/raid1/www/Hosts/bankrupt/TCRLA_Public/130820.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, August 20, 2013, Vol. 14, No. 164
Headlines
B R A Z I L
BANCO MAXIMA: Poor Earnings Expectations Trigger Moody's Cuts
GOL LINHAS: Doubles Down its Effort to Cut Costs
VIVER INCORPORADORA: Reveals Quarter Ended June 30, 2013 Results
C A Y M A N I S L A N D S
BAM ESPRESSO: Creditors' Proofs of Debt Due Sept. 12
BIGHORN INVESTMENTS: Creditors' Proofs of Debt Due Sept. 10
CAPE COLD: Placed Under Voluntary Wind-Up
CHATEAU PINNACLE: Commences Liquidation Proceedings
CIBC ARGENTINA: Commences Liquidation Proceedings
JAPAN VALUE: Creditors' Proofs of Debt Due Sept. 9
KINKIHOME REAL: Creditors' Proofs of Debt Due Sept. 12
KTBEST TECHNOLOGY: Creditors' Proofs of Debt Due Sept. 3
MISTRAL INC: Creditors' Proofs of Debt Due Sept. 10
NIAGARA CAYMAN: Creditors' Proofs of Debt Due Sept. 2
NIAGARA CAYMAN: Members' Final Meeting Set for Sept. 3
ONSLOW MACRO: Creditors' Proofs of Debt Due Sept. 3
SB MADAGASCAR: Creditors' Proofs of Debt Due Sept. 2
STG MANAGEMENT: Creditors' Proofs of Debt Due Sept. 11
VINTNERS LONDON: Creditors' Proofs of Debt Due Sept. 9
WAM FIXED: Shareholder to Hear Wind-Up Report on Sept. 3
M E X I C O
INVERSIONES ALSACIA: Instability Cues Moody's to Cut Rating to B2
X X X X X X X X
Large Companies With Insolvent Balance Sheets
- - - - -
===========
B R A Z I L
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BANCO MAXIMA: Poor Earnings Expectations Trigger Moody's Cuts
-------------------------------------------------------------
Moody's Investors Service has lowered Banco Maxima S.A.'s baseline
credit assessment (BCA) to b3, from b2, and downgraded the bank's
long-term global local and foreign currency deposit ratings to B3,
from B2. At the same time, Moody's downgraded Maxima's Brazilian
national scale deposit ratings to Ba2.br and BR-4, from Baa3.br
and BR-3, long- and short-term, respectively. Moody's also
affirmed Maxima's bank financial strength at E+ and short-term
global local and foreign currency deposit ratings at Not Prime.
Moody's also placed a negative outlook on all ratings.
The following ratings of Banco Maxima were downgraded:
Long-term global local-currency deposit rating: to B3 from B2,
negative outlook
Long-term foreign-currency deposit rating: to B3 from B2, negative
outlook
Long and short-term Brazilian national scale deposit ratings: to
Ba2.br and BR-4 from Baa3.br and BR-3, negative outlook
The following ratings of Banco Maxima were affirmed:
Short-term global local-currency deposit rating of Not Prime
Short-term foreign-currency deposit rating of Not Prime
Bank financial strength of E+, negative outlook, which maps to a
standalone baseline credit assessment of b3
Ratings Rationale:
The lowering of Maxima's unsupported baseline credit assessment to
b3, from b2, reflects the weakening of its franchise value and
financial fundamentals, particularly profitability, and the
expectation that earnings will remain poor in 2013, as management
once again shifts its business focus. Following its exit and
divestment from payroll lending and asset management activities
over the past two years, Maxima is now focusing on residential
real estate financing and foreign exchange services, while it
gradually exits from commercial lending to mid-sized companies.
The ratings and negative outlook, therefore, incorporate the
earnings volatility that derive from an opportunistic business
strategy, the lack of scale, poor funding structure, and resulting
high operating and credit costs. The outlook also reflects the
risks involved in transitioning to a highly competitive market
segment, and the uncertain funding structure to support these new
long-term assets, which expose the bank's balance sheet to
maturity and interest rate mismatches.
At this juncture, revenues generation remains short of operating
expenses as well as of credit costs, which are still mostly
related to a waning commercial lending operation. While past
profitability indicators have been in part supported by gain on
sales of Maxima's payroll loans, we expect softer economic
conditions and increasing competition to add pressure on earnings
generation and therefore, capitalization, as the bank tries to
expand its real estate financing business. In part, Maxima's
strategy is to originate and sell mortgage and construction loans,
which would be less capital-consuming; nevertheless, the new
venture will increase Maxima's leverage, while exposing the bank
to increasing credit costs. As of December 2012, the bank's
capital ratio was 13.57%, still above the 11% minimum regulatory
requirement.
Moody's also noted Maxima's highly concentrated funding structure
and the dependence on more expensive deposits guaranteed by the
local deposit insurance corporation (known as DPGEs) for tenor
funding, which reflect in higher costs and constrain ratings. The
shift of its loan mix to longer tenor construction loans will
likely result in maturity and interest rates mismatches, given the
predominance of short-term funding in Maxima's liability and the
challenges it may face in accessing funding instruments that match
the tenor of its new loan book profile.
The last rating action on Maxima was on November 24, 2010, when
Moody's assigned Maxima bank financial strength of E+, which
mapped to a baseline credit assessment of b2, long- and short-term
global local and foreign currency deposit ratings of B2 and Not
Prime, and long- and short-term Brazilian national scale deposit
ratings of Baa3.br and BR-3. The outlook on all ratings was
stable.
The principal methodology used in rating this bank was "Global
Banks" published on May 31, 2013.
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.
Banco Maxima S.A. is headquartered in Rio de Janeiro, Brazil. As
of December 31, 2012, the bank had total assets of approximately
BRL513 million ($251 million) and equity of BRL61.9 million ($30.2
million).
GOL LINHAS: Doubles Down its Effort to Cut Costs
------------------------------------------------
Paulo Winterstein at 4-traders.com reports that Gol Linhas Aereas
Inteligentes doubled down its effort to cut costs and improve
margins, sticking by its forecast of improving operating margins
this year even as fuel costs are expected to reach record highs.
Gol Linhas reported a narrower loss in the second quarter on
rising revenue and lower costs, according to 4-traders.com. The
report relates that the low-cost carrier saw a net loss of BRL433
million (US$191 million), compared with a loss of BRL715 million
in the year-earlier period. The company also reported a negative
operating margin of 1.8% in the quarter, even if vastly improved
from the negative 19% margin seen in the year-earlier quarter, the
report relates.
"Our focus will be to continue improving our operational
efficiency," the report quoted Chief Executive Paulo Kakinoff, as
saying.
Fuel prices for the company will likely climb to a new record this
year, Mr. Kakinoff cautioned, the report notes.
The report discloses that rising oil prices, together with a
weaker Brazilian currency, will drive up the company's costs, Mr.
Kakinoff said. In the second quarter, a weaker real led to BRL333
million in losses, or 77% of the company's net loss, he said, the
report relays.
4-traders.com relays that after paying BRL2.21 per liter of
aviation fuel in the second quarter, the company expects fuel
prices to rise to BRL2.7 per liter next month. For the year, the
company forecast average prices of BRL2.38-to-BRL2.48 per liter,
up slightly from a previous forecast of BRL2.3-to-BRL2.4 per
liter.
"Even with this additional deterioration, we are confirming the
guidance we gave at the start of the year, of having a 1% to 3%
positive operating margin. . . . We will compensate for this
deterioration [in fuel prices] with a reduction in other costs,"
the report quoted Mr. Kakinoff as saying.
The report notes that the company reduced its estimates for
operating costs excluding fuel. The company now sees CASK -- or
the cost per seat per kilometer flown -- to end the year at
between 9.5 and 10 Brazilian centavos, down slightly from a
previous forecast of 9.7 to 10.3 centavos, the report discloses.
In the first half of this year, the company managed to keep CASK
at 9 centavos, Mr. Kakinoff said, so that gives the company some
breathing room in the second half to reach its cost-cutting goals,
notes the report.
The company maintained its forecast of cutting the number of
domestic flights by 9%, the report discloses. The company is
cutting back on less profitable domestic routes to improve
margins, even as it increases international flights, the report
relates.
Gol said that in the second half it will study the opening of new
destinations in the U.S., which currently includes just Miami and
Orlando, the report discloses. Mr. Kakinoff declined to say what
additional U.S. cities Gol may serve, the report adds.
* * *
As reported in the Troubled Company Reporter-Latin America on
Feb. 7, 2013, Fitch Ratings assigned an expected rating of
'B/RR5(exp)' to Gol Linhas Aereas Inteligentes S.A.'s proposed
unsecured notes. Fitch also assigns a 'B+' rating to its foreign
and local currency long-term Issuer Default Ratings.
VIVER INCORPORADORA: Reveals Quarter Ended June 30, 2013 Results
----------------------------------------------------------------
4-traders.com reports that Viver Incorporadora e Construtora S.A.
disclosed its operating and financial results for the quarter
ended in June 30, 2013.
According to the report, the highlights include:
* Reduction over than 50% in general and administrative expenses
considering the number of June annualized compared to 2012.
Reduction of 31% compared to same period last year to R$13.6
million in second quarter 2013.
* Receiving of approximately R$40 million relative to the first
installment of the sale of "Lagoa dos Ingleses" land complex.
The closing of the deal is in the final stage of structuring.
* Reduction of performance risk with "afetacao" of majority of the
25 sites under construction and supplementation of construction
financing.
* Large volume of deliveries, 80% of the construction portfolio
being delivered in the next 18 months, adding R$718 million to
performed receivables and R$242 million to delivered inventory
in the period.
* Generating a positive operating cash flow with reduction of net
debt of approximately R$6 million in second quarter 2013.
* Rollover for more than 18 months of CRIs in the amount of R$87.9
million.
* Issuance of CRIs in the amount of R$60 million, with a three-
year maturity and allocation of the funds for the rescheduling
of corporate debt.
* Approval by Board of Directors the issuance of Debentures
convertible into common shares of up to R$125 million.
* * *
As reported in the Troubled Company Reporter on June 27, 2013,
Moody's America Latina has downgraded Viver Incorporadora e
Construtora S.A.'s corporate family rating to Caa1 from B3 on the
global scale and to Caa1.br from B1.br on the Brazilian national
scale. Moody's also downgraded Viver's BRL300 million senior
secured debentures due in 2016 (First Issuance) to Caa1/Caa1.br
from B3/B1.br. The outlook for all ratings remains negative.
==========================
C A Y M A N I S L A N D S
==========================
BAM ESPRESSO: Creditors' Proofs of Debt Due Sept. 12
----------------------------------------------------
The creditors of Bam Espresso Fund SPC are required to file their
proofs of debt by Sept. 12, 2013, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on July 29, 2013.
The company's liquidator is:
DMS Corporate Services Ltd
c/o Ronan Guilfoyle
Telephone: (345) 946 7665
Facsimile: (345) 946 7666
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
BIGHORN INVESTMENTS: Creditors' Proofs of Debt Due Sept. 10
-----------------------------------------------------------
The creditors of Bighorn Investments Limited are required to file
their proofs of debt by Sept. 10, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on July 29, 2013.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943 3100
CAPE COLD: Placed Under Voluntary Wind-Up
-----------------------------------------
On July 29, the shareholders of Cape Cold Investors resolved to
voluntarily wind up the company's operations.
The company's liquidator is:
Trident Liquidators (Cayman) Ltd
c/o Mrs Eva Moore
Trident Trust Company (Cayman) Limited
Telephone: (345) 949 0880
Facsimile: (345) 949 0881
P.O. Box 847, George Town
Grand Cayman KY1-1103
Cayman Islands
CHATEAU PINNACLE: Commences Liquidation Proceedings
---------------------------------------------------
On July 25, 2013, the shareholders of Chateau Pinnacle passed a
resolution that voluntarily liquidates the company's business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Stephen Nelson
Telephone: (345) 949 4544
Facsimile: (345) 949 8460
Charles Adams Ritchie & Duckworth
PO Box 709 Grand Cayman KY1-1107
Cayman Islands
CIBC ARGENTINA: Commences Liquidation Proceedings
-------------------------------------------------
On July 29, 2013, the shareholders of CIBC Argentina Management II
LDC passed a resolution that voluntarily liquidates the company's
business.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
CIBC Private Equity Management, Inc.
Kathryn Casparian/Peter Martin
c/o CIBC World Markets Corp.
425 Lexington Avenue, 2nd Floor
New York 10017
United States of America
Telephone: +1 (416) 594 7506
JAPAN VALUE: Creditors' Proofs of Debt Due Sept. 9
--------------------------------------------------
The creditors of Japan Value Fund Limited are required to file
their proofs of debt by Sept. 9, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on July 25, 2013.
The company's liquidator is:
A. Lawson
PO Box 493 Grand Cayman KY1-1106
Cayman Islands
c/o Troy A. Whittaker
Telephone: +1 (345) 914 4320/ +1 (345) 949 4800
Facsimile: +1 (345) 949 7164
P.O. Box 493
KINKIHOME REAL: Creditors' Proofs of Debt Due Sept. 12
------------------------------------------------------
The creditors of Kinkihome Real Estate Investment are required to
file their proofs of debt by Sept. 12, 2013, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 29, 2013.
The company's liquidators are:
Samit Ghosh
Simon Owiti
P.O. Box 1109 Grand Cayman KY1-1102
Cayman Islands
c/o Adam Fox
Telephone: 949 7601
KTBEST TECHNOLOGY: Creditors' Proofs of Debt Due Sept. 3
--------------------------------------------------------
The creditors of KTBEST Technology, Inc. are required to file
their proofs of debt by Sept. 3, 2013, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 25, 2013.
The company's liquidator is:
Chung, Chia-Pao
No. 6, Technology Road 5
HsinChu Science Park
HsinChu, Taiwan 30078
Telephone: +011 (886) 3578 2345
Facsimile: +011 (886) 3577 3261
No. 6, Technology Road 5
HsinChu Science Park
HsinChu, Taiwan 30078
MISTRAL INC: Creditors' Proofs of Debt Due Sept. 10
---------------------------------------------------
The creditors of Mistral Inc. are required to file their proofs of
debt by Sept. 10, 2013, to be included in the company's dividend
distribution.
The company commenced liquidation proceedings on July 29, 2013.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943 3100
NIAGARA CAYMAN: Creditors' Proofs of Debt Due Sept. 2
-----------------------------------------------------
The creditors of Niagara Cayman Holding Limited are required to
file their proofs of debt by Sept. 2, 2013, to be included in the
company's dividend distribution.
The company commenced liquidation proceedings on Oct. 8, 2010.
The company's liquidators are:
E. Andrew Hersant
Christopher Humphries
Stuarts Walker Hersant, Attorneys-at-Law
36 A Dr. Roy's Drive
P.O. Box 2510, Grand Cayman KY1-1104
Cayman Islands
NIAGARA CAYMAN: Members' Final Meeting Set for Sept. 3
------------------------------------------------------
The members of Niagara Cayman Holding Limited will hold their
final meeting on Sept. 3, 2013, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company commenced liquidation proceedings on Oct. 8, 2010.
The company's liquidators are:
E. Andrew Hersant
Christopher Humphries
Stuarts Walker Hersant, Attorneys-at-Law
36 A Dr. Roy's Drive
P.O. Box 2510, Grand Cayman KY1-1104
Cayman Islands
ONSLOW MACRO: Creditors' Proofs of Debt Due Sept. 3
---------------------------------------------------
The creditors of Onslow Macro Fund No. 2 Limited are required to
file their proofs of debt by Sept. 3, 2013, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on July 23, 2013.
The company's liquidator is:
Gene Dacosta
c/o Noel Webb
Telephone: (345) 814 7394
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
SB MADAGASCAR: Creditors' Proofs of Debt Due Sept. 2
----------------------------------------------------
The creditors of SB Madagascar GP Ltd. are required to file their
proofs of debt by Sept. 2, 2013, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on July 23, 2013.
The company's liquidator is:
Ogier
Name: Jo-Anne Maher
Telephone: (345) 815 1762
Facsimile: (345) 949 9877
89 Nexus Way, Camana Bay
Grand Cayman KY1-9007
Cayman Islands
STG MANAGEMENT: Creditors' Proofs of Debt Due Sept. 11
------------------------------------------------------
The creditors of STG Management are required to file their proofs
of debt by Sept. 11, 2013, to be included in the company's
dividend distribution.
The company commenced liquidation proceedings on July 5, 2013.
The company's liquidator is:
Intertrust SPV (Cayman) Limited
190 Elgin Avenue, George Town
Grand Cayman KY1-9005
Cayman Islands
c/o Kim Charaman/Jennifer Chailler
Telephone: (345) 943 3100
VINTNERS LONDON: Creditors' Proofs of Debt Due Sept. 9
------------------------------------------------------
The creditors of Vintners London Investments (Nile) Limited are
required to file their proofs of debt by Sept. 9, 2013, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on July 25, 2013.
The company's liquidator is:
Robin Lee Mcmahon
c/o Mr. Barry MacManus
Telephone +1 (345) 814 8997
Ernst & Young Ltd
62 Forum Lane, Camana Bay
PO Box 510 Grand Cayman KY1-1106
Cayman Islands
WAM FIXED: Shareholder to Hear Wind-Up Report on Sept. 3
--------------------------------------------------------
The shareholder of WAM Fixed Income Total Return Fund will receive
on Sept. 3, 2013, at 10:00 a.m., the liquidator's report on the
company's wind-up proceedings and property disposal.
The company commenced liquidation proceedings on July 29, 2013.
The company's liquidator is:
Stuarts Walker Hersant
Telephone: (345) 949 3344
Facsimile: (345) 949 2888
P.O. Box 2510 Grand Cayman KY1-1104
Cayman Islands
===========
M E X I C O
===========
INVERSIONES ALSACIA: Instability Cues Moody's to Cut Rating to B2
-----------------------------------------------------------------
Moody's Investors Service has downgraded the rating on Inversiones
Alsacia to B2 from Ba3. At the same time, the rating is placed on
review for further downgrade. The downgrade reflects the project's
poor financial performance and increased instability as evidenced
by: a) failure to maintain a minimum Debt Service Coverage Ratio
of 1.1x, which could trigger Early Amortization, b) failure to
meet the required balance on the O&M account, which could trigger
an Event of Default, and c) draws on the debt service reserve fund
which has left the account underfunded, increasingly exposing the
transaction to a potential default.
The issuer is seeking a waiver from bondholders on the breached
covenants, which is expected to be obtained in the next few days.
The review for downgrade will focus on the ability of Alsacia to
successfully obtain this waiver and on updated cashflow
projections over the next six months. The rating review will be
concluded expeditiously.
Ratings Rationale:
The downgrade reflects a weaker credit quality of Inversiones
Alsacia stemming from a significantly lower than expected cash
flow generation net of costs. Increased revenue volatility as a
consequence of the 2012 concession amendment, decreased bus
passenger demand, and significantly larger than projected
maintenance and overhaul costs led to the deterioration of
Alsacia's key credit metrics and liquidity.
The poor performance caused Alsacia to breach two of its Indenture
covenants. First, Alsacia failed to maintain a minimum Debt
Service Coverage Ratio (DSCR) of 1.1x for the six-month period
ended July 31, which constitutes an Early Amortization Event. This
gives the bondholders the right to trigger an Early Amortization
Period, during which on every scheduled debt service payment date
the remaining cash flows after the coupon payment are used to pay
down debt. In addition, the issuer has not maintained balances in
the O&M accounts equal to the full amounts required by the
Indenture (two transfer periods, or approximately one month of
O&M), which also gives the bondholders the right to trigger an
Event of Default. Moody's understands that no Early Amortization
Period or Event of Default have been triggered by the bondholders.
The issuer is seeking a waiver from bondholders of the
applicability of an Early Amortization event for failure to
maintain a 1.1x DSCR for reporting periods ending on January 31st,
2015 and for any Events of Default associated with not funding the
O&M account through August 16, 2016. The waiver is expected within
the next weeks.
Alsacia is relying on the Debt Service Reserve Account (DSRA) and
compensations from the Government of Chile (Aa3/Stable)- through
the Ministry of Transportation and Telecommunications (MTT)- to
help make debt service payments. On February 18, 2013, the issuer
made the semi-annual debt service payment of US$47 million,
requiring draws from the DSRA in the amount of approximately US$14
million. For the next coupon payment, due August 18, 2013, Alsacia
will need to withdraw roughly US$9 million on the already
underfunded DSRA, leaving in the account balance at approximately
US$10 million, well below the target of US$50 million.
In order to meet the coupon payment due on February 2014 of US$50
million, Alsacia will likely rely on the compensation payment of
US$15 million from the MTT, which is scheduled for the end of
January 2014. This compensation for the amendment of the original
concession contract is subject to operational improvement, among
other conditions. If the conditions are not met the compensation
could be delayed exposing Alsacia to a default, especially if the
cash flows generated over the next six months continue to be lower
than expected and given the low balance of the DSRA.
Moody's does not expect upward pressure on the ratings in the near
term. Notwithstanding the review could conclude with the
confirmation of the rating if Inversiones Alsacia successfully
obtains the waiver from bondholders and the financial metrics are
in line with the assigned rating. If the waiver is not obtained as
expected or Moody's expects that the poor performance will
continue in the near to medium term, the review could conclude
with a further downgrade.
The principal methodology used in this rating was Generic Project
Finance Methodology published in December 2010.
===============
X X X X X X X X
===============
Large Companies With Insolvent Balance Sheets
---------------------------------------------
Total
Total Shareholders
Assets Equity
Company Ticker (US$MM) (US$MM)
------- ------ --------- ------------
ARGENTINA
---------
SNIAFA SA-B SDAGF US 11229696.2 -2670544.88
CENTRAL COSTAN-B CRCBF US 355868838 -87473853.3
EDENOR-B DNOR AR 1394532232 -3893195.32
EMP DISTRIB-ADR EDN US 1394532232 -3893195.32
EMP DISTRIB-ADR PWD1 GR 1394532232 -3893195.32
EDENOR-B US$ DNORD AR 1394532232 -3893195.32
EDENOR-B C/E DNORC AR 1394532232 -3893195.32
EMPRESA DISTRI-A 0122196D AR 1394532232 -3893195.32
EMPRESA DISTRI-C 0122368D AR 1394532232 -3893195.32
ENDESA COSTAN-A CECO1 AR 355868838 -87473853.3
ENDESA COSTAN- CECO2 AR 355868838 -87473853.3
CENTRAL COST-BLK CECOB AR 355868838 -87473853.3
ENDESA COSTAN- CECOD AR 355868838 -87473853.3
ENDESA COSTAN- CECOC AR 355868838 -87473853.3
ENDESA COSTAN- EDCFF US 355868838 -87473853.3
CENTRAL COSTAN-C CECO3 AR 355868838 -87473853.3
CENTRAL COST-ADR CCSA LI 355868838 -87473853.3
ENDESA COST-ADR CRCNY US 355868838 -87473853.3
CENTRAL COSTAN-B CNRBF US 355868838 -87473853.3
SNIAFA SA SNIA AR 11229696.2 -2670544.88
SNIAFA SA-B SNIA5 AR 11229696.2 -2670544.88
EDENOR-B EDN AR 1394532232 -3893195.32
EDENOR-B EDNC AR 1394532232 -3893195.32
EDENOR-B EDND AR 1394532232 -3893195.32
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
PETROLERA DEL CO PSUR AR 64304553.9 -1269120.56
BRAZIL
------
FABRICA TECID-RT FTRX1 BZ 66603693.6 -76419244.2
TEKA-ADR TEKAY US 407967021 -392649052
BOMBRIL BMBBF US 359985634 -12154088.6
TEKA TKTQF US 407967021 -392649052
TEKA-PREF TKTPF US 407967021 -392649052
VULCABRAS-RIGHT VULC1 BZ 656823700 -17327661.6
VULCABRAS-RIGHT VULC2 BZ 656823700 -17327661.6
VULCABRAS-RECEIP VULC9 BZ 656823700 -17327661.6
VULCABRAS-REC PR VULC10 BZ 656823700 -17327661.6
BATTISTELLA-RIGH BTTL1 BZ 158330518 -36518145.6
BATTISTELLA-RI P BTTL2 BZ 158330518 -36518145.6
BATTISTELLA-RECE BTTL9 BZ 158330518 -36518145.6
BATTISTELLA-RECP BTTL10 BZ 158330518 -36518145.6
AGRENCO LTD-BDR AGEN11 BZ 339244079 -561405855
REII INC REIC US 14423532 -3506007
PET MANG-RIGHTS 3678565Q BZ 246810937 -224879124
PET MANG-RIGHTS 3678569Q BZ 246810937 -224879124
PET MANG-RECEIPT 0229292Q BZ 246810937 -224879124
PET MANG-RECEIPT 0229296Q BZ 246810937 -224879124
LUPATECH SA LUPA3 BZ 754879275 -127862714
REDE EMP ENE ELE ELCA4 BZ 1175265498 -62202546.7
REDE EMP ENE ELE ELCA3 BZ 1175265498 -62202546.7
BOMBRIL HOLDING FPXE3 BZ 19416015.8 -489914902
BOMBRIL FPXE4 BZ 19416015.8 -489914902
SANESALTO SNST3 BZ 24630103.9 -10366431.8
B&D FOOD CORP BDFCE US 14423532 -3506007
BOMBRIL-RGTS PRE BOBR2 BZ 359985634 -12154088.6
BOMBRIL-RIGHTS BOBR1 BZ 359985634 -12154088.6
LAEP-BDR MILK11 BZ 222902263 -255311019
AGRENCO LTD AGRE LX 339244079 -561405855
LAEP INVESTMENTS LEAP LX 222902263 -255311019
LUPATECH SA LUPAF US 754879275 -127862714
REDE ENERG-UNIT REDE11 BZ 1175265498 -62202546.7
CELGPAR GPAR3 BZ 224346590 -1034483191
RECRUSUL - RT 4529781Q BZ 48003655.5 -18502124.9
RECRUSUL - RT 4529785Q BZ 48003655.5 -18502124.9
RECRUSUL - RCT 4529789Q BZ 48003655.5 -18502124.9
RECRUSUL - RCT 4529793Q BZ 48003655.5 -18502124.9
REDE ENER-RT 3907727Q BZ 1175265498 -62202546.7
REDE ENER-RCT 3907731Q BZ 1175265498 -62202546.7
RECRUSUL-BON RT RCSL11 BZ 48003655.5 -18502124.9
RECRUSUL-BON RT RCSL12 BZ 48003655.5 -18502124.9
BALADARE BLDR3 BZ 159454016 -52992212.8
TEXTEIS RENAU-RT TXRX1 BZ 97868151.6 -91899413.1
TEXTEIS RENAU-RT TXRX2 BZ 97868151.6 -91899413.1
TEXTEIS RENA-RCT TXRX9 BZ 97868151.6 -91899413.1
TEXTEIS RENA-RCT TXRX10 BZ 97868151.6 -91899413.1
CIA PETROLIF-PRF MRLM4 BZ 377602195 -3014291.72
CIA PETROLIFERA MRLM3 BZ 377602195 -3014291.72
NOVA AMERICA SA NOVA3 BZ 21287489 -183535527
NOVA AMERICA-PRF NOVA4 BZ 21287489 -183535527
LUPATECH SA-RT LUPA11 BZ 754879275 -127862714
ALL ORE MINERACA AORE3 BZ 18737017.6 -11880129.6
B&D FOOD CORP BDFC US 14423532 -3506007
LUPATECH SA-ADR LUPAY US 754879275 -127862714
PET MANG-RT 4115360Q BZ 246810937 -224879124
PET MANG-RT 4115364Q BZ 246810937 -224879124
REDE ENER-RT REDE1 BZ 1175265498 -62202546.7
REDE ENER-RCT REDE9 BZ 1175265498 -62202546.7
REDE ENER-RT REDE2 BZ 1175265498 -62202546.7
REDE ENER-RCT REDE10 BZ 1175265498 -62202546.7
STEEL - RT STLB1 BZ 18737017.6 -11880129.6
STEEL - RCT ORD STLB9 BZ 18737017.6 -11880129.6
MINUPAR-RT 9314542Q BZ 136398462 -91947867.2
MINUPAR-RCT 9314634Q BZ 136398462 -91947867.2
PET MANG-RT 0229249Q BZ 246810937 -224879124
PET MANG-RT 0229268Q BZ 246810937 -224879124
RECRUSUL - RT 0163579D BZ 48003655.5 -18502124.9
RECRUSUL - RT 0163580D BZ 48003655.5 -18502124.9
RECRUSUL - RCT 0163582D BZ 48003655.5 -18502124.9
RECRUSUL - RCT 0163583D BZ 48003655.5 -18502124.9
PORTX OPERA-GDR PXTPY US 976769403 -9407990.35
PORTX OPERACOES PRTX3 BZ 976769403 -9407990.35
ALL ORE MINERACA STLB3 BZ 18737017.6 -11880129.6
MINUPAR-RT 0599562D BZ 136398462 -91947867.2
MINUPAR-RCT 0599564D BZ 136398462 -91947867.2
PET MANG-RT RPMG2 BZ 246810937 -224879124
PET MANG-RT 0848424D BZ 246810937 -224879124
PET MANG-RECEIPT RPMG9 BZ 246810937 -224879124
PET MANG-RECEIPT RPMG10 BZ 246810937 -224879124
LAEP INVESTMEN-B 0122427D LX 222902263 -255311019
LAEP INVES-BDR B 0163599D BZ 222902263 -255311019
RECRUSUL - RT 0614673D BZ 48003655.5 -18502124.9
RECRUSUL - RT 0614674D BZ 48003655.5 -18502124.9
RECRUSUL - RCT 0614675D BZ 48003655.5 -18502124.9
RECRUSUL - RCT 0614676D BZ 48003655.5 -18502124.9
TEKA-RTS TEKA1 BZ 407967021 -392649052
TEKA-RTS TEKA2 BZ 407967021 -392649052
TEKA-RCT TEKA9 BZ 407967021 -392649052
TEKA-RCT TEKA10 BZ 407967021 -392649052
LUPATECH SA-RTS LUPA1 BZ 754879275 -127862714
LUPATECH SA -RCT LUPA9 BZ 754879275 -127862714
MINUPAR-RTS MNPR1 BZ 136398462 -91947867.2
MINUPAR-RCT MNPR9 BZ 136398462 -91947867.2
RECRUSUL SA-RTS RCSL1 BZ 48003655.5 -18502124.9
RECRUSUL SA-RTS RCSL2 BZ 48003655.5 -18502124.9
RECRUSUL SA-RCT RCSL9 BZ 48003655.5 -18502124.9
RECRUSUL - RCT RCSL10 BZ 48003655.5 -18502124.9
PET MANG-RTS RPMG1 BZ 246810937 -224879124
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 359985634 -12154088.6
BOMBRIL CIRIO SA BOBRON BZ 359985634 -12154088.6
BOMBRIL-PREF BOBR4 BZ 359985634 -12154088.6
BOMBRIL CIRIO-PF BOBRPN BZ 359985634 -12154088.6
BOMBRIL SA-ADR BMBPY US 359985634 -12154088.6
BOMBRIL SA-ADR BMBBY US 359985634 -12154088.6
BUETTNER BUET3 BZ 109743344 -29812083.5
BUETTNER SA BUETON BZ 109743344 -29812083.5
BUETTNER-PREF BUET4 BZ 109743344 -29812083.5
BUETTNER SA-PRF BUETPN BZ 109743344 -29812083.5
BUETTNER SA-RTS BUET1 BZ 109743344 -29812083.5
BUETTNER SA-RT P BUET2 BZ 109743344 -29812083.5
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
REDE ENERGIA SA REDE3 BZ 1175265498 -62202546.7
CAIUA SA ELCON BZ 1175265498 -62202546.7
REDE EMPRESAS-PR REDE4 BZ 1175265498 -62202546.7
CAIUA SA-PREF ELCPN BZ 1175265498 -62202546.7
CAIUA SA-PRF B ELCA6 BZ 1175265498 -62202546.7
CAIUA SA-PRF B ELCBN BZ 1175265498 -62202546.7
CAIUA SA-RTS ELCA2 BZ 1175265498 -62202546.7
CAIUA SA-DVD CMN ELCA11 BZ 1175265498 -62202546.7
CAIUA SA-RCT PRF ELCA10 BZ 1175265498 -62202546.7
CAIUA SA-DVD COM ELCA12 BZ 1175265498 -62202546.7
CAIUA ELEC-C RT ELCA1 BZ 1175265498 -62202546.7
CAIUA SA-PRF A ELCAN BZ 1175265498 -62202546.7
CAIUA SA-PRF A ELCA5 BZ 1175265498 -62202546.7
CAIVA SERV DE EL 1315Z BZ 1175265498 -62202546.7
CHIARELLI SA CCHI3 BZ 10063296.6 -79357620
CHIARELLI SA CCHON BZ 10063296.6 -79357620
CHIARELLI SA-PRF CCHI4 BZ 10063296.6 -79357620
CHIARELLI SA-PRF CCHPN BZ 10063296.6 -79357620
IGUACU CAFE IGUA3 BZ 241713948 -76084456.4
IGUACU CAFE IGCSON BZ 241713948 -76084456.4
IGUACU CAFE IGUCF US 241713948 -76084456.4
IGUACU CAFE-PR A IGUA5 BZ 241713948 -76084456.4
IGUACU CAFE-PR A IGCSAN BZ 241713948 -76084456.4
IGUACU CAFE-PR A IGUAF US 241713948 -76084456.4
IGUACU CAFE-PR B IGUA6 BZ 241713948 -76084456.4
IGUACU CAFE-PR B IGCSBN BZ 241713948 -76084456.4
SCHLOSSER SCLO3 BZ 57116502.2 -55719508.9
SCHLOSSER SA SCHON BZ 57116502.2 -55719508.9
SCHLOSSER-PREF SCLO4 BZ 57116502.2 -55719508.9
SCHLOSSER SA-PRF SCHPN BZ 57116502.2 -55719508.9
COBRASMA CBMA3 BZ 83714759.4 -2293331419
COBRASMA SA COBRON BZ 83714759.4 -2293331419
COBRASMA-PREF CBMA4 BZ 83714759.4 -2293331419
COBRASMA SA-PREF COBRPN BZ 83714759.4 -2293331419
D H B DHBI3 BZ 110495982 -162541773
DHB IND E COM DHBON BZ 110495982 -162541773
D H B-PREF DHBI4 BZ 110495982 -162541773
DHB IND E COM-PR DHBPN BZ 110495982 -162541773
DOCA INVESTIMENT DOCA3 BZ 273120342 -211736207
DOCAS SA DOCAON BZ 273120342 -211736207
DOCA INVESTI-PFD DOCA4 BZ 273120342 -211736207
DOCAS SA-PREF DOCAPN BZ 273120342 -211736207
DOCAS SA-RTS PRF DOCA2 BZ 273120342 -211736207
FABRICA RENAUX FTRX3 BZ 66603693.6 -76419244.2
FABRICA RENAUX FRNXON BZ 66603693.6 -76419244.2
FABRICA RENAUX-P FTRX4 BZ 66603693.6 -76419244.2
FABRICA RENAUX-P FRNXPN BZ 66603693.6 -76419244.2
HAGA HAGA3 BZ 19421487.9 -46077943.1
FERRAGENS HAGA HAGAON BZ 19421487.9 -46077943.1
FER HAGA-PREF HAGA4 BZ 19421487.9 -46077943.1
FERRAGENS HAGA-P HAGAPN BZ 19421487.9 -46077943.1
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 363687063 -27195507.3
GRADIENTE ELETR IGBON BZ 363687063 -27195507.3
GRADIENTE-PREF A IGBR5 BZ 363687063 -27195507.3
GRADIENTE EL-PRA IGBAN BZ 363687063 -27195507.3
GRADIENTE-PREF B IGBR6 BZ 363687063 -27195507.3
GRADIENTE EL-PRB IGBBN BZ 363687063 -27195507.3
GRADIENTE-PREF C IGBR7 BZ 363687063 -27195507.3
GRADIENTE EL-PRC IGBCN BZ 363687063 -27195507.3
HOTEIS OTHON SA HOOT3 BZ 253308748 -83119368.3
HOTEIS OTHON SA HOTHON BZ 253308748 -83119368.3
HOTEIS OTHON-PRF HOOT4 BZ 253308748 -83119368.3
HOTEIS OTHON-PRF HOTHPN BZ 253308748 -83119368.3
RENAUXVIEW SA TXRX3 BZ 97868151.6 -91899413.1
TEXTEIS RENAUX RENXON BZ 97868151.6 -91899413.1
RENAUXVIEW SA-PF TXRX4 BZ 97868151.6 -91899413.1
TEXTEIS RENAUX RENXPN BZ 97868151.6 -91899413.1
PARMALAT LCSA3 BZ 388720096 -213641152
PARMALAT BRASIL LCSAON BZ 388720096 -213641152
PADMA INDUSTRIA 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 72008697.6 -116219949
ESTRELA SA ESTRON BZ 72008697.6 -116219949
ESTRELA SA-PREF ESTR4 BZ 72008697.6 -116219949
ESTRELA SA-PREF ESTRPN BZ 72008697.6 -116219949
WETZEL SA MWET3 BZ 102020563 -6073582.74
WETZEL SA MWELON BZ 102020563 -6073582.74
WETZEL SA-PREF MWET4 BZ 102020563 -6073582.74
WETZEL SA-PREF MWELPN BZ 102020563 -6073582.74
MINUPAR MNPR3 BZ 136398462 -91947867.2
MINUPAR SA MNPRON BZ 136398462 -91947867.2
MINUPAR-PREF MNPR4 BZ 136398462 -91947867.2
MINUPAR SA-PREF MNPRPN BZ 136398462 -91947867.2
NORDON MET NORD3 BZ 12386508.7 -33450200.1
NORDON METAL NORDON BZ 12386508.7 -33450200.1
NORDON MET-RTS NORD1 BZ 12386508.7 -33450200.1
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 48003655.5 -18502124.9
RECRUSUL SA RESLON BZ 48003655.5 -18502124.9
RECRUSUL-PREF RCSL4 BZ 48003655.5 -18502124.9
RECRUSUL SA-PREF RESLPN BZ 48003655.5 -18502124.9
PETRO MANGUINHOS RPMG3 BZ 246810937 -224879124
PETRO MANGUINHOS MANGON BZ 246810937 -224879124
PET MANGUINH-PRF RPMG4 BZ 246810937 -224879124
PETRO MANGUIN-PF MANGPN BZ 246810937 -224879124
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 192536335 -145445052
SANSUY SA SNSYON BZ 192536335 -145445052
SANSUY-PREF A SNSY5 BZ 192536335 -145445052
SANSUY SA-PREF A SNSYAN BZ 192536335 -145445052
SANSUY-PREF B SNSY6 BZ 192536335 -145445052
SANSUY SA-PREF B SNSYBN BZ 192536335 -145445052
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 407967021 -392649052
TEKA TEKAON BZ 407967021 -392649052
TEKA-PREF TEKA4 BZ 407967021 -392649052
TEKA-PREF TEKAPN BZ 407967021 -392649052
TEKA-ADR TKTPY US 407967021 -392649052
TEKA-ADR TKTQY US 407967021 -392649052
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
VULCABRAS AZALEI VULC3 BZ 656823700 -17327661.6
VULCABRAS SA VULCON BZ 656823700 -17327661.6
VULCABRAS AZ-PRF VULC4 BZ 656823700 -17327661.6
VULCABRAS SA-PRF VULCPN BZ 656823700 -17327661.6
VULCABRAS-RT PRF VULC11 BZ 656823700 -17327661.6
LOJAS ARAPUA LOAR3 BZ 60020270.1 -3542047972
LOJAS ARAPUA LOARON BZ 60020270.1 -3542047972
LOJAS ARAPUA-PRF LOAR4 BZ 60020270.1 -3542047972
LOJAS ARAPUA-PRF LOARPN BZ 60020270.1 -3542047972
LOJAS ARAPUA-PRF 52353Z US 60020270.1 -3542047972
LOJAS ARAPUA-GDR 3429T US 60020270.1 -3542047972
LOJAS ARAPUA-GDR LJPSF US 60020270.1 -3542047972
BATTISTELLA BTTL3 BZ 158330518 -36518145.6
BATTISTELLA-PREF BTTL4 BZ 158330518 -36518145.6
SAUIPE SA PSEGON BZ 23615862 -840174.001
SAUIPE PSEG3 BZ 23615862 -840174.001
SAUIPE SA-PREF PSEGPN BZ 23615862 -840174.001
SAUIPE-PREF PSEG4 BZ 23615862 -840174.001
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
--------
PUYEHUE RIGHT PUYEHUOS CI 25722049 -4310587.75
PUYEHUE PUYEH CI 25722049 -4310587.75
***********
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 * * *