/raid1/www/Hosts/bankrupt/TCRLA_Public/150422.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
Wednesday, April 22, 2015, Vol. 16, No. 078
Headlines
A N T I G U A & B A R B U D A
ANTIGUA & BARBUDA: Dismissed Board Workers Take Matter to Court
A R G E N T I N A
ARGENTINA: Moody's Expands Portion of Debt Rated (P)Caa2
B R A Z I L
BRAZIL: Growth has Decelerated in Recent Years, IMF Says
BRAZIL: Analysts See Higher Inflation, Bigger Drop in GDP
USINAS SIDERURGICAS: Fitch Cuts Currency IDR to 'BB'
C A Y M A N I S L A N D S
EARLS COURT: Creditors' Proofs of Debt Due May 13
ELM RIDGE: Commences Liquidation Proceedings
FEBBRINA INVESTMENT: Members' Final Meeting Set for May 13
IMMOTION INTERNATIONAL: Member to Hear Wind-Up Report on May 5
JAPAN IRELAND: Members' Final Meeting Set for May 19
LAGRANGE CAPITAL: Shareholder to Hear Wind-Up Report on May 11
LONGBOW FOCUS: Commences Liquidation Proceedings
MARIO KASSAR: Shareholders' Final Meeting Set for May 5
SANTO DOMINGO: Shareholders' Final Meeting Set for May 13
SSARIS MULTI-MANAGER: Members' Final Meeting Set for May 7
STAMFORD LIFE: Shareholders' Final Meeting Set for May 28
WHISTLER INTERNATIONAL: Shareholders' Final Meeting Set for May 5
C H I L E
MASISA SA: Fitch Affirms 'BB' Issuer Default Ratings
E L S A L V A D O R
BANCO AGRICOLA: Fitch Affirms 'BB+' IDR; Outlook Negative
BANCO DAVIVIENDA: Fitch Affirms 'BB+' IDR; Outlook Negative
J A M A I C A
* JAMAICA: US Prepared to Support More Renewable Energy Projects
* JAMAICA: Trade Mark Act to be Amended
U R U G U A Y
DISCOUNT BANK: S&P Affirms 'BB+/B' CCRs, Outlook Remains Stable
- - - - -
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A N T I G U A & B A R B U D A
===============================
ANTIGUA & BARBUDA: Dismissed Board Workers Take Matter to Court
---------------------------------------------------------------
The Daily Observer reports that the 20 employees dismissed from
the Transport Board last year have gone to the Industrial Court
with their fight to be reinstated, after the Board disregarded a
Labor Department recommended to reinstate them without loss of
benefits.
Senior Industrial Relations Officer, Chester Hughes, of the
Antigua Workers Union (AB&WU) filed the matter in the Court,
according to The Daily Observer.
"The company failed to respond to the recommendations of the Labor
Department (and) has failed to respond to the Labor department for
a position on the matter after they were given a month to respond
or to appeal Mr. Hughes explained, the report notes.
The report relays that Mr. Hughes said the Board was expected to
respond in writing, on whether it agreed with the finding of the
department, but not even that was done.
Mr. Hughes said the union could have taken the matter before the
Labor Minister for another recommendation on the matter, but he
chose to skip that route and go directly to the Court since it
could have nonetheless eventually ended up there after the
minister, the report notes.
Last month, Acting Labor Commissioner Eltonia Rojas recommended
that the employees be reinstated without loss of benefits, pending
the formulation and execution of an objective criterion for the
retrenchment process, the report relays.
The workers, some of whom have up to 10 years in service with the
Transport Board, were fired last year under a restructuring plan,
the report says.
The worker's union, which referred the matter to the Labor
Department, had argued that the employees were unfairly dismissed
and the move was based on political motivation, the report notes.
In a two-page Conciliation Report, the acting commissioner said
the department could not validate the union's claim of
victimization, However, she said the Transport Board failed to
prove that an objective criterion was employed in the retrenchment
process, the report adds.
* * *
As reported in the Troubled Company Reporter-Latin America on
September 23, 2014, The Daily Observer said that Antigua & Barbuda
could soon find itself in the company of Japan, Zimbabwe, and
Greece, the countries with the highest national debts.
In the January 2014 budget presentation, the former administration
indicated that the nation's debt was 87 per cent of GDP, according
to The Daily Observer. However, Prime Minister Gaston Browne has
disputed the figure, deeming it to be as high as 130 per cent, the
report noted.
Minister Browne said while his government's increased borrowing is
pushing up the nation's debt-to-GDP ratio, it is necessary to
solve the country's problems, the report related.
=================
A R G E N T I N A
=================
ARGENTINA: Moody's Expands Portion of Debt Rated (P)Caa2
--------------------------------------------------------
Moody's Investors Service expanded the portion of Argentina's debt
that is rated (P)Caa2. The (P)Caa2 rating reflects the higher risk
of default for both Argentina's restructured foreign legislation
debt (as before) and, additionally now, its restructured local
legislation foreign currency obligations, as compared with the
risk of default on other debt instruments issued by Argentina.
Argentina's local currency debt and its non restructured foreign
currency debt are rated Caa1. The debt that remains in default
since Argentina's 2001 default is rated Ca.
Last July US court rulings froze payments on certain Argentine
bonds leading the country to default. The courts ruled that
Argentina could not service its restructured debt without
concurrently paying litigating bondholders, which the country
refuses to do. Holdout bondholders refused to participate in the
2005 and 2010 debt swaps meant to resolve Argentina's 2001 debt
default, and have pursued legal remedies since then.
Originally the court rulings applied only to Argentina's
restructured foreign legislation obligations but on March 12 US
courts further ruled that certain local legislation obligations
were subject to the same payment freeze. As a result, while the
precise scope of the new ruling remains unclear, payments on
Argentina's restructured local legislation foreign currency debt
may also be caught by the payment freeze orders of US courts,
particularly any such debt serviced by international financial
institutions.
===========
B R A Z I L
===========
BRAZIL: Growth has Decelerated in Recent Years, IMF Says
--------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
concluded the Article IV Consultation1 with Brazil on March 16,
2015.
Starting in 2015, the new government has been introducing a series
of measures to strengthen macroeconomic policies and restore
credibility following a period in which Brazil's growth has
surprised on the downside. Determined implementation of these
measures should help restore confidence and foster a recovery in
growth and investment in due course.
Brazil's growth has decelerated in recent years. The boost from
decade-old reforms, expanding labor income, and favorable external
conditions, which enabled consumption and credit-led growth and
underpinned sustained poverty reduction, has lost steam.
Investment has been sluggish, reflecting eroding competitiveness,
a worsening business environment, and lower commodity prices.
Consumption has also moderated despite strong wage increases, as
job creation has halted and financial conditions have tightened,
affecting household income and consumer confidence.
In recent years, headline and core inflation have been near the
upper-edge of the inflation tolerance band, owing in part to
sustained wage cost pressures, lingering indexation practices,
and, more recently, the ongoing drought. In turn, longer-term
inflation expectations rose since 2011, although they have edged
down since end-2014. Meanwhile, modest increases in regulated
energy and fuel prices helped hold back overall inflation for some
time. But overdue adjustments in regulated prices are now
underway, while inflation in market-determined prices is
moderating reflecting tighter financial conditions and subdued
economic activity. New inflation pressures are emerging from the
Real's nominal depreciation.
The central bank hiked the monetary policy rate 375 basis points
to 11 percent between April 2013 and April 2014. Policy tightening
paused from May through September 2014. Between October 2014 and
March 2015, the rate was again increased by a cumulative 175 basis
points to prevent second round effects from currency depreciation
and the anticipated increases in regulated prices.
Despite weakening domestic demand, the current account deficit
reached 4.2 percent of GDP in 2014, up from 2.4 percent of GDP in
2012. The deterioration reflects worsening terms of trade, a drop
in exports to Argentina, and an increase in fuel imports
necessitated by the drought. The recent depreciation against the
U.S. dollar, arising in part from general dollar strength, has not
translated one-for-one into gains against competitors in global
markets. Moreover, persistently high unit labor costs continue to
dampen competitiveness. As a result, the external position is
weaker than desirable, with the real still overvalued at end-2014.
International reserves are high and capital flows have remained
stable. FDI financed more than 70 percent of the current account
deficit in 2014, and portfolio inflows have been buoyant. At about
US$362 billion, gross international reserves (cash concept) are
well above the IMF's reserve adequacy metric and other standard
benchmarks.
The banking system's soundness indicators remain favorable.
Although private sector leverage and past expansion of public bank
lending are potential sources of stress, banks' indicators are
encouraging, showing adequate levels of capitalization and
provisioning as confirmed by stress tests.
In 2013, the non-financial public sector primary balance declined
to 1.9 percent of GDP, undershooting its 2.3 percent target
despite one-off revenue measures. Coming on top of tax breaks
introduced over 2012-2013, rapid real expenditure growth and
slowing revenues brought the primary fiscal balance of the
nonfinancial public sector to -0.6 percent of GDP in 2014, despite
one-off measures of about « percent of GDP. Policy lending to
public banks also edged back up. As a result, nonfinancial public
sector gross debt increased to 71 percent of GDP. Declining growth
and weak fiscal performance affected Brazil's sovereign credit
rating in 2014. Standard & Poor's cut Brazil's credit rating to
BBB- in March 2014, its first downgrade since July 2002. In
September 2014, Moody's revised Brazil's sovereign rating outlook
to negative.
Since January 2015, the government began introducing a series of
important measures to strengthen macroeconomic policies and
restore credibility. The linchpin of the new strategy is an
ambitious fiscal adjustment to bring the primary surplus of the
nonfinancial public sector to 1.2 percent of GDP in 2015 and to at
least 2 percent of GDP in 2016 and 2017. The measures aim first
to stabilize nonfinancial public sector gross debt and then put it
in a downward trajectory.
Fund staff projects negative output growth of 1 percent in 2015,
with some drag from tighter fiscal and monetary policies and from
the cuts in investment by Petrobras adding to the downward
momentum in activity carried over from 2014. Successful
implementation of the fiscal adjustment strategy and other policy
actions should contribute to strengthen confidence and help
reinvigorate investment in the latter part of 2015, providing the
basis for a return to positive growth in 2016. The outlook is
subject to significant downward risks, including drought-induced
rationing of energy and water, the possible fallout from the
Petrobras case, and a more adverse international environment.
Executive Board Assessment
Executive Directors underlined the success of the Brazilian
authorities in reducing unemployment, poverty, and inequality in
recent years. Directors noted that stalling growth, high
inflation, and deteriorating public finances pose difficult
challenges, while external downside risks also weigh on the
outlook. In this context, they emphasized the need to further
strengthen policy credibility and market confidence, boost
investment and competitiveness, and reinforce the foundation for
strong, balanced, and sustainable growth.
Directors welcomed the newly announced fiscal strategy, which
includes targets for 2015-17, the decision to end policy lending
to public banks, and the emphasis on reducing gross debt ratios.
They stressed that achieving the budget targets would require
ambitious, front-loaded measures. They supported the focus on
cuts in current expenditures and tax exemptions to make room for
priority spending on investment and social programs. Many
Directors pointed to the benefits of targeting a higher primary
surplus over the next two years in further strengthening policy
credibility and the fiscal position, although some cautioned about
the growth impact of such adjustment. Directors saw a need for
continued fiscal reforms to reduce budget rigidities, simplify the
tax system, and address structural sources of fiscal pressure more
broadly, including the pension and wage indexation systems.
Directors encouraged strengthened governance frameworks in state-
owned enterprises. They considered it an immediate priority to
address the problems at the state-owned oil company and welcomed
the authorities' commitment to find a swift resolution.
Directors generally agreed that monetary policy should remain
tight. They welcomed the authorities' commitment to the announced
inflation target and their readiness to take additional action so
as not to jeopardize that target. Directors recommended further
efforts to improve monetary policy transmission and the inflation
targeting framework over time.
Directors noted that Brazil's flexible exchange rate has an
important role to play as the main shock absorber. They welcomed
the recent scale-down of the foreign exchange intervention program
and recommended that its use remain limited to smoothing out
excessive volatility, thereby allowing a further depreciation of
the exchange rate in line with fundamentals and promoting external
competitiveness.
Directors recognized the soundness of the banking system, with
adequate capital buffers, provisioning, and liquidity. They
stressed the importance of monitoring banks' balance sheets and
corporate leverage in the current low-growth environment.
Enhanced bank supervision, including for public banks, as well as
targeted microprudential measures, would help mitigate potential
risks. Directors were encouraged by the significant progress
being made in implementing key recommendations of the Financial
Sector Assessment Program.
Directors considered supply-side reforms as critical for boosting
the economy's productive capacity and growth potential. They
recommended that priority be placed on infrastructure investment
and initiatives to enhance tax efficiency, improve the business
climate, and foster international trade. Prioritization of
reforms and greater private sector participation will be key to
success.
BRAZIL: Analysts See Higher Inflation, Bigger Drop in GDP
---------------------------------------------------------
EFE News reports that analysts have revised their 2015 inflation
forecasts for Brazil higher and expect the economy to contract
more than previously expected, the Central Bank said.
The inflation and gross domestic product (GDP) estimates were
included in the Boletin Focus, a weekly Central Bank survey of
analysts from about 100 private financial institutions on the
state of the national economy, according to EFE News.
Analysts surveyed for the Boletin Focus expect Brazil to finish
this year with an inflation rate of 8.23 percent, up from the 8.13
percent estimate released, the report notes.
The report relays that the estimate is near the 8.2 percent
inflation projection included in the government's draft budget
guidance submitted to Congress.
The government, however, still has a top-end inflation target of
6.5 percent for the year, the report discloses.
Brazil finished 2014 with an inflation rate of 6.41 percent, well
above the 5.91 percent rate registered in the prior year but below
the top end of the government's range, the report notes.
The inflation rate came in at 1.32 percent in March, the highest
monthly level since 2003 and the steepest price increase for the
third month of a year since 1995, the Brazilian Institute of
Geography and Statistics, or IBGE, said, the report relays.
The report notes that an inflation rate of more than 8 percent
would be the highest since 2003, when prices surged 9.3 percent.
Analysts expect Brazil's GDP to contract by 1.03 percent this
year, up just slightly from the 1.01 percent estimate released,
the report relays.
A contraction of this size would be the worst performance by
Brazil's economy since 1990, the report discloses.
The report says that analysts have cut their GDP estimates for 16
weeks in a row.
Brazil's economy grew just 0.10 percent last year, compared to
2013, the IBGE said, the report adds.
USINAS SIDERURGICAS: Fitch Cuts Currency IDR to 'BB'
----------------------------------------------------
Fitch Ratings has downgraded the long-term foreign and local
currency Issuer Default Ratings (IDRs) of Usinas Siderurgicas de
Minas Gerais S.A. (Usiminas) to 'BB' from 'BB+' and National Scale
rating to 'A+(bra)' from 'AA(bra)'. The Rating Outlook is Stable.
A full list of rating actions follows at the end of this release.
The downgrade reflects expectations of continued weak steel demand
in Brazil, limited profitability in exporting steel, and the
oversupply of iron ore making the company's iron ore business
unprofitable. These factors combined will result in sustained
weaker credit metrics over the medium term. Conflicts at the board
of directors level continued to hamper the company's strategic
focus and decision-making process. The Stable Outlook reflects
Usiminas' strong liquidity position and manageable maturity
profile over the medium term.
KEY RATING DRIVERS:
Harsh Operating Environment Challenges Profitability:
Fitch expects Usiminas' profitability will be significantly
challenged over the next two years, as sustained suppressed demand
for flat steel in Brazil and low margins from its steel exports
will result in deteriorating credit metrics. Usiminas managed to
report adequate financial results during 2014 despite the
difficult operating conditions in Brazil. Domestic steel sales
volumes declined 15% as weaker demand levels were experienced
across many of Usiminas' end markets. Partially offsetting the
decline in domestic demand was an increase in steel exports,
particularly to the U.S. and Argentina. Steel volumes exported
represented 17% of total volumes sold, and Fitch expects a similar
sales mix in 2015.
Unprofitable Iron Ore Business:
Usiminas' exports of iron ore grew by 36% to 680,000 tons in 2014,
but were still well below expectations as delays at port
operations at Porto Sudeste had a negative impact on export
volumes. The company halted iron ore exports in third-quarter 2014
(3Q'14) as prices of iron ore fell below the marginal cost of
production. Fitch believes it is not likely that iron ore prices
will rise above USD80 per ton in the next two years.
Deteriorating Credit Metrics:
Fitch projects Usiminas' consolidated net leverage to increase
above 3.3x as further deterioration of the domestic steel market,
limited iron ore cash flow generation, and declining profitability
in steel exports will negatively impact the company's financial
profile over the medium term. It is also possible Usiminas will
need to request a breach waiver for its net leverage covenant of
3.5x during the year. Net leverage increased to 2.1x in 2014 from
1.9x in 2013.
Solid Liquidity Position:
Usiminas has strong liquidity and benefits from a comfortable debt
amortization profile as of Dec. 31, 2014. Usiminas had a cash-to-
short-term debt ratio of 1.7x, cash and marketable securities of
BRL2.9 billion, and short-term debt of BRL1.7 billion. Cash on the
balance sheet is enough to cover debt repayments due to mid-2016.
Usiminas has maintained its BRL2 billion committed revolver with
BNDES for use in capex projects and working capital needs.
Sustained Cost Efficiency Measures:
Usiminas took proactive steps during 2013 and 2014 to effectively
lower its costs and become more competitive in the steel industry.
The company reduced its SG&A expenses, lowered its reliance on
iron ore from third parties, and reduced its use of higher cost
raw material inputs in steel production. The company retains its
position as the largest flat steel producer in Brazil and is well
placed with excess production capacity to swiftly respond to a
positive shift in demand, should it occur.
KEY ASSUMPTIONS
-- Negative revenue growth tied to Brazilian GDP expectations;
-- EBITDA margins between 10%-12%;
-- Year-over-year decline in steel sales volumes sold;
-- Sustained cash balance above BRL1 billion in 2015.
RATING SENSITIVITIES
Fitch could downgrade Usiminas' ratings if further deterioration
in the company's credit metrics result in a Net Debt-to-EBITDA
above 4x, and/or funds from operations (FFO) fixed charge coverage
ratio below 4x on a sustained basis. A downgrade could also follow
deterioration in its comfortable liquidity position because of
market conditions leading to a weakening of the company's capital
structure.
While a positive rating action is unlikely in the near term, Fitch
could upgrade Usiminas if the company sustains strong positive
free cash flow, achieves net adjusted debt-to-EBITDA below 2x
and/or FFO fixed charge coverage above 7x through the cycle.
Fitch has downgraded the credit ratings of Usiminas as follows:
-- Foreign currency IDR to 'BB';
-- Local currency IDR to 'BB';
-- National scale rating to 'A+(bra)';
-- US$400 million notes due 2018 to 'BB'.
==========================
C A Y M A N I S L A N D S
==========================
EARLS COURT: Creditors' Proofs of Debt Due May 13
-------------------------------------------------
The creditors of Earls Court Investments Limited are required to
file their proofs of debt by May 13, 2015, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on March 19, 2015.
The company's liquidators are:
Helen Butterworth
Julie Armstrong
Citron 2004 Limited
Telephone: + 44 1534 282276
Facsimile: + 44 1534 282400
23-25 Broad Street
St Helier, Jersey
ELM RIDGE: Commences Liquidation Proceedings
--------------------------------------------
On March 31, 2015, the sole shareholder of Elm Ridge Value
Partners Offshore Institutional Fund Inc. resolved to voluntarily
liquidate 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:
Anna Yonge
IMS Liquidations Ltd
c/o Anna Yonge or Gary Butler
Telephone: (345) 949-4244
Facsimile: (345) 949-8635
P.O. Box 61 Harbour Centre, George Town
Grand Cayman KY1-1102
Cayman Islands
FEBBRINA INVESTMENT: Members' Final Meeting Set for May 13
----------------------------------------------------------
The members of Febbrina Investment Ltd. will hold their final
meeting on May 13, 2015, at 12:00 noon, to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Morval Bank & Trust Cayman Ltd.
Telephone: +1 (345) 949-9808
P.O. Box 30622, Grand Cayman KY1-1203
Cayman Islands
IMMOTION INTERNATIONAL: Member to Hear Wind-Up Report on May 5
--------------------------------------------------------------
The sole member of Immotion International Inc. will hear on May 5,
2015, at 11:00 a.m., the liquidator's report on the company's
wind-up proceedings and property disposal.
The company's liquidator is:
Fidele Joye
Rue du General-Dufour 15
1204 Geneva
Switzerland
Telephone: 022 321 28 22
Facsimile: 022 321 20 95
JAPAN IRELAND: Members' Final Meeting Set for May 19
----------------------------------------------------
The members of Japan Ireland Capital Partners, Ltd. will hold
their final meeting on May 19, 2015, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Kiyomi Bernet-Yaegashi
St Johannes-Strasse 10, 6300 Zug
Switzerland
LAGRANGE CAPITAL: Shareholder to Hear Wind-Up Report on May 11
--------------------------------------------------------------
The sole shareholder of Lagrange Capital Partners Offshore Fund
Ltd. will hear on May 11, 2015, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.
The company's liquidator is:
K.D. Blake
c/o Jenna Nicholson
Telephone: (345) 914-4494/ 345-949-4800
Facsimile: (345) 949-7164
Century Yard, 2nd Floor
Cricket Square, Elgin Avenue
Grand Cayman
Cayman Islands
LONGBOW FOCUS: Commences Liquidation Proceedings
------------------------------------------------
On March 26, 2015, the sole shareholder of Longbow Focus, Ltd.
resolved to voluntarily liquidate 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:
Longbow Advisors LLC
Thomas Fitzgerald, III
c/o 598 Madison Avenue
New York, NY 10022
USA
Telephone: (212) 245 3700
MARIO KASSAR: Shareholders' Final Meeting Set for May 5
-------------------------------------------------------
The shareholders of Mario Kassar Infiniti Media Fund Ltd will hold
their final meeting on May 5, 2015, at 9:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Richard Fear
c/o Ryan Charles
Telephone: (345) 814 7364
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
SANTO DOMINGO: Shareholders' Final Meeting Set for May 13
---------------------------------------------------------
The shareholders of Santo Domingo Device Company will hold their
final meeting on May 13, 2015, at 12:30 p.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
SCL Limited
Smeets Law (Cayman)
Reference: JAPF
Telephone: +1 (345) 815 2800
Facsimile: +1 (345) 947 4728
Suite 2206, Cassia Court
72 Market Street, Camana Bay
P.O. Box 32302 Grand Cayman, KY1-1209
Cayman Islands
SSARIS MULTI-MANAGER: Members' Final Meeting Set for May 7
----------------------------------------------------------
The members of SSARIS Multi-Manager Fund Ltd. will hold their
final meeting on May 7, 2015, at 10:00 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Mourant Ozannes Cayman Liquidators Limited
c/o Jo-Anne Maher
94 Solaris Avenue, Camana Bay
P.O. Box 1348 Grand Cayman KY1-1108
Cayman Islands
Telephone: (345) 814 9255
Facsimile: (345) 949 4647
STAMFORD LIFE: Shareholders' Final Meeting Set for May 28
---------------------------------------------------------
The shareholders of Stamford Life Settlement Fund III Inc. will
hold their final meeting on May 28, 2015, at 4:00 p.m., to receive
the liquidator's report on the company's wind-up proceedings and
property disposal.
The company's liquidator is:
Nicola Cowan
DMS Corporate Services Ltd.
Telephone: (345) 946 7665
Facsimile: (345) 949 2877
dms House, 2nd Floor
P.O. Box 1344 Grand Cayman KY1-1108
Cayman Islands
WHISTLER INTERNATIONAL: Shareholders' Final Meeting Set for May 5
-----------------------------------------------------------------
The shareholders of Whistler International Liquidating SPV, Ltd.
will hold their final meeting on May 5, 2015, at 9:00 a.m., to
receive the liquidator's report on the company's wind-up
proceedings and property disposal.
The company's liquidator is:
Gene Dacosta
Telephone: (345) 814 7665
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
=========
C H I L E
=========
MASISA SA: Fitch Affirms 'BB' Issuer Default Ratings
----------------------------------------------------
Fitch Ratings has affirmed Masisa S.A.'s foreign and local
currency Issuer Default Ratings (IDRs) at 'BB', and long-term
national scale rating at 'A- (cl)'. In addition, Fitch has revised
Masisa's Rating Outlook to Negative from Stable.
KEY RATING DRIVERS
Challenging Operating Conditions
The Negative Outlook follows deterioration in the financial
performance of Masisa's operations with the expectation that
challenging conditions will continue over the medium term. Brazil,
a location of recent investments for the company, grew its GDP by
just 0.1% in 2014, from 2.9% in 2013, with Fitch projecting minus
1% growth in 2015. Excluding Venezuela and Argentina, Brazil
represented 41% of Masisa's EBITDA in 2013, declining to 32% in
2014 with further decline expected in 2015-2016. On a consolidated
basis, Brazil's participation in EBITDA declined to 14% in 2014
from 17% in 2013.
The economic and political environment in Venezuela has also
worsened with this country representing 29% of the company's total
consolidated EBITDA in 2014. Argentina represented 27% of
consolidated EBITDA during 2014. Combined these two markets have
historically comprised 50% to 55% of Masisa's consolidated EBITDA.
Weaknesses in these markets include non-stable currencies,
political interference, as well as foreign currency transfer
restrictions. During 2014 Masisa repatriated USD12.5 million of
dividends from Argentina, down from USD37.9 million in 2013 and
USD20 million in 2012. In 2015, Masisa should repatriate around
USD12 million.
Weaker Latin American Markets
Masisa's consolidated Recurrent EBITDA (excluding USD145 million
non-recurrent EBITDA from the sale of forestry assets to Hancock)
declined to USD194 million during 2014, down from USD240 million
in 2013, mainly due to the weakening situation in Venezuela and
decline in Brazil. The region's economies have been affected by a
softer economic environment and the devaluation of local currency
against the dollar. In Brazil and Chile the company has also faced
competitive pressures which have resulted in lower prices. Mexico
has been the only market in which Masisa has shown improved
performance in line with the consolidation of Rexcel's assets
acquired in 2013.
Fitch expects the company's consolidated EBITDA to be around
USD210 million in 2015 following management's actions to improve
operational efficiency, reduce corporate expenses, and increase
export of MDF moldings to the U.S.
Leverage Ratios Trending Higher
The worsening macroeconomic conditions across the Latam region
resulted in Masisa's net debt-to-EBITDA and total debt-to-EBITDA
ratios (on recurrent EBITDA basis) increasing to 3.4x and 4.0x as
of Dec. 31, 2014, respectively, compared with 3.0x and 3.6x, as of
Dec. 31, 2013. These ratios are above the 3.2x and 3.8x, that the
company averaged during the period 2010-2013. Net leverage
excluding operations in Venezuela and Argentina was 8.7x, versus
8.8x as of Dec. 31, 2013. EBITDA generated outside Venezuela and
Argentina decreased to approximately USD88 million in 2014 from an
average of USD100 million during the period 2011 to 2013 due to a
highly competitive environment in Brazil and Chile and weaker
macroeconomics of Latin American markets.
Forestry Asset Sale Bolsters Liquidity
Masisa's liquidity position is adequate with USD114 million of
cash and equivalents, of which USD61 million was held outside
Venezuela and Argentina as of Dec. 31, 2014. The company sold
32,500 hectares of plantations in Chile to an 80/20 joint venture
between Hancock Natural Resource Group (Hancock) and Masisa for
USD205 million, received during April 2014. Following the partial
use of proceeds to prepay a portion of debt, this sale reduced the
company's net debt to USD655 million as of Dec. 31, 2015 from
USD729 million as of Dec. 31, 2013. Further supporting liquidity
are USD70 million of committed credit lines and USD104 million of
available credit lines for working capital financing. The company
is also in the process of structuring a USD40 million 8-year
amortizing ECA financing.
Masisa's debt is expected to increase to around USD840 million in
2015 to fund the construction of the MDF plant in Mexico. The
company had USD55 million of short-term debt and USD713 million
long-term debt as of Dec. 31 2014, of which USD629 million is
related to the capital markets, USD48 million bank debt, and USD35
million hedging liabilities. Capital market debt comprised USD354
million local currency inflation adjusted bonds issued in Chile,
and USD300 million 9.5% senior unsecured notes due in 2019, issued
in May 2014.
Capex to Peak in 2015
Masisa's investment program for 2013-2015 decreased to USD452
million, from USD600 million announced during April 2013 following
cost optimization initiatives. Masisa's capex is composed of
USD152 million of investment in 2015, USD120 million in 2016,
USD90 million in 2017 and USD79 million in 2018. The company's
maintenance capex is estimated at USD72 million annually,
distributed evenly between industrial and forestry maintenance.
The company has flexibility to reduce maintenance capex to around
USD40 million annually.
Key investments for the company included the acquisition of Rexcel
and Arclin's assets (concluded in 2013); increased coating
capacity in Chile and Brazil (concluded in 2014); and constructing
a new MDF plant in Mexico with annual capacity of 220,000 cubic
meters. This mill includes a 100,000 cubic meter melamine
facility. Construction of the mill started at the end of May 2014,
with 2015 planned to be the most intensive construction period.
Total investment should reach USD132 million, of which USD80
million will be spent during 2015. The mill is expected to add
USD5 million EBITDA during 2016, USD27 million in 2017 and USD32
million from 2018 and onwards.
Negative FCF Expected
Fitch expects that during the high capex period, Masisa will
exhibit negative free cash flow (FCF), returning to positive FCF
by 2017 when the investments are mostly concluded. Financing for
these investments include the USD100 million capital increase
(USD80 million of which was placed in 2013), partial proceeds from
the divestiture of non-strategic forestry assets, and cash
generated from operations outside Venezuela and Argentina. Masisa
has significantly prefunded its capex requirements for the next
few years and exhibits a sound liquidity profile in Fitch's base
case over the course of the investment period.
Sound Business Position
The ratings of Masisa incorporate its sound business position
within Latin America as a leading producer of wood boards with 3.4
million cubic meters of installed capacity. The company's
operations are concentrated in Chile, Brazil, Argentina,
Venezuela, and Mexico. Masisa has Placentro retail stores
throughout the region and commercial offices in Peru, Colombia and
Ecuador, and exports to countries outside the region such as to
North America. An additional credit consideration is the company's
continued use of equity to partially fund growth. Equity increases
have occurred in 2003, 2005, 2009 and 2013. Masisa's owns 197,500
hectares of plantations in South America, which along with its
forestry land, had a book value of USD628 million as of Dec. 31,
2014.
KEY ASSUMPTIONS
Fitch's key assumptions within the rating case for the issuer
include:
-- Modest year-on-year improvement of consolidated EBITDA as a
result of corporate restructuring in Chile, efficiencies in
production in Chile, Mexico and Brazil, and additional
exports of MDF moldings.
-- The new MDF plant in Mexico starts operation in 2016 as
planned and provides market diversification. The mill should
add USD5 million EBITDA in 2016, USD27 million in 2017 and
USD32 million in 2018.
-- Limited improvement of EBITDA generation in Brazil.
RATING SENSITIVITIES
Negative rating action could occur if the social and political
environment in Venezuela deteriorates further, causing damage to
Masisa's equity stake in the subsidiary and/or inability to
repatriate funds from Argentina. Further sustained deterioration
of Brazil's EBITDA contribution could also lead to a downgrade,
and/or a delay in achieving projected cash flows from Mexico's MDF
plant, currently in the construction stage.
A Stable Outlook could occur with the stabilization of EBITDA in
Masisa's relevant markets and should the Mexican plant begin to
generate expected cash flows. Absent significant debt reduction,
stable rating actions are not likely in the short term due to
Masisa's reliance upon Venezuela and Argentina for around 60% of
its EBITDA.
Fitch has affirmed the following ratings:
-- Foreign and local currency Issuer Default Ratings (IDRs) at
'BB';
-- National scale rating of Bond Line No. 356, No. 439, No.
440, No. 560, No. 724 and No. 725 at 'A-(cl)';
-- Long-term national scale rating at 'A- (cl)';
-- USD300 million senior unsecured 9.5% notes due 2019. The
notes are unconditionally guaranteed by Forestal
Tornagaleones and Masisa Forestal at 'BB';
-- National Short-term rating at 'N1(cl)';
-- Equity rating at 'Primera Clase Nivel 3(cl)'.
The Rating Outlook is Negative.
=====================
E L S A L V A D O R
=====================
BANCO AGRICOLA: Fitch Affirms 'BB+' IDR; Outlook Negative
---------------------------------------------------------
Fitch Ratings has affirmed Banco Agricola's (Agricola) long-term
Issuer Default Rating (IDR) at 'BB+' and Viability Rating (VR) at
'bb+' following Fitch's peer review of El Salvador's largest
banks. Agricola's Rating Outlook on the long-term IDR remains
Negative.
AGRICOLA'S KEY RATING DRIVERS - IDRs, VR, National Ratings and
Support
Agricola's IDR is driven by its VR. Despite the challenging
operating environment, Agricola's robust capitalization and an
ample and diversified deposit base highly influence its ratings.
The ratings also consider Agricola's strong franchise, sound and
stable profitability and good asset quality. Additionally, the
bank's performance has shown a proven resilience to downturns in
economic cycles.
Agricola's IDR is currently constrained by the Country Ceiling
and, together with its VR, remains two notches above El Salvador's
Sovereign Rating. Fitch believes there is a close link between
bank and sovereign credit risk (and therefore ratings), and it is
exceptional for banks to be rated above their domestic sovereign.
Notably, in the absence of a strong stand alone performance,
Agricola's IDRs would remain at the same level given the support
it would receive from its parent, Bancolombia (rated
'BBB'/Positive Outlook by Fitch), should it be required. This is
reflected on Agricola's support rating of '3', indicating a
moderate probability of support. In Fitch's opinion, Agricola
provides a meaningful and recurring share of revenues to its
parent and is an important subsidiary for Bancolombia's growth and
diversification in Central America.
Agricola continues exhibiting a robust capital base benefited from
a low balance sheet growth and sound profitability, over the past
five years. This has been reflected in the bank's Fitch Core
Capital which has surpassed 18% of risk weighted assets over the
same period. In Fitch's view, Agricola's overall loss-absorption
capacity will remain sound and above that of its peers over the
medium term.
The bank's large customer base is reflected in its diversified and
stable funding derived from its dominant market position and large
network of service points. This is also reflected in the bank's
low and relatively stable concentration of the 20 largest
depositors and a relatively stable and balanced deposits mix.
The bank's sound operating profitability has been higher than the
system average over the past five years, although slightly lower
than the peak reached in the year 2011. Agricola's financial
results are leveraged by stable and relatively low credit-risk
costs, outstanding operating efficiency, and lower than average
funding costs.
The bank's return on assets (2014: 2.2%) was affected by slightly
higher funding costs and operating expenses. The bank's a
conservative approach to lending, the permanent charge-off policy
and good collection procedures result in solid and improving loan
quality indicators. Agricola has maintained a robust and
comfortable cushion of reserves as it has fully reserved loans 30-
plus days overdue. Agricola's loan concentration, however,
remains relatively high.
AGRICOLA'S RATING SENSITIVITIES - IDR, VR, National Ratings and
Support
The Negative Outlook for Agricola's IDR reflects that an eventual
downgrade of El Salvador's sovereign rating ('BB-'/Negative
Outlook) could result in a lower country ceiling ('BB+'). This
would, in turn, lead to a downgrade of Agricola's IDRs and VR. If
the sovereign ratings are eventually affirmed at 'BB-' and the
Rating Outlook is revised to Stable from Negative, it is highly
likely that Agricola's IDR would also be affirmed with a Stable
Outlook. A sharp decrease in Agricola's profitability and
capitalization levels could, in turn, move the bank's VR downward.
Agricola's national ratings would not be affected should El
Salvador's sovereign and country ceiling be downgraded as its
relative strength in the local market remains unchanged.
The support rating is sensitive to a change in Bancolombia's
ability or propensity to provide support to Agricola.
INVERSIONES FINANCIERAS BANCO AGRICOLA'S KEY RATING DRIVERS AND
SENSITIVITIES - National Ratings
Inversiones Financieras Banco Agricola (IFBA)'s national ratings
are aligned with Agricola's national ratings as the bank
represents around 99% of total assets and earnings. Changes in
IFBA's ratings would mirror those of Agricola.
Fitch has affirmed these ratings:
Banco Agricola S.A.
-- Long-term IDR at 'BB+'; Outlook Negative;
-- Viability Rating at 'bb+';
-- Short-term IDR at 'B';
-- Support at '3';
-- Long-term National Rating at 'AAA(slv)'; Outlook Stable;
-- Short-term National Rating at 'F1+(slv)';
-- Senior Unsecured Debt Long-term Rating at 'AAA(slv)';
-- Senior Secured Debt Long-term Rating at 'AAA(slv)'.
Inversiones Financieras Banco Agricola S.A.
-- Long-term National Rating at 'AAA(slv)'; Outlook Stable;
-- Short-term National Rating at 'F1+(slv)'.
BANCO DAVIVIENDA: Fitch Affirms 'BB+' IDR; Outlook Negative
-----------------------------------------------------------
Fitch Ratings has affirmed Banco Davivienda Salvadoreno's
(Davivienda Sal) long-term Issuer Default Rating (IDR) at 'BB+'
following Fitch's peer review of El Salvador's largest banks. The
Rating Outlook is Negative.
KEY RATING DRIVERS - IDRs, NATIONAL RATINGS AND SUPPORT
The IDRs and national ratings of Davivienda Sal reflect the
Fitch's opinion on likelihood of support from its main
shareholder, the Colombian Banco Davivienda, S.A. (Davivienda;
'bbb-'/'BBB-'/Outlook Positive). Along with Davivienda's other
regional subsidiaries, Davivienda Sal is considered by Fitch to be
of strategic importance to its parent. Fitch views the
probability of support from Davivienda as moderate, resulting in a
Support rating of '3'.
Davivienda continues to foster expansion and diversification in
Central America and is implementing a well-balanced business plan
that would contribute to consolidate its operations abroad. Fitch
expects the Central American subsidiaries to provide recurring
revenues to the consolidated entity over the medium term. In
Fitch's view, support from Davivienda would be forthcoming to
expand its business in Central America and to protect against
reputational risk from the shared franchise and commercial name.
KEY RATING DRIVERS - VR
Fitch affirmed Davivienda Sal's viability rating (VR) at 'bb-'
based on its solid capital position, sound funding and adequate
asset quality ratios. The bank's VR also factors in the
challenging operating environment, weak efficiency levels, modest
profitability and limited income diversification.
In Fitch's view, Davivienda Sal's hefty capital base provides
sufficient cushion to absorb potential credit losses in light of
the moderate NPLs, relatively low NPL coverage and modest loan
growth. Fitch expects capital ratios to remain comfortably in the
mid-teens, sustained by low growth.
Fitch expects Davivienda Sal's asset quality to remain adequate,
although further material improvements, as the ones registered
through the last five years, will be a challenge in FY15 in light
of arrears which are already moderate and an adverse operating
environment. In Fitch's opinion, the adverse operating
environment poses a risk to Davivienda Sal's asset quality and
medium-term growth prospects.
Davivienda Sal's funding is sound, underpinned by a large and
granular deposit base in line with its retail banking activities.
However, loans have been increasingly being funded with wholesale
facilities over the past years. In Fitch's opinion, material
changes in funding structure towards wholesale funding, could rise
refinancing and liquidity risks, in case of a sharp reversal of
market sentiment towards the sector.
Davivienda Sal's profitability remains modest and below
international peers' average. The bank's operating ROAA increased
slightly as a result of lower credit cost and enhanced efficiency,
yet the bank's bottom line did not registered improvements as
recoveries of previously written loans did not reach the results
achieved in 2013. In Fitch's opinion, Davivienda Sal will sustain
moderate earnings over the rating horizon.
RATING SENSITIVITIES - IDRs, VR AND SUPPORT
Davivienda Sal's Negative Outlook reflects that an eventual
downgrade of El Salvador's sovereign rating ('BB-'/Negative
Outlook) could result in a downgrade of the country ceiling, which
would, in turn, lead to a downgrade of Davivienda Sal's IDR.
Under such scenario, the bank's VR would be very likely downgraded
accordingly. As it is the case for most banks rated by Fitch,
Davivienda Sal's VR is constrained by the El Salvador' sovereign
rating given the correlation between the sovereign and the bank's
credit profile.
Hence, if the sovereign rating is eventually affirmed at 'BB-' and
the Outlook is revised to Stable from Negative, Davivienda Sal's
Outlook could be revised accordingly.
The support rating is sensitive to a change in Davivienda's
ability or propensity to provide support to Davivienda Sal.
RATING SENSITIVITIES - NATIONAL RATING
National ratings are sensitive to a change in Fitch's opinion on
the parent's capacity and/or propensity to support its
subsidiaries.
INVERSIONES FINANCIERAS DAVIVIENDA'S KEY RATING DRIVERS AND
SENSITIVITIES - NATIONAL RATINGS
Inversiones Financieras Davivienda's national ratings are aligned
with Davivienda Sal's national ratings as the bank represents more
than 90% of total assets and earnings. Changes in Inversiones
Financieras Davivienda's ratings would mirror those of Davivienda
Sal.
Fitch has affirmed these ratings:
Banco Davivienda Salvadoreno
-- Long-term IDR at 'BB+', Outlook Negative;
-- Short-term IDR at 'B';
-- Viability Rating at 'bb-';
-- Support at 3;
-- Long-term national rating at 'AA+(slv)', Outlook Stable;
-- Short-term national rating at 'F1+(slv)';
-- Long-term national rating senior secured debt at 'AAA(slv)';
-- Long-term national rating senior unsecured debt at
'AA+(slv)';
-- Short-term national rating senior secured debt at
'F1+(slv)';
-- Short-term national rating senior unsecured debt at
'F1+(slv)'.
Inversiones Financieras Davivienda
-- Long-term national rating at 'AA+(slv)', Outlook Stable;
-- Short-term national rating at 'F1+(slv)'.
=============
J A M A I C A
=============
* JAMAICA: US Prepared to Support More Renewable Energy Projects
----------------------------------------------------------------
RJR News reports that Joshua Polacheck, Counsellor for Public
Affairs at the United States Embassy in Jamaica, said his
Government is prepared to increase its partnership with the
country on renewable energy projects.
Mr. Polacheck recently told RJR News that the US was willing to
offer additional support to projects similar to the 36.3 megawatt
wind farm being developed by BMR Jamaica Wind in St. Elizabeth.
That project is being financed through a US$42.7 million loan from
the US Overseas Private Investment Corporation (OPIC), along with
funding provided by the International Finance Corporation and the
Canada Climate Change Program, according to RJR News.
The report notes that the wind farm will be the largest renewable
energy project developed by the private sector in Jamaica and will
help reduce the country's dependence on imported oil.
The renewed emphasis on renewables started with Wigton Widfarm in
Manchester, incorporated in 2000 by the State owned Petroleum
Corporation of Jamaica, the report relates.
Later, the Jamaica Public Service Company established the Munro
Windfarm in St. Elizabeth, with four turbines, the report notes.
The windfarm being established by BMR Jamaica Wind is in close
proximity to the Munro Windfarm, the report adds.
* * *
As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2015, Fitch Ratings has affirmed Jamaica's long-term
foreign and local currency Issuer Default Ratings (IDRs) at 'B-'.
The issue ratings on Jamaica's senior unsecured foreign and local
currency bonds are also affirmed at 'B-'. The Rating Outlooks on
the long-term IDRs are revised to Positive from Stable. The
Country Ceiling is affirmed at 'B' and the short-term foreign
currency IDR at 'B'.
* JAMAICA: Trade Mark Act to be Amended
---------------------------------------
RJR News reports that Industry Minister Anthony Hylton has
announced that the Trade Marks Act is to be amended to protect the
name "Jamaica" from use by foreign businesses, for trademarks and
domain names that do not originate in the island.
It will take advantage of the goodwill and international
recognition of the Jamaican brand, according to RJR News.
The report notes that Mr. Hylton said the amendments will also
allow for the registration of trademarks in multiple countries
through one centralized application procedure.
This is essential to Jamaica's accession to the Madrid Protocol,
the report relates.
* * *
As reported in the Troubled Company Reporter-Latin America on
Feb. 23, 2015, Fitch Ratings has affirmed Jamaica's long-term
foreign and local currency Issuer Default Ratings (IDRs) at 'B-'.
The issue ratings on Jamaica's senior unsecured foreign and local
currency bonds are also affirmed at 'B-'. The Rating Outlooks on
the long-term IDRs are revised to Positive from Stable. The
Country Ceiling is affirmed at 'B' and the short-term foreign
currency IDR at 'B'.
=============
U R U G U A Y
=============
DISCOUNT BANK: S&P Affirms 'BB+/B' CCRs, Outlook Remains Stable
---------------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB+' long-term
and 'B' short-term counterparty credit ratings on Discount Bank
Latin America S.A. (DBLA). The outlook remains stable. The bank's
stand-alone credit profile (SACP) is 'bb+'.
The ratings on DBLA reflects S&P's assessment of its "adequate"
business position, given its good franchise in Uruguay and
position in niche segments, "moderate" capital and earnings,
driven by our forecast RAC ratio, "adequate" risk position,
supported by healthy asset quality metrics, "average" funding
and "adequate" liquidity (as our criteria define these terms). The
rating on the bank is at the same level as the 'bb+' SACP because
it does not incorporate notching from external support (neither
from the government nor group).
S&P's bank criteria use its BICRA economic risk and industry risk
scores to determine a bank's anchor SACP, the starting point in
assigning an issuer credit rating. The anchor for banks operating
only in Uruguay is 'bb+'.
Uruguay's economic risks are lower than its regional peers'. The
country's stable political environment, consistent economic
policy, and the predictability of its political institutions have
boosted investment and driven the sound economic growth of the
past decade. However, despite Uruguay's solid economic
performance, limited monetary flexibility -- due to the
high dollarization in the system -- undermines Uruguay's economic
resilience. S&P don't believe economic imbalances, such as credit-
fuelled asset bubbles, pose significant risks. Real estate prices
have grown steadily in the past decade due to sustained by
economic growth, rising income levels, and foreign direct
investment (FDI), rather than to risky mortgage lending. Although
private-sector debt is low and income and debt capacity have
improved in recent years, S&P continues to believe that the
system's high exposure to foreign currency lending to unhedged
borrowers significantly increases credit risk, especially in a
scenario of Uruguayan peso depreciation.
Industry risks in Uruguay are higher than those of its peers.
Although the Uruguayan banking system benefits from a larger share
of customer deposits relative to system loans, these have proven
to be volatile in the past. In terms of competitive dynamics, the
significant presence of government-owned
banks, labor market rigidities, caps on lending rates, and the
presence of nondeposit-taking financial institutions add market
distortions. Finally, Uruguay's central bank (BCU, its Spanish
acronym) has made significant progress toward implementing
international standards and improving regulation and supervision,
but there is still room for improvement.
***********
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.
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, and Peter A.
Chapman, Editors.
Copyright 2015. 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
202-362-8552.
* * * End of Transmission * * *