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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
Friday, June 28, 2013, Vol. 14, No. 127
Headlines
A R G E N T I N A
YPF SA: Repsol Rejects Argentina's $5 Billion Compensation
* ARGENTINA: Asks U.S. Supreme Court to Review Default Case
B R A Z I L
BANCO INDUSTRIAL: Fitch Affirms 'BB-' Issuer Default Rating
COMPANHIA DE SECURITIZACAO: S&P Affirms & Withdraws 'BB-' Rating
MARFRIG ALIMENTOS: General Meeting Set for July 12
C A Y M A N I S L A N D S
ANTHRACITE BALANCED: Members to Hear Wind-Up Report on July 9
BLACKSTONE GSC P: Shareholders to Hear Wind-Up Report on July 12
BURLINGTON VENTURES: Shareholder to Hear Wind-Up Report on July 9
CALIFORNIA LIVERY: Shareholders to Hear Wind-Up Report on July 11
GRENCORP LIMITED: Creditors to Hold Meeting on July 5
JT FUND: Shareholders to Hear Wind-Up Report on July 10
MEZZREF VII: Shareholders to Hear Wind-Up Report on July 11
MIDORI LIMITED: Shareholder to Hear Wind-Up Report on July 8
NORTON LIMITED: Members to Hear Wind-Up Report on July 11
YC INVESTMENT: Shareholder to Hear Wind-Up Report on July 18
M E X I C O
CASA DE BOLSA: Moody's Withdraws Ratings for Business Reasons
* Performance of Mexican RMBS Market Lower in April Says Moody's
X X X X X X X X
* Fiscal Rigidity Weakens LatAm Sovereigns Creditworthiness
- - - - -
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A R G E N T I N A
=================
YPF SA: Repsol Rejects Argentina's $5 Billion Compensation
----------------------------------------------------------
Patricia Laya and Pablo Gonzalez at Bloomberg News report that
Repsol SA said its board rejected an offer by the Argentine
government meant as compensation for the expropriation of a 51
percent stake in YPF SA in April 2012.
Bloomberg News, citing a filing sent to Spain's securities
regulator, relates that Repsol was offered a 47 percent stake in a
joint venture in the Vaca Muerta shale formation valued by
Argentina at $3.5 billion, as well as $1.5 billion toward
development. The proposal "does not equal the losses suffered by
Repsol," the Madrid-based company said, according to Bloomberg
News.
YPF would hold a 51 percent stake, while Petroleos Mexicanos SA
would own 2 percent in the venture.
Any potential agreement in which the company obtained stakes in
Vaca Muerta "would force Repsol back to Argentina," Societe
Generale (GLE) analysts, who lowered Repsol's price target to
EUR17.25 from EUR19, said in a note June 26, Bloomberg News
relates.
Bloomberg News says that Repsol, which lost almost one-quarter of
its market value in the month following the nationalization, has
filed numerous lawsuits including ones in Madrid and New York
seeking compensation of $10.5 billion for the seizure of the
Buenos Aires-based oil producer.
'Negotiated Solution'
"The board of directors of Repsol and its executive team are
pleased to note the interest of the Argentinean government in a
negotiated solution," Repsol said in the filing, Bloomberg News
discloses.
Bloomberg News relays that YPF SA said it had informal talks with
Repsol's shareholders and denied the government sent an official
compensation offer. In an e-mailed statement, it also said it is
open to finding a negotiated solution, Bloomberg news notes.
About YPF SA
Headquartered in Buenos Aires, Argentina, YPF S.A. is an
integrated oil and gas company engaged in the exploration,
development and production of oil and gas, natural gas and
electricity-generation activities (upstream), the refining,
marketing, transportation and distribution of oil and a range of
petroleum products, petroleum derivatives, petrochemicals and
liquid petroleum gas (downstream). The company is a subsidiary
of Repsol YPF, S.A., a Spanish company engaged in oil exploration
and refining, which holds 99.04% of its shares. Its international
operations are conducted through its subsidiaries, YPF
International S.A. and YPF Holdings Inc.
* * *
As reported in the Troubled Company Reporter-Latin America on
Jan. 6, 2012, Dow Jones' DBR Small Cap reports that Argentina's
largest oil and gas producer, YPF SA, said it won't exercise an
option to lift its stake in the parent company of natural gas
distribution firm Metrogas SA after failing to reach an agreement
with creditors.
As of March 20, 2012, the company continues to carry Fitch
Rating's "B+" long-term foreign currency default rating and "BB"
long-term local currency issuer default rating.
* ARGENTINA: Asks U.S. Supreme Court to Review Default Case
-----------------------------------------------------------
Bob Van Voris at Bloomberg News reports that Argentina asked the
U.S. Supreme Court to review a lower-court ruling against it in a
case over the nation's defaulted debt.
The South American nation claims a federal appeals court in New
York was wrong when it ruled in October that investors in
restructured Argentine debt can't be paid unless holders of the
nation's defaulted bonds, led by billionaire Paul Singer's Elliott
Management Corp. and its NML Capital Ltd. unit, are also paid,
according to Bloomberg News.
Bloomberg News notes that Argentina filed a petition asking the
Supreme Court to take the case, arguing that the lower-court
ruling "represents an unprecedented intrusion into the activities
of a foreign state within its own territory that raises
significant foreign relations concerns for the United States."
Bloomberg News relates that Argentina argues the appeals court
failed to properly apply the Foreign Sovereign Immunities Act,
which limits suits against foreign governments. With part of the
case still pending in the appeals court, it's unlikely the Supreme
Court will grant Argentina's petition before the lower court
rules, a decision that could come at any time, Bloomberg News
says.
Argentina has said that forcing it to pay the defaulted
bondholders immediately would expose it to $43 billion in
additional claims it can't pay and trigger a new default,
Bloomberg News discloses.
October Ruling
In the October ruling, Bloomberg News recalls that the appeals
court directed the judge overseeing the case to clarify how he
planned to calculate the required payments to defaulted
bondholders and how his orders barring payments to restructured
debt-holders would apply to third parties, including banks.
In response, U.S. District Judge Thomas Griesa said that Argentina
must pay defaulted bondholders the entire amount they're owed
whenever the nation makes a required payment to holders of the
restructured debt. Griesa also said the order barring third
parties from helping Argentina avoid payment covers Bank of New
York Mellon Corp., indenture trustee for the restructured bonds,
and others, Bloomberg News relays.
A three-judge panel of the appeals court heard arguments on those
rulings in February. The panel didn't say when it will rule,
Bloomberg News relays adds.
The lower court case is NML Capital Ltd. v. Republic of Argentina,
08-cv-06978, U.S. District Court, Southern District of New York
(Manhattan). The appeal is NML Capital Ltd. v. Republic of
Argentina, 12-00105, U.S. Court of Appeals for the Second Circuit
(New York).
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B R A Z I L
===========
BANCO INDUSTRIAL: Fitch Affirms 'BB-' Issuer Default Rating
-----------------------------------------------------------
Fitch Ratings has affirmed the Long-term Issuer Default Rating
(IDR) of Banco Industrial do Brasil S.A. (BIB) at 'BB-'. The
Rating Outlook is Stable.
Key Rating Drivers
BIB's ratings reflect its consistent focus on small-to-medium
enterprises (SMEs), historically sound risk culture and asset
quality, and adequate liquidity. These factors are offset by its
small size, modest profitability, and the inherent asset and
liability concentrations due to its wholesale business model.
Over the last several years, the bank's good asset quality has
been maintained even taking into account the strong loan growth of
81.5% from December 2009 to December 2012. Even so, leverage is
still low (equity to assets of 16.7% in 2012) and compares
favourably with other wholesale-funded banks focused on the SME
market. The stability of its non-performing loans (90 days past
due loans) of 0.8% in 2012, 1.5% in 2011 and 0.7% in 2010)
reflects the result of its conservative appetite for credit risk.
In the 1Q'13, the partial provisioning of one single exposure to a
large energy group was requested by the regulator, resulting in a
small operating loss and an increase in non-performing loans from
0.8% in 2012 to 2.6% in 1Q'3. The bank does not appear to have any
other sensitive or potentially problematic exposure that could
impact its performance in the next quarters.
The bank's profitability is weaker than similar wholesale-funded
banks that focus on the SME market but shows some consistency and
has presented a consistently adequate return on average assets
(ROAA) of 1.75% in 2012 and 1.26% in 2011. Results have been
negatively affected by the competition and the lower interest rate
environment. Fitch expects BIB's profitability to remain adequate,
though slightly lower than its local peers' average.
Over the last several years the bank has focused on the SME
segment, after it sharply reduced its payroll deductible loan
business (roughly 17% of its loan portfolio). The bank's
management has also shifted its focus to larger SME clients, and
better collateral coverage to reduce the intrinsic risk of the
portfolio, but this has resulted in a higher asset concentration
and higher exposure by client. In March 2013, only one loan
exposure represented more than 10% of the bank's Equity and only
the 10 largest represented more than 5% of the bank's equity.
Though concentrated, BIB's funding base has been stable even
during more volatile periods. The bank has diversified its funding
base as it has been able to access trade-finance lines with
multilateral agencies. Since 2H'11, BIB also benefited from the
change in compulsory requirement rules for large banks and
expanded its local funding base, raising roughly BRL360 million in
interbank deposits and letras financeiras with longer terms and
lower costs, improving its funding profile despite the higher
concentration from the exposure to large banks.
The bank has maintained an adequate liquidity position, with
liquid assets comprising 19.7% of total assets in March 2013 (20.5
in March 2012) and a fairly comfortable Fitch Core Capital ratio
(18.6 as of March 2013).
RATING SENSITIVITIES
BIB's IDR upside potential is limited in the near term due to its
small size and its comparatively low profitability. If BIB is able
to close the gap with its peers in terms of performance and size,
ratings could be positively affected; however, this is not
envisioned over the near term.
Deterioration in the bank's asset quality indicators and a
subsequent drop in the bank's performance (Operating ROAA weaker
than 1.0%) and a reduction in the bank's capitalization position
(Fitch Core Capital weaker than 13.0%) could lead to a downgrade
in BIB's ratings.
BIB's ratings were affirmed as follows:
-- Long-term IDR at 'BB-'; Stable Outlook;
-- Short-term IDR at 'B';
-- Local currency Long-term IDR at 'BB-'; Stable Outlook;
-- Local currency Short-term IDR at 'B';
-- Viability rating at 'bb-';
-- Support rating at '5';
-- Support rating Floor 'NF';
-- National Long-term rating at 'A- (bra)'; Stable Outlook;
-- National Short-term rating at 'F2(bra)'.
COMPANHIA DE SECURITIZACAO: S&P Affirms & Withdraws 'BB-' Rating
----------------------------------------------------------------
Standard & Poor's Ratings Services affirmed and subsequently
withdrew its preliminary 'BB- (sf)' global scale and 'brA- (sf)'
Brazilian National Scale ratings on Brazilian Securities Companhia
de Securitizacao's first issuance/ 289th series real estate
certificates following the issuer's request because the
certificates were not sold.
STANDARD & POOR'S 17G-7 DISCLOSURE REPORT
SEC Rule 17g-7 requires an NRSRO, for any report accompanying a
credit rating relating to an asset-backed security as defined in
the Rule, to include a description of the representations,
warranties and enforcement mechanisms available to investors and a
description of how they differ from the representations,
warranties and enforcement mechanisms in issuances of similar
securities.
There is no 17g-7 Disclosure Report included in this credit rating
report. In S&P's understanding there are not representations,
warranties and enforcement mechanisms available to investors.
MARFRIG ALIMENTOS: General Meeting Set for July 12
--------------------------------------------------
Marfrig Alimentos SA, acting herein in the capacity of Issuer of
the 2nd issuance of unsecured, convertible debentures issued in a
single series for private placement, is inviting the Debenture
Holders and the Trustee to convene in general meeting on July 12,
2013, at 2:30 p.m., in the registered office of the Issuer,
located in the City of Sao Paulo, State of Sao Paulo, at Avenida
Chedid Jafet 222, Tower A, 5th floor, Suite 01, district of Vila
Olimpia, 04551-065.
About Marfrig Alimentos
Marfrig Alimentos SA (formerly Marfrig Frigorificos e Com de
Alimentos SA) is a Brazil-based company engaged in the processing
and distribution of meat and poultry products. Its products
include cooked beef, bacon, sausages, beef cubes, minced
knuckles, steaks and other food items including pre-cooked and
frozen potato, frozen vegetables, canned meat, fish and ready
meals. The Company operates in 13 countries, and exports its
products to more than 100 destinations worldwide.
* * *
As reported in the Troubled Company Reporter - Latin America on
May 13, 2013, Standard & Poor's Ratings Services lowered its
global scale corporate credit rating to 'B' from 'B+' and its
national scale rating to 'brBBB-' from 'brBBB+' on Marfrig
Alimentos S.A. The outlook is negative.
==========================
C A Y M A N I S L A N D S
==========================
ANTHRACITE BALANCED: Members to Hear Wind-Up Report on July 9
-------------------------------------------------------------
The members of Anthracite Balanced Company (JR-28) Limited will
receive on July 9, 2013, at 1:00 p.m., the liquidator's report on
the company's wind-up proceedings and property disposal.
The company's liquidator is:
Ian Stokoe
c/o Aaron Gardner
Telephone: (345) 914 8655
Facsimile: (345) 945 4237
PO Box 258 Grand Cayman KY1-1104
Cayman Islands
BLACKSTONE GSC P: Shareholders to Hear Wind-Up Report on July 12
----------------------------------------------------------------
The shareholders of Blackstone GSC P Offshore Fund, Ltd will
receive on July 12, 2013, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Sean Flynn
HF Fund Services Ltd
PO Box 242
45 Market Street, Gardenia Court, Camana Bay
Grand Cayman KY1-1104
Cayman Islands
BURLINGTON VENTURES: Shareholder to Hear Wind-Up Report on July 9
-----------------------------------------------------------------
The sole shareholder of Burlington Ventures, Ltd. will receive on
July 9, 2013, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Ogier
Name: Michael Lubin
Telephone: (345) 815 1793
Facsimile: (345) 949 9877
CALIFORNIA LIVERY: Shareholders to Hear Wind-Up Report on July 11
-----------------------------------------------------------------
The shareholders of California Livery Insurance Company, Ltd. will
receive on July 11, 2013, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Larry E. Slagle
c/o Willis Management (Cayman) Ltd.
Governors Square, 62 Forum Lane, 3rd Floor
Camana Bay, P.O. Box 30600
Grand Cayman KY1-1203
Cayman Islands
Telephone: (345) 949 6039
Facsimile: (345) 949 6621
GRENCORP LIMITED: Creditors to Hold Meeting on July 5
-----------------------------------------------------
The creditors of Grencorp Limited will hold a meeting on July 5,
2013, at 8:00 a.m., to receive the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Ian Stokoe
c/o Devina Patel
Telephone: (345) 914 8739
Facsimile: (345) 945 4237
PwC Corporate Finance & Recovery (Cayman) Limited
PO Box 258 Strathvale House
North Church Street
George Town Grand Cayman
Cayman Islands
JT FUND: Shareholders to Hear Wind-Up Report on July 10
-------------------------------------------------------
The shareholders of JT Fund Management Limited will receive on
July 10, 2013, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company's liquidator is:
Tse Sum Chi Joyce
Hoi Ching Mansion, Flat 6, 13/Floor
5 Hoi Ching Street, Sai Wan Ho
Hong Kong
MEZZREF VII: Shareholders to Hear Wind-Up Report on July 11
-----------------------------------------------------------
The shareholders of MEZZREF VII Bond Investors-GP, Ltd. will
receive on July 11, 2013, at 10:00 a.m., the liquidator's report
on the company's wind-up proceedings and property disposal.
The company's liquidator is:
Rebecca Hume
Telephone: 949 4544
Facsimile: 949 7073
Charles Adams Ritchie & Duckworth
Zephyr House, 2nd Floor, 122 Mary Street
PO Box 709 Grand Cayman KY1-1107
Cayman Islands
MIDORI LIMITED: Shareholder to Hear Wind-Up Report on July 8
------------------------------------------------------------
The shareholder of Midori Limited will receive on July 8, 2013, at
10:30 a.m., the liquidators' report on the company's wind-up
proceedings and property disposal.
The company's liquidators are:
Samit Ghosh
Simon Owiti
c/o Adam Fox
Telephone: 949 7755
Facsimile: 949 7634
NORTON LIMITED: Members to Hear Wind-Up Report on July 11
---------------------------------------------------------
The members of Norton Limited will receive on July 11, 2013, 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 KY1-1102
Cayman Islands
YC INVESTMENT: Shareholder to Hear Wind-Up Report on July 18
------------------------------------------------------------
The shareholder of YC Investment Management Ltd. will receive on
July 18, 2013, the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Tseng Li-Yun
Michelle R. Bodden-Moxam
Telephone: (345) 946 6145
Facsimile: (345) 946 6145
Portcullis TrustNet (Cayman) Ltd.
The Grand Pavilion Commercial Centre
Oleander Way, 802 West Bay Road
P.O. Box 32052 Grand Cayman KY1-1208
Cayman Islands
===========
M E X I C O
===========
CASA DE BOLSA: Moody's Withdraws Ratings for Business Reasons
-------------------------------------------------------------
Moody's de Mexico has withdrawn Casa de Bolsa Multiva, S.A.'s (CB
Multiva) ratings including: (i) long and short term global local
currency (GLC) issuer ratings of B3 and Not Prime, respectively;
and (ii) long and short term Mexican National Scale issuer ratings
of Ba2.mx and MX-4. The outlook on all the ratings before the
withdrawal was stable.
Ratings Rationale:
Moody's has withdrawn CB Multiva's ratings for business reasons.
The last rating action on CB Multiva was on October 13, 2011, when
Moody's downgraded Banco Multiva, S.A. and CB Multiva's GLC
ratings.
Moody's National Scale Ratings (NSRs) are intended as relative
measures of creditworthiness among debt issues and issuers within
a country, enabling market participants to better differentiate
relative risks. NSRs differ from Moody's global scale ratings in
that they are not globally comparable with the full universe of
Moody's rated entities, but only with NSRs for other rated debt
issues and issuers within the same country. NSRs are designated by
a ".nn" country modifier signifying the relevant country, as in
".mx" for Mexico.
CB Multiva is located in Mexico City, Mexico. As of March 2013,
the brokerage firm reported MXP23.1 billion of assets under
custody.
The following ratings assigned to CB Multiva were withdrawn:
Long term global local currency issuer ratings of B3
Short term global local currency issuer ratings of Not Prime
Long term Mexican National Scale issuer ratings of Ba2.mx
Short term Mexican National Scale issuer ratings of MX-4
* Performance of Mexican RMBS Market Lower in April Says Moody's
----------------------------------------------------------------
The performance of the Mexican residential mortgage-backed
securities (RMBS) market, excluding Sofoles transactions,
deteriorated as of the end of April 2013, according to the Mexican
RMBS Index published by Moody's Investors Service.
The 90-plus delinquency rate of the Mexican RMBS index increased
to 4.4% over original balance in April 2013 from 3.2% at the same
point in 2012. The increase is mainly driven by Fovissste's recent
performance, as Fovissste 90-plus delinquency in April 2013
increased to 4.0% from 2.3% in April 2012. The index covers
Mexican RMBS rated by Moody's de Mexico but excludes those with
mortgages denominated in UDIs (unidades de inversion), which
Moody's tracks separately.
Moody's rates 78 transactions in the Mexican RMBS market, with a
total outstanding pool balance of MXP178.1 billion as of April
2013. The rating agency expects the performance of RMBS issued by
banks, INFONAVIT and FOVISSSTE to remain stable in 2013 as Mexico
continues its gradual recovery from the global recession. In
contrast, Sofol RMBS transactions will continue to underperform in
2013.
===============
X X X X X X X X
===============
* Fiscal Rigidity Weakens LatAm Sovereigns Creditworthiness
-----------------------------------------------------------
A narrow tax revenue base, combined with an inflexible budget
spending profile constrains fiscal management, a key factor
preventing Latin American sovereigns from moving up the ratings
scale, according to a new Fitch Ratings report.
'Public finances represent a relative credit weakness for half of
the investment-grade sovereigns and a rating factor with a
negative trend for about a third of the speculative-rated
countries in the region,' said Shelly Shetty, Head of Fitch's
Latin America Sovereign Group.
Latin America's median tax intake after the financial crisis has
remained stagnant at 13.3% of GDP, trailing that of upper-middle-
income countries and rating peers. Indirect taxes account for two-
thirds of total tax receipts in the region. These levies are
easier to collect but impose a greater burden on low-income
earners and formal businesses. Labor informality, income
inequality, tax exemptions and incentive schemes erode the
collection potential of direct taxes.
A low tax intake restrains the authorities' capacity to address
structural weaknesses and respond to negative shocks. Revenue
earmarking also increases the pro-cyclicality of public finances
by forcing governments to spend extra fiscal income during
expansions and cut it back during recessions.
'The financial crisis increased and affected the composition of
public spending in Latin America. The region's median current
spending to total expenditure ratio reached 82% or 15.3% of GDP in
2011,' said Cesar Arias, Associate Director in Fitch's Latin
America Sovereign Group and co-author of the report. 'Three-
quarters of this growth came from an increase in current expenses
and only one-fourth from the expansion of capital investment
projects.'
Transfers and subsidies are the main sources of expenditure
inflexibility, with central governments allocating a median 6% of
GDP or 30% of total expenditure to service these obligations in
2011. Public-sector salaries, representing a median 4.4% of GDP or
22% of total budget expenditure, remain a sizeable and rigid
expense due to periodic wage settlements and inflation-adjustment
clauses.
High current expenditure affects the quality of fiscal adjustments
by generating a bias towards under investing in infrastructure,
which hampers competitiveness, capital accumulation and potential
GDP growth. Expenditure rigidities in the context of an
expansionary fiscal stance could lead to higher indebtedness,
increased financing needs and macroeconomic underperformance.
Panama and Peru improved the composition of public spending by
simultaneously revamping capital investment and containing current
expenditures during 2010-2011. These two countries achieved the
highest five-year average real growth rates in the region in 2011,
11% and 7% respectively.
Fitch's special report 'Fiscal Rigidity: The Achilles Heel of
LatAm Sovereigns' is available at 'www.fitchratings.com'.
***********
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., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Julie Anne L. Toledo, Frauline S.
Abangan, and Peter A. Chapman, Editors.
Copyright 2013. 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$775 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 A. Chapman at 215-945-7000 or Nina Novak at
202-241-8200.
* * * End of Transmission * * *