/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/050418.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, April 18, 2005, Vol. 6, Issue 75 Headlines A R G E N T I N A AGEA: Weak Conditions Prompt S&P's `raBBB-' Bond Rating ARTE GRAFICO COMAHUE: Court Orders Company to Liquidate ARTES GRAFICAS: Court Authorizes Plan, Concludes Reorganization B & B MAIL: Initiates Bankruptcy Proceedings COMERCIAL TUCUMAN: Liquidates Assets to Pay Debts GALYSUR S.A.: Reorganization Disintegrates To Bankruptcy FIRST SECURITY: Court Declares Company Bankrupt NEOFONE DIGITAL: Bankruptcy Demands Asset Liquidation NOVA ATLANTIS: Court Converts Bankruptcy to Reorganization PINNACLE ENTERTAINMENT: Moody's Revises Outlook to Positive PLAYAS DEL SUR: Court Resets Liquidation Schedule PRESTACIONES ODONTOLOGICAS: Court Names Trustee for Liquidation RIMBOY S.A.: Seeks Court Approval To Reorganize SANCAYET S.A.: Enters Bankruptcy on Court Orders TURISMO INTERLAGOS: Court Deems Bankruptcy Necessary * ARGENTINA: Grappling With Another ICSID Lawsuit B E R M U D A GLOBAL CROSSING: Amended Securities Suit in NY GLOBAL CROSSING: Appeals Court Reverses Suit Settlement Approval B R A Z I L BRASKEM: BNDES Approves BRL384.6 Million Financing BRASKEM: Board Approves BRL360M Debenture Issue EMBRATEL: Reports Results of Capital Increase EMBRATEL: Agneda Set for Shareholders' Meeting H O N D U R A S * HONDURAS: IMF Reports On Robust Economic Growth J A M A I C A DYOLL GROUP: Auditor Recommends Liquidation M E X I C O GRUPO DESC: Refinancing Mid-Term Debt With New Notes GRUPO DESC: Annual Shareholder Meeting Announced TFM: KCS Announces Receipt of Consents, Early Tenders UNEFON: Seeks to Delist From BMV Due to Poor Liquidity T R I N I D A D & T O B A G O BWIA: Senator Recommends Airline Shut Down U R U G U A Y * URUGUAY: Delays Bond Sale on Declining Debt Prices V E N E Z U E L A PDVSA: Falcon Legislators Seek CRP Manager's Dismissal PDVSA: Amuay Recovering From Blackout - - - - - - - - - - ================= A R G E N T I N A ================= AGEA: Weak Conditions Prompt S&P's `raBBB-' Bond Rating ------------------------------------------------------- Standard & Poor's International Ratings, Ltd. Sucursal Argentina gave an 'raBBB-' rating to various types of corporate bonds issued by Arte Grafico Editorial Argentino S.A. (AGEA), Argentina's securities regulator, the Comision Nacional de Valores (CNV), reveals on its Web site. The bonds affected are: - US$30.6 million worth of `Series and/or Class' bonds described as "Serie C -ON a Tasa Fija creciente." The maturity date was not disclosed; - US$62.05 million worth of `Series and/or Class' bonds described as "Serie B -ON Tasa Flotante creciente." The maturity date was not disclosed; - US$21.67 million worth of `Series and/or Class' bonds described as "Serie B -ON a Tasa Fija creciente." The maturity date was not disclosed; and - US$450 million worth of `Program' bonds described as "Programa Global de Obligaciones Negociables simples (Programa originalmente por hasta U$S 600 millones)." These bonds will mature on November 7, 2008. The rating, which was given based on AGEA's financial status as of December 31, 2004, means that adverse economic conditions are more likely to lead to a weakened capacity of the issuer to meet its financial obligations. ARTE GRAFICO COMAHUE: Court Orders Company to Liquidate ------------------------------------------------------- Arte Grafico Comahue S.R.L. prepares to wind-up its operations following the bankruptcy pronouncement issued by Court No. 14 of Buenos Aires' civil and commercial tribunal. The declaration effectively prohibits the company from administering its own assets, control of which will be transferred to a court- appointed trustee. Infobae reports that the court appointed Ms. Amalia Victoria Beckerman as trustee. Ms. Beckerman will be reviewing creditors' proofs of claims until June 16. The verified claims will serve as basis for the individual reports to be presented for court approval on August 12. The trustee will also submit a general report of the case on September 26. Clerk No. 27 assists the court on this case that will end with the sale of the company's assets. Proceeds from the sale will be used to repay the Company's debts. CONTACT: Ms. Amalia Victoria Beckerman, Trustee Paraguay 1591 Buenos Aires ARTES GRAFICAS: Court Authorizes Plan, Concludes Reorganization --------------------------------------------------------------- Buenos Aires-based company Artes Graficas Pitzel S.R.L. concluded its reorganization process, according to data released by Infobae on its Web site. The conclusion came after the city's civil and commercial Court No. 24, with assistance from Clerk No. 47, homologated the debt plan signed between the Company and its creditors. B & B MAIL: Initiates Bankruptcy Proceedings -------------------------------------------- Court No. 2 of Buenos Aires' civil and commercial tribunal declared B & B Mail S.A. "Quiebra," reports Infobae. Clerk No. 3 assists the court on the case that will close with the sale of the Company's assets to repay creditors. Ms. Susana Graciela Marino, who has been appointed as trustee, will verify creditors' claims until May 20 and then prepare the individual reports based on the results of the verification process. The individual reports will be submitted in court on July 7, followed by the general report on August 31. CONTACT: Ms. Susana Graciela Marino, Trustee Uruguay 560 Buenos Aires COMERCIAL TUCUMAN: Liquidates Assets to Pay Debts ------------------------------------------------- Comercial Tucuman S.R.L. will begin liquidating its assets following the bankruptcy pronouncement issued by Court No. 24 of Buenos Aires' civil and commercial tribunal, Infobae reports. The ruling places the company under the supervision of court- appointed trustee Isaac Jospe. Mr. Jospe will verify creditors' proofs of claims until June 17. The validated claims will be presented in court as individual reports on August 5. The trustee 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 September 16. The bankruptcy process will end with the sale of the company's assets. Proceeds from the sale will be used to repay its debts. CONTACT: Mr. Isaac Jospe, Trustee Jose Evaristo Uriburu 1054 Buenos Aires GALYSUR S.A.: Reorganization Disintegrates To Bankruptcy -------------------------------------------------------- The reorganization of Galysur S.A. has progressed into bankruptcy. Argentine news source Infobae relates that Buenos Aires' civil and commercial Court No. 25 ruled that the Company is "Quiebra Decretada". The report adds that the court assigned Mr. Oscar Leonardo Epstein as trustee, who will verify creditors' proofs of claim until May 20. The court also ordered the trustee to prepare individual reports after the verification process is completed, and have them ready by July 5. A general report on the bankruptcy process is expected on August 31. An informative assembly is scheduled on March 6 next year. CONTACT: Mr. Oscar Leonardo Epstein, Trustee Viamonte 1620 Buenos Aires FIRST SECURITY: Court Declares Company Bankrupt ----------------------------------------------- Court No. 14 of Buenos Aires' civil and commercial tribunal declared local company First Security S.A. bankrupt, reports Infobae. The Company was undergoing reorganization when the ruling was issued. The trustee, Ms. Susana Haydee Mugnai, will verify claims "por via incidental", as the court ordered. The trustee will also be responsible for the individual and general reports. CONTACT: Ms. Susana Haydee Mugnai, Trustee Lavalle 1459 Buenos Aires NEOFONE DIGITAL: Bankruptcy Demands Asset Liquidation ----------------------------------------------------- Neofone Digital S.R.L. of Buenos Aires will begin liquidating its assets after Court No. 20 of the city's civil and commercial tribunal declared the company bankrupt. Infobae reveals that the bankruptcy process will commence under the supervision of court- appointed trustee Roberto L. Sapollnik. Mr. Sapollnik will review claims forwarded by the company's creditors until June 10. After claims verification, the trustee will submit the individual reports for court approval on August 8. The general report submission will follow on September 20. Clerk No. 40 assists the court on this case. CONTACT: Mr. Roberto L Sapollnik, Trustee Parana 851 Buenos Aires NOVA ATLANTIS: Court Converts Bankruptcy to Reorganization ---------------------------------------------------------- Nova Atlantis Construcciones S.A. proceeds with reorganization after Court No. 7 of Bahia Blanca's civil and commercial tribunal converted the Company's ongoing bankruptcy case into a "concurso preventivo", states Infobae. Under Insolvency protection, the Company will be able to draft a proposal designed to settle its debts with creditors. The reorganization also prevents an outright liquidation. Court-appointed trustee Hugo Benedetti will submit individual reports from the case on June 7 as well as a general report on August 3. CONTACT: Nova Atlantis Construcciones S.A. Alberto 1133 Bahia Blanca Mr. Hugo Benedetti, Trustee Roca 698 Bahia Blanca PINNACLE ENTERTAINMENT: Moody's Revises Outlook to Positive ----------------------------------------------------------- Moody's Investors Service revised Pinnacle Entertainment, Inc.'s ratings outlook to positive from stable and confirmed the company's existing B2 senior implied rating, B3 long-term issuer rating, B1 senior secured bank loan ratings, and Caa1 senior subordinated debt ratings. The positive ratings outlook reflects the expectation that Pinnacle's $365 million Lake Charles development project will open in May 2005 as currently planned and have a positive impact on the company's overall financial profile. To the extent the Lake Charles casino successfully ramps up over the near-term and the company's overall operating results continue to improve, ratings could be raised. The positive ratings outlook also takes into account operating improvements that have taken place, particularly with respect to Belterra, as well as the company's good liquidity profile. At Dec. 31, 2004, Pinnacle had about $280 million of balance sheet cash and access to an un-drawn $125 million revolver and a $130 million delayed draw term loan. Additionally, there are no near- term debt maturities until the revolving portion of the ba nk loan expires in 2008. The confirmation considers that a slower than expected ramp-up in Lake Charles will not necessarily result in a ratings downgrade. A significant amount of downside protection is afforded by Pinnacle's regional market focus, good liquidity position, and improved overall operating results. Slower than expected ramp-up, however, could delay any ratings improvement. Although Pinnacle's Lake Charles development, given its new and superior product, is expected to take market share away from existing casinos as well as expand the Lake Charles market overall; concern remains that the Lake Charles market may not have the depth and/or growth prospects to support this new casino at a level that meets the company's return objectives. For calendar year 2004, the Lake Charles market, in terms of reported gaming revenues, only grew 3.2%. For the month of January 2005, the market only grew 1.2% from the comparable prior year period, and February 2005 experienced a 1% decline. Pinnacle's B2 senior implied rating continues to reflect the risks associated with its high leverage and significant planned development activity through fiscal 2007. Pinnacle was selected to develop two casinos in the St. Louis, MO area - a $208 million casino/hotel in downtown St. Louis and a $300 million casino in St. Louis County. The county project is tentatively scheduled to open in late 2006/early 2007. The city project is tentatively scheduled to open in early 2008. Both projects are subject to Missouri Gaming Commission approval. Although the company has the liquidity to fund a portion of these St. Louis projects, it will likely require additional external funding. The ratings also acknowledge that longer-term, negative legislative or tax initiatives in Louisiana and/or any legalization of expanded gaming in Texas could pose threats to Pinnacle's Louisiana-based casinos, which currently account for about 45% of the company's total property-level EBITDA. This concentration is expected to increase substantially once the Lake Charles casino begins operating. The one-notch rating differential between the company's B1 senior secured bank loan rating and the B2 senior implied rating reflects the superior recovery profile of the credit facility relative to other debt obligations in Pinnacle's capital structure. Moody's decision to assign a higher rating to the senior secured credit facilities was based on an analysis of distressed asset and enterprise values and the determination that senior secured lenders would be adequately protected under distressed circumstances. Headquartered in Las Vegas, Nevada, Pinnacle Entertainment, Inc. (NYSE: PNK) owns and operates casinos in Nevada, Mississippi, Louisiana, Indiana and Argentina, and receives lease income from two card club casinos in California. The company is also building a casino resort in Lake Charles, Louisiana, and has been selected for two casino projects in Missouri, pending regulatory approval. Net revenue for the fiscal-year ended Dec. 31, 2004 was about $554 million. PLAYAS DEL SUR: Court Resets Liquidation Schedule ------------------------------------------------- Court No. 9 of Mar del Plata's civil and commercial tribunal changed key events in the Playas del Sur S.R.L. bankruptcy case to these dates: 1. Proof of Claims Submission Deadline: May 6, 2005 2. Individual Report Submission: June 21, 2005 3. General Report Submission: August 16, 2005 Local accountant Maria Cristina Panizo serves as trustee on this case. Proof of claims must be submitted by the said deadline to qualify under the Company's reorganization. Clerk No. 8 assists the court on this case. CONTACT: Playas del Sur S.R.L. Martinez de Hoz 4780 Mar del Plata Ms. Maria Cristina Panizo, Trustee 25 de Mayo 2980 Mar del Plata PRESTACIONES ODONTOLOGICAS: Court Names Trustee for Liquidation --------------------------------------------------------------- Buenos Aires-based accountant Hector Pedro Bazzini was assigned trustee for the liquidation of local company Prestaciones Odontologicas S.A., relates Infobae. Mr. Bazzini will verify creditors' claims until May 16, the source adds. After that, he will prepare the individual reports, which are to be submitted in court on June 29. The submission of the general report should follow on August 25. The city's civil and commercial Court No. 13 holds jurisdiction over the Company's case. Clerk No. 26 assists the court with the wind-up proceedings. CONTACT: Mr. Hector Pedro Bazzini, Trustee Uruguay 662 Buenos Aires RIMBOY S.A.: Seeks Court Approval To Reorganize ----------------------------------------------- Rimboy S.A., a company operating in Buenos Aires, requested for reorganization after failing to pay its liabilities. 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 Court No. 16 of Buenos Aires' civil and commercial tribunal. Clerk No. 32 assists the court on this case. CONTACT: Rimboy S.A. Larraya 2280/02 Buenos Aires SANCAYET S.A.: Enters Bankruptcy on Court Orders ------------------------------------------------ Court No. 24 of Buenos Aires' civil and commercial tribunal declared Sancayet 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 Ernesto Carlos Borzone. As trustee, Mr. Borzone is tasked with verifying the authenticity of claims presented by the company's creditors. The verification phase is ongoing until June 17. Following claims verification, the trustee will submit the individual reports based on the forwarded claims for final approval by the court on August 5. A general report on the case will also be submitted on September 16. Infobae reports that Clerk No. 47 assists the court on this case that will close with the sale of the Company's assets. CONTACT: Mr. Ernesto Carlos Borzone, Trustee Cuenca 1464 Buenos Aires TURISMO INTERLAGOS: Court Deems Bankruptcy Necessary ---------------------------------------------------- Turismo Interlagos S.A., which was undergoing reorganization, entered bankruptcy on orders from Court No. 2 of Santa Cruz's civil and commercial tribunal. Infobae relates that the court, which is assisted by the city's Clerk No. 1, appointed Mr. Luis Cesar Borquez as trustee on the case. Mr. Borquez will conduct the credit verification process "por via incidental." CONTACT: Mr. Luis Cesar Borquez, Trustee Los Inmigrantes 444 Santa Cruz * ARGENTINA: Grappling With Another ICSID Lawsuit ------------------------------------------------- Another foreign company has lodged arbitration proceedings against Argentina before the International Centre for the Settlement of Investment Disputes ("ICSID"). According to Dow Jones Newswires, French defense and telecommunications contractor Thales SA registered, under the subsidiary name of TSA Spectrum de Argentina SA, an international arbitration suit against Argentina in the ICSID on March 8. Details about the lawsuit were not readily available but Dow Jones Newswires suggests that the case most likely challenges the government's decision to rescind a contract that Thales had held for managing the distribution and maintenance of radio spectrum licenses in Argentina. The concession was withdrawn in January 2004 after the government accused Thales of failing to fulfill investment promises and amid allegations by Argentine government officials that the company had paid bribes to win the concession during the government of President Carlos Menem in 1997. Thales has strongly denied these allegations. ============= B E R M U D A ============= GLOBAL CROSSING: Amended Securities Suit in NY ---------------------------------------------- Plaintiffs filed an amended consolidated securities class action against Global Crossing Ltd. and certain of its officers and directors in the United States District Court for the Southern District of New York. Following the Company's s April 27, 2004 announcement that the Company expected to restate certain of its consolidated financial statements as of and for the year ended December 31, 2003, eight separate class action lawsuits all purporting to be brought on behalf of Company shareholders were commenced against the Company and certain of its officers and directors in the United States District Courts in New Jersey, New York and California. The cases were consolidated and transferred by the Judicial Panel on Multidistrict Litigation to Judge Gerard Lynch of the United States District Court for the Southern District of New York based on his past involvement in prior cases involving the Company. On February 18, 2005, lead plaintiffs filed an amended consolidated class action complaint against the Company and two of its past and present officers. The consolidated amended complaint alleges that the Company defrauded the public securities markets by issuing false and misleading statements that failed to disclose or indicate: (1) that the Company had materially understated its accrued cost of access liabilities by as much as $80 million, (2) that the Company lacked sufficient internal controls to prevent material misstatements, (3) that the Company lacked sufficient internal controls to properly record and report accrued cost of access liabilities and operating expenses, (4) that its financial statements were not prepared in accordance with generally accepted accounting principles, (5) that the Company did not, contrary to its representations, consistently monitor the accuracy of its systems that measured cost of access, (6) that the Company's results were materially inflated, and (7) that the Company did not have a "clean" balance sheet. The consolidated amended complaint, on behalf of a class of persons who purchased or acquired the Company's common stock between December 9, 2003 and April 26, 2004, asserts claims under the federal securities laws, specifically Sections 10(b) and 20(a) of the Exchange Act. Plaintiffs contend that the Company's misstatement or omissions artificially inflated the price of the Company's stock, which declined when the "true" costs were disclosed. Plaintiffs seek compensatory damages as well as other relief. If the case is not settled, defendants anticipate filing a motion to dismiss the consolidated amended complaint. (Class Action Reporter, Friday, April 15, 2005, Vol. 7, Issue 74) CONTACT: Ms. Becky Yeamans Phone: + 1 973-937-0155 E-mail: PR@globalcrossing.com Analysts/Investors Contact Ms. Laurinda Pang Phone: + 1 800-836-0342 E-mail: glbc@globalcrossing.com Web site: http://www.globalcrossing.com GLOBAL CROSSING: Appeals Court Reverses Suit Settlement Approval ---------------------------------------------------------------- The United States Seventh Circuit Court of Appeals reversed the approval of the settlement of the class action filed against three of Global Crossing Ltd.'s subsidiaries and remanded the suit to federal court. In May 2001, a purported class action was commenced against three of the Company's subsidiaries in the United States District Court for the Southern District of Illinois. The complaint alleges that the Company had no right to install a fiber optic cable in rights-of-way granted by the plaintiffs to certain railroads. Pursuant to an agreement with Qwest Communications Corporation, the Company has an indefeasible right to use certain fiber optical cables in a fiber optic communications system constructed by Qwest within the rights-of-way. The complaint alleges that the railroads had only limited rights-of-way granted to them that did not include permission to install fiber optic cable for use by Qwest or any other entities. The action has been brought on behalf of a national class of landowners whose property underlies or is adjacent to a railroad right-of- way within which the fiber optic cables have been installed. The action seeks actual damages in an unstated amount and alleges that the wrongs done by the Company involve fraud, malice, intentional wrongdoing, willful or wanton conduct and/or reckless disregard for the rights of the plaintiff landowners. As a result, plaintiffs also request an award of punitive damages. The Company made a demand of Qwest to defend and indemnify the Company in the lawsuit. In response, Qwest has appointed defense counsel to protect the Company's interests. The Company's North American network includes capacity purchased from Qwest on an indefeasible rights of use (IRU) basis. Although the amount of the claim is unstated, an adverse outcome could have an adverse impact on the Company's ability to utilize large portions of the Company's North American network. This litigation was stayed against the Company pending the effective date of the Plan of Reorganization, and the plaintiffs' pre-petition claims against the Company were discharged at that time in accordance with the Plan of Reorganization. By agreement between the parties, the Plan of Reorganization preserved plaintiffs' rights to pursue any post- confirmation claims of trespass or ejectment. If the plaintiffs were to prevail, the Company could lose its ability to operate large portions of its North American network, although it believes that it would be entitled to indemnification from Qwest for any losses under the terms of the IRU agreement under which the Company originally purchased this capacity. As part of a global resolution of all bankruptcy claims asserted against the Company by Qwest, Qwest agreed to reaffirm its obligations of defense and indemnity to the Company for the assertions made in this claim. In September 2002, Qwest and certain of the other telecommunication carrier defendants filed a proposed settlement agreement in the United States District Court for the Northern District of Illinois. On July 25, 2003, the court granted preliminary approval of the settlement and entered an order enjoining competing class action claims, except those in Louisiana. The settlement and the court's injunction were opposed by a number of parties who intervened and an appeal was taken to the United States Court of Appeals for the Seventh Circuit. In a decision dated October 19, 2004, the Court of Appeals reversed the approval of the settlement and lifted the injunction. The case has been remanded to the District Court for further proceedings. (Class Action Reporter, Friday, April 15, 2005, Vol. 7, Issue 74) CONTACT: Ms. Becky Yeamans Phone: + 1 973-937-0155 E-mail: PR@globalcrossing.com Analysts/Investors Contact Ms. Laurinda Pang Phone: + 1 800-836-0342 E-mail: glbc@globalcrossing.com Web site: http://www.globalcrossing.com =========== B R A Z I L =========== BRASKEM: BNDES Approves BRL384.6 Million Financing -------------------------------------------------- - Group's total investments amount to BRL754.76 million and will increase production The board of Banco Nacional de Desenvolvimento Econ�mico e Social [BNDES] approved BRL384.6 million financing to Braskem. The funds will integrate the company's investment budget, of BRL754.76 million between 2004 and 2007, for petrochemical input production expansion projects. The Braskem's program, to which BNDES will participate with 51%, is divided in three groups. The first group refers to ethene production capacity increase, from 1,280 thousand tons/year to 1,350 thousand tons/year, in Cama�ari, State of Bahia; polypropylene, from 450 thousand tons/year to 550 thousand tons/year, in Triunfo (State of Rio Grande do Sul - RS), and also funding to quality and productivity, environment, health and safety projects at Cama�ari, Triunfo, Marechal Deodoro and Macei� plants. The second group of investments relates to MVC production capacity expansion, from 190 thousand tons/year to 240 thousand tons/year and PVC production capacity increase, from 205 thousand tons/year to 255 thousand tons/year, in Marechal Deodoro (State of Alagoas - AL). In addition, it includes a polypropylene utilization project on the development of discardable products, in Criciuma (State of Santa Catarina - SC). The third and last group of Braskem's investment program plans the construction of a new Tanking park in Port of Aratu, State of Bahia, and the drilling of salt wells in Macei�, State of Alagoas. BNDES share in the expansion project of the company, which is controlled by Odebrecht, takes place in a moment in which the petrochemical industry experiences a peak cycle, with price increase and demand for input expectations in next years. In addition, the investments will be mostly made in regions under BNDES supporting priorities, like Bahia and Alagoas. The program also marks Braskem's investment recovery after two years focused to debt reduction and to completion of incorporations. Therefore, it is an essential project for maintaining company's industrial competitiveness, which will also contribute to a reduction in MVC/PVC imports, from the domestic production growth of these products. Project - The project, under BNDES support, is the first step towards some important bottleneck eliminations, which will result in installed capacity increase, besides modernizations, quality and productivity improvements and investments in environment, health and safety. In current year, BNDES already released BRL89.7 million to petrochemical industry companies. BNDES portfolio for the sector also includes project financings in the amount of BRL468 million, in phase of qualification, which will demand total investments of BRL762 million; projects under analysis of BRL264 million, which will integrate investments of BRL524 million; and approved financings of BRL437 million, equivalent to BRL768 million total investments that will be made by private sector. Company - Braskem, which is among the three largest domestic capital private industries, became the leading petrochemical company in Brazil and is leader in thermoplastic resins in Latin America. The company exports to 54 countries and has, among its 13 plants (States of Rio Grande do Sul, Bahia, Sao Paulo and Alagoas - RS-BA-SP-AL), a production capacity of 5 million tons/year of chemical and petrochemical products, being the only Brazilian company having integrated first and second generation units. Its production represents about 45% of total volume for basic petrochemicals and solvents produced in Brazil. The company results from the integration of six Brazilian petrochemical industries: Copene, OPP Qu�mica, Polialden, Trikem, Proppet and Nitrocarbono, and the key event for its formation was the acquisition of Copene, in 2001. In accordance with the strategy announced at the end of last year, the company has plans to become a worldwide class petrochemical industry for thermoplastic resins - polyethylene, polypropylene and PVC - with an integrated and consolidated model. Its strategic program plans the creation of value, which, ultimately, will increase its global competitiveness. After completing the strategic plan, in 2007, Braskem wants to be prepared to face, under more favorable conditions, the dropping price cycle forecasted for the petrochemical industry and try to expand its operation beyond the Brazilian frontiers. This is a tentative of nearing to the performance indexes of international companies and the creation of bases for internationalization of the company. The adoption of Braskem Investment Programs plans the creation of direct and indirect jobs. Presently, the company employs 2,896 employees. Market - The petrochemical market is cyclic and sensitive to changes in offer and demand, which, on their turn, are affected by local and global economic context. Input prices in Brazil follow the international trend. Presently, the projections are optimistic in relation to the global scenery, due to the beginning of one more peak cycle for the petrochemical industry. The profitability peak is expected for the first half of 2006. The perspectives for 2007 are also positive, despite the drop in current year occupation rates. The slowdown cycle beginning is expected for 2008, lasting until 2010, but this will depend upon the intensity of new investments to be made. CONTACT: Braskem S.A. Av. Nacoes Unidas 4777 Cep San Paulo, 05477-000 Brazil Phone: 55-11-3443-9999 Web site: http://www.braskem.com.br BRASKEM: Board Approves BRL360M Debenture Issue ----------------------------------------------- The Board of Directors of Braskem S.A. held a meeting on April 13, 2005 to take up the following agenda: AGENDA: I) Subjects for deliberation: 1) PROPOSALS FOR DELIBERATION ("PD"): upon review and discussion of the respective subjects, the Board of Directors unanimously approved the following Proposals for Deliberation previously delivered by the Board of Executive Officers to the members of the Board of Directors for acknowledgement, as provided in its Internal Regulation, copies of which have been duly filed at the Company's headquarters: a) PD.CA/BAK-05/2005 - Issue of Debentures, for the purpose of authorizing the issue of simple debentures, not covertible and without secured guarantee, in the maximum amount of R$ 360,000,000.00 (three hundred and sixty million reais), pursuant to the competency defined in the item "u" of Article 26 of the Company's By-Laws, authorizing the Board of Executive Officers to carry-out all necessary acts to the issue of debentures referred herein, which main characteristics can be found on the Annex 1 of the respective PD; b) PD.CA/BAK-06/2005 - Performance of Call Right on Bonds issued on the international market, for the purpose of authorizing the Board of Executive Officers to sign any necessary documents, notices and contracts to the faithful compliance of the performance of the call right on bonds issued in the international market, pursuant to the reasons and conditions described on the respective PD; c) PD.CA/BAK-07/2005 - Naphta Import Financing, for the purpose of authorizing the Board of Executive Officers to enter into naphtha import financing agreement, which characteristics can be found on the Annex 1 of the respective PD, being able to carry- out all necessary acts to execute the agreement referred herein; About Braskem Braskem, born out of an August 2002 merger between local groups Odebrecht and Mariani, with giant petrochemical operation Copene as its base, sells its products in Latin America, the United States and Europe. CONTACT: Braskem S.A. Av. Nacoes Unidas 4777 Cep San Paulo, 05477-000 Brazil Phone: 55-11-3443-9999 Web site: http://www.braskem.com.br EMBRATEL: Reports Results of Capital Increase --------------------------------------------- Embratel Participacoes S.A. announced Thursday, based on information provided by Banco Itau S.A., the registrar for the Company's shares, the number of new Embrapar common shares (ON), preferred shares (PN) and American Depositary Shares (ADSs), subscribed for in the Brazilian and U.S. markets, respectively, during the preemptive rights exercise period that began on March 10, 2005 and ended on April 11, 2005, in connection with Embrapar's capital increase by private subscription of shares approved by Embrapar's Board of Directors on February 3, 2005 and rectified and ratified on February 23, 2005, and the number of remaining unsubscribed shares that are available for subscription in the first reoffering round by Embrapar shareholders who subscribed for shares during the preemptive rights exercise period and indicated an interest in subscribing for additional shares. Embrapar shareholders who subscribed for shares during the preemptive rights exercise period and indicated an interest in subscribing for additional shares in the first reoffering round will have the right to subscribe up to 1,174516 shares for each share subscribed according to the criteria described in the notice to shareholders dated March 2, 2005. Embrapar reminds shareholders that the period for subscription of the remaining unsubscribed shares in the first reoffering round by preferred and common shareholders who indicated an interest in purchasing additional shares in the first reoffering round starts on April 15, 2005 and ends on April 19, 2005. After that date, if there are any remaining unsubscribed shares, a second reoffering round will take place from April 25, 2005 through April 27, 2005 for those shareholders who subscribed for shares in the first reoffering round. The procedures relating to holders of ADSs are described in the prospectus referred to below. A registration statement on Form F-3 ("F-3") has been filed with the U.S. Securities and Exchange Commission ("SEC") regarding the preferred shares, ADSs and the related subscription rights to be offered in the United States of America and has been declared effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy preferred shares, ADSs or the related subscription rights in the United States or to U.S. persons (as such term is defined under Regulation S under the U.S. Securities Act of 1933, as amended, nor shall there be any sale of shares or subscription rights in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the laws of any such state. The prospectus relating to the offering of subscription rights, preferred shares and ADSs may be obtained from the following address: www.embratel.com.br/ir The offering of rights described herein is made for the acquisition of securities of a Brazilian company. The offering is subject to disclosure requirements in Brazil, which are different from those of the United States. About Embratel Embratel is the premier communications provider in Brazil offering a wide array of advanced communications services over its own state of the art network. It is the leading provider of data and Internet services in the country and is well positioned to be the country's only true national local service provider for corporate customers. Service offerings include: telephony, advanced voice, high-speed data communication services, Internet, satellite data communications, corporate networks and local voice services for corporate clients. Embratel is uniquely positioned to be the all-distance telecommunications network of South America. The Company's network has countrywide coverage with 32,466 km of fiber cables. CONTACT: Ms. Silvia M.R. Pereira Investor Relations Phone: (55 21) 2121-9662 Fax: (55 21) 2121-6388 E-mail: silvia.pereira@embratel.com.br or invest@embratel.com.br EMBRATEL: Agneda Set for Shareholders' Meeting ---------------------------------------------- Shareholders of Embratel Participacoes S.A. will attend the Ordinary Shareholders Meeting, to be held at the Company's headquarters, located at Rua Regente Feijo, No. 166, room 1687- B, Downtown, City and State of Rio de Janeiro, on April 29th, 2004 to deliberate on the following Agenda: (i) Verification of the Management's accounts, examination, discussion and approval of the Financial Statements and the Administration Report related to the fiscal year ended on December 31st, 2004; (ii) Deliberate on the destination of the results related to the fiscal year ended on December 31st, 2004; (iii) Election of one (01) member of the Board of Directors, to complement the term of office; (iv) Definition of the annual overall compensation of the Company's administrators for the fiscal year of 2005; and (v) Election of the members of the Fiscal Council and definition of their respective compensation. GENERAL INSTRUCTIONS: A) Powers of Attorney should be filed at the Company headquarters within forty-eight hours before the Shareholders Meeting. B) Shareholders participating in Fungible Custody of Nominative Shares of the Stock Exchanges willing to take part at this Meeting shall present a statement, informing their respective shareholding, issued two (02) days before the Meeting thereof. C) Under CVM Regulatory Instruction Number 165 of December 11, 1991 with wording provided by Article One of CVM Instruction Number 282 of June 26, 1998 the percentage for requirement of multiple vote will be five percent (5%) of the voting capital. About Embratel Embratel offers a range of complete telecommunications solutions to the market all over Brazil, including local, long distance domestic and international telephone services, data, video and Internet transmission, and is present all over the country with its satellite solutions. CONTACT: Embratel Participacoes S.A. Rua Regenta Feijo 166 sala 1687-B Centro Rio de Janeiro, 20060-060 Brazil Phone: 5521-519-6474 Web site: http://www.embratel.net.br =============== H O N D U R A S =============== * HONDURAS: IMF Reports On Robust Economic Growth ------------------------------------------------- On March, 28, 2005, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Honduras. Background Growth in Honduras rebounded strongly in 2004, ending a period of low growth. Over the last decade, growth had been adversely affected by natural disasters and worsening terms of trade, exacerbated by a difficult policy environment. To break the unfavorable cycle, the authorities embarked on a medium-term economic reform program in late 2003, aimed at re-establishing macroeconomic and financial stability, strengthening growth, and reducing poverty. The authorities' program included measures to consolidate the public finances and strengthen monetary policy and the financial sector; address poverty with a focus on education and basic health care; and enhance growth prospects by infrastructure development, improvements in the private investment environment, and trade liberalization. To ensure social consensus in support of the program, it also incorporated measures to improve governance and social equity. The economy performed robustly in 2004, reflecting sound policies and broadly favorable external conditions. Growth rose to about 5 percent, with a rebound across all sectors, including agriculture. On the demand side, growth reflected mainly higher investment and exports. Inflation stabilized at around 9 percent at the end of the year, after moving higher during much of 2004 mainly because of high oil prices. Despite a sharply higher oil bill, the external position strengthened significantly on account of higher remittances, exports, and capital inflows. Net international reserves rose by just under US$500 million. Moreover, the deficit of the overall public sector fell to 3 percent of GDP (from about 5 percent of GDP in 2003), despite significantly higher spending on poverty-reduction programs and investment. Important progress was made in structural reform. The legal and regulatory framework for the financial sector was upgraded; the tax code and penal code were amended; and legal, judicial, and electoral reforms were introduced. Honduras ratified the DR- CAFTA in March 2005. For 2005, growth is projected to remain buoyant, at over 4 percent of GDP. The external current account deficit is expected to narrow significantly (reflecting the completion of last year's large infrastructure projects), and the net international reserves position to remain strong. The 2005 budget envisages a further improvement in the public finances, with the overall public sector deficit declining to 2.5 percent of GDP. Executive Board Assessment Executive Directors welcomed Honduras' improved economic conditions, which reflect the implementation of sound macroeconomic policies and progress with structural reforms, supported by strong worker remittances and foreign capital inflows. In 2004, economic growth accelerated and inflation stabilized, after drifting up in response to oil price increases; and the external position has strengthened significantly. The fiscal position improved markedly in 2004, owing in particular to successful control of the wage bill-an important step towards long-term sustainability. Directors noted that, despite recent achievements, important vulnerabilities and challenges remain. Specifically, they noted the need to make permanent the progress made under the program in containing public sector wages including, in particular, a durable resolution of issues related to teacher's wages. Directors also encouraged the authorities to press ahead with their efforts to strengthen the financial sector further, and stressed the need for continued implementation of prudent fiscal and monetary policies through the upcoming election period. They welcomed the authorities' efforts to promote policy continuity through the political transition. Directors also observed that the substantially improved medium- term outlook hinged on strengthened institutions and governance, including the modernization of tax administration and the central bank, and judicial, electoral, and administrative reforms. It was noted that these steps would contribute to the achievement of poverty reduction objectives and the Millennium Development Goals. Directors commended the authorities for keeping the fiscal program on track. Noting the authorities' success in controlling the wage bill in 2004, Directors observed that this policy had permitted a much-needed increase in spending on investment and poverty programs, while at the same time reducing the overall fiscal deficit. Looking forward, Directors stressed the importance of continued adherence to the 2003 salary law and the July 2004 wage agreement, to ensure that the growth of the wage bill remains consistent with macroeconomic stability and the economic and social objectives embodied in the PRSP. To further strengthen the public finances, Directors encouraged the authorities' efforts to broaden the tax base, improve tax administration, and raise the quality of public spending. In this regard, they noted that it would be important to monitor the impact of trade liberalization on public finances and institute offsetting measures, if necessary. Directors welcomed the authorities' action plan to improve monetary operations, including steps to upgrade securities, improve the auction process, strengthen liquidity forecasting, and adopt a new operational target. Directors noted that these reforms will allow the central bank to further strengthen the framework for monetary policy implementation and thereby enhance its ability to achieve low inflation and safeguard financial stability. Directors observed that the crawling band exchange rate system has helped to anchor inflation. Looking ahead, to increase the economy's resilience to shocks and facilitate adjustment to structural change, Directors recommended a gradual move toward greater flexibility of the exchange rate, while noting the preconditions for such a move, including the modernization of monetary operations. Directors welcomed the ratification of the Central American Free Trade Agreement, noting that it would promote competitiveness, and improve growth prospects for Honduras. At the same time, they observed that the implementation of the anticorruption strategy would aid capital formation, and financial market and infrastructure development. Directors welcomed the progress achieved in strengthening the financial sector. In particular, they noted the improvements in the regulatory framework and the supervisory regime. Directors observed that the main challenge now is to enforce the improved prudential norms across all banks, by using the enhanced tools provided by the new laws. Directors urged strict compliance with the timetable to increase provisioning levels, and encouraged the authorities to further improve banks' loan classification practices by incorporating the risks associated with borrowers' unhedged dollar positions. To view selected economic indicators: http://bankrupt.com/misc/Honduras.htm ============= J A M A I C A ============= DYOLL GROUP: Auditor Recommends Liquidation ------------------------------------------- Regulatory agency Financial Services Commission (FSC) announced Wednesday that Dyoll Insurance company is to be liquidated, the Jamaica Observer relates. The announcement follows a recommendation by Kenneth Tomlinson, the forensic auditor who was appointed by the FSC to manage Dyoll after the Company collapsed earlier this year. In a press statement, FSC's executive director Brian Wynter said liquidation is the best option that would allow Jamaicans and Caymanians, who have unsettled claims against Dyoll, to recover some money. Mr. Tomlinson, however, warned that given the state of the Company, they will face a combined shortfall of $1.1 billion. Part of the asset that Dyoll will be able to use towards settling some of the outstanding claims is a deposit of $500 million that Wynter said the Company now held in various institutions. As expected, the liquidator will apply a standard formula to determine what percentage of a claim from a Dyoll customer will be met. "No one can be paid ahead of anybody else, there are rules that have to be followed when a company is winding up," explained Mr. Wynter. "The liquidator will look at all debts and assets owned by the company and determine how much can be paid to claimants." Meanwhile, Mr. Wynter indicated that the planned liquidation of Dyoll in Jamaica could suffer a setback. On Monday, the Caymanian authorities placed Dyoll in provisional liquidation in an attempt to pre-empt the Dyoll assets. "I was made aware of that [the suit], I got a letter from Cayman," Mr. Wynter said. "It appears to be a pre-emptive maneuver by some claimants in Cayman that would be disruptive to the process of temporary management under the FSC act and the step to liquidation... you can't have two different liquidators. We [FSC] are taking legal advice on the matter." Most of Dyoll's assets that the Caymanians would be seeking to grab are in Jamaica. =========== M E X I C O =========== GRUPO DESC: Refinancing Mid-Term Debt With New Notes ---------------------------------------------------- Conglomerate DESC, S.A. de C.V. (BMV:DESC) plans to establish a local debt program, under which it will issue notes, called Certificados Bursatiles, on the Mexican Stock Exchange. The move is designed to help DESC refinance medium-term obligations issued in 1999 and 2000. DESC saw an improvement in its financial profile during 2004, reducing its total debt by US$312 million to US$678 million. Affirming DESC's 'B+' local and foreign currency corporate credit rating last month, S&P had said the Company's operating performance is expected to continue to improve gradually in 2005 this year. CONTACT: JORGE PADILLA Tel: (55)5261-8044 E-mail: investor.relation@desc.com.mx GRUPO DESC: Annual Shareholder Meeting Announced ------------------------------------------------ Desc, S.A. de C.V. informs its shareholders that the Annual General Ordinary Shareholders Meeting will be held at the Auditorium located in the Ground Floor of the Arco Torre I building, at the Arcos Bosques Corporativo Business Center, situated at Paseo de Tamarindos No. 400-B, Col. Bosques de las Lomas, Mexico, D.F., 05120. on April 20, 2005, 5:00 p.m. DESC S.A. de C.V.(BMV: DESC) is one of the largest industrial groups in Mexico, with 2004 sales of approximately US$ 2 billon and nearly 14,000 employees, which through its subsidiaries is a leader in the Automobile Parts, Chemical, Food and Property sectors. CONTACTS: Ms. Marisol Vazquez-Mellado Mr. Jorge Padilla Phone: (5255) 5261-8044 E-mail: investor.relation@desc.com.mx Ms. Maria Barona Ms. Melanie Carpenter Phone: 212-406-3690 E-mail: desc@i-advize.com Web site: http://www.desc.com.mx TFM: KCS Announces Receipt of Consents, Early Tenders ----------------------------------------------------- Kansas City Southern ("KCS") (NYSE:KSU) announced Thursday that $386.0 million principal amount of the outstanding $443.5 principal amount of 11.75% Senior Discount Debentures due 2009 of its majority owned subsidiary, TFM, S.A. de C.V. ("TFM") (CUSIP Numbers: 872402AB8 and 872402AD4, ISIN Number: USP91415AB81) (the "Notes") have been tendered on or prior to the Consent Deadline of 5:00 p.m. NYC time, Thursday, pursuant to the previously announced consent solicitation and tender offer for the Notes, representing approximately 87.04% of the outstanding Notes. As a result of such consents and early tenders, TFM has received the requisite consents to execute a supplemental indenture relating to the Notes. As part of its pending tender offer for the Notes, TFM was soliciting consents to eliminate substantially all of the restrictive covenants included in the indenture under which the Notes were issued and to reduce the minimum prior notice period with respect to a redemption date for outstanding Notes from 30 to 3 days. The supplemental indenture relating to the Notes containing the proposed changes will be executed by TFM and the Trustee under the indenture, but it will not become operative until after the Notes tendered by the Consent Deadline are accepted for purchase and TFM makes payment for these Notes pursuant to the early tender provisions of the tender offer. TFM currently expects to make payment for these Notes on April 20, 2005. Headquartered in Kansas City, Mo., KCS is a transportation holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holdings include The Kansas City Southern Railway Company, founded in 1887, and The Texas Mexican Railway Company, founded in 1885, serving the central and south central U.S. Its international holdings include a controlling interest in TFM, S.A. de C.V., serving northeastern and central Mexico and the port cities of Lazaro Cardenas, Tampico and Veracruz, and a 50% interest in The Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. KCS' North American rail holdings and strategic alliances are primary components of a NAFTA Railway system, linking the commercial and industrial centers of the U.S., Canada and Mexico. CONTACT: KANSAS CITY SOUTHERN Investors: William H. Galligan Tel: 816-983-1551 E-mail: william.h.galligan@kcsr.com or U.S. Media: C. Doniele Kane Tel: 816-983-1372 E-mail: doniele.c.kane@kcsr.com or Mexico Media: Gabriel Guerra Tel: 011-525-55-208-0860 E-mail: gguerra@gcya.net URL: www.kcsi.com UNEFON: Seeks to Delist From BMV Due to Poor Liquidity ------------------------------------------------------ The board of Unefon has decided to delist the mobile operator's shares from the Mexican stock market BMV citing the stock's poor liquidity. The Company will propose the move to the shareholders at a meeting scheduled for April 29. If approved, it will launch an offer to buy back the shares held by the public. Unefon, which is 46.5%-owned by the country's No. 2 broadcaster TV Azteca (NYSE: TZA), has faced stiff competition from market leader Telcel, owned by America Movil (NYSE: AMX), and the market has become even more competitive since Spain's Telefonica (NYSE: TEM) arrived, now branded Movistar. Unefon has fewer than 1.6 million users in a total market of more than 42 million. CONTACT: Unefon Press Relations Mr. Tristan Canales E-mail: tcanales@tvazteca.com.mx Phone: (011-5255) 3099 5786 Unefon Investor Relations Mr. Alan Infante E-mail: ainfante@unefon.com.mx Phone: (011-5255) 8582 5134 VeriSign Media Relations Mr. Leslie Rubin E-mail: lrubin@verisign.com Phone: 650-426-5363 VeriSign Investor Relations Mr. Tom McCallum E-mail: tmccallum@verisign.com Phone: 650-426-3744 ================================= T R I N I D A D & T O B A G O ================================= BWIA: Senator Recommends Airline Shut Down ------------------------------------------ Independent Senator Ramesh Deosaran is recommending the closure of ailing national airline BWIA because it is not making money, the Trinidad Express reports. Mr. Deosaran made the proposal while making his contribution to the debate on the Caroni Vesting Bill, which seeks to transfer the lands of Caroni (1975) Limited to that of the State. Mr. Deosaran said the Government should not have to deal with BWIA and Caroni at the same time. "The time has come in my view to close down BWEE," he said, adding that a recently government-appointed six-man team headed by entrepreneur Arthur Lok Jack cannot solve the airline's problem. Mr. Deosaran's recommendation came days after the government threw a US$35.6 million lifeline around BWIA's neck. To see important facts about BWIA: http://bankrupt.com/misc/BWIA.pdf CONTACT: BRITISH WEST INDIES AIRWAYS (BWIA) Phone: + 868 627 2942 E-mail: mail@bwee.com Home Page: http://www.bwee.com ============= U R U G U A Y ============= * URUGUAY: Delays Bond Sale on Declining Debt Prices ---------------------------------------------------- Declines by Indonesia's bonds sold Wednesday and debt prices across emerging markets prompted Uruguay to postpone a planned US$300 million bond offering, Bloomberg reports, citing investors. "Right now there's not enough appetite for risky credits," said Boris Segura at Standish Mellon Asset Management. "The performance of the Indonesia deal yesterday [Wednesday] just discouraged investors from getting into the Uruguay deal." Uruguay started offering the 12-year securities Wednesday in its first debt sale since it conducted a US$5.3 billion bond swap in 2003 that Standard & Poor's called a default. Uruguay carries below investment grade ratings from Standard & Poor's (B) and Moody's (B3). ================= V E N E Z U E L A ================= PDVSA: Falcon Legislators Seek CRP Manager's Dismissal ------------------------------------------------------ State oil firm PDVSA is facing mounting pressure from Falcon state lawmakers to dismiss the manager of its Paraguana refining complex (CRP), Jesus Luongo. According to Business News Americas, the legislators plan to take their case to the national assembly, the country's main legislative body. Calls to dismiss Mr. Luongo came after he rejected invitations from the lawmakers to discuss layoffs at CRP, business contracts with co-ops and various operational accidents that have occurred at the complex. Atilio Delgado, a pro-government lawmaker, said Mr. Luongo should be investigated for disruptions in the gasoline delivery system. PDVSA president and energy and oil minister Rafael Ramirez will be presented with a full brief on "the manager's conduct, which should serve to support his dismissal," Caracas paper Ultimas Noticias quoted Jorge Diaz, another lawmaker from the pro-Chavez coalition Bloque del Cambio, as saying. CONTACT: Petroleos de Venezuela S.A. Edificio Petroleos de Venezuela Avenida Libertador, La Campina, Apartado 169 Caracas, 1010-A, Venezuela Phone: +58-212-708-4111 Fax: +58-212-708-4661 Web site: http://www.pdvsa.com.ve PDVSA: Amuay Recovering From Blackout ------------------------------------- PDVSA President Rafael Ramirez revealed Thursday that giant Amuay refinery is recovering after a blackout that occurred on March 31, the Associated Press relates. Amuay, which has a capacity of refining 635,000 barrels of heavy crude into light, sweet synthetic oil a day, is currently processing 450,000 barrels a day, Mr. Ramirez said, adding, some units remain down. Mr. Ramirez said the refinery has deferred some gasoline shipments to the United States, but will use supplies from other refineries in order to keep up with client orders. Venezuela is the world's No. 5 oil exporter and produces about 3 million barrels of oil a day. *********** 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 2005. 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. 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