/raid1/www/Hosts/bankrupt/TCRLA_Public/011214.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

            Friday, December 14, 2001, Vol. 2, Issue 244

                           Headlines


A R G E N T I N A

ACINDAR: Argentine Economic Pressure May Force Restructuring
IMPSA: Defaults On Bond Payment Again
SCANIA: Implementing Changes To Reach Competitive Cost Level


B O L I V I A

AGUAS DEL TUNARI: Owners ICSID Arbitration With Bolivian Govt.


B R A Z I L

BELL CANADA: Shares Plunge After Announcement Of Planned Sale

COPENE: Issues Correction Statement On YE Financial Projections
EMBRAER: Limits Employees' Use Of Email, Internet Access
EMBRATEL: Stocks Likely To Repeat Last Year's Weak Performance
GLOBO CABO: Stocks Heading For Bovespa's Worst Performers
SCANIA: To Raise Prices, Cut Brazilian Workforce By 10 Percent
VARIG/TRANSBRASIL/VASP: Government Expresses Willingness To Help


C H I L E

MUSIMUNDO CHILE: Griffiths Pays $612,000 For Assets
TELEFONICA CTC: Parties Applaud Ruling Over Tariff Decree
TELEFONICA CTC: Ruling Won't Put An End To Legal Wrangling


C O L O M B I A

AVIANCA/ACES: Colombia Approves Proposed Merger


M E X I C O

BANCA CREMI/UNION/ORIENTE: Loans To Be Put On Sale By IPAB
DAIMLERCHRYSLER: To Transfer PT Cruiser Production To Mexico
SEPOMEX: Courier Companies Shun Legislators' Reform Proposal


P A R A G U A Y

ANTELCO: Privatization Requires $400M


P E R U

NUEVO MUNDO: Local Consultancy Initiates Liquidation Process



     - - - - - - - - - -


=================
A R G E N T I N A
=================

ACINDAR: Argentine Economic Pressure May Force Restructuring
------------------------------------------------------------
The $65 million a year Acindar Industria Argentina de Aceros SA
pays in interest on its $400 million debt, seems likely to cause
either a default or restructuring of its debt. Alternatively, the
company may seek fresh capital to continue operating.

Chief Executive Officer Arturo Acevedo pointed out these possible
scenarios if the economic situation in Argentina continues to
defy recovery.

"We're using 100 percent of our money to pay off our debts," said
Acevedo. "If the economy doesn't improve, we can only survive
another year-and-a-half."

"Argentina's economy doesn't look like its going to improve
anytime soon, and there's only so long a company like Acindar can
hold out," said Christian Reos, who analyzes the Company for
brokerage Allaria Ledesma & Cia.

In the past 12 months, the Company's 11.25 percent bonds due in
2004 have dropped 21 percent and now yield 47 percent. The stock
has fallen 76 percent this year to 19 centavos, compared with a
43 percent decline in the benchmark stock index.

Acindar, 21 percent owned by Brazil's Cia Siderurgica Belgo-
Mineira, a unit of Arbed SA of Luxembourg, lost money the past 11
quarters. The company has managed to cover this year's debt
payments with $106 million in new cash and bonds from Belgo-
Mineira.

To trim losses and cover future debt payments, Acindar has cut
administration workers' salaries 20 percent and is trying to sell
a wire plant for as much as $80 million. A 22 percent decline in
its average sales price over the past three years has added to
its problems.

"It's had a raw deal," said Richard Segal director of research at
Exotix Ltd., ICAP Plc's London-based debt brokerage. "It's been
hit from all sides."

Meanwhile, the Company is also worried that government
restrictions initiated last week on overseas money transfers
would make it impossible to pay interest on loans and dividends.


IMPSA: Defaults On Bond Payment Again
-------------------------------------
Industrias Metalurgicas Pescarmona SA (Impsa), an Argentine power
plant builder, said it failed to pay $8 million in principal and
about $1 million in interest on a commercial paper that came due
December 11.

This is the second time this week that the Company missed a bond
payment. Impsa also missed a bond interest payment due November
30 for which it had been granted a 10-day grace period.

The Company said government rules implemented December 1 that
require central bank approval for money transfers overseas forced
the company to miss the deadlines.

However, analysts believe that the Company had other reasons for
missing the payments.

The first payment -- $7 million of interest due on Impsa's 9 1/2
percent bond that matures next year -- came due a day before the
restrictions were announced.

"I don't think that the authorization process was the only issue
facing the Company in making the choice of not making the
interest coupon and the commercial paper payments," said Daniel
Lerner, a high-yield bond analyst at Bear Stearns.

"It's clear and well known that Impsa is in a complicated overall
situation," said Marcos Devoto, a debt analyst at Banco Rio de la
Plata SA.

Before the missed payments, the company had been considering
selling assets to help pay its obligations, analysts said. Impsa
said in July that it planned to sell $50 million of assets to
help buy back most of its bonds due in 2002.

"The repayment of the bonds may be more dependent on the
possibility of selling assets or other alternatives," said Marta
Castelli, an analyst at Standard & Poor's.

Earlier this week, S&P cut its rating on Impsa's senior unsecured
debt, including the 9 1/2 percent bond, to "D" from "CC" and the
company's credit rating to "selective default" from "CC."


SCANIA: Implementing Changes To Reach Competitive Cost Level
------------------------------------------------------------
Sodertalje, Sweden-based Scania continues to restructure its
Latin American operations as it struggles to return to a profit
in the region amid slumping demand for its products.

In a press release, the Company said it will be taking action in
Argentina to bring about considerable cost reductions necessary
to achieve a competitive cost level. Altered work-hours were
already implemented earlier this year for the 700 employees at
the production plant in Tucuman. However, the move has not had a
sufficient effect, so further measures will be implemented.

Additional measures in the Argentinean marketing organization
will also be implemented due to the general economic situation in
the country.

Scania is one of the world's leading manufacturers of trucks and
buses for heavy transport applications, and of industrial and
marine engines. With 26,900 employees and production facilities
in Europe and Latin America, Scania is one of the most profitable
companies in its sector. In 2000, turnover totalled SEK 53,800
million and the result after financial items was SEK 4,500
million. Scania products are marketed in about 100 countries
worldwide and some 95 percent of Scania's vehicles are sold
outside Sweden.

CONTACT: Scania
         Hans-Ake Danielsson, +46 8 553 856 62
         e-mail: hans-ake.danielsson@scania.com



=============
B O L I V I A
=============

AGUAS DEL TUNARI: Owners ICSID Arbitration With Bolivian Govt.
--------------------------------------------------------------
International and local owners of Aguas del Tunari have requested
arbitration to settle their dispute with the Government of
Bolivia. The dispute arose from the Government's unilateral
termination of Aguas del Tunari's 30-years concession contract
signed in 1999 for water services to the City of Cochabamba.

Aguas del Tunari includes Bolivian shareholders (5% each),
Abengoa of Spain (25%) and International Water Holdings B.V. from
The Netherlands (55%). The latter is owned in equal shares by
Edison SpA from Italy and Bechtel Enterprises from the U.S.A.

After several months of negotiation, the Government of Bolivia
has been unable to compensate Aguas del Tunari for the losses
that the Company suffered.

Aguas del Tunari applied (in November 2001) for arbitration by
the International Centre for Settlement of Investment Disputes
(ICSID). ICSID is one of the most respected independent
international courts of arbitration. Complying with ICSID
guidelines, Aguas del Tunari quantified the size of its damages
as more than $25 million.

"We seek a settlement that compensates us for the government
having expropriated this 30-years' concession," said Keith
Donald, General Counsel for International Water. "Resolving this
issue through an independent body such as ICSID ultimately
maintains both the rule of laws and the incentive for a good
management of private investments in public services. It is fair
to investors and helps maintain the ability of governments to
attract foreign investment that will improve the quality of life
for their citizens."

CONTACT:  Tim Lowe on + 31 (0) 20 654 1817
          E-Mail: timclowe@inwat.com




===========
B R A Z I L
===========

BELL CANADA: Shares Plunge After Announcement Of Planned Sale
-------------------------------------------------------------
Shares of South American mobile phone network operator Bell
Canada International Inc. (BCI) fell 26 percent on Wednesday
after parent BCE Inc. unveiled plans to get rid of its stake in
the money-losing company, reports Reuters.

With the disposal of BCI, through a sale or a share spin-off to
BCE shareholders, BCE would be throwing in the towel after
investing some C$1.8 billion in Latin America through BCI.

"It's not part of the core business for BCE and therefore we want
to limit the amount of investment that is made," said Bill
Anderson, president of BCE Ventures.

BCI shares fell 47 Canadian cents, or 26 percent, to C$1.34 in
Toronto, and slipped 27 cents to 89 cents on Nasdaq on Wednesday.

BCI shares risk being delisted from Nasdaq if they remain below
$1 for 30 straight days. Delisting the shares would limit their
liquidity, but Nasdaq has waived the minimum price rule until
Jan. 2.

BCI owns stakes in Brazil's mobile operators Americel and Telet
and partners with SBC Communications in the Telecom Americas
venture.

CONTACT:  Media:
          Peter Burn
          Vice-President, Corporate Affairs
          Phone: (514) 392-2357
          Peter.burn@bci.ca
          or
          Investors:
          Brian Quick
          Vice-President, Finance
          Phone: (514) 392-2369
          brian.quick@bci.ca


COPENE: Issues Correction Statement On YE Financial Projections
---------------------------------------------------------------
COPENE - Petroquimica do Nordeste S.A. (NYSE:PNE; BOVESPA:CPNE5)
made the following correction to a statement it issued on
December 11, 2001.

One of the line items in the table below, which shows select
year-end financial projections for COPENE for fiscal year 2001,
should read: "Other Operating (Expenses) / Revenues." It
originally erroneously read: "Operating income (loss)." All
figures discussed in this announcement are in millions of
Brazilian Reais (R$) and based on Brazilian Corporate Law.

In millions of Brazilian Reais (R$)

Net sales                                                  3,698

Cost of goods sold                                       (3,117)
              Variable costs                             (2,834)
              Fixed costs                                  (146)
              Depreciation                                 (137)

General and administrative expenses                        (192)
                  Disbursable Expenses                     (175)
                  Depreciation/ Amortization                (17)

Other Operating (Expenses)  /  Revenues - net                (4)

CONTACT:  COPENE Petroquimica do Nordeste S.A.
          Carlos Augusto de Oliveira Freitas, +55-71-632-5847
          caof@copene.com.br                 
          or
          Breakstone & Ruth International
          Luca Biondolillo, 646/536-7018                          
          Lbiondolillo@breakstoneruth.com     



EMBRAER: Limits Employees' Use Of Email, Internet Access
--------------------------------------------------------
Embraer is cutting the use of e-mail and Internet access by its
employees as part of an effort to reduce costs by 30 percent,
says South American Business Information.

In addition, the Brazilian aircraft manufacturer is also planning
to slash by 20 percent the use of office materials and travel
expenses, and another 30 percent by reducing temporary manpower
contracting.

These cost cutting measures are being implemented by Embraer in
order to avoid more layoffs after sacking 1,800 employees in
October.

The Company's order book for 2002 has dropped from 220 aircraft
to 130.

South American Business Information also revealed that Embraer is
still in the running for the contract for new fighter planes for
the Brazilian air force, a competition it shares with five
foreign companies.

To see company's latest financial statements:
http://www.bankrupt.com/misc/Embraer.pdf

CONTACTS:  Investor Relations Department
           Phone: 55-12-3945-1216
           e-mail: mercapit@embraer.com.br

           Press office
           Phone: +55 12 3945 1311
           Fax: + 55 12 3945 2411
           Press office mgr. Bob Sharp
           bob.sharp@embraer.com.br

           Press officer Wagner Gonzalez
           wagner.gonzalez@embraer.com.br


EMBRATEL: Stocks Likely To Repeat Last Year's Weak Performance
--------------------------------------------------------------
Brazil's long distance phone giant Embratel's shares are shaping
up to be among the poorest performers on the Sao Paulo Stock
Exchange's benchmark Bovespa for the second year running, says
Reuters.

Embratel is set to repeat last year's weak performance due to
factors such as increased debt costs and a weak economy.

Figures from financial consulting agency Economatica show that
Embratel's shares have plunged 67.1 percent so far this year to
close at 9.20 reais on Tuesday, off a year-high of 34.80 reais.

According to Ricardo Ventrilho, an analyst at Itau brokerage,
Embratel has had to face a tough macroeconomic scenario this year
given the sharp depreciation of the Brazilian real, and an
increase in nonpaying accounts only made worse by problems with
the Company's debt collection system.

The Company has also faced stiffer competition and a price war
against long distance telephone operator Intelig, said Cleber
Sbarofate, an analyst at Banco Brascan.

Last week, Embratel said it would take a 605 million reais charge
(US$256 million) attributed to equity revaluation and provisions
for bad debts. Losses for the first nine months of 2001 stand at
267.4 million reais (US$113 million).

To see company's financial statements:
http://www.bankrupt.com/misc/Embratel.pdf

CONTACT:  Embratel Participacoes S.A.
          Investor Relations
          Silvia M.R. Pereira, (55 21) 2519-9662
          fax: (55 21) 2519-6388
          invest@embratel.com.br
          or
          Press Relations
          Wallace Borges Grecco, (55 21) 2519-7282
          fax: (55 21) 2519-8010
          cmsocial@embratel.net.br


GLOBO CABO: Stocks Heading For Bovespa's Worst Performers
---------------------------------------------------------
Just like the stocks of Embratel, Globo Cabo's stocks are
seemingly shaping up to be among the poorest performers on the
Sao Paulo Stock Exchange's benchmark Bovespa for the second year
running.

According to a Reuters report, Globo Cabo's shares have slid 61
percent to 79 centavos, off a year high of 2.44 reais.

The 20-percent plus depreciation of the real has taken its toll
on Globo Cabo. With nearly 60 percent of its debt indexed to the
dollar, the weak real magnifies debt costs.

Globo Cabo reported losses for the first nine months of the year
of 659.5 million reais ($279 million), or a 144.5 percent
increase on losses from the same period last year.

"Only 14 percent of debt was hedged," said Cleber Sbarofate, an
analyst at Banco Brascan.

Analysts said the fall in the Company's stocks was also a result
of dashed expectations for big market gains.

"The stock exploded in 1999 until investors realized that it was
overvalued. And the Company went into debt in order to finance
the installation of its network, which took a toll on it the last
two years," Sbarofate said.

This year's poor economic scenario in Brazil, which included
slowing growth, high interest rates and the weak currency, also
hurt Globo Cabo's plans to increase subscribers.

"The Company had hoped to grow between 10 and 12 percent this
year. Now, they are looking at zero growth or even worse,"
Sbarofate said.

Speculation is rife in the market that Globo Cabo might secure a
strategic partner.

To see company's financial statement: http://media.corporate-
ir.net/media_files/nsd/glcby/reports/3Q01_financials_Eng.pdf

CONTACT:  investors, Luis Henrique Martinez, 5511-5186-2684,
           or lmartinez@globocabo.com.br,
           or Marcio Minoru, 5511-5186-2811, or
           minoru@globocabo.com.br,
           both of Globo Cabo S.A.


SCANIA: To Raise Prices, Cut Brazilian Workforce By 10 Percent
--------------------------------------------------------------
Scania AB announced it is raising the prices of trucks and buses
in Brazil by 25 percent.

The price increase is being implemented to compensate for the
depreciation caused by a near 30-percent weakening of Brazilian
currency against the US dollar over the past year. About 60
percent of the components used in Latin American production are
invoiced directly or indirectly in USD.

"Over the past few years, the Brazilian price level has dropped
significantly in relation to the world price for heavy trucks,
and the industry must now compensate for this through price
rises," explains Arne Carlsson, President of Scania Latin
America.

Cost cutting measure will include a workforce reduction in Brazil
with 240 employees being offered redundancy pay. Meanwhile, new
work-hours are to apply as of 1 January 2002 to suit the current
economic climate. The production and marketing units in Sao Paulo
employ about 2,300 people.


VARIG/TRANSBRASIL/VASP: Government Expresses Willingness To Help
----------------------------------------------------------------
A Brazilian government minister revealed that the administration
is willing to help the nation's airlines, such as Varig,
Transbrasil and VASP, overcome the economic crisis besetting them
if they presented a restructuring plan, reports Reuters.

"It would be an irresponsible on the part of the government to
spend taxpayer money on something which has no solution," said
Development, Industry and Commerce Minister Sergio Amaral.

For months, Brazilian airlines have called for government help in
overcoming the crisis besetting them as a result of their
unmanageable debts. The situation was exacerbated by the
September 11 terrorist attacks on the United States, which dealt
a blow to the airline industry worldwide.

Varig, Transbrasil and VASP - three of the country's four biggest
airlines - have dropped several routes over the past few months.
The latter two have ceased all international flights.



=========
C H I L E
=========

MUSIMUNDO CHILE: Griffiths Pays $612,000 For Assets
---------------------------------------------------
The British group Griffiths Music acquired the assets of the
bankrupt Chilean subsidiary of the Argentinean record company
Musimundo in a transaction valued at $612,000, reports El
Cronista.

Griffiths only rival in the bidding was the Argentinean company
Laser Disc, which offered US$406,000.

At the start of the process, creditors of the Company were
expecting to sell Musimundo for $2.25 million.

Musimundo, controlled by Exxel group, filed for creditor
protection in August with a debt load of $206.4 million. The
Company was allowed by the courts to continue operating, with
substantial cuts in personnel (40 percent) and salaries (50
percent).


TELEFONICA CTC: Parties Applaud Ruling Over Tariff Decree
---------------------------------------------------------
The ruling recently issued by the Comptroller General rejecting a
petition from the Economy and Telecommunications Ministries to
modify Telefonica CTC Chile's regulated interconnection fees and
local rates appears to have pleased all parties concerned.

In a statement issued Wednesday morning, CTC said the
Comptroller's findings supported its arguments that the 1999
decree is flawed: "The errors reported by Telefonica CTC Chile
faithfully meet the said conditions and have been demonstrated in
a categorical manner. It is now up to authorities to make their
final decision in this matter."

Competitors - Entel, AT&T Latin America, and VTR GlobalCom - told
local press that the ruling effectively quashes CTC's arguments.

"This (ruling) put an end to CTC's attempts to change the rules
of the game, removing the uncertainty that has been hanging over
the sector," said Entel CEO Richard Buchi.


TELEFONICA CTC: Ruling Won't Put An End To Legal Wrangling
----------------------------------------------------------
Even though Chile's Comptroller General has already issued a
ruling on the decree governing incumbent operator Telefonica CTC
Chile's tariff system, analysts expect that the Company, its
competitors, as well as the government, are likely to continue
squabbling.

"While the (Comptroller's) ruling limits how (that discussion)
will proceed, it will by all means continue," Barbara Angerstein,
telecoms equity analyst for local brokerage Celfin, said. "The
discussion will revolve around whether there are errors in the
decree and if so, is it necessary to issue a new decree."

"This (ruling) is good for the competition and bad for CTC, but
it isn't the end of the story. I have the impression that this
will continue and CTC will look for any legal opening," said
Mariela Iturriaga, head of research for local brokerage BBVA
Corredores de Bolsa BHIF.

"CTC will not stop fighting (the decree) and competitors will
continue to oppose CTC. Unfortunately, this introduces
uncertainty in the market which affects all of the players: CTC,
Entel, etc. This "noise" is bad for the market," Iturriaga said.



===============
C O L O M B I A
===============

AVIANCA/ACES: Colombia Approves Proposed Merger
-----------------------------------------------
The Colombian government has finally given a green light on the
proposal to merge the Andean nation's two largest airlines,
Avianca and Aces, reports Reuters.

The Civil Aviation department imposed some conditions on the
merger, including continued service to all existing domestic
routes, but it largely jettisoned market monopoly concerns, which
had thwarted the airlines' first merger attempt in June.

The regulator also asked the two airlines to keep separate brand
names.

Analysts welcomed the decision, saying that the government had
finally thrown the debt-laden carriers a much-needed lifeline
that may have prevented their collapse.

"It's essential ... Avianca and Aces together will survive.
Independently, there was a big question mark," said Bobby Booth,
president of Aviation Management Services in Miami.

Combined operations will give the two companies a fleet of 56
planes and more than 70 percent of the $700 million domestic
market.



===========
M E X I C O
===========

BANCA CREMI/UNION/ORIENTE: Loans To Be Put On Sale By IPAB
----------------------------------------------------------
Around four thousand credits belonging to Banca Cremi, Banco
Union and Banco de Oriente are expected to be put on the block by
the Mexican bank bailout agency IPAB, reports Mexico City daily
Reforma.

"We're dealing with about 4 thousand credits that will be offered
in one package," said IPAB.

The report informs that rules for the sale of the package of
commercial, industrial, housing and consumer credits will be
available between December 17 and 25 from sale agent Ruiz,
Urquiza and Cia.

According to IPAB, restrictions for the sale process are the same
as in the past, forbidding the participation of people including
officials, employees of institutions that IPAB participates.

Banca Cremi, Banco Union and Banco de Oriente are all in the
process of being liquidated.


DAIMLERCHRYSLER: To Transfer PT Cruiser Production To Mexico
------------------------------------------------------------
DaimlerChrysler AG is hoping for a successful conclusion by next
year of the talks it is currently in with Austrian company Magna
Steyr, reports AFX.

The Company is looking to sell its Eurostar plant in Graz,
Austria, to Magna Steyr. The plant has annual production capacity
of 80,000 units and employs about 2,000 workers.

"If the deal with Magna Steyr is closed, then we would transfer
the production of the (Chrysler) PT Cruiser from Eurostar to
Toluca (Mexico), where we have increased our capacity," a company
spokesman said.

According to the spokesman, the Chrysler Voyager minivan would
then be made by Magna Steyr on behalf of DaimlerChrysler.

Magna Steyr now makes the Jeep Grand Cherokee, as well as other
Mercedes-Benz cars at another plant in Graz.

DaimlerChrysler started production of the PT Cruisers in Graz
only five months ago. About 35,000 cars were planned to be made
this year and were destined for Europe.


SEPOMEX: Courier Companies Shun Legislators' Reform Proposal
------------------------------------------------------------
Mexico's private courier industry blasted proposals by
legislators to reform the Postal Service Law in order to provide
more support for the Mexican Postal Service (Sepomex), reports
Mexico City daily Reforma.

Companies like Federal Express, United Parcel Service, DHL and
Estafeta criticized suggestions that Sepomex should be protected
through monopolistic measures. According to courier companies,
which are under the Mexican Association of Courier Companies,
competition should be based on price, and not on monopolistic
licenses.

Legislators have suggested that only Sepomex, which registered
third-quarter losses of 163 million pesos, should be able to
handle deliveries of articles weighing less than 350 grams.



===============
P A R A G U A Y
===============

ANTELCO: Privatization Requires $400M
-------------------------------------
The privatization of the Paraguayan telephone company Copaco,
previously known as Antelco, requires some $400 million, reports
South American Business Information.

Copaco is to be privatized at a starting price of $200 million.
However, its future operator will have to invest at least an
additioanl $200 million in order to reactivate the Company's
operations.

Antelco had its assets divided with the creation of Copaco
(Compania Paraguaya de Comunicaciones), a company 100 percent
owned by the Paraguayan State. Assets not related to the telecoms
business were transferred to the State.



=======
P E R U
=======

NUEVO MUNDO: Local Consultancy Initiates Liquidation Process
------------------------------------------------------------
A spokesperson from Peru's banking regulator's office confirmed
that the local consultancy Consorcio Administrare - CMS
Consultores y Administradores has started this week the
liquidation of intervened Peruvian bank Banco del Nuevo Mundo,
says Business News Americas.

The bank's liquidation was began after 12 months of being held in
government receivership.

According to the spokesperson, the process is expected to take
about two years - which is normal in Peru - during which time the
consultancy will recover and sell-off the bank's assets.

Nuevo Mundo is one of two banks that the government intervened in
early December 2000 after a deposit run triggered by political
instability after former President Alberto Fujimori went into
voluntary exile in Japan.

However, its intervention did not conclude amicably because
lawsuits from the former owners to regain control of the bank
interrupted the process on several occasions.

Although the regulator won the legal battle, the only interested
buyer for Nuevo Mundo lost interest, forcing the bank's ultimate
liquidation.




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 American is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ,
and Beard Group, Inc., Washington, DC. John D. Resnick and Edem
Psamathe P. Alfeche, Editors.

Copyright 2001.  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 $575 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 $25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


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