/raid1/www/Hosts/bankrupt/TCRLA_Public/121113.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
Tuesday, November 13, 2012, Vol. 13, No. 226
Headlines
A R G E N T I N A
SUPERVIELLE CREDITOS 66: Moody's Rates 2 Debt Sec. Classes 'Ba3'
* ARGENTINA: Moody's Corrects Ratings of Infrastructure Issuers
B R A Z I L
CHEMICAL VII: Moody's Assigns (P)B2 Rating to Sub. Mezz. Shares
QGOG CONSTELLATION: S&P Rates $700MM 7-Year Bonds 'BB+'
C A Y M A N I S L A N D S
ABSOLUTE ALPHA: Shareholders' Final Meeting Set for Nov. 22
AELOS FUND: Shareholders Receive Wind-Up Report
AIF CAPITAL: Shareholders Receive Wind-Up Report
ANTHRACITE BALANCED: Shareholders Receive Wind-Up Report
BLACK EYE: Members Receive Wind-Up Report
D. GORDON: Members Receive Wind-Up Report
D. JABRO: Members Receive Wind-Up Report
FQ GLOBAL: Shareholders Receive Wind-Up Report
GALISTEO CAPITAL: Shareholder Receives Wind-Up Report
GPTH RESEARCH: Shareholders Receive Wind-Up Report
IVY MA: Shareholders Receive Wind-Up Report
J. HILSABECK OVERSEAS: Members Receive Wind-Up Report
KAYMAR INVESTMENTS: Members Receive Wind-Up Report
KLEROS PREFERRED: Shareholders Receive Wind-Up Report
MSG OVERSEAS: Members Receive Wind-Up Report
RUSSELL AIF: Shareholders Receive Wind-Up Report
TAYLOR WOODS: Shareholder to Hear Wind-Up Report on Nov. 15
TAYLOR WOODS MASTER: Hear Wind-Up Report Set for Nov. 15
TMA ASIAN: Shareholders Receive Wind-Up Report
TOKIO MARINE: Shareholder to Hear Wind-Up Report on Nov. 15
WALNUT EQUITY: Shareholders Receive Wind-Up Report
G U Y A N A
EZJET: U.S. Authorities Suspend Flights
M E X I C O
GRUPO POSADAS: Fitch Rates Proposed $225-Mil. Senior Notes 'B+'
GRUPO POSADAS: Moody's Upgrades CFR to 'B2'; Outlook Stable
T R I N I D A D & T O B A G O
CL FIN'L: Criminal Probe Launched Against Former CLICO Execs
V E N E N Z U E L A
SIDURURGICA DEL: Fitch Lowers Issuer Default Rating to 'CCC'
X X X X X X X X
* LATIN AMERICAN: Debt Continues to Offer Investment Opportunity
* Large Companies With Insolvent Balance Sheets
- - - - -
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A R G E N T I N A
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SUPERVIELLE CREDITOS 66: Moody's Rates 2 Debt Sec. Classes 'Ba3'
----------------------------------------------------------------
Moody's Investors Service rates Supervielle Creditos 66, which is
a transaction that will be issued by Equity Trust S.A. - acting
solely in its capacity as Issuer and Trustee.
As of Nov. 9, the securities for this transaction have not yet
been placed in the market. If any assumption or factor Moody's
considers when assigning the ratings change before closing, the
ratings may also change.
- ARS60,000,000 in Class A Fixed Rate Debt Securities of
"Fideicomiso Financiero Supervielle Creditos 66", rated Aaa.ar
(sf) (Argentine National Scale) and Ba3 (sf) (Global Scale,
Local Currency)
- ARS116,000,000 in Class B Floating Rate Debt Securities of
"Fideicomiso Financiero Supervielle Creditos 66", rated Aaa.ar
(sf) (Argentine National Scale) and Ba3 (sf) (Global Scale,
Local Currency)
- ARS12,000,000 in Class C Fixed Rate Debt Securities of
"Fideicomiso Financiero Supervielle Creditos 66", rated Aa2.ar
(sf) (Argentine National Scale) and B1 (sf) (Global Scale,
Local Currency)
- ARS12,000,000 in Certificates of "Fideicomiso Financiero
Supervielle Creditos 66", rated Aa3.ar (sf) (Argentine
National Scale) and B1 (sf) (Global Scale, Local Currency)
Ratings Rationale
The rated securities are payable from the cash flow coming from
the assets of the trust, which is an amortizing pool of
approximately 29,896 eligible personal loans denominated in
Argentine pesos, with a fixed interest rate, originated by Banco
Supervielle, in an aggregate amount of ARS 200,001,885.94.
These personal loans are granted to pensioners that receive their
monthly pensions from ANSES (Argentina's National Governmental
Agency of Social Security - Administraci˘n Nacional de la
Seguridad Social). The pool is also constituted by loans granted
to government employees of the Province of San Luis. Banco
Supervielle is the payment agent entity and automatically deducts
the monthly loan installment directly from the employee's paycheck
and pensioner's payment.
Overall credit enhancement is comprised of subordination: 12% for
the Class A Fixed Rate Debt Securities, 12% for the Floating Rate
Securities, calculated under the occurrence of a special event.
And 6% for the Class C Fixed Rate Securities. In addition the
transaction has various reserve funds and excess spread.
Moody's considered the credit enhancement provided in this
transaction through the initial subordination levels for each
rated class, as well as the historical performance of
Supervielle's portfolio. In addition, Moody's considered factors
common to consumer loans securitizations such as delinquencies,
prepayments and losses; as well as specific factors related to the
Argentine market, such as the probability of an increase in losses
if there are changes in the macroeconomic scenario in Argentina.
These factors were incorporated in a cash flow model that takes
into account all the relevant features of the transaction's assets
and liabilities. Monte Carlo simulations were run, which
determines the expected loss for the rated securities.
Moody's considered factors common to consumer loans
securitizations such as delinquencies, prepayments and losses; as
well as specific factors related to the Argentine market. These
factors were incorporated in a cash flow model in order to
determine the expected loss for the rated securities. Finally,
Moody's also evaluated the back-up servicing arrangements in the
transaction.
In assigning the rating to this transaction, Moody's assumed a
lognormal distribution for defaults on the main pool with a mean
of 2.5% and a coefficient of variation of 50%. Also, Moody's
assumed a lognormal distribution for prepayments with a mean of
25% and a coefficient of variation of 70%. These assumptions are
derived from the historical performance to date of the
Supervielle's pools. Servicer default was modeled by simulating
the default of the Banco Supervielle as the servicer consistent
with its current rating of B2/Aa3.ar. In the scenarios where the
servicer defaults, Moody's assumed that the defaults on the pool
would increase by 20 percentage points.
The model results showed 0.00% expected loss for Class A Fixed
Rate Debt Securities, 0.52% for Class B Floating Rate Debt
Securities, 6.43% expected loss for Class C Fixed Rate Debt
Securities and 7.11% for the Certificates.
Moody's ran several stress scenarios, including increases in the
default rate assumptions. If default rates were increased 3% from
the base case scenario for the pool (i.e., mean of 5.5% and a
coefficient of variation of 50%), the ratings of Class A Fixed
Rate debt securities and Class B Floating Rate debt securities
would remain the same. The ratings for Class C Fixed Rate debt
securities would likely be downgraded to B2 (sf) and the
Certificates would be likely downgraded to B3 (sf).
Moody's also considered the risk that a disruption in the flow of
payments from ANSES or the Government of San Luis to pensioners
and employees respectively, could severely affect the performance
of the pool. Moody's believes that the ratings assigned are
consistent with this risk.
Finally, Moody's also evaluated the back-up servicing arrangements
in the transaction. If Banco Supervielle is removed as servicer,
Equity Trust S.A. will be appointed as the back-up servicer.
The main source of uncertainty for this transaction is the
regulatory and legal framework for the automatic deduction loans
in Argentina.
* ARGENTINA: Moody's Corrects Ratings of Infrastructure Issuers
---------------------------------------------------------------
Moody's Latin America S.A. has changed the rating outlooks to
negative and affirmed the current ratings on various
infrastructure companies operating in Argentina. The companies'
outlook change follows the revision in Argentinean government's
B3 rating outlook to negative from stable on September 17, 2012.
At the same time and in light of the negative outlook, Moody's
downgraded Transportadora de Gas del Sur S.A. ("TGS") National
Scale Rating to A1.ar from Aa3.ar to reflect its relative
positioning in relation to other regulated issuers in the local
market.
The issuers and ratings affected by this action are:
1 . Empresa Distribuidora de EnergĦa Norte S.A. ("EDEN"): B2
Global Local Currency Corporate Family and Senior Unsecured
Rating and A1.ar National Scale Ratings
2. Empresa Distribuidora de Electricidad de Salta S.A.
("EDESA"): B2 Senior Unsecured and A2.ar National Scale
Ratings
3. Hidroelectrica El Choc˘n S.A. ("HECSA"): B2 Global Local
Currency Corporate Family and A2.ar National Scale Ratings
4. Transportadora de Gas del Sur S.A. ("TGS"): B2 Senior
Unsecured and A1.ar National Scale Ratings
5. Aeropuertos Argentina 2000 S.A. ("AA2000"): B2 Global Local
Currency Corporate Family Rating and Senior Unsecured Ratings
and Aa3.ar National Scale Ratings.
Ratings Rationale
The rating outlook revision for these issuers is triggered by the
negative outlook for the Argentine government's B3 rating. The
negative outlook for the government reflects concerns over
haphazard policies, poor transparency and the quality and
reliability of its official data reporting, and the sovereign's
willingness to pay.
The negative outlook for the affected issuers reflects Moody's
view that the creditworthiness of these companies cannot be
completely de-linked from the credit quality of the Argentine
government, and thus their ratings need to closely reflect the
risk that they share with the sovereign. Moody's believes that a
weaker sovereign has the potential to create a ratings drag on
companies operating within its borders, and therefore it is
appropriate to limit the extent to which these issuers can be
rated higher than the sovereign, in line with Moody's Rating
Implementation Guidance "How Sovereign Credit Quality May Affect
Other Ratings" published on 13 February 2012, and available on
www.moodys.com.
Moody's notes that a rating downgrade of the sovereign would
likely result in negative rating actions for these companies to
maintain the issuers' current notching gap relative to the
sovereign in the absence of any significant change in their
underlying credit quality.
===========
B R A Z I L
===========
CHEMICAL VII: Moody's Assigns (P)B2 Rating to Sub. Mezz. Shares
---------------------------------------------------------------
Moody's America Latina has assigned provisional ratings of (P)Baa3
(sf) (Global Scale, Local Currency) and (P)Aaa.br (sf) (Brazilian
National Scale) to the Senior Shares, and of (P)B2 (sf) (Global
Scale, Local Currency) and (P)Ba1.br (sf) (Brazilian National
Scale) to the Mezzanine Shares to be issued by Chemical VII - FIDC
Ind£stria PetroquĦmica, a securitization backed by a pool of trade
receivables and originated by Braskem Group.
Issuer: Chemical VII - FIDC Industria PetroquĦmica (Chemical VII -
FIDC)
Senior Shares - (P)Baa3 (sf) (Global Scale, Local Currency) &
(P)Aaa.br (sf) (Brazilian National Scale)
Subordinated Mezzanine Shares - (P)B2 (sf) (Global Scale, Local
Currency) & (P)Ba1.br (sf) (Brazilian National Scale)
Ratings Rationale
The ratings are based on the following factors:
- Credit enhancement in the form of senior subordination ranging
from a minimum of 9.09% to a maximum of 13.04% to mitigate
losses due to obligor default and/or dilution;
- The eligibility criteria of the trade receivables, represented
by electronic invoices, to be acquired by the issuer, which
include concentration limits by client, delinquency by client,
and maximum term of the trade receivables. The maximum
individual obligor concentration limit is 3%;
- Low and stable historical delinquency and dilution levels of
the sellers' trade receivable portfolio;
- Very low commingling risk as payments by obligors are made to
the fund's segregated account maintained at Banco Bradesco (A3
Long-Term Bank Deposit Rating in the Global Scale, Local
Currency Scale & Aaa.br in the Brazilian National Scale); and
- Braskem Group's sound track record in sponsoring
securitization transactions and stable performance of previous
transactions. Chemical VII -- FIDC is Braskem Group's seventh
securitization of its trade receivables portfolio. The
realized performance of the past transactions has been in line
with Moody's original assumptions used in rating the
transactions.
Chemical VII - FIDC is a closed-ended FIDC and will have a final
legal maturity of 60 months. Provisional ratings are assigned to
the senior shares and to the mezzanine shares. The shares will be
distributed to qualified investors via a public offering (CVM
Instruction 400). The senior shares and the mezzanine shares
accrue, on a daily basis, a floating-rate of interest equivalent
to the DI Rate (Brazilian Interbank Rate) plus a fixed rate of
0.95% and 3.30% per annum, respectively.
The transaction will have a 54 month revolving period followed by
a 6 month amortization period. During the 54-month revolving
period no principal payments will be made on the senior and
mezzanine shares; interest payments will be made semi-annually.
During the final 6 month amortization period, starting on month
55, principal and interest payments will be made on a monthly
basis. Senior and mezzanine shares will follow the same
amortization schedule. Amortization payments to the mezzanine
shares will only be allowed (i) after the scheduled senior
amortization payments are made, and (ii) as long as the minimum
senior subordination ratio is maintained. As long as there are
senior and mezzanine shares outstanding, partial amortization
payments of junior subordinated shares are allowed if the
mezzanine subordination is above 2.8%.
Key eligibility criteria verified by the master servicer includes
(i) obligor concentration up to 3% and (ii) maturity of trade
receivables are 90 day maximum and 9 days minimum.
The originators of the securitized receivables are Braskem S.A.
and fully controlled subsidiaries including Braskem QPar S.A.
(previously known as Quattor Participacoes S.A.), Braskem
PetroquĦmica (previously known as Quattor PetroquĦmica S.A.) and
Rio PolĦmeros S.A. (RioPol), together Braskem Group or the
Sellers. Braskem S.A., rated Baa3 backed senior unsecured (Global
Scale). The company's rating is supported by its large size as the
largest petrochemical company in Brazil and in the Americas by
production capacity (based on PE and PP resin capacity), with
historically above industry average operating margins coming from
high capacity utilization rates, long-term client relationships,
and product customization. The rating also reflects the company's
dominant market position in Brazil.
Commingling risk is considered to be very low as obligors are
instructed to pay directly into a segregated account in the name
of the fund by means of invoices generated by Banco Bradesco and
other selected collection banks. Any monies received by the
sellers must be remitted to the segregated account within 2
business days; a non-automatic acceleration event (evento de
avaliacao) is triggered if payments made directly to the sellers'
account trigger 5% of fund's net assets. The sellers will act as
primary servicers.
Moody's has analyzed the sellers' receivables pool for the 36-
month period starting in June 2009 and ending in May 2012 reviewed
by KPMG. During this period, Braskem and Quattor Group (Braskem
Qpar, Braskem PetroquĦmica and RioPol) have generated trade
receivables in the amount of BRL 70.9 billion over approximately
1,056,387 separate invoices. As modeling input assumptions,
Moody's used a central mean of 0.14% monthly dilutions and 0.23%
monthly losses over outstanding balance, and it assumed portfolio
turnover at 41.2 days. Moody's calculates loss assumptions using
as a proxy delinquencies from 91 to 120 days past due over the
total portfolio.
Moody's parameter sensitivities provide a quantitative/model-
indicated calculation of how the rating of a Moody's-rated
structured finance security may vary if certain input parameters
used in the initial rating process differed. Moody's key ratings-
model assumptions for this transaction are Braskem's rating, loss
rate and dilution rate. If Braskem's rating is downgraded from
Baa3 to Ba2 and the loss rate and dilution rate are doubled, the
senior and mezzanine ratings assigned would remain unchanged.
The main uncertainties of the transaction relate to the loss
levels and dilution levels of the securitized pool. Although
Moody's analyzed the historical performance data of previous
transactions and historical performance data of trade receivables
originated by Braskem Group, the actual performance of the
securitized pool may be affected, among others, by the
international competition in the petrochemical industry and severe
economic activity downturn.
QGOG CONSTELLATION: S&P Rates $700MM 7-Year Bonds 'BB+'
-------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' issuer
credit rating to QGOG Constellation S.A., a project developer
company with several project subsidiaries operating in Brazil's
growing oil and gas industry. The outlook is stable. "At the same
time, we assigned 'BB+' issue rating to QGOG Constellation's
US$700 million unsecured seven-year bonds, which are fully and
unconditionally guaranteed by the company's subsidiary and owner
of the portfolio of assets, Constellation Overseas Ltd.
(Constellation; not rated)," S&P said.
==========================
C A Y M A N I S L A N D S
==========================
ABSOLUTE ALPHA: Shareholders' Final Meeting Set for Nov. 22
-----------------------------------------------------------
The shareholders of Absolute Alpha Constant Plus Fund Limited will
hold their final meeting on Nov. 22, 2012, at 9:30 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Susan Lo
Tricor Services Limited
Three Pacific Place, Level 28
1 Queen's Road East
Hong Kong
AELOS FUND: Shareholders Receive Wind-Up Report
-----------------------------------------------
The shareholders of Aelos Fund Ltd. received on Nov. 1, 2012, the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
CCSA Finance Ltd.
c/o Intertrust Corporate Services (Cayman) Limited
87 Mary Street, George Town
Grand Cayman KY1-9005
Cayman Islands
Telephone: +1 345 9146365
Walkers, 87 Mary Street, George Town
Grand Cayman KY1-9001
Cayman Islands
AIF CAPITAL: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of AIF Capital Management Co. Ltd. received on
Oct. 31, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Darach E. Haughey
Deloitte Touche Tohmatsu
One Pacific Place, 35th Floor
88 Queensway
Hong Kong
Telephone: + (852) 2852 1659
Facsimile: + (852) 2850 8362
ANTHRACITE BALANCED: Shareholders Receive Wind-Up Report
--------------------------------------------------------
The shareholders of Anthracite Balanced Company (R-20) Limited
received on Nov. 3, 2012, the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Simon Conway
c/o Aaron Gardner
Telephone: (345) 914 8655
Facsimile: (345) 945 4237
PO Box 258 Grand Cayman KY1-1104
Cayman Islands
BLACK EYE: Members Receive Wind-Up Report
-----------------------------------------
The members of Black Eye Investment Company received on Oct. 29,
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
D. GORDON: Members Receive Wind-Up Report
-----------------------------------------
The members of D. Gordon Overseas Fund, Ltd. received on Nov. 6,
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
D. JABRO: Members Receive Wind-Up Report
----------------------------------------
The members of D. Jabro Overseas Fund, Ltd. received on Nov. 6,
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
FQ GLOBAL: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of FQ Global Diversified Return Fund Ltd.
received on Nov. 7, 2012, the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Mourant Ozannes Cayman Liquidators Limited
94 Solaris Avenue, Camana Bay
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
GALISTEO CAPITAL: Shareholder Receives Wind-Up Report
-----------------------------------------------------
The shareholder of Galisteo Capital Qualified Partners, Ltd.
received on Nov. 9, 2012, the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Intertrust Corporate Services (Cayman) Limited
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
GPTH RESEARCH: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of GPTH Research & Development Ltd. received on
Nov. 5, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
George Parker
c/o 225 Broadway, Suite 1901, New York
New York 10007, USA
Telephone: +1 345 9146365
Walkers, 87 Mary Street, George Town
Grand Cayman KY1-9001
Cayman Islands
IVY MA: Shareholders Receive Wind-Up Report
-------------------------------------------
The shareholders of Ivy MA Holdings Cayman Master 15, Ltd.
received on Nov. 9, 2012, the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Intertrust Corporate Services (Cayman) Limited
87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
J. HILSABECK OVERSEAS: Members Receive Wind-Up Report
-----------------------------------------------------
The members of J. Hilsabeck Overseas Fund, Ltd. received on
Nov. 6, 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
KAYMAR INVESTMENTS: Members Receive Wind-Up Report
--------------------------------------------------
The members of Kaymar Investments Ltd. received on Nov. 1, 2012,
the liquidator's report on the company's wind-up proceedings and
property disposal.
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
KLEROS PREFERRED: Shareholders Receive Wind-Up Report
-----------------------------------------------------
The shareholders of Kleros Preferred Funding IX, Ltd. received on
Oct. 29, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
Walker House, 87 Mary Street, George Town
Grand Cayman KY1-9002
Cayman Islands
c/o Jennifer Chailler
Telephone: (345) 814 6847
MSG OVERSEAS: Members Receive Wind-Up Report
--------------------------------------------
The members of MSG Overseas Fund, Ltd. received on Nov. 6, 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
RUSSELL AIF: Shareholders Receive Wind-Up Report
------------------------------------------------
The shareholders of Russell AIF Investments, Ltd. received on
Oct. 31, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Darach E. Haughey
Deloitte Touche Tohmatsu
One Pacific Place, 35th Floor
88 Queensway
Hong Kong
Telephone: + (852) 2852 1659
Facsimile: + (852) 2850 8362
TAYLOR WOODS: Shareholder to Hear Wind-Up Report on Nov. 15
-----------------------------------------------------------
The shareholder of Taylor Woods Fund II Ltd. will receive on
Nov. 15, 2012, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Shameer Jasani
Telephone: (345) 815-1802
Facsimile: (345) 949-9877
TAYLOR WOODS MASTER: Hear Wind-Up Report Set for Nov. 15
--------------------------------------------------------
The shareholder of Taylor Woods Master Fund II Ltd. will receive
on Nov. 15, 2012, at 11:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Shameer Jasani
Telephone: (345) 815-1802
Facsimile: (345) 949-9877
TMA ASIAN: Shareholders Receive Wind-Up Report
----------------------------------------------
The shareholders of TMA Asian Equity Long Short Master Fund
received on Oct. 24, 2012, the liquidator's report on the
company's wind-up proceedings and property disposal.
TOKIO MARINE: Shareholder to Hear Wind-Up Report on Nov. 15
-----------------------------------------------------------
The shareholder of Tokio Marine Asset Management International Pte
Ltd will receive on Nov. 15, 2012, at 11:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
c/o Shameer Jasani
Telephone: (345) 815-1802
Facsimile: (345) 949-9877
WALNUT EQUITY: Shareholders Receive Wind-Up Report
--------------------------------------------------
The shareholders of Walnut Equity Holdings Limited received on
Nov. 8, 2012, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Westport Services Ltd.
c/o Bonnie Willkom
Telephone: (345) 949 5122
Facsimile: (345) 949 7920
P.O. Box 1111 Grand Cayman KY1-1102
Cayman Islands
===========
G U Y A N A
===========
EZJET: U.S. Authorities Suspend Flights
---------------------------------------
The Jamaica Gleaner reports that the Guyana government has
confirmed that U.S. authorities have suspended the operations of
the low cost budget carrier, EZjet.
Aviation Minister Robeson Benn related at a news conference that
the Department of Transport had suspended the airline's operations
on Thursday and local authorities only learnt of the move,
according to Jamaica Gleaner.
The report relates that Mr. Benn said that as a result, the Guyana
Civil Aviation Authority (GCAA) has suspended Ezjet's operations
out of this Caribbean Community (CARICOM) country.
One media report said that President Donald Ramotar has instructed
Tourism Minister Irfaan Ali to work towards minimizing the effects
on passengers, Jamaica Gleaner notes.
Jamaica Gleaner discloses that officials said that the US had
decided to suspend Ezjet operations because the airline owes huge
sums to the aircraft lease company. The move by the US has
resulted in a number of flights being cancelled, the report
relays.
Jamaica Gleaner notes that the suspension comes less than a month
after the airlines founder and chief executive officer, Sonny
Ramdeo, has been sued by a hospital chain for alleged
embezzlement.
Since my former bosses are themselves in court over diversion of
over US$550 million of company funds, they elected to claim
ignorance and innocence when it came to coming clean about the
investment, Mr. Ramdeo said in a press release obtained by the
news agency.
"Instead, they alleged that I diverted funds to EZjet, which I did
not. In the interest of removing all doubt about the viability of
EZjet I am removing myself from EZjet management," Mr. Ramdeo
added, the report says.
===========
M E X I C O
===========
GRUPO POSADAS: Fitch Rates Proposed $225-Mil. Senior Notes 'B+'
---------------------------------------------------------------
Fitch Ratings assigns a 'B+(exp)/RR3'rating to Grupo Posadas
S.A.B. de C.V.'s (Posadas) proposed senior unsecured notes due
2017 for up to USD $225 million. The proposed notes' net proceeds
will be applied to the purchase of the USD $200 million senior
notes due 2015. The expected recovery ratings are 'RR3', which
indicates good recovery prospects given default. 'RR3' rated
securities have characteristics consistent with securities
historically recovering 51% - 70% of current principal and related
interest.
Posadas' ratings are supported by the company's solid business
position, strong brand name and multiple hotel formats.
Conversely, the ratings are tempered by a track record of high
leverage, as well as industry cyclicality. Posadas' presence in
all major urban and coastal locations in Mexico, consistent
product offering and quality brand image have resulted in
occupancy levels that are above the industry average in Mexico.
The use of multiple hotel formats allows the company to target
domestic and international business travelers of different income
levels as well as tourists, diversifying its revenue base.
Posadas recently completed a successful divestiture of its South
American hotel operation for USD $275 million. From the proceeds
USD $245 million are available, mitigating refinancing concerns
related to the MXN2.25 billion 'Certificados Bursatiles' issuance
due April 2013. The divested South American operations accounted
for approximately 19% of last year EBITDA and historically have
accounted for approximately 14%. Excluding South American
operations, a one-time charge related to a write-down of accounts
receivable at the vacation club in the fourth quarter of 2011 and
assuming proceeds from the divestiture are used to pay debt, total
adjusted debt to EBITDAR and total debt to EBITDA should improve
to 4.8 times (x) and 4.1x, respectively, from previous levels of
above 6.0x.
Furthermore, cash flow contribution to consolidated EBITDA from
the Vacation Club operation should increase in the short term as a
result of the divestiture of South America; however, cash flow
contribution from the hotel operations should become increasingly
important in the medium term as new openings and key performance
indicators approach levels registered prior to 2008. Going
forward, Posadas' strategy will be centered on operating and
providing services to hotels as opposed to owning the properties.
New openings should continue for all brands, mainly Fiesta Inn and
One, under managed and leased formats. This strategy of openings
reduces capex and supports free cash flow generation.
Fitch currently rates Posadas as follows:
-- Local currency Issuer Default Rating (IDR) 'B';
-- Foreign currency IDR 'B';
-- National scale rating 'BB+(mex)';
-- USD200 million senior notes due 2015 'B+/RR3';
-- MXN2.25 billion Certificados Bursatiles issuance 'Posadas08'
due 2013 'BB+(mex)'.
The Rating Outlook is Stable.
GRUPO POSADAS: Moody's Upgrades CFR to 'B2'; Outlook Stable
-----------------------------------------------------------
Moody's Investors Service upgraded to B2 from B3 Grupo Posadas,
S.A.B. de C.V.'s (Posadas) corporate family and senior unsecured
ratings and changed the company's ratings outlook to stable from
negative. At the same time Moody's assigned a B2 rating to
Posadas' proposed USD225 million global notes due 2017.
The ratings upgrades result from the combination of reduced
leverage and improved liquidity. Having applied the proceeds of
recent asset sales towards debt reduction and with increased
EBITDA, Posadas' leverage has improved to 5.5x (September 30,
2012) from 7.9x (December 31, 2011). Over the same period,
interest coverage (adj. EBIT/Interest expense) has also improved,
to 1.3x from 0.9x. Moody's anticipates leverage and coverage to
further improve as Posadas uses the proceeds of the sale of its
South American operation to reduce debt, and expect leverage (adj.
debt/EBITDA) to remain in the 4.5x -- 5.0x range over the rating
horizon.
The issuance of the proposed USD225 million global notes will be
neutral to leverage as the proceeds will be used to refinance
existing debt. However, since the refinance transaction results in
a much improved liquidity profile with no major debt maturities
before 2017, the transaction is integral to the ratings upgrade
and outlook stabilization.
Ratings affected:
- Corporate Family Rating (CFR): upgraded to B2 from B3, outlook
is stable
- USD200 million 9.250% senior unsecured notes due 2015: rating
upgraded to B2 from B3, outlook is stable
- USD225 million senior unsecured notes due 2017: B2 rating
assigned, stable outlook
The date of the last Credit Rating Action was December 10, 2010
Ratings Rationale
Posadas' rating reflects its somewhat aggressive financial
profile, small operating scale relative to global industry peers,
and low geographic diversification as it now operates almost
entirely in Mexico. In addition, since the economic outlook for
the two main tourism sources for Mexico, the U.S. and Europe,
remains uncertain, Posadas' ability to achieve its growth plan
could be compromised; this would result in unproductive capital
spending and increased leverage. The company's leading position
and brand equity in the Mexican lodging industry, its nationwide
coverage in Mexico with coastal and urban locations, its segment
diversification across different hotel classes, and service
business growth supports the rating. The rating is also supported
by Moody's expectation that management will follow prudent
financial policies, maintaining adequate liquidity and a dividend
payout that is consistent with earnings and internally generated
cash flow; this is a change from the somewhat aggressive policies
observed in the past.
Posadas' average daily rate (ADR) and occupancy rate have shown
positive trends since hitting their lowest levels in 2009 as a
result of the post crisis economic recovery. ADR was USD88 during
the first nine months of 2012 (9M12) vs. USD89 in 2011, USD85 in
2010, and USD79 in 2009. Similarly, occupancy rate has increased
steadily from 54% in 2009 to 61% in 2011 and to 64% during the
9M12. Revenues per available room (RevPaR) have grown as well from
USD43 in 2009 to USD54 in 2011 at a 12% CAGR. While RevPaR further
recovered to USD56 during the 9M12 it is still below pre-crisis
levels of around USD59.
According to the Consejo Nacional Empresarial Turistico, 88.4
million travelers will visit Mexico in 2012, out of which 23.9
million or 27% will be international travelers. As the economic
outlook for the two main tourism sources for Mexico, the U.S. and
Europe, remains under stress, there could be pressure on Posadas
ability to achieve its projected growth. In addition, Mexico's
security concerns continue to affect the lodging industry mainly
in areas in the northern part of the country.
The stable rating outlook reflects Moody's expectations that
Posadas' refinance transaction will close as planned and that the
proceeds from the sale of its South American operation will reduce
debt and allow leverage to be maintained in the 4.5x-to-5.0x
range. The stable outlook is also based on the company maintaining
adequate liquidity.
Ratings would come under negative pressure if Posadas' liquidity
worsens or because of delays in addressing medium term debt
maturities. Ratings could be downgraded if Moody's adjusted
debt/EBITDA increased above 5x with no clear plan for deleveraging
within a reasonable time frame. A decline in revenues per
available room to levels towards USD53 could also pressure the
rating.
Positive ratings pressure would result from Posadas maintaining
adequate liquidity and improving adjusted Debt/EBITDA below 4.5x
and EBIT/Interest above 2.0x, both on a sustainable basis.
The principal methodology used in rating Posada was the Global
Lodging & Cruise Industry Rating Methodology published in December
2010.
Grupo Posadas, S.A.B. de C.V., headquartered in Mexico City, is a
leading hotel chain operator in Latin America, with 105 hotels and
17,871 rooms in operation. In October 2012 Posadas sold its hotel
business in South America and currently derives most of its
revenues from Mexico, where it operates its key 5- and 4-star
Fiesta Americana and Fiesta Inn formats, a 3-star format ("One"),
its luxury class Live Aqua, and its Vacation Club timeshare
business. The company also has a small operation in Texas. For the
last twelve months ended September 30, 2012, Posadas reported
revenues of MXN6,432 million and EBITDA of MXN912 million.
===============================
T R I N I D A D & T O B A G O
===============================
CL FIN'L: Criminal Probe Launched Against Former CLICO Execs
------------------------------------------------------------
The Gleaner reports that more than two years after the insurance
giant, Colonial Life Insurance Company Limited (CLICO) collapsed
because of financial problems, Trinidads Director of Public
Prosecution (DPP), Roger Gaspard, said that a criminal
investigation has been launched against former executives and
several corporate entities aligned to the collapsed insurance
company.
In a statement released, Mr. Gaspard also warned the media against
publishing or broadcasting anything which might jeopardize hinder
or otherwise prejudice the investigation or any possible
proceedings which might result from it, according to The Gleaner.
Mr. Gaspard, The Gleaner relates, said: "I remain mindful of
competing public interest factors including the fair trial rights
of potential defendants, the freedom of the press and the
requirement of open justice."
The report notes that DPP said that the investigation is being
conducted by a special team of police officers, comprising members
of the Anti-Corruption Investigations Bureau and the Fraud Squad.
The report relates that the criminal probe, which began late last
week, followed a recent statement by Attorney General Anand
Ramlogan that the Central Bank had spent TT$305.5 million (One TT
dollar US$0.16) in legal fees between October 2007 and July 2012,
for investigations relating to the collapse of CL Financial group.
It involved an international team of forensic experts to track
multi-million dollar transactions in several jurisdictions.
The Central Bank probe took place even as the Kamla Persad-
Bissessar administration appointed a commission of enquiry,
chaired by Sir Anthony Colman, to probe the same issue in November
2010, The Gleaner notes.
Mr. Ramlogan told reporters that he was aware that a criminal
investigation has been launched and that he has been kept abreast
of all of the developments, the report relays.
Last September, the report recalls that through the passage of
legislation in the Parliament, the Kamla Persad Bissessar-led
coalition People's Partnership Government committed a further
TT$13 billion (US$2.01 billion) to keeping the floundering
insurance company afloat.
About CL Financial
CL Financial Group Limited is a privately held conglomerate in
Trinidad and Tobago. Founded as an insurance company by Cyril
Duprey, Colonial Life Insurance Company was expanded into a
diversified company by his nephew, Lawrence Duprey. CL Financial
is now one of the largest local conglomerates in the region,
encompassing over 65 companies in 32 countries worldwide with
total assets standing at roughly US$100 billion.
* * *
As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, A.M. Best Co. downgraded the financial strength
rating to C (Weak) from B (Fair) and issuer credit rating to
"ccc" from "bb" of Colonial Life Insurance Company (Trinidad)
Limited (CLICO) (Trinidad & Tobago). The ratings remain under
review with negative implications. CLICO is an insurance member
company of CL Financial Limited (CL Financial), a diversified
holding company based in Trinidad & Tobago.
According to a TCR-LA report on Feb. 20, 2009, citing Trinidad
and Tobago Express, Tobago President George Maxwell Richards
signed bailout bills for CL Financial, giving the government the
authority to control the company's unit, Colonial Life Insurance
Company, and giving the central bank extensive powers to treat
with CL Financial's collapse and the consequent systemic crisis.
===================
V E N E N Z U E L A
===================
SIDURURGICA DEL: Fitch Lowers Issuer Default Rating to 'CCC'
------------------------------------------------------------
Fitch Ratings has downgraded the following ratings of Sidururgica
del Turbio S.A. (Sidetur) and has placed them on Rating Watch
Negative as indicated:
Sidetur S.A.
-- Foreign currency Long-Term Issuer Default Rating (IDR) to
'CCC'; Watch Negative from 'B-';
-- Local currency Long-Term IDR to 'CCC'; Watch Negative from
'B-';
-- National scale rating to 'CCC(ven)' from 'BB+(ven)';
-- National short-term rating to 'C(ven)' from 'F2(ven)'.
Sidetur Finance B.V.
-- USD100 million unsecured notes due 2016 issued by Sidetur
Finance B.V., a wholly owned subsidiary of Sidetur to
'CCC/RR4'; Watch Negative from 'B-/ RR4'.
This rating action follows the government of the Bolivian Republic
of Venezuela's takeover of Sidetur's operations and management, as
set out in Sidetur's press release on Oct. 30, 2012. The
downgrade of Sidetur's ratings to 'CCC'; Watch Negative and
'CCC(ven)' reflects the real possibility of default and high
uncertainty surrounding the uninterrupted payment to the company's
creditors.
The 'CCC/RR4'; Watch Negative rating for Sidetur Finance B.V.'s
unsecured notes due 2016 reflects Fitch's expectation of average
recoveries for the note holders, given the current uncertainty and
lack of information. As of June 30, 2012, approximately USD78
million was outstanding on notes. The Watch Negative reflects that
the next coupon payment for Sidetur Finance B.V.'s unsecured notes
is due on Jan. 20, 2013. Information from the new management team
at Sidetur has not been received regarding if this payment will be
met.
Sidetur's assets are under the control of the Ministerio del Poder
Popular de Industrias and a new management team is in place. The
government of the Bolivian Republic of Venezuela has stated
previously that it will honor the outstanding debt of expropriated
companies. Precedents of government payments to previously
private companies exist, such as the payments made to Cemex and
Sidor for their expropriated assets in Venezuela.
===============
X X X X X X X X
===============
* LATIN AMERICAN: Debt Continues to Offer Investment Opportunity
--------------------------------------------------------------
Opportunities continue to exist in Latin American debt despite
negative news coming from the region, according to Market Vectors'
fixed income portfolio manager Fran Rodilosso.
"If you just read the headlines, you might surmise that Latin
American countries are presenting the debt markets with multiple
reasons to be concerned," said Rodilosso. "But, bad news can also
bring opportunity."
Rodilosso pointed to a handful of what he termed "discouraging
recent developments" that seem to be clouding market sentiment,
including Venezuela's re-election of Hugo Chavez and the Vitro
bankruptcy proceedings that took place in Mexico earlier this
year. "Each of these events has received a great deal of negative
attention," he continued. "But you can see silver linings. One
includes the fact that Venezuela has continued to exhibit a
willingness to pay the high rates demanded by the market during
the nearly 14 years of the Chavez regime. Also, Mexico has made
significant economic gains in recent years, making it far more
competitive with China as a global manufacturing hub. There are a
large number of Mexican corporate bond issuers that are
benefitting."
Mr. Rodilosso noted a recent uptick in volatility in several Latin
American public and private debt markets driven by specific
events, but he also sees factors that moderate his concerns.
"While volatility has certainly made its presence felt in recent
months in many countries, there are many of what I would call 'un-
emerging market' forces at work at the same time. Low debt-to-GDP
ratios, high FX reserves and a long list of private sector
borrowers have shown the ability and willingness to continue
servicing their debt throughout the economic and credit cycle," he
said.
Mr. Rodilosso also added that he and his colleagues see a number
of opportunities in local currency debt in countries, such as
Mexico and Uruguay, and in some of the corporate debt available in
Mexico and Brazil. Brazil has seen its own negative headlines
around tepid growth figures and the liquidation of a second-tier
bank with a significant amount of bonds outstanding. "Brazil is
certainly one of those markets where we think bad news may allow
investors to find credit opportunities," said Rodilosso.
Mr. Rodilosso has more than 20 years of senior level experience in
emerging markets, high-yield debt research and portfolio
management. Among the Market Vectors ETFs under his watch are
LatAm Aggregate Bond ETF (nyse arca:BONO) and Emerging Markets
Local Currency Bond ETF (nyse arca:EMLC), which each count Mexico
and Brazil among their largest country exposures. He also manages
five other fixed income ETFs: Emerging Markets High Yield Bond ETF
(nyse arca:HYEM), International High Yield Bond ETF (nyse
arca:IHY), Renminbi Bond ETF (nyse arca:CHLC), Fallen Angel High
Yield Bond ETF (nyse arca:ANGL) and Investment Grade Floating Rate
ETF (nyse arca:FLTR). As of Oct. 31, 2012, the total assets for
these ETFs amounted to approximately $1.2 billion.
Van Eck Associates Corporation does not provide tax, legal or
accounting advice. Investors should discuss their individual
circumstances with appropriate professionals before making any
decisions. This information should not be construed as sales or
marketing material or an offer or solicitation for the purchase or
sale of any financial instrument, product or service.
About Market Vectors ETFs
Market Vectors exchange-traded products have been offered since
2006 and span many asset classes, including equities, fixed income
(municipal and international bonds) and currency markets. The
Market Vectors family currently totals $27.9 billion in assets
under management, making it the fifth largest ETP family in the
U.S. and eighth largest worldwide as of Sept. 30, 2012.
Market Vectors ETFs are sponsored by Van Eck Global. Founded in
1955, Van Eck Global was among the first U.S. money managers
helping investors achieve greater diversification through global
investing. November 09, the firm continues this tradition by
offering innovative, actively managed investment choices in hard
assets, emerging markets, precious metals including gold, and
other alternative asset classes. Van Eck Global has offices
around the world and manages approximately $37.8 billion in
investor assets as of Sept. 30, 2012.
There are risks involved with investing in ETFs, including
possible loss of money. Shares are not actively managed and are
subject to risks similar to those of stocks, including those
regarding short selling and margin maintenance requirements.
Ordinary brokerage commissions apply. Debt securities carry
interest rate and credit risk. Interest rate risk refers to the
risk that bond prices generally fall as interest rates rise and
vice versa. Credit risk is the risk of loss on an investment due
to the deterioration of an issuer's financial health. The Funds'
underlying securities may be subject to call risk, which may
result in the Funds having to reinvest the proceeds at lower
interest rates, resulting in a decline in the Funds' income.
The Funds, as they invest in high yield securities, may also be
subject to a greater risk of loss of income and principal than
higher rated securities. Investments in emerging markets
securities are subject to elevated risks which include, among
others, expropriation, confiscatory taxation, issues with
repatriation of investment income, limitations of foreign
ownership, political instability, armed conflict and social
instability. The prices of high yield securities are likely to be
more sensitive to adverse economic changes or individual issuer
developments than higher rated securities. The secondary market
for high yield securities may be less liquid than the market for
higher quality securities and, as such, may have an adverse effect
of market prices of certain securities. As the Fund may invest in
securities denominated in foreign currencies and some of the
income received by the Fund will be in foreign currency, changes
in currency exchange rates may negatively impact the Fund's
return. Investments in emerging markets securities are subject to
elevated risks which include, among others, expropriation,
confiscatory taxation, issues with repatriation of investment
income, limitations of foreign ownership, political instability,
armed conflict and social instability. Investors should be
willing to accept a high degree of volatility and the potential of
significant loss. For a more complete description of these and
other risks, please refer to the Fund's prospectus and summary
prospectus. The Fund may loan its securities, which may subject
it to additional credit and counterparty risk.
The "net asset value" (NAV) of an ETF is determined at the close
of each business day, and represents the dollar value of one share
of the ETF; it is calculated by taking the total assets of an ETF
subtracting total liabilities, and dividing by the total number of
shares outstanding. The NAV is not necessarily the same as an
ETF's intraday trading value. Investors should not expect to buy
or sell shares at NAV. Total returns are based upon closing
"market price" (price) of the ETF on the dates listed.
Fund shares are not individually redeemable and will be issued and
redeemed at their NAV only through certain authorized broker-
dealers in large, specified blocks of shares called "creation
units" and otherwise can be bought and sold only through exchange
trading. Creation units are issued and redeemed principally in
kind. Shares may trade at a premium or discount to their NAV in
the secondary market.
Investing involves substantial risk and high volatility, including
possible loss of principal. Bonds and bond funds will decrease in
value as interest rates rise. An investor should consider the
investment objective, risks, charges and expenses of the Fund
carefully before investing. To obtain a prospectus and summary
prospectus, which contain this and other information, call
888.MKT.VCTR or visit vaneck.com/etf. Please read the prospectus
and summary prospectus carefully before investing.
Van Eck Securities Corporation, Distributor 335 Madison Avenue,
New York, NY 10017
* Large Companies With Insolvent Balance Sheets
-----------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
ARGENTINA
-----------
SOC COMERCIAL PL SCDPF US 222756992 -310302930
SNIAFA SA-B SDAGF US 11229696.2 -2670544.88
CENTRAL COSTAN-B CRCBF US 410955501 -20459083
SOC COMERCIAL PL CAD IX 222756992 -310302930
SOC COMERCIAL PL CVVIF US 222756992 -310302930
SOC COMERCIAL PL CADN EO 222756992 -310302930
SOC COMERCIAL PL CADN EU 222756992 -310302930
COMERCIAL PL-ADR SCPDS LI 222756992 -310302930
ENDESA COSTAN-A CECO1 AR 410955501 -20459083
ENDESA COSTAN- CECO2 AR 410955501 -20459083
CENTRAL COST-BLK CECOB AR 410955501 -20459083
ENDESA COSTAN- CECOD AR 410955501 -20459083
ENDESA COSTAN- CECOC AR 410955501 -20459083
ENDESA COSTAN- EDCFF US 410955501 -20459083
CENTRAL COSTAN-C CECO3 AR 410955501 -20459083
CENTRAL COST-ADR CCSA LI 410955501 -20459083
ENDESA COST-ADR CRCNY US 410955501 -20459083
CENTRAL COSTAN-B CNRBF US 410955501 -20459083
SOC COMERCIAL PL COME AR 222756992 -310302930
SOC COMERCIAL PL CADN SW 222756992 -310302930
COMERCIAL PLA-BL COMEB AR 222756992 -310302930
SOC COMERCIAL PL COMEC AR 222756992 -310302930
SOC COMERCIAL PL COMED AR 222756992 -310302930
SNIAFA SA SNIA AR 11229696.2 -2670544.88
SNIAFA SA-B SNIA5 AR 11229696.2 -2670544.88
IMPSAT FIBER NET IMPTQ US 535007008 -17164978
IMPSAT FIBER NET 330902Q GR 535007008 -17164978
IMPSAT FIBER NET XIMPT SM 535007008 -17164978
IMPSAT FIBER-CED IMPT AR 535007008 -17164978
IMPSAT FIBER-C/E IMPTC AR 535007008 -17164978
IMPSAT FIBER-$US IMPTD AR 535007008 -17164978
IMPSAT FIBER-BLK IMPTB AR 535007008 -17164978
BRAZIL
------
TELECOMUNICA-ADR 81370Z BZ 470957698 -17289190.9
FABRICA TECID-RT FTRX1 BZ 71426302.5 -70883547.3
TEKA-ADR TEKAY US 341291511 -388484677
BOMBRIL BMBBF US 351909380 -20217403.6
TELEBRAS-PF RCPT CBRZF US 470957698 -17289190.9
TEKA TKTQF US 341291511 -388484677
TEKA-PREF TKTPF US 341291511 -388484677
BATTISTELLA-RIGH BTTL1 BZ 251786497 -39723897.3
BATTISTELLA-RI P BTTL2 BZ 251786497 -39723897.3
BATTISTELLA-RECE BTTL9 BZ 251786497 -39723897.3
BATTISTELLA-RECP BTTL10 BZ 251786497 -39723897.3
AGRENCO LTD-BDR AGEN11 BZ 640440282 -323456366
REII INC REIC US 14423532 -3506007
PET MANG-RIGHTS 3678565Q BZ 287903103 -170622863
PET MANG-RIGHTS 3678569Q BZ 287903103 -170622863
PET MANG-RECEIPT 0229292Q BZ 287903103 -170622863
PET MANG-RECEIPT 0229296Q BZ 287903103 -170622863
BOMBRIL HOLDING FPXE3 BZ 19416015.8 -489914902
BOMBRIL FPXE4 BZ 19416015.8 -489914902
SANESALTO SNST3 BZ 31802628.1 -2924062.87
B&D FOOD CORP BDFCE US 14423532 -3506007
BOMBRIL-RGTS PRE BOBR2 BZ 351909380 -20217403.6
BOMBRIL-RIGHTS BOBR1 BZ 351909380 -20217403.6
TELEBRAS/W-I-ADR TBH-W US 470957698 -17289190.9
AGRENCO LTD AGRE LX 640440282 -323456366
CELGPAR GPAR3 BZ 2657428496 -817505840
RECRUSUL - RT 4529781Q BZ 42222280.6 -19730363.1
RECRUSUL - RT 4529785Q BZ 42222280.6 -19730363.1
RECRUSUL - RCT 4529789Q BZ 42222280.6 -19730363.1
RECRUSUL - RCT 4529793Q BZ 42222280.6 -19730363.1
RECRUSUL-BON RT RCSL11 BZ 42222280.6 -19730363.1
RECRUSUL-BON RT RCSL12 BZ 42222280.6 -19730363.1
BALADARE BLDR3 BZ 159454016 -52992212.8
TEXTEIS RENAU-RT TXRX1 BZ 118475706 -73851057.6
TEXTEIS RENAU-RT TXRX2 BZ 118475706 -73851057.6
TEXTEIS RENA-RCT TXRX9 BZ 118475706 -73851057.6
TEXTEIS RENA-RCT TXRX10 BZ 118475706 -73851057.6
TELEBRAS SA-RT 0250949D BZ 470957698 -17289190.9
CIA PETROLIF-PRF MRLM4 BZ 377602195 -3014291.72
CIA PETROLIFERA MRLM3 BZ 377602195 -3014291.72
CONST BETER SA COBE3 BZ 31374373.7 -1555470.16
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527
ALL ORE MINERACA AORE3 BZ 23865481.1 -5135565.77
B&D FOOD CORP BDFC US 14423532 -3506007
PET MANG-RT 4115360Q BZ 287903103 -170622863
PET MANG-RT 4115364Q BZ 287903103 -170622863
STEEL - RT STLB1 BZ 23865481.1 -5135565.77
STEEL - RCT ORD STLB9 BZ 23865481.1 -5135565.77
MINUPAR-RT 9314542Q BZ 165999220 -3127207.83
MINUPAR-RCT 9314634Q BZ 165999220 -3127207.83
CONST LINDEN RT CALI1 BZ 12670514.8 -3490373.87
CONST LINDEN RT CALI2 BZ 12670514.8 -3490373.87
PET MANG-RT 0229249Q BZ 287903103 -170622863
PET MANG-RT 0229268Q BZ 287903103 -170622863
RECRUSUL - RT 0163579D BZ 42222280.6 -19730363.1
RECRUSUL - RT 0163580D BZ 42222280.6 -19730363.1
RECRUSUL - RCT 0163582D BZ 42222280.6 -19730363.1
RECRUSUL - RCT 0163583D BZ 42222280.6 -19730363.1
PORTX OPERA-GDR PXTPY US 976769403 -9407990.35
PORTX OPERACOES PRTX3 BZ 976769403 -9407990.35
ALL ORE MINERACA STLB3 BZ 23865481.1 -5135565.77
MINUPAR-RT 0599562D BZ 165999220 -3127207.83
MINUPAR-RCT 0599564D BZ 165999220 -3127207.83
CONST LINDEN RCT CALI9 BZ 12670514.8 -3490373.87
CONST LINDEN RCT CALI10 BZ 12670514.8 -3490373.87
CONST BETER-PFA COBE5B BZ 31374373.7 -1555470.16
CONST BETER-PF B COBE6B BZ 31374373.7 -1555470.16
PET MANG-RT RPMG2 BZ 287903103 -170622863
PET MANG-RT RPMG1 BZ 287903103 -170622863
PET MANG-RECEIPT RPMG9 BZ 287903103 -170622863
PET MANG-RECEIPT RPMG10 BZ 287903103 -170622863
RECRUSUL - RT 0614673D BZ 42222280.6 -19730363.1
RECRUSUL - RT 0614674D BZ 42222280.6 -19730363.1
RECRUSUL - RCT 0614675D BZ 42222280.6 -19730363.1
RECRUSUL - RCT 0614676D BZ 42222280.6 -19730363.1
TEKA-RTS TEKA1 BZ 341291511 -388484677
TEKA-RTS TEKA2 BZ 341291511 -388484677
TEKA-RCT TEKA9 BZ 341291511 -388484677
TEKA-RCT TEKA10 BZ 341291511 -388484677
TELEBRAS-COM RTS TELB1 BZ 470957698 -17289190.9
TELEBRAS SA-RCT TELB9 BZ 470957698 -17289190.9
MINUPAR-RTS MNPR1 BZ 165999220 -3127207.83
MINUPAR-RCT MNPR9 BZ 165999220 -3127207.83
RECRUSUL SA-RTS RCSL1 BZ 42222280.6 -19730363.1
RECRUSUL SA-RTS RCSL2 BZ 42222280.6 -19730363.1
RECRUSUL SA-RCT RCSL9 BZ 42222280.6 -19730363.1
RECRUSUL - RCT RCSL10 BZ 42222280.6 -19730363.1
TELEBRAS SA TELB3 BZ 470957698 -17289190.9
TELEBRAS SA TLBRON BZ 470957698 -17289190.9
TELEBRAS SA TBASF US 470957698 -17289190.9
TELEBRAS SA-PREF TELB4 BZ 470957698 -17289190.9
TELEBRAS SA-PREF TLBRPN BZ 470957698 -17289190.9
TELEBRAS-ADR TBAPY US 470957698 -17289190.9
TELEBRAS-ADR TBRAY GR 470957698 -17289190.9
TELEBRAS-CEDE PF RCTB4 AR 470957698 -17289190.9
TELEBRAS-CEDE PF RCT4C AR 470957698 -17289190.9
TELEBRAS-CEDE PF RCT4D AR 470957698 -17289190.9
TELEBRAS-CEDE BL RCT4B AR 470957698 -17289190.9
TELEBRAS-ADR TBH US 470957698 -17289190.9
TELEBRAS-ADR TBX GR 470957698 -17289190.9
TELEBRAS-ADR RTB US 470957698 -17289190.9
TELEBRAS-ADR TBASY US 470957698 -17289190.9
TELEBRAS-RCT PRF TELB10 BZ 470957698 -17289190.9
TELEBRAS-RTS CMN RCTB1 BZ 470957698 -17289190.9
TELEBRAS-RTS PRF RCTB2 BZ 470957698 -17289190.9
TELEBRAS-RTS CMN TCLP1 BZ 470957698 -17289190.9
TELEBRAS-RTS PRF TLCP2 BZ 470957698 -17289190.9
TELEBRAS-COM RT 0250948D BZ 470957698 -17289190.9
TELEBRAS-CM RCPT RCTB31 BZ 470957698 -17289190.9
TELEBRAS-CM RCPT TELE31 BZ 470957698 -17289190.9
TELEBRAS-RCT RCTB33 BZ 470957698 -17289190.9
TELEBRAS-CM RCPT TBRTF US 470957698 -17289190.9
TELEBRAS-CM RCPT RCTB32 BZ 470957698 -17289190.9
TELEBRAS-PF RCPT RCTB41 BZ 470957698 -17289190.9
TELEBRAS-PF RCPT TELE41 BZ 470957698 -17289190.9
TELEBRAS-PF RCPT RCTB42 BZ 470957698 -17289190.9
TELEBRAS-CEDE PF TELB4 AR 470957698 -17289190.9
TELEBRAS-CED C/E TEL4C AR 470957698 -17289190.9
TELEBRAS-CM RCPT RCTB30 BZ 470957698 -17289190.9
TELEBRAS-PF RCPT RCTB40 BZ 470957698 -17289190.9
TELEBRAS-PF RCPT TBAPF US 470957698 -17289190.9
TELEBRAS-RECEIPT TLBRUO BZ 470957698 -17289190.9
TELEBRAS-PF RCPT TLBRUP BZ 470957698 -17289190.9
TELEBRAS-BLOCK TELB30 BZ 470957698 -17289190.9
TELEBRAS-PF BLCK TELB40 BZ 470957698 -17289190.9
TELEBRAS-CEDEA $ TEL4D AR 470957698 -17289190.9
ARTHUR LANGE ARLA3 BZ 11642255.9 -17154461.9
ARTHUR LANGE SA ALICON BZ 11642255.9 -17154461.9
ARTHUR LANGE-PRF ARLA4 BZ 11642255.9 -17154461.9
ARTHUR LANGE-PRF ALICPN BZ 11642255.9 -17154461.9
ARTHUR LANG-RT C ARLA1 BZ 11642255.9 -17154461.9
ARTHUR LANG-RT P ARLA2 BZ 11642255.9 -17154461.9
ARTHUR LANG-RC C ARLA9 BZ 11642255.9 -17154461.9
ARTHUR LANG-RC P ARLA10 BZ 11642255.9 -17154461.9
ARTHUR LAN-DVD C ARLA11 BZ 11642255.9 -17154461.9
ARTHUR LAN-DVD P ARLA12 BZ 11642255.9 -17154461.9
BOMBRIL BOBR3 BZ 351909380 -20217403.6
BOMBRIL CIRIO SA BOBRON BZ 351909380 -20217403.6
BOMBRIL-PREF BOBR4 BZ 351909380 -20217403.6
BOMBRIL CIRIO-PF BOBRPN BZ 351909380 -20217403.6
BOMBRIL SA-ADR BMBPY US 351909380 -20217403.6
BOMBRIL SA-ADR BMBBY US 351909380 -20217403.6
BUETTNER BUET3 BZ 106502172 -24836079.6
BUETTNER SA BUETON BZ 106502172 -24836079.6
BUETTNER-PREF BUET4 BZ 106502172 -24836079.6
BUETTNER SA-PRF BUETPN BZ 106502172 -24836079.6
BUETTNER SA-RTS BUET1 BZ 106502172 -24836079.6
BUETTNER SA-RT P BUET2 BZ 106502172 -24836079.6
CAF BRASILIA CAFE3 BZ 160938140 -149281089
CAFE BRASILIA SA CSBRON BZ 160938140 -149281089
CAF BRASILIA-PRF CAFE4 BZ 160938140 -149281089
CAFE BRASILIA-PR CSBRPN BZ 160938140 -149281089
CHIARELLI SA CCHI3 BZ 11165368.9 -88048393.7
CHIARELLI SA CCHON BZ 11165368.9 -88048393.7
CHIARELLI SA-PRF CCHI4 BZ 11165368.9 -88048393.7
CHIARELLI SA-PRF CCHPN BZ 11165368.9 -88048393.7
IGUACU CAFE IGUA3 BZ 290414421 -57976224.4
IGUACU CAFE IGCSON BZ 290414421 -57976224.4
IGUACU CAFE IGUCF US 290414421 -57976224.4
IGUACU CAFE-PR A IGUA5 BZ 290414421 -57976224.4
IGUACU CAFE-PR A IGCSAN BZ 290414421 -57976224.4
IGUACU CAFE-PR A IGUAF US 290414421 -57976224.4
IGUACU CAFE-PR B IGUA6 BZ 290414421 -57976224.4
IGUACU CAFE-PR B IGCSBN BZ 290414421 -57976224.4
COBRASMA CBMA3 BZ 85057466.1 -2098881762
COBRASMA SA COBRON BZ 85057466.1 -2098881762
COBRASMA-PREF CBMA4 BZ 85057466.1 -2098881762
COBRASMA SA-PREF COBRPN BZ 85057466.1 -2098881762
CONST A LINDEN CALI3 BZ 12670514.8 -3490373.87
CONST A LINDEN LINDON BZ 12670514.8 -3490373.87
CONST A LIND-PRF CALI4 BZ 12670514.8 -3490373.87
CONST A LIND-PRF LINDPN BZ 12670514.8 -3490373.87
CONST BETER SA 1007Q BZ 31374373.7 -1555470.16
CONST BETER SA COBEON BZ 31374373.7 -1555470.16
CONST BETER SA COBE3B BZ 31374373.7 -1555470.16
CONST BETER-PR A 1008Q BZ 31374373.7 -1555470.16
CONST BETER-PR A COBEAN BZ 31374373.7 -1555470.16
CONST BETER-PF A COBE5 BZ 31374373.7 -1555470.16
CONST BETER-PR B 1009Q BZ 31374373.7 -1555470.16
CONST BETER-PR B COBEBN BZ 31374373.7 -1555470.16
CONST BETER-PF B COBE6 BZ 31374373.7 -1555470.16
CONST BETER-PF A 1COBAN BZ 31374373.7 -1555470.16
CONST BETER-PF B 1COBBN BZ 31374373.7 -1555470.16
CONST BETER SA 1COBON BZ 31374373.7 -1555470.16
D H B DHBI3 BZ 138254322 -115344519
DHB IND E COM DHBON BZ 138254322 -115344519
D H B-PREF DHBI4 BZ 138254322 -115344519
DHB IND E COM-PR DHBPN BZ 138254322 -115344519
DOCA INVESTIMENT DOCA3 BZ 272567787 -202595760
DOCAS SA DOCAON BZ 272567787 -202595760
DOCA INVESTI-PFD DOCA4 BZ 272567787 -202595760
DOCAS SA-PREF DOCAPN BZ 272567787 -202595760
DOCAS SA-RTS PRF DOCA2 BZ 272567787 -202595760
FABRICA RENAUX FTRX3 BZ 71426302.5 -70883547.3
FABRICA RENAUX FRNXON BZ 71426302.5 -70883547.3
FABRICA RENAUX-P FTRX4 BZ 71426302.5 -70883547.3
FABRICA RENAUX-P FRNXPN BZ 71426302.5 -70883547.3
HAGA HAGA3 BZ 19331081.5 -49945686
FERRAGENS HAGA HAGAON BZ 19331081.5 -49945686
FER HAGA-PREF HAGA4 BZ 19331081.5 -49945686
FERRAGENS HAGA-P HAGAPN BZ 19331081.5 -49945686
CIMOB PARTIC SA GAFP3 BZ 44047411.7 -45669963.6
CIMOB PARTIC SA GAFON BZ 44047411.7 -45669963.6
CIMOB PART-PREF GAFP4 BZ 44047411.7 -45669963.6
CIMOB PART-PREF GAFPN BZ 44047411.7 -45669963.6
IGB ELETRONICA IGBR3 BZ 412300919 -112050649
GRADIENTE ELETR IGBON BZ 412300919 -112050649
GRADIENTE-PREF A IGBR5 BZ 412300919 -112050649
GRADIENTE EL-PRA IGBAN BZ 412300919 -112050649
GRADIENTE-PREF B IGBR6 BZ 412300919 -112050649
GRADIENTE EL-PRB IGBBN BZ 412300919 -112050649
GRADIENTE-PREF C IGBR7 BZ 412300919 -112050649
GRADIENTE EL-PRC IGBCN BZ 412300919 -112050649
HOTEIS OTHON SA HOOT3 BZ 260899978 -73596837.4
HOTEIS OTHON SA HOTHON BZ 260899978 -73596837.4
HOTEIS OTHON-PRF HOOT4 BZ 260899978 -73596837.4
HOTEIS OTHON-PRF HOTHPN BZ 260899978 -73596837.4
RENAUXVIEW SA TXRX3 BZ 118475706 -73851057.6
TEXTEIS RENAUX RENXON BZ 118475706 -73851057.6
RENAUXVIEW SA-PF TXRX4 BZ 118475706 -73851057.6
TEXTEIS RENAUX RENXPN BZ 118475706 -73851057.6
PARMALAT LCSA3 BZ 388720096 -213641152
PARMALAT BRASIL LCSAON BZ 388720096 -213641152
PARMALAT-PREF LCSA4 BZ 388720096 -213641152
PARMALAT BRAS-PF LCSAPN BZ 388720096 -213641152
PARMALAT BR-RT C LCSA5 BZ 388720096 -213641152
PARMALAT BR-RT P LCSA6 BZ 388720096 -213641152
ESTRELA SA ESTR3 BZ 74664947.5 -103550581
ESTRELA SA ESTRON BZ 74664947.5 -103550581
ESTRELA SA-PREF ESTR4 BZ 74664947.5 -103550581
ESTRELA SA-PREF ESTRPN BZ 74664947.5 -103550581
WETZEL SA MWET3 BZ 93378445.8 -6763345.61
WETZEL SA MWELON BZ 93378445.8 -6763345.61
WETZEL SA-PREF MWET4 BZ 93378445.8 -6763345.61
WETZEL SA-PREF MWELPN BZ 93378445.8 -6763345.61
MINUPAR MNPR3 BZ 165999220 -3127207.83
MINUPAR SA MNPRON BZ 165999220 -3127207.83
MINUPAR-PREF MNPR4 BZ 165999220 -3127207.83
MINUPAR SA-PREF MNPRPN BZ 165999220 -3127207.83
NORDON MET NORD3 BZ 12401871.5 -30368143.1
NORDON METAL NORDON BZ 12401871.5 -30368143.1
NORDON MET-RTS NORD1 BZ 12401871.5 -30368143.1
NOVA AMERICA SA NOVA3B BZ 21287489 -183535527
NOVA AMERICA SA NOVAON BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4B BZ 21287489 -183535527
NOVA AMERICA-PRF NOVAPN BZ 21287489 -183535527
NOVA AMERICA-PRF 1NOVPN BZ 21287489 -183535527
NOVA AMERICA SA 1NOVON BZ 21287489 -183535527
RECRUSUL RCSL3 BZ 42222280.6 -19730363.1
RECRUSUL SA RESLON BZ 42222280.6 -19730363.1
RECRUSUL-PREF RCSL4 BZ 42222280.6 -19730363.1
RECRUSUL SA-PREF RESLPN BZ 42222280.6 -19730363.1
PETRO MANGUINHOS RPMG3 BZ 287903103 -170622863
PETRO MANGUINHOS MANGON BZ 287903103 -170622863
PET MANGUINH-PRF RPMG4 BZ 287903103 -170622863
PETRO MANGUIN-PF MANGPN BZ 287903103 -170622863
RIMET REEM3 BZ 103098361 -185417655
RIMET REEMON BZ 103098361 -185417655
RIMET-PREF REEM4 BZ 103098361 -185417655
RIMET-PREF REEMPN BZ 103098361 -185417655
SANSUY SNSY3 BZ 183826187 -133218258
SANSUY SA SNSYON BZ 183826187 -133218258
SANSUY-PREF A SNSY5 BZ 183826187 -133218258
SANSUY SA-PREF A SNSYAN BZ 183826187 -133218258
SANSUY-PREF B SNSY6 BZ 183826187 -133218258
SANSUY SA-PREF B SNSYBN BZ 183826187 -133218258
BOTUCATU TEXTIL STRP3 BZ 27663604.9 -7174512.03
STAROUP SA STARON BZ 27663604.9 -7174512.03
BOTUCATU-PREF STRP4 BZ 27663604.9 -7174512.03
STAROUP SA-PREF STARPN BZ 27663604.9 -7174512.03
TEKA TEKA3 BZ 341291511 -388484677
TEKA TEKAON BZ 341291511 -388484677
TEKA-PREF TEKA4 BZ 341291511 -388484677
TEKA-PREF TEKAPN BZ 341291511 -388484677
TEKA-ADR TKTPY US 341291511 -388484677
TEKA-ADR TKTQY US 341291511 -388484677
F GUIMARAES FGUI3 BZ 11016542.1 -151840377
FERREIRA GUIMARA FGUION BZ 11016542.1 -151840377
F GUIMARAES-PREF FGUI4 BZ 11016542.1 -151840377
FERREIRA GUIM-PR FGUIPN BZ 11016542.1 -151840377
VARIG SA VAGV3 BZ 966298048 -4695211008
VARIG SA VARGON BZ 966298048 -4695211008
VARIG SA-PREF VAGV4 BZ 966298048 -4695211008
VARIG SA-PREF VARGPN BZ 966298048 -4695211008
BATTISTELLA BTTL3 BZ 251786497 -39723897.3
BATTISTELLA-PREF BTTL4 BZ 251786497 -39723897.3
SAUIPE SA PSEGON BZ 15164420.8 -2756081.99
SAUIPE PSEG3 BZ 15164420.8 -2756081.99
SAUIPE SA-PREF PSEGPN BZ 15164420.8 -2756081.99
SAUIPE-PREF PSEG4 BZ 15164420.8 -2756081.99
CIA PETROLIFERA MRLM3B BZ 377602195 -3014291.72
CIA PETROLIF-PRF MRLM4B BZ 377602195 -3014291.72
CIA PETROLIFERA 1CPMON BZ 377602195 -3014291.72
CIA PETROLIF-PRF 1CPMPN BZ 377602195 -3014291.72
LATTENO FOOD COR LATF US 14423532 -3506007
VARIG PART EM TR VPTA3 BZ 49432124.2 -399290396
VARIG PART EM-PR VPTA4 BZ 49432124.2 -399290396
VARIG PART EM SE VPSC3 BZ 83017828.6 -495721700
VARIG PART EM-PR VPSC4 BZ 83017828.6 -495721700
COLOMBIA
---------
LA POLAR SA LAPOLAR CI 605994833 -543186477
PUYEHUE RIGHT PUYEHUOS CI 24251713.9 -3390038.99
LA POLAR-RT LAPOLARO CI 605994833 -543186477
LA POLAR-RT LAPOLAOS CI 605994833 -543186477
PUYEHUE PUYEH CI 24251713.9 -3390038.99
***********
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 * * *