/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/090109.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 Friday, January 9, 2009, Vol. 9, No. 6 Headlines A R G E N T I N A ALCATRADING SRL: Trustee Verifying Proofs of Claim Until May 4 ARGENTOIL SA: Verifying Proofs of Claim Until February 13 IMPORTADORA SOFT: Trustee Verifying Proofs of Claim Until April 23 I.T. S. SERVICIOS: Trustee Verifying Proofs of Claim Until Feb. 11 ICA INVERSIONES: Trustee Verifying Proofs of Claim Until April 14 NEOSOL S.A.C.I.F.I.: Verifying Proofs of Claim Until March 10 UNIVERSALFLET SA: Trustee Verifying Proofs of Claim Until March 3 B E R M U D A PRIVATE INVESTORS: Creditors' Proofs of Debt Due on January 12 PRIVATE INVESTORS: Members' Final Meeting Set for January 13 B R A Z I L ARACRUZ CELULOSE: Shares Hit 2-Mo High on Bank Speculation BRASKEM SA: Shares Hit 5-Mo High on Peru's Plant Construction Plan CSN: Re-Opens Share Buy Back Program GRAPHIC PACKAGING: Bank Loan Sells at Substantial Discount TAM SA: Attains 50.4% Market Share in January-November Period TAM SA: Gets Fourth Boeing 777 for Sao Paulo-London Route C A Y M A N I S L A N D S AMGHARA CO: Enters Wind-Up Proceedings BADRA FINANCING: Enters Wind-Up Proceedings BRUSNWICK PARTNERS: Enters Liquidation Proceedings DELDAN CORPORATION: Enters Wind-Up Proceedings DOLOMINO LIMITED: Enters Wind-Up Proceedings EIGHT TREASURES: Commences Liquidation Proceedings GA GENPAR: Commences Liquidation Proceedings GAR EQUITY: Enters Wind-Up Proceedings KABD CO: Enters Wind-Up Proceedings KLC FUNDING: Commences Liquidation Proceedings MASNAA CO: Enters Wind-Up Proceedings MONUMENTAL HOLDINGS: Enters Liquidation Proceedings MUTUAL FUND: Placed Under Voluntary Liquidation MUTUAL FUND: Placed Under Voluntary Liquidation MUTUAL FUND: Placed Under Voluntary Liquidation PUPET LIMITED: Commences Liquidation Proceedings PUTNAM CURRENCY: Commences Liquidation Proceedings SABHAN CO: Enters Wind-Up Proceedings SHAHEEN CO: Enters Wind-Up Proceedings VINIS INVESTMENT: Enters Wind-Up Proceedings C O L O M B I A * COLOMBIA: Fitch Assigns 'BB+' Long-Term Issuer Default Rating M E X I C O CEMEX SAB: Faces Lawsuit for Failure to Meet Pollution Standards GRUPO POSADAS: S&P Affirms 'BB-' Long-Term Corporate Credit Rating * MEXICO: GDP May Not Grow This Year Due to Financial Crisis * MEXICO: 2 Local Banks Cut Credit Card Interest to Avoid Defaults V E N E Z U E L A PDVSA: CITGO To Continue With Heating Aid Program for U.S. Poor * VENEZUELA: Cuts Oil Production to Comply With OPEC V I R G I N I S L A N D S * VIRGIN ISLANDS: Housing Authority May Cut Workforce by 25% - - - - - ================= A R G E N T I N A ================= ALCATRADING SRL: Trustee Verifying Proofs of Claim Until May 4 -------------------------------------------------------------- Jose Colace, the court-appointed trustee for Alcatrading SRL's bankruptcy proceedings will be verifying creditors' proofs of claim until May 4, 2009. Mr. Colace will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 46 in Buenos Aires, with the assistance of Clerk No. 20, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Debtor can be reached at: Alcatrading SRL avenida La Plata 2582 Buenos Aires, Argentina The Trustee can be reached at: Jose Colace Bernardo de Yrigoyen Buenos Aires, Argentina ARGENTOIL SA: Verifying Proofs of Claim Until February 13 --------------------------------------------------------- The court-appointed trustee for Argentoil S.A.'s reorganization proceedings will be verifying creditors' proofs of claim until February 13, 2009. The trustee will present the validated claims in court as individual reports on March 27, 2009. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. A general report that contains an audit of the company's accounting and banking records will be submitted in court on May 14, 2009. Creditors will vote to ratify the completed settlement plan during the assembly on October 23, 2009. IMPORTADORA SOFT: Trustee Verifying Proofs of Claim Until April 23 ------------------------------------------------------------------ Ruth Alfici, the court-appointed trustee for Importadora Soft Hard SA's reorganization proceedings will be verifying creditors' proofs of claim until April 23, 2009. Ms. Alfici will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 20 in Buenos Aires, with the assistance of Clerk No. 40, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Debtor can be reached at: Importadora Soft Hard SA Tte. Gral. J. D. Perón 1531 Buenos Aires, Argentina The Trustee can be reached at: Ruth Alfici Rodriguez Pena 565 Buenos Aires, Argentina I.T. S. SERVICIOS: Trustee Verifying Proofs of Claim Until Feb. 11 ------------------------------------------------------------------ Raquel Tripodi, the court-appointed trustee for I.T. S. Servicios Postales SA's bankruptcy proceedings will be verifying creditors' proofs of claim until February 11, 2009. Ms. Tripodi will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 20 in Buenos Aires, with the assistance of Clerk No. 40, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Debtor can be reached at: I.T. S. Servicios Postales SA Pte. L. S. Pena 1270 Buenos Aires, Argentina The Trustee can be reached at: Raquel Tripodi avenida Santa Fe 1480 Buenos Aires, Argentina ICA INVERSIONES: Trustee Verifying Proofs of Claim Until April 14 ----------------------------------------------------------------- Alejandro Sabsay, the court-appointed trustee ICA Inversiones SA's bankruptcy proceedings will be verifying creditors' proofs of claim until April 14, 2009. Mr. Sabsay will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 21 in Buenos Aires, with the assistance of Clerk No. 41, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Debtor can be reached at: ICA Inversiones SA Tucuman 1 Buenos Aires, Argentina The Trustee can be reached at: Alejandro Sabsay Bartolome Mitre 1131 Buenos Aires, Argentina NEOSOL S.A.C.I.F.I.: Verifying Proofs of Claim Until March 10 ------------------------------------------------------------- The court-appointed trustee for Neosol S.A.C.I.F.I.'s reorganization proceedings will be verifying creditors' proofs of claim until March 10, 2009. The trustee will present the validated claims in court as individual reports on April 27, 2009. The National Commercial Court of First Instance in Buenos Aires will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. A general report that contains an audit of the company's accounting and banking records will be submitted in court on June 6, 2009. UNIVERSALFLET SA: Trustee Verifying Proofs of Claim Until March 3 ----------------------------------------------------------------- Rosa Irigoyen, the court-appointed trustee Universalflet SA's bankruptcy proceedings will be verifying creditors' proofs of claim until March 3, 2009. Ms. Irigoyen will present the validated claims in court as individual reports. The National Commercial Court of First Instance No. 25 in Buenos Aires, with the assistance of Clerk No. 49, will determine if the verified claims are admissible, taking into account the trustee's opinion, and the objections and challenges that will be raised by the company and its creditors. The Debtor can be reached at: Universalflet SA remises y fletes Buenos Aires, Argentina The Trustee can be reached at: Rosa Irigoyen avenida Cordoba 1351 Buenos Aires, Argentina ============= B E R M U D A ============= PRIVATE INVESTORS: Creditors' Proofs of Debt Due on January 12 -------------------------------------------------------------- The creditors of Private Investors (Intl) Limited are required to file their proofs of debt by January 12, 2008, to be included in the company's dividend distribution. The company commenced liquidation proceedings on December 10, 2008. The company's liquidator is: Roderick Forrest Chancery Hall, 52 Reid Street Hamilton HM 12 Islands of Bermuda PRIVATE INVESTORS: Members' Final Meeting Set for January 13 ------------------------------------------------------------ The members of Private Investors (Intl) Limited will hold their final general meeting on January 13, 2009, at 10:00 a.m., to hear the liquidator's report on the company's wind-up proceedings and property disposal. The company commenced liquidation proceedings on December 10, 2008. The company's liquidator is: Roderick Forrest Chancery Hall, 52 Reid Street Hamilton HM 12 Islands of Bermuda =========== B R A Z I L =========== ARACRUZ CELULOSE: Shares Hit 2-Mo High on Bank Speculation ---------------------------------------------------------- Aracruz Celulose SA's shares rose the most in two months, since Nov. 13, on speculation the real's gain may spur creditor banks to reach an agreement on US$2.13 billion of currency-derivatives losses, Fabio Alves of Bloomberg News reports. The company, the report relates, surged the most on the Bovespa index, rising 9.2% to BRL2.97 in Sao Paulo. "The recent gain in the Brazilian real against the dollar will prompt Aracruz and the banks to speed up talks to reach an agreement as a stronger currency is not advantageous for the creditors," Dany Rappaport, a partner at Investport, which oversees about US$48 million, told Bloomberg News in a phone interview. According to the report, the real has gained 11% against the dollar since Dec. 8. The real's 23% tumble against the dollar last year spurred US$2.13 billion of losses and an 81% drop in its stock price, the report notes. As reported in the Troubled Company Reporter - Latin America on Dec. 16, 2008, Bloomberg News said Aracruz Celulose failed to reach an agreement with banks on how it will pay the US$2.13 billion currency-derivatives losses, saying it will continue to talk with lenders. In a TCRLA report on Nov.28, citing Bloomberg News, Aracruz Celulose was accused in a lawsuit of misleading investors about "clandestine and speculative currency wagers." According to the report, the complaint was filed by law firm Saxena White P.A. in the U.S. District Court for the Southern District of Florida on behalf of holders of Aracruz American depositary receipts. Bloomberg News related that in the complaint, Saxena White argued the Brazilian pulp maker failed to disclose currency derivatives "that violated company policy in that they were far larger than necessary to hedge normal business operations." According to Saxena White, on October 2, 2008, Aracruz Celulose announced that it would lose US$1 billion due to its investments in currency-related derivative contracts that exceeded established company policy guidelines. This resulted in the American Depository Receipt (ADR) closing at US$23.40 per share on October 3rd, a decline of US$7.84 from the prior day's close, the law firm said. "The expectation that a settlement between Aracruz and the banks may be announced soon has been driving the shares," Bloomberg News quoted Catarina Pedrosa, head of equity research at Banif SA, as saying. Bloomberg News, citing a Valor Economico newspaper report on Dec. 12, recalls creditor banks offered to allow the pulp maker to pay the debt over seven years with interest equal to 7 percentage points over the London interbank offered rate, known as Libor. "If Aracruz fails to reach an agreement with the banks, it would need funding immediately and a share sale would be one of the probable options," the report quoted Januario Hostin Junior, chief equity portfolio manager at Leme Investimentos in Florianopolis, which oversees about US$35 million, as saying. "However, the real's gain increases the odds for a settlement with the banks to be reached soon," Mr. Junior said. About Aracruz Celulose Brazil-based Aracruz Celulose SA (SAO:ARCZ6) -- http://www.aracruz.com.br/-- is producer of bleached hardwood kraft market pulp. The Company produces eucalyptus pulp, which is a variety of hardwood pulp used by paper manufacturers to produce a range of products, including tissues, printing and writing papers, liquid packaging boards and specialty papers. The Company's production facilities consist of the Barra do Riacho Unit in Espirito Santo State, which has three production units each with two bleaching, drying and baling lines, the Guaiba Unit, located in the municipality of Guaiba, State of Rio Grande do Sul, and Veracel, located in the municipality of Eunapolis, State of Bahia, where it has a 50% stake. During the year ended December 31, 2007, the Company produced approximately 2,569,000 tons of bleached eucalyptus kraft pulp (BEKP) (3,095,000 tons including 50% of Veracel's pulp production). * * * As reported by the Troubled Company Reporter-Latin America on Nov. 12, 2008, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Aracruz Celulose S.A. To 'BB' from 'BBB-'. We also lowered the Brazil national scale rating on Aracruz to 'brAA' from 'brAAA'. The ratings were removed from CreditWatch Negative, where they were placed Oct. 3, 2008. The outlook is stable. As reported by the Troubled Company Reporter-Latin America on Nov. 5, 2008, Fitch Ratings downgraded Aracruz Celulose S.A.'s Local currency Issuer Default Rating (IDR) to 'BB-' from 'BB+' and Foreign currency IDR to 'BB-' from 'BB+'. The ratings remain on Rating Watch Negative. As reported by the Troubled Company Reporter-Latin America on Oct. 22, 2008, Moody's Investors Service downgraded the ratings of Aracruz Celulose S.A. to Ba2 (corporate family rating) from Baa3 (issuer rating) on its global scale and to A1.br from Aa1.br on the Brazilian national scale, and the ratings remain under review for possible further downgrade. BRASKEM SA: Shares Hit 5-Mo High on Peru's Plant Construction Plan ------------------------------------------------------------------ Braskem S.A. gained for a fourth day in Sao Paulo, the longest streak since July, as commodity prices recovered and Peru announced the construction of a new petrochemical plant, Paulo Winterstein of Bloomberg News reported on January 6. Braskem, the report related, rose 4.3% to BRL6.30, the highest price in a month. "Braskem is benefiting from the gain in commodities as that signals a reversal of the crisis and return to growth," the report quoted Nelson Rodrigues de Matos, analyst at Banco do Brasil SA in Rio de Janeiro, as saying. Peru's plans to build a petrochemical complex in the southern port of Marcona are a good sign for Braskem, which also proposed to build a plant that will be supplied by the Camisea gas fields, Mr. Rodrigues de Matos said. According to the report, Energy & Mines Minister Pedro Sanchez Gamarra said studies are under way by Peru to start construction in 2010. Braskem and Petroleo Brasileiro SA are looking to build an US$800 million petrochemical plant in the region, the report said. About Braskem S.A. Braskem S.A. -- http://www.braskem.com.br/-- is a thermoplastic resins producer in Latin America, 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. The company reported consolidated net revenues of about US$9 billion in the trailing twelve months through Sept. 30, 2007. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 11, 2008, Reuters said Braskem S.A. posted a third-quarter net loss of BRL849 million (US$400.7 million) from a net income of BRL132 million a year earlier, affected by the devaluation of the real in the period. As reported in the Troubled Company Reporter-Latin America on Jan. 17, 2008, Fitch Ratings affirmed the 'BB+' foreign and local currency issuer default ratings of Braskem S.A. Fitch also affirmed the 'BB+' ratings on the company's senior unsecured notes 2008, 2014, and senior unsecured notes 2017. CSN: Re-Opens Share Buy Back Program ------------------------------------ Companhia Siderurgica Nacional S.A. ("CSN")'s Board of Directors authorized on January 7, the reopening of the company's share buyback program ("Share Buyback Program"), which will be held in treasury for subsequent sale or cancellation. The Share Buyback Program will respect these limits and conditions, pursuant to the provisions of CVM Instructions 10/80 and 358/2002: -- The company aims to maximize the creation of value to shareholders through efficient capital structure management. -- The Number of shares to be acquired is up to 9,720,000 shares. -- The effective period for performing authorized transactions is from January 8, 2009, to January 28, 2009, inclusively. -- Free float: 444,543,843 shares. -- The place of acquisitions is on the Stock Exchange. -- The maximum share price: share acquisition price cannot exceed its market price at the Stock Exchange. The company's brokers are Itau Corretora de Valores S.A, UBS Pactual Corretora de Mercadorias Ltda, Credit Suisse First Boston CTVM S.A., and Itau USA Securities Inc. About CSN Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells, exports and distributes steel products, like hot-dip galvanized sheets, tin mill products and tinplate. The company also runs its own iron ore, manganese, limestone and dolomite mines and has strategic investments in railroad companies and power supply projects. The group also operates in Brazil, Portugal, and the U.S. * * * As reported in the Troubled Company Reporter-Latin America on Sept. 10, 2008, Moody's Investors Service upgraded the senior unsecured long term debt ratings of Companhia Siderurgica Nacional and its backed notes from Ba2 to Ba1. The TCR-LA reported on June 6, 2008, that Standard & Poor's Ratings Services raised its corporate credit rating on Brazil- based steelmaker Companhia Siderurgica Nacional to 'BB+' from 'BB' and removed it from CreditWatch. S&P had placed the ratings on CreditWatch with positive implications on May 30, 2008, for better cash flow protection measures. The outlook is positive. At the same time, S&P raised the corporate credit rating on subsidiary National Steel SA to 'BB-' from 'B+', with a positive outlook. GRAPHIC PACKAGING: Bank Loan Sells at Substantial Discount ---------------------------------------------------------- Participations in a syndicated loan under which Graphic Packaging International is a borrower traded in the secondary market at 69.33 cents-on-the-dollar during the week ended January 2, 2009, according to data compiled by Loan Pricing Corp. and reported in The Wall Street Journal. This represents an increase of 1.17 percentage points from the previous week, the Journal relates. Graphic Packaging International pays interest at 225 points above LIBOR. The bank loan carries Moody's Ba3 rating and Standard & Poor's BB- rating. As reported by the Troubled Company Reporter on December 26, 2008, participations in the bank loan traded in the secondary market at 66.44 cents-on-the-dollar during the week ended December 19, 2008. Headquartered in Marietta, Georgia, Graphic Packaging Corporation (NYSE:GPK) -- http://www.graphicpackaging.com/-- is a provides paperboard packaging solutions for a variety of products to multinational and other consumer products companies. The company provides its customers paperboard, cartons and packaging machines, either as an integrated solution or separately. Its packaging products are made from a variety of grades of paperboard. GPC manufactures its packaging products from coated unbleached kraft paperboard and coated recycled paperboard that it produces at its mills, and a portion from paperboard purchased from external sources. The company operates in four geographic areas: the United States, Central and South America (Brazil), Europe and Asia-Pacific. GPC conducts its business in two segments, paperboard packaging and containerboard/other. As reported by the Troubled Company Reporter-Latin America on March 14, 2008, Graphic Packaging Holding Company completed its combination of Graphic Packaging Corporation and Altivity Packaging LLC. The combination of Graphic Packaging and Altivity created a company with pro-forma 2007 revenues of over US$4.4 billion and pro-forma 2007 adjusted EBITDA of approximately US$553 million. Headquartered in Carol Stream, Illinois, Altivity Packaging -- http://www.altivity.com-- produces various products such as folding cartons, bag and plastic packaging, and decorative laminations. Altivity Packaging also provides gift boxes for department stores and other retail venues, as well contract packaging services and inks and coatings. The company, which operates about 60 manufacturing plants across the US, serves the food, medical, and electronic industries, among others. In 2006 Altivity Packaging was established after TPG Capital's purchase of Smurfit-Stone Container's consumer packaging unit. * * * As reported by the Troubled Company Reporter on March 24, 2008, Moody's Investors Service affirmed Graphic Packaging International Inc.'s B1 corporate family rating, B3 subordinated notes, and SGL- 3 speculative grade liquidity rating (indicating adequate liquidity) following the announcement of the completed combination of its operations with Altivity Packaging, LLC. Moody's also assigned a Ba3 rating to the company's new $1.2 billion term loan C due 2014. The existing ratings have been downgraded on both the secured bank facilities, to Ba3 from Ba2, and the senior unsecured notes, to B3 from B2, due to the revised capital structure. The additional amounts of senior secured debt move the ratings of this debt toward the B1 corporate family rating while the senior unsecured notes are lowered by one notch. The outlook remains negative. Proceeds from the transaction will be used to pay off Altivity's existing debt, thus Altivity's ratings have been withdrawn. TAM SA: Attains 50.4% Market Share in January-November Period ------------------------------------------------------------- TAM S.A.'s market shares in the January-November 2008 period was 50.4%, while its market shares for international flights was 74.3%, the company said in a statement. The company has set a new record of 112,568 passengers transported on domestic and international flights (including scheduled and chartered flights) in a single day, this past Sunday, Jan. 4, on the return from the year-end holidays, according to preliminary company data. Airplanes were filled to 85% of capacity. "We achieved this important milestone while maintaining excellent punctuality and regularity indices for our flights throughout the entire year-end holiday period -- the result of the dedicated, competent work of our teams," said Captain David Barioni Neto, TAM's president. The previous one-day record was set by the company on March 24, 2008, after the Easter holiday, when 100,500 passengers took domestic and international flights operated by TAM. Average occupancy that day was 81.2%. About TAM S.A. TAM S.A. -- http://www.tam.com.br/-- has business agreements with the regional airlines Pantanal, Passaredo, Total and Trip. As of Jan. 14, the daily flight on the Corumba -- Campo Grande route in Mato Grosso do Sul began to be operated by a partnership with Trip. With the expansion of the agreement with NHT, TAM will now be serving 82 destinations in Brazil, 45 of which with its own flights. In addition, the company is strengthening its presence in Rio Grande do Sul and Santa Catarina. The company's international operations include direct flights to 17 destinations: New York and Miami (USA), Paris (France), London (England), Milan (Italy), Frankfurt (Germany), Madrid (Spain), Buenos Aires and Cordoba (Argentina), Santiago (Chile), Caracas (Venezuela), Montevideo and Punta del Este (Uruguay), AsunciOn and Ciudad del Este (Paraguay), and Santa Cruz de la Sierra and Cochabamba (Bolivia) * * * As reported in the Troubled Company Reporter-Latin America on July 14, 2008, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Brazil-based airline TAM S.A. to 'BB-' from 'BB'. S&P's outlook is revised to stable from negative. As reported in the TCR-Latin America on June 23, 2008, Fitch Ratings affirmed the 'BB' Foreign and Local Currency Issuer Default Ratings of TAM S.A. Fitch also affirmed the 'BB' rating of its US$300 million senior unsecured notes due in 2017 as well as the company's 'A+(bra)' national scale rating and its first debentures issuance of BRL500 million. Fitch revised its rating outlook to negative from stable. TAM SA: Gets Fourth Boeing 777 for Sao Paulo-London Route --------------------------------------------------------- TAM S.A. received its fourth Boeing 777-300ER, which will operate the route Sao Paulo - London beginning this month. Next week a new Airbus A330 aircraft will also join the fleet, which will allow the company to operate additional flights to Miami during the high season. In order to meet the increased demand from the domestic market during the end-of-year vacations, three Airbus A320 aircraft were received ahead of time and have already been added to the company's fleet. According to an Infraero survey, the strategy included an efficient contingency plan prepared by the company, allowing TAM to achieve the highest level of punctuality during this period of all flights operated by Brazilian companies. With the addition of the two wide-bodied aircraft (B777 and A330) TAM's total fleet has increased to 129 aircraft, of which 122 are Airbus models (20 A319s, 81 A320s, three A321s, 16 A330s and two A340s), four are B777-300ERs and three are B767-300s. The company's fleet plan was also altered with the elimination of one B767-300 aircraft. Despite the change to the fleet plan, the company's estimates for an increase in number of seats available in 2009 for both domestic and international markets have been maintained at 8% and 20%, respectively, measured in ASKs (Available Seat Kilometers). The company has also kept its growth estimate between 5% and 9% in demand from the domestic market. About TAM S.A. TAM S.A. -- http://www.tam.com.br/-- has business agreements with the regional airlines Pantanal, Passaredo, Total and Trip. As of Jan. 14, the daily flight on the Corumba -- Campo Grande route in Mato Grosso do Sul began to be operated by a partnership with Trip. With the expansion of the agreement with NHT, TAM will now be serving 82 destinations in Brazil, 45 of which with its own flights. In addition, the company is strengthening its presence in Rio Grande do Sul and Santa Catarina. The company's international operations include direct flights to 17 destinations: New York and Miami (USA), Paris (France), London (England), Milan (Italy), Frankfurt (Germany), Madrid (Spain), Buenos Aires and Cordoba (Argentina), Santiago (Chile), Caracas (Venezuela), Montevideo and Punta del Este (Uruguay), AsunciOn and Ciudad del Este (Paraguay), and Santa Cruz de la Sierra and Cochabamba (Bolivia) * * * As reported in the Troubled Company Reporter-Latin America on July 14, 2008, Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Brazil-based airline TAM S.A. to 'BB-' from 'BB'. S&P's outlook is revised to stable from negative. As reported in the TCR-Latin America on June 23, 2008, Fitch Ratings affirmed the 'BB' Foreign and Local Currency Issuer Default Ratings of TAM S.A. Fitch also affirmed the 'BB' rating of its US$300 million senior unsecured notes due in 2017 as well as the company's 'A+(bra)' national scale rating and its first debentures issuance of BRL500 million. Fitch revised its rating outlook to negative from stable. ========================== C A Y M A N I S L A N D S ========================== AMGHARA CO: Enters Wind-Up Proceedings ------------------------------------- On November 19, 2008, the shareholders of Amghara Co, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs by January 8, 2009, will be included in the company's dividend distribution. The company's liquidator is: Mohammad Jalal Uddin c/o Maples and Calder P.O. Box 309, Grand Cayman Cayman Islands BADRA FINANCING: Enters Wind-Up Proceedings ------------------------------------------- On November 19, 2008, the shareholders of Badra Financing Co., Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs by January 8, 2009, will be included in the company's dividend distribution. The company's liquidator is: Mohammad Jalal Uddin c/o Maples and Calder P.O. Box 309, Grand Cayman Cayman Islands BRUSNWICK PARTNERS: Enters Liquidation Proceedings -------------------------------------------------- On November 21, 2008, the shareholders of Brusnwick Partners Six Limited resolved to voluntarily liquidate the company's business. The company's liquidator is: Edward Allanby c/o Maples and Calder P.O. Box 309, Grand Cayman Cayman Islands DELDAN CORPORATION: Enters Wind-Up Proceedings ---------------------------------------------- On November 27, 2008, the shareholders of Deldan Corporation Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs by January 8, 2009, will be included in the company's dividend distribution. The company's liquidator is: Buchanan Limited c/o Rose Ferguson P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands Telephone:(345) 949-0355 Facsimile:(345) 949-0360 DOLOMINO LIMITED: Enters Wind-Up Proceedings -------------------------------------------- On November 27, 2008, the shareholders of Dolomino Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs by January 8, 2009, will be included in the company's dividend distribution. The company's liquidator is: Buchanan Limited c/o Rose Ferguson P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands Telephone:(345) 949-0355 Facsimile:(345) 949-0360 EIGHT TREASURES: Commences Liquidation Proceedings -------------------------------------------------- On November 27, 2008, the shareholders of Eight Treasures Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs by January 8, 2009, will be included in the company's dividend distribution. The company's liquidator is: Buchanan Limited c/o Rose Ferguson P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands Telephone:(345) 949-0355 Facsimile:(345) 949-0360 GA GENPAR: Commences Liquidation Proceedings -------------------------------------------- On November 28, 2008, the shareholder of GA Genpar (Cayman) Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt today, January 9, 2009, will be included in the company's dividend distribution. The company's liquidator is: Richard L. Finlay P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands Telephone:(345) 945 3901 Facsimile:(345) 945 3902 GAR EQUITY: Enters Wind-Up Proceedings ------------------------------------- On November 19, 2008, the shareholders of Gar Equity Co., Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs by January 8, 2009, will be included in the company's dividend distribution. The company's liquidator is: Mohammad Jalal Uddin c/o Maples and Calder P.O. Box 309, Grand Cayman Cayman Islands KABD CO: Enters Wind-Up Proceedings ----------------------------------- On November 19, 2008, the shareholders of Kabd Co., Ltd resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs by January 8, 2009, will be included in the company's dividend distribution. The company's liquidator is: Mohammad Jalal Uddin c/o Maples and Calder P.O. Box 309, Grand Cayman Cayman Islands KLC FUNDING: Commences Liquidation Proceedings ---------------------------------------------- On November 28, 2008, the shareholder of KLC Funding Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by January 7, 2009, will be included in the company's dividend distribution. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Walker House, 87 Mary Street George Town, Grand Cayman KY1-9002 Cayman Islands Telephone:(345) 914-6314 MASNAA CO: Enters Wind-Up Proceedings ------------------------------------- On November 19, 2008, the shareholders of Masnaa Co., Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs by January 8, 2009, will be included in the company's dividend distribution. The company's liquidator is: Mohammad Jalal Uddin c/o Maples and Calder P.O. Box 309, Grand Cayman Cayman Islands MONUMENTAL HOLDINGS: Enters Liquidation Proceedings --------------------------------------------------- At an extraordinary general meeting held on December 8, 2008, the shareholders of Monumental Holdings Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs by January 8, 2009, will be included in the company's dividend distribution. The company's liquidator is: Buchanan Limited c/o Rose Ferguson P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands Telephone:(345) 949-0355 Facsimile:(345) 949-0360 MUTUAL FUND: Placed Under Voluntary Liquidation ----------------------------------------------- On November 27, 2008, the shareholder of Mutual Fund Basket Reference Fund (10-C) Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by January 8, 2009, will be included in the company's dividend distribution. The company's liquidator is: CDL Company Ltd. P.O. Box 31106SMB, Grand Cayman MUTUAL FUND: Placed Under Voluntary Liquidation ----------------------------------------------- On November 27, 2008, the shareholder of Mutual Fund Basket Reference Fund (11-A) Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by January 8, 2009, will be included in the company's dividend distribution. The company's liquidator is: CDL Company Ltd. P.O. Box 31106SMB, Grand Cayman MUTUAL FUND: Placed Under Voluntary Liquidation ----------------------------------------------- On November 27, 2008, the shareholder of Mutual Fund Basket Reference Fund (12-A) Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by January 8, 2009, will be included in the company's dividend distribution. The company's liquidator is: CDL Company Ltd. P.O. Box 31106SMB, Grand Cayman PUPET LIMITED: Commences Liquidation Proceedings ------------------------------------------------ On November 27, 2008, the shareholders of Pupet Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs by January 8, 2009, will be included in the company's dividend distribution. The company's liquidator is: Buchanan Limited c/o Rose Ferguson P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands Telephone:(345) 949-0355 Facsimile:(345) 949-0360 PUTNAM CURRENCY: Commences Liquidation Proceedings -------------------------------------------------- On November 28, 2008, the shareholder of Putnam Currency Alpha Fund, Ltd resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt today, January 9, 2009, will be included in the company's dividend distribution. The company's liquidator is: Richard L. Finlay P.O. Box 2681, Grand Cayman KY1-1111 Cayman Islands Telephone:(345) 945 3901 Facsimile:(345) 945 3902 SABHAN CO: Enters Wind-Up Proceedings ------------------------------------- On November 19, 2008, the shareholders of Sabhan Co, Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs by January 8, 2009, will be included in the company's dividend distribution. The company's liquidator is: Mohammad Jalal Uddin c/o Maples and Calder P.O. Box 309, Grand Cayman Cayman Islands SHAHEEN CO: Enters Wind-Up Proceedings ------------------------------------- On November 19, 2008, the shareholders of Shaheen Co., Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs by January 8, 2009, will be included in the company's dividend distribution. The company's liquidator is: Mohammad Jalal Uddin c/o Maples and Calder P.O. Box 309, Grand Cayman Cayman Islands VINIS INVESTMENT: Enters Wind-Up Proceedings -------------------------------------------- On November 27, 2008, the shareholders of Vinis Investment resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs by January 8, 2009, will be included in the company's dividend distribution. The company's liquidator is: Buchanan Limited c/o Rose Ferguson P.O. Box 1170, Grand Cayman KY1-1102 Cayman Islands Telephone:(345) 949-0355 Facsimile:(345) 949-0360 =============== C O L O M B I A =============== * COLOMBIA: Fitch Assigns 'BB+' Long-Term Issuer Default Rating --------------------------------------------------------------- Fitch Ratings has assigned a long-term foreign currency Issuer Default Rating of 'BB+' to the Republic of Colombia 10-year US$1 billion Eurobond (7.375% coupon). The rating is in line with Colombia's foreign currency IDR. Colombia's creditworthiness is supported by a record of macroeconomic stability, disciplined fiscal policies and deft liability management. These credit strengths, though, are balanced by comparatively high fiscal and external solvency ratios. Colombia also remains vulnerable to external shocks due to limited trade integration, high commodity dependence, and considerable trade exposure to Venezuela. =========== M E X I C O =========== CEMEX SAB: Faces Lawsuit for Failure to Meet Pollution Standards ---------------------------------------------------------------- Cemex S.A.B. de C.V. is facing a U.S. Justice Department lawsuit, filed at the request of the Environmental Protection Agency in in the U.S. District Court in Colorado, on claims that it failed to meet pollution standards, Thomas Black of Bloomberg News reports. The report relates the government said it may assess fines of as much as US$27,500 a day for violations between Jan. 30, 1997, and March 15, 2004, and penalties valued at as much as US$32,500 a day for violations occurring after that. The DoJ's complaint, Bloomberg News notes, said the plant failed to obtain proper permits for an upgrade that took place between 1997 and 1999 and has since occasionally failed to meet pollution requirements. The Justice Department wants an injunction and possible fines, the report says. "We dispute the allegations and are very disappointed, particularly in today's economic climate, that the government has chosen a path of litigation rather than working with the company to resolve its concerns," Cemex said in an e-mailed statement obtained by Bloomberg News. According to Bloomberg News, DoJ said in its complaint the plant was expanded without permits or comment from the public, resulting in a violation of the Clean Air Act. The company has also failed on about 116 occasions since January 2004 to shut the plant down when winds exceed 30 miles per hour for a period of 60 minutes as required, the agency said. Cemex, the report recalls, bought the plant in November 2000, and upgraded it when Houston-based Southdown Inc. owned the facility. Cemex said it has spent more than US$4 million on environmental improvements at the plant in the past three years, the same report relates. "These projects did not increase emissions from the plant, therefore, they did not violate applicable law," the report quoted Cemex as saying. "The allegations simply are not supported by the facts," it said. Bloomberg News says the lawsuit adds to Cemex's troubles as the company attempts to refinance more than a third of its US$16.4 billion net debt and faces derivative losses of US$711 million while profits plummet on weak cement demand in the U.S., Mexico, Spain and U.K. About Cemex Headquartered in Mexico, Cemex S.A.B. de C.V. (NYSE: CX) -- http://www.cemex.com/-- is a growing global building solutions company that provides high quality products and reliable service to customers and communities in more than 50 countries throughout the world, including Argentina, Colombia and Venezuela. Commemorating its 100th anniversary in 2006, Cemex has a rich history of improving the well-being of those it serves through its efforts to pursue innovative industry solutions and efficiency advancements and to promote a sustainable future. * * * As reported by the Troubled Company Reporter-Latin America on November 26, 2008, Fitch Ratings downgraded Cemex, S.A.B. de C.V.'s 'BBB-' foreign currency Issuer Default Rating to 'BB+'; 'BBB-' local currency IDR to 'BB+'; and 'BBB-' Senior unsecured debt obligations to 'BB+'. The Rating Outlook is Negative. According to Fitch, the rating actions reflect weaker than expected operating results and higher leverage levels than previously anticipated due to economic weakness in most of the company's important markets. GRUPO POSADAS: S&P Affirms 'BB-' Long-Term Corporate Credit Rating ------------------------------------------------------------------ Standard & Poor's Ratings Services said that it affirmed its global scale ratings, including the 'BB-' long-term corporate credit rating, on hotel operator Grupo Posadas S.A.B. de C.V., and removed the ratings from CreditWatch, were they were placed with negative implications on Oct. 13, 2008. At the same time, S&P lowered the long-term Mexican national scale corporate credit rating to 'mxBBB+' from 'mxA-'. The outlook is negative. "The affirmation followed completion of our review of Posadas' operating and economic prospects," said Standard & Poor's credit analyst Monica Ponce. The corporate credit rating on Posadas reflects its aggressive financial policy, the cyclical nature of the lodging industry, the company's geographic concentration in Mexico, and its relatively high debt leverage. These factors are partially offset by the company's consistent operating performance, its position as the largest hotel operator in Mexico, and its diversified hotel portfolio, including well- recognized brands. The negative outlook reflects Posadas' exposure to an open position in derivative instruments related to foreign-exchange swaps that could lead to a tight liquidity position if there is further weakness in the Mexican peso-to-dollar exchange rate. It also reflects S&P's expectation that occupancy levels in Posadas' hotels will decline as a result of the global economic slowdown, affecting revenue generation and therefore free operating cash flow generation. * MEXICO: GDP May Not Grow This Year Due to Financial Crisis ------------------------------------------------------------ Mexico's gross domestic product may expand 1% at best this year and may not grow at all as a worldwide financial crisis takes its toll on the country, Bloomberg News reports, citing Mexican Economy Minister Gerardo Ruiz Mateos. According to the report, President Felipe Calderon announced a package of stimulus measures to aid the economy. The government's official growth forecast for this year is 1.8%, the report notes. Minister Mateos, the report relates, said Mexico's automotive, electrical appliance and manufacturing industries will benefit from participating in a government plan to help companies prevent layoffs. President Calderon said the government will spend BRL2 billion (US$148 million) to help companies avoid firing workers when they lower production levels or temporarily shut down plants, the report says. President Calderon, Bloomberg News notes, also said Mexico will freeze the price of gasoline for the rest of the year, and lower electricity rates for some industrial users. The same report relates Minister Mateos said the plan is "more aggressive" than previous government measures to mitigate the global financial crisis. The plan will be financed by tax collections and oil revenue, he said. * MEXICO: 2 Local Banks Cut Credit Card Interest to Avoid Defaults ------------------------------------------------------------------ Two local banks, Banorte and HSBC's Mexican unit, are launching a program that is offering to cut clients' credit card interest rates by half if they sign up for fixed payments to eliminate their balance within four years, Noel Randewich of Reuters reports. According to the report, the program aims to help consumers reduce credit card debt as a slowing economy threatens to worsen already ballooning loan defaults. Reuters relates that nonperforming consumer credit at Mexico's banks has jumped and executives are bracing for more trouble as a recession in the United States boosts unemployment in the Mexican economy. Lending to consumers and businesses in Mexico, the report recalls, expanded at explosive rates of around 50% a year in 2005 and 2006 as banks served a market starved of financial services after a crisis in the mid-1990s brought the industry to its knees. However, the report notes, in recent months, banks have become more cautious about handing out new credit cards and giving loans to consumers as those lines of businesses are increasingly hurt by defaults. Mexico's central bank, Reuters notes, said in November consumer credit fell 2.9%, with credit card lending down 1.5%. Reuters says Mexico's banks are considered well-capitalized. They have not loaned to subprime niches and have avoided many of the problems plaguing financial groups in the United States and Europe, the report relates. Still, Mexico's banking and securities commission, the report notes, said nonperforming consumer loans rose to 8.49% in November from 8.10% a month earlier. Reuters adds high interest rates on credit cards, currently 42% on average, help Mexico's banks absorb the cost of loan defaults. ================= V E N E Z U E L A ================= PDVSA: CITGO To Continue With Heating Aid Program for U.S. Poor --------------------------------------------------------------- Petroleos de Venezuela S.A.'s U.S. unit, Citgo Petroleum Corp, said it is not suspending charitable contributions of home heating oil to low-income U.S. households, Ana Campoy of The Wall Street Journal reports As reported in the Troubled Company Reporter - Latin America on January 7, 2008, Reuters said Citgo has suspended its program to provide free heating oil to hundreds of thousands of low-income U.S. families. According to the TCRLA, citing Fox44 News, Citizens Energy Joseph Kennedy said CITGO credited falling oil prices and the world economic crisis as reasons for pulling out of the program. The program has been suspended indefinitely, he said. "The current economic meltdown has just forced them to reevaluate all the assistance programs that they provide," Mr. Kennedy was quoted by Reuters as saying. Chief Executive Alejandro Granado, WSJ notes, said in a recent statement that the decision to continue the program "is the result of a strong commitment and a big effort on the part of Citgo and our shareholders in light of the current global financial crisis and its impact on the oil industry in general." About CITGO CITGO is an independent crude oil refiner in the U.S. with three modern, highly complex crude oil refineries. Following the sale of its stake in the CITGO-Lyondell joint-venture refinery in Houston, CITGO now owns approximately 759,000 barrels per day of crude refining capacity. CITGO branded fuels are marketed through more than 7,100 independently owned outlets. CITGO is owned by PDV America, an indirect, wholly owned subsidiary of PDVSA. As reported in the Troubled Company Reporter on Nov. 26, 2008, Fitch Ratings affirmed CITGO Petroleum Corp's 'BB-' Issuer Default Rating. About Petroleos de Venezuela Headquartered in Caracas, Petroleos de Venezuela S.A. -- http://www.pdvsa.com/-- is Venezuela's state oil company in formed to develop the petroleum, petrochemical and coal industry. The company also plans, coordinates, supervises and controls the operational activities of its divisions, both in Venezuela and abroad. The company has a commercial office in China. * * * Petroleos de Venezuela S.A. continues to carry a 'BB-' long-term corporate credit rating from Standard & Poor's with stable outlook. The rating was affirmed by S&P in April 2008. * VENEZUELA: Cuts Oil Production to Comply With OPEC ---------------------------------------------------- The Ministry of the People's Power for Energy and Petroleum of Venezuela has executed a 189,000 barrels-per-day oil production cut. The moves follows OPEC's 151st (Extraordinary) Conference, held on December 2008, in Algeria, and a valid compromise from January 1, 2009. Production cut was made in 2009 as follows: Mixed Cut Enterprise Segregation Partner Destination --- ----------- ----------- ------- ----------- 90, 000 Petromonagas Monagas 18 BP Charlmette EEUU 18, 000 Petrolera Merey 16 CNPC China Sinovensa 13, 000 Petrocedeno Zuata Sweet Total/ Statoil EEUU 30, 000 Peltroboscan Boscan Chevron EEUU 10, 000 Petroregional del Lago BCF 22 Shell EEUU 6, 000 Petroritupano Merey 16 Petrobras EEUU 8, 000 Petrolera Indo Venezolana Merey 16 ONGC EEUU 5, 000 Petroperija Lagotreco BP Europa 9, 000 Petroquinquire Merey 16 Repsol EEUU The Ministry said Petroleos de Venezuela S.A. ("PDVSA") already informed its partners and clients about the unrestricted fulfillment of this measure so they can take the pertinent provisions, particularly to the refineries Chalmette and Sweeney in Louisiana and Texas, because it will be impossible to supply them with the same oil volume that the company usually delivered. The production cut of 189,000 b/d, effective from January 1, 2009, adds to the reductions of 46,000 b/d and 129,000 b/d, implemented by PDVSA, according to the OPEC decisions, determined during the meetings of September and October of 2008, for a total general reduction of 364,000 b/d, that place the current Venezuelan production on 3 millions 11 thousand barrels per day of oil. According to Moody's Rating Agency, Venezuela continues to carry a B2 foreign currency rating and a B1 local currency rating with stable outlook. ========================== V I R G I N I S L A N D S ========================== * VIRGIN ISLANDS: Housing Authority May Cut Workforce by 25% ------------------------------------------------------------ Virgin Islands Housing Authority officials, faced with a looming US$4 million deficit in 2009, informed union officials of impending layoffs, The Virgin Islands Daily News reports. Frederick Joseph, sub-district director for the United Steelworkers of America, the report relates, said sixty positions, 30 in each island district, will likely be affected. According to the report, the Housing Authority currently employs approximately 240 people, in which 60 workers would represent a 25% cut in the workforce. Robert Graham, executive director of the Housing Authority, said that he has appealed to the U.S. Department of Housing and Urban Development in an attempt to avoid the layoffs, asking for additional funds in the housing authority's federal subsidy, the report notes. Mr. Graham, as cited by report, said the Housing Authority's fiscal year is the same as the calendar year. For 2009, projected expenses outpace the agency's US$25 million in anticipated revenues by US$4 million, he said. "We have to find a way to balance the operating expenses with the revenue sources we have - and therein lies the problem," the report quoted Mr. Graham as saying. Mr. Graham, The Daily News relates, said a variety of factors - including a reduction in HUD allotments to public housing agencies and a different management model that public housing agencies must now adhere to - play into the projected US$4 million shortfall. Additionally, the V.I. Housing Authority has a high number of vacant units awaiting rehabilitation, which reduces rent revenue, the same report relates. Meanwhile, Mr. Joseph said the union is working to negotiate an additional severance package for any members who are laid off, and to make sure that union members get back on the job as soon as the situation improves, The Daily News adds. *********** Monday's edition of the TCR-LA delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR-LA editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR-LA constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR-LA editor holds some position in the issuers' public debt and equity securities about which we report. Tuesday's edition of the TCR-LA features a list of companies with insolvent balance sheets obtained by our editors based on the latest balance sheets publicly available a day prior to publication. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. A list of Meetings, Conferences and Seminars appears in each Thursday's edition of the TCR-LA. Submissions about insolvency- related conferences are encouraged. Send announcements to conferences@bankrupt.com *********** 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. Marie Therese V. Profetana, Marites O. Claro, Joy A. Agravente, Pius Xerxes V. Tovilla, Rousel Elaine C. Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2008. 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 US$625 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *