/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/190828.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 Wednesday, August 28, 2019, Vol. 20, No. 172 Headlines A R G E N T I N A NACION SEGUROS: Fitch Downgrades IFS Rating to 'CCC' B R A Z I L ANDRADE GUITIERREZ: Fitch Upgrades LT IDR to CCC+, Outlook Stable BRAZIL: Reiterates Sovereignty Over Amazon as G7 Sends Aid CORNERSTONE VALVE: Nov. 7 Plan Confirmation Hearing Set CORNERSTONE VALVE: Unsecureds to Get 20% in 20 Quarters ODEBRECHT SA: Proposes to Swap Debt For Equity Instruments PETROLEO BRASILEIRO: Moody's Affirms Ba2 CFR, Outlook Stable PETROLEOS BRASILEIRO: Reports Oil Leaks in Rio de Janeiro's Basin TAKATA CORPORATION: Airbag Inflator Defect Claim Process Ongoing TRANSMISSORA ALIANCA: Moody's Rates BRL450MM Sr. Unsec. Debt Ba1 D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Avoid Unregulated Moneychangers, Assoc. Warns M E X I C O UNIQUE TOOL: Seeks to Hire Diller and Rice as Counsel - - - - - ================= A R G E N T I N A ================= NACION SEGUROS: Fitch Downgrades IFS Rating to 'CCC' ---------------------------------------------------- Fitch Ratings has downgraded the Insurer Financial Strength ratings of Nacion Seguros S.A., Nacion Reaseguros S.A. and Nacion Seguros de Retiro S.A. to 'CCC' from 'B'. The companies' ratings are based on a group approach given Fitch's opinion of the strategical importance to their ultimate parent, Banco de la Nacion Argentina (BNA). The downgrade reflects Fitch's updated view of the operating environment for Argentinian financial institutions following the Aug. 16, 2019 downgrade of Argentina's long-term foreign currency Issuer Default Rating (IDR) to 'CCC' from 'B'. KEY RATING DRIVERS Fitch considers the three Nacion insurance companies core subsidiaries of BNA. The latter is a large state-owned bank whose liabilities are guaranteed by the Argentinian government. Fitch does not rate BNA but views BNA's creditworthiness as tied to Argentina's. The downgrade of Argentina's ratings reflects elevated policy uncertainty following the Aug. 11 primary elections, a severe tightening of financing conditions, and an expected deterioration in the macroeconomic environment that increase the likelihood of a sovereign default or restructuring of some kind. In Fitch's opinion, these conditions are likely to adversely impact financial institutions' financial performance through declining loan portfolios (in real terms), rising non-performing loans, higher funding costs and rising administrative expenses due to rising inflation. The insurance subsidiaries are rated based on a group approach that reflects the strengths and weaknesses of the group members. Key considerations include the bank's large distribution channels, brand and leadership position in the Argentinian banking industry. RATING SENSITIVITIES The ratings and their Outlooks are dependent on Fitch's view of the ability and willingness of BNA to provide support to the insurance subsidiaries. Changes to Argentina's sovereign rating could also have an impact on the Nacion insurance ratings. =========== B R A Z I L =========== ANDRADE GUITIERREZ: Fitch Upgrades LT IDR to CCC+, Outlook Stable ----------------------------------------------------------------- Fitch Ratings has upgraded Andrade Gutierrez Engenharia S.A.'s Long-Term Foreign and Local Currency Issuer Default Ratings to 'CCC+' from 'CCC-' and affirmed the National Scale Long-Term Rating at 'CCC(bra)'. The Rating Outlook for the corporate ratings is Stable. Fitch has also upgraded to 'CCC+'/'RR4' from 'CCC-'/'RR4' Andrade Gutierrez International S.A.'s (AGI) USD356 million senior secured notes due August 2021. The notes are fully and irrevocably guaranteed by AGE. The upgrade incorporates the expected improvement in AGE's operating cash flow visibility, supported by adequate performance of new contracts, improving operating margins and deleverage capacity. AGE's backlog increased by BRL8.2 billion in the last 30 months, reaching BRL11.1 billion in June 2019. In Fitch's opinion, AGE still has the challenge to continue the turnaround of its operations and recover the backlog on a sustainable basis in order to improve the overall credit quality. The gradual recovery also depends on the Brazilian macroeconomic scenario and growing investments in infrastructure. The ratings also consider AGE's high refinancing risks. The group's debt maturity is concentrated, with AGI's notes due in 2021 and the first payment of one third of Andrade Gutierrez Participacoes S.A.'s (AGPar) BRL1.8 billion debentures due in November of 2020. The notes count with a combination of first and second lien guarantees of CCR S.A.'s (AA(bra)/Stable) shares, owed by AGPar. Fitch views the company's financial flexibility due to CCR's shares as positive and mitigates part of the group's high refinancing risk. Fitch projects negative FCF during the next three years due to expected dividends distribution to serve Lava-Jato's group penalties. KEY RATING DRIVERS Moderate Improvement in Business Environment: In Fitch's opinion, the operating environment for the Engineering and Construction (E&C) companies in Brazil should gradually recover as infrastructure projects resume. The federal government initiatives to reduce infrastructure bottlenecks and attract private investors could increase demand for large engineering contracts and should positively affect AGE's backlog expansion in the medium term. There are auctions estimated to be launched during the next two to three years in ports, airports, toll roads and railways, among others that should contribute to a favorable industry cycle. Ongoing Operating Turnaround: AGE has successfully added BRL8.2 billion to its backlog during the past 30 months, reaching BRL11.1 billion in June 2019. The company business strategy to turnaround its operations focuses on high quality projects and clients, as well as engineering solutions. About 52% of existing backlog is from private clients, and 51% in Brazil. The company demonstrates capacity to changeover its operations after Lava-Jato restrictions, which pose a competitive advantage relative to other local players that are still restructuring operations, negotiating financial obligations and settling plea bargain agreements. Operating Cash Flow to Improve: Fitch projects recurring EBITDA of BRL253 million for 2019 and BRL405 million for 2020, with an 8% margin, and cash flow from operations (CFFO) of BRL386 million and BRL216 million, respectively. The expected recovery considers the projects already in the company's backlog and a gradual recovery of new projects. In the LTM ended March 2019, the company generated BRL80 million of EBITDA and BRL438 million of CFFO. AGE also needs to collect past-due receivables to improve its credit profile. A deterioration of the business environment and a backlog reduction could nullify Fitch's expectation of operating cash flow improvement. Dividends to Pressure FCF: AGE is expected to report a positive FCF of BRL107 million in 2019 and negative FCF of BRL34 million in 2020 and BRL111 million in 2021. Cash flow should be pressured by annual dividends of BRL185 million to BRL190 million to service the fines from the plea bargain agreements, and other related expenses. The group signed about BRL1.6 billion of legal liabilities following the agreements with MPF, antitrust CADE, Brazilian General Counsel's Office (AGU) and Controllers' General Office (CGU). Leverage to Reduce: Fitch forecasts AGE to reduce net adjusted leverage, measured by net adjusted debt/EBITDA ratio, to 3.7x in 2019 and 2.4x as of 2020 benefiting from higher EBITDA generation. Net adjusted debt is expected to reduce by BRL400 million in 2019, to BRL1 billion, due to positive working capital inflow. In March 2019, 79% of AGE's total adjusted debt of BRL1.8 billion was composed of AGI's bonds (BRL1.4 billion), while 17% (or BRL306 million) consisted of working capital lines. AGI's bonds are guaranteed by 38.6 million shares of CCR as first lien, equivalent to about 34% of the outstanding bonds, assuming LTM average share price. High FX Exposure: AGE is exposed to foreign exchange risks, as about 88% of the company's total adjusted debt, including AGI's bonds, is denominated in foreign currency. About 44% of the company's revenues were generated abroad. Going forward, as AGE executes more contracts in Brazil, this gap between hard currency inflows and outflows should expand. AGE's foreign currency debt and the coupons are not hedged. DERIVATION SUMMARY AGE's credit profile compares positively with its local peer Odebrecht Engenharia e Construcao S.A. (OEC; RD). AGE has been successful in adding projects to its order book, which have been converted in revenues and operating cash flow. Meanwhile, OEC continues in the restructuring process of Odebrecht Finance Limited (OFL) bonds and has obtained no relevant contracts. However, AGE's rating is weaker than Salini Impregilo S.p.a. (BB/Negative), which, despite the recent downgrade on execution risks related to Astaldi acquisition, continues to benefit from a relatively strong business profile, characterized by solid market shares, and extensive order book, which is considered to be in line with an investment-grade rating. KEY ASSUMPTIONS Fitch's Key Assumptions Within Its Rating Case for the Issuer -- Backlog of approximately BRL11 billion stable for the next three years, in line with the current levels; -- Contracts executed on average in 2.0 to 2.5 years; -- Bidding and cost control discipline; -- Sale of Hospital Metropolitano for BRL31 million in 2019; -- Release of BRL70 million in restricted cash in 2019 and BRL30 million in 2020; -- Annual dividends between BRL185 million to BRL190 million. KEY RECOVERY RATING ASSUMPTIONS The recovery analysis assumes that AGE would be considered a going-concern (GC) in bankruptcy and that the company would be reorganized rather than liquidated. Fitch has assumed a 10% administrative claim. Going-Concern Approach -- AGE's GC EBITDA of BRL270 million is based on Fitch's forecasts for 2019 plus dividends received from unconsolidated investments; -- The agency considered no gains from the potential collection of past-due receivables and legal claims; -- Fitch's GC EBITDA considers the execution of firmed contracts scheduled for 2019 at a historical margin of 7% to 8%; -- An EV multiple of 5x is used to calculate a post-reorganization valuation; -- Fitch's GC EBITDA considers AGI's bonds 1st lien guarantee of 38.6 million CCR shares at an average price of the past 12 months of BRL12.37, leading to a guarantee of BRL475 million or 33.8% of the outstanding USD356 million bond. At the lowest price of CCR shares over the past 12 months (BRL7.88), this guarantee would be valued at BRL304 million, covering 21.6% of AGI's outstanding bonds. Considering the latest price BRL16.00 for CCR, the 1st lien guarantee coverage would reach 43.9%; -- The Recovery Rating is capped at 'RR4' as Brazil is classified as a Group D country by Fitch and represents a recovery prospect between 31% and 50%. Liquidation Value Approach Fitch excluded the liquidation value (LV) approach because Brazilian bankruptcy legislation tends to favor the maintenance of the business in order to preserve direct and indirect jobs. Moreover, in extreme cases where LV was necessary, the recovery of the assets has proved very difficult for creditors. RATING SENSITIVITIES Developments That May, Individually or Collectively, Lead to Positive Rating Action -- Increased cash flow generation capacity on a sustainable basis, with high quality backlog, providing increasing visibility of cash flow and leverage reduction. Developments That May, Individually or Collectively, Lead to Negative Rating Action -- Failure to execute and renew its order book and recover operating cash flow; -- Failure to improve the group's debt structure. LIQUIDITY Still High Refinancing Risk: AGE's liquidity remains pressured in the medium term. In March 2019, AGE's readily available cash, as per Fitch's criteria, was BRL508 million and covered 187% short term debt maturities of BRL272 million and Fitch expects the company to continue successful rolling over working capital needs. AGE has annual coupons of USD40 million (BRL160 million) and also AGI's USD356 million senior secured bond due August 2021. AGPar has annual coupons of about BRL220 million and its BRL1.8 billion debentures' principal amortization also starts in 2020. The total value of AGPar's CCR shares correspond to around 140% of combined outstanding amount of AGPar's debenture (BRL1.8 billion) and AGI's notes (BRL1.4 billion) and provides important financial flexibility to the group. CCR shares guarantee on first lien AGPar debenture and part of AGI's notes. Fitch's base case scenario incorporates the refinancing of AGI's bonds and AGPar's debentures, as expected cash flow will not be sufficient to cover debt maturities. AGPar's coupon payments should be covered by CCR and COPER's dividends flow. FULL LIST OF RATING ACTIONS Fitch has taken the following rating actions: Andrade Gutierrez Engenharia S.A. -- Long-Term Foreign and Local Currency IDRs upgraded to 'CCC+' from 'CCC-'; -- National Scale Rating affirmed at 'CCC(bra)'. Andrade Gutierrez International S.A -- USD336 million senior secured PIK toggle notes due 2021 upgraded to 'CCC+'/'RR4' from 'CCC-'/'RR4'. The Rating Outlook for the corporate ratings is Stable. BRAZIL: Reiterates Sovereignty Over Amazon as G7 Sends Aid ---------------------------------------------------------- EFE News reports that Brazil's foreign minister reiterated the country's sovereignty over the Amazon, in response to a comment made by the French president who implied the international community take action to help the rainforest suffering from voracious fires. "No one needs a 'new initiative for the Amazon' as President Macron suggests when there are already several mechanisms under the UN Climate Convention to fund the fight against deforestation," Ernesto Araujo wrote on his Twitter account, according to EFE News. Deforestation, a contributing factor to the Amazon fires, has reportedly increased since Brazil's President Jair Bolsonaro took office in January, the report relays. In an interview with French public broadcaster France 2 at the conclusion of the G7 summit in Biarritz, Macron said that Bolsonaro's attitude towards deforestation could derail ratification of the free trade agreement between the European Union and the Mercosur group, the report notes. "We respect your sovereignty. It's your country," said Macron, before insisting that the Amazon fires are a global issue, the report discloses. "The Amazon forest is a subject for the whole planet . . . We cannot allow you to destroy everything," he added after previously hinting at the possibility of international joint action for the defense of the Amazon region, the report notes. In response to this, the Brazilian foreign minister said: "The efforts made by some political currents to extrapolate real environmental issues by transforming them into a fabricated 'crisis' as a pretext for introducing mechanisms for external control of the Amazon are very evident," the report relays. "Brazil will not accept any initiative that involves relativizing sovereignty over its territory, whatever the pretext and whatever the guise," Araujo added, says the report. EFE News notes that the Brazilian Armed Forces, deployed by Bolsonaro in the fight against the fires that are destroying part of the Amazon, are already operating in eight of the nine Amazon states, following the request for help presented by the Amapa government. The mobilization of the troops was announced on Aug. 23 by Bolsonaro as the first measure to fight fires and amid strong condemnation he has received both domestically and abroad for the government's lack of action against illegal deforestation of the Amazon, the report relays. Brazil also claims that forest fires occur every year and that August and September are "critical" because of the drought that affects the area during those months, the report notes. The Brazilian government thanked the G7 countries for $20 million of firefighting aid approved, but clarified that it will use it as it sees fit, the report discloses. The help of the G7 will firstly pay for the sending of firefighters and water bombers to the Amazon, the report says. Once the urgency is mitigated, the G7 also plans to launch within the framework of the September United Nations General Assembly and in coordination with the Amazonian nations, a plan to act for the reforestation and conservation of biodiversity, the report relates. Meanwhile, Uruguay's foreign minister said that the fires "will be overcome" and added that the Amazon rainforest "is a lung of the world involving seven countries, not just Brazil," the report notes. "The problems at the moment are affecting Brazil but it is acting with swiftness . . . to try to put out these fires," Rodolfo Nin Novoa said, the report notes. He preferred not to comment on Macron's warning of the potential derailment of the EU-Mercosur agreement, the report adds. As reported in the Troubled Company Reporter-Latin America on May 27, 2019, Fitch Ratings has affirmed Brazil's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook. CORNERSTONE VALVE: Nov. 7 Plan Confirmation Hearing Set ------------------------------------------------------- The second amended disclosure statement filed by Cornerstone Valve, LLC, and Well Head Component, Inc. on August 21, 2019, is approved. October 31, 2019 is fixed as the last day for filing written acceptances or rejections of the plan. November 7, 2019 at 9:00 a.m. is fixed for the hearing on confirmation of the plan. October 31, 2019 is fixed as the last day for filing and serving pursuant to Fed. R. Bankr. P. 3020(b)(1) written objections to confirmation of the plan. Class 3: General Unsecured Claims are impaired. This class consists of all known non-priority unsecured claims, whether scheduled or based on proofs of claim on file. Allowed Claims of general unsecured creditors shall be paid on a percent plan. Creditors will receive 20% of their allowed claim in twenty (20) quarterly installments, due on the first day of each quarter starting the first new calendar quarter after the Effective Date. Class 1: Secured Claim of BancorpSouth Bank are impaired. This class only includes Bancorp whose claim is secured by property of the Debtor's bankruptcy estate to the extent allowed as a secured claim section Sec. 506 of the Bankruptcy Code. The note to Bancorp is two months past due in the total amount of $76,737.02. This past due amount will be paid within twelve months of the Effective Date from Well Head Component, Inc. in equal monthly installments. Debtors have both collateralized their assets to Bancorp to secure Bancorp's loan. The current outstanding debt amount to Bancorp is approximately $5,186,631.24. Gupta Management, LLC will continue to make timely monthly payments to Bancorp in the amount of $38,368.51, the Debtors will not make any other payments to the Bancorp apart from curing the arrears. Class 2: Secured Claim of CNA Metals Limited & Hari Agrawal are impaired. Class 2 consists of the secured claim of CNA Metals Limited and Hari P Agrawal against the Debtor Cornerstone Valve, LLC in the amount of $438,598.17, as of February 15, 2019. Unless paid in full by the sale of the Gupta Management, LLC Property, the Class 2 claim shall be paid monthly according to the CNA Loan Documents, at the contract rate of interest of Wall Street Journal published prime rate plus 2% for 60 months, at which time, all amounts owing CNA shall be paid to CNA by Debtor, unless default is made earlier by Debtor, under this Plan or the CNA Loan Documents. Class 4: Intercompany Claims are impaired. All intercompany claims shall be extinguished and cancelled on the Effective Date. Cornerstone Valve, LLC has a scheduled claim to Well Head Component, Inc. in the amount of $3,966,155.76. Class 5: Nitesh Gupta's Equity Interest are impaired. Nitesh Gupta currently holds 100% interest in each of the Debtors. Debtors value the ownership interest of both at zero due to the liabilities of the companies greatly being larger than the total assets. Mr. Gupta shall contribute new value in exchange for 100% of the outstanding interests in the Well Head Component, Inc and 75% of the outstanding interest in Cornerstone Valve, LLC. The Debtors do not intend to sell any capital assets to fund the Plan. The Plan will be funded from continued and increased operations. Additionally, Debtors anticipate receiving loan repayment from Gupta Management, LLC of approximately $290,519.38 to Cornerstone Valve, LLC and $152,542.01 to Well Head Component, Inc. once Gupta Management, LLC sells the building that it owns. A full-text copy of the Second Amended Combined Plan and Disclosure Statement dated August 21, 2019, is available at https://tinyurl.com/y5b8dhye from PacerMonitor.com at no charge. Counsel for Debtors: Sartaj Bal, Esq. SARTAJ BAL, P.C. 5315 Cypress Creek Parkway, #B295 Houston, Texas 77069 T: (713) 885-6395 F: (281) 715-3231 E: ssb@880mail.com 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. The Office of the U.S. Trustee on April 16 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 cases of Cornerstone Valve LLC and Well Head Component, Inc. CORNERSTONE VALVE: Unsecureds to Get 20% in 20 Quarters ------------------------------------------------------- Cornerstone Valve, LLC and Well Head Component, Inc., filed an amended disclosure statement proposing that allowed Claims of general unsecured creditors will be paid 20% of their allowed claim in 20 quarterly installments, due on the first day of each quarter starting the first new calendar quarter after the Effective Date. The Debtors believe the total Allowed Claims in Class 4 will be approximately $2,600,000 for Cornerstone Valve, LLC and $777,000 for Well Head Component, Inc. Class 1: Secured Claim of BancorpSouth Bank are impaired. The note to Bancorp is two months past due in the total amount of $76,737.02. This past due amount will be paid within twelve months of the Effective Date from Well Head Component, Inc. in equal monthly installments. The Debtors have both collateralized their assets to Bancorp to secure Bancorp's loan. The current outstanding debt amount to Bancorp is approximately $5,186,631.24. Gupta Management, LLC, will continue to make timely monthly payments to Bancorp in the amount of $38,368.51, the Debtors will not make any other payments to the Bancorp apart from curing the arrears. It is anticipated that Bancorp, shall be repaid from affiliate and co-borrower Gupta Management, LLC. Class 2: Secured Claim of CNA Metals Limited & Hari Agrawal are impaired. CNA is a wholly unsecured creditor thus the claim will be treated as a general unsecured claim and paid pro rate pursuant to the terms of Class 3. Debtors anticipate CNA's Claim to be allowed approximately in the amount of $438,598.17. Class 4: Intercompany Claims are impaired. All intercompany claims shall be extinguished and cancelled on the Effective Date. Cornerstone Valve, LLC has a scheduled claim to Well Head Component, Inc. in the amount of $3,966,155.76. Class 5: Nitesh Gupta's Equity Interest are impaired. Mr. Gupta shall contribute new value in exchange for 100% of the outstanding interests in the Well Head Component, Inc and 75% of the outstanding interest in Cornerstone Valve, LLC. Such new value shall be provided in the form of equity interest secured by a deed of trust in 13124 Trinity Drive, Stafford, TX 77477, in the amount of $300,000 to Well Head Component, Inc. and $600,000 to Cornerstone Valve, LLC. The Plan will be funded from continued and increased operations. Additionally, Debtors anticipate receiving loan repayment from Gupta Management, LLC, of approximately $290,519.38 to Cornerstone Valve, LLC and $152,542.01 to Well Head Component, Inc. once Gupta Management, LLC sells the building that it owns. A full-text copy of the Amended Combined Plan and Disclosure Statement dated August 15, 2019, is available at https://tinyurl.com/y3dd4t9u from PacerMonitor.com at no charge. Counsel for Debtors: Sartaj Bal, Esq. SARTAJ BAL, P.C. 5315 Cypress Creek Parkway, #B295 Houston, Texas 77069 Tel: (713) 885-6395 Fax: (281) 715-3231 Email: ssb@880mail.com 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. The Office of the U.S. Trustee on April 16 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 cases of Cornerstone Valve LLC and Well Head Component, Inc. ODEBRECHT SA: Proposes to Swap Debt For Equity Instruments ---------------------------------------------------------- Sonya Hepinstall at Reuters reports that Brazilian conglomerate Odebrecht SA, which has been in bankruptcy protection since June, has proposed to creditors a swap of their debt for instruments similar to equity, according to a statement. The instruments would give creditors the rights to receive proceeds of the asset sales and future profits of the companies controlled by the conglomerate, according to Reuters. About Odebrecht SA Odebrecht S.A. -- www.odebrecht.com -- is a Brazilian conglomerate consisting of diversified businesses in the fields of engineering, construction, chemicals and petrochemicals. Odebrecht S.A. is a holding company for Construtora Norberto Odebrecht S.A., the biggest engineering and contracting company in Latin America, and Braskem S.A., the largest petrochemicals producer in Latin America and one of Brazil's five largest private-sector manufacturing companies. Odebrecht controls Braskem, which by revenue is the fourth largest petrochemical company in the Americas. On June 17, 2019, Odebrecht filed for bankruptcy protection, aiming to restructure BRL51 billion (US$13 billion) of debt. The bankruptcy filing comes after years of struggles for Odebrecht, the biggest of the Brazilian engineering groups caught in a sweeping political corruption investigation that has rippled across Latin America, Reuters relayed, as reported by The Troubled Company Reporter - Latin America. On August 28, 2019, the Troubled Company Reporter - Latin America, citing The Wall Street Journal, reported that Odebrecht and its affiliates filed for chapter 15 bankruptcy, seeking U.S. recognition of the largest-ever bankruptcy in Latin America. Odebrecht SA and several of its affiliates has filed for bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York on Aug. 26. The case is assigned to Hon. Stuart M. Bernstein. PETROLEO BRASILEIRO: Moody's Affirms Ba2 CFR, Outlook Stable ------------------------------------------------------------ Moody's Investors Service affirmed the Ba2 corporate family rating of Petroleo Brasileiro S.A. - PETROBRAS. Simultaneously, Moody's raised the company's baseline credit assessment to ba2 from ba3. The actions were triggered by the company's continued success in improving its credit metrics and liquidity position. The rating outlook is stable. Affirmations: Issuer: Petrobras Global Finance B.V. Gtd. Senior Unsecured Shelf , Affirmed (P)Ba2 Gtd. Senior Unsecured Regular Bond/Debenture, Affirmed Ba2 Outlook, Remains Stable Issuer: Petrobras International Finance Company Gtd. Subordinate Shelf, Affirmed (P)Ba3 Gtd. Senior Unsecured Shelf. Affirmed (P)Ba2 Gtd. Senior Secured Shelf, Affirmed (P)Ba1 Gtd. Senior Unsecured Regular Bond/Debenture, Affirmed Ba2 Outlook, Remains Stable Issuer: Petroleo Brasileiro S.A. - PETROBRAS Corporate Family Rating, Affirmed Ba2 Subordinate Shelf, Affirmed (P)Ba3 Senior Unsecured Shelf, Affirmed (P)Ba2 Senior Secured Shelf, Affirmed (P)Ba2 Pref Shelf, Affirmed (P)B2 Outlook, Remains Stable RATINGS RATIONALE The actions on Petrobras' ratings and BCA (which is a measure of a company's standalone credit profile regardless of support considerations) reflect the company's sustained improvement in its credit metrics and liquidity position, which Moody's expects will continue to strengthen in the foreseeable future. Petrobras has achieved its refinancing and debt reduction targets of 2018 and is in line to achieve its 2019 and 2020 goals as well (the company expects its net debt/EBITDA to be at 1.5 times at the end of 2020). Despite changes in government and management in the last 12 months, Petrobras has shown operating and financial policies stability as well as discipline in competing profitably in the local fuel market. Particularly noteworthy was the company's ability to refinance debt and push forward maturities over the past few years as well as contract robust and long-term revolving credit facilities to the point of reducing its liquidity risk significantly; its revolving credit facilities now amount to $9.2 billion, from $6 billion in 2018. Since 2015, Petrobras has sold about $30 billion in assets, with proceeds directed mainly to reduce debt. More recently, Petrobras has changed its business strategy to focus primarily on Exploration and Production (E&P) and increase the return on capital employed. Petrobras is focused on selling midstream and downstream businesses. Moody's estimates that, after 2021, the E&P contribution to EBITDA will increase to about 90% from 79% in June 2019. While an integrated oil and gas business model is less risky than a pure E&P one, by reducing its refining asset base Petrobras will become less vulnerable to potential adverse government policies, especially those connected to fuel prices. In early 2019 Petrobras completed the payments related to the settlements with the SEC and the DoJ associated to the Lava Jato bribery investigation. The investigation is still in progress by Brazilian authorities and additional relevant information may come to light that could have negative effect on its financial position. In addition, the company still faces a number of civil proceedings in the US, Europe and Latin America. Nevertheless, Moody's considers very small the probability that Petrobras is fined an amount that would significantly affect its liquidity position. Petrobras' ba2 BCA and Ba2 ratings are supported by the company's dominance in the Brazilian oil industry and its importance to the Brazilian economy. Furthermore, the ratings reflect the company's sizeable reserves equivalent to over 11 years of life, its renowned high technological offshore expertise and potential for continued growth in production over the long-term. However, Petrobras' ratings are constrained by still high debt and financial expenses levels vis-a-vis cash generation, business plan execution risk and potential government interference contrary to the business and financial interest of the company. Petrobras' Ba2 ratings also consider Moody's joint-default analysis for the company as a government-related issuer; Petrobras' ratings reflect the assumption for moderate support and dependence from the Government of Brazil (Ba2 stable) based on the government's weak fiscal accounts but limited dependence on foreign currency funding, the high level of diversification of the Brazilian economy, and the country's limited reliance on local production of fuel. Petrobras' liquidity position is good. Moody's expects that the company's cash generation in the next two years will be more than enough to cover mandatory cash obligations plus annual capital expenditures of about $11 billion, allowing it to reduce debt further, even without asset sales. Historically, Petrobras has held a solid amount of cash on hands, at around $21-25 billion; although the company plans to reduce the amount of cash on hand to around $6-7 billion, sizable committed revolver credit facilities support its liquidity position. In addition, refinancing risk has declined in the last couple of years given successful liability management efforts: the next significant debt maturity is scheduled for 2022, in the amount of close to $6 billion. The stable outlook on Petrobras' ratings incorporates Moody's view that the company's credit profile will continue to gradually improve in the foreseeable future. Moody's believes that Petrobras is in line to achieve its goal of reported net debt/EBITDA of 1.5x in 2020 by selling assets and generating robust cash flow. An upgrade of Petrobras' Ba2 rating would require further improvement in its overall credit metrics, continued financial discipline, evidence of lower exposure to adverse government influence, and a stable energy regulatory environment in the country. In addition, an upgrade of Petrobras' ratings would consider Moody's ratings on the government of Brazil. Negative actions on Petrobras' rating could result from a deterioration in operating performance or external factors that increase liquidity risk or debt leverage from current levels. Downgrades could also be prompted if negative developments from the litigations against Petrobras appear to have the potential of significantly affecting the company's liquidity or financial profile or if the rating on the government of Brazil is downgraded. The methodologies used in these ratings were Global Integrated Oil & Gas Industry published in October 2016, and Government-Related Issuers published in June 2018. Petrobras is an integrated energy company, with total assets of $252 billion as of June 30, 2019. The company dominates Brazil's oil and natural gas production, as well as downstream refining and marketing. Petrobras also holds a significant stake in petrochemicals and a position in sugar-based ethanol production and distribution. The Brazilian government directly and indirectly owns about 42.9% of Petrobras' outstanding capital stock and 60.4% of its voting shares. PETROLEOS BRASILEIRO: Reports Oil Leaks in Rio de Janeiro's Basin ----------------------------------------------------------------- Lachlan Williams at Rio Times Online reports that Petrobras reported on August 26, that there was a leakage of nearly 1.2 cubic meters of residual oil coming from the FPSO Cidade do Rio de Janeiro platform vessel in Campos Basin, north of Rio de Janeiro. An inspection in the vessel's external tanks found cracks on its hull, according to Rio Times Online. Modec, the owner of the ship that is chartered by Petrobras, forwarded the report, August 23, to the Brazilian company, the report adds. As reported in the Troubled Company Reporter-Latin America on Feb. 25, 2019, S&P Global Ratings raised the stand-alone credit profile (SACP) on Petrobras to 'bb' from 'bb-'. S&P also affirmed its global scale ratings on the company at 'BB-'. TAKATA CORPORATION: Airbag Inflator Defect Claim Process Ongoing ---------------------------------------------------------------- Professor Eric D. Green, Special Master for the Department of Justice's Takata Airbag Individual Restitution Fund and Trustee of the Tort Compensation Trust Fund Created in the Takata Bankruptcy Cases, on Aug. 19, 2019, issued the following statement: Takata Defective Airbag Claims Professor Eric D. Green, as Special Master and Trustee, announced a compensation program in May 2018 for individuals who have suffered or will suffer personal injury or wrongful death caused by the rupture or aggressive deployment of a Takata phase-stabilized ammonium nitrate airbag inflator (a "Takata Airbag Inflator Defect"). Under that program, claimants may seek compensation from the Department of Justice's $125 million Individual Restitution Fund ("IRF") and/or the approximately $140 million Takata Airbag Tort Compensation Trust Fund ("TATCTF"). The claim process is ongoing and eligible claimants still have time to act. There are three types of claims that can be brought by individuals who suffered injury or wrongful death caused by a Takata Airbag Inflator Defect: (i) an "IRF Claim" against Takata for compensation from the IRF, the personal injury and wrongful death restitution fund overseen by the Special Master and established under the Restitution Order entered by the United States District Court for the Eastern District of Michigan in connection with the Department of Justice's criminal case against Takata, U.S. v. Takata Corporation, Case No. 16-cr-20810 (E.D. Mich.); (ii) a "Trust Claim" against Takata for compensation from the TATCTF, the personal injury and wrongful death trust fund overseen by the Trustee and established in connection with Takata's Chapter 11 Plan of Reorganization in the Bankruptcy Court for the District of Delaware, and (iii) a "POEM Claim" against a Participating Original Equipment Manufacturer (a "POEM;" presently the only POEM is Honda/Acura) for compensation from the POEM, which must be resolved through the TATCTF overseen by the Trustee. Each of these three types of claims has its own eligibility requirements; however, each claim type covers only physical injuries and wrongful death resulting from a Takata Airbag Inflator Defect. Claims related to injuries or wrongful death caused by other airbag components -- such as airbag failure to deploy, spontaneous airbag deployment, crash injuries unrelated to the inflator, or economic losses unrelated to physical injuries or death -- are not covered by the three types of claims described above. Individuals can access the claim forms, which include detailed instructions regarding how to file a claim, on the IRF website, www.takataspecialmaster.com, or on the TATCTF website, www.TakataAirbagInjuryTrust.com. Oversight of the Claims Process and Resources for More Information Professor Green was appointed by the District Court to serve as the Special Master overseeing IRF Claims and was appointed by the Bankruptcy Court to serve as the Trustee overseeing Trust Claims and POEM Claims. For more information about eligibility requirements, filing deadlines and how to file a claim, please visit www.takataspecialmaster.com, www.TakataAirbagInjuryTrust.com, email Questions@TakataAirbagInjuryTrust.com, or call us toll-free at (888) 215-9544. About Takata Corp. Japan-based Takata Corporation (TYO:7312) -- http://www.takata.com/en/-- develops, manufactures and sells safety products for automobiles. The Company offers seatbelts, airbags, steering wheels, child seats and trim parts. Headquartered in Tokyo, Japan, Takata operates 56 plants in 20 countries with approximately 46,000 global employees worldwide. The Company has subsidiaries located in Japan, the United States, Brazil, Germany, Thailand, Philippines, Romania, Singapore, Korea, China and other countries. Takata Corp. filed for bankruptcy protection in Tokyo and the U.S., amid recall costs and lawsuits over its defective airbags. Takata and its Japanese subsidiaries commenced proceedings under the Civil Rehabilitation Act in Japan in the Tokyo District Court on June 25, 2017. Takata's main U.S. subsidiary TK Holdings Inc. and 11 of its U.S. and Mexican affiliates each filed voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 17-11375) on June 25, 2017. Together with the bankruptcy filings, Takata announced it has reached a deal to sell all its global assets and operations to Key Safety Systems (KSS) for US$1.588 billion. Nagashima Ohno & Tsunematsu is Takata's counsel in the Japanese proceedings. Weil, Gotshal & Manges LLP and Richards, Layton & Finger, P.A., are serving as counsel in the U.S. cases. PricewaterhouseCoopers is serving as financial advisor, and Lazard is serving as investment banker to Takata. Ernst & Young LLP is tax advisor. Prime Clerk is the claims and noticing agent. The Debtors Meunier Carlin & Curfman LLC, as special intellectual property counsel. Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal counsel, KPMG is serving as financial advisor, Jefferies LLC is acting as lead financial advisor. UBS Investment Bank also provides financial advice to KSS. On June 28, 2017, TK Holdings, as the foreign representative of the Chapter 11 Debtors, obtained an order of the Ontario Superior Court of Justice (Commercial List) granting, among other things, a stay of proceedings against the Chapter 11 Debtors pursuant to Part IV of the Companies' Creditors Arrangement Act. The Canadian Court appointed FTI Consulting Canada Inc. as information officer. TK Holdings, as the foreign representative, is represented by McCarthy Tetrault LLP. The U.S. Trustee has appointed an Official Committee of Unsecured Trade Creditors and a separate Official Committee of Tort Claimants. The Official Committee of Unsecured Creditors has selected Christopher M. Samis, Esq., L. Katherine Good, Esq., and Kevin F. Shaw, Esq., at Whiteford, Taylor & Preston LLC, in Wilmington, Delaware; Dennis F. Dunne, Esq., Abhilash M. Raval, Esq., and Tyson Lomazow, Esq., at Milbank Tweed Hadley & McCloy LLP, in New York; and Andrew M. Leblanc, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Washington, D.C., as its bankruptcy counsel. The Committee has also tapped Chuo Sogo Law Office PC as Japan counsel. The Official Committee of Tort Claimants selected Pachulski Stang Ziehl & Jones LLP as counsel. Gilbert LLP will evaluate of the insurance policies. Sakura Kyodo Law Offices will serve as special counsel. Roger Frankel, the legal representative for future personal injury claimants of TK Holdings Inc., et al., tapped Frankel Wyron LLP and Ashby & Geddes PA to serve as co-counsel. Takata Corporation ("TKJP") and affiliates Takata Kyushu Corporation and Takata Services Corporation commenced Chapter 15 cases (Bankr. D. Del. Case Nos. 17-11713 to 17-11715) on Aug. 9, 2017, to seek U.S. recognition of the civil rehabilitation proceedings in Japan. The Hon. Brendan Linehan Shannon oversees the Chapter 15 cases. Young, Conaway, Stargatt & Taylor, LLP, serves as Takata's counsel in the Chapter 15 cases. * * * In February 2018, the U.S. Bankruptcy Court confirmed the Fifth Amended Chapter 11 Plan of Reorganization filed by TK Holdings, Inc. ("TKH"), Takata's main U.S. subsidiary, and certain of TKH's subsidiaries and affiliates. TRANSMISSORA ALIANCA: Moody's Rates BRL450MM Sr. Unsec. Debt Ba1 ---------------------------------------------------------------- Moody's America Latina Ltda. assigned a Ba1 global scale rating and a Aaa.br national scale rating to Transmissora Alianca de Energia Eletrica's planned issuance of BRL450 million senior unsecured debentures with final maturity in August 2044 to be issued in the form of infrastructure debentures pursuant to law 12,431. Proceeds from this issuance will be used to support investments. Taesa's Ba1/Aaa.br corporate family ratings are unaffected by this rating action. The outlook is stable. The assigned ratings are based on preliminary documentation. Moody's does not anticipate changes in the main conditions that the debentures will carry. Should issuance conditions and/or final documentation deviate from the original ones submitted and reviewed by the rating agency, Moody's will assess the impact that these differences may have on the ratings and act accordingly. RATINGS RATIONALE The Ba1/Aaa.br ratings assigned to the proposed debentures take into consideration Taesa's: (i) large scale and high asset diversification; (ii) its predictable cash flows supported by long term concessions remunerated with availability based payments; (iii) the adequate credit metrics for the rating category evidenced by a Funds from Operation (FFO) to Net Debt above 22%, on a pro forma basis for this transaction; and (iv) its robust liquidity position in face of a comfortable refinancing profile. Such strengths are tempered by: (i) Taesa's exposure to cost overruns and execution risks related to its portfolio of projects under construction through March 2023, (ii) the expected reduction in regulated revenues on certain existing assets between 2019 and 2021; and (iii) a track record of high dividend payouts above 90% annual net income generation which absorbs a material part of cash flow generation. The BRL450 million senior unsecured debentures will be issued in the form of infrastructure debentures pursuant to law 12,431. Taesa will use the issuance proceeds on the reimbursement of expenses and capital investments related to the construction of the Interligação Eletrica Paraguaçu S.A. ("Paraguaçu"), Interligação Eletrica Aimores S.A. ("Aimores") and Sant'ana Transmissora de Energia Eletrica S.A ("Sant'Anna"). The Paraguaçu project was acquired by Taesa in October 2016 and comprises 338 kilometers (km) of transmission lines and two substations in the states of Bahia and Minas Gerais. The Aimores project was also acquired in October 2016 and comprises 208 km of transmission lines and two substations in the state of Minas Gerais. Taesa has a 50% equity stake on those two projects. Sant'Anna was acquired in December 2018, and consists of five transmission lines totaling 587 km and five substations in the state of Rio Grande do Sul. Once operating, those assets will add approximately BRL160 million to the company's contracted Annual Permitted Revenues (RAP) in updated values for the 2019-2020 cycle. Aimores, Paraguaçu are scheduled for completion in February 2022 while Sant'Anna is expected to be concluded in May 2022. RATING OUTLOOK The stable outlook reflects Moody's expectations that Taesa's credit metrics will remain well positioned to its rating category despite a moderate increase in debt to fund acquisitions and higher than historical investments, which is supported by its very stable and predictable cash flow profile. WHAT COULD CHANGE THE RATING UP/DOWN Moody's views Taesa's credit profile linked to that of the Government of Brazil (Ba2 stable) to the extent that the company is exposed to the same economic revenue base and subject to government policies. As a result, an upgrade of Brazil's Ba2 sovereign bond rating could result in an upgrade of Taesa's global scale ratings. Conversely, negative pressure on the sovereign rating or outlook would lead negative pressure on Taesa's ratings. Deviations from the company's growth strategy, including overruns of capital spending or delays in the completion of greenfield projects would also be credit negative. A material deterioration in the company's liquidity could also lead to negative rating action. Quantitatively, a prolonged deterioration in the company's credit metrics, such that FFO to Net Debt falls below 20% and FFO interest coverage remains sustainably below 3.5x could prompt a rating downgrade. A significant increase in the proportion of secured debt or a decrease in the amount of unencumbered assets that could be used to pay down unsecured debt could also result in a downgrade of Taesa's unsecured debt ratings. Taesa is a power transmission company operating and maintaining around 12,726 km of high voltage (230 to 525kV) transmission lines through 36 concessions with a weighted average remaining concession life of 17 years. As of June 2019, the company was directly controlling 10 concessions, and operating the remaining 26 concessions through equity participations in the operating companies of the TBE Group (through a 49.9% equity participation -- TBE Group holds 15 concessions), Brasnorte (88%), Etau (76%), ATE III (100%) and Sao Gotardo (100%) and the transmission lines under construction Janaúba (100%), Miracema (100%), Mariana (100%), Sant'Ana (100%), Ivaí (50%), Paraguaçu (50%) and Aimores (50%). In addition, after the four assets acquisition from Ambar and the planned acquisition of Rialma, Taesa will expand its portfolio to 13,981 km of transmission lines through 41 concessions. Taesa is controlled by Companhia Energetica de Minas Gerais - CEMIG (B1/Baa2.br, stable) and Interconexion Electrica S.A. E.S.P. (Baa2, stable) which own 21.7% and 14.9% of Taesa's total capital, respectively. The remaining 63.4% shares are free float, traded on the local stock market (BM&FBOVESPA). The principal methodology used in these ratings was Regulated Electric and Gas Networks published in March 2017. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Avoid Unregulated Moneychangers, Assoc. Warns ----------------------------------------------------------------- Dominican Today reports that the Dominican Exchange Intermediaries Association (Adocambio) said the authorities must take actions to eliminate informal exchange by the so-called exchange houses "which act outside the law and are usually involved in public scandals, creating confusion in consumers and affecting the good image of entities subject to supervision." Adocambio president Carlos A. Pla, said the only regulated exchange intermediation entities are the agents of change, not the "exchange houses" or "casacambistas" as they are commonly referred, "those who exercise, informally, the exchange of foreign currencies," according to Dominican Today. He urged the economic sectors and the population to exclusively use their regulated services and avoid participating in what he labeled as irregular "exchange house" businesses, the report adds. Standard & Poor's credit rating for Dominican Republic stands at BB- with stable outlook (2015). Moody's credit rating for Dominican Republic was last set at Ba3 with stable outlook (2017). Fitch's credit rating for Dominican Republic was last reported at BB- with stable outlook (2016). =========== M E X I C O =========== UNIQUE TOOL: Seeks to Hire Diller and Rice as Counsel ----------------------------------------------------- Unique Tool & Manufacturing Co. Inc., seeks authority from the U.S. Bankruptcy Court for the Northern District of Ohio to employ Diller and Rice, LLC, as counsel to the Debtor. Unique Tool requires Diller and Rice to: (a) advise the Debtor with respect to its rights, powers and duties in this case; (b) advise and assist the Debtor in the preparation of its petition, schedules, and statement of financial affairs; (c) assist and advise the Debtor in connection with the administration of the bankruptcy case; (d) analyze the claims of the creditors in this case, and negotiate with such creditors; (e) investigate the acts, conduct, assets, rights, liabilities and financial condition of the Debtor and the Debtor's business; (f) advise and negotiate with respect to the sale of any or all assets of the Debtor; (g) investigate, file and prosecute litigation of behalf of the Debtor; (h) propose a plan of reorganization; (i) appear and represent the Debtor at hearings, conferences, and other proceedings; (j) prepare and review motions, applications, orders, and other filings filed with the Court; (k) institute or continue any appropriate proceedings to recover assets of the estate; and (l) provide any other services as maybe required by the bankruptcy case and to provide recommendations to employment as to her matters that are not included in the Debtor's counsel practice area. Diller and Rice will be paid at these hourly rates: Steven L. Diller $300 Raymond L. Beebe $300 Eric R. Neuman $275 Adam J. Motycka $185 Paraprofessionals $200 One year prior to the filing of the petition, Diller and Rice received from the Debtor a retainer in the amount of $10,000. Diller and Rice will also be reimbursed for reasonable out-of-pocket expenses incurred. Steven L. Diller, partner of Diller and Rice, LLC, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Diller and Rice can be reached at: Steven L. Diller, Esq. DILLER & RICE, LLC 124 East Main Street Van Wert, OH 45891 Telephone: (419) 238-5025 Facsimile: (419) 238-4705 E-mail: Steven@drlawllc.com About Unique Tool & Manufacturing Unique Tool & Manufacturing Co. -- http://www.uniquetool.com/-- is a custom metal stamping company formed in 1963, which supplies stampings to the satellite, communications, electrical, appliance, refrigeration, and automotive industries throughout the United States, Canada and Mexico. The Company specializes in tool and die manufacturing, brazing, welding, plating, and more. On July 26, 2019, the Company sought Chapter 11 protection (Bankr. N.D. Ohio Case No. 19-32356) in Toledo, Ohio. The Hon. Mary Ann Whipple is the case judge. DILLER AND RICE, LLC, is the Debtor's counsel. The Debtor estimated up to $50,000 in assets and $1 million to $10 million in liabilities. ********* 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. 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