TCRLA_Public/191105.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                 L A T I N   A M E R I C A

          Tuesday, November 5, 2019, Vol. 20, No. 221



FORD: Ends Production at Oldest Plant in Brazil


UBIOME INC: Seeks to Hire Young Conaway as Counsel


AVIANCA HOLDINGS: Fitch Rates $550MM Sr. Sec. Notes Due 2020 'C'

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Cocoa is Lifeline for 400,000+ Families


JAMAICA: Shaw Welcomes New Funding Facility to Help SMEs

P U E R T O   R I C O

AUTO EARTH: Case Summary & 17 Unsecured Creditors
PUERTO RICO: Proposed U.S. Bill Could Provide Path to Statehood
SKYTEC INC: Unsecureds to be Paid At Least 20% in 3 Years
SPANISH BROADCASTING: Bardin Hill Owns 7% CL-A Shares at Oct. 31


LATAM: Economy Challenges Discussed in IDB Panel

                           - - - - -


FORD: Ends Production at Oldest Plant in Brazil
EFE News reports that Ford ended production Oct. 30 at its oldest
plant in Brazil, a facility in the industrial belt around Sao Paulo
that began operation in 1967.

The last made-in-Brazil Ford truck rolled off the assembly line at
the factory in Sao Bernardo do Campo eight months after the US
automaker announced it would no longer produce heavy vehicles in
South America as part of a global restructuring, according to EFE

The machinery ground to a halt and the plant's 650 remaining
workers punched out for the last time, the report notes.

More than 700 other employees were laid off in July when Ford
stopped producing the Fiesta sub-compact at the Sao Bernardo
facility, the report adds.


UBIOME INC: Seeks to Hire Young Conaway as Counsel
uBiome, Inc., seeks authority from the U.S. Bankruptcy Court for
the District of Delaware to employ Young Conaway Stargatt & Taylor,
LLP, as counsel to the Debtor.

uBiome, Inc. requires Young Conaway to:

   a. provide legal advice with respect to the Debtor's powers
      and duties as debtor in possession in the continued
      operation of their business, management of their
      properties, and the potential sale of their assets;

   b. prepare and pursue confirmation of a plan and approval of a
      disclosure statement;

   c. prepare, on behalf of the Debtor, necessary applications,
      motions, answers, orders, reports, and other legal papers;

   d. appear in Court and protecting the interests of the Debtor
      before the Court; and

   e. perform all other legal services for the Debtor that may
      be necessary and proper in these proceedings.

Young Conaway will be paid at these hourly rates:

     Michael R. Nestor               $905
     Joseph M. Barry                 $785
     Andrew L. Magaziner             $600
     Joseph M. Mulvihill             $460
     Jordan E. Sazant                $340
     Troy Bollman, Paralegal         $285

Young Conaway received from the Debtor an initial retainer of
$250,000 on July 3, 2019.

Young Conaway will also be reimbursed for reasonable out-of-pocket
expenses incurred.

Andrew L. Magaziner, partner of Young Conaway Stargatt & Taylor,
LLP, 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

Young Conaway can be reached at:

     Andrew L. Magaziner, Esq.
     Michael R. Nestor, Esq.
     Joseph M. Barry, Esq.
     Joseph M. Mulvihill, Esq.
     Jordan E. Sazant, Esq.
     Rodney Square, 1000 North King Street
     Wilmington, DE 19801
     Tel: (302) 571-6600
     Fax: (302) 571-1253

                        About uBiome Inc.

uBiome, Inc. -- -- is a microbial genomics
company founded in 2012. uBiome combines its patented proprietary
precision sequencing with machine learning and artificial
intelligence to develop wellness products, clinical tests, and
therapeutic targets. uBiome has filed for over 250 patents on its
technology, which includes sample preparation, computational
analysis, molecular techniques, as well as diagnostic and
therapeutic applications. uBiome and its non-debtor foreign
affiliates currently employ approximately 100 individuals, of which
35 are located in the United States, 37 in Chile, and 28 in

On Sept. 4, 2019, uBiome, Inc., sought Chapter 11 protection
(Bankr. D. Del. Case No. 19-11938).  The Debtor was estimated to
have assets of $50 million to $100 million and liabilities of $10
million to $50 million as of the bankruptcy filing.

The Hon. Laurie Selber Silverstein is the case judge.

The Debtor tapped Young, Conaway, Stargat & Taylor, LLP as counsel;
Goldin Associates, LLC, as restructuring advisor; and GLC Advisors
& Co., LLC and GCLA Securities LLC as investment banker.  Donlin
Recano & Company, Inc., is the claims agent.


AVIANCA HOLDINGS: Fitch Rates $550MM Sr. Sec. Notes Due 2020 'C'
Fitch Ratings assigned a 'C'/'RR4' rating to Avianca Holdings
S.A.'s USD550 million senior secured notes due 2020. These notes
are being received in exchange for USD550 million of senior
unsecured notes due 2020. The new issuance will be secured by a
pledge of the AVIANCA brand and certain other intellectual property
and unencumbered aircraft. The note holder will also receive a
residual interest in all aircraft, except for aircraft currently
expected to be sold or subject to third-party leases. The aggregate
value of the aircraft in the collateral is approximately USD1.0
billion. Fitch currently rates Avianca's Long-Term Foreign- and
Local-Currency Issuer Default Ratings 'RD'/Outlook Stable.

This exchange offer is part of Avianca's refinancing strategy that
also consists of a USD250 million secured loan to be provided by
United Airlines Holdings, S.A (United; BB/Stable) and Kingsland
Holdings, which, if concluded, will be followed by a mandatory
exchange by Dec. 31, 2019. This mandatory exchange will extend the
maturity of the senior secured notes to 2023 from 2020 and will
have a step-up in interest to 9.000% from the current 8.375%. As of
Oct. 31, 2019, the company received a conversion rate of 88.1%
(USD484 million) for the exchange offer. The outstanding balance
should remain due May 2020.

Avianca had USD5.1 billion of total debt as of June 30, 2019, and
remains in default on approximately USD2.5 billion of debt related
to working capital banking lines and aircraft obligations. The
company is working to renegotiate these debt agreements. Once
Avianca completes its full refinancing, Fitch will re-asses its
debt and risk profile and a positive rating action may follow.

Avianca's recovery assessment is based on a liquidation approach
given the high value of its aircraft fleet, which positively
compares to the going concern approach. Fitch applies a waterfall
analysis to the post-default enterprise value based on the relative
claims of the debt in the capital structure. These assumptions
result in a recovery rate for the secured bonds within the 'RR3'
range, but due to the soft cap of Colombia at 'RR4', Avianca's
senior secured notes due 2020 are rated at 'C'/'RR4'.


Solid Regional Market Position: Avianca's business model combines
operations in Colombia, Central and South America, allowing it to
rotate capacity according to market conditions. Its geographic
diversification allowed the company to maintain consistently solid
average load factors of 82% during 2015-2018. The company's
business diversification is viewed as adequate with international
passengers, domestic passengers, cargo operations, and the loyalty
program and other segments representing approximately 42%, 41%, 13%
and 4% of its total revenues. The announcement of a joint business
agreement with United and Copa Airlines (not rated) should only
benefit Avianca's competitive business position in the medium to
long term. Regulatory approval for this transaction is expected to
take approximately 12 to 18 months.

Shareholder Disputes Remain a Concern: The ongoing disputes between
Avianca's main shareholders may poses challenges for the company's
long-term business strategy and also for the debt renegotiation
process. The completion of its refinancing strategy depends on the
USD250 million secured loan to be by provided by the current

Challenge to Improve Margins: Fitch expects Avianca's EBIT margin
to decrease to 4.5% in 2019 from 4.9% in 2018. Amidst a scenario of
tough competition and currency depreciation, Avianca has been
facing a decline in yields and this has been pressuring its
operating margins. To face this challenges, the company is trying
to cut costs by rationalizing its route network; has announced the
removal of its E190 aircrafts from service and is eliminating
unprofitable routes, mainly in Peru and in selected regional
markets in Colombia, while focusing on its points of network

High Leverage to Persist: Avianca's high leverage has pressured its
ratings, and the challenging operating environment in 2019 delayed
any deleveraging to late 2020 and 2021. Fitch expects Avianca's
total adjusted leverage to increase to around 7.2x in 2019 and 6.5x
in 2020. Avianca's total adjusted debt/EBITDAR was 6.6x during 2018
and 7.5x in 2017. Fitch base case does not incorporate any major
non-core asset sales besides those already announced, including the
Embraer's fleet.


Avianca's 'RD' rating reflects the announcement of deferred
payments on certain long-term leases and principal payment on
certain loan obligations. In terms of business profile, the company
has a good asset base and is relatively well positioned to its
regional peers based on its network, route diversification and
important regional market position. Nevertheless, these factors are
tempered by the company's higher gross adjusted leverage and
refinancing risks, weaker liquidity and financial flexibility
relative to peers.

Avianca's rating is below LATAM Airlines S.A. (LATAM; BB-/Stable)
and GOL Linhas Aereas Inteligentes S.A. (GOL; B+/Stable), which
have recently showed improvements in credit metrics. The ratings
distinction among the three airlines reflects differences in the
financial strategies, credit access, operational performance
volatility and business diversification.


  -- Low single-digit yield decline;

  -- Load factor in the 80%-82% range;

  -- 2019-2020 EBIT margin moving to 4.5%-5.5%;

  -- Capex of USD441 million in 2019 and USD500 million in 2020.

The recovery analysis is based on a liquidation approach given the
high value of its aircraft fleet, which positively compares with
the going concern approach.

  - Fitch has assumed a 10% administrative claim.

Liquidation Approach

The liquidation estimate reflects Fitch's view of the value of
aircraft and other assets that can be realized in advance rate of
70% and 75% account receivables due high percentage of credit card

Fitch applies a waterfall analysis to the post-default enterprise
value based on the relative claims of the debt in the capital
structure. The agency's debt waterfall assumptions take into
account the company's total debt at June 30, 2019. These
assumptions result in a recovery rate for the secured bonds within
the 'RR1' range, but due to the soft cap of Colombia at 'RR4',
Avianca's senior secured notes due 2020 are rated 'C'/'RR4'.


A positive rating action may follow after Fitch completes the
assessment of the company's credit profile post-completion of its
new debt profile.


Weak Liquidity: As of June 30, 2019, the company had USD261 million
in cash. USD3.8 billion of debt will come due in the short term,
including USD147 million of leases obligations. The USD584 million
of its unsecured notes are due in May 2020. Total adjusted debt was
USD5.1 billion at the same period. Debt consists primarily of USD4
billion of on-balance-sheet debt, most of which is secured, and an
estimated USD1.1 billion of off-balance-sheet debt associated with
lease obligations. Avianca's cash position in percentage of its LTM
has deteriorated to 7.3% as March 31, 2019 from 10.3% in December


Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entity, either
due to their nature or the way in which they are being managed by
the entity.

Avianca Holdings S.A. has an ESG score of 4 for Group Structure due
to complex shareholder structure. The current developments with
United and Kingsland add complexity to the case.

Avianca Holdings S.A. has an ESG score of 4 for Labor Relations &
Practices reflecting significant pilot strikes that affected the


Fitch has assigned the following ratings:

Avianca Holdings S.A.

  -- USD550 million secured notes due in 2020 'C'/'RR4'.

Fitch currently rates Avianca as follows:

Avianca Holdings S.A.

  -- Long-Term Foreign Currency Issuer Default Rating (IDR) 'RD';

  -- Long-Term Local Currency IDR 'RD';

  -- USD550 million unsecured notes due in 2020 'C'/'RR5'.

Aerovias del Continente Americano S.A.

  -- Long-Term Foreign Currency IDR 'RD';

  -- Long-Term Local Currency IDR 'RD'.

Grupo Taca Holdings Limited

  -- Long-Term IDR 'RD'.

Avianca Holdings, Grupo Taca, and Avianca Leasing are co-issuers of
the USD550 million unsecured notes.

D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Cocoa is Lifeline for 400,000+ Families
Dominican Today reports that the cocoa business is one of the agro
segments that most contributes to the local economy as plantations
of around 170,000 hectares provide the livelihood for over 400,000

And although Dominican cocoa has drawn international acclaim, there
are still some hurdles to surmount at the local level, according to
Dominican Today.

That's why the DR Cocoa Foundation was created, the report notes.

The non-profit's task is to achieve a sustainable and competitive
cocoa subsector in the country, the report relays.

"Cocoa cultivation has a multidimensional importance for the
Dominican Republic.  It is present in our idiosyncrasy and
constitutes an important way of life and development for tens of
thousands of farmers in various regions of the national geography,"
said foundation president, Victorino Garcia Santos, quoted by
Listin Diario, the report adds.

                   About Dominican Republic

The Dominican Republic is a Caribbean nation that shares the island
of Hispaniola with Haiti to the west. Capital city Santo Domingo
has Spanish landmarks like the Gothic Catedral Primada de America
dating back 5 centuries in its Zona Colonial district.

The Troubled Company Reporter-Latin America reported on April 4,
2019 that the Dominican Today related that Juan Del Rosario of the
UASD Economic Faculty cited a current economic slowdown for the
Dominican Republic and cautioned that if the trend continues,
growth would reach only 4% by 2023. Mr. Del Rosario said that if
that happens, "we'll face difficulties in meeting international

An ongoing concern in the Dominican Republic is the inability of
participants in the electricity sector to establish financial
viability for the system.

Standard & Poor's credit rating for Dominican Republic stands at
BB- with stable outlook (2015). Moody's credit rating for
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).


JAMAICA: Shaw Welcomes New Funding Facility to Help SMEs
The creation of a new funding facility aimed at providing capital
for small and medium sized entities (SMEs) has been commended by
Jamaica's Industry and Commerce Minister Audley Shaw.

The funding facility was developed by National Commercial Bank and
the United States Agency for International Development.

Mr. Shaw said the new facility is another step in the right
direction of placing low interest funding in the hands of MSMEs as
they are a significant driver of economic growth.

He was speaking at the signing ceremony for the Development Credit
Authority Loan Portfolio Guarantee Agreement.

The agreement, valued at US$25 million or J$3.4 billion, will be
available to SMEs in a number of regional countries including,

As reported in the Troubled Company Reporter-Latin America on Oct.
1, 2019,  S&P Global Ratings, on Sept. 27, 2019, raised its
long-term foreign and local currency sovereign credit ratings on
Jamaica to 'B+' from 'B'. The outlook is stable. At the same time,
S&P Global Ratings affirmed its 'B' short-term foreign and local
currency sovereign credit ratings on the country. S&P Global
Ratings also raised its transfer and convertibility assessment to
'BB-' from 'B+'.

RJR News reported in June 2019 that Steven Gooden, Chief Executive
Officer of NCB Capital Markets, warned that the increasing
liquidity in the Jamaican economy might result in heightened risk
to the financial market if left unchecked.  This, he said, is
against the background of the local administration seeking to
reduce the debt to GDP to 60% by the end of the 2025/26 fiscal
year, which will see Government repaying more than J$600 billion
which will get back into the system, according to RJR News.

P U E R T O   R I C O

AUTO EARTH: Case Summary & 17 Unsecured Creditors
Debtor: Auto Earth, Inc.
        Urb. Colinas De Yauco
        Calle Vera
        Yauco, PR 00698

Business Description: Auto Earth Inc. owns a multi-tenant
                      commercial property in Puerto Rico having
                      a comparable sale value of $1.2 million.

Chapter 11 Petition Date: October 29, 2019

Court: United States Bankruptcy Court
       District of Puerto Rico (Ponce)

Case No.: 19-06244

Judge: Hon. Enrique S. Lamoutte Inclan

Debtor's Counsel: Nydia Gonzalez Ortiz, Esq.
                  SANTIAGO & GONZALEZ LAW, LLC
                  11 Calle Betances
                  Yauco, PR 00698
                  Tel: 787 267-2205/2252

Total Assets: $1,200,000

Total Liabilities: $1,403,364

The petition was signed by Victor Caraballo Santiago, president.

A full-text copy of the petition containing, among other items, a
list of the Debtor's 17 unsecured creditors is available for free

PUERTO RICO: Proposed U.S. Bill Could Provide Path to Statehood
Karen Pierog at Reuters reports that the question of statehood for
Puerto Rico would be put to voters of the U.S. commonwealth for a
third time since 2012 under legislation introduced in Congress.

Proponents of the bill said it would provide the island with the
same path to statehood taken by Alaska and Hawaii, the last two
states admitted to the union, according to Reuters.

Under the legislation, which has some bipartisan support, a
federally authorized referendum would appear on the Nov. 3, 2020,
ballot in Puerto Rico, the report notes.  Approval by a majority of
the island's voters would lead to a presidential proclamation
within 30 months making Puerto Rico the 51st state, the report

President Donald Trump has called Puerto Rico "one of the most
corrupt places on earth," making the bill's future murky.  The
island's non-voting congressional representative, Jenniffer
Gonzalez-Colon, said the measure has 45 sponsors, the report

The island is still trying to recover from devastating hurricanes
that hit in 2017, while it works its way through a bankruptcy
process to restructure about $120 billion of debt and pension
obligations, the report relays.

Gonzalez-Colon said the bill provides political equality for Puerto
Rico, the report notes.

"The American citizens of Puerto Rico will have the opportunity to
participate in a federally-sponsored vote and be asked the
following question: 'Should Puerto Rico be admitted as a State of
the Union, yes or no?'" she said in a statement, the report says.
"This is similar to what happened in Alaska and Hawaii, which is
what ultimately makes this legislation different," the report

In a non-binding 2017 referendum here, 97% of the island's voters
favored statehood, although turnout was just 23% due to a boycott
against the vote, the report notes.

In a 2012 vote, 61% of Puerto Ricans favored statehood over other
alternatives, the report discloses.  Neither results moved Congress
to act on statehood.

Puerto Rico, which has been governed by the United States since
1899, has suffered the effects of unequal treatment under federal
law compared with U.S. states, hindering the island's development
and economy, according to the bill, the report adds.

SKYTEC INC: Unsecureds to be Paid At Least 20% in 3 Years
Skytec, Inc., filed with the U.S. Bankruptcy Court for the District
of Puerto Rico a Second Amended Plan of Reorganization and
Disclosure Statement.

The holders of allowed general unsecured claims will be paid, in
full satisfaction of their claims, a pro rata dividend in the total
amount of $870,966.42 to be paid as follows:

  (i) $200,000 on the Effective Date to be paid from the capital
      contribution of the shareholders and;

(ii) $670,966.42 in 36 monthly payments commencing on the
      Effective Date.

The $870,966.42 constitutes a 20% dividend of the claims expected
to be allowed.  Said dividend could be increased by the Plan
Administrator depending on the avoidance actions that could be
filed and Debtor's actual cash receipts during the subject period
of time.

The Equity Holders will not receive any distribution under the
Plan, but will retain his shares in Debtor, unaltered.

Debtor's proposed dividend to the general unsecured claims will be
funded from Debtor's normal operations, cash available in Debtor's
DIP accounts, and the capital contributions. Payments to the
holders of allowed administrative expense claims and Priority Tax
Claims, if any, will be paid from the cash accumulated in Debtor's
DIP Accounts.

A full-text copy of the second amended plan dated Oct. 17, 2019, is
available at from at
no charge.

                       About Skytec Inc.

Skytec, Inc., is a privately-held company based in Puerto Rico that
provides wireless telecommunication solutions.  Skytec sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R.
Case No. 18-05288) on Sept. 12, 2018.  In the petition signed by
Henry L. Barreda, president, the Debtor disclosed $2,119,734 in
assets and $5,848,090 in liabilities. Judge Enrique S. Lamoutte
Inclan oversees the case.  The Debtor tapped Fuentes Law Offices,
LLC as its legal counsel.

SPANISH BROADCASTING: Bardin Hill Owns 7% CL-A Shares at Oct. 31
In a Schedule 13G/A filed with the Securities and Exchange
Commission, Bardin Hill Investment Partners LP and related entities
and individual reported beneficial ownership of Class A common
stock, $0.0001 par value, of Spanish Broadcasting System, Inc. as
of Oct. 31, 2019:

                                              Shares      Percent
                                           Beneficially     of
   Reporting Person                           Owned       Class
   ----------------                        ------------  --------
   Bardin Hill Investment Partners LP        295,074         7%
   Bardin Hill Investment Partners GP LLC    295,074         7%
   HCN LP                                    207,503       4.9%
   HCN GP LLC                                207,503       4.9%
   Bardin Hill Event-Driven Master Fund LP    87,571       2.1%
   Bardin Hill Fund GP LLC                    87,571       2.1%
   Jason Dillow                              295,074         7%

The percentages are calculated based upon an aggregate of 4,241,991
Shares outstanding as of Aug. 7, 2019 as reported in the Issuer's
Form 10-Q for the quarterly period ended June 30, 2019 filed with
the SEC on Aug. 9, 2019.

The securities reported are directly held by HCN LP and Bardin Hill
Master Fund.  Bardin Hill Partners is the investment manager of
each of the Funds, and pursuant to Investment Management
Agreements, Bardin Hill Partners exercises voting and investment
power over securities directly held by the Funds.  Bardin Hill
Partners GP is the general partner of Bardin Hill Partners.  HCN GP
is the general partner of HCN.  Bardin Hill GP is the general
partner of Bardin Hill Master Fund.  Jason Dillow is the chief
executive officer and chief investment officer of Bardin Hill

A full-text copy of the regulatory filing is available for free at

                   About Spanish Broadcasting

Based in Miami, Florida, Spanish Broadcasting System, Inc.
(OTCMKTS:SBSAA) -- owns and
operates radio stations located in the top U.S. Hispanic markets of
New York, Los Angeles, Miami, Chicago, San Francisco and Puerto
Rico, airing the Tropical, Regional Mexican, Spanish Adult
Contemporary, Top 40 and Urbano format genres SBS also operates
AIRE Radio Networks, a national radio platform of over 250
affiliated stations reaching 94% of the U.S. Hispanic audience.  
SBS also owns MegaTV, a network television operation with
over-the-air, cable and satellite distribution and affiliates
throughout the U.S. and Puerto Rico, produces a nationwide roster
of live concerts and events, and owns a stable of digital
properties, including La Musica, a mobile app providing
Latino-focused audio and video streaming content and HitzMaker, a
new-talent destination for aspiring artists.

Spanish Broadcasting reported net income of $16.49 million for the
year ended Dec. 31, 2018, compared to net income of $19.62 million
for the year ended Dec. 31, 2017.  As of June 30, 2019, the Company
had $454.09 million in total assets, $539.17 million in total
liabilities, and a total stockholders' deficit of $85.07 million.

Crowe LLP, in Fort Lauderdale, Florida, the Company's auditor since
2013, issued a "going concern" opinion in its report dated April 1,
2019, on the Company's consolidated financial statements for the
year ended Dec. 31, 2018, citing that the 12.5% Senior Secured
Notes had a maturity date of April 15, 2017.  Cash from operations
or the sale of assets was not sufficient to repay the notes when
they became due.  In addition, at Dec. 31, 2018 the Company had a
working capital deficiency.  These factors raise substantial doubt
about the Company's ability to continue as a going concern.


LATAM: Economy Challenges Discussed in IDB Panel
EFE News reports that the Inter-American Development Bank (IDB)
brought together a number of prominent Western Hemisphere experts
in digital identity and economic inclusion to discuss the
challenges facing the economy of Latin America in those areas, the
region having some of the worst near-term growth prospects,
according to recent global forecasts.

Those efforts were analyzed in Punta Cana at Foromic, the main
innovation-for-inclusion event in Latin America and the Caribbean,
which aims to finding solutions in three areas that are key to the
region's future: new finance, businesses in transformation and
better lives, according to EFE News.


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
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Information contained herein is obtained from sources believed to
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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,
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