/raid1/www/Hosts/bankrupt/TCRLA_Public/050920.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, September 20, 2005, Vol. 6, Issue 186
Headlines
A R G E N T I N A
ACHERA S.R.L.: Court Orders Liquidation
AGUAS ARGENTINAS: Spanish PM Confident About Agbar's Case
BLOMACOM S.R.L.: Trustee to Present General Report Sept. 21
CARPASA S.A.: Asks Court for Reorganization
CRESUD: Holder of Convertible Notes Exercises Conversion Right
EDENOR: Dolphin Formally Takes Control
FRANCIS GROUP: Court Declares Company Bankrupt
JJ FELICIDADES: Report on Liquidation to be Submitted Sept. 21
PIONEER NATURAL: Announces Early Tender Results for Debt Offer
SAN ANTONIO: Judge Approves Bankruptcy
TELECOM ARGENTINA: Ratings Reflect Challenges in Environment
TELECOM ARGENTINA: Wants U.S. Court to Recognize Effect of APE
UNIDAD CORONARIA: Proceeds With Liquidation
B A H A M A S
KERZNER INTERNATIONAL: S&P Assigns `B' to Planned $400M Sr. Nts
B E R M U D A
KAST INVESTMENT: Company Liquidation Starts
OPL GROUP: Members Resolve to Wind Up Company
SILVER LEADER: Sole Member Decides to Wind Up Company
B R A Z I L
BANCO ITAU: Ratings Reflect Exposure to Economic, Industry Risks
BRASKEM: Forms Joint Venture with Petroquisa
CESP: Sao Paulo Govt. to Privatize Cteep in February 2006
GERDAU: CADE Sets New Hearing for Price-Fixing Allegations
GERDAU: Increases Stake in Argentine Steel Rolling Mill Company
J A M A I C A
AIR JAMAICA EXPRESS: Suspends Ops on High Fuel, Costs
M E X I C O
AOL LATIN AMERICA: Files Monthly Operating Report for June 2005
ASARCO: Gets Court Nod to Pay Costs Related to DIP Financing
LUZ Y FUERZA: Nails Housing Deals to Thwart Power Theft
P A R A G U A Y
ACEPAR: Complies with Seam's Demands
ACEPAR: Dealing with Scrap Producers
P U E R T O R I C O
CENTENNIAL COMMUNICATIONS: Investigating Possible Sale
V E N E Z U E L A
ALIMENTOS POLAR: Reaches Deal With Govt. to End Expropriation
- - - - - - - -
=================
A R G E N T I N A
=================
ACHERA S.R.L.: Court Orders Liquidation
---------------------------------------
Achera S.R.L. prepares to wind-up its operations following the
bankruptcy pronouncement issued by Court No. 12 of Buenos Aires'
civil and commercial tribunal. 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. Norberto Bonesi as
trustee. Mr. Bonesi will be reviewing creditors' proofs of claim
until Nov. 15, 2005. The verified claims will serve as basis for
the individual reports to be presented for court approval on
Dec. 28, 2005. The trustee will also submit a general report of
the case on March 10, 2006.
Clerk No. 24 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: Mr. Norberto Bonesi, Trustee
Avda. Juan B. Justo 5096
Buenos Aires
AGUAS ARGENTINAS: Spanish PM Confident About Agbar's Case
---------------------------------------------------------
Spanish Prime Minister Luis Rodriguez Zapatero sees a positive
outcome in the situation of Spain's Aguas de Barcelona SA
(Agbar) despite reports that the latter plans to divest its 25%
stake in Aguas Argentinas.
"The situation of Spanish businesses in Argentina has greatly
improved," Prime Minister Zapatero was quoted as saying after
his meeting late Thursday with Argentine President Nestor
Kirchner. "The situation of Aguas de Barcelona SA remains
pending, but it will end well," he added.
Agbar's supposed intention to withdraw from Aguas Argentinas
follows the decision by the concession's major shareholder, Suez
SA (SZE) of France, to do the same. Suez owns 49% of Aguas de
Barcelona.
An El Cronista article suggested that Agbar could actually take
Suez's place as a key shareholder in the Argentine company. This
would be in keeping with government plans to ensure that a
foreign stakeholder retains a presence while a local investor
takes majority control of the water provider, Argentina's
biggest. However, it's not clear how such a solution would be
worked out, given Suez's direct interest in Aguas de Barcelona.
BLOMACOM S.R.L.: Trustee to Present General Report Sept. 21
-----------------------------------------------------------
Court-appointed trustee Marcos Livszyc will present the general
report on the Blomacom S.R.L. bankruptcy in court tomorrow,
Sept. 21, 2005, following the submission of creditors'
individual claims on Aug. 2, 2005. The trustee verified these
claims until May 27, 2005.
Buenos Aires' civil and commercial Court No. 9, with the
assistance of Clerk No. 17, declared the Company bankrupt.
CONTACT: Mr. Marcos Livszyc, Trustee
Nueez 6387
Buenos Aires
CARPASA S.A.: Asks Court for Reorganization
-------------------------------------------
Carpasa S.A., a company operating in Buenos Aires, has requested
for reorganization after failing to pay its liabilities since
Feb. 10, 2005.
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 the city's civil and commercial Court
No. 17. Clerk No. 34 assists on this case.
CONTACT: Carpasa S.A.
Suipacha 1294
Buenos Aires
CRESUD: Holder of Convertible Notes Exercises Conversion Right
--------------------------------------------------------------
A holder of Convertible Notes of Cresud S.A.C.I.F. y A exercised
its conversion right. In a letter sent on September 15, 2005 to
the Bolsa de Comercio de Buenos Aires and the Comision Nacional
de Valores, the Company informed:
The financial indebtedness of the Company shall be reduced in
US$10,000 and an increase of 19,692 ordinary shares face value
pesos 1 each was made.
The conversion was performed according to terms and conditions
established in the prospectus of issuance at the conversion rate
of 1.96928 shares, face value pesos 1 per Convertible Note of
face value US$1.
As a result of that conversion the amount of shares of the
Company goes from 163,031,351 to 163,051,043. On the other hand,
the amount of registered Convertible Notes is US$39,992,232.
CONTACT: Cresud S.A.C.I.F. y A.
Alejandro Elsztain - CEO
Gabriel Blasi - CFO
Phone: 54-11-4323-7449
E-mail: finanzas@cresud.com.ar
URL: http://www.cresud.com.ar
EDENOR: Dolphin Formally Takes Control
--------------------------------------
The Dolphin Fund Management has formally assumed control of
Buenos Aires distributor Edenor after it bought a 65% stake from
French state power company EdF for US$100 million.
At a meeting Thursday, shareholders approved Edenor's new
management team led by Alejandro Macfarlane, CEO and President.
Though ceding control to Dolphin, EDF will retain 25% of Edenor,
with the remaining 10% held collectively by the Company's
employees.
A source with the new management team revealed that Edenor's
outstanding debt of roughly US$524 million "will be absorbed by
the new configuration" of the firm and restructured to free up
funds for fresh investment.
"The principal objective will be investing to meet the growth in
demand, which could grow this year by between 8 and 9 percent,"
the source said.
Edenor serves 2.4 million clients in the northern part of Buenos
Aires.
CONTACT: EDENOR S.A.
Azopardo Building
Azopardo 1025 (1107) Capital Federal
Phone: (54-11) 4346-5000
Fax: (54-11) 4346-5300
E-mail: to ofitel@edenor.com.ar
Web Site: http://www.edenor.com.ar
FRANCIS GROUP: Court Declares Company Bankrupt
----------------------------------------------
Court No. 21 of Buenos Aires' civil and commercial tribunal
declared local company Francis Group S.A. "Quiebra", relates La
Nacion. The court approved the bankruptcy petition filed by OSDE
Organizacion de Servicios Directos Empresarios, whom the Company
has debts amounting to $2,896.65.
The Company will undergo the bankruptcy process with Ramon
Benigno Fernandez as trustee. Creditors are required to present
proof of their claims to Mr. Fernandez for verification before
Dec. 5, 2005. Creditors who fail to submit the required
documents by the said date will not qualify for any post-
liquidation distributions.
Clerk No. 41 assists the court on the case.
CONTACT: Francis Group S.A.
Adolfo Alsina 2025
Buenos Aires
Mr. Ramon Benigno Fernandez
Jose Evaristo Uriburu 1010
Buenos Aires
JJ FELICIDADES: Report on Liquidation to be Submitted Sept. 21
--------------------------------------------------------------
The general report on the liquidation of Buenos Aires-based J.J.
Felicidades S.A. will be submitted tomorrow, Sept. 21, 2005. The
report will contain a summary of the Company's financial status
as well as relevant events pertaining to the bankruptcy.
The submission of the said report followed the presentation of
the creditors' individual claims on Aug. 10, 2005. The claims
underwent verification, which lasted until June 29, 2005.
The Company began liquidating its assets following the
bankruptcy pronouncement issued by Court No. 18 of the city's
civil and commercial tribunal. Mr. Jorge Ernesto del Hoyo was
appointed as trustee.
The bankruptcy process will end with the sale of the Company's
assets.
CONTACT: Mr. Jorge Ernesto del Hoyo, Trustee
Cerrito 484
Buenos Aires
PIONEER NATURAL: Announces Early Tender Results for Debt Offer
--------------------------------------------------------------
Pioneer Natural Resources Company (NYSE:PXD) announced early
tender results for its previously announced offer to purchase
(the "Tender Offer") its 5.875% Senior Notes due 2012 (CUSIP No.
299900 AD 2)(the "Notes"). The Tender Offer also includes a
solicitation of consents to proposed amendments to the indenture
governing the Notes.
As of 5:00 p.m., New York City time, on Thursday, September 15,
2005 (the "Consent Date"), Pioneer had received tenders for
$188,375,000 in principal amount of the Notes (the "Tendered
Notes") representing 96.9% of the outstanding principal amount
of the Notes. Pioneer will accept tenders of all of the Tendered
Notes.
As a result, Pioneer has received sufficient tenders of the
Notes to execute the proposed amendments. Settlement for the
total early payment of $1,061.15 for each $1,000 principal
amount of Tendered Notes (the "Total Early Payment"), including
a consent payment of $30, will be on Tuesday, September 20, 2005
(the "Early Settlement Date"). Settlement will also include
payment of accrued and unpaid interest on the Tendered Notes to,
but not including, the Early Settlement Date. Pioneer will
execute the proposed amendments prior to the Early Settlement
Date.
The Tender Offer expires at 12:00 midnight, New York City time,
on Thursday, September 29, 2005 (the "Expiration Date"). Holders
who validly tender their Notes and give their consent to the
proposed amendments after the Consent Date but before the
Expiration Date will be entitled to receive only the tender
price, which is the Total Early Payment less the consent payment
of $30, plus accrued and unpaid interest on Notes accepted in
the Tender Offer to, but not including, the final settlement
date.
On September 15, 2005, the Company paid the semiannual interest
payment on the Notes to holders of record of the Notes on
September 1, 2005.
The terms of the Tender Offer are described in Pioneer's Offer
to Purchase and Consent Solicitation Statement dated September
1, 2005. Pioneer has engaged D.F. King & Co., Inc., to act as
information agent in connection with the Tender Offer. Requests
for copies of the Offer to Purchase and Consent Solicitation
Statement and questions regarding the Tender Offer may be
directed to D.F. King & Co., Inc. at 1-800-859-8509. Pioneer has
engaged Goldman, Sachs & Co. to act as dealer managers in
connection with the Tender Offer and as solicitation agent for
the consent solicitation. Questions regarding the Tender Offer
and the consent solicitation may be directed to Goldman, Sachs &
Co. at 1-800-828-3182.
This announcement is not an offer to purchase, a solicitation of
an offer to purchase or a solicitation of consent with respect
to any securities. The Tender Offer will be made solely by the
Offer to Purchase and Consent Solicitation Statement dated
September 1, 2005.
Neither the Offer to Purchase and Consent Solicitation Statement
nor any related document has been filed with the Securities and
Exchange Commission, nor has any such document been filed with
or reviewed by any federal or state securities commission or
regulatory authority of any country. No authority has passed
upon the accuracy or adequacy of the Offer to Purchase and
Consent Solicitation Statement or any related documents, and it
is unlawful and may be a criminal offense to make any
representation to the contrary.
The Tender Offer is not being made to, nor will Pioneer accept
tenders of the Notes from holders in any jurisdiction in which
the Tender Offer or the acceptance thereof would not be in
compliance with the securities or blue sky laws of such
jurisdiction.
Pioneer is a large independent oil and gas exploration and
production company. Pioneer's headquarters are in Dallas, Texas.
CONTACT: Pioneer Natural Resources Company, Dallas
Investors:
Frank Hopkins or Chris Paulsen, 972-444-9001
or
Media and Public Affairs:
Susan Spratlen, 972-444-9001
URL: http://www.pioneernrc.com
SAN ANTONIO: Judge Approves Bankruptcy
--------------------------------------
San Antonio de Padua S.A. was declared bankrupt after Court No.
12 of Buenos Aires' civil and commercial tribunal endorsed the
petition of Transportes Olivos S.A. for the Company's
liquidation. Argentine daily La Nacion reports that Transportes
Olivos S.A. has claims totaling $439,171.17 against San Antonio
de Padua S.A.
The court assigned Mr. Leandro Villari to supervise the
liquidation process as trustee. Mr. Villari will validate
creditors' proofs of claim until Nov. 9, 2005.
The city's Clerk No. 24 assists the court in resolving this
case.
CONTACT: San Antonio de Padua S.A.
3 de Febrero 1544
Buenos Aires
Mr. Leandro Villari, Trustee
Talcahuano 316
Buenos Aires
TELECOM ARGENTINA: Ratings Reflect Challenges in Environment
------------------------------------------------------------
ISSUER CREDIT RATING To From
Corporate Credit Rating B-/Stable/-- D/--/--
REVISED RATING To From
Sr unsecd debt
Foreign currency B- D
Rationale
The ratings on Telecom Argentina S.A. (TECO) reflect the
financial and regulatory challenges of operating in the
Argentine environment after the crisis in 2002 and the freeze
and pesification of telecommunications tariffs. Uncertainty is
high regarding the renegotiation of tariffs, which was mandated
by the government in early 2002 but is still pending. Potential
tariff adjustments resulting from the renegotiation are not
expected to compensate for the effects of the devaluation of the
Argentine peso and the freeze and pesification of tariffs. In
addition, TECO will continue to face currency mismatch risks, as
most of its cash generation is in Argentine pesos while debt is
primarily foreign currency-denominated (about 62% in U.S.
dollars and 32% in euros). These factors are mitigated by the
company's financial improvements after the closing of the
restructuring of its financial debt in August 2005, its
efficient operations, and its good market position as one of the
two incumbent telephone companies in Argentina and one of the
largest integrated telecom providers in the country.
On Aug. 31, 2005, TECO closed the restructuring process in an
out-of-court agreement ("Acuerdo Preventivo Extrajudicial"-APE),
which was approved by 94.4% of creditors and, in accordance with
Argentine law, is also binding for lenders voting against it.
The APE involved the issuance of $1.9 billion new debt and cash
payments, including $565 million in principal and $237 million
in interest (accrued between Jan. 1, 2004, and Aug. 31, 2005).
In conjunction with the exchange, TECO cancelled pending
maturities up to August 2005 and made principal prepayments on
maturities between October 2005 and October 2007 (for an
aggregated amount of $533 million). As a result of this,
consolidated debt declined to about $1.7 billion, from $3.4
billion in June 2005. TECO's financial profile has improved
following the restructuring, reflecting much lower debt levels;
longer debt terms; a manageable maturity schedule; and a lighter
financial burden--mainly as a result of the lower debt levels.
As a result of the prepayments, TECO will not face any
significant debt maturities before 2008-aside from a mandated
cash sweep in case of excess cash, which reduces short- and
medium-term refinancing risk.
During the first half of 2005, the significant expansion of
Argentina's mobile industry and the gradual recovery of the
fixed-telephony business allowed TECO to offset an important
decline in EBITDA margins associated with higher subscriber
acquisition costs in mobile and cost adjustments for wages, and
to register slightly lower U.S.-dollar cash generation. The
increase in consolidated sales of about 28% over the first half
of 2005 compensated for the decline in the company's EBITDA
margin to 37.6% in that period, from 47.5% in the first half of
2004. Margin pressures are expected to continue in the short
term as a result of the intense competition in the mobile and
asymmetric digital subscriber lines (ADSL) segments, until these
markets reach a higher degree of maturity, at which point
operators should start to privilege profitability. In addition,
the company's future cash-flow generation and financial profile
will be tied to the result of tariff renegotiations with the
government and the sustainability and stability of the economic
recovery in Argentina.
TECO's financial measures are expected to improve with the
closing of the debt restructuring, as a result of the lower debt
levels and consequent decline in the interest burden. EBITDA
interest coverage and funds from operations-to-nominal debt
ratios are expected at about 4x and 28%, respectively, in 2005.
Nevertheless, in Standard & Poor's Ratings Services' opinion,
TECO will maintain its somewhat aggressive capital structure,
with debt at 70% of capitalization, given the significant net
worth erosion suffered during the Argentine economic crisis in
2002. The debt-to-EBITDA ratio is estimated to register levels
of about 2.9x in 2005. Assuming relatively stable U.S. dollar
and euro exchange rates and inflation levels in Argentina, and
depending on the final tariff renegotiation, TECO should be able
to continue to reduce debt and gradually consolidate its
financial profile.
Nortel Inversora S.A. controls TECO with a 57.74% share, while
TECO's employees own about 4.68% through an employee stock
ownership program, and the remainder of the stock (40.58%)
trades on the Buenos Aires, New York, and Mexico City stock
exchanges. Nortel is a holding company jointly controlled by
Telecom Italia SpA (BBB+/Stable/A-2) and a local investor group,
which together own 67.79% of its equity.
Liquidity
TECO's liquidity position after the restructuring should be
relatively tight given the mandatory prepayment provisions
included in the new debt and the relatively narrow financial
flexibility due to the limited access to financial markets.
These factors are mitigated by the improvements in the maturity
schedule and the fact that TECO has no principal maturities
until 2008.
Cash holdings, which as of June 2005 amounted to about $1.4
billion, were committed mainly to make cash payments and debt
prepayments under the APE. In a relatively stable exchange rate
and inflation environment, TECO should generate about $600
million in EBITDA per year, which will allow it to comfortably
cover interest and capital expenditures of about $150 million
and $200 million per year, respectively. As the company does not
face significant scheduled payments before 2008, we expect TECO
to generate excess cash to prepay debt in accordance with the
prepayment provisions included in the terms of the new debt.
Outlook
The stable outlook reflects our expectation that the company's
good competitive position and the relatively stable economic
scenario will allow TECO to further reduce debt and to
consolidate financial improvements after the restructuring.
Rating upside is limited given the current business environment
in Argentina, especially with regard to regulatory risk and the
persistence of currency mismatch risks (between the company's
foreign currency debt and peso-denominated cash generation). The
ratings could be pressured if tariff inflexibility persists
under a higher-than-expected inflationary and exchange rate
scenario, if government intervention increases, or financial
flexibility deteriorates significantly.
Primary Credit Analyst: Ivana Recalde, Buenos Aires
(54) 114-891-2127; ivana_recalde@standardandpoors.com
Secondary Credit Analyst: Pablo Lutereau, Buenos Aires
(54) 114-891-2125; pablo_lutereau@standardandpoors.com
TELECOM ARGENTINA: Wants U.S. Court to Recognize Effect of APE
--------------------------------------------------------------
Telecom Argentina S.A. ("Telecom Argentina" or "the Company")
wrote on September 13, 2005 a letter to the Buenos Aires Stock
Exchange stating that the Company has filed in the U.S.
Bankruptcy Court a petition for the recognition and effect of
the judicial homologation granted by the Argentine court to the
Acuerdo Preventivo Extrajudicial (the "APE") of the Company in
the United States of America.
Company attorney Maria Delia Carrera Sala also wrote that, as
related previously, the APE signed by Telecom Argentina and its
financial creditors was homologated by the Argentine Court.
Moreover, on August 31, 2005 the New Notes were issued and the
cash payments were made, in exchange for the outstanding debt,
whereby such debt was canceled, and the terms of the APE were
complied with, in accordance to Articles 55, 56 and 76 of the
Argentine Bankruptcy Law.
CONTACT: TELECOM ARGENTINA S.A.
Pedro Insussarry
Phone: (54-11) 4968-3743
Moira Colombo
Phone: (54-11) 4968-3627
Gaston Urbina
Phone: (54-11) 4968-3628
Morgan Stanley & Co. Incorporated
Carlos Medina
Phone: (1-212) 761-6520
MBA Banco de Inversiones S.A.
Diego Steverlynck
Phone: (54-11) 4319-5865
UNIDAD CORONARIA: Proceeds With Liquidation
-------------------------------------------
Mr. Rodolfo Molina successfully sought the bankruptcy of Unidad
Coronaria Avellaneda S.A. after Court No. 1 of Buenos Aires'
civil and commercial tribunal declared the Company "Quiebra,"
reports La Nacion.
As such, Unidad Coronaria Avellaneda S.A. will now start the
process with Ms. Andrea Sita as trustee. Creditors must submit
proofs of their claim to the trustee by Nov. 9, 2005 for
authentication. Failure to comply with this requirement will
mean a disqualification from the payments that will be made
after the Company's assets are liquidated.
The creditor requested the Company's liquidation after the
latter failed to pay debts amounting to $22,162.61.
The city's Clerk No. 1 assists the court on the case that will
close with the sale of all of its assets.
CONTACT: Unidad Coronaria Avellaneda S.A.
Avenida del Trabajo 1471
Buenos Aires
Ms. Andrea Sita, Trustee
Hungria 1019
Buenos Aires
=============
B A H A M A S
=============
KERZNER INTERNATIONAL: S&P Assigns `B' to Planned $400M Sr. Nts
---------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B' rating to
Kerzner International Ltd.'s proposed $400 million senior
subordinated notes due 2015. Proceeds from these notes, along
with cash on hand, will be used to refinance its existing $400
million senior subordinated notes due 2011 and to fund fees and
expenses associated with this transaction.
At the same time, Standard & Poor's affirmed its ratings,
including its 'BB-' corporate credit rating, on the hotels and a
casino owner and operator. The outlook on Kerzner remains
stable. The Nassau, Bahamas-based company had about $820
million of debt outstanding as of June 30, 2005, which includes
debt associated with the Palmilla and Reethi Rah joint ventures.
"Although leverage is expected to rise by late 2006 as the
company funds its outlined spending initiatives, we believe the
Phase III expansion of its Paradise Island resort will be
successful and that incremental cash flow from this project will
lead leverage to decline in 2007 and trend towards a level more
consistent with current ratings. However, given ongoing growth
initiatives, there is limited room for credit measures to weaken
further within the stable outlook," said Standard & Poor's
credit analyst Peggy Hwan. (Troubled Company Repoter, Sept. 19,
2005, Vol. 9, No. 222)
=============
B E R M U D A
=============
KAST INVESTMENT: Company Liquidation Starts
-------------------------------------------
NOTICE OF APPOINTMENT OF LIQUIDATOR
MEMBERS' VOLUNTARY WINDING-UP
KAST INVESTMENT MANAGEMENT (B.V.I.) LTD.
NOTICE is hereby given that liquidation of KAST INVESTMENT
MANAGEMENT (B.V.I.) LTD. commenced on September 9, 2005, and
that Anne N Kast of Washington Mall, Phase 1, 2nd Floor, 22
Church Street, Hamilton, HMCX, Bermuda, has been appointed
liquidator of the Company.
CONTACT: Ms. Anne N Kast, Liquidator
Washington Mall
Phase 1
2nd Floor
22 Church Street
Hamilton
HMCX
Bermuda
OPL GROUP: Members Resolve to Wind Up Company
---------------------------------------------
IN THE MATTER OF THE COMPANIES ACT 1981
And
IN THE MATTER OF OPL GROUP INVESTMENT LTD. - IN LIQUIDATION
TAKE NOTICE THAT the Member of OPL Group Investment Ltd., on
September 14, 2005, passed the following resolutions:
1) That the Company be wound up voluntarily, pursuant to the
provisions of the Companies Act 1981; and
2) That Mr. Nigel Chatterjee and Mr. Peter Mitchell of
PricewaterhouseCoopers be appointed as Joint Liquidators for the
purposes of such winding-up, such appointment to be effective
forthwith.
The Liquidator informs that:
- The creditors of OPL Group Investment Ltd., which is being
voluntarily wound up, are required on or before October 7, 2005,
to send their full Christian and Surnames, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their solicitors (if any) to the Joint
Liquidator of the said Company, and if so required by notice in
writing from the said Liquidators are personally, or by their
solicitors, to come in and prove their debts or claims at such
time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.
- The Final General Meeting of OPL Group Investment Ltd. will be
held at the offices of PricewaterhouseCoopers, Dor-chester
House, 7 Church Street, Hamilton, HM 11, Bermuda on October 21,
2005, at 10:00 a.m. pursuant to Section 213 of the Companies
Act, 1981, for the purposes of:
1) Receiving an account laid before them showing the manner in
which the Winding-Up has been conducted and the property of the
Company disposed of, and of hearing any explanation that may be
given by the Liquidators;
2) By resolution determining the manner in which the books,
accounts and documents of the Company, and of the Liquidators
thereof, shall be disposed of; and
3) By resolution dissolving the company.
CONTACT: Mr. Nigel Chatterjee, Joint Liquidator
PricewaterhouseCoopers
P.O. Box HM 1171
Hamilton
HM EX
Bermuda
SILVER LEADER: Sole Member Decides to Wind Up Company
-----------------------------------------------------
IN THE MATTER OF THE COMPANIES ACT 1981
And
IN THE MATTER OF Silver Leader Insurance Co. Ltd.
The Sole Member of Silver Leader Insurance Co. Ltd., acting by
written consent without a meeting on September 14, 2005 passed
the following resolutions:
1) THAT the Company be wound up voluntarily, pursuant to the
provisions of the Companies Act 1981; and
2) THAT Robin J Mayor be and is hereby appointed Liquidator for
the purposes of such winding-up, such appointment to be
effective forthwith.
The liquidator informs that:
- Creditors of Silver Leader Insurance Co. Ltd., which is being
voluntarily wound up, are required, on or before September 30,
2005, to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their lawyers (if any) to Robin J
Mayor, the Liquidator of the said Company, and if so required by
notice in writing from the said Liquidator, and personally or by
their lawyers, to come in and prove their debts or claims at
such time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.
- A final general meeting of the Sole Member of Silver Leader
Insurance Co. Ltd. will be held at the offices of Messrs.
Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, Bermuda on October 21, 2005 at 9:30 a.m., or as soon
as possible thereafter, for the purposes of:
1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator;
2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and
3) by resolution dissolving the Company.
CONTACT: Mr. Robin J Mayor, Liquidator
Messrs. Conyers Dill & Pearman
Clarendon House
Church Street
Hamilton
HM DX
Bermuda
===========
B R A Z I L
===========
BANCO ITAU: Ratings Reflect Exposure to Economic, Industry Risks
----------------------------------------------------------------
CREDIT RATING
Local currency BB/Stable/B
Foreign currency BB-/Stable/B
Outstanding Rating(s)
Counterparty Credit
Local currency BB/Stable/B
Counterparty Credit
Foreign currency BB-/Stable/B
Certificate of deposit
Foreign currency BB-/B
Senior unsecured
Foreign currency BB-/B
Major Rating Factors
Strengths:
- Strong and well-diversified business position as the
second-largest private bank in Brazil
- Strong brand-name recognition
- Successful growth strategy with a professional management
team
- Excellent earnings track record, being among the most
profitable and efficient banks in Latin America, besides
being the benchmark in terms of cross selling in Brazil
Weaknesses:
- Exposure to Brazil's industry and economic risks
- Strong competitive environment
Rationale
The ratings on Banco Itau S.A. incorporate the fact that it
operates in Brazil and is exposed to the economic and industry
risk of the country. Nevertheless, Banco Itau continues to be
one of the most creditworthy institutions in Latin America and
benefits from a strong and well-diversified business profile,
professional management team, focused strategy, and excellent
earnings track record.
Banco Itau's good business profile reflects its strong brand-
name recognition, ability to improve cross selling by taking
advantage of its large client base (11.9 million), its broad
range of product offerings, and leading position in most
segments. With Brazilian reais (BrR) 144.5 billion in assets
($61.5 billion at BrR2.35 to $1) at June 2005, Banco Itau
maintains its position as the second-largest private bank in
Brazil with an extensive branch network. Besides presenting a
high market share in terms of total assets, total deposits, and
net income, Banco Itau also maintains its position among the
largest banks in the various sectors in which it operates,
including credit card, insurance, pension plan, brokerage house,
and asset management. Besides, with the acquisition of Banco BBA
Creditanstalt in 2002, the group reinforced its position as a
leading wholesale bank in the country.
The bank's professional management team and well-defined
strategy explain the attainment of its growth and
diversification targets. Banco Itau's focus on improving its
cross-selling of products and services, enhancing clientele
profitability, and cost-control efforts support its moderate
business and financial profile. Management's good market
knowledge and experience should help the bank to maintain its
good market and financial position.
The bank presents an excellent earnings track record and is
among the most profitable banks in the Brazilian market and the
Latin American region. Banco Itau's outstanding performance,
evidenced by 3.4% annualized ROA (based on June 2005 figures),
results from a combination of low funding cost and higher
participation of loans to individuals in the portfolio. A strong
cross-selling ability that generated above-average fee-income
and the bank's constant efforts to maintain adequate efficiency
levels also support profitability. The ratio of noninterest
expenses to total revenues reached 53.7% as of June 2005,
showing that Banco Itau is one of the most efficient banks in
Brazil.
An improvement in Brazilian economic activity and a better
prospect for the year led the bank to increase its lending
portfolio by around 10% in the first half of 2005, emphasizing
loans to individuals and small-to-midsize companies (that
benefit from higher spreads). The bank has been adequately
managing its credit risk, underlined by the maintenance of the
ratio of problem loans (credits classified from 'E' to 'H'
according to Standard & Poor's Ratings Services criteria) to
total loans at 5.9% by June 2005 compared to 5.5% in December
2004. The annualized net charge-offs-to-average customer loans
ratio reached 3.6% in the same period. Nevertheless, a seasonal
increase in the delinquency ratio for the whole banking system
to 7.6% in March 2005 from 6.9% in December 2004 (as per Central
Bank data) led the bank to constitute additional provisions to
its credit portfolio, thus increasing its ratio of new loan-loss
provisions-to-total loans to 4.6%, annualized, based on June
2005 figures, compared to 2% in 2004. We expect problem loans to
be maintained at adequate levels in 2005, helped by better
economic prospects, a lower unemployment rate, and the bank's
sound credit-risk practices.
The ratings on Banco Itau also reflect the fact that it operates
in Brazil and is exposed to the economic and industry risk of
the country, including the direct exposure to government risk in
the form of open-market operations and marketable securities. At
June 2005, its total government exposure was equivalent to
approximately 1.3x its capital. Given its strategy to reduce
government exposure, this is the lowest ratio when compared to
those of its retail peers, and should be maintained at current
levels.
Outlook
The stable outlook on the local currency credit rating reflects
Banco Itau's exposure to the economic and industry risks of the
Brazilian banking industry and Brazil's sovereign credit rating.
In the event of an upgrade or positive outlook for the sovereign
local currency rating and improvement in the economic and
industry risks within the Brazilian banking industry, it is
likely that Banco Itau's outlook would be revised to positive or
it would be upgraded. On the other hand, in the event of a
downgrade or change to negative outlook for the local currency
sovereign credit rating, the local currency credit rating on
Banco Itau S.A. would move in tandem.
The stable outlook on the foreign currency credit rating
reflects the outlook on the sovereign credit rating on Brazil.
At current levels, a change in the foreign currency sovereign
credit rating would lead to a similar action on the foreign
currency rating on Banco Itau.
Primary Credit Analyst: Tamara Berenholc, Sao Paulo
(55) 11-5501-8950; tamara_berenholc@standardandpoors.com
Secondary Credit Analyst: Milena Zaniboni, Sao Paulo
(55) 11-5501-8945; milena_zaniboni@standardandpoors.com
BRASKEM: Forms Joint Venture with Petroquisa
--------------------------------------------
Braskem S.A. (BOVESPA: BRKM5; NYSE: BAK; LATIBEX: XBRK) and
Petroquisa incorporated as of Friday Petroquimica Paulinia S.A.,
a joint venture that will be responsible for the operation of a
modern and competitive polypropylene industrial unit to be built
in Paulinia, in the state of Sao Paulo. The incorporation of
Petroquimica Paulinia represents an important step towards the
establishment of a partnership between the two companies, as
resolved on June 22, 2005 by their respective Board of Directors
and announced to the market by means of a Relevant Fact.
The new industrial unit, which will be located in the center of
Brazil's main consumer market, will be a world-class asset, with
production scale, state-of-the-art technology and guaranteed
supply of raw material. With an initial polypropylene production
capacity of 300 thousand tons/year and potential to reach 350
thousand tons/year, the new unit is expected to be in pre-
operational stage by the end of 2007.
Total investment in the project is estimated at US$ 240 million,
about 30% of which will be sponsored by shareholders while the
remaining amount will be funded by specific long-term financing.
The ownership structure of the new company defines a 60%-stake
to Braskem and a 40%-stake to Petroquisa. Management will be
conducted and shared by both companies and Braskem will
contribute with the process technology that will be employed in
the polypropylene production.
The raw material used in the new unit will be the polymer-grade
propylene supplied by Petrobras through its refineries located
in Paul¡nia (Replan) and Henrique Lage (Revap). All contracts
related to technology and supply of raw material have been
signed Friday. The sourcing of EPC projects is in advanced
stage.
According to Mr. Jose Carlos Grubisich, Braskem's CEO, "the
partnership with Petroquisa shows the confidence of the parties
in the growth of both the Brazilian economy and the
thermoplastic resins regional market, where the consumption of
polypropylene has been growing faster than any other resin".
Mrs. Maria das Gracas Silva Foster, Petroquisa's CEO, adds that
"the creation of Petroquimica Paulinia confirms the decision of
our company to play a strategic role in the development of the
Brazilian petrochemical industry".
Braskem, a world-class Brazilian petrochemical company, is the
leader in the thermoplastic resins segment in Latin American,
and is among the three largest Brazilian-owned private
industrial companies. The company operates 13 manufacturing
plants located throughout Brazil, and has an annual production
capacity of 5.8 million tons of resins and other petrochemical
products.
CONTACT: BAK - Braskem S.A.
Rua Eteno, 1561
Polo Petroquimico de Camacari
Camacari
Bahia CEP 42810-000
Brazil
URL: http://www.braskem.com.br
Phone: (55 11) 3443 9529
CESP: Sao Paulo Govt. to Privatize Cteep in February 2006
---------------------------------------------------------
The Sao Paulo state government plans to privatize power
transmission company Cteep SA in February next year in a move
that would bring the state some BRL1 billion.
The state government and its subsidiaries own 64.4% of Cteep's
common stock and 16.2% of its preferred shares, equivalent to
26% of total capital.
Proceeds from the operation will be used to capitalize Cteep's
sister company, Companhia Energetica de Sao Paulo (Cesp), paving
the way for the restructuring of over BRL10 billion in debt.
In the meantime, Cteep launched two tenders to hire consulting
firms to appraise the company's value and manage the sale.
The state government announced that six consulting firms -
Banif, Ernst Young, Brazil's Getulio Vargas Foundation FGV,
Maxima Consultoria, Trevisan Consultores and UPSide Financas -
registered to compete for the contract.
In addition, US investment bank Merrill Lynch, Spanish bank
Santander and five other groups lined up to participate in the
tender for the sale's management.
CONTACT: Companhia Energetica De Sao Paulo
Rua da ConsolaO o, 1.875
CEP 01301 -100 S o Paulo, Brazil
Phone: +55-11-234-6322
Fax: +55-11-287-0871
Home Page: http://www.CESP.com.br/
Contact:
Mauro G. Jardim Arce, Chairman
Ruy M. Altenfelder Silva, Vice Chairman
Vicente Kazuhiro Okazaki, Finance Director
GERDAU: CADE Sets New Hearing for Price-Fixing Allegations
----------------------------------------------------------
The Justice Ministry Antitrust Division (CADE) will hold an
extraordinary session on Friday, September 23, to hear an
antitrust case involving allegations of price-fixing against
steelmakers Gerdau, Belgo-Mineira and Barra Mansa, reports Dow
Jones Newswires.
This is the third time that the CADE has set a schedule for the
hearing.
"There is very little chance that the case will be delayed
further," said CADE spokeswoman, Lale Fonseca, referring to the
first two hearings, which have been suspended by injunctions.
A judge for the Federal Appeals Court, Brazil's highest appeals
court for cases not involving constitutional issues, late
Thursday struck down the latest injunction.
Because of the high-stakes nature of the case, it has seen a
series of legal maneuvers and delays since it was first
investigated in 1999.
If the three companies are found to have engaged in
anticompetitive practices, they could face fines of up to 30% of
gross revenue for the year preceding the date of the initial
complaint, according to CADE.
GERDAU: Increases Stake in Argentine Steel Rolling Mill Company
---------------------------------------------------------------
Gerdau S.A. (Bovespa: GGBR, NYSE: GGB, Latibex: XGGB) announced
that the Gerdau Group has reached an agreement to acquire 40.49%
of the capital stock of Sipar Gerdau Inversiones S.A., the
parent company of Sipar Aceros S.A., a long steel rolling mill
company located in the city of Perez, Santa Fe Province,
Argentina.
The acquisition and the 43.28% stake already owned by the Gerdau
Group represent 83.77% of the total capital of Sipar Gerdau
Inversiones S.A. The Gerdau Group will disburse US$40.5 million
in the next three years for this additional stake.
CONTACT: Gerdau S.A.
Avenida Farrapos 1811
Porto Alerge, RS 90220-005
Brazil
Phone: +55 3323 2000
Web site: http://www.gerdau.com.br
=============
J A M A I C A
=============
AIR JAMAICA EXPRESS: Suspends Ops on High Fuel, Costs
-----------------------------------------------------
The management of Air Jamaica Express has decided to suspend the
airline's operations on October 14, The Jamaica Observer
reports.
In a statement Friday, the airline, which is controlled by
Gordon "Butch" Stewart's ATL Group, said the decision comes in
the face of prevailing market conditions, which point to
"diminishing prospects for the viable operation of the airline".
"It is the view of the airline's management that the record high
increases in fuel and other operational costs, coupled with
ongoing turbulence in the local and global aviation industry,
make any further investment in Air Jamaica Express at this time
imprudent," the statement said.
Air Jamaica was the only carrier licensed to provide scheduled
flights within Jamaica, although other companies offered charter
and freight services.
Until recently, it also operated flights from Kingston to Cuba,
the Bahamas, Turks and Caicos, the Dominican Republic, and the
Cayman Islands.
On Friday, the Civil Aviation Authority of Jamaica (CAA) said no
other airline has applied for license to operate scheduled
services at this point.
===========
M E X I C O
===========
AOL LATIN AMERICA: Files Monthly Operating Report for June 2005
---------------------------------------------------------------
On Sept. 6, 2005, America Online Latin America, Inc., and its
debtor-affiliates, filed their monthly operating report for the
period ended June 30, 2005, with the United States Bankruptcy
Court for the District of Delaware.
For the month ending June 30, 2005, the Company's Income
Statement shows:
Net Income/
Revenue Net Loss
------- -----------
America Online Latin America, Inc. $0 ($508,410)
AOL Latin America Management, LLC $501,866 $220,957
AOL Puerto Rico Management Services, Inc. $19,046 ($35,536)
America Online Caribbean Basin, Inc. $251,791 $65,346
At June 30, 2005, the Company's Balance Sheet shows:
America Online Latin America, Inc.
__________________________________
Current Assets $20,730,794
Total Assets 706,817,332
Current Liabilities 6,657,558
Total Liabilities 166,657,558
Total Stockholders' Equity $540,159,774
AOL Latin America Management, LLC
_________________________________
Current Assets $4,179,121
Total Assets 4,710,165
Current Liabilities 18,434,516
Total Liabilities 18,434,516
Total Stockholders' Deficit ($13,723,901)
AOL Puerto Rico Management Services, Inc.
_________________________________________
Current Assets ($231,894)
Total Assets (74,307)
Current Liabilities 5,284,672
Total Liabilities 5,308,665
Total Stockholders' Equity Deficit ($5,382,633)
America Online Caribbean Basin, Inc.
____________________________________
Current Assets $16,142,365
Total Assets 16,157,565
Current Liabilities (2,059,667)
Total Liabilities (2,059,667)
Total Stockholders' Equity Deficit 18,217,232
A full-text copy of America Online Latin America, Inc., and its
debtor-affiliates' Monthly Operating Report for the period ended
June 30, 2005, is available at no charge at:
http://ResearchArchives.com/t/s?18b
Headquartered in Fort Lauderdale, Florida, America Online Latin
America, Inc. -- http://www.aola.com/-- offers AOL-branded
Internet service in Argentina, Brazil, Mexico, and Puerto Rico,
as well as localized content and online shopping over its
proprietary network. Principal shareholders in AOLA are
Cisneros Group, one of Latin America's largest media firms,
Brazil's Banco Itau, and Time Warner, through America Online.
The Company and its debtor-affiliates filed for chapter 11
protection on June 24, 2005 (Bankr. D. Del. Case No. 05-11778).
Pauline K. Morgan, Esq., and Edmon L. Morton, Esq., at Young
Conaway Stargatt & Taylor, LLP and Douglas P. Bartner, Esq., at
Shearman & Sterling LLP represent the Debtors in their
restructuring efforts. When the Debtors filed for protection
from their creditors, they listed total assets of $28,500,000
and total debts of $181,774,000. (TROUBLED COMPANY REPORTER,
Sep. 17, 2005, Vol. 9, No. 221)
ASARCO: Gets Court Nod to Pay Costs Related to DIP Financing
------------------------------------------------------------
The Honorable Richard S. Schmidt of the U.S. Bankruptcy Court
for the Southern District of Texas gave authority to ASARCO LLC
and its debtor-affiliates to pay the out-of-pocket costs and
expenses incurred by third-party lenders in connection with
potential DIP financing agreements in an amount not to exceed
$350,000.
As reported in the Troubled Company Reporter on Sept. 5, 2005,
ASARCO estimates that, for a DIP facility in the range of $75
million to $150 million, out-of-pocket expenses will range from
$275,000 to $350,000. ASARCO has already received expense
reimbursement requests from its potential DIP lenders.
Headquartered in Tucson, Arizona, ASARCO LLC --
http://www.asarco.com/-- is an integrated copper mining,
smelting and refining company. Grupo Mexico S.A. de C.V. is
ASARCO's ultimate parent. The Company filed for chapter 11
protection on Aug. 9, 2005 (Bankr. S.D. Tex. Case No. 05-21207).
James R. Prince, Esq., Jack L. Kinzie, Esq., and Eric A.
Soderlund, Esq., at Baker Botts L.L.P., and Nathaniel Peter
Holzer, Esq., Shelby A. Jordan, Esq., and Harlin C. Womble,
Esq., at Jordan, Hyden, Womble & Culbreth, P.C., represent the
Debtor in its restructuring efforts. When the Debtor filed for
protection from its creditors, it listed $600 million in total
assets and $1 billion in total debts.
The Debtor has five affiliates that filed for chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos. 05-
20521 thru 05-20525). They are Lac d'Amiante Du Quebec Ltee,
CAPCO Pipe Company, Inc., Cement Asbestos Products Company, Lake
Asbestos Of Quebec, Ltd., and LAQ Canada, Ltd. Details about
their asbestos-driven chapter 11 filings have appeared in the
Troubled Company Reporter since Apr. 18, 2005.
Encycle/Texas, Inc. (Case No. 05-21304), Encycle, Inc., and
ASARCOConsulting, Inc. (Case No. 05-21346) also filed for
chapter 11 protection in the U.S. Bankruptcy Court for the
Southern District of Texas. ASARCO has asked that the three
subsidiary cases be jointly administered with its chapter 11
case. (ASARCO Bankruptcy News, Issue No. 5; Bankruptcy
Creditors' Service, Inc., 215/945-7000).
LUZ Y FUERZA: Nails Housing Deals to Thwart Power Theft
-------------------------------------------------------
As part of an effort to put an end to power theft, state-owned
electric power company Luz y Fuerza del Centro (LFC) signed 10
cooperation agreements with construction companies that will
sell low cost homes with power service already installed,
reports Business News Americas.
The companies, which have signed agreements with LFC, include
Casas Beta, Urbi, Homex, Conjunto Parnelli, Promotora
Inmobiliaria Vallejo, Akro, Espacio Inmobiliario and
Inmobiliaria IHM.
Most builders in Mexico sell houses and apartments to customers
without electric power service, so some people steal energy
rather than sign a contract with the state-owned company. The
losses, according to LFC, have amounted to 29.4% of total sales
from January-June 2005.
===============
P A R A G U A Y
===============
ACEPAR: Complies with Seam's Demands
------------------------------------
Steelmaker Acepar didn't suspend operations as ordered earlier
this month by the environmental authority SEAM, reports Business
News Americas.
Seam detected during an investigation that Acepar has
insufficient dust emission controls, which caused asthma and
allergy problems among residents living in the vicinity of the
plant.
In light of the detection, Seam asked the steelmaker to suspend
operations and correct the deficiencies that have been causing
the environmental problems. The authority gave Acepar two weeks
to present an environmental contingency plan within two weeks to
start operating again.
But Acepar didn't suspend its operations. Instead, it worked to
resolve the environmental problems in its processes as it
continued operations.
And since the plant never halted operations, CEO Sergio Taselli
said there was no economic or production loss and "the two-week
deadline has been met."
ACEPAR: Dealing with Scrap Producers
------------------------------------
An official at Acepar revealed that the steel maker is in talks
with scrap producers to address the issue of collecting scrap,
says Business News Americas.
"We are negotiating so that they don't take too much scrap," CEO
Sergio Taselli said, adding "this is not a source of employment:
they are stealing the scrap."
Acepar is blocking access to the plant "because they are taking
the pig iron and iron," he explained.
Scrap producers working near the steelmaker's plant have
threatened to promote a strike against Acepar to protest its
position against people who collect company scrap to make a
living.
Producers are claiming that the Company is taking their jobs
away by exporting any scrap to the Argentine province of Santa
Fe, where material is reprocessed.
=====================
P U E R T O R I C O
=====================
CENTENNIAL COMMUNICATIONS: Investigating Possible Sale
------------------------------------------------------
Independent wireless company Centennial Communications Corp. has
begun sounding out potential buyers, the Wall street Journal
reported in its online edition.
But according to one source cited by the Journal, the Company -
controlled by two private-equity firms, Welsh, Carson, Anderson
& Stowe and an affiliate of Blackstone Group - may still decide
against a sale and any deal is months away.
A deal could fetch as much as US$1.5 billion, the Journal
suggested.
Potential buyers would be sizing up a business whose 1.25
million customers are segmented into three distinct parts --a
domestic wireless operation concentrated in Michigan, Ohio, and
Indiana; a leading wireless franchise in Puerto Rico and the
Dominican Republic; and a broadband network in the Caribbean,
serving both residential and business customers.
Another source was cited as saying Centennial is considering
splitting up the businesses, particularly because its Caribbean
wireless properties would fetch higher valuations than the rest
of the company.
Centennial has a market capitalization of about US$1.26 billion
and carries total debt of US$1.62 billion.
=================
V E N E Z U E L A
=================
ALIMENTOS POLAR: Reaches Deal With Govt. to End Expropriation
-------------------------------------------------------------
Food company Alimentos Polar has reached an agreement with the
Venezuelan government, a deal that would see an end to the
administration's expropriation of some of the Company's grain
storage facilities.
According to EFE, the Company signed the agreement with
Agriculture and Land Minister Antonio Albarran, who ordered the
military on Aug. 28 to seize Polar's silos in the southwestern
state of Barinas, saying that the installations were practically
inactive.
National Assembly committee and Albarran "have acknowledged the
operability" of the facilities after two inspections conducted
on Wednesday and Thursday, said Polar's legal and regulatory
director, Guillermo Bolinaga.
***********
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
Sheryl Joy P. Olano, 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
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Information contained herein is obtained from sources believed
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The TCR Latin America subscription rate is $575 per half-year,
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