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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
Thursday, October 4, 2012, Vol. 13, No. 198
Headlines
A R G E N T I N A
METROGAS SA: Gas Argentino Shareholders Put Money in Firm
B O L I V I A
* BOLIVIA: Fitch Raises Issuer Default Rating to 'BB-'
C A Y M A N I S L A N D S
BRANDY & OAK: Members Receive Wind-Up Report
BRAZIL MULTI-STRATEGY: Members' Final Meeting Set for Oct. 10
COSMOS TOP: Members' Final Meeting Set for Oct. 10
DEL MAR GLOBAL: Shareholders' Final Meeting Set for Oct. 12
INSPECTION HOLDINGS: Shareholders' Final Meeting Set for Oct. 12
INSPECTION HOLDINGS II: Shareholders' Meeting Set for Oct. 12
KADIA LIMITED: Members Receive Wind-Up Report
MORNINGSIDE TECHNOLOGIES: Members Receive Wind-Up Report
PROVIDENT HOLDINGS: Members Receive Wind-Up Report
TREASURE FIELD: Members Receive Wind-Up Report
J A M A I C A
* JAMAICA: Economy in Mild Recession, STATIN Reveals
M E X I C O
* MUNICIPALITY OF SULTEPEC: Moody's Assigns 'Ba2' Issuer Rating
S T. L U C I A
ST. LUCIA: NWU Threatens to Shutdown Tourism Sector
X X X X X X X X
* Upcoming Meetings, Conferences and Seminars
- - - - -
=================
A R G E N T I N A
=================
METROGAS SA: Gas Argentino Shareholders Put Money in Firm
---------------------------------------------------------
Charles Newbery at Platts News reports that Gas Argentino, a
holding company that controls Metrogas SA, said that its biggest
shareholders have agreed to shore up the company's finances.
A filing with the Buenos Aires Stock Exchange revealed that the
board of Gas Argentino received ARS1.8 million (US$383,000) from a
subsidiary of state-run Argentinian energy company YPF and BG unit
BG Inversiones Argentina, according to Platts News.
BG and YPF's share of the funds was proportional to their
shareholdings of 54.67% and 45.33%, respectively, Gas Argentino
said, the report notes.
Platts News discloses that Gas Argentino has been on the verge of
bankruptcy for a number of years as the government has capped gas
distribution rates and regulations make it hard to restructure its
debts.
The report notes that Gas Argentino owns 70% of Metrogas, which
has also defaulted on its debts.
Platts News relates that Metrogas SA recently said it cannot keep
up with payments to its suppliers, chiefly gas producers and
transporters. The report relays that it told the stock exchange
it will pay half its September bills in October, leaving open the
possibility of further late payments.
Platt News notes that Metrogas SA said it cannot keep up with its
bills because the government has not authorized an increase in gas
distribution rates since 2001 even though its costs have been
surging with inflation. Consumer price inflation has been in the
double digits since 2005 and is at about 25% on an annual basis in
2012, the report adds.
About MetroGas
Buenos Aires, Argentina-based MetroGAS S.A., a gas distribution
company, was incorporated on Nov. 24, 1992, and began operations
on Dec. 29, 1992, when the privatization of Gas del Estado S.E.
("GdE") (an Argentine Government-owned enterprise) was completed.
Through Executive Decree No. 2,459/92 dated Dec. 21, 1992, the
Argentine Government granted MetroGAS an exclusive license to
provide the public service of natural gas distribution in the area
of the Federal Capital and southern and eastern Greater Buenos
Aires, by operating the assets allocated to the Company by GdE for
a 35 year period from the Takeover Date (Dec. 28, 1992). This
period can be extended for an additional 10 year period under
certain conditions.
MetroGAS' controlling shareholder is Gas Argentino S.A. ("Gas
Argentino") who holds 70% of the Common Stock of the Company. The
20%, which was originally owned by the National Government, was
offered in public offering and the remaining 10% is under the
Employee Stock Ownership Plan ("Programa de Propiedad Participada"
or "PPP").
Going Concern Doubt
Price Waterhouse & Co. S.R.L., in Buenos Aires, Argentina,
expressed substantial doubt about MetroGas S.A.'s ability to
continue as a going concern, following the Company's 2011 results.
The independent auditors noted of the uncertainties related to the
suspension of the original regime for tariff adjustments and the
Company's petition for voluntary reorganization in an Argentine
Court on June 17, 2010.
=============
B O L I V I A
=============
* BOLIVIA: Fitch Raises Issuer Default Rating to 'BB-'
------------------------------------------------------
Fitch Ratings has taken the following actions on the Issuer
Default Ratings (IDR) and country ceiling of Bolivia:
-- Long-term foreign currency IDR upgraded to 'BB-' from 'B+';
-- Short-term foreign currency IDR affirmed at 'B';
-- Long-term local currency IDR upgraded to 'BB-' from 'B+';
-- Country ceiling upgraded to 'BB-' from 'B+'.
The Rating Outlook is Stable.
Bolivia's upgrade reflects the country's strengthened external
buffers, improved sovereign debt profile and greater
diversification of financing sources, which provide ample
flexibility to cope with commodity cycles and adverse domestic and
external shocks. In addition, increasing public investment levels
could support growth momentum over the forecast period.
The country's relatively high commodity dependence in terms of
fiscal and external accounts as well as weaker GDP per capita and
human development indicators represent weaknesses for the
sovereign's credit profile. In addition, regulatory uncertainty,
nationalization risks, social conflicts and institutional capacity
constraints continue weighing on private investment and government
policy effectiveness.
International reserves covered 50% of GDP, 14 months of current
external payments and 4x foreign currency deposits in the banking
sector in 2011, mitigating risks related to commodity dependence,
moderate albeit declining financial dollarization and limited
exchange rate flexibility. Bolivia could record the largest
international liquidity ratio and the strongest net sovereign
external creditor position among 'BB'-rated sovereigns through
2014.
The initiative to use USD1.2 billion, 9% of net international
reserves, to finance industrialization and productive projects by
public enterprises is not likely to have a material impact on
external solvency indicators due to its relatively limited size in
relation to net international reserves presently totaling
USD13.4bn. Further transfers of international reserves are not
presently programed, but cannot be discounted.
Economic activity accelerated 5.2% in 2011 from 4.1% in 2010,
raising the country's five-year average (4.7%) growth above the
'BB' median (3.7%). Rising hydrocarbons production, still
favorable commodity prices and increased total public investment
could further enhance growth performance.
General government debt fell to 32% in 2011 and could drop below
30% by 2014 driven by primary fiscal surpluses and higher economic
growth. The authorities prudently used part of the commodity
windfall to redeem high-yielding obligations and improved the
currency and maturity composition of domestic debt through
liability management operations. Bolivia's developing local
market, broad access to multilateral support and expected issuance
of global bonds increase the sovereign's financing flexibility.
Bolivia's ratings incorporate its moderate inflation record,
declining dollarization, healthy banking system and stable
currency regime. However, accommodative policies, rapid credit
growth and rising real estate prices, if sustained, could increase
vulnerabilities in the broader financial system. Fitch also notes
that there is lack of transparency on the health of unregulated
financial institutions which poses risks of contingent liabilities
to the sovereign.
Regulatory uncertainty, state intervention and a relatively poor
business environment limit increased private investment,
especially in the development of new hydrocarbon reserves. The
country approved a new constitution in 2009 but has yet to upgrade
the legal frameworks, especially in key sectors of the economy
such as hydrocarbons, mining, banking and public enterprises.
Increased social conflicts over the use and control of natural
resources challenge the government's agenda and increase policy
unpredictability. Capacity constraints in public entities could
slow down the implementation of the ambitious public investment
program.
Further strengthening of the macroeconomic and fiscal policy
frameworks and implementation of reforms that spur greater private
investment, improve the sustainability of hydrocarbons production
in the medium-term and lead to higher growth would be positive for
creditworthiness. Significant deterioration in the external and
fiscal solvency ratios and unraveling of the growing hydrocarbon
production trajectory could put downward pressure on the ratings.
Crystallization of significant contingent liabilities from the
regulated and unregulated financial sectors could be credit
negative.
==========================
C A Y M A N I S L A N D S
==========================
BRANDY & OAK: Members Receive Wind-Up Report
--------------------------------------------
The members of Brandy & Oak Investment Company received on Oct. 1,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
BRAZIL MULTI-STRATEGY: Members' Final Meeting Set for Oct. 10
-------------------------------------------------------------
The members of Brazil Multi-Strategy Fund, Ltd. will hold their
final general meeting on Oct. 10, 2012, at 4:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
COSMOS TOP: Members' Final Meeting Set for Oct. 10
--------------------------------------------------
The members of Cosmos Top Fund, Ltd. will hold their final general
meeting on Oct. 10, 2012, at 4:00 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
DMS Corporate Services Ltd.
c/o Bernadette Bailey-Lewis
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms Corporate Services Ltd.
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
DEL MAR GLOBAL: Shareholders' Final Meeting Set for Oct. 12
-----------------------------------------------------------
The shareholders of Del Mar Global Volatility Fund Ltd. will hold
their final general meeting on Oct. 12, 2012, at 8:45 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Walkers Corporate Services Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
INSPECTION HOLDINGS: Shareholders' Final Meeting Set for Oct. 12
----------------------------------------------------------------
The shareholders of Inspection Holdings I Limited will hold their
final general meeting on Oct. 12, 2012, at 10:00 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Westport Services Ltd.
c/o Evania Ebanks
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
INSPECTION HOLDINGS II: Shareholders' Meeting Set for Oct. 12
-------------------------------------------------------------
The shareholders of Inspection Holdings II Limited will hold their
final general meeting on Oct. 12, 2012, at 10:30 a.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Westport Services Ltd.
c/o Evania Ebanks
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
KADIA LIMITED: Members Receive Wind-Up Report
---------------------------------------------
The members of Kadia Limited received on Oct. 1, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
MORNINGSIDE TECHNOLOGIES: Members Receive Wind-Up Report
--------------------------------------------------------
The members of Morningside Technologies Inc. received on Oct. 2,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Richard Finlay
c/o Noel Webb
Telephone: (345) 814 7394
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
PROVIDENT HOLDINGS: Members Receive Wind-Up Report
--------------------------------------------------
The members of Provident Holdings Limited received on Oct. 2,
2012, the liquidator's report on the company's wind-up proceedings
and property disposal.
The company's liquidator is:
Buchanan Limited
P.O. Box 1170 George Town
Grand Cayman
Cayman Islands KY1-1102
TREASURE FIELD: Members Receive Wind-Up Report
----------------------------------------------
The members of Treasure Field Limited received on Oct. 2, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Buchanan Limited
P.O. Box 1170 George Town
Grand Cayman
Cayman Islands KY1-1102
Cayman Islands
=============
J A M A I C A
=============
* JAMAICA: Economy in Mild Recession, STATIN Reveals
----------------------------------------------------
RJR News reports that the Statistical Institute of Jamaica,
Statin, has revised preliminary figures for economic growth to
show the economy slipped into a mild recession in the second
quarter.
Statin which produces final figures for economic performance, said
the economy contracted by 0.2% in the April to June period of the
year, according to RJR News.
The report relates that it was a small up tick in the contraction
of 0.1% recorded in the first quarter, after a slight recovery
last year from three years of recession in the aftermath of the
U.S. sub prime crisis of 2008.
However, the report relays that Statin said during the second
quarter, the economy performed much better than it did in the
first, despite recording a contraction compared to last year.
===========
M E X I C O
===========
* MUNICIPALITY OF SULTEPEC: Moody's Assigns 'Ba2' Issuer Rating
---------------------------------------------------------------
Moody's de Mexico assigned issuer ratings of Ba2.mx (Mexico
National Scale) and B2 (Global Scale, local currency) to the
Municipality of Sultepec. The outlook on the ratings is negative
given the financial pressures.
Ratings Rationale
The issuer ratings of Ba2.mx (Mexico National Scale) and B2
(Global Scale, local currency) assigned to the Municipality of
Sultepec reflect a challenging financial situation which is driven
by a highly unbalanced operating results and the recent rapid
increase in debt levels. The ratings also consider the
municipality's relatively poor economic base and the absence of
unfunded pension liabilities.
The ratings also take into account the five year recorded gross
operating deficits, reaching a peak of -57% of operating revenues
in 2010 and -21.8% in 2011 driven by rising personnel
expenditures. Cash financing results, albeit somewhat improving,
have been negative in the last five years, reaching -5.3% of total
revenues in 2011 from -11.7% in 2010. As a result, between 2008
and 2011, the municipality recorded cash financing requirements
that averaged -11.2% of total revenues.
"The negative outlook reflects the uncertainty that the
municipality will be able to redress its current financial
situation. Debt is expected to close at 70% of operating revenues
in 2012 from 6.4% in 2009. " said Francisco Uriostegui, a Moody's
sub-sovereign analyst.
What Can Change The Rating Up/Down
While Moody's does not expect upward pressure on the ratings in
the near term, the correction of the structural misalignment of
revenues and expenditures resulting in an improvement in operating
and financial results could lead to change the outlook to stable.
Conversely, the negative outlook could conclude in a downgrade if
the municipality fails to redress its financial deterioration.
Credit ratings incorporate Moody's macroeconomic outlook and its
implications on key variables that may include but not be limited
to interest rates, inflation, economic growth, unemployment,
performance of counterparties, credit availability, sector level
changes in competitive conditions, supply/demand and margins, and
issuer specific changes in capital structure, competitive
positioning, governance, risk profile, and liquidity. Unexpected
changes in such variables may lead to changes in the credit rating
level, potentially by several notches. Further information on the
sensitivity of the rating to specific assumptions is included in
this disclosure.
===============
S T. L U C I A
===============
ST. LUCIA: NWU Threatens to Shutdown Tourism Sector
---------------------------------------------------
Caribbean360.com reports that the St. Lucia Hotel and Tourism
Association (SLHTA) breathe a sigh of relief as the National
Workers Union (NWU) threatened shutdown of the tourism sector over
government plans to apply the Value Added Tax (VAT) to service
charge on hospitality industry employees has been called off.
The Dr. Kenny Anthony administration issued a statement informing
hotel workers that they will not be asked to pay VAT on service
charges, according to Caribbean360.com
"The Government of St. Lucia wishes to reassure workers throughout
the hotel industry that the service charge earned by workers will
not attract VAT," the government stated, the report relates.
The report notes that VAT goes into effect on October 1 this year
and the NWU, the largest trade union here, had warned that the
decision to implement of the tax on service charges would have a
devastating impact on the tourism sector as some hotel workers
depended on the service charge to improve their monthly salaries.
The report adds that NWU president Tyrone Maynard said that the
union would have "no other option but to shut down the various
hotels" adding "we have communicated this decision to the St.
Lucia Hotel and Tourism Association".
===============
X X X X X X X X
===============
* Upcoming Meetings, Conferences and Seminars
---------------------------------------------
Oct. 4, 2012
AMERICAN BANKRUPTCY INSTITUTE
Nuts & Bolts: Bankruptcy Fundamentals for
Young and New Practitioners
Charles Evans Whittaker Courthouse, Kansas City, Mo.
Contact: 1-703-739-0800;
http://www.abiworld.org/
Oct. 5, 2012
AMERICAN BANKRUPTCY INSTITUTE
32nd Annual Midwestern Bankruptcy Institute & Consumer Forum
Kansas City Marriott Downtown, Kansas City, Mo.
Contact: 1-703-739-0800;
http://www.abiworld.org/
Oct. 5, 2012
AMERICAN BANKRUPTCY INSTITUTE
Bankruptcy 2012: Views from the Bench
Georgetown University Law Center, Washington, D.C.
Contact: 1-703-739-0800;
http://www.abiworld.org/
Oct. 8, 2012
AMERICAN BANKRUPTCY INSTITUTE
5th Annual Chicago Consumer Bankruptcy Conference
University of Chicago Gleacher Center, Chicago, Ill.
Contact: 1-703-739-0800;
http://www.abiworld.org/
Oct. 18, 2012
AMERICAN BANKRUPTCY INSTITUTE
International Insolvency & Restructuring Symposium
Parco dei Principi Grand Hotel & Spa, Rome, Italy
Contact: 1-703-739-0800;
http://www.abiworld.org/
Oct. 26, 2012
AMERICAN BANKRUPTCY INSTITUTE
NCBJ/ABI Educational Program
San Diego Marriott Marquis and Marina, San Diego, Calif.
Contact: 1-703-739-0800;
http://www.abiworld.org/
Nov. 1-2, 2012
AMERICAN BANKRUPTCY INSTITUTE
Corporate Restructuring Competition
Wharton University of Pennsylvania, Philadelphia, Pa.
Contact: 1-703-739-0800;
http://www.abiworld.org/
Nov. 1-3, 2012
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Westin Copley Place, Boston, Mass.
Contact: http://www.turnaround.org/
Nov. 12, 2012
AMERICAN BANKRUPTCY INSTITUTE
Detroit Consumer Bankruptcy Conference
[Location Undetermined]
Contact: 1-703-739-0800; http://www.abiworld.org/
Nov. 26, 2012
BEARD GROUP, INC.
19th Annual Distressed Investing Conference
The Helmsley Park Lane Hotel, New York, N.Y.
Contact: 240-629-3300 or http://bankrupt.com/
Nov. 29-30, 2012
MID-SOUTH COMMERCIAL LAW INSTITUTE
33rd Annual Bankruptcy & Commercial Law Seminar
Nashville Marriott at Vanderbilt, Nashville, Tenn.
Contact: 1-703-739-0800;
http://www.abiworld.org/
Nov. 29 - Dec. 1, 2012
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
JW Marriott Starr Pass Resort & Spa, Tucson, Ariz.
Contact: 1-703-739-0800;
http://www.abiworld.org/
Dec. 4-8, 2012
AMERICAN BANKRUPTCY INSTITUTE
ABI/SJUSL Mediation Training Symposium
St. John's University, Queens, N.Y.
Contact: 1-703-739-0800;
http://www.abiworld.org/
Feb. 20-22, 2013
AMERICAN BANKRUPTCY INSTITUTE
VALCON
Four Seasons Las Vegas, Las Vegas, Nev.
Contact: 1-703-739-0800;
http://www.abiworld.org/
Apr. 10-12, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Spring Conference
JW Marriott Chicago, Chicago, Ill.
Contact: http://www.turnaround.org/
Apr. 18-21, 2013
AMERICAN BANKRUPTCY INSTITUTE
Annual Spring Meeting
Gaylord National Resort & Convention Center,
National Harbor, Md.
Contact: 1-703-739-0800;
http://www.abiworld.org/
June 13-16, 2013
AMERICAN BANKRUPTCY INSTITUTE
Central States Bankruptcy Workshop
Grand Traverse Resort, Traverse City, Mich.
Contact: 1-703-739-0800;
http://www.abiworld.org/
July 11-13, 2013
AMERICAN BANKRUPTCY INSTITUTE
Northeast Bankruptcy Conference
Hyatt Regency Newport, Newport, R.I.
Contact: 1-703-739-0800;
http://www.abiworld.org/
July 18-21, 2013
AMERICAN BANKRUPTCY INSTITUTE
Southeast Bankruptcy Workshop
The Ritz-Carlton Amelia Island, Amelia Island, Fla.
Contact: 1-703-739-0800;
http://www.abiworld.org/
Aug. 8-10, 2013
AMERICAN BANKRUPTCY INSTITUTE
Mid-Atlantic Bankruptcy Workshop
Hotel Hershey, Hershey, Pa.
Contact: 1-703-739-0800;
http://www.abiworld.org/
Aug. 22-24, 2013
AMERICAN BANKRUPTCY INSTITUTE
Southwest Bankruptcy Conference
Hyatt Regency Lake Tahoe, Incline Village, Nev.
Contact: 1-703-739-0800;
http://www.abiworld.org/
Oct. 3-5, 2013
TURNAROUND MANAGEMENT ASSOCIATION
TMA Annual Convention
Marriott Wardman Park, Washington, D.C.
Contact: http://www.turnaround.org/
Nov. 1, 2013
AMERICAN BANKRUPTCY INSTITUTE
NCBJ/ABI Educational Program
Atlanta Marriott Marquis, Atlanta, Ga.
Contact: 1-703-739-0800;
http://www.abiworld.org/
Dec. 2, 2013
BEARD GROUP, INC.
19th Annual Distressed Investing Conference
The Helmsley Park Lane Hotel, New York, N.Y.
Contact: 240-629-3300 or http://bankrupt.com/
Dec. 5-7, 2013
AMERICAN BANKRUPTCY INSTITUTE
Winter Leadership Conference
Terranea Resort, Rancho Palos Verdes, Calif.
Contact: 1-703-739-0800;
http://www.abiworld.org/
The Meetings, Conferences and Seminars column appears in the
Troubled Company Reporter each Wednesday. Submissions via
e-mail to conferences@bankrupt.com are encouraged.
***********
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. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Ivy B. Magdadaro, Frauline S.
Abangan, and Peter A. Chapman, Editors.
Copyright 2012. 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 Peter Chapman at 240/629-3300.
* * * End of Transmission * * *