/raid1/www/Hosts/bankrupt/TCRLA_Public/020115.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, January 15, 2002, Vol. 3, Issue 10
Headlines
A R G E N T I N A
ACINDAR: Belgo-Mineira To Restructure $400M In Debts
ARGENTINE BANKS: Banking Freeze Must Stay, President Rules
BANCA NAZIONALE: Government Ban Constrains Debt Paying Ability
BANCO RIO: SCH Has Until January 15 To Decide On Rio Stake
CTI: Verizon Undecided On Support Measures
FIAT: To Slash Argentine Production, Up Brazilian Output
B A R B A D O S
CARIBBEAN MEDIA: Board Announces Temporary Closure Of Operations
B O L I V I A
COTEL: Superintendecy Wants $1.5M Guarantee to Retain License
LAB: Auditors Begin Scrutiny of Accounts
B R A Z I L
VARIG: Continues Partner Search, Seeks Capital Restructuring
C H I L E
TELEX-CHILE: Unit Aims To Stop Financial Bleeding This Year
TELEX-CHILE: Chairman Forecasts Financial Solutions Imminent
M E X I C O
AHMSA: Struggles To Lift Suspension of Debt Payments
AHMSA: Insists Deal With CFE Is Legal
BANCA QUARDRUM: Doomed For Liquidation
BANCRECER: Banorte Changes Management, Announces Branch Closures
CINTRA: Looks To Restructure Future Payments With U.S. Creditors
INT'L THUNDERBIRD: Re-Opens Mexican Ops After Ruling News
T R I N I D A D & T O B A G O
BWIA/LIAT: Finalize Strategic Alliance
- - - - - - - - - -
=================
A R G E N T I N A
=================
ACINDAR: Belgo-Mineira To Restructure $400M In Debts
----------------------------------------------------
Belgo-Mineira steel company is looking to restructure the debts
of its Argentine subsidiary Acindar, with the definition of the
country's new exchange policy, reports O Globo. A consulting firm
will soon be contracted to undertake the restructuring.
Acindar, which declared selective default on its debts last
December, has $400 million in total liabilities. Faced with new
exchange and currency policies at hand, re-negotiating its
finances is not any easier.
Among its creditors is the International Finance Corporation, to
whom it owes $100 million. Another $100 million is connected to a
bond issue and the remaining $200 million is in loans from
Brazilian and foreign banks.
Belgo hopes that there will be a mechanism developed in Argentina
to allow companies like Acindar to defer losses incurred from the
exchange rate modification.
CONTACTS: Jose I. Giraudo, Investor Relations Manager.
Acindar S.A.
Tel. (54 11) 4719 8674
Andrea Dala
Investor Relations Officer
Acindar S.A.
(54 11) 4719 8672
ARGENTINE BANKS: Banking Freeze Must Stay, President Rules
----------------------------------------------------------
President Eduardo Duhalde said on Sunday that a banking freeze
blocking Argentines' access to their savings must remain intact
to protect the weakened banking system, the AP reports. Duhalde
likened the nation's freeze on deposits to a "time bomb" that
could explode if dismantled.
"This damn little corral (on deposits) is a time bomb," Duhalde
said. "If the bomb explodes, no one will be paid anything. The
first responsibility of the state is to prevent the explosion."
Duhalde has frozen more than a third of Argentina's $67 billion
bank deposits for up to 21 months and may force depositors to
turn their dollar accounts into pesos at below market rates in
order to prevent a collapse of the banking system.
The government, which has Congressional authority to set monetary
policy for two years, also wants to restrict access to cash in
order to prevent a deeper devaluation of the peso, which weakened
by 44 percent on Friday despite the banking limits.
Duhalde said he will begin talks for new loans from the
International Monetary Fund once the nation's 2002 budget is
approved. The budget is expected to be sent to Congress as soon
as this week.
"First we have to return to being a normal country, which we
aren't," Duhalde said. "From the monetary fiscal point of view,
we have ceased being a normal country."
BANCA NAZIONALE: Government Ban Constrains Debt Paying Ability
--------------------------------------------------------------
Italy's Banco Nazionale de Lavoro (BNL), one of many foreign
banks doing business in Argentina's troubled monetary climate,
has the largest exposure in the embattled country, according to a
Fitch report. Argentina is currently grappling with a financial
crisis that has forced two presidents to resign amid public
protests and rioting.
BNL missed debt payments on December 27, according to Fitch
analyst Santiago Gallo, after the Argentine government imposed
strict rules on currency transfers. However, Fitch does not view
failure to make payment in these cases as actual default.
The report indicates the BNL group should be capable of making
payment and emerging from the crisis. However, BNL is recovering
from high levels of doubtful loans, undistinguished profitability
and a thin capital base, all of which restrict the bank's ability
to absorb large financial trauma.
CONTACTS: Luigi Abete, Chairman
Davide Croff, Managing Director, CEO
Ricardo Lupe, CFO
BNL Address:
Via Vittorio Veneto, 119
Rome, Italy
Phone: +39-(0)06-47-02-1
Fax: +39-(0)06-47-02-7336
http://www.bnl.com.ar
BANCO RIO: SCH Has Until January 15 To Decide On Rio Stake
----------------------------------------------------------
Santander Central Hispano SA, Spain's biggest bank, is running
out of time to decide if it will exercise an option to buy the
rest of Banco Rio de la Plata SA.
According to a Bloomberg report, Santander has until January 15
to decide if it will purchase the 18.5 percent of the Argentine
bank it doesn't already own. To this point, Santander has
remained undecided.
Santander and other Spanish companies, such as Telefonica SA and
Endesa SA, have invested heavily in Argentina in recent years and
are now exposed to losses from their businesses in the South
American country because of the devaluation of the Argentine
currency.
Meanwhile Banco Rio has had its credit ratings downgraded by
three top rating agencies in the recent weeks due to rapidly
deteriorating economic, financial and social conditions in
Argentina.
CONTACTS: BANCO RIO
Ana Patricia B. S. de Sautuola y O'Shea, Chairman
Jose L. E. Cristofani, Executive Vice Chairman and CEO
Pablo Caride, Corporate Finance
Bartolome Mitre 480
1036 Buenos Aires, Argentina
Phone: +54-(0)14-341-1081-1580
Fax: +54-(0)14-341-1074-1084
LEGAL ADVISOR:
Shearman & Sterling
599 Lexington Avenue
New York, NY 10022-6069, USA
Tel: (+1 212) 848-4000
Fax: (+1 212) 848-7179
Firm Managing Partner: Robert C. Treuhold
SANTANDER CONTACT OFFICE: Investor Relations
Seat of Canalejas nA 1, 5A plants
28014 Madrid. EspaA¤a
Email: investor@gruposantander.com
Tel. + 34 91 558 13 69
+ 34 91 558 10 05
Fax. + 34 91 558 14 53
+ 34 91 522 66 70
CTI: Verizon Undecided On Support Measures
------------------------------------------
The American telecoms firm Verizon's indecision as to what kind
of financial support it will extend to cellular phone operator
CTI Movil led S&P to drop CTI's qualification from `CCC' to `CC'.
Verizon controls 59.5 percent of CTI Movil's shares and financed
the cellular phone operator last year with capital injections
totaling $250 million.
According to CTI, in which the groups Clarin, Blackstone and
Morgan Grenfell also participate, the Company is struggling to
pay huge amounts of debts and is in dire need of a financial
support.
CTI, has invested more than $2 billion since its creation and
reports 1.3 million cellular telephony customers in Argentina.
FIAT: To Slash Argentine Production, Up Brazilian Output
--------------------------------------------------------
Gianni Coda, Italian automaker Fiat's company director for Latin
America, announced that the Company plans to cut production in
Argentina to a minimum this year and next, while increasing
output at its Brazilian plant, EFE reports.
"We're going to use that strategy during the next two years,
which will be the minimum time the Argentine economy will need to
recover," said Coda.
Fiat, which produced 30,000 cars last year in Argentina, will
decrease production during the next 24 months to 12,000 vehicles.
The reduction represents a 40 percent decrease for Argentina but
just 3 percent of the 400,000-unit annual capacity of the firm's
plant in Cordoba province, Coda said.
Last year in Argentina, Fiat managed to sell just 3,000 cars and
export the remaining 27,000 to Brazil. In order to offset the
losses suffered, the automaker will invest some $21 million to
enter new markets in Latin America, mainly in Colombia, Peru and
Ecuador.
Fiat's plant in the Brazilian state of Minas Gerais will produce
the cars for these new markets, and production there is expected
to increase from 25,000 in 2001 to some 50,000 by 2003.
Coda said the only reason Fiat was not reducing production
further or closing the plant in Argentina was that Southern Cone
Common Market (Mercosur) regulations require the Italian
manufacturer to continue to cover certain import and export
quotas in order to continue selling cars in Brazil.
===============
B A R B A D O S
===============
CARIBBEAN MEDIA: Board Announces Temporary Closure Of Operations
----------------------------------------------------------------
In an official press release, the Board of Directors of the
Caribbean Media Corporation recently announced that operations at
the Company are being temporarily closed for re-structuring.
The urgent financial re-structuring is occasioned by a
significant decline in business activities, particularly in the
last few months.
Fifty of the fifty-four members of staff employed to the
organization are laid off. A small team of four is being retained
to work on the speedy re-structuring of the organization.
The team will also work to ensure that committed media projects
will not be jeopardized in the period of closure.
The CMC has for the past 17 months been the region's first and
only multi-media (print, radio, television and Internet) entity,
having been formed to undertake the business operations of CANA
and CBU.
Its temporary closure means the suspension of services of CANA
Radio, CANA Wire and CBU television services.
The Board wishes to advise that the temporary closure decision
was not taken lightly and has come after months of efforts to re-
finance, re-structure and re-capitalise the organization while
continuing regular operations.
It says help from banks, shareholders and some governments in the
region was sought before coming to this decision.
The Board says it regrets that the region's only source of
indigenous news and programming has had to be suspended, and it
looks forward to when it will return to stronger and expanded
operations.
=============
B O L I V I A
=============
COTEL: Superintendecy Wants $1.5M Guarantee to Retain License
-------------------------------------------------------------
La Paz telephone services cooperative Cotel, which is under the
administration of Detecon, needs a $15-million cash injection in
order to expand services and improve competitiveness, reports La
Razon.
The cooperative is facing difficulties in tackling the opening of
the telecoms market. It needs to present a guarantee of $1.5
million to the Bolivian telecoms superintendency, or may face
losing its license to operate fixed telephone services.
Meanwhile, Cotel President Maria Montano is soon to be replaced
in her position by one of the company's advisors.
LAB: Auditors Begin Scrutiny of Accounts
----------------------------------------
Auditors from the Bolivian government who are trying to sort out
alleged fraudulent practices at the national flagship airline LAB
(Lloyd Aereo Boliviano). The company, formerly operated under the
management of VASP (Brazil), is under renewed scrutiny as to its
accounts.
According to a report by La Razon, preliminary figures showed
that VASP managers have mismanaged $40 million from LAB from 1997
- 2001, when it controlled a 50.3 percent stake in the Company.
VASP's position was later sold off to Ernesto Asbun.
The report cites "irregularities" including VASP's sale of shares
to the Bolivian government in the aeronautics telecom system SITA
raising $16 million and running up extra legal expenses of $22
million purchasing reposition parts for aircraft.
Now under new management, LAB is restructuring debts with fuel
suppliers (Air BP), pension funds, and securing the frequency of
flights.
===========
B R A Z I L
===========
VARIG: Continues Partner Search, Seeks Capital Restructuring
------------------------------------------------------------
Talks between Brazil's flagship airline Varig and a number of
potential partners continue, Varig President Ozires Silva
announced in a Reuters report.
"We are working pretty hard toward this goal and we are talking
with possible partners," said Silva.
Silva's announcement came two days after Boeing Co., the world's
largest aircraft maker, denied it had plans to invest in the
airline. According to Silva, Varig was not negotiating with
Boeing nor with General Electric Co.
Varig and Boeing struck a leasing contract in December that
allowed the Brazilian airline to reduce its debt. The contract
contained a clause saying Boeing would consider investing in the
airline.
However, on Tuesday, Boeing denied a Brazilian news report that
said it and General Electric Co. could invest $1 billion in
Varig, eliminating an onerous $830 million debt load. The report
gave Varig shares a boost.
Meanwhile, Silva also announced that Varig continued to negotiate
a restructuring of its capital. Varig's difficulties finding a
partner to take 20 percent of its capital were similar to
problems faced by the airline sector as a whole, particularly
after the September 11 attacks on the United States, Silva added.
VARIG CONTACTS: VARIG Brazilian Airlines, Miami
Jeff Kriendler, 305/866-2115
email: jkriendler@aol.com
Legal Department:
Rua 18 de Novembro nr. 800 Navegantes
Zip : 90240-040
City : Porto Alegre / RS - Brazil
Telephone numbers: (51) 358-7039/7040
(51) 358-7010/7042
INDEPENDENT ACCOUNTANTS
Arthur Andersen S/C
Rua Alexandre Dumas 1981
Cep: 04.717-906 - Centro / Sao Paulo / S P-
Brazil
Tels.: (11) 5504-8200
Fax: (11) 5504-8373
INVESTOR RELATIONS MANAGER/STOCKHOLDER SERVICES
Leir s Stortti
E-mail: leir.stortti@varig.com.br
Av. Almte. Silvio de Noronha, n 365 -
Bloco "A" - s/416
Centro - Rio de Janeiro - RJ
Cep.: 20021-010
Tels.: (21) 3814-5401/5402/5403/5415
Fax: (21) 3814-5543
=========
C H I L E
=========
TELEX-CHILE: Unit Aims To Stop Financial Bleeding This Year
-----------------------------------------------------------
Chilesat, a subsidiary of long distance operator Telex Chile, is
looking to get back in the black this year. The company's plans
include an increase by 25 percent per year in the broadband
business, reports El Diario.
The subsidiary has managed to expand its data communications
capacity by 300 percent by implementing a DWDM technology in the
optical fiber network through a $10-million deal with Cisco and
IBM.
Most of Chilesat's business comes from long-distance operations,
but the performance is far from satisfactory. The company's
losses for the past 5 consecutive quarters have amounted to $24.1
million.
TELEX-CHILE: Chairman Forecasts Financial Solutions Imminent
------------------------------------------------------------
It won't be long before debt-ridden Chilean telecoms group Telex
Chile will be able to disentangle itself from its financial
problems.
In a report released by Estrategia, the Company's new chairman,
Juan Roman, said he expects Telex Chile to find a solution to its
financial woes within two months.
The company is now preparing to be incorporated by Southern Cross
investment fund, awaiting shareholders' approval of a $370-
million capital injection,
Instead of acquiring assets, Southern Cross is purchasing credits
and shares from Telex Chile, with an eye toward a future public
offering.
===========
M E X I C O
===========
AHMSA: Struggles To Lift Suspension of Debt Payments
----------------------------------------------------
Altos Hornos de Mexico (AHMSA) is completing the restructuring of
its debt in New York. By the middle of this week favorable
agreements could be realized, said AHMSA spokesperson Francisco
Orduna, in a Mexico City daily Reforma report.
As a result, the struggling company could lift its suspension of
debt payments by the middle of 2002. AHMSA's creditors have
criticized the Company for the delays in the completion of its
restructuring plan.
On January 4, AHMSA'S committee of bank creditors, headed by
Orlando Loera, sent a letter to AHMSA's Alonso Ancira,
critisizing him for the delay in moving forward with the plan.
AHMSA has delayed the resumption of its debt payments more than
once, first citing complications arising from the events of
September 11, and then because of adjustments to the text of the
agreement with its creditors.
The agreement, which has to yet to be approved by the U.S.
Securities Exchange Commission (SEC), still has to be signed by
AHSMA's accountants, Arthur Andersen, according to industry
sources.
AHMSA: Insists Deal With CFE Is Legal
-------------------------------------
AHMSA Spokesperson Francisco Orduna denied that the deal AHMSA
signed to supply coal to state-owned power utility the Federal
Electricity Commission (CFE) is illegal due to the steel
company's suspension of debt payments, says Mexico City daily
Reforma.
"The agreement that was signed is completely in line with the
law, because the CFE signed it with a subsidiary of AHMSA that is
not under a suspension of payments," said Orduna.
The spokesperson refused to provide the name of the subsidiary
that signed the deal with the CFE but according to a report
released by the same publication, the deal was made through
subsidiary Minera Nueva Rosita, which is not under suspension of
payments.
Mexican law forbids government-owned companies from entering into
contracts with private companies that are under a suspension of
debt payments or that are in a state of bankruptcy.
The AHMSA subsidiary will supply the CFE with 8 million tons of
coal for its Lopez Portillo and Carbon I and II plants, which
supply about 4 percent of the nation's electricity.
BANCA QUARDRUM: Doomed For Liquidation
--------------------------------------
The financial regulator the National Banking and Securities
Commission (CNBV), at a February shareholders' meeting, will
demand shareholders put up 850 million pesos to keep intervened
Mexican bank Quadrum afloat.
However, according to a report released by Mexico City daily
Reforma, the bank's shareholders, headed by John Detmold, are
likely to balk at the idea. The amount of financing required
seems even more unattractive given that the unfavorable economic
environment.
The likelihood that Ricardo Salinas' Elektra would be willing to
put up the cash is also considered very small.
As a likely consequence, the bank, currently under the
intervention of the CNBV, will pass into the hands of bank
bailout agency IPAB for liquidation.
CONTACT: Ignacio Nunez, Acting CEO
Joaqu¡n Mendoza, CFO
Boulevard Manuel Avila Camacho
#76, Lomas de Chapultepec
11010 M,xico, D.F., Mexico
Phone: +52-5552845500
Fax: +52-5552845694
or
Ernesto Rodriguez, Investor Relations
Tel. 52-55-5284-5693
erodrigu@quadrum.com.mx
BANCRECER: Banorte Changes Management, Announces Branch Closures
----------------------------------------------------------------
Grupo Financiero Banorte, which took formal possession of
Bancrecer on January 2 this year, named Federico Valenzuela Ochoa
CEO of the new acquisition, reports Mexico City daily Reforma.
According to Banorte CEO Othon Ruiz Montemayor, Valenzuela, who
is also head of Banorte's Banco Mercantil del Norte, will be head
of Bancrecer for as long as the bank continues to exist.
Carlos Septien Michael, Bancrecer's former CEO, was moved to the
post of Banorte's vice president, reporting directly to Chairman
Roberto Gonzalez Barrera.
Meanwhile, Banorte's recent acquisition of Bancrecer will result
in the closure of 70 branches. A decision on which branches will
survive will be made during the first quarter, said Montemayor.
The two banks' have a total of 1,207 branches and 2,486 automatic
tellers. In the third quarter of 2001, Banorte warned that it
could close as many as 250 branches as a result of the
acquisition.
According to the Banorte CEO, the number of branches being
considered for closing has been reduced. Banorte will weigh the
possibilities of bringing the remaining branches up to a level of
equilibrium through heavy business promotions. The first stage of
the merger is to eliminate duplication at management levels,
Montemayor added.
CONTACTS: BANORTE
Institutional Investors
Jorge Col¡n
Director de Relaciones con Inversionistas
(528) 319 52 10
Gabriela Renovato
Gerente de Relaciones con Inversionistas
(528) 319 52 19
E-mail: investor@banorte.com
Fax.- (528) 319 52 35
Correspondent Bank
Eduardo Gonz lez
Vice Presidente de Banca Internacional
(528) 319 62 07
Claudia Zapata Cant£
Gerente de Bancos Corresponsales
(528) 319 62 65
e-mail: claudia.zapata@banorte.com
Fax.- (528) 319 62 43
Brokerage House
Gerardo Molina
Vice Presidente de An lisis
(52) 53 25 28 40
Fabiola Molina
Analista del Sector Burs til
(52) 53 25 28 00 ext.2656
E-mail: fvmolina@cbbanorte.com.mx
Fax.- (52) 53 25 29 54
CINTRA: Looks To Restructure Future Payments With U.S. Creditors
----------------------------------------------------------------
Airline holding company Cintra, which owns Mexicana and
Aeromexico, is in talks with U.S. debt holders for a possible
restructuring of future debt payments, says Mexico City daily
Reforma.
BBVA-Bancomer analyst Carlos Perezalonso said that Cintra has
been making good on its debt payments. However, there are
apprehensions about the future of the Mexican airline industry,
and investors are concerned about Cintra's future ability to meet
its financial obligations.
Cintra has already admitted that both Mexicana and Aeromexico
will not be able to comply with some of their obligations linked
to a debt program.
Cintra, which analysts expect to close the year with net losses
amounting to almost 1 billion pesos, blames its financial
situation is a result of the world economic recession stemming
from the September 11 terrorist attacks in the United States.
CONTACTS: Jaime Corredor Esnaola, Chairman
Juan Dez-Canedo Ruiz, CEO
Rodrigo Ocejo Rojo, CFO
Xola 535, Piso 16, Col. del Valle
03100 M,xico, D.F., Mexico
Phone: +52-5-448-8050
Fax: +52-5-448-8055
OR
C.P. Francisco Cuevas Feliu, Investor Relations
Xola 535, Piso 16
Col. del Valle
03100 M,xico, D.F.
Tel. (52) 5 448 80 50
Fax (52) 5 448 80 55
infocintra@cintra.com.mx
INT'L THUNDERBIRD: Re-Opens Mexican Ops After Ruling News
--------------------------------------------------------------
In an official company press release, International Thunderbird
Gaming Corporation (TSE:INB.) announces the following update
concerning the Company's operations in Mexico:
The Company's skill game operation in Reynosa re-opened as of
January 8th. The company had voluntarily closed the operation due
to uncertainties brought about by Gobernacion's position that the
facility was operating illegally. However, there is a media
report in Mexico that a skill game operator succeeded in its
legal challenge in a case before a Mexican Court with applicable
jurisdiction late in December 2001. According to the report, the
Court ruled that Gobernacion did not have jurisdiction over skill
machines. The skill machine operations referenced in the media
report are operating again in Ciudad Juarez and in Mexico City.
The opening of these facilities is strong evidence of the
importance of this case because this operator is the only other
known skill game operator in Mexico. The media report of the
Court ruling is clear that the legality of operation of skill
machines was resolved in favor of the operator.
In the Company's Amparo proceeding in Reynosa, Gobernacion
alleged that they had not made and were not making any threat to
close the Reynosa facility. This assertion was made after
Gobernacion already closed our facilities in Matamoros and in
Nuevo Laredo. In light of these new developments, the Company
hopes to continue to operate an enjoyable and safe recreational
activity for the people of Reynosa. In addition, the Company will
continue to pursue its claims against the Government of Mexico to
allow the immediate reopening of the Matamoros and Nuevo Laredo
facilities.
Thunderbird is aggressively researching the Court's ruling
referenced in the media report, and its implications for
Thunderbird's operations in Nuevo Laredo and Matamoros. Further
research is necessary to determine the impact on Thunderbird's
operations and legal cases. The government may continue to act in
an arbitrary manner, as we have no assurances that the government
will respect a decision of its Court.
International Thunderbird Gaming Corporation is an owner and
manager of international gaming facilities. Additional
information about the Company is available on its World Wide Web
site at www.thunderbirdgaming.com.
CONTACT: International Thunderbird Gaming Corporation
Alex Winch, 416/712-1488 or 858/451-3637
E-mail: info@thunderbirdgaming.com
OR
Jack R. Mitchell, President and CEO
11545 West Bernardo Court
Suite 307
San Diego, CA 92127
Telephone: 858-451-3637
FAX: 858-451-1169
Toll Free Phone: 888-451-3637
www.thunderbirdgaming.com
=================================
T R I N I D A D & T O B A G O
=================================
BWIA/LIAT: Finalize Strategic Alliance
--------------------------------------
BWIA and LIAT (1974) Limited have finally reached an agreement
they hope will improve their balance sheets and service to
travelers. After over three years of discussions, the two firms
have decided to be partners rather than competitors, reports The
Barbados Nation.
The strategic alliance between the two regional carriers
announced last week, will see the sharing of key services through
the Caribbean from North America and Britain.
President and chief executive officer of BWIA, Conrad Aleong,
believes the alliance means both companies should look forward to
substantial positive outcomes.
Aleong added that September 11 events had impacted the aviation
industry as a whole, but he was optimistic that within another
two years they would all be on the rebound. He said this current
synergy would help them prepare for an upturn in fortunes.
Liat CEO Garry Cullen, commented that the agreement between the
two airlines disproved what a lot of people felt could not be
done. He said full effect would be given to the agreement in
March.
Cullen said the arrangement would help them cut costs through
shared support services, because there was a definite need for
LIAT and BWIA to drive down costs in the medium to long term.
Revenue growth was also one of the objectives of the strategic
alliance, but management on both sides indicate the deal is in no
way a forerunner to a merger of the airlines. Neither airline has
vested any monies in the other; the agreement is primarily
designed around co-operation at various levels.
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, Edem
Psamathe P. Alfeche and Fe Ong Va¤o, Editors.
Copyright 2002. 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.
* * * End of Transmission * * *