/raid1/www/Hosts/bankrupt/TCRLA_Public/030526.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Monday, May 26, 2003, Vol. 4, Issue 102
Headlines
A R G E N T I N A
ARGENTINE UTILITIES: Government Delays Rate Increases
BANCO DE LA NACION: Auditing Firm Sought In Sale Preparation
CIT: Standard & Poor's Rates $375M of Bonds `raBB'
DINAR: Takeover Plans Dismissed As Rumor
DISCO: Fitch Assigns `B(arg)+' To $350M of Bonds
EDENOR: Bonds Get `raD' From Argentine Standard & Poor's
EDESUR: Local S&P Gives Junk Ratings To $450M of Bonds
LA ANONIMA: Nears Debt-Restructuring Deal With Bank Creditors
TELEFONICA DE ARGENTINA: Files with SEC to Exchange Notes
TELEFONICA DE ARGENTINA: Recent Offers May Affect Debt Ratings
TRANSENER: Petrobras To Sell Stake After Debts Restructured
* IMF Director Comments On Argentina
B A R B A D O S
C&W WEST INDIES: To Launch GSM/GPRS Services Before Year Ends
B R A Z I L
CEB: Swelling Leverage Prompts Moody's Rating Downgrades
CELG: Aneel Suspends PPA Injunction
VARIG: Boeing May Take A Stake In Merged Company
C H I L E
TELEFONICA CTC: CRA Turns Down Request For Rate-Setting Freedom
C O L O M B I A
GILAT SATELLITE: Announces 2003 First-Quarter Results
J A M A I C A
HOMELECTRIX: Sells Building For an Undisclosed Amount
M E X I C O
DESC: Fitch Places Ratings on `Watch Negative'
HAYES LEMMERZ: Agrees to Launch Senior Note Offering
MEXLUB: Pemex Clashes With Former Partner
PEMEX: Signs Development, Expansion Agreement With Tabasco
P A N A M A
BLADEX: SEC Declares Registration Statement Effective
P E R U
AT&T PERU: Reps From Potential Bidders To Conduct Due Diligence
T R I N I D A D & T O B A G O
BWIA: Seized Aircraft Still in ILFC's Hands
V E N E Z U E L A
HOVENSA: Operations Stabilize, Moody's Confirms Baa3 Ratings
=================
A R G E N T I N A
=================
ARGENTINE UTILITIES: Government Delays Rate Increases
-----------------------------------------------------
Argentine utilities, which were hurt by a government freeze on
rates last year and a plunge in the relative currency valuation,
suffered another blow when newly appointed federal planning
minister Julio De Vido said the government won't allow rate hikes
until the government renegotiates all contracts.
"Prices were very high for a long time," Clarin quotes De Vido as
saying. "We have to analyze every contract."
Many foreign-owned utility companies said they would pull their
Argentine investments and leave if the government of president-
elect Nestor Kirchner didn't allow them to raise prices, relates
Clarin.
BANCO DE LA NACION: Auditing Firm Sought In Sale Preparation
------------------------------------------------------------
Argentina Economy Minister Roberto Lavagna is giving interested
companies until July 17 to present bids to audit the country's
largest government-owned bank, Bloomberg reports, citing Clarin
newspaper.
The government may seek to sell 10% of Banco de la Nacion but
wants an outside consultant to audit the bank first before
selling it.
According to the newspaper, the audit is part of an agreement
with the International Monetary Fund to defer certain loan
payments.
CONTACT: Banco de la Nacion Argentina
Bartolome Mitre, 326
1036 Buenos Aires, Argentina
Phone: +54-11-4347-6000
Fax: +54-11-4347-8078
Home Page: http://www.bna.com.ar/
Contacts:
Enrique Olivera, President
Adolfo Martin Prudencio Canitrot, Deputy VP
CIT: Standard & Poor's Rates $375M of Bonds `raBB'
--------------------------------------------------
A total of US$375 million worth of bonds issued by Compa¤ˇa
Internacional de Telecomunicaciones received `raBB' ratings from
the Argentine arm of Standard & Poor's International Ratings,
Ltd. on Monday.
According to the National Securities Commission of Argentina,
some US$225 million worth of bonds described as "Clase A bajo el
Programa de U$S 800 millones" and US$175 million of "Clase B bajo
el Programa de U$S 800 millones" received the ratings.
S&P explains that an obligation rated `raBB' denotes somewhat
weak protection parameters relative to other Argentine
obligations. The Company's capacity to meet its financial
obligations is somewhat weak because of major ongoing
uncertainties or exposure to adverse economic, financial, or
business conditions.
Both set of bonds were classified under `series and/or class'.
Maturity dates were not indicated.
DINAR: Takeover Plans Dismissed As Rumor
----------------------------------------
The Argentine government denied recent rumors that the state is
planning to take control of the troubled airline Dinar. Noemi
Rial, Secretary of Labor, acknowledged that the government is
looking for a solution to the fate of Dinar's workers, who have
not been paid since December 2002. However, Rial said that the
government is not considering doing the same it did with Lapa,
referring to the creation of a new state-owned airline to take
over the paralyzed company.
Meanwhile, sources from the Ministry of Labor pointed out that
Provinder, a local financial holding, has presented a proposal to
take over Dinar. Provinder would be willing to pay ARS3 million
(US$ 1 million) for Dinar. However, unions believe this sum is
not enough to put the Company back in operation. The Company
needs some ARS10 million (US$ 3.33 million) to get back on solid
financial footing, according to them.
Rial explained that it is not easy to find a solution for Dinar
because the firm has significant debts and has been managed very
poorly. Dinar's current shareholders, a consortium called
Canuelas Village Fideicomiso, owe ARS1.5 million (US$500,000) in
salaries, plus the rent for hangars in the airport Jorge Newbery
and some liabilities with the Air Force and the airport of Salta.
DISCO: Fitch Assigns `B(arg)+' To $350M of Bonds
------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. issued its `B(arg)+'
rating to US$350 million worth of corporate bonds from the
Argentine retailer Disco S.A. on Wednesday.
Fitch said that the rating, based on the Company's financial
results as of December 31, 2002, denotes a significantly weak
credit risk relative to other issues in Argentina. Financial
commitments are currently being met, but a limited margin of
safety remains and capacity for continues timely payments is
contingent upon a sustained favorable business and economic
environment, said the ratings agency.
The National Securities Commission of Argentina described the
bonds as "obligaciones negociables por US$ 350.000.000". The
bonds are classified under `simple issue', but the maturity date
was not disclosed.
CONTACT; Ahold NV, Koninklijke
3050
Albert Heijnweg1
1507 EH Zaandam
Netherlands
Phone: +31 75 6599111
Fax: +31 75 6598350
Telex: 1 9010
Home Page: http://www.ahold.com
Contact:
Norbert L.J. Berger, Secretary
EDENOR: Bonds Get `raD' From Argentine Standard & Poor's
--------------------------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal Argentina
issued default ratings to bonds issued by Edenor S.A., according
to the country's National Securities Commission.
Bonds called "programa global de obligaciones negociables" were
rated `raD' on Monday. The bonds, worth a total of US$600
million, mature on November 5, 2006. The NSC said that the
ratings were based on the Company's financials as of the end of
March 2003.
S&P said that an obligation is rated `raD' when it is in payment
default or when the Company has filed for bankruptcy. The rating
may also be used when interest or principal payments are not made
on the date due, even if the applicable grace period has not
expired, unless the ratings agency believes that such payments
will be made during the said grace period.
Through direct and indirect holdings, EDF owns 90% of Edenor,
which serves 2.3 million clients in the northern part of Buenos
Aires. At the end of December 2002, Edenor's unpaid and expired
debt totaled US$122 million.
CONTACT: EDENOR S.A.
Azopardo Building
Azopardo 1025 (1107) Capital Federal
Phone: (54-11) 4346-5000
Fax: (54-11) 4346-5300
E-mai: to ofitel@edenor.com.ar
Home Page: http://www.edenor.com.ar
EDESUR: Local S&P Gives Junk Ratings To $450M of Bonds
------------------------------------------------------
Bonds issued by Argentine distributor Edesur S.A. received junk
ratings from Standard & Poor's International Ratings, Ltd.
Sucursal Argentina, according to information provided by the
National Securities Commission of Argentina.
Some US$450 million in bonds, which the NSC described as
"Programa de Obligaciones Negociables" were rated `raCCC'. The
bonds were classified under `Program'.
According to S&P, an obligation rated `raCCC' is currently highly
vulnerable to non-payment and is dependent on favorable business
and financial conditions for the company to meet its commitments
on the debt. The rating was based on the Company's financial
position as of March 31, 2003.
CONTACT: EDESUR S.A.
Gte. Gral.: Ing. Rafael Fernandez Morande
San Jos, 140, 3o P
Capital Federal 1076
Argentina
Phone: 4370-3700/4370-3370
Fax: 4381-0708
Home Page: www.edesur.com.ar
LA ANONIMA: Nears Debt-Restructuring Deal With Bank Creditors
-------------------------------------------------------------
Argentine supermarket chain La Anonima is close to an agreement
to restructure US$63.6 million in debt owed to banks. Among the
banks La Anonima is currently in discussions with are
Citibank, BankBoston, Banco Rio and Banco Galicia, which would
sign an 18-month stand still agreement and keep negotiating the
payment conditions after this term.
These 18 months would be used to reformulate the conditions of a
series of US$75 million in bonds issued in June 2000. La Anonima
already paid US$11.4 million in year 2002. During this term, the
Company will make a 10% down payment and will pay another 10% in
quarterly installments.
La Anonima's proposal will not involve a cut in the amount of the
debt or a bond exchange plan. The Company just wants to respect
the indebted amount and reformulate the payment terms.
TELEFONICA DE ARGENTINA: Files with SEC to Exchange Notes
---------------------------------------------------------
Telefonica de Argentina S.A. ("TASA") announced that it filed
Thursday a registration statement with the U.S. Securities and
Exchange Commission relating to a proposed offer to exchange two
series of existing TASA notes for two new series of TASA notes
plus a cash payment, and a proposed offer to exchange two series
of existing notes issued by TASA's holding company, Compania
Internacional de Telecomunicaciones S.A. ("Cointel"), for two new
series of TASA notes plus a cash payment. TASA's 9.875% notes due
2006 that were issued last year are not part of the proposed
exchange offers.
In addition, TASA has agreed with its main indirect shareholder,
Telefonica Internacional S.A. ("TISA"), that immediately after
the consummation of the exchange offer for Cointel notes, TASA
will transfer all of the acquired Cointel notes to TISA in
exchange for a like reduction of TASA's short term indebtedness
owed to TISA. As a result of the proposed overall transaction,
TASA will not be increasing its net debt position.
TASA also expects to solicit proxies from the holders of the TASA
and Cointel notes subject to the exchange offers to amend or
eliminate certain of the covenants contained in those notes.
The terms of the proposed exchange offers and proxy solicitations
are as follows:
-- For each U.S.$1,000 principal amount of TASA's existing
U.S.$300 million 11.875% Notes due 2004, TASA intends to offer to
exchange:
For holders tendering before the proxy delivery deadline,
U.S.$850 principal amount of newly issued 11.875% Notes due 2007
and U.S.$150 in cash (U.S.$75 of which constitutes a proxy
payment).
For holders tendering after the proxy delivery deadline, U.S.$925
principal amount of newly issued 11.875% Notes due 2007 and
U.S.$75 in cash.
-- For each U.S.$1,000 principal amount of TASA's existing
U.S.$368.5 million 9.125% Notes due 2008, TASA intends to offer
to exchange:
For holders tendering before the proxy delivery deadline,
U.S.$900 principal amount of newly issued 9.125% Notes due 2010
and U.S.$100 in cash (U.S.$50 of which constitutes a proxy
payment).
For holders tendering after the proxy delivery deadline, U.S.$950
principal amount of newly issued 9.125% Notes due 2010 and
U.S.$50 in cash.
-- For each U.S.$1,000 principal amount of Cointel's existing
U.S.$225 million 8.85% Series A Notes due 2004, TASA intends to
offer to exchange:
For holders tendering before the proxy delivery deadline,
U.S.$850 principal amount of newly issued TASA 8.85% Notes due
2011 and U.S.$150 in cash (U.S.$75 of which constitutes a proxy
payment).
For holders tendering after the proxy delivery deadline, U.S.$925
principal amount of newly issued TASA 8.85% Notes due 2011 and
U.S.$75 in cash.
-- For each Ps.1,000 principal amount of Cointel's existing
Ps.175 million 10.375% Series B Notes due 2004, TASA intends to
offer to exchange either:
For holders tendering before the proxy delivery deadline, the
U.S. dollar equivalent of Ps.850 principal amount of newly issued
TASA U.S. dollar-denominated 8.85% Notes due 2011, calculated
using the forward exchange rate as described in the registration
statement, and Ps.150 in cash (Ps.75 of which constitutes a proxy
payment).
For holders tendering after the proxy delivery deadline, the U.S.
dollar equivalent of Ps.925 principal amount of newly issued TASA
U.S. dollar-denominated 8.85% Notes due 2011, calculated using
the forward exchange rate as described in the registration
statement, and Ps.75 in cash.
or,
For holders tendering before the proxy delivery deadline, Ps.850
principal amount of newly issued TASA peso-denominated Conversion
Notes due 2011 and Ps.150 in cash (Ps.75 of which constitutes a
proxy payment).
For holders tendering after the proxy deliver deadline, Ps.925
principal amount of newly issued TASA peso-denominated Conversion
Notes due 2011 and Ps.75 in cash.
The new conversion notes will be initially denominated in
Argentine pesos and accrue interest at 10.375% until August 1,
2004. Thereafter, the new conversion notes will be denominated in
U.S. dollars and accrue interest at 8.85%. The principal amount
of the new conversion notes will be converted from pesos into
U.S. dollars at the average reference spot exchange rate quoted
by the Argentine Central Bank for the last five available trading
days ending on or prior to July 31, 2004.
Holders who tender their notes will be receiving any accrued and
unpaid interest up to, but not including, the settlement date for
the exchange offers for those existing notes. The exchange offers
are expected to be subject to customary conditions, which TASA
may waive, including the condition that 90% of the outstanding
principal amount of each series of existing notes be validly
tendered prior to the expiration date of the exchange offer. None
of the exchange offers is conditioned upon the success of any
other exchange offer. Should less than all of the exchange offers
be consummated, TASA may accept for exchange those notes that are
tendered in those exchange offers where all of the conditions to
such exchanges have been met or waived by TASA.
Morgan Stanley has been engaged to act as the sole dealer manager
for the exchange offers.
As described above, a registration statement relating to the new
notes to be issued in the exchange offers has been filed with the
SEC but has not yet become effective. These securities may not be
sold nor may offers to buy be accepted prior to the time the
registration statement becomes effective and the company has
obtained the necessary authorization from the Comision Nacional
de Valores of Argentina. This press release shall not constitute
an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of these securities in any state or Argentina
in which such offer, solicitation or sale would be unlawful prior
to the registration or qualification under the securities laws of
such state or Argentina.
You may read a copy of our registration statement and any other
document we file at the SEC's public reference room at 450 Fifth
Street, N.W. Washington, D.C. 20549. These documents are also
available at the public reference rooms at the SEC's regional
office in New York City. Please call the SEC at 1-800-SEC-0330
for further information on the public reference rooms. Our
filings are also available to the public over the Internet at the
SEC's website at http://www.sec.gov.The exchange offers will be
made by means of a prospectus, copies of which may be obtained,
when available, from D.F. King & Co., Inc., 77 Water Street, 20th
Floor, New York, NY 10005, Attention: Thomas A. Long.
Prior to the launching of the exchange offers, a solicitation
agent in Argentina will be appointed for purposes of the exchange
offers.
Telefonica de Argentina S.A.
Telefonica de Argentina is a licensed supplier of wireline public
telecommunications services and basic telephone services in
Argentina. Basic telephone services include (1) the supply of
fixed telecommunications connections which form part of the
public telephone network or are connected to such network and (2)
the provision through these links of local, domestic long
distance and international telephone services.
Compania Internacional de Telecomunicaciones S.A. is a holding
company that conducts business through its controlling interest
in Telefonica de Argentina. Its only significant asset is its
ownership of 64.8% of Telefonica Argentina's capital stock and
its only significant source of cash inflows is from dividends
paid on this stock. Cointel's current shareholders consist of
three affiliates of Telefonica S.A., which together beneficially
own approximately 100% of Cointel's capital stock.
CONTACT: TELEFONICA DE ARGENTINA
Tucuman 1, 18th Floor, 1049
Buenos Aires, Argentina
Phone: (212) 688-6840
Home Page: http://www.telefonica.com.ar
Contacts:
Carlos Fernandez-Prida Mendez Nunez, Chairman
Paul Burton Savoldelli, Vice Chairman
Fernando Raul Borio, Secretary
TELEFONICA DE ARGENTINA: Recent Offers May Affect Debt Ratings
--------------------------------------------------------------
Standard & Poor's Ratings Services said Thursday that it would
lower the ratings on Telef˘nica de Argentina S.A.'s (TASA) US$300
million 11.875% senior unsecured notes due in November 2004 and
US$368.5 million 9.125% notes due May 2008, to 'D' from 'CC', if
the announced exchange offer on the notes is completed and
implies a loss of value for the bondholders.
The final conditions of the exchange offer have not yet been
disclosed, but TASA (CC/Negative/--) has indicated that the new
notes will have similar characteristics to the original ones with
the exception of the final maturity, which would be extended
until 2007 for the US$300 million notes and until 2010 for the
US$368.5 million notes. The exchange also contemplates a cash
payment, which has not been specified yet.
TASA also intends to launch an offer to acquire Compa¤ˇa
Internacional de Comunicaciones S.A.'s (COINTEL) US$225 million
and ArP175 million bonds by exchanging them for new bonds issued
by TASA. Thus, COINTEL's bondholders will become TASA's
bondholders and COINTEL's bonds will be acquired by TASA.
Immediately thereafter, TASA will transfer the COINTEL bonds to
its creditor, Telef˘nica Internacional S.A. (TISA), thus
canceling a like portion of its own short-term intercompany debt.
As a result, TASA and COINTEL's total debt will remain the same
but the allocation of the third party and intercompany exposure
between TASA and COINTEL will change. TASA will increase its
third party exposure and COINTEL will increase its intercompany
exposure. Nevertheless, since TASA is COINTEL's only source of
funds, the overall exposure would remain at similar levels.
Standard & Poor's views completion of exchange offers of issuers
in financial distress as tantamount to default if the total value
of the securities or cash offered is less than par and if
creditors have no other practical alternative to the issuer's
proposal than to let the issuer miss upcoming scheduled payments
and possibly file for reorganization. Accordingly, upon
completion of such offers, Standard & Poor's will rate the
affected issues 'D' and the ratings on the company and on the new
notes will be reviewed and raised showing the future prospects
for credit quality under the new debt structure and maturity
schedule.
TASA and COINTEL's liquidity is very tight. Funding flexibility
is impaired by the limited credit availability for Argentine
companies, the mismatch between peso flows and a high dollar debt
burden, and the weaker expectations of support from its Spanish
parent, Telefonica S.A. (TESA), who directly and indirectly owns
almost 100% of both Argentine entities.
Although Standard & Poor's believes that TASA can continue to
adequately fund operations, future cash-flow generation will
remain unclear as long as the renegotiation of TASA's tariffs is
not resolved.
As of March 2003, TASA had total debt of US$1.82 billion and a
cash and current investments position of US$176 million. Short-
term debt amounted to US$961 million of which US$869 million is
debt owed to TISA, demonstrating the significant financial
support received from its parent in 2001. Nevertheless, the
significant challenges faced by the telecom industry in Argentina
considerably weakened Standard & Poor's expectations of
continuing commitment from TESA to the Argentine operations.
There are no formal guarantees from TESA to TASA's external debt
nor cross-default clauses between TASA and TESA.
ANALYSTS: Ivana Recalde, Buenos Aires (54) 114-891-2127
Marta Castelli, Buenos Aires (54) 114-891-2128
TRANSENER: Petrobras To Sell Stake After Debts Restructured
-----------------------------------------------------------
Petrobras president Jose Dutra confirmed the company will sell
Perez Companc's stake in power transmission company Transener,
which the company has agreed to complete in return for
Argentina's approval of the US$1.13-billion takeover.
However, Petrobras will only sell Transener once the transmission
company has restructured its debt, and electricity rates have
been renegotiated with the government, Mr. Dutra said.
Transener defaulted on dollar-denominated debt of some US$500
million a year ago.
* IMF Director Comments On Argentina
------------------------------------
*Excerpts From Transcript of a Press Briefing by Thomas C. Dawson
Director, External Relations Department
International Monetary Fund
Thursday, May 22, 2003
Washington, D.C.
QUESTION: Would you have an update on Argentina? What are the IMF
plans for the new government?
MR. DAWSON: Well, we certainly are looking forward to working
with the new government, which, as you noted in your question,
does have a number of familiar faces with whom we've developed a
solid, good relationship.
On the economic front, we view recent macro developments as
having been very encouraging, as I think we've gone through here
in the past in terms of the strengthening of market sentiment,
reserve accumulation, and growth and inflation being
substantially better than projected. The financial program is on
track. We've welcomed the progress in liberalizing bank deposits,
exchange controls and so on, and the start of the redemption of
the quasi-monies.
On the structural side-and I think we've noted before that our
focus in the short term in this so-called transition, our
rollover program has been on some of the traditional macro
indicators. On the structural side, some actions have been
delayed, and we are in close touch with the authorities and
expect to be in touch with the new government to hear from them
on their timing for moving forward with these actions.
One particular issue that I think is well known that has
concerned us is the recent congressional action on the 90-day
stay on mortgage foreclosures, and we're looking forward to
hearing from the authorities what their next steps in this area
will be. I believe the inauguration is this weekend, and I'm sure
we will be in touch with the continued but new authorities in the
coming weeks.
QUESTION: Going back to Argentina, has the second review formally
been approved by the Board? If not, when will it go before the
Board? Has there been a delay towards that? Is the action taken
by Congress to delay the mortgage execution, is that somehow
delaying that? And following up on that, is Argentina-can it now
sort of issue more pesos? I think it wants to issue three to four
billion more pesos. Does it have the go-ahead from the IMF to do
that?
MR. DAWSON: The review has not been concluded in either the sense
of what you said about a Board action, which obviously has not
taken place because we would have informed you about a Board
action and it would have been publicly known in advance. But it
also has not been concluded in the sense of prior to that, and I
do not have a date for the-for a possible Board action. When-if
and when I do, I would let you know.
And in terms of issues that are remaining, clearly, as I think I
indicated, there are issues on the structural side. The mortgage
bill is one of the issues that has concerned us. And then I think
a specific part of your question has to do with the possible
increase of the monetary targets. Actually, I don't-in a textbook
sense, I do not know whether that is part of-I mean, I know that
was as an issue of discussion in the mission. I'm not-I'm not
quite sure whether there's a go-ahead or not under that. I did
not believe that that was a particular issue of contention,
however.
QUESTION: To clarify, then, this mortgage issue is then holding
up the second review?
MR. DAWSON: No. It's one of the issues that's concerning us. When
you're talking of these structural issues in the context of the
program that we have now, there is no single issue, you know,
that is the make or break. There's a pattern of issues, and we
look at a number of them. That is the one that I think recently
has gotten the most prominence, but there are other issues as
well, and we've spoken about them. You can go back and trawl the
transcripts.
QUESTION: Just to-because it's still not clear. Is that a
structural issue, or is that part of the second review, the
mortgage?
MR. DAWSON: Well, it could actually be both, I mean, because it
has implications going forward. It certainly was discussed
during-when the mission was down there, and it is an issue that
is not yet resolved.
CONTACT: IMF EXTERNAL RELATIONS DEPARTMENT
Public Affairs
Phone: 202-623-7300
Fax: 202-623-6278
Media Relations
Phone: 202-623-7100
Fax: 202-623-6772
===============
B A R B A D O S
===============
C&W WEST INDIES: To Launch GSM/GPRS Services Before Year Ends
-------------------------------------------------------------
Caribbean telecoms operator Cable & Wireless West Indies (C&WWI)
plans to activate a new GSM/GPRS network throughout all the
islands it covers before the end of 2003, Business News Americas
reports, citing mobile operations executive VP Thomas Perez-Ducy.
C&WWI covers Jamaica, the Cayman Islands, Barbados, Anguilla,
Dominica, Grenada, St Kitts, St Lucia, Antigua, Montserrat, St
Vincent & Grenadines and Turks & Caicos.
"We haven't made any public announcement yet as to which market
we are going to launch in first or when, but all of them will be
launched in 2003," said Mr. Perez-Ducy.
"We are not marketing yet, but communicating with customers to
see what their expectations are and what they will be looking for
that is different from what they receive today," he added.
Late last year, the Company hinted on an April 2003 commercial
launching of GSM/GPRS services in Jamaica, Barbados and the
Cayman islands. Other islands will follow.
Mr. Perez-Ducy said that the launching will be done on an island-
to-island basis with a space of one to three weeks between
launchings. He added that about 80-90 percent of network elements
have been completed, and all tests have been successful.
The Company's billing, CRM and database operations will be
managed through its Ensemble platform, provided by Amdocs.
Messaging solutions will be from LogicaCMG and SS8 Networks.
CONTACT: Cable & Wireless PLC
124 Theobalds Road
London
England
WC1X 8RX
Phone: +44 (0)20 7315 4000
Fax: +44 (0)20 7315 5000
Home Page: http://www.cw.com
Contacts:
Sir Ralph Robins, Non Executive Chairman
Sir Winfried W. Bischoff, Non Executive Deputy
Chairman
Graham M. Wallace, Chief Executive
Robert E. Lerwill, Executive Director Finance
===========
B R A Z I L
===========
CEB: Swelling Leverage Prompts Moody's Rating Downgrades
--------------------------------------------------------
Moody's Investors Service downgraded the ratings of Companhia
Energetica de Brasilia (CEB), the monopoly electric distribution
company for Brazil's Federal District, which includes the city of
Brasilia.
Ratings downgraded are:
- Brazil National Scale rating to Baa1.br from Aa2.br
- Senior unsecured ratings to Ba3 from Ba1 (Global Local Currency
Scale).
The ratings remain under review for possible downgrade.
The rating action primarily reflects an expected significant
increase in leverage related to CEB's suspension of payments on
its take or pay electricity purchase contracts with Furnas and
Itaipu, along with uncertainty about the nature and timing of
federal financing for ultimate payment or restructuring of the
amounts owed under these contracts, Moody's explained.
Furthermore, the rating action reflects payment delinquency from
the Company's controlling shareholder, the Federal District,
demonstrated by the 107% increase in public sector receivables
from 2000-2002 compared to a 27% increase in revenues during the
same period, Moody's said.
CEB is owned 28% by the public (Sao Paulo stock exchange) and 72%
by the Federal District. The company is currently almost
exclusively an electric distribution company.
CELG: Aneel Suspends PPA Injunction
-----------------------------------
Goias state distributor Celg will have to continue buying power
from Cachoeira Dourada, Business News Americas indicates. Celg
earlier obtained an injunction to cancel a 10-year power purchase
agreement (PPA) it signed with Cachoeira Dourada in 1997. When it
filed for the injunction, Celg claimed the PPA has put its
financial health at risk since it was paying too much for the
electric power.
However, just recently, Brazil's power regulator Aneel stepped in
to resolve the dispute, requesting the suspension of the
injunction.
In its request, Aneel argued that the injunction does not only
cost Cachoeira money, but is also damaging the credibility of the
Brazilian electric sector.
"The granting of an injunction...puts in doubt the rules defined
for the national interconnected system to work, creating legal
uncertainty and instability," Aneel said in its legal filing.
CONTACT: COMPANHIA ENERGETICA DE GOIAS (CELG)
Rua 2 - Qd. A-37 - Edificio Gileno Godoi
Jardim Goias - Goiania - Goias
Brazil
CEP: 74805-180
Phone: (0XX62) 243-2222
Fax: (0XX62) 243-2100
Email: celg@celg.com.br
Home Page: www.celg.com.br/
Contact:
Jose Walter Vazquez Filho, President
Phone: (0XX62) 243-1001
Samuel Albernaz, Administrative Director
Phone: (0XX62) 243-1031
Javahe de Lima, Economic-Financial Dir./Investor
Relations
Phone: (0XX62) 243-1041
VARIG: Boeing May Take A Stake In Merged Company
------------------------------------------------
Boeing Co., a U.S.-based aircraft manufacturer, indicated
Thursday that it might consider buying a portion of Brazilian
airline Viacao Aerea Rio-Grandense SA (Varig) once the latter
completes a merger with local competitor TAM Linhas Aereas SA,
relates Reuters.
Boeing is one of Varig's creditors. Under a merger proposal drawn
up by Brazil's Banco Fator, creditors would end up with an equity
stake in the merged company.
"Our business is to sell airplanes, not to have stakes in airline
companies," said Ricardo Caveiro, Boeing's head of sales for
Latin America. "But given the situation here in Brazil, any
option is possible."
Varig and TAM, Brazil's largest airlines, announced in February
they would study joining forces to offset the rising costs and
declining demand that has eaten into their earnings.
Together, they are saddled with close to US$1.3 billion in debt,
but Varig is by far worse off than its smaller rival. Earlier
this year, GE Capital seized some of the planes it leased to
Varig because it was behind schedule on its payments.
Boeing has so far not taken any action to seize its planes leased
to Varig.
"We are partners, we have a long, long relationship," Caveiro
said in a teleconference with journalists.
CONTACT: VARIG (Viacao Aerea Rio-Grandense, S.A.)
Rua 18 de Novembro No. 800, Sao Joao
90240-040 Porto Alegre,
Rio Grande do Sul, Brazil
Phone: (51) 358-7039/7040
(51) 358-7010/7042
Fax: +55-51-358-7001
Home Page: www.varig.com.br/english/
Contacts:
Dorival Ramos Schultz, EVP Finance and CFO
E-mail: dorival.schultz@varig.com.br
Investor Relations:
Av. Almirante Silvio de Noronha,
n 365-Bloco "B" - s/458 / Centro
Rio de Janeiro, Brazil
TAM
Daniel Mandelli Martin, President
Buenos Aires
Tel. (54) (11) 4816-0001
URL: www.tam.com.br
=========
C H I L E
=========
TELEFONICA CTC: CRA Turns Down Request For Rate-Setting Freedom
---------------------------------------------------------------
Chile's incumbent telco Telefonica CTC Chile had its recent
application for rate changes denied by the country's antimonopoly
committee CRA, reports Business News Americas. CTC had applied
for rate-setting freedom in 16 of its 24 operating zones on
grounds that it was subject to competition by mobile operators.
However, academics have pointed out that the great bulk of call
traffic continues to be generated by the fixed line networks,
where CTC controls 76% of the lines.
Telecoms regulator Subtel has been waiting for the CRA's decision
so that it can start working on a tariff decree that would
establish rate ceilings for 2004-2009.
CONTACT: TELEFONICA CTC
Avenida Providencia 111, Piso 2
Santiago, Chile
Phone: +56-2-691-2020
Fax: +56-2-691-2392
Homepage: http://www.ctc.cl
Contacts:
Mr. Bruno Philippi, President
Mr. Jacinto Daz, Vice President
Gisela Escobar, Head of Investor Relations
===============
C O L O M B I A
===============
GILAT SATELLITE: Announces 2003 First-Quarter Results
-----------------------------------------------------
Gilat Satellite Networks Ltd. (Nasdaq: GILTF - News), a worldwide
leader in satellite networking technology, today Thursday its
results for the quarter ended March 31, 2003. Revenues were
US$51.1 million for the first quarter of 2003. Operating loss for
the first quarter was US$25.2 million and net income was US$150.2
million or US$43.9 per share, mostly due to a US$181.1 million
gain and US$5.7 million in tax expenses relating to the Company's
recently completed debt restructuring.
The Company improved its total cash balance by US$1.1 million in
the quarter, bringing its total cash balance (including cash and
cash equivalents, short term bank deposits, short and long term
restricted cash less short term bank credits) to US$71.9 million
as of the quarter's end. In addition to this cash balance, the
Company reported an additional US$18.6 million of restricted cash
held by trustees emanating from the Compartel agreement in
Colombia, announced in the fourth quarter of 2002.
The Company also announced that its Spacenet subsidiary has
signed several new agreements including with Beall's Outlet
retail stores, restaurant franchisees Valenti Management and
Bartlett Management Services, Rare Hospitality International
(restaurants), the completion of a 6,000-site deployment for
retailer Dollar General and the renewal of its contract with Bob
Evans restaurants until 2008.
Gilat announces several new contracts with its Spacenet
subsidiary and major agreement in Russia
-- Spacenet has been chosen to provide a satellite-based
broadband data network to a minimum of 300 Beall's Outlet retail
stores, with the potential to grow to 600 locations. Beall's,
which currently maintains a terrestrial Frame Relay network to
interconnect its stores, estimates that it will achieve
substantial savings in monthly per-site network service costs by
switching to the Spacenet VSAT network. The five-year agreement
calls for Spacenet to deploy VSAT terminals at Beall's Outlet
locations across the Southeastern US.
-- Spacenet has been chosen by leading restaurant franchisees
Valenti Management and Bartlett Management Services to provide a
broadband satellite network for 150 Wendy's and KFC restaurants
in the Eastern and Central US. Spacenet's VSAT network will be
used to support the Valenti and Bartlett critical back-office
applications, store polling and credit authorization connectivity
requirements.
-- Spacenet signed an agreement with RARE Hospitality
International Inc. to deploy the Company's Connexstar broadband
service at 200 RARE Hospitality restaurant locations. Deployment
of Spacenet's Connexstar
500 service is expected to begin immediately at LongHorn
Steakhouse and Bugaboo Creek Steakhouse restaurants across the
country.
-- Spacenet announced that it has completed the deployment of
Dollar General's 6,000th store location. Dollar General expects
to open approximately 650 new stores in the coming year, and
plans to deploy Spacenet VSATs at each new store as they are
opened. Dollar General contracted with Spacenet in March 2001 to
provide always-on broadband connectivity to support its POS and
back-office applications. At that time, Dollar General had
approximately 4,900 stores and was just beginning the deployment
of new POS systems and applications. Since then, Dollar General
has grown to more than 6,000 stores, and has deployed a suite of
new applications.
-- In addition, Spacenet signed a contract extension with Bob
Evans Farms Inc. to continue provision of VSAT broadband service
to Bob Evans' stores until 2008. Spacenet's Connexstar Enterprise
service, initially deployed in August 2000 at 427 Bob Evans Farms
locations, has since grown to encompass 518 locations. The
Spacenet network supports a variety of critical applications for
Bob Evans Farms locations, including point-of-sale polling,
credit card authorization and back office/groupware applications.
-- Last week, Gilat announced that it has signed an agreement
with the Russian Satellite Communications Company (RSCC) and the
gaming company, Jackpot, to deploy a Skystar 360E hub and VSAT
network with 500 sites throughout the Russian Federation. RSCC is
Russia's largest satellite operator, with ownership of all
Russian satellites. The project allows for network-wide gambling
for Jackpot customers at the gaming sites on-line, as well as an
independent network for data transfer within the
Jackpot organization.
About Gilat Satellite Networks Ltd.
Gilat Satellite Networks Ltd., with its global subsidiaries
Spacenet Inc., Gilat Latin America, Inc. and rStar Corporation
(RTRCE), is a leading provider of telecommunications solutions
based on Very Small Aperture Terminal (VSAT) satellite network
technology -- with nearly 400,000 VSATs shipped worldwide. Gilat
markets the Skystar Advantage, DialAw@y IP, FaraWay, Skystar 360E
and SkyBlaster* 360 VSAT products in more than 70 countries
around the world. The Company provides satellite-based, end-to-
end enterprise networking and rural telephony solutions to
customers across six continents, and markets interactive
broadband data services. The Company is a joint venture partner
in SATLYNX, a provider of two-way satellite broadband services in
Europe with SES GLOBAL. Skystar Advantager, DialAw@y IP(TM) and
FaraWay(TM) are trademarks or registered trademarks of Gilat
Satellite Networks Ltd. or its subsidiaries. Visit Gilat at
www.gilat.com. (*SkyBlaster is marketed in the United States by
StarBand Communications Inc. under its own brand name.)
To see financial statements:
http://bankrupt.com/misc/Gilat_Satellite.htm
=============
J A M A I C A
=============
HOMELECTRIX: Sells Building For an Undisclosed Amount
-----------------------------------------------------
Homelectrix sold the building, which houses its headquarters and
flagship retail outlet, the Jamaica Observer reports, citing
reliable sources. Although the exact amount of the 30,000 square-
foot Clock Tower Plaza building has not been divulged, real
estate experts estimate the asset to be worth between $80 million
to $115 million.
The sale of the building, which is now owned by Finsac, is part
of a liquidation in preparation for winding down by the end of
June. The decision to wind up came after the furniture and
appliance retailer failed to attract an investor who was prepared
to continue its operation as a going concern.
The company owed money to the former Workers Bank but was unable
to service the debt. When Workers Bank collapsed in 1998, its
assets and liabilities -- including the Homelectrix building that
had collaterized the debt -- were assumed by Finsac.
The building has since been leased by Homelectrix.
===========
M E X I C O
===========
DESC: Fitch Places Ratings on `Watch Negative'
----------------------------------------------
Fitch Ratings has placed its senior unsecured foreign and local
currency ratings of Desc, S.A. de C.V. (Desc) of 'BB' on Rating
Watch Negative. Fitch has also placed Desc's national scale
rating of 'A'(mex) on Rating Watch Negative. The rating action
reflects the challenges faced by Desc's automobile parts and
chemical businesses, which continue to suffer from an extended
period of weak economic activity, pricing pressures and lower
cost absorption. These challenges have affected cash flows and
profitability, hampering Desc's progress on debt reduction and
the improvement of credit protection measures.
Prolonged economic weakness in Mexico and the U.S. and continued
pressures on cash flows and credit protection measures may result
in further rating actions. Over the near term, Fitch Ratings will
continue to review and evaluate its credit ratings on Desc.
Desc is one of Mexico's largest industrial conglomerates, with
operations in automotive parts, chemicals (such as
petrochemicals, phosphates, laminates, additives, particleboard,
adhesives, glues and sealants), food (production and sale of pork
and branded food products) and real estate (acquisition and
development of land for upper-income commercial, residential and
tourism).
CONTACT: Giovanna Caccialanza, CFA +1-212-908-0898, New York
Guido A. Chamorro +1-312-368-5473, Chicago
Alberto Moreno +528-18-335-7239, Monterrey, Mexico
MEDIA RELATIONS: Matt Burkhard +1-212-908-0540, New York
HAYES LEMMERZ: Agrees to Launch Senior Note Offering
----------------------------------------------------
Hayes Lemmerz International, Inc. (OTC: HLMMQ) announced Thursday
that it entered into an agreement for the sale of $250 million of
senior unsecured notes. The notes have a maturity of 7 years and
a 10 1/2% coupon. The Company expects to complete the sale of the
notes and emerge from Chapter 11 in early June. Hayes Lemmerz,
its U.S. subsidiaries and one subsidiary organized in Mexico
filed voluntary petitions for reorganization under Chapter 11 of
the Bankruptcy Code in the U.S. Bankruptcy Court for the District
of Delaware on December 5, 2001.
Hayes Lemmerz International, Inc. is one of the world's leading
global suppliers of automotive and commercial highway wheels,
brakes, powertrain, suspension, structural and other lightweight
components. The Company has 43 plants, 3 joint venture facilities
and 11,000 employees worldwide.
The notes to be offered will not be and have not been registered
under the Securities Act of 1933, as amended, and may not be
offered or sold in the United States absent registration or an
applicable exemption from registration requirements. This press
release does not constitute an offer to sell or the solicitation
of an offer to buy, nor will there be any sale of these
securities in any state in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under
the securities laws of any such state, and is issued pursuant to
Rule 135c under the Securities Act of 1933, as amended. This
press release includes forward looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section
21E of the Securities Exchange Act of 1934, as amended, which
represent the Company's expectations and beliefs concerning
future events that involve risks and uncertainties which could
cause actual results to differ materially from those currently
anticipated. All statements other than statements of historical
facts included in this release are forward looking statements.
Factors that could cause actual results to differ materially from
those expressed or implied in such forward looking statements
include the factors set forth in our periodic reports filed with
the SEC. Consequently, all of the forward looking statements made
in this press release are qualified by these and other factors,
risks and uncertainties. SOURCE
MEXLUB: Pemex Clashes With Former Partner
-----------------------------------------
The recent purchase of a controlling stake in lubricants business
Mexicana de Lubricantes (Mexlub) by Mexico's state oil company
Pemex has spurred conflict between Pemex and Mexlub's former
owner - Guadalajara-based Impulsora Jalisciense.
Pemex said last Friday that it has decided to exercise its option
to buy out Impulsora's 51% stake in the partnership after Mexlub
rang up losses of MXN530 million (US$51.3 million) during the
past 10 years.
Pemex also said that Mexlub has amassed debts of MXN1.2bn pesos,
which it will seek to renegotiate with main creditor, Grupo
Financiero Banorte.
However, Impulsora Jalisciense denied that it is selling its
stake and accused Pemex of trying to "confuse" the public by
announcing it would acquire 100% of the shares in the lubricants
business.
Furthermore, Impulsora insisted that it still retained control of
the lubricant producer.
Pemex's refining unit replaced Mexlub chairman Salvador Martinez,
and CEO Octavio Sanchez, as well as other board members but
Impulsora's armed security guards would not let their
replacements enter Mexlub's offices.
Pemex is now planning to take legal action against Impulsora for
failing to hand over control of the Company.
PEMEX: Signs Development, Expansion Agreement With Tabasco
----------------------------------------------------------
Mexico's state oil company Pemex signed three agreements with the
state of Tabasco for the expansion and development of the state's
oil industry, reports Business News Americas. The agreements,
which total a worth of MXP981 million (US$95.8 million), will
include a MXP738 million investment on minimizing negative
environmental impact from Pemex's operations in the region.
Pemex will also spend MXP219 million in support activities and
development programs for Tabasco localities and communities, and
MXP24 million on education, said the report, adding that there
will also be a MXP20 million investment in Pemex's southern unit.
The Company's general director also promised a detailed program
on the promotion of Tabasco-based suppliers and contractors.
Pemex' plant that cover Tabasco, the south of Veracruz, the north
of Chiapas and part of Campeche is the Company's most productive
arm. Reserves are estimated to be about 8 billion barrels,
equivalent to about 15 percent of the total national reserves.
The southern unit produces about 500,000 barrels of crude, 1.6
billion cubic feet of gas, and processes 86 percent of Mexico's
natural gas daily.
===========
P A N A M A
===========
BLADEX: SEC Declares Registration Statement Effective
-----------------------------------------------------
Banco Latinoamericano de Exportaciones, S.A. ("BLADEX" or the
"Bank") (NYSE: BLX), a specialized multinational bank established
to finance trade in the Latin American and Caribbean region,
announced Thursday that the Registration Statement for its rights
offering was declared effective by the Securities and Exchange
Commission (the "SEC").
As indicated in the Registration Statement, the Bank is issuing
to holders of the Bank's Class A, Class B and Class E common
stock of record as of June 2, 2003 (the Record Date") 1.26 non-
transferable rights for each share of common stock owned on the
Record Date entitling the holders to subscribe for shares of the
class to which their rights relate. The rights entitle the
holders to subscribe for an aggregate of 22 million shares of the
Bank's common stock, consisting of Class A, Class B and Class E
shares, at the rate of one share of common stock for each right
held.
The subscription price per share will be the lowest of the three
averages of the last reported sales price of a Class E share on
the New York Stock Exchange for three periods consisting of 90,
30 and 10 trading days, respectively, each ending on June 18,
2003, which is two trading days prior to June 20, 2003, the
expiration date of the offering.
BNP Paribas Securities Corp. and Deutsche Bank Securities Inc.
have been selected by the Bank to act as sole soliciting dealers
for the rights offering.
For further information regarding the Bank and its proposed
rights offering, please contact the Information Agent for this
offering:
MacKenzie Partners, Inc.,
(800) 322-2885 or call collect at (212) 929-5500
To obtain a written prospectus meeting the requirements of
Section 10 of the United States Securities Act of 1933, as
amended, please contact the Information Agent or:
Carlos Yap S.
Senior Vice President, Finance
BANCO LATINOAMERICANO DE EXPORTACIONES, S.A.
Head Office
Calle 50 y Aquilino de la Guardia
Apartado 6-1497 El Dorado
Panama City, Republic of Panama
Tel No. (507) 210-8581
Fax No. (507) 269 6333
E-mail Internet address: cyap@blx.com
- Or -
William W. Galvin
THE GALVIN PARTNERSHIP
76 Valley Road
Cos Cob, CT 06807
U.S.A.
Tel No. (203) 618-9800
Fax No. (203) 618-1010
E-mail Internet address: wwg@galvinpartners.com
=======
P E R U
=======
AT&T PERU: Reps From Potential Bidders To Conduct Due Diligence
---------------------------------------------------------------
The Peruvian unit of AT&T Latin America is expecting
representatives of five or six telecommunications companies to
conduct due diligence shortly, South American Business
Information reports, citing the unit's president, Mr. Jose
Gandullia. The process is part of the plans to sell the unit
later in the year
According to Mr. Gandullia, the operations of the Peruvian
subsidiary will continue as normal despite the prospect of new
owners.
The Greenhill company is managing the process of negotiating with
potential buyers. AT&T's other Latin American subsidiaries will
also invite companies to conduct due diligence, the report
indicates. There is a strong possibility that AT&T Latin America
will be sold as a block and not subsidiary by subsidiary.
=================================
T R I N I D A D & T O B A G O
=================================
BWIA: Seized Aircraft Still in ILFC's Hands
-------------------------------------------
The Boeing 737 aircraft, which International Leasing Finance Co
(ILFC) seized from BWIA, has not yet been released, the Trinidad
Express reports. ILFC seized a BWIA Boeing 737-800 aircraft as it
prepared to leave Miami International Airport on Tuesday because
of the debt owed by BWIA.
But the government's last-minute $31.25 million (US$5 million)
letter of comfort is expected to clear BWIA's debt to ILFC, the
company it is leasing most of its aircraft from, Trade and
Industry Minister Kenneth Valley said.
"The US$5 million is to pay off ILFC and that's it. As I
understand it, we are now current with them," said Mr. Valley.
Government granted the $31.25 million to BWIA out of a proposed
$116.8 million State loan for the airline.
Government and BWIA have been negotiating the pre-conditions for
the loan, which include a review and revision of the airline's
management and compensation packages for all employees.
"Although they have not completed all their conditions.I mean,
this was an emergency and we had to release the funds for them,"
Mr. Valley said.
A member of Cabinet's Inter-Ministerial Committee appointed by
Prime Minister Patrick Manning to conduct a review of BWIA's
operations, Mr. Valley said he would be meeting with the
airline's executive on Monday.
CONTACT: BRITISH WEST INDIES AIRWAYS
Phone: + 868 627 2942
E-mail: mailto:mail@bwee.com
Home Page: http://www.bwee.com/
Contacts:
Conrad Aleong, President and CEO (Trinidad)
Beatrix Carrington, VP Marketing and Sales (Barbados)
Paul Schutz, CFO (Trinidad)
=================
V E N E Z U E L A
=================
HOVENSA: Operations Stabilize, Moody's Confirms Baa3 Ratings
------------------------------------------------------------
Moody's Investors Service confirmed the Baa3 rating of
approximately US$650 million of senior secured debts issued by
HOVENSA L.L.C., with a stable outlook. The rating confirmation
reflects the resumption of normal operations following an
interruption of oil deliveries from Venezuela earlier this year.
Since the resumption of full oil deliveries from PDVSA, HOVENSA
has demonstrated high operating efficiency, has prepaid US$78
million of term loan borrowings, and has generated a substantial
cash position.
The ratings confirmed at Baa3 are:
- US$422 million of secured bank credit facilities (consisting of
a US$272 million term loan facility and a US$150 million
revolving working capital facility); and
- US$127 million of senior secured tax-exempt revenue bonds.
HOVENSA L.L.C. is a limited liability company formed in 1998 and
owned 50% each by Hess Oil Virgin Islands Corp., a wholly-owned
subsidiary of Amerada Hess Corporation (Baa3 senior unsecured)
and PDVSA V. I., Inc., a wholly-owned subsidiary of PDVSA (Caa1
foreign currency debt rating).
HOVENSA owns and operates one of the world's largest crude oil
refineries, with a capacity of 495,000 bpd, located in St. Croix,
U.S. Virgin Islands.
***********
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 Oona G. Oyangoren, Editors.
Copyright 2003. 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 * * *