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T R O U B L E D C O M P A N Y R E P O R T E R
L A T I N A M E R I C A
Monday, June 1, 2009, Vol. 10, No. 106
Headlines
A N T I G U A & B A R B U D A
LIAT LIMITED: Incurs Massive Losses on Pilot Strike
A R G E N T I N A
AACHEN SACI: Proofs of Claim Verification Deadline is July 6
AFOREY SA: Asks for Opening of Preventive Contest
COMPANY Y COMPANY: Proofs of Claim Verification Due on August 18
DISTRIBUIDORA L & LL: Asks for Opening of Preventive Contest
JAD INTERNATIONAL: Proofs of Claim Verification Due on July 7
METROGAS SA: Weak Financial Profile Cues S&P to Junk Rating
METROGAS SA: Moody's Reviews 'Caa1' Rating on Various Bonds
SALTA HYDROCARBON: Fitch Affirms Global Currency Rating at 'B'
VALE-TRANS SRL: Asks for Opening of Preventive Contest
* ARGENTINA: May Be Sanctioned by Manhattan Judge in Bond Suits
B E R M U D A
CENTRAL EUROPEAN: S&P Downgrades Corporate Credit Rating to 'B+'
STAR CAPITAL: Creditors Proofs of Debt Due on June 10
STAR CAPITAL: Members' Final General Meeting Set for June 30
WORLD HOIST: Creditors Proofs of Debt Due on June 10
WORLD HOIST: Members' Final General Meeting Set for June 30
B R A Z I L
BANCO PINE: S&P Affirms 'BB-/B' Counterparty Credit Rating
BNDES: To Set Up Eximbank With Development Ministry
BRASKEM SA: S&P Affirms 'BB+' Long-Term Corporate Credit Rating
CEMIG: Shareholders Approve Terna Acquisition
GOL LINHAS: To Issue BRL400 Million Secured Domestic Bonds
LUPATECH SA: Moody's Reviews 'Ba3' Corporate Family Ratings
C A Y M A N I S L A N D S
BLUEPOINT EMERGING: Placed Under Voluntary Wind-Up
CARIBBEAN CATASTROPHE: Creditors' Proofs of Debt Due on June 26
CREP ANNEXE: Placed Under Voluntary Wind-Up
ELECTROGEN INTERNATIONAL: Creditors' Proofs of Debt Due on June 25
ENSO GLOBAL: Creditors' Proofs of Debt Due on June 25
JADE WORLD: Placed Under Voluntary Wind-Up
MARATHON PETROLEUM: Creditors' Proofs of Debt Due on June 25
MARATHON PETROLEUM: Creditors' Proofs of Debt Due on June 25
MARATHON POWER: Creditors' Proofs of Debt Due on June 25
MARATHON POWER: Creditors' Proofs of Debt Due on June 25
MARATHON QATAR: Creditors' Proofs of Debt Due on June 25
NEW DIMENSION: Creditors' Proofs of Debt Due on June 25
C O L O M B I A
ECOPETROL SA: Pays Maurel & Prom US$742 Million For Colombian Unit
ISAGEN SA: Fitch Downgrades Issuer Default Rating to 'BB+'
* COLOMBIA: Finance Minister Sees 0.5% GDP Growth This Year
D O M I N I C A N R E P U B L I C
AES CORP: Denies Rumors on Sale of Latin America Assets
J A M A I C A
JPSCO: OUR Needs More Information Before Tariff Decision
SCJ: Prime Minister Assures Redundant Workers Will Get Paid
M E X I C O
CEMEX: Cemex Concretos Gets MXP5BB Credit Facility From Banobras
ORGANIZACION SORIANA: Moody's Withdraws 'Ba2' Senior Rating
PRUDENTIAL BANK: Moody's Reviews 'E+' Financial Strength Rating
P E R U
* PERU: Economy Expands 1.8 Percent in First Quarter
X X X X X X X X
* BOND PRICING: For the Week May 25 to May 29, 2009
- - - - -
==============================
A N T I G U A & B A R B U D A
==============================
LIAT LIMITED: Incurs Massive Losses on Pilot Strike
---------------------------------------------------
Antigua-based LIAT Limited has incurred losses close to EC$350,000
(US$131,061) as a result of sick-out action by pilots on May 22,
Caribbean360.com reports, citing preliminary information released
by the airline. "The costs are related to accommodation,
transport, meals, airport overtime, staff overtime, charters,
positioning costs (aircraft and crew), passenger claims and flight
interruption manifests (FIMs) or requests to carry passengers on
other airlines," Airline Corporate Communications Manager Desmond
Brown was quoted by CaribWorldNews as saying.
According to CaribWorldNews, scores of passengers were
inconvenienced after crews in Barbados, Grenada, St. Vincent and
Trinidad called in sick, grounding seven of LIAT`s aircraft,
disrupting the airline`s flight schedule for 24 hours.
As reported in the Troubled Company Reporter-Latin America on
May 27, 2009, Caribbean360.com said the Leeward Islands Airline
Pilots Association (LIALPA) prepared to fight the injunction
issued by the Industrial Court in Antigua and Barbuda that blocks
LIAT Limited's pilots to take industrial action against the
airline. According to a TCR-LA May 25 report, citing Caribbean
Net News, the Industrial Court Antigua and Barbuda granted LIAT
Limited's request to prevent Rudolph Lowe, Henry Drakes, Eulton
Henry, and the sundry pilots representing LIALPA from taking
industrial action or continuing any further industrial action
whether by strike, go slow, sick out, or any other related action
against the airline. According to Caribbean Net News, the Order
also stated, "The \Respondent/Employees (the pilots) be and are
hereby granted liberty to apply upon the filing of any application
and in this regard the Applicant shall be given 14 days notice of
such application." The Order, the report related, was signed by
Philip A. Pilgrim (President), Samuel A. Aymer and Glendina M.
McKay -- the members of the Industrial Court. Mr. Blackburn, as
cited by Caribbean360.com, said the association would be going to
Barbadian attorney Dr Richard Cheltenham to mount their defense to
the injunction.
According to Caribbean360.com, the pilots have been pressing for:
-- a new contract,
-- settlement of issues of overtime and public
holiday pay, and
-– are upset that at a time when they were being asked
to take pay cuts, management employees were being
paid large bonuses.
Meanwhile, Mr. Brown, as cited by Caribbean360.com, said LIAT will
continue to negotiate for new Collective Agreements with LIALPA
and eight other trade unions representing its other employees.
"These negotiations are being held as the airline industry faces
one of the most difficult periods in aviation history and LIAT has
not escaped the current global economic downturn and travel
slump," Caribbean360.com quoted Mr. Brown as saying. "LIAT is
certainly not in a position of financial strength".
CaribWoldNews says as of May 28, 19 meetings have been held with
the other eight Trade Unions and those negotiations are proceeding
amicably.
About LIAT
Headquartered in Antigua and Barbuda, LIAT Limited --
http://www.liatairline.com -- is a passenger airline with a fleet
of Dash 8 turboprop aircraft. The carrier transports passengers
to more than 20 destinations in the Caribbean. The company has
expanded by buying key operating assets of former rival Caribbean
Star, including additional Dash 8s. Before the acquisition was
completed in November 2007, LIAT and Caribbean Star had formed a
commercial alliance that integrated many of their operations.
Among LIAT's major shareholders are the governments of several
Caribbean nations, including Antigua, Barbados, the Grenadines,
and St. Vincent.
* * *
As reported in the Troubled Company Reporter-Latin America on
January 30, 2009, Caribbean360.com News said Regional airline LIAT
is cutting routes as the world economic turbulence takes a toll on
their operations. According to the report, the airline said the
current world economic crisis was impacting on travel patterns in
the Caribbean and the carrier would have to reduce the number of
daily flights in and out of Antigua and Barbuda, Barbados, Guyana,
and St Kitts and Nevis.
=================
A R G E N T I N A
=================
AACHEN SACI: Proofs of Claim Verification Deadline is July 6
------------------------------------------------------------
The court-appointed trustee for Aachen S.A.C.I.'s bankruptcy
proceeding, will be verifying creditors' proofs of claim until
July 6, 2009.
The trustee will present the validated claims in court as
individual reports on September 4, 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.
Inadmissible claims may be subject to appeal in a separate
proceeding known as an appeal for reversal.
A general report that contains an audit of the company's
accounting and banking records will be submitted in court on
October 6, 2009.
AFOREY SA: Asks for Opening of Preventive Contest
-------------------------------------------------
Aforey SA asked for the opening of its preventive contest.
The company stopped making its payments on February 15, 2002.
COMPANY Y COMPANY: Proofs of Claim Verification Due on August 18
----------------------------------------------------------------
Adriana Esnaola, the court-appointed trustee for Company y Company
SA's bankruptcy proceeding, will be verifying creditors' proofs of
claim until August 18, 2009.
Ms. Esnaola will present the validated claims in court as
individual reports. The National Commercial Court of First
Instance No. 22 in Buenos Aires, with the assistance of Clerk
No. 44, 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:
Adriana Esnaola
Parana 489
Buenos Aires, Argentina
DISTRIBUIDORA L & LL: Asks for Opening of Preventive Contest
-------------------------------------------------------------
Distributor L & L SA asked for the opening of its preventive
contest.
The company stopped making its payments on Sept. 10, 2006.
The company denounced its assets of $105,972,85 and liabilities of
$454,363,65.
JAD INTERNATIONAL: Proofs of Claim Verification Due on July 7
-------------------------------------------------------------
Jacobo Beber, the court-appointed trustee for Jad International
SA's bankruptcy proceeding, will be verifying creditors' proofs of
claim until July 7, 2009.
Mr. Beber will present the validated claims in court as individual
reports. The National Commercial Court of First Instance No. 23
in Buenos Aires, with the assistance of Clerk No. 45, 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:
Jacobo Beber
Jeronimo Salguero 2244
Buenos Aires, Argentina
METROGAS SA: Weak Financial Profile Cues S&P to Junk Rating
-----------------------------------------------------------
On May 28, 2009, Standard & Poor's Ratings Services lowered its
ratings on Metrogas S.A. to 'CCC+' from 'B-'. The outlook is
negative.
The downgrade is mainly based on the company's weakening financial
risk profile deriving from increasing operating and financial
costs and debt levels (measured in Argentine pesos, ARP) amid
tariff freeze (since January 2002), inflation, and peso
devaluation. Under these conditions, the company would face
increasing financial challenges due to a growing debt maturity
schedule (with upcoming principal maturities of about $20 million
in 2010).
The ratings on Metrogas are not affected at this point by the
recent filing for reorganization (Concurso Preventivo de
Acreedores) by its controlling shareholder, Gas Argentino S.A.,
mainly because it causes neither a revocation of its license nor
an event of default under the terms and conditions of Metrogas'
debt. Also, the ratings do not incorporate a potential financial
support from Metrogas parents or cash distributions from Metrogas
to its shareholders.
The ratings on Metrogas mainly reflect the high political and
regulatory risk in Argentina (partly reflected in the
uncertainties about the renegotiation of the company's license),
its high leverage, and the significant mismatch between the
company's revenues in ARP and debt in foreign currency (mostly
dollars). Metrogas' good competitive position as Argentina's
largest distributor of natural gas partially offset these factors.
As of March 31, 2009, Metrogas had about $240 million in debt
without maturities until 2010.
In September 2008, the Argentine Government announced a tariff
increase for Metrogas ranging between 10% and 30% depending on the
type of customer and its consumption level, which would be at
least ARP35 million - ARP45 million higher expected annual cash
generation. Although the tariff increase has not been implemented
yet, proceeds are expected to go to a trust fund to finance
network maintenance and expansion. Thus, the company would not
discretionally dispose of that cash until one of its main
shareholders (the BG Group) withdraws its legal claim against the
country in international courts.
Metrogas´ debt to EBITDA has deteriorated to 5.1x in the 12 months
ended on March 31, 2009 from 4.4x for the same period in 2008 as a
result of lower operating results mainly due to higher operating
costs and debt levels, caused by the ARP devaluation. In
addition, funds from operations interest coverage and FFO to total
debt have weakened to 2.0x and 15.5%, respectively, from 2.5x and
18.4%. S&P expects the company's financial performance to
continue deteriorating if operating and financial costs and debt
levels keep increasing, fueled by inflation and ARP devaluation.
Metrogas serves more than 2 million customers through a 35-year
exclusive license to distribute natural gas in the Buenos Aires
metropolitan region, which is Argentina's most densely populated
area. Metrogas' liquidity has gradually deteriorated in the last
months due to the company's weaker financial performance. Total
cash reserves reached $11.8 million as of March 31, 2008
($14.2 million as of Dec. 31 2008), compared with a $5.6 million
short-term debt (including holdouts and accrued interests). The
company's liquidity and financial flexibility could further
deteriorate by a potential further sizable devaluation of the ARP.
As a result, the company could depend on significant tariff
increase to meet its financial obligations. The negative outlook
reflects S&P's expectations that Metrogas' financial performance
could be further impaired due to higher operating and financial
costs and debt levels (measured in ARP) due to tariff freeze,
inflation and peso devaluation. Potential ratings upgrade would
require a tariff increase, resulting in a significant improvement
of the company's debt repayment capacity. However, S&P could
lower ratings again if cash generation and liquidity continue to
decrease and debt levels to rise.
Downgraded; CreditWatch/Outlook Action
Metrogas S.A.
To From
-- ----
Corporate Credit Rating
Global scale CCC+/Negative/-- B-/Stable/--
National scale raBB-/Negative/-- raBB+/Stable/--
Senior Unsecured CCC+ B-
METROGAS SA: Moody's Reviews 'Caa1' Rating on Various Bonds
-----------------------------------------------------------
Moody's Latin America placed under review for possible downgrade
the Caa1 and Ba1.ar ratings on Metrogas' US$ denominated bonds.
The rating action was prompted by an increased concern over
Metrogas' ability to meet principal amortization of its US$ debt
that is scheduled to commence in the second quarter of 2010 if the
previously approved tariff increase is not implemented and a
further devaluation of the peso occurs.
The review will focus on Metrogas' cash generation in relation to
principal debt maturities in 2010 and on whether the provisional
tariff increase, if implemented, would provide Metrogas with
sufficient additional cash for debt repayment. In addition,
Moody's will also focus on any alternative plans management may be
considering to access alternative sources of external liquidity.
According to Daniela Cuan, senior analyst at Moody's, "the rating
action has not been driven by GASA's recent filing for court
protection but by the need to evaluatate Metrogas' ability to
begin making required principal payments on its debt in 2010 in
light of the current uncertainty with implementing the previously
approved tariff increase ".
The Caa1 rating primarily reflects Metrogas' tight liquidity and
expected weak cash generation as well as the current regulatory
risk profile for the gas distribution sector. The Ba1.ar is a
National Scale rating and it is intended to measure the relative
creditworthiness among debt issues and issuers within a country,
enabling market participants to better differentiate relative
risks. NSRs in Argentina are designated by the ".ar" suffix.
NSRs differ from global scale ratings in that they are not
globally comparable to the full universe of Moody's rated
entities, but only with other rated entities within the same
country.
Metrogas is an Argentinean gas distribution utility, with
operations in the capital city and the southern area of Buenos
Aires Province which is one of the biggest concession areas in
terms of number of clients and annual revenues of ARS 780 million.
Metrogas is controlled by GASA, a holding company that is
controlled by BG (54.7%; A3 Stable) and YPF (45.3; Baa2 RUR).
SALTA HYDROCARBON: Fitch Affirms Global Currency Rating at 'B'
--------------------------------------------------------------
Fitch Ratings affirms Salta Hydrocarbon Royalty Trust's global
scale foreign currency rating for its US$234 million targeted
amortization notes at 'B'. Fitch also removes the rating from
Rating Watch Negative and assigns a Stable Rating Outlook.
The Rating Watch Negative was assigned in 2008 when the Province
of Salta announced its intention to potentially restructure this
debt. Fitch believes this potential for political interference
has subsided, and the transaction has continued to perform in line
with expectations. The bonds continue to amortize on schedule
with the current balance outstanding at $US134.9 million. Recent
collection levels have benefited from increasing gas prices and
stable oil prices. The Targeted Payment Coverage Ratio increased
to 1.85 times (x) for the period ending March 2009, well above the
targeted level for this ratio (1.1x).
In addition, the structure benefits from a liquidity reserve
account in the amount of approximately US$9 million (twice the
amount of the next interest payment) and the existence of certain
hold back events. If triggered, these hold back events will trap
excess collections preventing cashflows from going back to the
province. Currently the relevant ratios are at an adequate level;
nonetheless, Fitch is closely monitoring the production ratio
level which is near the targeted level.
The majority of the transaction's legal documents are governed
under foreign law. The transaction was structured as a true sale
and securitized certain future royalty payments due to the
province of Salta from the oil and gas companies. The oil and gas
companies signed Notice and Acknowledgement contracts which
obligates them to make payments into the collection account. In
accordance with the documents, the cashflows should be legally
protected under Argentine law. While these protections exist, the
rating on this transaction has always anticipated a heightened
degree of political risk given the onshore nature of these
cashflows.
VALE-TRANS SRL: Asks for Opening of Preventive Contest
------------------------------------------------------
Vale-Trans SRL asked for the opening of its preventive contest.
The company stopped making its payments on March 2008.
* ARGENTINA: May Be Sanctioned by Manhattan Judge in Bond Suits
---------------------------------------------------------------
Argentina may be sanctioned for failing to comply with a U.S.
court order to turn over to bondholders documents regarding its
pension funds, David Glovin of Bloomberg News reports, citing U.S.
District Judge Thomas Griesa. The report recalls Judge Griesa
ruled in October that Argentine pension funds nationalized by that
country’s government and held in the U.S. may be used to satisfy
bondholder judgments against the republic.
According to the report, Argentina has appealed and Judge Griesa
later ordered the country to turn over documents related to its
pension funds to bondholders.
The report relates that at a hearing in Manhattan federal court on
May 27, Judge Griesa said he would sanction Argentina after
bondholders complained the documents hadn’t been turned over to
them. The report, citing court records, discloses Judge Griesa
said he may presume during the remainder of the case that
Argentina tried to move funds out of the U.S. to hide them from
creditors.
“The motion to hold the republic in contempt is granted,” Judge
Griesa was quoted by Bloomberg News as saying. “The most
appropriate sanction is to simply draw an inference that the
transactions which are in question were designed to remove funds
improperly from the United States in contravention of the orders
of the court.”
The case is Aurelius Capital Partners v. Argentina, 07-cv- 02715,
U.S. District Court for the Southern District of New York
(Manhattan).
* * *
As reported by the Troubled Company Reporter - Latin America on
December 23, 2008, Fitch Ratings downgraded the Republic of
Argentina's long-term local currency issuer default rating to
'B-'; country ceiling to 'B'; and performing bonds in foreign and
local currency governed by Argentine law to 'B-/RR4'. The rating
outlook on the local currency IDR is Stable.
In addition, Fitch affirmed the country's long-term foreign
currency IDR remains in Restricted Default ('RD'); short-term IDR
at 'B'; performing bonds in foreign currency governed by foreign
law at 'B-/RR4'; defaulted senior unsecured notes at 'CC/RR4'; and
defaulted collateralized Brady bonds at 'CCC-/RR3'.
=============
B E R M U D A
=============
CENTRAL EUROPEAN: S&P Downgrades Corporate Credit Rating to 'B+'
----------------------------------------------------------------
Standard & Poor's Ratings Services said that it lowered to 'B+'
from 'BB-' its long-term corporate credit rating on Bermuda-based
emerging markets TV broadcaster Central European Media Enterprises
Ltd. S&P also lowered to 'B+' from 'BB-' the debt ratings on
CME's $475 million senior secured convertible notes due 2013,
EUR245 million notes due 2012, and EUR150 million notes 2014. At
the same time, S&P removed the ratings on CME and its debt
instruments from CreditWatch, where they were placed with negative
implications on Feb. 26, 2009. The outlook is stable.
"The rating actions reflect Standard & Poor's concerns that CME's
leverage and cash flow generation may materially deteriorate in
2009 in the current adverse advertising and economic environment
experienced at many of its business units," said Standard & Poor's
credit analyst Manuela Gabetta. "CME has not provided any
guidelines for the year. Based on S&P's estimates, S&P believes
that CME's adjusted gross debt to EBITDA may approach 7.0x at
year-end 2009, compared with 5.2x on March 31, 2009, and 3.7x at
year-end 2008. In addition, S&P expects the group's free
operating cash flow to turn negative in 2009."
However, as a result of the recent sale of 31% of CME's equity to
Time Warner Inc. (BBB/Stable/A-2) for gross proceeds of about
$241.5 million, Standard & Poor's takes comfort from the group's
significantly strengthened liquidity position, which is a main
support to the rating at this stage. In S&P's view, CME's
liquidity profile is likely to remain supportive for the current
rating level following the recent capital injection from Time
Warner, and despite the expected deterioration of the group's
operating performance associated with high leverage in 2009. S&P
also anticipates that the group's EBITDA (net of central operating
costs) will not fall below $150 million in 2009.
Downward rating pressure could arise, however, if the group's
liquidity were to materially deteriorate from current levels, as a
result of higher-than-expected cash burn, for instance. In
addition, the ratings could come under pressure if CME's operating
performance and credit measures were to weaken significantly more
than anticipated, in particular if the group's EBITDA were to fall
to less than $150 million in 2009.
"Given the expected pressure on CME's revenues in 2009 and S&P's
expectation of negative year-on-year EBITDA developments in the
coming quarters, S&P does not see any significant potential for a
positive rating action over the next 12 months," said Ms. Gabetta.
STAR CAPITAL: Creditors Proofs of Debt Due on June 10
-----------------------------------------------------
The creditors of Star Capital Fund, Ltd. are required to file
their proofs of debt by June 10, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on May 26, 2009.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton, Bermuda
STAR CAPITAL: Members' Final General Meeting Set for June 30
------------------------------------------------------------
The members of Star Capital Fund, Ltd. will hold their final
general meeting on June 30, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on May 26, 2009.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton, Bermuda
WORLD HOIST: Creditors Proofs of Debt Due on June 10
----------------------------------------------------
The creditors of World Hoist, Ltd. are required to file their
proofs of debt by June 10, 2009, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on May 26, 2009.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton, Bermuda
WORLD HOIST: Members' Final General Meeting Set for June 30
-----------------------------------------------------------
The members of World Hoist, Ltd. will hold their final general
meeting on June 30, 2009, at 9:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced wind-up proceedings on May 26, 2009.
The company's liquidator is:
Robin J. Mayor
Clarendon House, Church Street
Hamilton, Bermuda
===========
B R A Z I L
===========
BANCO PINE: S&P Affirms 'BB-/B' Counterparty Credit Rating
----------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB-/
B' global scale counterparty credit rating and its 'brA-' long-
term Brazil national scale counterparty credit rating on Banco
Pine S.A. The outlook is stable.
"The ratings on Banco Pine S.A. incorporate the risks that a
relatively small bank in the small and midsize enterprise segment
faces in a more challenging environment, with rising delinquencies
and more difficult access to funding," said Standard & Poor's
credit analyst Marcelo Peixoto. Such funding is wholesale in
nature and volatile in periods of market stress. Banco Pine's
assets and liabilities are relatively concentrated because of its
operations. The rating benefits from the bank's consistent track
record in its niche of midsize companies, including good credit-
risk management, conservative liquidity, and adequate
capitalization.
Banco Pine is a family-controlled bank with total assets of
Brazilian reais (R$) 5.5 billion in March 2009, with a
concentration in secured lending to midsize companies. The bank
recently discontinued its payroll-discount lending to retirees and
civil servants. To diversify operations, capture synergies, and
develop cross-selling opportunities with its existing customer
base, the bank offers onlendings from the Brazilian National
Development Bank. The bank has an agile operating structure,
which allows rapid growth under favorable macroeconomic conditions
and flexibility in times of stress.
S&P believes Pine's profitability in 2009 will be close to current
levels and slightly lower than peers due to Pine's more selective
client base and its exit of the retail business. For the medium
term, S&P expects the bank to recover its past efficiency level,
which S&P view as a key component for small niche banks.
The stable outlook reflects S&P's expectation that the bank will
be able to sustain its asset-quality indicators close to current
levels, even in a more challenging operating environment. S&P
could lower the ratings or revise the outlook to negative if S&P
sees a significant deterioration in credit quality measured by
nonperforming loans closer to 5% or if S&P start seeing new
pressure on withdrawals, affecting the bank's liquidity position.
S&P does not expect an upward rating movement in the next 12
months due to the challenging operating environment that lies
ahead not only for Pine, but for financial institutions in
general.
BNDES: To Set Up Eximbank With Development Ministry
---------------------------------------------------
Banco Nacional de Desenvolvimento Economico e Social SA (BNDES)
and Brazil’s development ministry are planning to establish a
national export-import bank to help support domestic exporters,
LatinFrance reports, citing unnamed government officials.
According to the report, a spokeswoman at the ministry of
development, industry and trade, said the timing for the
establishment of the new institution and its precise relationship
to existing government entities including the BNDES are still
being worked out.
“The idea is to de-bureaucratize the process [for exporters,]” the
report quoted the spokeswoman as saying. The report relates the
spokeswoman said companies seeking financing support face a
labyrinthine procedure that begins with Banco do Brasil and relies
on distinct entities providing services like exporter insurance
and credit lines.
About BNDES
Banco Nacional de Desenvolvimento Economico e Social SA is
Brazil's national development bank. It provides financing for
projects within Brazil and plays a major role in the
privatization programs undertaken by the federal government.
* * *
Banco Nacional continues to carry a Ba2 foreign long-term bank
deposit rating from Moody's Investors Service. The rating was
assigned in August 2007.
BRASKEM SA: S&P Affirms 'BB+' Long-Term Corporate Credit Rating
---------------------------------------------------------------
Standard & Poor's Ratings Services said that it affirmed its 'BB+'
long-term corporate credit rating and its 'brAA+' national scale
long-term corporate credit rating on Braskem S.A. At the same
time, S&P also affirmed the 'BB+' rating assigned to the
$500 million bonds (due in 2018) and the $250 million notes (due
in 2015) issued by the company's subsidiaries, Braskem Finance
Ltd. and Braskem International Ltd., respectively. The outlook is
stable.
"The ratings on Braskem reflect: the company's exposure to
volatile input costs and working capital swings; its high debt
leverage and weak credit metrics; increasing competition from
imports and the consolidation of local competitors; and the risks
inherent in its internationalization plans. These risks are partly
offset by: Braskem's more resilient cash flows arising from its
leading business and market position in Brazil's petrochemical
industry; its adequate liquidity and smooth debt amortization
schedule; its economies of scale; some geographic diversification;
and the company's technological expertise," said Standard & Poor's
credit analyst Victor Saulytis.
Braskem is still looking at tough market conditions for 2009,
following a difficult 2008 marked by maintenance stoppages, price
volatility for naphtha, and a steep market slowdown in the fourth
quarter. Domestic markets in particular present a challenge this
year as the company faces fierce competition from both local
producers and imported products. Braskem managed to divert
production to export volumes, allowing it to improve plant
utilization and sustain adequate service spreads in the local
market. However, lower export prices had a negative effect on
margins and cash generation, further depressing its credit
metrics.
Braskem is currently trying to reduce its expenses and fixed
costs, and it has cut projected capital expenditures for 2009 to
preserve liquidity. Although the company's debt structure has not
changed substantially in the past few quarters, its leverage
ratios have deteriorated due to weakening cash flows. In March
2009, Braskem reached agreement with Petroleo Brasileiro S.A.
(Petrobras: BBB/Stable/--), its main feedstock supplier, setting a
new price formula for naphtha.
The stable outlook reflects S&P's expectation that Braskem will
strongly recover domestic volume sales and improve its
profitability and cash flows throughout 2009 through its revised
naphtha price formula with Petrobras, synergies with acquired
assets, and cost-cutting initiatives. Downside risks include
stiff competition in the domestic market, low margins in export
markets (where Braskem diverted a significant portion of its
production in first-quarter 2009), and uncertain overall price and
market conditions.
"The ratings or outlook could be revised downward if the company
is not able to report a consistent, improving trend in its
financial measures, or if liquidity weakens because of negative
cash flows (caused by market conditions or higher capital
expenditures). S&P does not foresee making any positive revisions
to the ratings this year, because of Braskem's weak credit
metrics, high debt leverage, and the still-challenging and
uncertain operating environment," Mr. Saulytis added.
CEMIG: Shareholders Approve Terna Acquisition
---------------------------------------------
Companhia Energetica de Minas Gerais (Cemig)'s shareholders
approved the purchase of Terna Participacoes, John Kolodziejski of
Dow Jones Newswires reports, citing the Estado news agency. The
report relates CEMIG could pay as much as BRL3.54 billion (US$1.76
billion) for the planned acquisition.
According to the report, the completion of the deal depends on
authorization from the Brazilian energy supervisory body, ANEEL.
About Terna Participacoes
Terna is one of the largest electricity transmission companies in
Brazil with some 3,300 kilometers of high voltage lines.
About CEMIG
Companhia Energetica de Minas Gerais a.k.a. Cemig --
http://www.cemig.com.br/-- is an electric energy utility in
Brazil. Cemig's concession area extends throughout nearly 96.7%
of Minas Gerais. Cemig owns and operates 52 power plants, of
which six are in partnership with private enterprises, relying
on a predominantly hydroelectric energy matrix. Electric energy
is produced to supply more than 17 million people living in the
state's 774 municipalities. In addition to those 52 plants,
another three are currently under construction.
Cemig is also active in several other states, through ventures
for the generation or the commercialization of energy in these
Brazilian states: in Santa Catarina (generation), Rio de Janeiro
(commercialization and generation), Espirito Santo (generation)
and Rio Grande do Sul (commercialization).
* * *
Companhia Energetica de Minas Gerais aka CEMIG continues to carry
corporate family ratings of Ba2 from Moody's Investors Service on
the rating agency's global scale. The rating was assigned by
Moody's in March 2007.
GOL LINHAS: To Issue BRL400 Million Secured Domestic Bonds
----------------------------------------------------------
Brazil-based GOL Intelligent Airlines aka GOL Linhas Areas
Inteligentes S.A. is preparing to issue BRL400 million in secured
domestic bonds, LatinFrance reports. The report relates the 2011
bonds to be issued through the low-cost carrier’s VRG unit will
include a 6-month grace period and are expected to pay 126.5% of
DI.
According to the report, proceeds will strengthen the Brazilian
airline’s cash balance and are set to complement the BRL204
million raised through a rights offering to controlling
shareholders.
Banco do Brasil, the report notes, is managing the sale, which
still requires regulatory approval.
About GOL Linhas
Based in Sao Paulo, Brazil, GOL Intelligent Airlines aka GOL
Linhas Areas Inteligentes S.A. (NYSE: GOL and Bovespa: GOLL4) --
http://www.voegol.com.br-- through its subsidiary, GOL
Transportes Aereos S.A., provides airline services in Brazil,
Argentina, Bolivia, Uruguay, and Paraguay. The company's
services include passenger, cargo, and charter services. As of
March 20, 2006, Gol Linhas provided 440 daily flights to 49
destinations and operated a fleet of 45 Boeing 737 aircraft. The
company was founded in 2001.
* * *
As of May 19, 2009, the company continues to carry Moody's B1 LT
Corp Family ratings. The company also continues to carry Fitch's
B+ Issuer Credit Ratings and B Senior Unsecured Rating and
Preferred Stock ratings.
LUPATECH SA: Moody's Reviews 'Ba3' Corporate Family Ratings
-----------------------------------------------------------
Moody's Investors Service has placed on review for possible
downgrade Lupatech S.A.'s corporate family ratings of Ba3 on the
global scale and A3.br on the Brazilian national scale, and the
Ba3 foreign currency rating of the US$ 275 million senior
unsecured perpetual notes issued by Lupatech Finance Ltd. (Cayman
Islands) and jointly and severally guaranteed by Lupatech and its
operating subsidiaries.
Ratings placed on review are:
Lupatech S.A.:
-- Corporate Family Rating: Ba3 (Global Scale); A3.br (Brazilian
National Scale)
Lupatech Finance Ltd. (Cayman Islands):
-- US$ 275 million Senior Unsecured Guaranteed Perpetual Notes:
Ba3 (Foreign Currency Rating)
The rating action reflects Moody's view that Lupatech has limited
ability to reduce leverage over the near term, which takes into
consideration the weakened operating margins in the past two
quarters and Moody's expectation that margins should remain
constrained by high-cost inventories and lower demand for
industrial valves and cast parts. Net Debt to EBITDA of 5.4x and
Debt to Capitalization of 88% as of March 31, 2009, are
excessively high for Lupatech's rating category. Despite the
potential for working capital reduction, Moody's expect free cash
flow will continue to be constrained by the high fixed expenses
related to its excessive leverage, making it less likely that Net
Debt to EBITDA will decline substantially in the near term.
Total Debt as calculated by Moody's includes the full amount of
the US$ 275 million in perpetual bonds outstanding. Although the
perpetual bond structure is positive in that it reduces
refinancing risk, the full principal amount would accelerate and
be included in any eventual bankruptcy process of the company.
Moody's notes that the perpetual bonds are not considered for the
purpose of calculating total debt for Lupatech's financial
covenant of Net Debt to EBITDA of 2.5x (1.5x as of March 31,
2009).
Recently the Brazilian Development Bank BNDES agreed to lend some
BRL 121 million to Lupatech for repayment in up to five years, and
provided firm commitment to subscribe up to BRL 320 million in
convertible debentures due 2018 to be issued by Lupatech. The new
loans are not expected to increase Lupatech's leverage as proceeds
should be used to replace more expensive working capital funding
and repay obligations related to 2008 acquisitions. The
conclusion of the BNDES transactions will improve Lupatech's
liquidity position by addressing short term refinancing needs and
allowing Lupatech to maintain a cash position covering 2010 debt
service. However, the transactions will not result in lower
leverage or a change in the company's capital structure, which
still would remain inadequate for the current Ba3 rating category.
Moody's last rating action on Lupatech occurred on June 16, 2008,
when Moody's assigned a foreign currency rating of Ba3 to
US$75 million senior unsecured guaranteed perpetual notes issued
by Lupatech Finance Ltd. (Cayman Islands) as an add-on to its
previous US$ 200 million perpetual bond issuance in June 2007.
Headquartered in Caxias do Sul, Brazil, Lupatech S.A. is a leading
equipment manufacturer and service provider to the oil & gas
industry in Brazil, besides producing industrial valves and
casting parts. Lupatech reported net revenues of BRL 716 million
(US$ 361 million using the average exchange rate) in the last
twelve months ended March 31, 2009.
==========================
C A Y M A N I S L A N D S
==========================
BLUEPOINT EMERGING: Placed Under Voluntary Wind-Up
--------------------------------------------------
On May 8, 2009, the sole shareholder of Bluepoint Emerging Markets
Absolute Return Fund SPC resolved to voluntarily wind up the
company's operations.
The company's liquidator is:
Avalon Ltd.
Landmark Square
1st Floor, 64 Earth Close
West Bay Beach, PO Box 715, George Town
Grand Cayman KY1-1107, Cayman Islands
Telephone: (+1) 345 769 4422
Facsimile: (+1) 345 769 9351
CARIBBEAN CATASTROPHE: Creditors' Proofs of Debt Due on June 26
---------------------------------------------------------------
The creditors of Caribbean Catastrophe Insurance Ltd. are required
to file their proofs of debt by June 26, 2009, to be included in
the company's dividend distribution.
The company commenced wind-up proceedings on May 1, 2009.
The company's liquidator is:
Melanie Myers-Khouri
c/o Thorp Alberga
Harbour Place 2nd Floor
103 South Church Street, George Town
Grand Cayman KY1-1106
Telephone: +1 345 949 0699
Fax: +1 345 949 8171
CREP ANNEXE: Placed Under Voluntary Wind-Up
------------------------------------------
On May 8, 2009, the sole shareholder of Crep Annexe Cayman
resolved to voluntarily wind up the company's operations.
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
ELECTROGEN INTERNATIONAL: Creditors' Proofs of Debt Due on June 25
------------------------------------------------------------------
The creditors of Electrogen International Marathon Power Limited
are required to file their proofs of debt by June 25, 2009, to be
included in the company's dividend distribution.
The company's liquidator is:
Y. R. Kunetka
5555 San Felipe St.
Houston, Texas 77056 U.S.A.
ENSO GLOBAL: Creditors' Proofs of Debt Due on June 25
-----------------------------------------------------
The creditors of Enso Global Equities Levered Fund, Ltd. are
required to file their proofs of debt by June 25, 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:
Roger Priaulx
c/o Kim Charaman
Close Brothers (Cayman) Limited
Harbour Place, Fourth Floor
P.O. Box 1034, Grand Cayman KY1-1102
Telephone: (345) 949 8455
Facsimile: (345) 949 8499
JADE WORLD: Placed Under Voluntary Wind-Up
------------------------------------------
On May 7, 2009, the shareholder of Jade World Ltd resolved to
voluntarily wind up the company's operations.
The company's liquidator is:
Baraterre Limited
Tarpumbay Limited
c/o Philip Sutcliffe
Trident Trust Company (Cayman) Limited
P.O. Box 847, George Town
Grand Cayman KY1-1103
Telephone: (345) 949 0880
Facsimile: (345) 949 0881
MARATHON PETROLEUM: Creditors' Proofs of Debt Due on June 25
------------------------------------------------------------
The creditors of Marathon Petroleum El Manzala Limited are
required to file their proofs of debt by June 25, 2009, to be
included in the company's dividend distribution.
The company's liquidator is:
Y. R. Kunetka
5555 San Felipe St.
Houston, Texas 77056 U.S.A.
MARATHON PETROLEUM: Creditors' Proofs of Debt Due on June 25
------------------------------------------------------------
The creditors of Marathon Petroleum Western Siberia Limited are
required to file their proofs of debt by June 25, 2009, to be
included in the company's dividend distribution.
The company's liquidator is:
Y. R. Kunetka
5555 San Felipe St.
Houston, Texas 77056 U.S.A.
MARATHON POWER: Creditors' Proofs of Debt Due on June 25
--------------------------------------------------------
The creditors of Marathon Power Argentina Limited are required to
file their proofs of debt by June 25, 2009, to be included in the
company's dividend distribution.
The company's liquidator is:
Yvonne Kunetka
Marathon Oil Company
5555 San Felipe Street
Houston, Texas 77056-2799
United States
MARATHON POWER: Creditors' Proofs of Debt Due on June 25
--------------------------------------------------------
The creditors of Marathon Power India Limited are required to file
their proofs of debt by June 25, 2009, to be included in the
company's dividend distribution.
The company's liquidator is:
Y. R. Kunetka
5555 San Felipe St.
Houston, Texas 77056 U.S.A.
MARATHON QATAR: Creditors' Proofs of Debt Due on June 25
--------------------------------------------------------
The creditors of Marathon Qatar GTL Limited are required to file
their proofs of debt by June 25, 2009, to be included in the
company's dividend distribution.
The company's liquidator is:
Y. R. Kunetka
5555 San Felipe St.
Houston, Texas 77056 U.S.A.
NEW DIMENSION: Creditors' Proofs of Debt Due on June 25
-------------------------------------------------------
The creditors of New Dimension USD Fund Limited are required to
file their proofs of debt by June 25, 2009, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on April 28, 2009.
The company's liquidator is:
Linburgh Martin
c/o Kim Charaman
Close Brothers (Cayman) Limited
Harbour Place, Fourth Floor
P.O. Box 1034, Grand Cayman KY1-1102
Telephone: (345) 949 8455
Facsimile: (345) 949 8499
===============
C O L O M B I A
===============
ECOPETROL SA: Pays Maurel & Prom US$742 Million For Colombian Unit
------------------------------------------------------------------
Colombian state-controlled oil company Ecopetrol S.A. paid US$742
million for the wholly owned Colombian unit of French oil company
Etablissements Maurel et Prom SA, Hocol Petroleum Ltd, Inti
Landauro of Dow Jones Newswires reports.
With the transaction, Ecopetrol acquired all Hocol's assets of
production and development in Colombia, Ecopetrol said in a
statement obtained by the news agency.
The report recalls in March, Ecopetrol and Maurel et Prom had
announced the transaction for the amount of US$748 million.
According to DJ Newswires, Ecopetrol expects to boost daily output
to 1 million barrels of oil equivalent a day in 2015 and plans to
invest at least US$6.22 billion this year in acquiring operations
in Colombia and abroad and boosting its capacity in existing
operations.
About Ecopetrol S.A.
Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity. The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas. Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America. It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. (BVC) under the symbol ECOPETROL. The company
divides its operations into four business segments that include
exploration and production; transportation; refining; and
marketing of crude oil, natural gas and refined-products.
* * *
As of May 19, 2009, the company continues to carry Fitch Ratings'
BB+ foreign currency issuer default ratings.
ISAGEN SA: Fitch Downgrades Issuer Default Rating to 'BB+'
----------------------------------------------------------
Fitch Ratings has downgraded ISAGEN's local currency Issuer
Default Rating to 'BB+' from 'BBB-' and has affirmed the company's
foreign currency IDR at 'BB+'. The Rating Outlook is Stable.
The downgrade reflects the company's aggressive growth strategy,
which is dominated by the construction of an 820 megawatt
hydroelectric generation plant (Hidrosogamoso) at an estimated
cost of US$1.4 billion; the plant is expected to start commercial
operation by the end of 2013. The construction of the plant will
add significant project risks and increase leverage over the
medium term. The company will finance the construction of this
project on balance sheet with internal cash flow generation
funding approximately 40% of the cost and the balance with debt.
Leverage is expected to increase significantly during the
construction period and remain at higher levels thereafter.
Over the next few years, the company's credit profile could also
be affected by an expected change of control and the likely
renegotiation of certain leverage covenants. The Colombian
government recently has announced it intends to divest its
approximately 58% stake in the company during 2009, which may
affect the company's credit quality depending on the credit
strength as well as the operating and financial strategy of the
new shareholder. Under a Colombian divestiture, the Colombian
government would also likely withdraw its guarantee on ISAGEN's
existing debt, which will require the company to renegotiate or
refinance its existing long-term debt; this debt represents
approximately 90% of total debt and is guaranteed by the Overseas
Private Investment Corporation. Independent of the change of
control, the company will likely need to renegotiate and amend
certain covenants on this long-term loan as leverage increases
during project construction. Liquidity risk is not a concern at
the moment.
ISAGEN's ratings incorporate its strong market share position, its
solid commercial strategy, and its diversified portfolio of
electricity generation assets located throughout Colombia. ISAGEN
is the third largest electricity generation company in Colombia
based on installed capacity, with approximately 16% of the market.
The company's assets are somewhat geographically diverse and this
helps lower hydrology risks. The company's commercial strategy is
solid and supportive of its credit profile. Its revenues are
predictable to some extent as the company contracts a significant
portion of its electricity production in the short to medium term.
Currently, the company has contracted approximately 92% of its
electricity generation with market participants and large
customers for 2009 and 76% for 2010 and 2011. Electricity demand
for the expansion projects has not been contracted, which exposes
these projects to the prevailing electricity price at the time
they reached commercial operations.
The company's current credit metrics are strong for the rating
category and are expected to deteriorate over the next three
years, more consistent with the new rating category. The company
is expected to significantly increase its leverage ratio as
measured by total debt to EBITDA to a peak of between 4.0-4.5
times (x) from 1.0x at year-end 2008 as it funds the Hidrosogamoso
project. Once the new project is in operation, the company is
expected to reduce its leverage to approximately 3.0x on average
in the following few years. At year-end 2008, total debt was
COP540 billion and was primarily composed of an OPIC guaranteed
loan. ISAGEN's cash flow generation has been healthy and stable
during the past few years. During 2008, the company's EBITDA
increased to COP512 billion from COP449 billion.
The Colombian regulatory framework is believed to be supportive of
sector participants. Recent changes implemented by the regulator
seem to be working properly. Capacity reliability charges
replaced capacity payments at the end of 2006. Reliability
charges and capacity payments are in essence similar. The
difference is that in the former, capacity 5 prices are driven by
the new power plants to be constructed, under bidding processes,
and the latter was based on comparable efficient thermoelectric
generation plants outside the country. The bidding processes for
new capacity that took place during 2008 resulted in a reliability
price of approximately US$14 per megawatt hour for existing
plants. ISAGEN received approximately US$93 million in
reliability charges revenue during 2008.
ISAGEN S.A. E.S.P. is a state-controlled electricity generation
company and an energy solution provider in Colombia. ISAGEN, with
2,132 MW of installed capacity, is the third largest electricity
generator in Colombia and generated on average 10,105 gigawatt
hours during 2008. The government continues to control ISAGEN
with a 57.66% percent stake in the company after selling 19.22% of
its total equity during 2007 through an initial public offering in
Colombia. ISAGEN also sells excess gas to third parties and
provides energy solution to large customers.
* COLOMBIA: Finance Minister Sees 0.5% GDP Growth This Year
----------------------------------------------------------
Colombia’s economy may grow only 0.5 percent this year as the
global financial crisis chokes consumer spending, Bloomberg News
reports, citing Finance Minister Oscar Ivan Zuluaga. The report
relates Mr. Zuluaga said the government’s growth estimate of 0.5
percent to 1.5 percent may be revised after first-quarter data
becomes available next month.
“We’ll look at the external environment and the behavior of
internal variables, and this will allow us to have a better
understanding of what the result for 2009 might be,” Mr. Zuluaga
was quoted by the news agency as saying.
According to the report, Colombia's economy slowed last year as
policy makers raised interest rates to the highest since 2001 in a
bid to stem inflation. The report notes, with borrowing costs at
an eight-year high, the global financial crisis spread to
Colombia, stifling exports and prompting consumers to scale back
purchases of big- ticket items such as washing machines and cars.
* * *
As reported by the Troubled Company Reporter-Latin America on
January 9, 2009, Fitch Ratings 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).
==================================
D O M I N I C A N R E P U B L I C
==================================
AES CORP: Denies Rumors on Sale of Latin America Assets
-------------------------------------------------------
The AES Corporation has denied rumors that it plans to sell its
assets in Latin America, including those in the Dominican
Republic, Dr1 News reports. "At this point the headquarters have
no plans to sell assets in AES Dominicana or in any other Latin
American AES operation," AES Dominicana, a local unit of AES, said
in an interview with Listin Diario, the report relates.
According to Dr1 News, Power Finance & Risk publication reported
that the Corp seeks to sell its assets in Latin America, including
those in the Dominican Republic. The report notes the publication
also said the company is also interested in selling off its
operations in Argentina, Brazil, Chile, Colombia, and Panama.
The AES Corporation (NYSE:AES) -- http://www.aes.com/-- is one of
the world's largest global power companies, with 2007 revenues of
US$13.6 billion. With operations in 29 countries on five
continents, AES's generation and distribution facilities have the
capacity to serve 100 million people worldwide.
* * *
As reported in the Troubled Company Reporter-Latin America on
April 7, 2009, Fitch Ratings affirmed The AES Corporation's long-
term Issuer Default Rating at 'B+' with a Stable Rating Outlook.
=============
J A M A I C A
=============
JPSCO: OUR Needs More Information Before Tariff Decision
---------------------------------------------------------
The Office of Utilities Regulation (OUR) said it needs the Jamaica
Public Service Company (JPSCO)'s latest financial statements to
help with the assessment of company's tariff application,
RadioJamaica News reports, citing OUR Spokesman David Geddes.
"The JPS had publicly advised that their latest financial audited
statement denominated in U.S. currency, will be available today,
June 1. The OUR does not think it's prudent to issue a decision
on the tariff in the absence of reviewing these statements. But
we intend to issue a decision as expeditiously as possible," the
report quoted Mr. Geddes as saying.
As reported in the Troubled Company Reporter-Latin America on
May 5, 2009, RadioJamaica News said OUR extended the public
consultations on JPSCO's application for a tariff increase in
response to representation from the business community; which
includes Portmore Council, the St. Catherine Parish Council and
the Consumer Advisory Committee on Utilities. The report related
OUR said the extension of the consultative process will still give
it time to complete the review in time for the June 1
implementation of the new tariff. RadioJamaica noted the company
asked for a 23% tariff increase and if approved, customers could
see an increase of a low of 4% and a high of 26% on their
electricity bills.
About JPSCO
Headquartered in Kingston, Jamaica -- https://www.jpsco.com --
Jamaica Public Service Company Limited (JPSCO) is an integrated
electric utility company and the sole distributor of electricity
in Jamaica. The company is engaged in the generation,
transmission and distribution of electricity, and also purchases
power from five Independent Power Producers. Japanese-based
Marubeni Corporation owns 80 percent of the company. The
Government of Jamaica and a small group of minority shareholders
own the remaining shares. JPS currently has approximately 582,000
customers who are served by a workforce of over 1,600 employees.
The Company owns and operates 28 generating plants, 54
substations, and approximately 14,000 kilometers of distribution
and transmission lines.
* * *
As reported in the Troubled Company Reporter-Latin America on
March 9, 2009, Radio Jamaica said JPSCO may shutdown its
operations if the company fails to settle a long-standing dispute
over outstanding payments to employees. The same report said
employees unions contended the payments are owed for overtime
work and redundancy adjustments from 2001 to 2007, which amounts
to about $600 million.
SCJ: Prime Minister Assures Redundant Workers Will Get Paid
-----------------------------------------------------------
Jamaica Prime Minister Bruce Golding has assured state-owned Sugar
Company of Jamaica ("SCJ")'s workers that within a month they will
be receiving payments due to them, Jamaica Information Service
reports. "We gave an undertaking that redundancy payments will be
made in June. Both the Ministry of Finance and the Ministry of
Agriculture confirmed to me . . . that plans are in place for
redundancy payments to be made in the first half of the month,"
the report quoted Mr. Golding as saying.
According to the report, the Prime Minister also noted that re-
employment of the displaced workers will depend to a great extent
on the privatization efforts. "The Sugar divestment team is in
negotiations with parties who indicated interest in the tender,"
the report quoted Mr. Golding as saying.
As reported in the Troubled Company Reporter-Latin America on
May 19, 2009, The Gleaner said SCJ's sugar factories are now
expected to be sold off to what has been described as a "priority
four investors." The report recalled sources said the government
failed to offload the company as a single entity.
According to the report, the shortlisted four are:
* a conglomerate -- Hussey family and American
partners -- who is going after the Long Pond and Hampden
Estates in Trelawny;
* U.S.-based Energen Corporation for the Petrojam Ethanol
facility and Bernard Lodge, Innswood, Monymusk estates in
Clarendon;
* Italians Eridania Sadam, who is eyeing the Frome estate in
Westmoreland; and
* Fred M. Jones, in partnership with Seprod Limited, has set
his sights on the Duckenfield estate in St Thomas.
===========
M E X I C O
===========
CEMEX: Cemex Concretos Gets MXP5BB Credit Facility From Banobras
----------------------------------------------------------------
Cemex Concretos, a unit of Cemex S.A.B. de C.V., has secured a
MXP5 billion (US$362 million) credit facility with Banobras and
drawn down 50% of the value, LatinFrance reports, citing Mexican
daily El Semanario.
According to the report, officials said the facility is backed by
Cemex’s agreements with contractors and municipalities.
El Semanario, the report relates, said that Cemex Concretos will
be using the funds for working capital. The report says El
Semanario added both Cemex Concretos and Cemex Mexico are also
looking to place up to MXP5 billion in local bonds with tenors of
up to 10 years.
About Cemex
Headquartered in Mexico, Cemex S.A.B. de C.V. --
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.
ORGANIZACION SORIANA: Moody's Withdraws 'Ba2' Senior Rating
-----------------------------------------------------------
Moody's Investors Service has withdrawn all of Organizacion
Soriana, S.A.B. de C.V.'s ratings for business reasons.
The last rating action for Soriana was on May 26, 2009, when
Moody's downgraded the company's global and Mexican national scale
long term senior unsecured ratings to Ba2/A2.mx from Ba1/A1.mx and
assigned a negative outlook.
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.
PRUDENTIAL BANK: Moody's Reviews 'E+' Financial Strength Rating
---------------------------------------------------------------
Moody's Investors Service placed on review for possible downgrade
Prudential Bank, S.A. (Mexico)'s Bank Financial Strength Rating of
E+, and the global local currency and foreign currency deposit
ratings of Ba2. At the same time, Moody's placed on review for
possible downgrade Prudential Bank Mexico's long and short-term
Mexican National Scale rating of A2.mx/MX-2.
These rating actions follow the announcement that Prudential
Financial, Inc., will divest part of its Mexican operations,
including Prudential Bank Mexico. The transaction is expected to
be completed by the end of July. The acquiring group is Mexico's
Grupo Actinver, S.A. de C.V., one of the most important
independent mutual fund operators in Mexico (not rated by
Moody's). Moody's noted that the ratings review of the GLC is
based on the announced sale of the bank. The review of the BFSR
reflects the uncertainty with respect to franchise value and
operations of the bank under new ownership and management.
By placing the GLC deposit rating on review, Moody's notes that if
Prudential Bank Mexico is effectively sold, Moody's current
parental support assumptions based on Prudential Financial as the
support provider would no longer be considered. Currently the
assumption of parental support results in a 3-notch lift from
Prudential Bank Mexico's Baseline Credit Assessment to its deposit
rating of Ba2,. Therefore, Prudential Bank Mexico's deposit
ratings would tend to be more aligned to its BCA.
The last rating action on Prudential Bank Mexico was on
February 11, 2009, when Moody's affirmed Prudential Bank Mexico's
BFSR of E+, global local currency deposits of Ba2/Not Prime and
Mexican National Scale ratings of A2.mx/MX-2.
The long-term Mexican National Scale rating of A2.mx indicates
issuers or issues with above-average creditworthiness relative to
other domestic issuers. The short-term Mexican National Scale
rating of MX-2 indicates that the issuer has an above average
ability to repay short-term senior unsecured debt obligations
relative to other domestic issuers.
Prudential Bank Mexico is headquartered in Mexico City. As of
December 2008, the bank reported Mx$2.1 billion in assets.
These ratings were placed on review for possible downgrade:
-- Bank Financial Strength Rating of E+
-- Long term Global Local Currency Deposits of Ba2
-- Long term Foreign Currency Deposits of Ba2
-- Long and Short term Mexican National Scale ratings of
A2.mx/MX-2
These ratings are not subject to the review:
-- Short term Global Local Currency Deposits: Not Prime
-- Short term Foreign Currency Deposits: Not Prime
=======
P E R U
=======
* PERU: Economy Expands 1.8 Percent in First Quarter
----------------------------------------------------
Peru's gross domestic product expanded 1.8 percent from a year
earlier, down from 6.6 percent growth in the fourth quarter, Alex
Emery of Bloomberg News reports, citing National Statistics
Institute. The report relates the first quarter result is the
slowest pace in more than seven years in the first quarter as
manufacturing and fishing output slumped.
“The downturn is faster than everyone expected, particularly for
textile exporters and miners,” Roberto Flores, an analyst at Lima-
based brokerage Centura SAB, told Bloomberg News in a telephone
interview. “We’re feeling the full impact of declining U.S.
demand.”
According to the report, Finance Ministry chief analyst Claudia
Cooper said slumping commodity prices will cut growth to 3.5
percent this year from 9.8 percent in 2008.
Bloomberg News notes the institute said the rise in consumer
demand slowed to 3.7 percent in the first quarter from 10 percent
in the previous quarter, while manufacturing fell 5.1 percent and
fishing plunged 20 percent.
* * *
As reported by the Troubled Company Reporter on Aug. 21, 2008,
Moody's Investors Service upgraded the foreign-currency bond
rating of the government of Peru to Ba1 from Ba2 in light of
significant and sustained reductions in foreign-currency related
credit vulnerabilities.
===============
X X X X X X X X
===============
* BOND PRICING: For the Week May 25 to May 29, 2009
---------------------------------------------------
Issuer Coupon Maturity Currency Price
------ ------ -------- -------- -----
ARGENTINA
---------
Alto Palermo SA 11.000 06/11/12 USD 59.59
Alto Palermo SA 7.875 05/11/17 USD 63.87
Argentina – NGB 2.000 02/04/18 ARS 53.13
Argent-DIS 5.830 12/31/33 ARS 59.50
Argent-CDIS 7.820 12/31/33 ARS 31.37
Argent-$DIS 8.280 12/31/33 ARS 32.67
Argent-$DIS 8.280 12/31/33 ARS 41.25
Argent-Par 0.630 12/31/38 ARS 19.99
Argnt-Bocon PRE8 2.000 01/03/10 ARS 34.69
Argnt-Bocon PR11 2.000 12/03/10 ARS 32.15
Argnt-Bocon PRE9 2.000 03/15/24 ARS 66.24
Argnt-Bocon PR12 2.000 01/03/16 ARS 64.24
Argnt-Bocon PR13 2.000 03/15/24 ARS 32.26
Arg Boden 2.000 09/30/14 ARS 46.99
Arg Boden 7.000 10/03/15 ARS 35.87
Autopistas Del S 11.500 05/23/17 USD 36.59
Banco Hipot SA 9.750 11/16/10 USD 74.39
Banco Hipot SA 9.750 04/27/16 USD 53.42
Banco Macro SA 8.500 02/01/17 USD 63.91
Banco Macro SA 9.750 12/18/36 USD 54.50
Bonar ARG $ V 10.500 06/12/12 USD 49.65
Berlin Ltda 10.250 10/05/16 USD 71.00
Bonar V 7.000 03/28/11 USD 60.85
Bonar VII 7.000 09/12/13 USD 45.86
Bonar X 7.000 04/17/17 USD 43.55
Buenos Aire Prov 9.625 04/18/28 USD 32.14
Buenos-$DIS 9.250 04/15/17 USD 35.86
Buenos-$DIS 8.500 04/15/17 USD 38.25
Hidroelec Piedra 9.000 07/11/17 USD 73.00
Invers Rep Y Soc 8.500 02/02/17 USD 63.58
Masterllone Herma 8.000 06/30/12 USD 31.92
Mendoza Province 5.500 09/04/18 USD 36.75
Transener 8.875 12/15/16 USD 59.35
Trasport De Gas 7.875 05/14/17 USD 69.87
Trasport De Gas 7.875 05/14/17 USD 66.00
BRAZIL
------
CESP 9.750 01/15/15 BRL 53.81
Cosan SA Industr 8.250 02/28/49 USD 70.19
Cosan SA Industr 8.250 02/28/49 USD 69.80
Rede Empresas 11.120 04/29/49 USD 48.00
Vigor 9.250 02/23/17 USD 69.75
CAYMAN ISLANDS
--------------
Aes Dominicana 11.000 12/13/15 USD 52.99
Aig Sunamerica 5.625 02/01/12 GBP 60.10
Aig Sunamerica 6.375 10/05/20 GBP 58.38
Asif II 5.125 01/28/13 GBP 60.05
Bancaja Intl Fin 5.700 06/30/22 EUR 57.32
Banco BPI (CI) 1.150 11/11/35 EUR 72.46
Barion Funding 0.100 12/20/56 USD 4.39
Barion Funding 0.250 12/20/56 USD 4.33
Barion Funding 0.250 12/20/56 USD 4.33
Barion Funding 0.250 12/20/56 USD 4.33
Barion Funding 0.250 12/20/56 USD 4.33
Barion Funding 0.250 12/20/56 USD 4.33
Barion Funding 0.250 12/20/56 USD 4.33
Barion Funding 0.250 12/20/56 USD 4.37
Barion Funding 0.630 12/20/56 USD 12.23
Barion Funding 1.440 12/20/56 USD 23.46
BCP Finance Company 4.239 10/29/49 EUR 65.50
BCP Finance Company 5.543 06/29/49 EUR 68.50
Bes Finance Limited 4.500 12/29/49 EUR 57.50
Bes Finance Limited 5.580 07/29/49 EUR 65.50
BishopGate Asse 5.107 09/28/37 GBP 73.76
China Med Tech 4.000 08/15/13 USD 58.75
China Properties 9.125 05/04/14 USD 50.25
Dubai Holding Comm 4.750 01/30/14 EUR 58.25
Dubai Holding Comm 6.000 02/01/17 GBP 55.00
DWR CYMN FIN 4.473 03/31/57 GBP 60.60
Esfg Internation 5.753 06/29/49 EUR 62.50
Gol Finance 7.500 04/03/17 USD 63.45
Gol Finance 8.750 04/28/49 USD 60.31
Gol Finance 8.750 04/28/49 USD 47.00
Iansa Overseas 7.250 07/28/12 USD 55.95
Ja Solar Hold Company 4.500 05/15/13 USD 66.13
Ldk Solar Co Ltd 4.750 04/15/13 USD 53.75
Ldk Solar Co Ltd 4.750 04/15/13 USD 52.82
Lupatech Finance 9.875 07/29/49 USD 75.00
Mafrig Overseas 9.625 11/16/16 USD 74.00
Malachite Fdg 0.630 12/21/56 EUR 17.94
Mazarin Fdg Ltd 0.250 09/20/68 USD 3.50
Mazarin Fdg Ltd 0.250 09/20/68 USD 3.46
Mazarin Fdg Ltd 0.250 09/20/68 USD 3.46
Mazarin Fdg Ltd 0.250 09/20/68 USD 3.46
Mazarin Fdg Ltd 0.250 09/20/68 USD 3.46
Mazarin Fdg Ltd 0.250 09/20/68 USD 3.46
Mazarin Fdg Ltd 0.630 09/20/68 USD 10.43
Mazarin Fdg Ltd 1.440 09/20/68 USD 21.89
Mizuho Capital I 5.020 06/29/49 EUR 57.75
Mizuho Capital INV I 6.686 03/29/49 EUR 67.25
Mufg Cap Fin2 4.850 07/29/49 EUR 61.25
Mufg Cap Fin4 5.271 01/29/49 EUR 67.00
Mufg Cap Fin5 6.299 01/25/49 GBP 61.00
Prince Fin Global 4.500 01/26/17 EUR 64.40
Pubmaster Fin 5.943 12/30/24 GBP 65.55
Pubmaster Fin 6.962 06/30/28 GBP 43.80
Punch Taverns 4.767 06/30/33 GBP 69.81
Reg Div Funding 5.251 01/25/36 USD 62.05
Resona PFD Glob 7.191 12/29/49 USD 60.00
Santander 7.250 12/29/49 GBP 63.75
Shimao Property 8.000 12/01/16 USD 70.50
SMFG Preferred 6.078 01/29/49 USD 73.73
SMFG Preferred 6.164 01/29/49 USD 63.25
SMFG Preferred 2 10.231 07/18/49 USD 71.98
STB Finance 5.834 09/29/49 GBP 68.24
Suntech Power 3.000 03/15/13 USD 70.48
Tam Capital Inc. 7.375 04/25/17 USD 71.27
Tam Capital Inc. 7.375 04/25/17 USD 70.05
Thpa Finance Limited 7.127 03/15/24 GBP 67.91
Vestel Elec Fin 8.750 05/09/12 USD 73.00
XL Capital Limited 6.250 05/15/27 USD 71.05
XL Capital Limited 6.375 11/15/24 USD 73.59
XL Capital Limited 6.500 12/31/49 USD 51.00
DOMINICAN REPUBLIC
------------------
Dominican Republ 8.625 04/20/27 USD 74.50
EFG Haina Finance 9.500 04/26/17 USD 53.77
Itabo Finance SA 10.875 10/05/13 USD 70.87
ECUADOR
-------
Rep of Ecuador 9.375 12/15/15 USD 58.80
Rep of Ecuador 9.375 12/15/15 USD 58.43
JAMAICA
-------
Jamaica Govt LRS 7.500 10/06/12 JMD 63.12
Jamaica Govt 8.000 03/15/39 USD 66.00
Jamaica Govt 8.500 02/28/36 USD 67.16
Jamaica Govt LRS 12.750 04/27/12 JMD 50.00
Jamaica Govt LRS 12.750 06/29/22 JMD 50.03
Jamaica Govt LRS 12.850 05/31/22 JMD 50.48
Jamaica Govt LRS 13.375 04/27/32 JMD 50.27
Jamaica Govt LRS 13.575 12/15/26 JMD 51.10
Jamaica Govt LRS 13.625 06/23/14 JMD 68.86
Jamaica Govt LRS 13.375 12/15/21 JMD 52.80
Jamaica Govt LRS 13.875 05/17/13 JMD 74.37
Jamaica Govt 14.000 06/30/21 EUR 55.48
Jamaica Govt 14.125 07/08/13 EUR 74.21
Jamaica Govt 14.250 03/15/13 EUR 66.21
Jamaica Govt LRS 14.375 06/28/14 EUR 70.24
Jamaica Govt LRS 14.375 09/06/14 EUR 70.69
Jamaica Govt LRS 14.375 06/28/14 EUR 70.93
Jamaica Govt LRS 14.375 09/06/14 EUR 72.51
Jamaica Govt LRS 14.375 09/13/14 EUR 72.75
Jamaica Govt LRS 14.400 08/03/27 JMD 55.93
Jamaica Govt LRS 14.500 11/13/13 JMD 63.88
Jamaica Govt LRS 14.500 11/13/13 JMD 73.77
Jamaica Govt LRS 14.500 08/02/17 JMD 61.86
Jamaica Govt LRS 14.750 04/26/13 JMD 74.28
Jamaica Govt LRS 14.625 04/19/14 JMD 73.58
Jamaica Govt LRS 15.000 07/31/13 JMD 72.33
Jamaica Govt LRS 15.000 11/15/21 JMD 58.94
Jamaica Govt LRS 15.000 09/06/32 JMD 57.76
Jamaica Govt LRS 15.000 07/31/13 JMD 66.39
Jamaica Govt LRS 15.125 04/24/14 JMD 73.70
Jamaica Govt LRS 15.500 03/24/28 JMD 58.28
Jamaica Govt LRS 15.000 08/30/32 JMD 58.28
Jamaica Govt LRS 15.750 08/22/19 JMD 63.75
Jamaica Govt LRS 15.800 06/26/17 JMD 68.47
Jamaica Govt LRS 16.000 06/13/22 JMD 60.17
Jamaica Govt LRS 16.000 05/17/17 JMD 67.61
Jamaica Govt LRS 16.000 12/06/32 JMD 62.17
Jamaica Govt LRS 16.125 08/21/32 EUR 62.60
Jamaica Govt LRS 16.250 05/22/27 EUR 61.19
Jamaica Govt LRS 16.150 06/12/22 EUR 64.64
Jamaica Govt LRS 16.150 06/12/22 EUR 62.71
Jamaica Govt LRS 16.250 07/26/32 EUR 61.01
Jamaica Govt LRS 16.250 06/18/27 EUR 65.60
Jamaica Govt LRS 16.250 05/22/22 EUR 67.03
Jamaica Govt LRS 16.250 08/26/32 EUR 63.09
Jamaica Govt LRS 16.500 06/14/27 EUR 62.08
Jamaica Govt LRS 17.000 07/11/23 EUR 65.08
NETHERLANDS ANTILLES
---------------------
Soc Gen Accept 0.750 12/21/11 EUR 47.75
Soc Gen Accept 7.000 02/27/13 EUR 21.07
Soc Gen Accept 7.000 02/27/13 EUR 23.88
Soc Gen Accept 8.000 12/20/13 EUR 40.40
PUERTO RICO
-----------
Doral Fin Corp 7.000 04/26/12 USD 60.25
Doral Fin Corp 7.100 04/26/17 USD 74.00
Doral Fin Corp 7.150 04/26/22 USD 52.12
Doral Fin Corp 7.650 03/26/16 USD 69.87
URUGUAY
-------
Uruguay 3.700 06/26/37 UYU 62.58
Uruguay 4.250 04/05/27 UYU 71.00
VENEZUELA
---------
Petroleos de Ven 5.250 04/12/17 USD 42.50
Petroleos de Ven 5.375 04/12/27 USD 36.00
Petroleos de Ven 5.500 04/12/37 USD 36.00
Venezuela 8.500 10/08/14 USD 68.00
Venezuela 6.000 12/09/20 EUR 47.25
Venezuela 5.750 02/26/16 EUR 54.68
Venezuela 7.000 03/31/38 USD 46.37
Venezuela 7.000 03/16/15 USD 62.97
Venezuela 7.000 03/16/15 USD 62.99
Venezuela 7.000 12/01/18 USD 55.25
Venezuela 7.650 04/21/25 USD 50.75
Venezuela 9.000 05/07/23 USD 57.23
Venezuela 9.250 09/15/27 USD 63.80
Venezuela 9.250 05/07/28 USD 64.12
Venzod - 189000 9.375 01/13/34 USD 58.25
***********
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 * * *