/raid1/www/Hosts/bankrupt/TCRLA_Public/090528.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
Thursday, May 28, 2009, Vol. 10, No. 104
Headlines
A R G E N T I N A
CUVERA AGROPECUARIA: Proofs of Claim Verification Due on Sept. 22
SECURITY SISTEMS: Proofs of Claim Verification Due on August 7
SNIAFA SAICFEI: Asks for Opening of Preventive Contest
B R A Z I L
BRASKEM SA: To Sign Cooperation Agreement With Pequiven SA
COMPANHIA VALE: Fitch Upgrades Currency Issuer Default Rating
LUPATECH SA: Plans R$320 million Convertible Debentures Issuance
PT INCO: Fitch Upgrades Ratings to 'BB+' From 'BB'
* BRAZIL: Posts US$146 Million Surplus in April
C A Y M A N I S L A N D S
ANTHRACITE BALANCED: Creditors' Proofs of Debt Due on June 16
AQUANAUT MASTER: Creditors' Proofs of Debt Due on June 12
AQUANAUT OFFSHORE: Creditors' Proofs of Debt Due on June 12
CP & PARTNERS: Final Meeting Slated for June 19
CRANE CORPORATION: Members Hold Meeting
DD GROWTH: Court Hears Wind-Up Petition
DD GROWTH: Court Hears Wind-Up Petition
DD GROWTH: Court Hears Wind-Up Petition
JAPAN HIGH: Creditors' Proofs of Debt Due on June 16
JAPAN HIGH: Creditors' Proofs of Debt Due on June 16
JAPAN OPPORTUNITIES: Creditors' Proofs of Debt Due on June 15
LYDIAN OFFSHORE: Creditors' Proofs of Debt Due on June 19
MANAMA RE: Placed Under Voluntary Wind-Up
QUADRANGLE EQUITY: Creditors' Proofs of Debt Due on June 15
THREADNEEDLE UK: Creditors' Proofs of Debt Due on June 16
THREADNEEDLE UK: Creditors' Proofs of Debt Due on June 16
ZAIS SCEPTICUS: Creditors' Proofs of Debt Due on June 15
ZAIS SCEPTICUS: Sole Shareholder to Hear Wind-Up Report on June 17
D O M I N I C A N R E P U B L I C
* DOMINICAN REP: Gov't Seeks US$300 Million Loan for Energy Sector
J A M A I C A
CASH PLUS: Deadline for Property Bids Set on June 1
* JAMAICA: ?Small Hotels Could Face Possible Wipeout,? Ex-PM Says
M E X I C O
GRUPO POSADAS: Fitch Downgrades Issuer Default Rating to 'B+'
ORGANIZACION SORIANA: Moody's Downgrades Senior Rating to 'Ba2'
V E N E Z U E L A
PDVSA: Extends Petrobras Refinery Talks
X X X X X X X X
* Upcoming Meetings, Conferences and Seminars
- - - - -
=================
A R G E N T I N A
=================
CUVERA AGROPECUARIA: Proofs of Claim Verification Due on Sept. 22
-----------------------------------------------------------------
Alfredo Yanni, the court-appointed trustee for Cuvera Agropecuaria
SA's bankruptcy proceeding, will be verifying creditors' proofs of
claim until September 22, 2009.
Mr. Yanni will present the validated claims in court as individual
reports. The National Commercial Court of First Instance No. 14
in Buenos Aires, with the assistance of Clerk No. 27, 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 Trustee can be reached at:
Alfredo Yanni
Viamonte 1446
Buenos Aires, Argentina
SECURITY SISTEMS: Proofs of Claim Verification Due on August 7
--------------------------------------------------------------
Maria Gabriela Paulina Stefanelli, the court-appointed trustee for
Security Sistems SA's bankruptcy proceeding, will be verifying
creditors' proofs of claim until August 7, 2009.
Ms. Stefanelli will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 1 in Buenos Aires, with the assistance of Clerk
No. 1, 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 Trustee can be reached at:
Maria Gabriela Paulina Stefanelli
Bernardo de Irigoyen 1082
Buenos Aires, Argentina
SNIAFA SAICFEI: Asks for Opening of Preventive Contest
------------------------------------------------------
Sniafa SAICFeI asked for the opening of preventive contest before
the National Commercial Court of First Instance No. 26 in Buenos
Aires, with the assistance of Clerk No. 51.
===========
B R A Z I L
===========
BRASKEM SA: To Sign Cooperation Agreement With Pequiven SA
----------------------------------------------------------
Brazil-based Braskem S.A. will sign cooperation agreements with
Venezuela-based Pequiven SA, Jose Orozco of Bloomberg News
reports. The signing ceremony will be held in Brazil with the
presence of Venezuelan President Hugo Chavez and Brazil?s
President Luiz Inacio Lula da Silva.
The report relates Mr. Chavez said that the countries will also
discuss accords in banking, agriculture, science and technology,
tourism and a hydroelectric project. ?We have decided to
accelerate these cooperation accords between Brazil and
Venezuela,? the report quoted Mr. Chavez as saying.
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 of May 18, 2009, the company continues to carry Fitch Ratings'
BB+ currency long-term Issuer Default Ratings, BB+ unsecured
senior notes due 2014, 2017, 2018.
COMPANHIA VALE: Fitch Upgrades Currency Issuer Default Rating
-------------------------------------------------------------
Fitch Ratings has upgraded the ratings of Companhia Vale do Rio
Doce and related issuances:
-- Foreign currency and local currency Issuer Default Rating to
'BBB' from 'BBB-';
-- Unsecured debt of Vale and its subsidiary Vale Inco to 'BBB'
from 'BBB-';
-- National scale rating to 'AAA (bra)' from 'AA+ (bra)';
-- Unsecured Brazilian real denominated debentures of Vale to
'AAA (bra)' from 'AA+ (bra)';
-- Ratings of PT Inco to 'BB+' from 'BB'
The Rating Outlook for Vale is Stable. The rating of PT Inco,
which is 60% owned by Vale's subsidiary Vale Inco, has been capped
at the 'BB+' Indonesian country ceiling. PT Inco has no financial
debt and its rating is being withdrawn.
The credit rating upgrades are due to Vale's solid business
profile and extremely strong financial profile. The former factor
allows the company to generate healthy cash flow from operations
in the midst of the severe downturn in commodity prices and
demand; the latter factor enables the company to make selective
acquisitions and to continue to develop its mining reserves during
a time period in which many of its competitors will be preserving
cash in an effort to build liquidity.
Vale ended 2008 with $17.7 billion of total adjusted debt, as
calculated by Fitch, and $12.6 billion of cash and marketable
securities. The company generated $17.6 billion of EBITDA and
$17.1 billion of CFO, as calculated by Fitch. With capital
expenditures of $9.0 billion and dividends of $2.9 billion, the
company had a free cash flow before debt service of $5.3 billion
in 2008. Vale's high cash balance is a result of the
$12.2 billion equity issue it completed during 2008.
Due to the negative market for many of Vale's products,
particularly nickel, Fitch expects Vale to generate EBITDA and CFO
during 2009 at levels substantially below 2008, and possibly lower
than half of last year's figures. With capital expenditures,
dividends, and acquisitions expected to total more than
$13 billion, Fitch believes the company's net debt position could
increase to about $11 billion from $5.1 billion at the end of
2008. As a result, Vale's net debt/EBITDA ratio could be in a
range of 1.2 times (x) to 1.4x, and its CFO / net debt ratio could
be around 70%. These ratios remain comfortable within the rating
categories given the very difficult market the company faces.
Vale has a very manageable debt amortization schedule. The
company faces debt amortizations of $328 million in 2009,
$2.304 billion in 2010, $2.618 billion in 2011 and $1.137 billion
in 2012. The majority of the 2010 - 2012 debt amortizations are
trade finance lines with BNDES, Japan Bank for International
Cooperation and Nippon Export and Investment Insurance. The
company also has Brazilian real denominated non-convertible
debentures that mature during this time period. In addition to
having a substantial cash position, Vale has $1.9 billion of
undrawn revolving credit lines that it could use to enhance its
liquidity. They consist of $1.150 billion at Vale International
and a $750 million credit facility at Vale Inco.
The company has some of the largest iron ore, nickel and bauxite
reserves in the world. Vale recently adjusted its 2009 capital
expenditure program to $9 billion from $14.2 billion to reflect
market conditions. The projects being pursued by the company will
dramatically increase its presence in nickel, iron ore, aluminum
and copper within the next five years. Vale is augmenting these
projects with acquisitions. Key acquisitions made during 2009
include some potash and iron ore assets owned by Rio Tinto, some
coal assets in Colombia, and a copper joint venture in Africa.
Vale released its first quarter 2009 results on May 6, 2009.
During the quarter, the company generated $5.4 billion of sales
revenues, a 27% decline from the last quarter of 2008. The
decline in revenues was due to lower volumes ($843 million) and
prices ($1.178 billion). Fitch calculated EBITDA was
$2.244 billion for the quarter, a decline from $2.581 billion
during the fourth quarter of 2008 and $3.671 billion during the
first quarter of 2008. Iron ore sales for the first quarter were
made at a discount of 20%. If Vale settles its agreements for 2009
at lower levels, these sales will be adjusted downward in the
future.
The company's has made major significant efforts to reduce its
overhead costs. Sales, general and administrative expenses
declined to $233 million from $708 million during the last quarter
of 2008, while research and development, and other expenses fell
to $506 million from $1.014 billion. Vale's debt and cash
positions were relatively unchanged from Dec. 31, 2008. As of
March 31, 2009, the company had $12.214 billion of cash and
$19.237 billion of debt. These figures compare with $12.639
billion of cash and $17.734 billion of debt at the end of 2008.
The change in net debt that did occur was due to a payment by Vale
of $850 million to Rio Tinto for its potash assets.
LUPATECH SA: Plans R$320 million Convertible Debentures Issuance
----------------------------------------------------------------
Lupatech SA said it plans a convertible debentures issuance of
R$320 million secured by Banco Nacional de Desenvolvimento
Economico e Social SA (BNDES).
The issuance of the Debentures will be private and is strategic to
the company, allowing its growth plan to speed up in an extremely
attractive moment for investments in sectors where Lupatech is
present, mainly Energy Products. The structure presented seeks to
balance current shareholders interests, future Debenture holders
and the company, and was developed and negotiated for more than 14
months between the Management of the company and technical team of
the BNDES, which understanding it and its terms and conditions, as
shareholder of the company with 11.5% of commom shares traded in
BM&F Bovespa, and also future Deneture holder, has secured the
full placement for Lupatech in the case other shareholders decide
not to subscribe it after the approval in the Extraordinary
Shareholders Meeting to happen on June 1, 2009, at 11 a.m., in the
company?s headquarters.
The company said the placement of the Debentures will be private
and if addressed only for Shareholders of the Company that can
prove the ownership of their shares on June 1, 2009. The
Debentures will be issued and offered to Shareholders
proportionally to their number of shares on June 1, 2009. Each
148 shares of Lupatech S.A. gives the right to 1 debenture. This
amount is the division of the number of Shares of Lupatech by
320,000 Debentures. Each debenture will have Unit Face Value of
R$1,000.00 and will pay annual interests equivalent to 6.5% + the
adjustment of the IPCA, until it is converted into Common Shares
of Lupatech S.A. or until it is redeemed in advance by the
company.
According to the company the conversion mechanism was created to
protect existing shareholders, establishing a minimum value for an
eventual dilution (minimum Conversion Price of R$17.50 + premium
of 40% in the last year), and maximum value for Conversion
(maximum Conversion Price of R$35.00 + premium of 100% in the
third year), establishing an attractive return to the debenture
holder.
The company said that according to the parameters set in the
Indenture of the Debentures, can redeem in advance the Debentures,
after the end of the second year, counting from the date of the
placement.
In the case neither the Advanced Redemption or the Conversion
happens, the company will then amortize of the notional of the
Debentures divided in three installments, added by the Maturity
Premium per Debenture (PVD) of R$423.75, paid in the last
installment.
After the approval of the placement of the Debentures in the
Extraordinary General Meeting to happen on June 1, 2009, the
Shareholders that can prove the ownership of their Shares by this
date, can manifest themselves for the subscription of the
Debentures, in the proportion of the number of Shares of the
Company according to Shareholding Position in the CBLC (Companhia
Brasileira de Liquidacao e Cust¢dia) and/or with the Custodian
Bank (Banco Bradesco S.A.)
About Lupatech SA
Headquartered in Brazil, Lupatech SA -- http://www.lupatech.com.br
-- is a holding company engaged in three business segments:
Energy Products, Flow Control and Metallurgy. In the Energy
Products segment, the company provides such products as deepwater
platform anchoring ropes, valves, tools for oil exploration and
tube coating. In the Flow Control segment, it is involved in the
production and sale of industrial valves for the petrochemical,
pharmaceutical and construction industries, among others. In the
Metallurgy segment, the Company is principally engaged in the
production of parts for the automotive industry. Lupatech SA?s
brand portfolio includes MNA, CSL Off Shore, Petroima,
Esferomatic, Gasoil, K&S, Fiberware, Aspro, Gavea, Sinergas and
Tecval, among others. During the year ended December 31, 2008,
the Company incorporated Cordoaria Sao Leopoldo Offshore SA,
Metalurgica Nova Americana Ltda and Metalurgica Ipe Ltda.
* * *
As of May 27, 2009, the company continues to carry Moody's Ba3 LT
Corp Family rating. The compay also continues to carry S&P's BB-
Issuer Credit ratings.
PT INCO: Fitch Upgrades Ratings to 'BB+' From 'BB'
--------------------------------------------------
Fitch Ratings has upgraded the ratings of Companhia Vale do Rio
Doce and related issuances:
-- Foreign currency and local currency Issuer Default Rating to
'BBB' from 'BBB-';
-- Unsecured debt of Vale and its subsidiary Vale Inco to 'BBB'
from 'BBB-';
-- National scale rating to 'AAA (bra)' from 'AA+ (bra)';
-- Unsecured Brazilian real denominated debentures of Vale to
'AAA (bra)' from 'AA+ (bra)';
-- Ratings of PT Inco to 'BB+' from 'BB'
The Rating Outlook for Vale is Stable. The rating of PT Inco,
which is 60% owned by Vale's subsidiary Vale Inco, has been capped
at the 'BB+' Indonesian country ceiling. PT Inco has no financial
debt and its rating is being withdrawn.
The credit rating upgrades are due to Vale's solid business
profile and extremely strong financial profile. The former factor
allows the company to generate healthy cash flow from operations
in the midst of the severe downturn in commodity prices and
demand; the latter factor enables the company to make selective
acquisitions and to continue to develop its mining reserves during
a time period in which many of its competitors will be preserving
cash in an effort to build liquidity.
Vale ended 2008 with $17.7 billion of total adjusted debt, as
calculated by Fitch, and $12.6 billion of cash and marketable
securities. The company generated $17.6 billion of EBITDA and
$17.1 billion of CFO, as calculated by Fitch. With capital
expenditures of $9.0 billion and dividends of $2.9 billion, the
company had a free cash flow before debt service of $5.3 billion
in 2008. Vale's high cash balance is a result of the
$12.2 billion equity issue it completed during 2008.
Due to the negative market for many of Vale's products,
particularly nickel, Fitch expects Vale to generate EBITDA and CFO
during 2009 at levels substantially below 2008, and possibly lower
than half of last year's figures. With capital expenditures,
dividends, and acquisitions expected to total more than
$13 billion, Fitch believes the company's net debt position could
increase to about $11 billion from $5.1 billion at the end of
2008. As a result, Vale's net debt/EBITDA ratio could be in a
range of 1.2 times (x) to 1.4x, and its CFO / net debt ratio could
be around 70%. These ratios remain comfortable within the rating
categories given the very difficult market the company faces.
Vale has a very manageable debt amortization schedule. The
company faces debt amortizations of $328 million in 2009,
$2.304 billion in 2010, $2.618 billion in 2011 and $1.137 billion
in 2012. The majority of the 2010 - 2012 debt amortizations are
trade finance lines with BNDES, Japan Bank for International
Cooperation and Nippon Export and Investment Insurance. The
company also has Brazilian real denominated non-convertible
debentures that mature during this time period. In addition to
having a substantial cash position, Vale has $1.9 billion of
undrawn revolving credit lines that it could use to enhance its
liquidity. They consist of $1.150 billion at Vale International
and a $750 million credit facility at Vale Inco.
The company has some of the largest iron ore, nickel and bauxite
reserves in the world. Vale recently adjusted its 2009 capital
expenditure program to $9 billion from $14.2 billion to reflect
market conditions. The projects being pursued by the company will
dramatically increase its presence in nickel, iron ore, aluminum
and copper within the next five years. Vale is augmenting these
projects with acquisitions. Key acquisitions made during 2009
include some potash and iron ore assets owned by Rio Tinto, some
coal assets in Colombia, and a copper joint venture in Africa.
Vale released its first quarter 2009 results on May 6, 2009.
During the quarter, the company generated $5.4 billion of sales
revenues, a 27% decline from the last quarter of 2008. The
decline in revenues was due to lower volumes ($843 million) and
prices ($1.178 billion). Fitch calculated EBITDA was
$2.244 billion for the quarter, a decline from $2.581 billion
during the fourth quarter of 2008 and $3.671 billion during the
first quarter of 2008. Iron ore sales for the first quarter were
made at a discount of 20%. If Vale settles its agreements for 2009
at lower levels, these sales will be adjusted downward in the
future.
The company's has made major significant efforts to reduce its
overhead costs. Sales, general and administrative expenses
declined to $233 million from $708 million during the last quarter
of 2008, while research and development, and other expenses fell
to $506 million from $1.014 billion. Vale's debt and cash
positions were relatively unchanged from Dec. 31, 2008. As of
March 31, 2009, the company had $12.214 billion of cash and
$19.237 billion of debt. These figures compare with $12.639
billion of cash and $17.734 billion of debt at the end of 2008.
The change in net debt that did occur was due to a payment by Vale
of $850 million to Rio Tinto for its potash assets.
* BRAZIL: Posts US$146 Million Surplus in April
-----------------------------------------------
Brazil posted a current account surplus of US$146 million in
April, the first time in 19 months, on growing demand for the
country?s commodities, rising foreign investment and fewer
remittances of profits and dividends abroad, Bloomberg News
reports. Economists expected a surplus of US$475 million,
according to the median of 20 forecasts compiled by Bloomberg.
?The return of investors to Brazil reflects the possibility of a
sustainable comeback in activity, specially from 2010 on,? the
report quoted Central Bank President Henrique Meirelles as saying.
The report recalls Finance Minister Guido Mantega, last week, said
Brazil is showing signs of recovery after the deepest contraction
on record in the last quarter of 2008 and shrinking for a second
straight quarter in the first three months of 2009.
* * *
The country continues to carry Moody's Rating Agency?s ?Ba1? local
and foreign currency ratings.
==========================
C A Y M A N I S L A N D S
==========================
ANTHRACITE BALANCED: Creditors' Proofs of Debt Due on June 16
-------------------------------------------------------------
The creditors of Anthracite Balanced Company (36) Limited are
required to file their proofs of debt by June 16, 2009, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on May 14, 2009.
The company's liquidator is:
Ian Stokoe
PricewaterhouseCoopers
PO Box 258, Strathvale House,
George Town, Grand Cayman KY1-1104
e-mail: elizabeth.osborne@ky.pwc.com
Telephone: (345) 914 8686
Facsimile: (345) 945 4237
AQUANAUT MASTER: Creditors' Proofs of Debt Due on June 12
---------------------------------------------------------
The creditors of Aquanaut Master Fund, Ltd. are required to file
their proofs of debt by June 12, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 29, 2009.
The company's liquidator is:
Ogier
c/o Hayden Isbister
Queensgate House
South Church Street, PO Box 1234
Grand Cayman KY1-1108, Cayman Islands
Telephone: (345) 949 9876
Facsimile: (345) 949 1986
AQUANAUT OFFSHORE: Creditors' Proofs of Debt Due on June 12
-----------------------------------------------------------
The creditors of Aquanaut Offshore Fund, Ltd. are required to file
their proofs of debt by June 12, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 29, 2009.
The company's liquidator is:
Ogier
c/o Hayden Isbister
Queensgate House
South Church Street, PO Box 1234
Grand Cayman KY1-1108, Cayman Islands
Telephone: (345) 949 9876
Facsimile: (345) 949 1986
CP & PARTNERS: Final Meeting Slated for June 19
-----------------------------------------------
The members of CP & Partners will hold their final meeting on
June 19, 2009, at 10:00 a.m., to receive the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Stuart Sybersma
c/o Jessica Turnbull
Deloitte & Touche
P.O. Box 1787GT, Grand Cayman
Cayman Islands
Telephone: (345) 949-7500
Facsimile: (345) 949-8258
CRANE CORPORATION: Members Hold Meeting
---------------------------------------
On May 4, 2009, the members of Crane Corporation held a meeting
and discussed whether to voluntarily wind up the company's
operations.
Bernard McGrath and David Walker are the company's liquidators.
DD GROWTH: Court Hears Wind-Up Petition
---------------------------------------
On May 22, 2009, the Law Court of Grand Cayman heard a petition to
have DD Growth Premium Fund's operations wound up.
Alpha Transport Platform Inc. filed the petition against the
company
DD GROWTH: Court Hears Wind-Up Petition
---------------------------------------
On May 22, 2009, the Law Court of Grand Cayman heard a petition to
have DD Growth Premium 2X Fund's operations wound up.
Alpha Transport Platform Inc. filed the petition against the
company.
DD GROWTH: Court Hears Wind-Up Petition
---------------------------------------
On May 22, 2009, the Law Court of Grand Cayman heard a petition to
have DD Growth Premium Master Fund's operations wound up.
G James Cleaver and Richard Fogerty presented the petition against
the company.
JAPAN HIGH: Creditors' Proofs of Debt Due on June 16
----------------------------------------------------
The creditors of Japan High Yield Property Fund Limited are
required to file their proofs of debt by June 16, 2009, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on April 27, 2009.
The company's liquidator is:
Arnold Ip Tin Chee
Sakura Management Limited
c/o Hong Kong Diamond Exchange Building, 8th Floor
8 Duddell Street, Central
Hong Kong
JAPAN HIGH: Creditors' Proofs of Debt Due on June 16
----------------------------------------------------
The creditors of Japan High Yield Property Fund (II) Limited are
required to file their proofs of debt by June 16, 2009, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on April 27, 2009.
The company's liquidator is:
Arnold Ip Tin Chee
Sakura Management Limited
c/o Hong Kong Diamond Exchange Building, 8th Floor
8 Duddell Street, Central
Hong Kong
JAPAN OPPORTUNITIES: Creditors' Proofs of Debt Due on June 15
-------------------------------------------------------------
The creditors of Japan Opportunities Fund Limited are required to
file their proofs of debt by June 15, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 30, 2009.
The company's liquidator is:
Arnold Ip Tin Chee
Sakura Management Limited
c/o Hong Kong Diamond Exchange Building, 8th Floor
8 Duddell Street, Central
Hong Kong
LYDIAN OFFSHORE: Creditors' Proofs of Debt Due on June 19
---------------------------------------------------------
The creditors of Lydian Offshore Private Investors Ltd. are
required to file their proofs of debt by June 19, 2009, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on May 8, 2009.
The company's liquidator is:
Rose Burke
c/o Maples and Calder, Attorneys-at-law
PO Box 309, Ugland House
Grand Cayman KY1-1104, Cayman Islands
MANAMA RE: Placed Under Voluntary Wind-Up
-----------------------------------------
At an extraordinary meeting held on May 5, 2009, the members of
Manama Re Ltd. resolved to voluntarily wind up the company's
operations.
Only creditors who were able to file their proofs of debt by
May 27, 2009, will be included in the company's dividend
distribution.
The company's liquidator is:
Tamer Ayasli
c/o Maples and Calder
Attorneys-at-law
PO Box 309, Ugland House
Grand Cayman KY1-1104, Cayman Islands
QUADRANGLE EQUITY: Creditors' Proofs of Debt Due on June 15
-----------------------------------------------------------
The creditors of Quadrangle Equity Investors Ltd. are required to
file their proofs of debt by June 15, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Dec. 19, 2008.
The company's liquidator is:
Ogier
c/o Hayden Isbister
Queensgate House
South Church Street, PO Box 1234
Grand Cayman KY1-1108, Cayman Islands
Telephone: (345) 949 9876
Facsimile: (345) 949 1986
THREADNEEDLE UK: Creditors' Proofs of Debt Due on June 16
---------------------------------------------------------
The creditors of Threadneedle UK Alpha Plus Fund Limited are
required to file their proofs of debt by June 16, 2009, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on May 14, 2009.
The company's liquidator is:
Ian Stokoe
PricewaterhouseCoopers
PO Box 258, Strathvale House,
George Town, Grand Cayman KY1-1104
e-mail: elizabeth.osborne@ky.pwc.com
Telephone: (345) 914 8686
Facsimile: (345) 945 4237
THREADNEEDLE UK: Creditors' Proofs of Debt Due on June 16
---------------------------------------------------------
The creditors of Threadneedle UK Alpha Plus Master Fund Limited
are required to file their proofs of debt by June 16, 2009, to be
included in the company's dividend distribution.
The company commenced wind-up proceedings on May 14, 2009.
The company's liquidator is:
Ian Stokoe
PricewaterhouseCoopers
PO Box 258, Strathvale House,
George Town, Grand Cayman KY1-1104
e-mail: elizabeth.osborne@ky.pwc.com
Telephone: (345) 914 8686
Facsimile: (345) 945 4237
ZAIS SCEPTICUS: Creditors' Proofs of Debt Due on June 15
--------------------------------------------------------
The creditors of Zais Scepticus Fund III, Ltd. are required to
file their proofs of debt by June 15, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 23, 2009.
The company's liquidator is:
Ogier
c/o Hayden Isbister
Queensgate House
South Church Street, PO Box 1234
Grand Cayman KY1-1108, Cayman Islands
Telephone: (345) 949 9876
Facsimile: (345) 949 1986
ZAIS SCEPTICUS: Sole Shareholder to Hear Wind-Up Report on June 17
------------------------------------------------------------------
The sole shareholder of Zais Scepticus Fund III, Ltd. will receive
the liquidator's report on the company's wind-up proceedings and
property disposal on June 17, 2009, at 10:00 a.m.
The company commenced wind-up proceedings on April 23, 2009.
The company's liquidator is:
Ogier
c/o Hayden Isbister
Queensgate House
South Church Street, PO Box 1234
Grand Cayman KY1-1108, Cayman Islands
Telephone: (345) 949 9876
Facsimile: (345) 949 1986
==================================
D O M I N I C A N R E P U B L I C
==================================
* DOMINICAN REP: Gov't Seeks US$300 Million Loan for Energy Sector
------------------------------------------------------------------
Dominican Republic's government seeks a US$300 million loan from
the World Bank for its energy sector as the slide in its tax
revenues may signal the energy sector?s further decline and longer
blackouts for the population, The Dominican Today reports.
According to the report, Electricity Superintendent Francisco
Mendez said Hacienda minister Vicente Bengoa, and a senior
executive of the State-owned electrical companies (CDEEE) will
travel to Washington to finaliz the details of a new financing,
expected to be quickly disbursed.
Mr. Mendez, the report notes, said the fall in revenue stemming
from the global economic crisis increased the government?s debt
with the power companies to about US$288 million, a situation
which led to increased blackouts.
The Dominican Today says the government subsidizes part of the
energy that the population consumes, mainly the result of
inefficient collections for the service and lack of controls to
prevent its theft.
=============
J A M A I C A
=============
CASH PLUS: Deadline for Property Bids Set on June 1
---------------------------------------------------
The bidding deadline for Cash Plus Limited's real estate assets is
set on June 1, 2009, RadioJamaica News reports.
According to the report, court-appointed provisional liquidator
for Cash Plus, Hugh Wildman, told the news agency that several
persons have already expressed an interest in the properties and
the sale should therefore be an easy one.
As reported in the Troubled Company Reporter-Latin America on
May 27, 2009, RadioJamaica said Cash plus's depositors and
creditors expect to get back some of their money soon, as
properties owned by the company were advertised for sale. The
report said that according to an advertisement published in The
Sunday Gleaner, seven properties owned by Cash Plus Limited and
its subsidiaries and affiliates were advertised for sale:
-- houses, with an estimated value of more
than US$30 million each:
* a town house in Armour Heights,
* a town house on Cherry Drive,
* a town house on Norbrook Drive, and
* apartment at Waterworks Mews.
-- property at Mainland International, March Pen,
St Catherine;
-- property on Old Harbour Road, St Catherine, and
-- property in Kencot, St Andrew.
About Cash Plus
Cash Plus Limited is an investment club in Jamaica. It
collapsed in 2007 after the Financial Services Commission moved
to regulate its operations. The company is a financial arm of
the Cash Plus Group of Companies, a business conglomerate
established in 2002 by mortgage banker Carlos Hill. The company
offers its participants the opportunity to participate in the
group's ventures which include mergers and numerous acquisitions.
In April 2008, the Supreme Court of Jamaica placed Cash Plus in
receivership. Cash Plus admitted that it wouldn't be able to pay
its lenders until April 14, 2008. The firm has 40,000 lenders
with loans totaling J$4 billion. Cash Plus was unable to repay
its investors. The Financial Services Commission said it was
informed by the attorney acting on behalf of Cash Plus that the
investment club lacked the funds to start the repayment of the
principal and interest owing to its investors.
PricewaterhouseCoopers' accountant Kevin Bandoian was appointed as
joint receiver-manager for Cash Plus.
* JAMAICA: ?Small Hotels Could Face Possible Wipeout,? Ex-PM Says
-----------------------------------------------------------------
Former Prime Minister Edward Seaga says Negril's small
accommodations sector is in crisis and could face a possible
wipeout, as it is being rendered uncompetitive by the lower rates
offered through the large Spanish-owned hotels, RadioJamaica News
reports.
"Tourism has always faced a crisis in terms of the success of
small hotels," the report quoted Mr. Seaga as saying. "Negril, as
part of its brand that remains, is well known for having a lot of
small hotels and the crisis that they have faced is to survive at
rates that would make them successful. With the advent of the
Spanish hotels, rates have been decreased."
* * *
According to Moody's Web site, the country continues to hold
a B1 foreign currency rating and a Ba2 local currency rating.
===========
M E X I C O
===========
GRUPO POSADAS: Fitch Downgrades Issuer Default Rating to 'B+'
-------------------------------------------------------------
Fitch Ratings has downgraded Grupo Posadas, S.A.B. de C.V.'s
Issuer Default Ratings and debt ratings:
-- Foreign currency IDR to 'B+' from 'BB-';
-- Local currency IDR to 'B+' from 'BB-';
-- Senior notes due 2011 to 'B+/RR4' from 'BB-';
-- National scale rating 'BBB+(mex)' from 'A-(mex)' including
all 'Certificados Bursatiles' issuances.
The Rating Outlook remains Negative.
The downgrades are based on expectations of increased
deterioration in operating performance and financial indicators
derived from the current adverse economic environment and deepened
by the negative effects on travel and tourism in Mexico resulting
from the outbreak of the A-H1N1 virus. The Negative Outlook also
reflects Fitch's view of a more difficult operating environment
for the lodging industry during 2009.
While Fitch was already assuming a pessimistic operating
environment for Posadas in 2009, reflected in declining operating
trends during the past twelve months, the outbreak of the A-H1N1
virus will further aggravate the company's situation for the
remainder of the year. Fitch expects a significant drop in
revenues for the 2nd quarter of 2009 followed by a gradual
recovery through the end of the year, as travel patterns to Mexico
begin to normalize. Operating results for the 1st quarter of 2009
already reflected the weaker economic environment, with occupation
levels going down to 52% from 59% in the same period in 2008 and
revenue per available room declining to Ps$634 during the 1st
quarter of 2009 from Ps$682 in the 1st quarter of 2008 (figures
for the 1st quarter of 2008 include the Holy Week vacation period,
which in 2009 happened during the 2nd quarter).
While Posadas has been able to adjust and adapt its operations
successfully during previous economic downturns, the current
situation remains challenging.
The company's financial profile has also been affected negatively
by the depreciation of the MXN against the US$, and increased
indebtedness related to strengthening the company's liquidity
position due to margin calls on derivative instruments. As of
March 31, 2009, the ratio of total adjusted debt to EBITDAR for
the last twelve months was 4.0 times (x) compared to 3.2x for the
same period in 2008, mainly as a result of higher debt levels.
Fitch expects this ratio to increase to a range of approximately
4.3-4.6x by year-end 2009 as a result of a decline in EBITDA
generation, with an expectation that debt levels remain relatively
stable through the year. Further deterioration in these credit
protection measures might prompt an additional rating action.
At March 31, 2009, Posadas' on-balance sheet debt reached
US$396 million of which 94% was dollar-denominated and the
remainder was in pesos. Short-term debt represented 22% of total
debt. In addition to that, the company had approximately
US$136 million of off-balance sheet debt related to hotel leases.
The company's liquidity position is tight, as it held a cash
balance at March 31, 2009, of US$44 million and maturities of
US$87 million in the next twelve months, of which US$18.5 million
of a maturing Certificado Bursatil were paid in May. Fitch
believes Posadas' cash balances, excluding cash needed for
operations, allow it to cover margin calls considering the current
level of the MXN, but the company remains exposed to currency
volatility which can translate into further margin calls.
Additional depreciation of the MXN would increase stress on
liquidity and put greater pressure on financial indicators.
Posadas' ratings also reflect the company's solid business
position, strong brand name and multiple hotel formats. Posadas'
presence in all major urban and coastal locations in Mexico,
consistent product offering and quality brand image have resulted
in occupancy levels that are above the industry average in Mexico.
The use of multiple hotel formats allows the company to target
domestic and international business travelers as well as tourists.
The company also benefits from diversification into other business
segments, which reduces some exposure to its hotel business.
Operations are primarily located in Mexico, which limits
geographic diversification. The ratings also consider the
industry's high correlation to economic cycles, which affects
operating indicators negatively in downturns.
Grupo Posadas is the largest hotel operator in Mexico, with 109
hotels and 19,653 rooms across Mexico (85% of total rooms), Brazil
(10%), United States (3%), Argentina (1%) and Chile (1%).
Approximately 78% of rooms are in urban locations, with the
remaining 22% in coastal destinations. The Company manages
different hotel formats (under a combination of owned, leased and
managed properties) that include Aqua, Fiesta Americana Grand,
Fiesta Americana, Fiesta Inn, One Hotels and Fiesta Americana
Vacation Club in Mexico, and Caesar Park and Caesar Business in
Brazil, Argentina and Chile. For the year ended Dec. 31, 2008
Posadas had US$514 million of revenues and US$114 million of
EBITDA, considering year-end exchange rates.
ORGANIZACION SORIANA: Moody's Downgrades Senior Rating to 'Ba2'
---------------------------------------------------------------
Moody's Investors Service downgraded Organizacion Soriana, S.A.B.
de C.V.'s global and Mexican national scale long term senior
unsecured ratings to Ba2 and A2.mx from Ba1 and A1.mx, while
affirming the company's short term MX-2 rating. The downgrade
concludes the review for possible downgrade initiated on April 2,
2009. Moody's assigned a negative outlook for all ratings.
Moody's also announced that it will withdraw all of Soriana's
ratings for business reasons.
The downgrade reflects Moody's expectation that Soriana, despite
its stated focus on debt reduction, will for the foreseeable
future maintain an aggressive liquidity profile, with a heavy
reliance on the ability to roll over its commercial paper
maturities amid uncertain credit markets, challenging economic
conditions and the lack of a backstop liquidity facility. Moody's
believes that Soriana's commercial paper outstanding will continue
to exceed freely available cash and committed sources of financing
for the coming quarters.
As of March 31, 2009, Soriana had MXN15.0 billion in total debt
outstanding, up 16% from MXN12.9 billion at year-end 2008. Short
term debt was MXN7.3 billion, or 49% of total debt, consisting of
an estimated MXN4.9 billion in 28-day local commercial paper and a
MXN2.5 billion intermediate installment due in December 2009 under
long term notes. In 2010, Soriana faces MXN2.1 billion in debt
maturities related to installments due under its long term notes.
As of March 31, 2009, cash of MXN1.1 billion covered short term
debt 0.15 times. Moody's believes that total debt and commercial
paper outstanding may have dropped since March 31, however without
fundamentally improving the company's liquidity position. Soriana
does not maintain committed backup credit facilities for its
commercial paper but instead relies on advised lines with several
relationship banks.
Soriana's recent results reflected pressure on same store sales
and margins from challenging market conditions. In 1Q09,
Soriana's EBITDA margin was 6.1%, down 70bp year-over-year,
largely because of a more promotional environment and lower
demand, which has particularly affected sales in the apparel and
general merchandise categories. Same store sales dropped 2.2% in
nominal terms, partly driven by unfavorable calendar effects.
In April, Soriana announced a MXN2 billion efficiency program,
which should help partly alleviate current margin pressures. The
company has previously stated that in 2009 it expects to reduce
total debt by between MXN3 billion and MXN4 billion vs. year-end
2008, implying a potential reduction in total debt to around
MXN9 billion by year end 2009 when using the upper end of the
guidance range. However, Moody's believes that a debt reduction
of more than MXN3 billion in 2009 will be challenging, due to the
continued weakness of the Mexican economy and intensifying
competition.
The last rating action for Soriana was on April 2, 2009, when
Moody's placed the company's long term ratings on review for
possible downgrade.
Organizacion Soriana, S.A.B. de C.V., headquartered in Monterrey,
Mexico, is the country's second largest food retailer in terms of
revenues and one of the largest retail chains in Latin America.
As of March 31, 2009, Soriana operated 465 stores throughout
Mexico with a total sales floor of 2,799 thousand square meters.
The company's store count increased from 257 at the end of 2007,
following the acquisition of Gigante's food retail operation
(formerly Mexico's fourth largest food retailer). For the 12
months ended March 31, 2009, Soriana reported MXN95.4 billion in
revenues and MXN5.9 billion in EBITDA.
=================
V E N E Z U E L A
=================
PDVSA: Extends Petrobras Refinery Talks
---------------------------------------
State-owned Petroleos de Venezuela SA (PDVSA) and Brazil-based
Petroleo Brasileiro SA will continue negotiations on a joint-
venture refinery project, Jeff Fick of Dow Jones Newswires
reports, citing Brazil President Luiz Inacio Lula da Siva. "I
hope that in 90 days the two companies can celebrate a deal," the
report quoted Mr. Lula as saying.
According to the report, news of the failed talks leaked out
earlier May 26, after reporters overheard discussions between Mr.
Lula, Mr. Chavez and Petrobras CEO Jose Sergio Gabrielli broadcast
over the sound system. The report relates Mr. Gabrielli asked for
an additional 90 days to reach a deal on investment costs, sales
and oil prices.
As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2009, Reuters said Venezuela hopes that its joint venture
plan with Petrobras on a US$4 billion Abreu e Lima Refinery
project in Pernambuco will reach an agreement despite conflict
over pricing and product marketing.
Dow Jones Newswires said a joint venture between PDVSA and
Petrobras on a refinery project in Brazil may not come into
fruition.
According to Dow Jones Newswires, citing the Estado News Agency,
Paulo Roberto Costa, Petrobras' Supply and Refining director, said
there was an impasse in the proposed oil refinery joint-venture
due to PdVSA's attempts to impose conditions on its participation
in the project, and this may lead to its being excluded.
Mr. Costa, Reuters related, told reporters that PDVSA's plan was
not acceptable due to the pricing mechanism for the heavy crude
that Venezuela would supply to the refinery and the plan for
commercialization of the refined products.
About Petroleo Brasileiro
Headquartered in Rio de Janeiro, Brazil, Petroleo Brasileiro SA
aka Petrobras -- http://www2.petrobras.com.br/ingles/index.asp-
- was founded in 1953. The company explores, produces,
refines, transports, markets, distributes oil and natural gas
and power to various wholesale customers and retail distributors
in Brazil. Petrobras has operations in China, India, Japan, and
Singapore.
* * *
As reported in the Troubled Company Reporter-Latin America on
May 14, 2007, Fitch Ratings upgraded Brazil's long-term foreign
and local currency sovereign Issuer Default Ratings to 'BB+'
from 'BB' and the Country Ceiling to 'BBB-' from 'BB+'. In
addition, Fitch affirmed Brazil's Short-term IDR at 'B'. Fitch
said the rating outlook is stable.
About PDVSA
Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.
* * *
As of May 19, 2009, Petroleos de Venezuela continues to carry a
'B1' local currency issuer rating from Moody's Ratings.
The company also continues to carry Standard and Poor's BB- Issuer
Credit Ratings.
===============
X X X X X X X X
===============
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
June 11-14, 2009
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa
Traverse City, Michigan
Contact: http://www.abiworld.org/
June 21-24, 2009
INTERNATIONAL ASSOCIATION OF RESTRUCTURING, INSOLVENCY &
BANKRUPTCY PROFESSIONALS
8th International World Congress
TBA
Contact: http://www.insol.org/
July 16-19, 2009
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Mt. Washington Inn
Bretton Woods, New Hampshire
Contact: http://www.abiworld.org/
July 29-Aug. 1, 2009
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Conference
The Westin Hilton Head Island Resort & Spa,
Hilton Head Island, S.C.
Contact: http://www.abiworld.org/
Aug. 6-8, 2009
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Conference
Hotel Hershey, Hershey, Pa.
Contact: http://www.abiworld.org/
Sept. 10-11, 2009
AMERICAN BANKRUPTCY INSTITUTE
Complex Financial Restructuring Program
Hyatt Regency Lake Tahoe, Incline Village, Nevada
Contact: http://www.abiworld.org/
Sept. 10-12, 2009
AMERICAN BANKRUPTCY INSTITUTE
17th Annual Southwest Bankruptcy Conference
Hyatt Regency Lake Tahoe, Incline Village, Nevada
Contact: http://www.abiworld.org/
Oct. 2, 2009
AMERICAN BANKRUPTCY INSTITUTE
ABI/GULC "Views from the Bench"
Georgetown University Law Center, Washington, D.C.
Contact: http://www.abiworld.org/
Oct. 5-9, 2009
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Desert Ridge, Phoenix, Arizona
Contact: 312-578-6900; http://www.turnaround.org/
Oct. 20, 2009
AMERICAN BANKRUPTCY INSTITUTE
NCBJ/ABI Educational Program
Paris Las Vegas, Las Vegas, Nev.
Contact: http://www.abiworld.org/
Dec. 3-5, 2009
AMERICAN BANKRUPTCY INSTITUTE
21st Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, California
Contact: 1-703-739-0800; http://www.abiworld.org/
Apr. 29-May 2, 2010
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
June 17-20, 2010
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa, Traverse City, Michigan
Contact: 1-703-739-0800; http://www.abiworld.org/
July 7-10, 2010
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Ocean Edge Resort, Brewster, Massachusetts
Contact: 1-703-739-0800; http://www.abiworld.org/
July 14-17, 2010
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Conference
The Ritz-Carlton Amelia Island, Amelia, Fla.
Contact: http://www.abiworld.org/
Aug. 5-7, 2010
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hyatt Regency Chesapeake Bay, Cambridge, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
Oct. 4-8, 2010
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
JW Marriott Grande Lakes, Orlando, Florida
Contact: http://www.turnaround.org/
Dec. 2-4, 2010
AMERICAN BANKRUPTCY INSTITUTE
22nd Annual Winter Leadership Conference
Camelback Inn, Scottsdale, Arizona
Contact: 1-703-739-0800; http://www.abiworld.org/
Mar. 31-Apr. 3, 2011
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center, Maryland
Contact: 1-703-739-0800; http://www.abiworld.org/
June 9-12, 2011
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort and Spa
Traverse City, Michigan
Contact: http://www.abiworld.org/
Dec. 1-3, 2011
AMERICAN BANKRUPTCY INSTITUTE
23rd Annual Winter Leadership Conference
La Quinta Resort & Spa, La Quinta, California
Contact: 1-703-739-0800; http://www.abiworld.org/
***********
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 2009. 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 * * *