Kona Grill, Inc., and its subsidiaries sought protection under Chapter 11 of the Bankruptcy Code (Bankr. Del. Lead Case No. 19-10953) on April 30, 2019. As of Dec. 31, 2018, the Debtors' total assets is $53,613,000 and total liabilities of $74,049,000. The petition was signed by Christopher J. Wells, chief restructuring officer. The Debtors tapped Pachulski Stang Ziehl & Jones LLP as counsel; Piper Jaffray as investment banker; Alvarez & Marsal North America, LLC as restructuring advisor and Epiq Corporate Restructuring, LLC as claims and noticing agent. SEARS HOLDING: Exteriors by Design Objects to Disclosure Statement ------------------------------------------------------------------ Exteriors By Design, Inc., dba California Commercial Roofing Systems, objects to the disclosure statement explaining Sears Holdings Corporation's Chapter 11 Plan stating that "Our contract payments would not be made until January 25, 2025 for work requested by Eddie Garcia, DFM for Sears Holdings Management Corporation, the now Transform Holdco, LLC." Exteriors complains that after payment terms of 60 days had passed, it inquired of Sears Holdings Management to Pay Help, who indicated that the payment for invoice #4483, #4484, #4485 would be paid 6 years from now on January 1, 2025. Exteriors seeks that its objection be heard and that these invoices #4483, #4484, #4485 be paid immediately. Attorney for Exteriors By Design, Inc.: Ray C. Schrock, P.C. Jacqueline Marcus Garrett A. Fail Sunny Singh Weil, Gotshal & Manges, LLP 767 Fifth Ave New York, NY 10153 About Sears Holdings Sears Holdings Corporation (NASDAQ: SHLD) -- http://www.searsholdings.com/-- began as a mail ordering catalog company in 1887 and became the world's largest retailer in the 1960s. At its peak, Sears was present in almost every big mall across the U.S., and sold everything from toys and auto parts to mail-order homes. Sears claims to be is a market leader in the appliance, tool, lawn and garden, fitness equipment, and automotion repair and maintenance retail sectors. Sears and Kmart merged to form Sears Holdings in 2005 when they had 3,500 US stores between them. Kmart emerged in 2005 from its own bankruptcy. Unable to keep up with online stores and other brick-and-mortar retailers, a long series of store closings has left it with 687 retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin Islands as of mid-October 2018. The Company employs 68,000 individuals, of whom 32,000 are full-time employees. As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total assets, $11.33 billion in total liabilities and a total deficit of $4.40 billion. Unable to cover a $134 million debt payment due Oct. 15, 2018, Sears Holdings Corporation and 49 subsidiaries sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15, 2018. The Hon. Robert D. Drain is the case judge. Weil, Gotshal & Manges LLP is serving as legal counsel and M-III Partners is serving as restructuring advisor. Aebersold, Managing Director, and Levi Quaintance, Vice President of Lazard Freres & Co. LLC serve as investment banker to Holdings. DLA Piper LLP is the real estate advisor. Prime Clerk is the claims and noticing agent. The U.S. Trustee for Region 2 appointed nine creditors, including the Pension Benefit Guaranty Corp., and landlord Simon Property Group, L.P., to serve on an official committee of unsecured creditors. Akin Gump Strauss Hauer & Feld LLP is counsel to the creditors' committee. FTI Consulting is financial advisor to the creditors' committee. Houlihan Lokey Capital, Inc., is providing investment banking services to the committee. THAI LEMAR: June 5 Plan Confirmation Hearing -------------------------------------------- The Disclosure Statement explaining the Chapter 11 Plan of Thai Lemar Inc. is conditionally approved. A hearing for the consideration of the final approval of the Disclosure Statement and the confirmation of the Plan and of such objections as may be made to either will be held on June 5, 2019 at 2:00 PM at the U.S. Bankruptcy Court, U.S. Post Office and Courthouse Building, 300 Recinto Sur, Courtroom No. 1, Second Floor, San Juan, Puerto Rico. Acceptances or rejections of the Plan may be filed on/or before ten (10) days prior to the date of the hearing on confirmation of the Plan. Any objection to the final approval of the Disclosure Statement and/or the confirmation of the Plan shall be filed on/or before ten (10) days prior to the date of the hearing on confirmation of the Plan. About Thai Lemar Inc. Thai Lemar, Inc., sought Chapter 11 protection (Bankr. D.P.R. Case No. 18-07263) on Dec. 13, 2018, estimating less than $1 million in both assets and liabilities. Jose M. Prieto Carballo, Esq., at JPC Law Office, serves as counsel to the Debtor. ================= V E N E Z U E L A ================= VENEZUELA: Gasoline Shortage Comes to Haunt Caracas --------------------------------------------------- EFE News reports that Caracas residents formed long lines to fill up their vehicles' gas tanks and even had to avoid certain service stations that were temporarily closed for lack of fuel, a sign that Venezuela's gasoline shortage has come to haunt the capital. As EFE observed in a drive around Caracas, the greatest fuel shortage is on the east side of the capital and some parts of the downtown area. As reported in the Troubled Company Reporter-Latin America, S&P Global Ratings in May 2018 removed its long- and short-term local currency sovereign credit ratings on Venezuela from CreditWatch with negative implications and affirmed them at 'CCC-/C'. The outlook on the long-term local currency rating is negative. At the same time, S&P affirmed its 'SD/D' long- and short-term foreign currency sovereign credit ratings on Venezuela. S&P's transfer and convertibility assessment remains at 'CC'. VENEZUELA: Guaido Confirms Sending Negotiators to Norway -------------------------------------------------------- Voa News reports that Venezuelan opposition leader Juan Guaido confirmed he sent a team of negotiators to Norway to help mediate the crisis in the South American country but denied they were in talks with representatives of President Nicolas Maduro's government. Mr. Guaido said at a political rally in Caracas "some envoys in Norway" were "trying to mediate" the political and economic crisis in Venezuel, according to Voa News. It was the first official confirmation that talks were being attempted between the two sides after a months-long power struggle, the report relays. Representatives of the Venezuelan government and the opposition are in Norway. Venezuelan officials said Information Minister Jorge Rodriguez is representing President Maduro, while lawmaker Stalin Gonzalez is leading the opposition delegation, the report discloses. Mr. Maduro said Rodriguez was on "a very important mission" abroad during a televised speech, but did not provide any details, the report relays. The negotiations are being held after the military failed to heed a call on April 30 by Guaido to rise up against Maduro, the report notes. Guaido, the leader of the National Assembly, declared himself president earlier this year after the opposition-majority legislature determined Maduro won another term in a fraudulent election, the report says. The United States and about 50 other countries recognize Guaido as Venezuela's legitimate president. Venezuela has put the U.S. at odds with Russia -- which has supplied military equipment to the Maduro regime -- and Cuba, which the U.S. accuses of placing pro-Maduro troops on the ground in Venezuela, the report notes. Also, the U.S. has suspended all commercial flights between the U.S. and Venezuela, the report discloses. U.S. Transportation Secretary Elaine Chao said she, along with the secretaries of state and homeland security, has determined conditions exist in Venezuela "that threaten the safety or security of passengers, aircraft, or crew," the report relays. Many international airlines, including those in the United States, have already stopped flying to and from Venezuela because of the political upheaval, the report adds. As reported in the Troubled Company Reporter-Latin America, S&P Global Ratings in May 2018 removed its long- and short-term local currency sovereign credit ratings on Venezuela from CreditWatch with negative implications and affirmed them at 'CCC-/C'. The outlook on the long-term local currency rating is negative. At the same time, S&P affirmed its 'SD/D' long- and short-term foreign currency sovereign credit ratings on Venezuela. S&P's transfer and convertibility assessment remains at 'CC'. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week May 13 to May 17, 2019 ----------------------------------------------------- Issuer Name Cpn Price Maturity Country Curr ----------- --- ----- -------- ------- --- YPF SA 16.5 67.3 5/9/2022 AR ARS Cia Latinoamericana de 9.5 73.9 7/20/2023 AR USD MIE Holdings Corp 7.5 56.2 4/25/2019 HK USD China Huiyuan Juice Gr 6.5 46.6 8/16/2020 CN USD Yida China Holdings Lt 7.0 74.3 4/19/2020 CN USD Noble Holding Internat 5.3 60.5 3/15/2042 KY USD Noble Holding Internat 6.2 62.2 8/1/2040 KY USD Odebrecht Finance Ltd 7.0 17.0 4/21/2020 KY USD Banco Macro SA 17.5 65.2 5/8/2022 AR ARS KrisEnergy Ltd 4.0 40.4 6/9/2022 SG SGD Noble Holding Internat 6.1 62.0 3/1/2041 KY USD USJ Acucar e Alcool SA 9.9 74.0 11/9/2019 BR USD Avadel Finance Cayman 4.5 55.0 2/1/2023 US USD Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD Argentine Republic Gov 6.9 75.2 1/11/2048 AR USD Polarcus Ltd 5.6 71.8 7/1/2022 AE USD Argentine Republic Gov 8.3 74.5 12/31/2033 AR USD MIE Holdings Corp 7.5 56.4 4/25/2019 HK USD Automotores Gildemeist 8.3 54.2 5/24/2021 CL USD YPF SA 16.5 67.3 5/9/2022 AR ARS Provincia del Chubut A 4.5 2208 3/30/2021 AR USD Argentine Republic Gov 4.3 70.0 12/31/2033 AR JPY Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD Cia Latinoamericana de 9.5 74.3 7/20/2023 AR USD Enel Americas SA 5.8 32.7 6/15/2022 CL CLP Banco Macro SA 17.5 65.2 5/8/2022 AR ARS Provincia de Rio Negro 7.8 70.3 12/7/2025 AR USD Odebrecht Finance Ltd 6.0 16.4 4/5/2023 KY USD Province of Santa Fe 6.9 75.2 11/1/2027 AR USD Odebrecht Finance Ltd 7.0 16.5 4/21/2020 KY USD Province of Santa Fe 6.9 74.7 11/1/2027 AR USD Embotelladora Andina S 3.5 37.9 8/16/2020 CL CLP USJ Acucar e Alcool SA 9.9 74.0 11/9/2019 BR USD Argentine Republic Gov 8.3 72.9 12/31/2033 AR USD Empresa Provincial de 12.5 0.0 1/29/2020 AR USD Cia Energetica de Pern 6.2 1.1 1/15/2022 BR BRL Provincia de Buenos Ai 7.9 75.3 6/15/2027 AR USD AES Tiete Energia SA 6.8 1.2 4/15/2024 BR BRL Provincia de Rio Negro 7.8 70.4 12/7/2025 AR USD Argentine Republic Gov 0.5 27.6 12/31/2038 AR JPY Plaza SA 3.5 38.3 8/15/2020 CL CLP Banco Security SA 3.0 5.6 7/1/2019 CL CLP Argentina Bonar Bonds 5.8 75.2 4/18/2025 AR USD Corp Universidad de Co 5.9 64.2 11/10/2021 CL CLP City of Cordoba Argent 7.9 73.1 9/29/2024 AR USD Automotores Gildemeist 8.3 54.2 5/24/2021 CL USD Provincia de Cordoba 7.1 72.7 8/1/2027 AR USD Argentine Republic Gov 6.3 74.1 11/9/2047 AR EUR Provincia del Chaco Ar 4.0 0.0 12/4/2026 AR USD Fospar S/A 6.5 1.2 5/15/2026 BR BRL Empresa de Transporte 4.3 30.9 7/15/2020 CL CLP Argentina Bonar Bonds 7.6 74.4 4/18/2037 AR USD Automotores Gildemeist 6.8 54.9 1/15/2023 CL USD SACI Falabella 2.3 50.6 7/15/2020 CL CLP Sylph Ltd 2.4 65.1 9/25/2036 KY USD Banco Security SA 3.0 27.4 6/1/2021 CL CLP Empresa Electrica de l 2.5 63.8 5/15/2021 CL CLP Sociedad Austral de El 3.0 17.0 9/20/2019 CL CLP Provincia del Chaco Ar 9.4 74.8 8/18/2024 AR USD Argentine Republic Gov 7.1 75.7 6/28/2117 AR USD Provincia de Cordoba 7.1 74.7 8/1/2027 AR USD Metrogas SA/Chile 6.0 41.6 8/1/2024 CL CLP Esval SA 3.5 49.9 2/15/2026 CL CLP ********* 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 2019. 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. . * * * End of Transmission * * *