/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/040615.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, June 15, 2004, Vol. 5, Issue 117 Headlines A R G E N T I N A BALUMA: Launches Debt Restructuring Plan CODPE: Court Orders Liquidation COOPERATIVA DEL ESTE: Court Assigns Trustee for Reorganization CORREO ARGENTINO: Pres. Kirchner Formalizes State's Ownership COVIASA: Debt Repayment Demands Liquidation ESTABLECIMIENTOS OPTICOS: Court Rules Liquidation Required EUROMAYOR: Fitch Reaffirms Junk Ratings on Bonds GRISDA: Court Orders Bankruptcy, Liquidation to Follow GUSTUS S.A.: Bankruptcy Process Initiated HARROD'S: Faces Lawsuits From Creditors IRSA: Details Plans to Build Shopping Center in Rosario LIBERIUS: Bankruptcy Process Officially Starts MARIANCRYL: Judge Issues Bankruptcy Order MINERA AGROSUD: Seeks Court's Approval to Reorganize MONTAESCALERAS: Claims Deadline Approaches PACK MAGAZINE: Court Declares Company Bankrupt PREMIUN BIOINDUSTRIAS: Court Grants Reorganization Plea OESTE FABRIL: Reports Submission Deadline Set STREAM: Court Issues Liquidation Ruling TED SAM: Prepares for Reorganization * ARGENTINA: Final Debt Proposal Presented to SEC B R A Z I L CEMIG: Details $127M 10-Yr Debenture Offer MRS LOGISTICA: Fitch Upgrades Ratings to `BB' SINGER: Enters Agreement With KSIN for Sewing Business Sale C O L O M B I A CHIQUITA BRANDS: Sells Colombian Operations M E X I C O CLUB MED: Accor Buys 29% Stake in Company GRUPO IUSACELL: Debt Accord With Creditors Proves Elusive MAXCOM TELECOMUNICACIONES: BofA Fund to Assume Majority Control T R I N I D A D & T O B A G O NUCOR IRON/CAL: Talking With Government To Reopen Closed Plants U R U G U A Y UTE: Probing Options to Combat Energy Crisis - - - - - - - - - - - ================= A R G E N T I N A ================= BALUMA: Launches Debt Restructuring Plan ---------------------------------------- Baluma, the Argentine firm that owns the Conrad hotel and Casino in Punta del Este has launched an offer to restructure US$50 million in bonds. The Company wants to persuade bondholders to extend the term of the notes that are expiring next month. The proposal contemplates a change in the hotel's share ownership. If accepted, US company Caesars Entertainment (formerly Park Place) will raise its stake in the hotel from 46% to 87% by capitalizing the US$109 million that Baluma owes it. For the almost 2,000 bondholders, the Company proposes a refinancing of maturities until 2010, maintaining the amount of debt and interest payments (Libor plus 4.5%), and allocating 40% of its incomes to make an annual principal payment as of 2005. CODPE: Court Orders Liquidation ------------------------------- Codpe S.A. prepares to wind-up its operations following the bankruptcy pronouncement issued by Buenos Aires Court No. 8. The declaration effectively prohibits the Company from administering its assets, control of which will be transferred to a court- appointed trustee. Infobae reports that the court appointed Mr. Juan Carlos Rama as trustee. He will be reviewing creditors' proofs of claims until August 6, 2004. The verified claims will be the basis for the individual reports to be presented for court approval on September 20, 2004. Afterwards, the trustee will also submit a general report on November 2, 2004. Clerk No. 15 assists the court on this case, which will end with the disposal of the Company's assets to cover its liabilities. CONTACT: Codpe S.A. Mariano Moreno 4434 Sarandi (Pdo de Avellaneda) Buenos Aires Mr. Juan Carlos Rama, Trustee Viamonte 1453 Buenos Aires COOPERATIVA DEL ESTE: Court Assigns Trustee for Reorganization -------------------------------------------------------------- Cooperativa del Este de Credito Consumo y Vivienda Ltda, a company operating in Buenos Aires, will start its reorganization after the city's Court No. 7 appointed Mr. Carlos Manuel Carrescia to supervise the proceedings as trustee. Clerk No. 14 assists the court on this case. An Infobae report states that the trustee will verify creditors claims until August 6, 2004. Afterwards, He will present these claims as individual reports for final review by the court on October 1, 2004. Mr. Carrescia will also provide the court with a general report pertaining to the cooperative's reorganization on November 12, 2004. The court has scheduled the informative assembly on May 24 next year. CONTACT: Mr. Carlos Manuel Carrescia, Trustee Tucuman 1621 Buenos Aires CORREO ARGENTINO: Pres. Kirchner Formalizes State's Ownership ------------------------------------------------------------- Contrary to original plans announced in November last year, Argentina's postal company will not be sold to a private owner. Argentina's Planning Minister Julio De Vido revealed Friday that President Nestor Kirchner signed a decree officially making the government the owner of the postal company and changing its name to Correo Oficial de la Republica Argentina SA from Correo Argentino SA. Correo Argentino became the world's first fully privatized postal service in 1997 with Sideco Americana, a consortium in the hands of local businessman Francisco Macri, as the owner. However, on November 19 last year, the government annulled the postal-service concession held by Marci for "successive failures to comply" with the contract signed in 1997. The contract was cancelled three days after Correo Argentino was declared bankrupt when the government sued for ARS450 million (some US$152 million) in unpaid concession fees. Once the concession was cancelled, the government set a 180-day deadline for normalizing company finances and initiating the privatization process. That six-month period expired in May with the postal service still in state hands. In the meantime, officials, according to De Vido, are working to find a new concessionaire, though no new re-privatization deadline has been set. All of Correo Oficial's workers, who kept their jobs when the postal service passed into state control, will continue in their positions. Eduardo Di Cola, the state-appointed administrator who heads the postal service, will be president of the new company. COVIASA: Debt Repayment Demands Liquidation ------------------------------------------- Buenos Aires-based Coviasa S.A. will begin liquidating its assets following the pronouncement of the city's Court No. 18 that the Company is bankrupt, reports Infobae. The bankruptcy process will end with the disposal of the Company's assets to pay its creditors. The bankruptcy ruling places the Company under the supervision of court-appointed trustee, Ms. Lea Beatriz Alejanati. The trustee will verify creditors' proofs of claims until July 12, 2004. Afterwards, The validated claims will be presented in court as individual reports on September 7, 2004. Ms. Alejanati will also submit a general report, containing a summary of the Company's financial status as well as relevant events pertaining to the bankruptcy, on October 20, 2004. CONTACT: Ms. Lea Beatriz Alejanati, Trustee Pueyrredon 1576 Buenos Aires ESTABLECIMIENTOS OPTICOS: Court Rules Liquidation Required ---------------------------------------------------------- Buenos Aires Court No. 18 ordered the liquidation of Establecimientos Opticos Constelacion S.A.I.C.I.F. after the Company defaulted on its obligations, Infobae reveals. The liquidation pronouncement will effectively place the Company's affairs as well as its assets under the control of Ms. Elba Bengoechea, the court-appointed trustee. Ms. Bengoechea will verify creditors' proofs of claims until July 7, 2004. The verified claims will serve as basis for the individual reports to be submitted in court on September 3, 2004 followed by the general report on Octoebr 18, 2004. Clerk No. 35 assists the court on this case, which will end with the disposal of the company's assets in favor of its creditors. CONTACT: Ms. Elba Bengoechea, Trustee Jose Evaristo Uriburu 1010 Buenos Aires EUROMAYOR: Fitch Reaffirms Junk Ratings on Bonds ------------------------------------------------ Fitch Argentina Calificadora de Riesgo S.A. reaffirms the `D(arg)' rating assigned to US$10 million worth of corporate bonds issued by Euromayor S.A. de Inversiones. Argentina's securities regulator, the Comision Nacional de Valores (CNV), described the affected bonds as "Primera Serie por 10 millones de U$S dentro de un Programa Global". These bonds, which matured in April 28, 2003, are classified under "Series and/or Class". Fitch said that a `D(arg)' rating is assigned to bonds that are in payment default. At the same time, Fitch maintains a `CCC(arg)' rating to the following bonds. -- US$3.07 million of "Serie I Clase dolares," whose maturity was not disclosed; -- US$3.07 million of "Serie II Clase dolares", which matured in June 10, 2003; -- US$6.80 million of "Serie I Clase pesos," whose maturity was not disclosed; and -- US$4.42 million of "Serie II Clase pesos", which matured in June 10, 2003. Fitch said that a `CCC(arg)' rating denotes an extremely weak credit risk relative to other issues in the same country. Capacity for meeting financial commitments is solely reliant upon sustained, favorable business or economic developments. The rating actions were based on the Euromayor's finances as of January 31, 2004. GRISDA: Court Orders Bankruptcy, Liquidation to Follow ------------------------------------------------------ Buenos Aires Court No. 12 declared Grisda S.A. bankrupt after the Company defaulted on its debt payments. The bankruptcy order effectively places the Company's affairs as well as its assets under the control of court-appointed trustee, Ms. Norma Alicia Balmes. As Trustee, Ms. Balmes is tasked with verifying the authenticity of claims presented by the Company's creditors. The verification phase is ongoing until August 10, 2004. Following claims verification, the trustee will submit the individual reports based on the forwarded claims for final approval by the court on September 21, 2004. A general report will also be submitted on November 2, 2004. Infobae reports that Clerk No. 23 assists the court on this case, which will end with the disposal of the Company's assets in favor of its creditors. CONTACT: Ms. Norma Alicia Balmes, Trustee Avda Roque Saenz Pe¤a 1185 Buenos Aires GUSTUS S.A.: Bankruptcy Process Initiated ----------------------------------------- Gustus S.A. of Beunos Aires will begin liquidating its assets after the city's Court No. 5 declared the Company bankrupt. Infobae reveals that the bankruptcy process will commence under the supervision of court-appointed trustee, Ms. Edith Ghiglione. The trustee will review claims forwarded by the company's creditors until August 25, 2004. After claims verification, Ms. Ghiglione will submit the individual reports for court approval on October 6, 2004. The submission of the general report will follow on December 3, 2004. Clerk No. 10 assists the court on this case. CONTACT: Ms. Edith Ghiglione, Trustee Paraguay 1225 Buenos Aires HARROD'S: Faces Lawsuits From Creditors --------------------------------------- Buenos Aires-based department store Harrod's is in talks with Banco Mariva, one of its creditors, in order to avoid being sold thru an auction scheduled for June 29. Banco Mariva filed a lawsuit against the department store to request the repayment of a debt of around ARS145,000. As a result of this action, it was decided that Harrod's would be sold by public auction in order to secure the collection of the debt. But the owners of the store have deposited ARS145,000 to pay down the debt and now they will be meeting with Banco Mariva representatives to discuss the situation and decide on whether to suspend the auction. It seems that the auction will be cancelled if Harrod's promises to pay the court cost. But this is just one of the numerous legal actions against the traditional department store. The Company accrues around 70 seizures totaling at least US$16.2 million. Unless it repays all these debts, more auctions are expected to be called. The base price for the auction had been set for US$20 million, since this 51,546-square-meter property is worth around US$29 million. With this scenario, the planned reopening of the department store is seen as unlikely. The possibility of reopening Harrod's started to be handled in 2002. Last year, a group of Italian investors, Besknet, said they wanted to be part of the project with a US$3 million contribution. Real estate development firm CNC planned to reopen the building in September 2004 and hired Deloitte Touche to work on the creation of a US$15 million trust fund for this purpose. IRSA: Details Plans to Build Shopping Center in Rosario ------------------------------------------------------- IRSA Inversiones y Representaciones Sociedad Anonima (NYSE: IRS) (BCBA: IRSA) intends to invest a total of ARS60 million to build a new shopping center in Scalabrini Ortiz Park in the city of Rosario this year, says El Cronista. The Company hopes to take advantage of Rosario's promising consumer market as the city continues to recover from the Argentine economic crisis. According to the report, IRSA expects to complete the initial phase of the project by November 2004. Showcase Cinemas, Coto Hypermarket and retailers will raise another ARS60 million for the project. IRSA is Argentina's largest, most well-diversified real estate company, and it is the only company within the industry whose shares are listed on the Bolsa de Comercio de Buenos Aires and The New York Stock Exchange. Through its subsidiaries, IRSA manages an expanding top portfolio of shopping centers and office buildings, primarily in Buenos Aires. The company also develops residential subdivisions and apartments (specializing in high-rises and loft-style conversions) and owns three luxury hotels. Its solid, diversified portfolio of properties has established the Company as the leader in the sector in which it participates, making it the best vehicle to access the Argentine real estate market CONTACT: Alejandro Elsztain -- Director Tel: +011-(5411)-4344-4636 E-mail: finanzas@irsa.com.ar Web site: http://www.irsa.com.ar LIBERIUS: Bankruptcy Process Officially Starts ---------------------------------------------- Buenos Aires Court No. 26 declared Liberius S.A. bankrupt reports Infobae. Clerk No. 52 assists the court on the case, which will close with the liquidation of the Company's assets to repay creditors. Mr. Carlos Rapetti, who has been appointed as trustee, will verify creditors' claims until August 24, 2004 and then prepare the individual reports based on the results of the verification process. The individual reports will then be submitted to court on October 5, 2004, followed by the general report on November 17, 2004. CONTACT: Mr. Carlos Rapetti, Trustee Echeverria 2670 Buenos Aires MARIANCRYL: Judge Issues Bankruptcy Order ----------------------------------------- Buenos Aires-based textile company Mariancryl S.A. was declared bankrupt after Judge Ferrario of the city's Court No. 6 endorsed the petition of Cooperativa Concred Ltda. for the Company's liquidation. Argentine daily La Nacion reports that Cooperativa Concred has claims totaling US$40,160 against the troubled company. The court assigned Mr. Juan Vilanova to supervise the liquidation process as trustee. He will validate creditors' proofs of claims until August 31, 2004. CONTACT: Mariancryl S.A. Bernardo de Irigoyen 308 Buenos Aires Mr. Juan Vilanova, Trustee Hipolito Yrigoyen 1349 Buenos Aires MINERA AGROSUD: Seeks Court's Approval to Reorganize ---------------------------------------------------- Minera Agrosud S.A., a mining company operating in Buenos Aires, filed a petition for reorganization after failing to pay its liabilities since September 7, 2003, reports Infobae. The reorganization petition, once approved by the court, will allow the Company to negotiate a settlement with its creditors in order to avoid a straight liquidation. The case is pending before Judge del Chomer of the city's Commercial and Civil Court No. 10. Dr. Gigglberger, Clerk of Court No. 20, assists on this case. CONTACT: Minera Agrosud S.A. Plaza 1475 Buenos Aires MONTAESCALERAS: Claims Deadline Approaches ------------------------------------------ The verification of claims for the Montaescaleras S.A. bankruptcy will end on August 12, 2004 according to local daily Infobae. Creditors with claims against the bankrupt company must present proof of the liabilities to Mr. Claudio Jorge Haimovici, the court-appointed trustee, before the stated deadline. The individual reports based on the verified claims will be submitted in court on October 7, 2004 followed by the general report on November 18, 2004. Court No. 2 handles the Company's case with the assistance of Clerk No. 4. The bankruptcy will conclude with the liquidation of the Company's assets to pay its creditors. CONTACT: Mr. Claudio Jorge Haimovici, Trustee Sarmiento 3843 Buenos Aires PACK MAGAZINE: Court Declares Company Bankrupt ---------------------------------------------- Pack Magazine is now "Quiebra" - meaning bankrupt, says Infobae. Court No. 16 of the Buenos Aires Commercial and Civil Tribunal decreed the Company's bankruptcy and appointed Mr. Bartolome Horacio Bavio, as trustee. Mr. Bavio will be reviewing creditors' claims until August 31, 2004. Analyzing these claims is important because the outcome of the process will determine the amount each creditor will get after all the assets of the Company are liquidated. The court, which is aided by Clerk No. 31, will conclude the bankruptcy process by liquidating its assets to repay creditors. CONTACT: Mr. Bartolome Horacio Bavio, Trustee Avda de Mayo 1324 Buenos Aires PREMIUN BIOINDUSTRIAS: Court Grants Reorganization Plea ------------------------------------------------------- Premiun Bioindustrias S.A. successfully petitioned for reorganization after Court No. 6 of Rosario issued a resolution opening the Company's insolvency proceedings. During the process, the Company will continue to manage its assets subject to certain conditions imposed by Argentine law and the oversight of a court-appointed trustee. Infobae relates that Ms. Marta Graciela Castellarin will serve as trustee during the course of the reorganization. She will be accepting creditors' proofs of claim for verification until June 4, 2004. After the verification deadline, Ms. Castellarin will prepare the individual reports and submit it in court on July 30, 2004. The trustee will also present a general report for court review on September 13, 2004. Premiun Bioindustrias will endorse the settlement proposal for approval by the creditors during the informative assembly scheduled on March 4, 2005. CONTACT: Premiun Bioindustrias S.A. Ruta 9 y Santa Rosa Roldan Santa Fe Ms. Marta Graciela Castellarin Brown 1666 Rosario Santa Fe OESTE FABRIL: Reports Submission Deadline Set --------------------------------------------- Ms. Norma Alicia Balmes, the trustee assigned to supervise the liquidation of Oeste Fabril S.A., will submit on September 21, 2004 the validated individual claims for court approval. These reports explain the basis for the accepted and rejected claims. Ms. Balmes will also submit a general report pertaining to the bankruptcy case on November 2, 2004. Infobae reports that Buenos Aires Court No. 12, assisted by Clerk No. 12, has jurisdiction over this case. CONTACT: Ms. Norma Alicia Balmes, Trustee Avda Roque Saenz Pe¤a 1185 Buenos Aires STREAM: Court Issues Liquidation Ruling --------------------------------------- Judge Villanueva of Buenos Aires Court No. 23 declared Stream S.A. bankrupt, says La Nacion. The ruling comes in approval of the bankruptcy petition filed by the Company's creditor, Nuevo Banco Industrial de Azul S.A. Clerk No. 45, Dr. Timpanelli, assists the court on the case, which will conclude with the liquidation of the Company's assets. The Company's trustee, Ms. Isabel de Francesco will examine and authenticate creditors' claims until August 9, 2004. This is done to determine the nature and amount of the Company's debts. Creditors must have their claims authenticated by the trustee by the said date in order to qualify for the payments that will be made after the Company's assets are liquidated. CONTACT: Stream S.A. Avenida Forest 5160 Buenos Aires Ms. Isabel de Francesco, Trustee Pasteur 154 Buenos Aires TED SAM: Prepares for Reorganization ------------------------------------ Buenos Aires Judge No. 7, with assistance from Clerk No. 13, issued a resolution opening the reorganization of Ted Sam S.A. This pronouncement authorizes the Company to begin drafting a settlement proposal with its creditors in order to prevent a liquidation. The reorganization also allows Ted Sam S.A. to retain control of its assets subject to certain conditions imposed by Argentine law and the oversight of the court appointed trustee. Mr. Carlos Manuel Carrescia, who will serve as trustee during the course of the reorganization, will be validating creditors' proofs of claims until September 6, 2004. The results of the verification will be presented in court as individual reports on October 20, 2004. The trustee is also obligated to provide a general report for court submission on November 30, 2004. The general report summarizes events relevant to the reorganization and provides an audit of the Company's accounting and business records. Ted Sam S.A. will present the completed settlement proposal to its creditors during the informative assembly scheduled on May 9, 2005. CONTACT: Mr. Carlos Manuel Carrescia, Trustee Tucuman 1621 Buenos Aires * ARGENTINA: Final Debt Proposal Presented to SEC ------------------------------------------------- Annex A1 Par Scenario 1 Final Proposed Terms and Conditions of New Par Bonds if Bondholder Participation is 70% or Less - Issuer: Republic of Argentina - Aggregate amount to be issued: Under Scenario 1, Par Bonds will be issued in a maximum aggregate principal amount of approximately U.S.$10.0 billion. - GDP-linked unit: A detachable GDP-linked unit will be issued with the new debt security, entitling holders to annual payments contingent upon Argentina's achievement of levels of gross domestic product in excess of pre-determined levels. See Annex D. - Currency: Existing debt securities denominated in U.S. dollars, euros or yen may be exchanged for new debt securities denominated in original debt security currency, U.S. dollars or pesos. Existing debt securities denominated in currencies other than U.S. dollars, euros, yen or pesos may be exchanged for new debt securities denominated in U.S. dollars, euros or pesos. Existing pesodenominated debt securities will be exchangeable only for new pesodenominated debt securities. - Indexation of peso-denominated debt securities: Coeficiente de Estabilizacion de Referencia (Reference Stabilization Coefficient, or CER) - Maturity: 35 years from date of issue - Amortization schedule: Equal semi-annual payments from year 25 - Average term: 30.25 years - Interest rate: For bonds denominated in U.S. dollars (interest rates will be financially comparable for bonds denominated in currencies other than U.S. dollars): Step-up Years: 1 to 5 1.35% 6 to 15 2.50% 16 to 25 3.75% 26 to 35 5.25% - Interest period: Semi-annual - Exchange listings: Luxembourg and certain other jurisdictions - Governing law: New York (peso and U.S. dollar), U.K. (euro), Japan (yen) or Argentina (peso and U.S. dollar) Annex A2 Par Scenario 2 Final Proposed Terms and Conditions of New Par Bonds if Bondholder Participation Exceeds 70% - Issuer: Republic of Argentina - Aggregate amount to be issued: Under Scenario 2, Par Bonds will be issued in a maximum aggregate principal amount of approximately U.S.$15.0 billion. - GDP-linked unit: A detachable GDP-linked unit will be issued with the new debt security, entitling holders to annual payments contingent upon Argentina's achievement of levels of gross domestic product in excess of pre-determined levels. See Annex D. - Currency: Existing debt securities denominated in U.S. dollars, euros or yen may be exchanged for new debt securities denominated in original debt security currency, U.S. dollars or pesos. Existing debt securities denominated in currencies other than U.S. dollars, euros, yen or pesos may be exchanged for new debt securities denominated in U.S. dollars, euros or pesos. Existing pesodenominated debt securities will be exchangeable only for new pesodenominated debt securities. - Indexation of peso-denominated debt securities: Coeficiente de Estabilizacion de Referencia (Reference Stabilization Coefficient, or CER) - Maturity: 35 years from date of issue - Amortization schedule: Equal semi-annual payments from year 25 - Average term: 30.25 years - Interest rate: For bonds denominated in U.S. dollars (interest rates will be financially comparable for bonds denominated in currencies other than U.S. dollars): Step-up Years: 1 to 5 2.08% 6 to 15 2.50% 16 to 25 3.75% 26 to 35 5.25% - Interest period: Semi-annual - Exchange listings: Luxembourg and certain other jurisdictions - Governing law: New York (peso and U.S. dollar), U.K. (euro), Japan (yen) or Argentina (peso and U.S. dollar) Annex B1 Discount Scenario 1 Final Proposed Terms and Conditions of New Discount Bonds if Bondholder Participation is 70% or Less - Issuer: Republic of Argentina - Aggregate amount to be issued: Under Scenario 1, Discount Bonds will be issued in a maximum aggregate principal amount of approximately U.S.$20.17 billion. - Discount to nominal amount: Equal to approximately 66% of the outstanding principal amount of the tendered debt securities - GDP-linked unit: A detachable GDP-linked unit will be issued with the new debt security, entitling holders to annual payments contingent upon Argentina's achievement of levels of gross domestic product in excess of pre-determined levels. See Annex D. - Currency: Existing debt securities denominated in U.S. dollars, euros or yen may be exchanged for new debt securities denominated in original debt security currency, U.S. dollars or pesos. Existing debt securities denominated in currencies other than U.S. dollars, euros, yen or pesos may be exchanged for new debt securities denominated in U.S. dollars, euros or pesos. Existing pesodenominated debt securities will be exchangeable only for new pesodenominated debt securities. - Indexation of peso-denominated debt securities: Coeficiente de Estabilizacion de Referencia (Reference Stabilization Coefficient, or CER) - Maturity: 30 years from date of issue - Amortization schedule: Equal semi-annual payments from year 20 - Average term: 25.25 years - Interest rate: For bonds denominated in U.S. dollars (interest rates will be financially comparable for bonds denominated in currencies other than U.S. dollars): Step-up Cash Capitalized Years: 1 to 5 3.97% 4.35% 6 to 10 5.77% 2.55% 11 to 30 8.32% 0.00% - Interest period: Semi-annual - Exchange listings: Luxembourg and certain other jurisdictions - Governing law: New York (peso and U.S. dollar), U.K. (euro), Japan (yen) or Argentina (peso and U.S. dollar) Annex B2 Discount Scenario 2 Final Proposed Terms and Conditions of New Discount Bonds if Bondholder Participation Exceeds 70% - Issuer: Republic of Argentina - Aggregate amount to be issued: Under Scenario 2, Discount Bonds will be issued in a maximum aggregate principal amount of approximately U.S.$19.87 billion. - Discount to nominal amount: Equal to approximately 63% of the outstanding principal amount of the tendered debt securities - GDP-linked unit: A detachable GDP-linked unit will be issued with the new debt security, entitling holders to annual payments contingent upon Argentina's achievement of levels of gross domestic product in excess of pre-determined levels. See Annex D. - Currency: Existing debt securities denominated in U.S. dollars, euros or yen may be exchanged for new debt securities denominated in original debt security currency, U.S. dollars or pesos. Existing debt securities denominated in currencies other than U.S. dollars, euros, yen or pesos may be exchanged for new debt securities denominated in U.S. dollars, euros or pesos. Existing pesodenominated debt securities will be exchangeable only for new pesodenominated debt securities. - Indexation of peso-denominated debt securities: Coeficiente de Estabilizacion de Referencia (Reference Stabilization Coefficient, or CER) - Maturity: 30 years from date of issue - Amortization schedule: Equal semi-annual payments from year 20 - Average term: 25.25 years - Interest rate: For bonds denominated in U.S. dollars (interest rates will be financially comparable for bonds denominated in currencies other than U.S. dollars): Step-up Cash Capitalized Years: 1 to 5 4.15% 4.36% 6 to 10 4.88% 3.63% 11 to 30 8.51% 0.00% - Interest period: Semi-annual - Exchange listings: Luxembourg and certain other jurisdictions - Governing law: New York (peso and U.S. dollar), U.K. (euro), Japan (yen) or Argentina (peso and U.S. dollar) Annex C1 Quasi-par Scenario 1 Final Proposed Terms and Conditions of New Quasi-par Bonds if Bondholder Participation is 70% or Less - Issuer: Republic of Argentina - Aggregate amount to be issued: Peso equivalent of approximately U.S.$8.33 billion - Convertibility ratio: Approximately 30.6% as of December 31, 2003 (equal to the difference between the appreciation of the U.S.$1 and Ps.1.4/U.S.$1 x CER (2.0395/2.938)). Comparables for other currencies will be derived using this ratio of convertibility. - Indexation: Coeficiente de Estabilizacion de Referencia (Reference Stabilization Coefficient, or CER) - GDP-linked unit: A detachable GDP-linked unit will be issued with the new debt security, entitling holders to annual payments contingent upon Argentina's achievement of levels of gross domestic product in excess of pre-determined levels. See Annex D. - Currency: Peso - Maturity: 42 years - Amortization schedule: Equal semi-annual payments from year 32 - Average term: 37.25 years - Interest rate: Peso interest rate comparable to U.S. dollar interest rate of 5.57% coupon (capitalized through year 10; cash payment thereafter) - Interest period: Semi-annual - Exchange listings: Buenos Aires - Governing law: Argentina Annex C2 Quasi-par Scenario 2 Final Proposed Terms and Conditions of New Quasi-par Bonds if Bondholder Participation Exceeds 70% - Issuer: Republic of Argentina - Aggregate amount to be issued: Peso equivalent of approximately U.S.$8.33 billion - Convertibility ratio: Approximately 29.5% as of June 30, 2004 (equal to the difference between the appreciation of the U.S.$1 and Ps.1.4/U.S.$1 x CER (2.0976/2.975)). Comparables for other currencies will be derived using this ratio of convertibility. - Indexation: Coeficiente de Estabilizacion de Referencia (Reference Stabilization Coefficient, or CER) - GDP-linked unit: A detachable GDP-linked unit will be issued with the new debt security, entitling holders to annual payments contingent upon Argentina's achievement of levels of gross domestic product in excess of pre-determined levels. See Annex D. - Currency: Peso - Maturity: 42 years - Amortization schedule: Equal semi-annual payments from year 32 - Average term: 37.25 years - Interest rate: Peso interest rate comparable to U.S. dollar interest rate of 5.96% coupon (capitalized through year 10; cash payment thereafter) - Interest period: Semi-annual - Exchange listings: Buenos Aires - Governing law: Argentina Annex D Final Proposed Terms and Conditions of New GDP-linked Units - Issuer: Republic of Argentina - Reference Amount: GDP-linked units will be issued in respect of the principal amount of bonds tendered for exchange or amendment. - Calculation currency: Peso - Payment currency: U.S. dollar, euro or yen - Maturity: 30 years - Calculation date: Annually on November 1, commencing in 2006 - Payment date: Annually on December 15, commencing in 2006 - Reference date: December 31 of the year preceding the calculation date, commencing in 2005 - Payment amount: 5% of excess gross domestic product (GDP) divided by the average free market exchange rate of pesos per U.S. dollar, euro or yen, during the 15 days preceding the payment date - Payment trigger: Actual GDP (expressed in constant pesos) as of the reference date exceeds the base case GDP, and the annual growth rate exceeds 3% - Excess GDP: The difference between actual GDP and base case GDP (expressed in current pesos) as of the reference date - Base case GDP: Projected real GDP from December 31, 2004, at an annual growth rate of 3% - Governing law: Argentina =========== B R A Z I L =========== CEMIG: Details $127M 10-Yr Debenture Offer ------------------------------------------ Brazilian integrated power company Cemig (NYSE: CIG) is offering BRL400 million (US$127mn) in 10-year debentures as part of the BRL1.5-billion debenture sale program that has already been registered at Brazil's securities and exchange commission CVM, Business News Americas. In a meeting with investors held June 8-9, the Company decided to hold a book-building auction when the interest rates and other details will be determined on June 23. Cemig's debt sale program is designed to lengthen the Company's BRL3.8-billion debt and reduce its exposure to foreign exchange rate risk. Brazilian bank Unibanco is the lead manager. Last week, Moody's America Latina upgraded its national scale ratings for Cemig to Baa2.br from Baa3.br and affirmed the Company's global local currency scale ratings at B1. The rating outlook was changed to stable from negative. The ratings agency attributed the National Scale Rating upgrade and the change in outlook to an improvement in Cemig's financial performance since year-end 2002. CONTACT: CEMIG Av.Barbacena, 1200 Santo Agostinho - CEP 30190-131 Brasil Fax (0XX31)299-4691 Tel.: (0XX31)349-2111 MRS LOGISTICA: Fitch Upgrades Ratings to `BB' --------------------------------------------- Fitch Ratings upgraded its local currency rating of MRS Logistica (MRS) to 'BB' from 'BB-'. Fitch has also upgraded the company's national scale rating that applies to its first debenture issue to 'A-(bra)' from 'BBB+(bra)' and the national scale rating that applies to its second debenture issue to 'A(bra)' from 'A-(bra)'. Fitch has affirmed MRS's 'B+' foreign currency rating. The foreign currency rating of MRS applies to the series A and series B notes due 2005 issued by MRS in 1997. The foreign currency rating is constrained by the Federative of Brazil's 'B+' foreign currency rating. The Rating Outlook for all the ratings is Stable. The rating action reflects MRS's improved financial performance. After many years of negative free cash flow, MRS generated positive free cash flow in 2003 of about BRL500 million despite its large fixed-payment burden. Due to greater cargo volumes, higher average tariffs and operational improvements, MRS's EBITDAR, which is defined as EBITDA plus MRS's concession and lease payments, increased 28% to BRL709 million in 2003 from BRL556 million in 2002. As a result of expected higher cargo volumes to be transported in 2004, MRS should generate EBITDAR of about BRL800 million. In 2003, EBITDAR covered fixed expenses, defined as interest expense plus concession and lease payments, by 2.6 times (x), an improvement from 2.1x in 2002 and from slightly more than 1.0x during prior years. The ratings for MRS continue to reflect the company's position as the sole provider of railway transportation services for its major customers and limited competitive threats. An ownership structure composed of industry-leading companies with strong credit profiles, along with MRS's improved financial performance, further supports the ratings. The local currency and national scale ratings are constrained by the company's leveraged capital structure resulting from the large fixed payment of approximately BRL160 million per year to the Brazilian government under its railway concession and lease agreements. Companhia Siderurgica Nacional (CSN), one of the leading integrated steel producers in Latin America, is MRS's largest shareholder with a 32.2% stake in MRS total equity. CSN is rated 'BBB-' by Fitch Ratings on a local currency basis. MRS's next- most important shareholder is Brazil's second-largest iron ore producer, Mineracoes Brasileiras Reunidas (MBR). MBR owns 31.6% of MRS's equity and in turn, is indirectly owned by Companhia Vale do Rio Doce (CVRD). CVRD, located in Brazil, is the world's largest iron ore producer and exporter and has significant interests in Brazil's railway sector. CVRD's secured debt is rated 'BBB' by Fitch. Both MBR's and CSN's operations are entirely dependent upon the ability of MRS to transport iron ore (which MBR mines and exports and CSN mines and uses to produce steel). As a result, the 'BB' local currency rating of MRS is strongly supported by the ability and willingness of its captive shareholder customers to inject capital into the company as needed. This support was explicitly demonstrated in 1998 when the shareholders of MRS established a tariff model to determine annual per-ton delivery prices for captive customers. Under this tariff agreement all costs incurred by MRS are passed on to its captive customers, and a targeted return on equity was established. In 2003, the average tariff was BRL15.6 per ton, or about 30% higher than in 2002. Although the tariffs for captive customers are typically set annually, operating costs are reviewed by board members and MRS management on a quarterly basis. If MRS's costs are lower or higher than a predetermined limit due to changes in the exchange rate or fuel costs, the tariff rate for captive customers can be adjusted at that time. MRS can also be reimbursed retroactively for costs incurred. For example, in the last quarter of 2002, MRS recorded additional revenues of BRL184 million from captive customers for foreign- exchange losses that occurred in 1999 and 2001. Over the last several years, total volumes transported by MRS have steadily increased to 86 million tons in 2003 from 52 million tons in 1998 due to the capacity and port expansion efforts of some of MRS's customers, such as MBR and CVRD (formally Ferteco). An increase to 95 million tons is forecasted for 2004. MRS continues to remain well poised for growth as a result of CSN's mine expansion. In 2004, CSN will begin to expand the production capacity of its Casa de Pedra iron ore mine to 40 million metric tons from 14 million tons. The expansion is expected to be completed by mid-2006. MRS is planning to invest about US$100 million over the 2005-2006 period to purchase about 60 locomotives and 2000 wagons to support the CSN mine expansion. Such expansion efforts by MRS's shareholders increase their dependence on the railway, and as a consequence, the strategic importance of MRS to its shareholders. Excluding BRL1.2 billion for the capitalization of MRS's future concession and lease payments, a large portion of the company's debt obligations of BRL801 million as of year-end 2003 consists of reais-denominated debentures (2nd issuance) totaling BRL328 million (under a BRL450 million local debenture program established in 2001). This issuance is secured by a partial pledge of future receivables from MRS's three main captive customers, MBR, CSN and CVRD. The transaction benefits from a collection trust that requires a minimum balance of BRL19.0 million in receivables. In August 2000, MRS also issued debentures of BRL100 million (1st issuance) which were redeemed in August 2002 to be held in treasury by the company. U.S. dollar obligations consist primarily of US$101 million (about BRL292 million) of the company's series A and B notes due in 2005. MRS is a railway that provides freight transportation of iron ore, steel and other industrial products in Brazil. Three principal rail lines of 1,700 kilometers serve as key transportation links connecting Rio de Janeiro, Belo Horizonte, Sao Paulo and the region's main ports. MRS was incorporated in 1996 by a consortium of iron ore and steel companies that now includes CVRD, MBR, and CSN. These companies are captive customers and accounted for about 65% of MRS' cargo volumes and 60% of revenues in 2003. SINGER: Enters Agreement With KSIN for Sewing Business Sale ----------------------------------------------------------- Singer N.V. ("Singer" or the "Company") announced Friday that it has entered into a definitive agreement pursuant to which KSIN Holdings, Ltd. ("KSIN"), an affiliate of funds managed by Kohlberg & Co., LLC, will acquire the Singer worldwide Sewing business and the ownership of the SINGER(R) trademark for a total consideration of approximately $125 million, consisting of cash, assumption of debt and a $15 million subordinated promissory note. Following the closing of the transaction, which is expected to occur in the third quarter of 2004, Singer will continue to own 56.8% of the equity of Singer Asia and 100% of the equity of Singer Jamaica, the Company's Retail and trading businesses in Asia (presently operating primarily in Bangladesh, India, Pakistan, the Philippines, Sri Lanka and Thailand) and in Jamaica. Pursuant to agreements with KSIN, the Retail businesses will continue to have the right to use the SINGER(R) name in their markets and will continue to be the exclusive distributor in these markets for SINGER(R) branded sewing machines and related sewing products. The Sewing business that is being sold includes Company-owned marketing operations in Brazil, Canada, China, the Czech Republic and Hungary, Denmark and Sweden, Italy, Mexico, the Middle East and Africa, South America and the Caribbean, Turkey, and the United States, as well as a network of independent distributors and dealers in over one hundred additional markets. The business also includes manufacturing facilities in Brazil and China. The Sewing marketing and manufacturing operations accounted for about 51% of Singer's 2003 revenue, and 57% of Singer's 2003 operating earnings before Corporate expenses and eliminations. At the closing of the transaction, Singer will receive approximately $71 million in cash, subject to certain closing price adjustments. The Company expects to use a portion of the cash proceeds received in the transaction to repay certain outstanding Corporate debt. Plans for utilization of the balance of the proceeds have not been finalized, but possible uses may include investing in existing and new businesses, dividends on the Company's Common Stock and share buybacks of the Company's Common Stock. Singer expects to realize an accounting loss of approximately $15 million on the transaction. Closing of the transaction is subject to a number of customary conditions for a transaction of this type, including the receipt of requisite government and third-party approvals, finalization of arrangements between KSIN and its lenders to fund the acquisition debt financing, no material adverse change in the Sewing business and accuracy of representations and warranties. Chairman's comments In commenting on the transaction, Stephen H. Goodman, Singer's Chairman, President and CEO noted, "The sale of the Sewing business and of the SINGER(R) trademark represents a fundamental shift in Singer's strategy and structure. The cash received from the sale will enable Singer to repay the Corporate debt remaining from the Company's successful Chapter 11 reorganization in September 2000, and be in an improved liquidity position to help fund the growth of the Singer Asia business, explore other new business opportunities and possibly return cash to the shareholders through dividends and/or a share buyback program." "Singer management has consistently believed that the Company would realize its potential and that this realization would ultimately be reflected in the Company's market value. I believe that the successful completion of this transaction will accelerate this realization. Singer will be evaluating over the next several months alternative legal and administrative structures and arrangements that may better reflect the Company's enhanced liquidity, more concentrated business and smaller aggregate size." About Singer N.V. Singer N.V. was incorporated under the laws of the Netherlands Antilles on December 21, 1999. Effective September 2000, as a result of a successful Chapter 11 reorganization, Singer became the parent company of several Operating Companies formerly owned by The Singer Company N.V., as well as acquiring ownership of the SINGER(R) brand name, one of the most widely recognized and respected trademarks in the world. Through its Operating Companies, Singer is engaged in two principal businesses, Retail and Sewing. The SINGER(R) trademark ties the two businesses together and also stands on its own with licensing and wholesaling potential. The Retail business consists primarily of the distribution through company-owned retail stores and direct selling of a wide variety of consumer durable products for the home in selected emerging markets, primarily in Asia and Jamaica. Retail sales activities in these markets are strengthened by the offer of consumer credit services provided by the Company to its customers. In some of the markets where it operates, Singer is recognized as a leading retailer of products for the home. The Sewing business consists primarily of the distribution of consumer and artisan sewing machines and accessories, produced by Singer and certain third-party manufacturers, through distribution channels operated by its Sewing Operating Companies and through third-party distributors and dealers, as well as through the Operating Companies which operate Singer's Retail business. =============== C O L O M B I A =============== CHIQUITA BRANDS: Sells Colombian Operations ------------------------------------------- Chiquita Brands International, Inc. (NYSE: CQB) announced Friday that it has entered into definitive agreements for the sale of its banana-producing and port operations in Colombia to Invesmar Ltd., the holding company of C.I. Banacol S.A. Banacol is a Colombia-based producer and exporter of bananas and other fruit products. In exchange for these operations, the agreement provides for Chiquita to receive, subject to certain post-closing adjustments, approximately $28.5 million in cash; approximately $15 million face amount of notes and deferred payments (of which $3 million is due within 90 days of closing); and the assumption by the buyer of approximately $8 million of pension liabilities. The transaction also includes two separate eight-year agreements for Chiquita's purchase from the buyer's affiliates of approximately 11 million boxes of Colombian bananas per year and approximately 2.5 million boxes of Costa Rican golden pineapples per year. Chiquita produces approximately 11 million boxes of bananas a year in its Colombian operations, representing about 9 percent of its worldwide banana volume. Unions representing the current Chiquita workers in Colombia have been consulted regarding the sale agreement, and the existing collective bargaining agreement will remain in full force for the acquired operations. The buyer has also agreed to maintain certifications to the social, environmental and food safety standards that Chiquita introduced on these farms, including Social Accountability 8000, Rainforest Alliance and EUREPGAP. As of March 31, 2004, the net book value of the assets and liabilities to be transferred in the transaction approximated $37 million. Chiquita expects to recognize an after-tax loss on the transaction of approximately $5 million, which takes into account the two long-term fruit purchase agreements. The estimated loss may increase somewhat as a result of the recent industrywide strike of banana workers in the Uraba region of Colombia, which was settled on June 10. The additional costs cannot be estimated until the farms have been inspected. Chiquita Brands International is a leading international marketer, producer and distributor of high-quality bananas and other fresh produce, which are sold primarily under the premium Chiquitar brand. The company is one of the largest banana producers in the world and a major supplier of bananas in Europe and North America. The company also distributes and markets fresh-cut fruit and other branded, value-added fruit products. CONTACT: Mr. Michael Mitchell 513-784-8959 mmitchell@chiquita.com Web Site: www.chiquita.com =========== M E X I C O =========== CLUB MED: Accor Buys 29% Stake in Company ----------------------------------------- Mr. Jean-Marc Espalioux, CEO of French hotel and leisure company Accor S.A., revealed Saturday that his company is poised to acquire 29 per cent of troubled Club Mediterranee S.A. The Jamaican Observer reports that Accor will purchase the 7.7 per cent stake controlled by CDC, a French state-owned bank and another 21.2 per cent owned by Italy's Agnelli family in order to become Club Med's largest shareholder. BBC news, however, states that the EUR252 mln deal, to be financed by a convertible bond issuance, will not give Accor control of Club Med. Analyst interviewed by the network have also expressed that Accor is paying too much for the shares. Accor's entry into Club Med could bid well for the Carribbean company, which had reeled from the global travel slump following the September 11 terror attacks. Club Med has since been disposing its unprofitable operations while striving to improve its bottom line by attracting a more affluent class of tourist. GRUPO IUSACELL: Debt Accord With Creditors Proves Elusive --------------------------------------------------------- Grupo Iusacell, S.A. de C.V. (NYSE: CEL; BMV) is struggling to get creditors' approval to renegotiate a US$150 million bond, which matures next month. However, Reuters relates that the ailing Mexican mobile phone company said that it continues to work to restructure its debts. "The company has not arrived yet at an agreement with the holders of the bond," Iusacell said in a statement on the debt, adding, "The company continues working on the process of restructuring its debt." Iusacell is facing debts amounting to more than US$800 million - including a $350-million bond that matures in 2006, a syndicated loan of US$266 million and the US$150 million in bonds - and has been fighting numerous lawsuits lodged against it by creditors in U.S. courts. PricewaterhouseCoopers, in an external audit in May, cast doubt on Iusacell's ability to keep operating due to its deep debt troubles. Just recently, it defaulted on a US$24.9 million interest payment of the $350 million bond. It has also failed to pay $33.2 million in interest on the syndicated loan. Grupo Iusacell is a wireless cellular and PCS service provider in seven of Mexico's nine regions, including Mexico City, Guadalajara, Monterrey, Tijuana, Acapulco, Puebla, Leon and Merida. The Company's service regions encompass a total of approximately 92 million POPs, representing approximately 90% of the countr y's total population. MAXCOM TELECOMUNICACIONES: BofA Fund to Assume Majority Control --------------------------------------------------------------- An investment fund controlled by Bank of America is poised to become Mexican telco Maxcom Telecomunicaciones' controller, Business News Americas indicates. Maxcom chief financial officer Jose Antonio Solbes told Business News Americas that the said investment fund has started the process of converting US$126 million of senior notes issued by Maxcom into shares equivalent to 95% of the Company's total capital. When the transaction wraps up by July or August, the Maxcom founding family Aguirre Gomez will end up with around 2% of the Company, management will own 1%, while other shareholders will own the remaining shares. Furthermore, Maxcom's total debt will be reduced to US$52 million and its debt to equity ratio will go from 10.4 to 0.4 Bank of America Equity Partners acquired 75% of Maxcom's US$167 million senior notes in 2003 after a debt restructuring. Maxcom Telecomunicaciones, S.A. de C.V., headquartered in Mexico City, Mexico, is a facilities-based telecommunications provider using a "smart-build" approach to deliver last-mile connectivity to micro, small and medium-sized businesses and residential customers in the Mexican territory. Maxcom launched commercial operations in May 1999 and is currently offering Local, Long Distance and Internet & Data services in greater metropolitan Mexico City, Puebla and Queretaro. CONTACT: MAXCOM TELECOMUNICACIONES S.A. DE C.V. Magdalena 211 Col. del Valle 03100 Mexico, D.F. Telephone: 52 55 5147 1111 investor.relations@maxcom.com ================================= T R I N I D A D & T O B A G O ================================= NUCOR IRON/CAL: Talking With Government To Reopen Closed Plants --------------------------------------------------------------- The Trinidad and Tobago government and two foreign investors are close to wrapping up multi-million-dollar deals, which could lead to the reopening of two failed iron plants at Pt Lisas. The Trinidad Express reports that Ohio-based International Steel Group (ISG) is negotiating with the Government and suppliers like the National Gas Company (NGC) and WASA to buy Cliffs and Associates Ltd (CAL), which was taken out of service in October 2001. Financial problems at CAL's parent company, Cleveland Cliffs, prevented start-up of the facility again. Energy Minister Eric Williams said Friday that it is expected to start production by mid-August. The plant has a capacity of 500,000 tonnes a year and ISG is willing to expand capacity up to 1.5 million tonnes a year. Meanwhile, Nucor Iron Carbide, which also closed its facility after its iron carbide gamble did not pay off, has also expressed interest in returning to Trinidad. In conjunction with CVRD, a Brazilian mining company, Nucor has submitted a proposal involving the relocation of a 1.5 million tonne/year hot briquetted iron plant at a cost of US$180 million to Trinidad. Government will also bring to bear to the deal assets of its own since the NGC bought the old Nucor plant for its pier, real estate and infrastructure. The new plant will be relocated from Louisiana, USA. During the construction phase, 500 people will be employed and direct employment at the plant will be about 100, Williams told reporters. Neither investor will be given tax holidays but negotiations are continuing to explore good prices for natural gas and electricity. ============= U R U G U A Y ============= UTE: Probing Options to Combat Energy Crisis -------------------------------------------- As part of an effort to ease Uruguay's energy crisis, state power UTE seeks an agreement with Argentine electricity wholesaler Cemsa to import an additional 220MW from Argentina, reports Business News Americas.Uruguayan utilities regulator Ursea manager Beno Ruchansky said that exports could start up as soon as the agreement is signed. UTE had been planning to sign the agreement on June 12. One of the components of the new agreement is that Uruguay's banks will lend Argentine generators US$13 million to finance their purchase of Bolivian gas to generate power for export to Uruguay. "The government had considered issuing bonds but this didn't happen, and in the end it opted for bank loans," Ruchansky said. Argentina has recently started importing 4 million cubic meters of gas a day (mcm/d) from Bolivia. Meanwhile, UTE has agreed with Argentine generator Guemes, through Cemsa, to increase its existing 150MW export contract by about 20MW, Ruchansky said. The Guemes contract is Uruguay's only remaining contract with Argentina after the Argentine wholesale power market Cammesa decided to cut exports in March to save domestic power supplies. Combined with more rainfall, the Argentine imports might be enough to get Uruguay through the southern hemisphere winter without more price hikes or power rationing, Ruchansky said. *********** S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter - Latin America is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick, Maryland USA. John D. Resnick, Edem Psamathe P. Alfeche and Lucilo Junior M. Pinili, Editors. Copyright 2004. 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 * * *