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/raid1/www/Hosts/bankrupt/TCRLA_Public/100104.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Monday, January 4, 2010, Vol. 11, No. 001 Headlines A R G E N T I N A CENTRAL TERMICA: Moody's Gives Negative Outlook; Keeps 'B2' Rating B R A Z I L BANCO NACIONAL: LLX Gets US$234 Million Loan for Sudeste Port BRASKEM SA: Inks Green Plastic Development Deal With Novozymes UAL CORP: To Solicit Offers From Embraer for Narrow-Bodied Planes C A Y M A N I S L A N D S ARAWAK PROPERTIES: Placed Under Voluntary Wind-Up ARDEN SB: Commences Wind-Up Proceedings ARDEN SMART: Commences Wind-Up Proceedings ARDEN SMART: Commences Wind-Up Proceedings CALABASH RE: Placed Under Voluntary Liquidation CASAM HEDGE: Placed Under Voluntary Wind-Up GLOBAL MARKETS: Commences Wind-Up Proceedings ING CLARION: Commences Liquidation Proceedings ING CLARION: Commences Liquidation Proceedings LAFB1: Placed Under Voluntary Liquidation LIBERTA COMPANY: Placed Under Voluntary Liquidation NIAGARA/FRIEDBERG: Placed Under Voluntary Liquidation RABO CAPITAL: Placed Under Voluntary Wind-Up RAM 6 LEASING: Commences Wind-Up Proceedings RICAART LTD: Placed Under Voluntary Liquidation S&P IV: Commences Wind-Up Proceedings STEED MANAGEMENT: Placed Under Voluntary Liquidation SUN WAVE: Commences Wind-Up Proceedings TPS CAPITAL: Placed Under Voluntary Wind-Up VIRTUS CAYMAN: Commences Liquidation Proceedings J A M A I C A AIR JAMAICA: Possible Sale Faces Opposition in Trinidad AIR JAMAICA: BITU Seeks Speedy Divestment of Airline AMR CORP: Mum on Crash Investigation M E X I C O GRUPO IUSACELL: To Remove Shares From Public Trading to Cut Cost P E R U * PERU: To Invest US$8.66 Billion This Year T U R K S & C A I C O S I S L A N D S OLINT CORP: Injunction on Former Boss' Assets Expires V E N E Z U E L A CITGO PETROLEUM: Shuts Platformer Reactor at Texas Refinery PETROLEOS DE VENEZUELA: No Bail for 3 Workers in Corruption Case *VENEZUELA: Tells Foreign Auto Makers to Share Technology or Leave *VENEZUELA: Central Bank Estimates 2.9% GDP Contraction in 2009 V I R G I N I S L A N D S TRISTAN OIL: Moody's Downgrades Corporate Family Rating to 'C' X X X X X X X X * BOND PRICING: For the Week December 28 to January 1, 2009 - - - - - ================= A R G E N T I N A ================= CENTRAL TERMICA: Moody's Gives Negative Outlook; Keeps 'B2' Rating ------------------------------------------------------------------ Moody's Latin America has changed Central Termica Loma de la Lata's rating outlook to negative from stable and affirmed the existing B2 and A2.ar long term debt ratings. The main driver prompting the outlook change is the relatively higher risk perceived from the long term contract recently executed directly with Compa¤ia Administradora del Mercado Mayorista Electrico S.A. rather than under the Energia Plus framework as originally expected. The company's B2 global scale and A2.ar national scale ratings reflect the risks and strengths of CTLLL's current project to close the cycle of its existing thermal generation plant adding 176 MW to the current 369 MW of existing capacity at the open cycle, which is guaranteed by Pampa Engeria S.A., the group holding company, during the construction phase. The project is slated for completion in the second quarter 2010, with commercial operations beginning in the third quarter. Moody's takes comfort from the fact that Pampa guarantees the US$178 million notes due 2015 during the construction period, thus mitigating the risks related to potential delays in project completion. However, the agreement recently announced to sell at least 50% of the new capacity to CAMMESA under a Resolution 220 contract implies that the parent's guarantee extension after project completion could no longer be required by a majority of bondholders as the project would have the required contracted capacity in time. In November 2009, CTLLL said it had entered into a 10-year agreement with CAMMESA to sell at least half of the net capacity resulting from its expansion project, rather than selling the new capacity to diversified, private companies in the term market, as originally planned under the Energia Plus framework. While the contract will reduce exposure to the spot market, the off taker will be CAMMESA, an agency that administers the wholesale electricity market in Argentina, thus increasing earnings and cash flow exposure to further concentration risk. Although expected revenues, margins and cash generation under the terms of this agreement will be weaker in comparison with Moody's original expectations under a fairly developed Energia Plus market, CTLLL's metrics are expected to remain adequate for the rating category. While the 10-year agreement gives the company some cash flow predictability, increased dependence on payments coming from CAMMESA, which is currently experiencing an operating deficit, raises questions in terms of overall credit quality relative to what was originally expected from contracts executed exclusively under a more diversified Energia Plus framework. CTLLL's B2 local currency rating reflects its global default and loss expectation, while the A2.ar national scale rating reflects the standing of CTLLL's credit quality relative to its domestic peers. Moody's National Scale Ratings are intended as relative measures of 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. Issuers or issues rated A2.ar present above-average creditworthiness relative to other domestic issuers. 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. CTLLL's main cash requirements arise from the investment in the expansion project, totaling US$214 million. To finance the project, in September 2008, CTLLL closed a bond issuance for an amount of US$178 million and completed the required financing with equity contributions and proceeds from the sale of non-core assets. As of September 30, 2009, CTLLL had a cash position of ARS 49 million (US$12 million), of which ARS 20 million (US$5.2 million) were deposited in debt service reserve account and ARS 21 (US$5.4 million) were restricted as collateral as required by the EPC contract. In addition, the company had US$31.59 under an escrow account also kept as collateral. The company has no significant debt maturities in the near term as the notes have a five-year grace period with semiannual payments beginning in September 2013, long after the expected start of the combined cycle's commercial operations and its associated increased cash generation. The negative outlook reflects Moody's view of increased risk from the project's higher dependence on CAMMESA sources, which is currently experiencing an operating deficit that is financed with government resources. In Moody's view, this increases the project's exposure to the Argentine government (B3, Stable). Moody's expects that the electricity sector will continue to face significant uncertainties for cost recovery and a low degree of predictability of the timing and nature of changes in the regulatory environment. The rating could be downgraded if the financial strength of Pampa experiences a significant deterioration or completion of the project is materially delayed, the regulatory environment becomes financially weaker as evidenced by CAMMESA's inability to comply with the terms of the recent agreement with CTLLL as well as other potential negative developments in the regulatory framework. The rating outlook could be stabilized if additional contracts are executed under the Energia Plus framework thus reducing the current level of concentration risk. A material improvement in the regulatory environment that leads to greater clarity and predictablility along with proven certainty from CAMMESA's contract payments as well as an upgrade in Argentine's B3 rating could lead to an upgrade in the ratings. Central Termica Loma de la Lata S.A. is an electric generation company formed as a Sociedad Anonima as a result of Pampa Energia S.A. acquisition of the thermal power plant at Loma La Lata in May 2007. CTLLL's main asset is a thermo-electric power plant located above the major gas fields in the Neuquina basin, in the province of Neuquen-Argentina. Currently, CTLLL has an installed net capacity of 369 MW, which is expected to increase by 176 MW after this project is completed. With a total generation of 1745 GWh, total revenues for the fiscal year ending in December 2008 amounted to ARS 193 million (approximately US$58 million), and to ARS 208 million (approximately US$55 million) for the last twelve months ending in September 2009, with a total generation of 1305 GWh in the same period. Pampa Energia S.A. (not rated) is the largest, fully-integrated electricity company in Argentina. Through its subsidiaries, the company is engaged in the generation, transmission and distribution of electricity within the country. Pampa has an installed capacity of approximately 2,000 MW, which represents about 8% of the country's installed capacity. It also co-controls Transener (not rated), the largest high-voltage electricity transmission system in Argentina and it is the majority shareholder of Edenor (B2, stable), the largest electricity distribution company in Argentina, with more than 2,5 million customers. =========== B R A Z I L =========== BANCO NACIONAL: LLX Gets US$234 Million Loan for Sudeste Port ------------------------------------------------------------- LLX Logistica obtained a loan of BRL408 million (US$234 million) for its Sudeste Port from Banco Nacional de Desenvolvimento Economico e Social SA, Brian Ellsworth at Reuters reports. According to the report, LLX said in August it had received regulatory approval for the construction of the port, which is designed to handle 50 million tons of iron ore per year in its initial phase. The report relates that the company will use the funds for equipment purchases from Brazilian suppliers. The project, the report notes, is expected to receive iron ore from mining company MMX, as well as from other miners in the state of Minas Gerais that currently do not have access to iron export markets. The port is expected to start operations in 2011. 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. BRASKEM SA: Inks Green Plastic Development Deal With Novozymes --------------------------------------------------------------- Braskem SA and Novozymes disclosed a research partnership to develop large-scale production of polypropylene from sugarcane. "Braskem was the first company in the world to produce a 100% certified green polypropylene on an experimental basis. The partnership with Novozymes will further boost Braskem's technology development and be a key step in the company's path to consolidate its worldwide leadership in green polymers, all leveraged by Brazil's competitive advantages within renewable resources," says Bernardo Gradin, CEO of Braskem. Sugar is New Oil Polypropylene is a plastic used in a wide range of everyday products, from food containers, drinking straws, and water bottles to washing machines, furniture, and car bumpers. It is the second most widely used thermoplastic with a global consumption in 2008 of 44 million metric tons. The market is estimated to be US$66 billion, with an annual growth rate of 4%. According to the company press release, polypropylene is primarily derived from oil, but Braskem and Novozymes will develop a green alternative based on Novozymes' core fermentation technology and Braskem's expertise in chemical technology and thermoplastics. Initial development will run for at least five years. Both companies have ongoing interests in a bio-based economy: Braskem is currently building a 200,000-tons-per-year green polyethylene plant in Brazil with ethanol from sugarcane as the raw material. Novozymes is producing enzymes to turn agricultural waste into advanced biofuels and has partnered to convert renewable raw materials into acrylic acid. 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 November 10, 2009, the company continues to carry Moody's Ba1 rating. The company also continues to carry Fitch ratings' BB+ LT Issuer Default ratings and Senior Unsecured Debt rating UAL CORP: To Solicit Offers From Embraer for Narrow-Bodied Planes ----------------------------------------------------------------- To recall, United Air Lines, Inc., ordered 25 Airbus A350 XWB aircraft and 25 Boeing 787 Dreamliner aircraft and has future purchase rights for 50 of each aircraft. In this light, UAL Chief Executive Glenn Tilton said in an interview that Empresa Brasileira de Aeronautica S.A. or Embraer will be invited to join competition for the supply of narrow- bodied aircraft to United, Reuters reported on December 9, 2009. Based in Chicago, Illinois, UAL Corporation (NASDAQ: UAUA) -- http://www.united.com/-- is the holding company for United Airlines, Inc. United Airlines is the world's second largest air carrier. The airline flies to Brazil, Korea and Germany. The Company filed for Chapter 11 protection on December 9, 2002 (Bankr. N.D. Ill. Case No. 02-48191). James H.M. Sprayregen, Esq., Marc Kieselstein, Esq., David R. Seligman, Esq., and Steven R. Kotarba, Esq., at Kirkland & Ellis, represented the Debtors in their restructuring efforts. Fruman Jacobson, Esq., at Sonnenschein Nath & Rosenthal LLP represented the Official Committee of Unsecured Creditors before the Committee was dissolved when the Debtors emerged from bankruptcy. Judge Eugene R. Wedoff confirmed the Debtors' Second Amended Plan on January 20, 2006. The Company emerged from bankruptcy protection on February 1, 2006. (United Airlines Bankruptcy News; Bankruptcy Creditors' Service Inc., http://bankrupt.com/newsstand/or 215/945-7000) * * * UAL and United both carry a 'CCC' issuer default rating from Fitch Ratings. UAL carries a 'B-'' on 'watch negative', corporate credit rating from Standard & Poor's Ratings Serv About Embraer Headquartered in Brazil, Empresa Brasileira de Aeronautica SA (Embraer) -- http://www.embraer.com-- is a company engaged in the manufacture of aircrafts for commercial aviation, executive jet and defense and government purposes. The Company has developed a line of executive jets based on one of its regional jet platforms and launched executive jets in the entry-level, light, ultra-large and mid-light/mid-size categories, the Phenom 100/300 family, the Lineage 1000 and the Legacy 450/500 family, respectively. The Company supplies defense aircraft for the Brazilian Air Force based on number of aircraft sold, and sells aircraft to military forces in Europe, Asia and Latin America. In July 2008, the Company acquired a 40% interest owned by Liebherr Aerospace SAS in ELEB?Equipamentos Ltda (ELEB). ELEB is an aerospace system and component manufacturer, and its products include landing gear systems, hydraulics and electro-mechanical sub-assemblies, such as actuators, valves, accumulators and pylons. * * * As reported in the Troubled Company Reporter-Latin America on Feb. 23, 2009, Bloomberg News said Embraer will lay off around 4,200 workers, which represents 20% of its 21,362 employees, and reduced its 2009 revenue forecast by 13% due to the global recession. ========================== C A Y M A N I S L A N D S ========================== ARAWAK PROPERTIES: Placed Under Voluntary Wind-Up ------------------------------------------------- On November 4, 2009, the shareholders of Arawak Properties Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by December 23, 2009, will be included in the company's dividend distribution. The company's liquidator is: Royhaven Secretaries Limited c/o Laura Henry Telephone: 945 4777 Facsimile: 945 4799 P.O. Box 707, Grand Cayman KY1-1107 ARDEN SB: Commences Wind-Up Proceedings --------------------------------------- On October 30, 2009, the sole shareholder of Arden SB Basket, Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by December 14, 2009, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815-1762 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007, Cayman Islands ARDEN SMART: Commences Wind-Up Proceedings ------------------------------------------ On October 27, 2009, the sole shareholder of Arden Smart Beta Holdings, Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by December 14, 2009, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815-1762 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007, Cayman Islands ARDEN SMART: Commences Wind-Up Proceedings ------------------------------------------ On October 30, 2009, the sole shareholder of Arden Smart Beta Feeder A, Ltd. resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by December 14, 2009, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Jo-Anne Maher Telephone: (345) 815-1762 Facsimile: (345) 949-9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007, Cayman Islands CALABASH RE: Placed Under Voluntary Liquidation ----------------------------------------------- On September 15, 2009, the shareholder of Calabash Re Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by December 23, 2009, will be included in the company's dividend distribution. The company's liquidators are: Katherine Chiazza Barbara Fawcitt P.O. Box 1109, HSBC House, 68 West Bay Road Grand Cayman, Cayman Islands Telephone: 949-7553 Facsimile: 949-6021 P.O. Box 1109, HSBC House, 68 West Bay Road Grand Cayman, Cayman Islands Telephone: 949-7755 Facsimile: 949-6021 CASAM HEDGE: Placed Under Voluntary Wind-Up ------------------------------------------- On October 9, 2009, the sole shareholder of Casam Hedge 1 resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by December 24, 2009, will be included in the company's dividend distribution. The company's liquidator is: Maricorp Services Ltd. c/o Steven J. Barrie Telephone: 345 949 9710 P.O. Box 2075, 31 The Strand Grand Cayman KY1-1105, Cayman Islands GLOBAL MARKETS: Commences Wind-Up Proceedings --------------------------------------------- On November 9, 2009, the sole shareholder of Global Markets Investment Fund Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by December 15, 2009, will be included in the company's dividend distribution. The company's liquidator is: Ogier c/o Colin MacKay Telephone: (345) 949 9876 Facsimile: (345) 949 9877 89 Nexus Way, Camana Bay Grand Cayman KY1-9007, Cayman Islands ING CLARION: Commences Liquidation Proceedings ---------------------------------------------- ING Clarion US Liquidfund Ltd. commenced liquidation proceedings on November 3, 2009. Only creditors who were able to file their proofs of debt by December 23, 2009, will be included in the company's dividend distribution. Maricorp Services Ltd. is the company's liquidator. ING CLARION: Commences Liquidation Proceedings ---------------------------------------------- ING Clarion US Liquidfund GP Ltd. commenced liquidation proceedings on November 10, 2009. Maricorp Services Ltd. is the company's liquidator. LAFB1: Placed Under Voluntary Liquidation ----------------------------------------- On October 22, 2009, the sole shareholder of LAFB1 resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by December 24, 2009, will be included in the company's dividend distribution. The company's liquidator is: Maricorp Services Ltd. c/o Steven J. Barrie Telephone: 345 949 9710 P.O. Box 2075, 31 The Strand Grand Cayman KY1-1105, Cayman Islands LIBERTA COMPANY: Placed Under Voluntary Liquidation --------------------------------------------------- On November 5, 2009, the sole shareholder of Liberta Company Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by December 23, 2009, will be included in the company's dividend distribution. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 NIAGARA/FRIEDBERG: Placed Under Voluntary Liquidation ----------------------------------------------------- On November 10, 2009, the sole shareholder of Niagara/Friedberg Global-Macro Fund Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by December 1, 2009, will be included in the company's dividend distribution. The company's liquidator is: Michael Grant Rue du Lac 6, 1897 Bouveret Switzerland RABO CAPITAL: Placed Under Voluntary Wind-Up -------------------------------------------- On November 4, 2009, the shareholders of Rabo Capital Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by December 23, 2009, will be included in the company's dividend distribution. The company's liquidator is: Walkers Corporate Services Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9005, Cayman Islands RAM 6 LEASING: Commences Wind-Up Proceedings -------------------------------------------- RAM 6 Leasing Ltd. commenced wind-up proceedings. Only creditors who were able to file their proofs of debt by December 22, 2009, will be included in the company's dividend distribution. The company's liquidator is: Hassan Hihi Lot Siham no 18, Californie Casablanca, Morocco RICAART LTD: Placed Under Voluntary Liquidation ----------------------------------------------- On November 5, 2009, the shareholders of Ricaart Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by December 23, 2009, will be included in the company's dividend distribution. The company's liquidator is: CDL Company Ltd. P.O. Box 31106, Grand Cayman KY1-1205 S&P IV: Commences Wind-Up Proceedings ------------------------------------- On November 10, 2009, the sole shareholder of S&P IV Company resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by December 10, 2009, will be included in the company's dividend distribution. The company's liquidator is: Walkers SPV Limited c/o Anthony Johnson Telephone: (345) 914-6314 Walker House, 87 Mary Street, George Town Grand Cayman KY1-9002, Cayman Islands STEED MANAGEMENT: Placed Under Voluntary Liquidation ---------------------------------------------------- On November 2, 2009, the sole shareholder of Steed Management resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by December 24, 2009, will be included in the company's dividend distribution. The company's liquidator is: Jamal Young Telephone: (345) 943-5700 Facsimile: (345) 943-5711 c/o Goldfield (Cayman) Corporate Services Ltd. Rankin's Plaza, 21 Eclipse Drive P.O. Box 10734, Grand Cayman KY1-1007 Cayman Islands SUN WAVE: Commences Wind-Up Proceedings --------------------------------------- Sun Wave Holdings Limited commenced wind-up proceedings on November 5, 2009. Only creditors who were able to file their proofs of debt by December 23, 2009, will be included in the company's dividend distribution. The company's liquidator is: Eagle Holdings Ltd. c/o Barclays Private Bank & Trust (Cayman) Limited FirstCaribbean House, 4th Floor P.O. Box 487, Grand Cayman KY1-1106 Cayman Islands Telephone: 345 949-7128 TPS CAPITAL: Placed Under Voluntary Wind-Up ------------------------------------------- On November 5, 2009, the shareholders of TPS Capital Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by December 23, 2009, will be included in the company's dividend distribution. The company's liquidator is: Royhaven Secretaries Limited c/o Laura Henry Telephone: 945 4777 Facsimile: 945 4799 P.O. Box 707, Grand Cayman KY1-1107 VIRTUS CAYMAN: Commences Liquidation Proceedings ------------------------------------------------ On October 31, 2009, the shareholder of Virtus Cayman 2 Limited. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by December 23, 2009, will be included in the company's dividend distribution. The company's liquidators are: Glen Trenouth Rodney Graham Telephone: (345) 943 8800 Facsimile: (345) 943 8801 P.O. Box 31118, Grand Cayman KY1-1205 Cayman Islands ============= J A M A I C A ============= AIR JAMAICA: Possible Sale Faces Opposition in Trinidad ------------------------------------------------------- According to RadioJamaica, reports have emerged of growing opposition in Trinidad and Tobago to plans for Caribbean Airlines to acquire Air Jamaica Limited. RadioJamaica, citing Trinidad Express newspaper, relates that Trinidadian Opposition Member of Parliament, Vasant Bharath, is against support being provided to cash-strapped Air Jamaica. According to RadioJamaica, Mr. Bharath is particularly concerned that back room negotiations have been taking place between Jamaica and Trinidad even though Trinidad and Tobago Prime Minister Patrick Manning six months ago denied being involved in talks. Mr. Bharath, RadioJamaica notes, said that Trinidad's problems must first be attended to and then Caribbean neighbours can be looked after. As reported in the Troubled Company Reporter-Latin America on December 21, 2009, Go-Jamaica News said that Jamaica Prime Minister Bruce Golding has held discussions with the government in Trinidad and Tobago over Air Jamaica Limited and Caribbean Airlines. According to the report, citing a statement from the Office of the Prime Minister in Trinidad and Tobago, Mr. Golding met with the Acting Prime Minister, Dr Lenny Saith. The statement, the report related, said that the Jamaican Prime Minister was accompanied by a high level delegation to discuss matters related to both regional carriers. Jamaica, the report said, is yet to announce the successful bidder for the cash strapped airline. About Air Jamaica Headquartered in Kingston, Jamaica, Air Jamaica Limited -- http://www.airjamaica.com/-- was founded in 1969. It flies passengers and cargo to almost 30 destinations in the Caribbean, Europe, and North America. Air Jamaica offers vacation packages through Air Jamaica Vacations. The company closed its intra- island services unit, Air Jamaica Express, in October 2005. The Jamaican government owned 25% of the company after it went private in 1994. However, in late 2004, the government assumed full ownership of the airline after an investor group turned over its 75% stake. The Jamaican government does not plan to own Air Jamaica permanently. * * * As reported in the Troubled Company Reporter-Latin America on November 5, 2009, Standard & Poor's Ratings Services said that it lowered its long-term corporate credit rating on Air Jamaica Ltd. to 'CCC' from 'CCC+'. The outlook is negative. AIR JAMAICA: BITU Seeks Speedy Divestment of Airline ---------------------------------------------------- Bustamante Industrial Trade Union, one of the trade unions representing most of Air Jamaica Limited's workers, is calling for a speedy conclusion of negotiations for the sale of the national airline, RadioJamaica reports. According to the report, BITU said that Air Jamaica is urgently in need of capital and lengthy discussions for its sale will only make its financial problems worse. "Well at least the government is still in discussions with somebody in terms of a possible sale. We were of the view that from a long time that the sale with India have fallen through because of the extended period which it took to materialize. We sincerely hope that within a reasonable time the government will be able to broker a deal with Caribbean Airlines, Air Jamaica is at the stage where it is in bad need of capital and that capital could only come from an investor," the report quoted BITU President-General Kavon Gayle as saying. About Air Jamaica Headquartered in Kingston, Jamaica, Air Jamaica Limited -- http://www.airjamaica.com/-- was founded in 1969. It flies passengers and cargo to almost 30 destinations in the Caribbean, Europe, and North America. Air Jamaica offers vacation packages through Air Jamaica Vacations. The company closed its intra- island services unit, Air Jamaica Express, in October 2005. The Jamaican government owned 25% of the company after it went private in 1994. However, in late 2004, the government assumed full ownership of the airline after an investor group turned over its 75% stake. The Jamaican government does not plan to own Air Jamaica permanently. * * * As reported in the Troubled Company Reporter-Latin America on November 5, 2009, Standard & Poor's Ratings Services said that it lowered its long-term corporate credit rating on Air Jamaica Ltd. to 'CCC' from 'CCC+'. The outlook is negative. AMR CORP: Mum on Crash Investigation ------------------------------------ American Airlines Inc. continues to refuse comment on the investigation surrounding the crash of Flight 331, RadioJamaica reports. The report relates that Minnette Velez, Corporate Communications Manager at American Airlines in Puerto Rico, said the airline is focused on the well being of the passengers who were on board the flight. According to the report, Ms. Velez said the airline has provided passengers with US$5,000 each to mitigate the inconvenience of losing their luggage. American Airlines was fully cooperating with the local and international authorities, she added. RadioJamaica notes that Ms. Velez also refused to reveal the extent of losses the airline suffered as a result of the crash. As reported in the Troubled Company Reporter-Latin America on December 30, 2009, RadioJamaica said that Attorney Anthony Hylton said that American Airlines Inc. could face legal action from the Airports Authority of Jamaica and the operators of the Norman Manley International Airport following an accident at the Jamaican airport. The report related that following the incident, the airport was forced to close for several hours resulting in a major disruption in flights. The report noted that the airport as well as the AAJ also incurred expenses associated with its emergency response system. About AMR Corporation Headquartered in Forth Worth, Texas, AMR Corporation (NYSE: AMR) operates with its principal subsidiary, American Airlines Inc. -- http://www.aa.com/-- a worldwide scheduled passenger airline. At the end of 2006, American provided scheduled jet service to about 150 destinations throughout North America, the Caribbean, Latin America, including Brazil, Europe and Asia. American is also a scheduled airfreight carrier, providing freight and mail services to shippers throughout its system. Its wholly owned subsidiary, AMR Eagle Holding Corp., owns two regional airlines, American Eagle Airlines Inc. and Executive Airlines Inc., and does business as "American Eagle." American Beacon Advisors Inc., a wholly owned subsidiary of AMR, is responsible for the investment and oversight of assets of AMR's U.S. employee benefit plans, as well as AMR's short-term investments. AMR Corp. reported a net loss of US$390 million for the second quarter of 2009, or US$1.39 per share. At June 30, 2009, the Company had US$24.1 billion in total assets; US$8.2 billion in total current liabilities, US$8.3 billion in long- term debt, less current maturities, US$572 million in obligations under capital leases, less current obligations, US$6.8 billion in pension and postretirement benefits, and US$3.1 billion in other liabilities, deferred gains and deferred credits; resulting in a US$3.0 billion stockholders' deficit. * * * As reported in the Troubled Company reporter on November 4, 2009, Moody's Investors Service assigned a B1 rating to the US$276 million of senior secured notes due August 2016 of American Airlines, Inc., which were privately-placed on July 31, 2009. Moody's is maintaining its other ratings of American and its parent AMR Corporation, including the Caa1 Corporate Family and Probability of Default ratings and the SGL-2 Speculative Grade Liquidity rating. The outlook is stable. =========== M E X I C O =========== GRUPO IUSACELL: To Remove Shares From Public Trading to Cut Cost ---------------------------------------------------------------- Crayton Harrison at Bloomberg News reports that Grupo Iusacell SAB de CV (Grupo Iusacell) won investors' approval to remove its shares from public trading in a cost-cutting move. The report relates that shareholders authorized Iusacell to take steps to delist from the Mexican stock exchange, including acquiring outstanding shares. According to the report, Mr. Iusacell said that delisting would ?achieve important savings.? The report notes that the company is struggling to keep customers from switching to larger rivals America Movil SAB and Telefonica SA. The company, the report recalls, suspended payments in March to holders of debt in foreign currency and has been negotiating with the creditors. About Grupo Iusacell Grupo Iusacell SAB de CV (Grupo Iusacell) is a Mexico-based company primarily engaged in the provision of wireless telecommunications services. The Company's service portfolio includes pre-paid and post-paid local and long distance mobile telephony, broadband Internet access, data transmission and electronic voice messaging, among others. In addition, the Company's products are marketed nationwide under the Iusacell, Unefon and VIVA brands. The Company is a parent of a number of controlled entities which are also active in the telecommunications sector. Through Iusatel USA Inc and Mexican Cellular Holding Inc, the Company has operations established in the United States. As of December 31, 2008, the Company's majority shareholder was Movil Access SA de CV, with 55.47% of its interests. ======= P E R U ======= * PERU: To Invest US$8.66 Billion This Year ------------------------------------------- Peru's government aims to invest S/25 billion (US$8.66 billion) in public works this year, a 38% increase from last year, John Quigley at Bloomberg News reports, citing Peru President Alan Garcia. The report relates Mr. Garcia said that private investment may rise to S/100 billion, up 67% from last year, as the government seeks to improve the country's infrastructure. According to the report, Mr. Garcia said that more than 92% of Peruvians might have electricity by the end of this year and 90% may have access to potable water. The government also aims to build an estimated 7,000 kilometers (4,350 miles) of new roads by February 2011, he added. ?I want to ensure that 25 billion soles are invested in public works and that there is nothing left over in the budget,? the report quoted Mr. Garcia as saying. ?We need more private-sector investment to build more bridges, airports, ports and roads,? he added. * * * As reported by the Troubled Company Reporter - Latin America on December 17, 2008, Fitch Ratings downgraded Ecuador's long- term foreign currency Issuer Default Rating (IDR) to 'RD' from 'CCC' following the expiration of the grace period for the coupon payment on the 2012 global bonds that was due on Nov. 15 and the government's announcement that it will selectively default on all global bonds. The short-term foreign currency rating was downgraded to 'D' from 'C'. The country ceiling remains at 'B-'. ======================================== T U R K S & C A I C O S I S L A N D S ======================================== OLINT CORP: Injunction on Former Boss' Assets Expires ----------------------------------------------------- According to RadioJamaica, it is not yet known whether an application will be made to extend the injunction freezing the assets of freezing the assets of former Turks & Caicos Islands- based foreign exchange trader, Olint Corp.; boss David Smith; his wife Tracey-Ann; and brother Gilbert Wayne Smith. The report related that the 21 day injunction, which was issued by the Supreme Court on December 7, expired on December 28. According to the report, a Web site set up to provide updates from Olint's liquidator has not given any new information on the injunction. The report relates that the couple is to face the Turks & Caicos Islands courts in March. As reported in the Troubled Company Reporter-Latin America on December 10, 2009, RadioJamaica said that Olint's liquidator had made an application to freeze the Smiths' assets up to the value of US$214.7-million as well as assets valued up to US$49.1 million held by Olint (Turks & Caicos Islands) TCI Corporation worldwide. The report related that the court order bars the Smiths from disposing of or dealing with any of their assets, or withdrawing or wiring any funds from their accounts or accounts held on their behalf unless they exceed US$214 million. RadioJamaica noted that the Smiths will also have to declare their assets in full particularly where those assets are held in their names by nominees as well as the sums in these accounts. About Olint Corp. Olint Corp. Limited is an investment scheme based in Jamaica. It has operations in Turks & Caicos and the U.S. It has been facing legal problems since 2006 when the Financial Services Commission served a cease-and-desist order on the firm. On Dec. 24, 2007, the court ruled that the operations of Olint breached provisions of the Securities Act. The firm had been dealing in securities and engaging in the participation of a profit-sharing agreement, issuing investment contracts, and providing advice to potential investors without licenses and registration. Olint appealed the ruling and was granted a stay of execution of the cease-and-desist order until the appeal was heard in February 2008. In May 2008, the National Commercial Bank Jamaica Limited attempted to close three Olint accounts in the bank. However, Olint secured an injunction from the court barring the National Commercial from closing the accounts. Olint has suspended payments to its members since early this year. ================= V E N E Z U E L A ================= CITGO PETROLEUM: Shuts Platformer Reactor at Texas Refinery ----------------------------------------------------------- Citgo Petroleum Corp. shut a platformer reactor at its refinery in Corpus Christi, Texas due to a leaking flange, Florence Tan at Dow Jones Newswires reports. According to Dow Jones Newswires, citing a company report to the Texas Commission on Environmental Quality, Benzene was emitted between 3.40 p.m. CST and 4.20 p.m. CST on December 30. The report relates that it wasn't clear if the shutdown was related to a brief fire at a gasoline-making unit. Dow Jones Newswires says that the Corpus Christi plant has the capacity to process 163,000 barrels of crude oil a day. Citgo is owned by Petroleos de Venezuela S.A. About Citgo Petroleum Headquartered in Houston, Texas, Citgo Petroleum Corp. -- http://www.citgo.com/-- is owned by PDV America, an indirect, wholly owned subsidiary of Petroleos de Venezuela S.A., the state-owned oil company of Venezuela. * * * As reported in the Troubled Company Reporter on June 5, 2009, Fitch Ratings affirmed the current ratings of CITGO Petroleum Corporation but revised the company's Outlook to Negative from Stable. Fitch affirmed these ratings for CITGO: -- Issuer Default Rating at 'BB-'; -- Senior Secured Credit Facility at 'BBB-'; -- Secured Term Loan at 'BBB-'; -- Fixed-Rate Industrial Revenue Bonds at 'BBB-'. 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 reported in the Troubled Company Reporter-Latin America on July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon notes due in 2011. These notes will be registered at Euroclear or Clearstream. Proceeds from the issuance are expected to be used to fund capital expenditures and for other general corporate purposes. Fitch also has these ratings on PDVSA: -- Foreign currency Issuer Default Rating 'B+' -- Local currency IDR 'B+' -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4' -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4' -- US$1.5 billion outstanding senior notes (due 2037) 'B+/R PETROLEOS DE VENEZUELA: No Bail for 3 Workers in Corruption Case ---------------------------------------------------------------- Judge Octavio Rothschuh ordered three former employees of Albanisa (ALBA de Nicaragua SA), held without bail on charges they embezzled 1.4 million cordobas (US$67,210) from the enterprise, The Latin American Herald reports. The report relates that only two of the defendants are in custody. The consortium that owns Albanisa is composed of PDVSA, with a 55% stake through PDV- Caribe, and Petroleos de Nicaragua (Petronic). According to the report, Judge Rothschuh set February 26 as the date for the trial of Leyla Josefa Gonzalez Cordero, Maria Lisette Gutierrez Silva and Henry Ricardo Rodriguez Largaespada. However, the report relates that Gonzalez Cordero, Albanisa's erstwhile controller, has fled the country. The Herald notes that the alleged embezzlement was discovered in November by PDVSA auditors, who turned their findings over to Nicaraguan prosecutors. As reported in the Troubled Company Reporter-Latin America on December 30, 2009, EL Universal News said that Petroleos de Venezuela's complaint and the disclosure of "serious failings" in the management of Albanisa led to the dismissal of Jose Francisco Lopez Centeno. According to the report, Albanisa is now reportedly headed by the representative of Venezuela, Rafael Paniagua. El Universal News noted that one of the likely successors of Mr. Lopez is the inspector general of the Army of Nicaragua, Maj. Gen. Ramon Calderon Vindell. 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 reported in the Troubled Company Reporter-Latin America on July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon notes due in 2011. These notes will be registered at Euroclear or Clearstream. Proceeds from the issuance are expected to be used to fund capital expenditures and for other general corporate purposes. Fitch also has these ratings on PDVSA: -- Foreign currency Issuer Default Rating 'B+' -- Local currency IDR 'B+' -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4' -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4' -- US$1.5 billion outstanding senior notes (due 2037) 'B+/R *VENEZUELA: Tells Foreign Auto Makers to Share Technology or Leave ------------------------------------------------------------------ Venezuela President Hugo Chavez told foreign automakers to share their technology with local businesses or they will be told to leave the country, Associated Press reports. According to the report, President Chavez gave the ultimatum to Ford, General Motors, Toyota and Fiat. The report relates that there was no immediate response from the companies, which all have assembly plants in Venezuela. Mr. Chavez, the report points out, said that if his demands will not be, he will invite the automakers to pack up their belongings and leave. "I'll bring in the Russians, the Belorusians, the Chinese," the report quoted Mr. Chavez as saying. Fiat-controlled Chrysler, GM, Ford, Toyota, Mitsubishi, Mack and Iveco all produce vehicles in Venezuela. Last year, the report recalls, auto plants in Venezuela produced 135,042 cars and trucks. However, the report relates, Venezuela's currency controls have the industry struggling to obtain the cash they need to import enough parts and pay down debts. * * * According to Moody's Investors Service, Venezuela continues to carry a B2 foreign currency rating and a B1 local currency rating with stable outlook. *VENEZUELA: Central Bank Estimates 2.9% GDP Contraction in 2009 --------------------------------------------------------------- The Venezuelan economy contracted 2.9% in 2009, confirming the country's first recession in five years, Darcy Crowe and Dan Molinski at Dow Jones Newswires report, citing a preliminary estimates published by the Venezuelan Central Bank. According to the report, the central bank said that the economy was dragged down by a slump in the oil sector, which suffered a 6.1% decline in the year. The report relates that non-oil gross domestic product dropped 1.9%; while manufacturing activity dropped 7.2% in the year, and mining fell 10.2%. Dow Jones Newswires notes that the balance of payments posted an US$11 billion deficit. The report relates that the country's current account posted a US$12.4 billion surplus, down 66.8% against the previous year, as a result of a decline in revenue from oil exports. The decline was partly the result of a 32.7% drop in the price of Venezuela's basket of oil products, the report adds. * * * According to Moody's Investors Service, Venezuela continues to carry a B2 foreign currency rating and a B1 local currency rating with stable outlook. ========================== V I R G I N I S L A N D S ========================== TRISTAN OIL: Moody's Downgrades Corporate Family Rating to 'C' -------------------------------------------------------------- Moody's Investors Service has downgraded the corporate family and probability of default ratings of Tristan Oil Ltd to C from Caa3. The rating of the company's US$300 million and US$120 million senior secured notes maturing 2012 has also been downgraded to C from Caa3 with an LGD5 (77%). The outlook on the ratings is stable in the context of this assigned rating level. The downgrade reflects Moody's concerns over the company's ability to continue operating as a going concern, in view of (i) the absence of any positive developments with regard to the resolution of various legal and tax related issues with the local authorities, (ii) Tristan's weakened liquidity and financial metrics, including the accrual of various contingent liabilities (such as tax claims and guarantees to related parties), and (iii) the high level of impairment of its asset base. Given Tristan's severely eroded liquidity position, Moody's believes the company is unlikely to be able to service the coupon payment on the notes on time and potentially within the 30-day cure period. Taking into account the absence of available funds as of the end of Q3 2009 and certain commitments that Tristan has had to service during Q4 2009 (including oil deliveries to Vitol, under the prepayment scheme resulting in no cash inflow), Moody's views the risk of default on the coupon payment as high. In addition, Tristan is currently in breach under the US$60 million Laren facility, which was due on 17 December 2009 and for which the extension terms are currently being negotiated. Moody's understands that the coupon payment will largely depend on the successful restructuring of the Laren facility. Tristan's poor financial standing is exacerbated by the company's inability to access funds trapped at the level of the affiliated entities -- these include interest-free loans and trade debtors cumulatively amounting to around US$240 million as of the end of Q3 2009. In Moody's view, these assets are severely impaired and may not be recoverable. Moody's previous rating action on Tristan took place on 30 June 2009, when its ratings were downgraded to Caa3 from Caa2, with a negative outlook. Tristan is a special purpose vehicle domiciled in the British Virgin Islands created for the sole purpose of issuing secured notes to finance a loan to two oil and gas companies, KPM and TNG, organized under the laws of Kazakhstan. The guarantors of the notes, KPM and TNG, are engaged in the exploration and development of two oil and gas fields and in the production of oil, condensate and gas in the Pre-Caspian basin of Western Kazakhstan. All companies are directly or indirectly owned by Mr. Stati, a Moldovan citizen, and certain members of his family. =============== X X X X X X X X =============== * BOND PRICING: For the Week December 28 to January 1, 2009 ----------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- ARGENTINA ARGENT-$DIS 8.2812/31/2033 USD 74.9125 ARGENT-PAR 1.1812/31/2038 ARS 38.6812515 ARGENT-=DIS 7.8212/31/2033 EUR 60.9166667 ARGNT-BOCON PR13 23/15/2024 ARS 74.9923229 BUENOS AIRE PROV 9.3759/14/2018 USD 69.1247223 BUENOS AIRE PROV 9.6254/18/2028 USD 66.853642 BUENOS-$DIS 9.254/15/2017 USD 74.9163185 MENDOZA PROVINCE 5.59/4/2018 USD 71.6866801 CAYMAN ISLAND BARION FUNDING 0.6312/20/2056 GBP 17.6306725 BARION FUNDING 1.4412/20/2056 GBP 30.8493851 BISHOPSGATE ASSE 4.8088/14/2044 GBP 67.7348328 CHINA MED TECH 48/15/2013 USD 64.125 CHINA PROPERTIES 9.1255/4/2014 USD 77.7171294 CHINA SUNERGY 4.756/15/2013 USD 65.663 DUBAI HLDNG COMM 4.751/30/2014 EUR 63.4983152 DUBAI HLDNG COMM 62/1/2017 GBP 54.85315 GOL FINANCE 8.75#N/A N Ap USD 82 LDK SOLAR CO LTD 4.754/15/2013 USD 74.375 LDK SOLAR CO LTD 4.754/15/2013 USD 74.3320007 MAZARIN FDG LTD 1.449/20/2068 GBP 28.2307741 MAZARIN FDG LTD 0.639/20/2068 GBP 14.50198 PUBMASTER FIN 6.9626/30/2028 GBP 66.5635829 PUBMASTER FIN 8.446/30/2025 GBP 72.0145035 SHINSEI FIN CAYM 6.418#N/A N Ap USD 57.451585 SHINSEI FIN CAYM 6.418#N/A N Ap USD 57.55 SHINSEI FINANCE 7.16#N/A N Ap USD 58 SHINSEI FINANCE 7.16#N/A N Ap USD 56.425 SMFG PREFERRED 6.164#N/A N Ap GBP 77.4529464 XL CAPITAL LTD 6.5#N/A N Ap USD 75 PUERTO RICO PUERTO RICO CONS 6.54/1/2016 USD 62.5 PUERTO RICO CONS 6.25/1/2017 USD 54.85 VENEZUELA PETROLEOS DE VEN 5.54/12/2037 USD 44.3609725 PETROLEOS DE VEN 4.910/28/2014 USD 57.3759972 PETROLEOS DE VEN 510/28/2015 USD 52.0873222 PETROLEOS DE VEN 5.3754/12/2027 USD 44.704795 PETROLEOS DE VEN 5.254/12/2017 USD 55.4247732 PETROLEOS DE VEN 5.12510/28/2016 USD 49.556061 VENEZUELA 5.752/26/2016 USD 65.43058 VENEZUELA 712/1/2018 USD 64.125 VENEZUELA 7.7510/13/2019 USD 65.84375 VENEZUELA 612/9/2020 USD 55.46 VENEZUELA 95/7/2023 USD 67.75 VENEZUELA 8.2510/13/2024 USD 62.9375 VENEZUELA 7.654/21/2025 USD 59.53 VENEZUELA 9.259/15/2027 USD 73.66666 VENEZUELA 9.259/15/2027 USD 63.223886 VENEZUELA 9.255/7/2028 USD 67.85 VENEZUELA 73/31/2038 USD 55.67 VENZOD - 189000 9.3751/13/2034 USD 68.125 *********** 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, Marites O. Claro, Joy A. Agravente, Rousel Elaine C. Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A. Chapman, Editors. Copyright 2010. 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 * * *