/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/150902.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, September 2, 2015, Vol. 16, No. 173 Headlines B A H A M A S INTERCORP PERU: S&P Affirms 'BB' CCR; Outlook Stable B E R M U D A BROADCASTER DEFONTES: To Cease Operations, Cuts 33 Jobs B R A Z I L BANCO INDUSVAL: Moody's Cuts LT Currency Deposit Ratings to B2 VOLKSWAGEN: Workers at Plant in Brazil End Strike C A Y M A N I S L A N D S APM INVESTMENT: Shareholders Receive Wind-Up Report EG HEMEL: Creditors' Proofs of Debt Due Oct. 26 FIREWALL FINANCE: Shareholders' Final Meeting Set for Sept. 8 HEATHLAND CAPITAL: Shareholder to Hear Wind-Up Report on Sept. 3 JAMESTOWN INDEMNITY: Shareholder Receives Wind-Up Report LB DELTA: Shareholders Receive Wind-Up Report LB DELTA (CAYMAN): Shareholders Receive Wind-Up Report LUXURY CORPORATE: Members' Final Meeting Set for Oct. 22 RELIABLE INVESTMENT: Shareholders Receive Wind-Up Report TIMEPIECE CORPORATE: Members' Final Meeting Set for Oct. 22 TRISKELE CHINA: Shareholder Receives Wind-Up Report C O L O M B I A COLOMBIA TELECOMUNICACIONES: Fitch Affirms 'BB' IDRs D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Erika Damages Banana Plantations J A M A I C A JAMAICA: Economy Grew 0.8% in April to June NORANDA ALUMINUM: Makes Huge Alumina Shipment to China UC RUSAL: Delays Dividend Decision M E X I C O EMPRESAS ICA: Moody's Changes Outlook to Neg. & Affirms B2 CFR P U E R T O R I C O ALONSO & CARUS: Creditors' Panel Taps GlassRatner as Fin'l Advisor ALONSO & CARUS: Panel Hires Vilarino & Associates as Counsel T R I N I D A D & T O B A G O CARIBBEAN AIRLINES: Workers Urged to Stay Home CARONI (1975) LTD: PNM Gov't. Will Pay Former Workers, Rowley Says - - - - - ============= B A H A M A S ============= INTERCORP PERU: S&P Affirms 'BB' CCR; Outlook Stable ---------------------------------------------------- Standard & Poor's Ratings Services said that it affirmed its 'BB' corporate credit rating on Intercorp Peru Ltd. (Intercorp). At the same time, S&P affirmed its 'BB' issue-level rating on Intercorp's $250 million 144 A/Reg. S senior unsecured notes due 2025 and Peruvian Nuevo sol (PEN) 301.5 million (about $100 million) private placement due 2030. S&P revised the outlook on the corporate credit rating to stable from positive. The revision of the outlook to stable from positive reflects: Banco Internacional del Peru-Interbank's (Interbank; BBB/Negative/--), which is Intercorp's largest dividends contributor (about 70% of total dividends), continued negative outlook; the performance of InRetail is still not at a level to contribute to improving our asset quality assessment on Intercorp; and potential adverse impact, given current global and regional macro-economic slowdown and foreign exchange volatility. That notwithstanding, S&P considers that Intercorp's credit metrics will likely stay comfortably above the levels that S&P views as commensurate with its financial risk profile assessment of "intermediate" in the next two years. The stable outlook reflects S&P's expectation that the company will maintain its credit metrics comfortably commensurate with its "intermediate" financial risk profile, including its LTV well below 30% and its total coverage ratio at around 2.0x, amid more challenging macroeconomic conditions and heightened foreign exchange volatility underpinned by its current capital and financial flexibility coupled with the leading position of its main assets in their respective markets. S&P could lower the ratings if Intercorp's LTV ratio deteriorates to 30%--which might be the result of higher debt due to, for example, higher capital infusions in subsidiaries--or if the company's total coverage ratios deteriorate to below 0.7x as a result of lower dividend income or higher interest or dividend payments. An upgrade is less likely in the short term as S&P believes that the current asset quality assessment constrains the rating. However, S&P may revise the rating if the issuer successfully consolidates its retail investments, leading to an improvement of the portfolio's creditworthiness. ============= B E R M U D A ============= BROADCASTER DEFONTES: To Cease Operations, Cuts 33 Jobs ------------------------------------------------------- The Royal Gazette reports that island broadcaster DeFontes is to go off the airwaves at the end of September. Owner Kenneth DeFontes confirmed that the company will cease operations next month after 34 years, according to The Royal Gazette. The report notes that a total of 19 people, five full time and 14 sub-contractors will lose their jobs. The report notes that a spokesman for Mr. DeFontes said: "In a letter given to all staff, Mr. DeFontes offered his heartfelt thanks for all their hard work and loyalty throughout the past 34 years. "He also said, however, that the broadcasting landscape over the more recent years has created a major financial challenge and he wished that it could be otherwise, but it cannot." The report notes that Mr. DeFontes' VSB-11 TV channel went off the air almost exactly a year ago. The decision saw several staff losing their jobs and the loss of NBC coverage as VSB was its Island affiliate station, the report discloses. The firm blamed continuing losses due to a fall in advertising revenue and the need for massive investment in technology for the closure of the TV arm, the report notes. But the company's radio stations, which include Mix 106FM and 1450Gold continued to operate, the report says. Mr. Defontes in 2014 agreed to sell the loss-making firm to businessman Spencer Conway, who was installed as interim CEO, the report recalls. But Mr. DeFontes pulled out of the deal and reassumed control after Mr. Conway failed to come up with the necessary cash, the report adds. =========== B R A Z I L =========== BANCO INDUSVAL: Moody's Cuts LT Currency Deposit Ratings to B2 -------------------------------------------------------------- Moody's Investors Service downgraded the long-term global local and foreign currency deposit ratings of Banco Indusval S.A. (BI&P) to B2 from B1. Moody's also downgraded the bank's baseline credit assessment to b2 from b1 and its long and short-term Brazilian national scale deposit ratings, to Ba2.br from Baa2.br and BR-4 from BR-3, respectively. The short-term global ratings were affirmed at Not Prime. At the same time, Moody's changed the outlook on all ratings to negative from stable. These ratings assigned to Banco Indusval S.A. were downgraded: Long term global local currency deposit rating to B2, from B1; negative outlook Long term global foreign currency deposit rating to B2, from B1; negative outlook Long term national scale local currency deposit rating to Ba2.br, from Baa2.br Short term national scale local currency deposit rating to BR-4, from BR-3 These assessments were downgraded: Baseline credit assessment to b2, from b1 Long-term counterparty risk (CR) assessment to B1(cr) from Ba3(cr) These short-term ratings and CR assessment were affirmed: Short term global local currency deposit rating at Not Prime Short term global foreign currency deposit rating at Not Prime Short-term counterparty risk (CR) assessment at Not Prime(cr) RATING RATIONALE The downgrade of BI&P's deposit ratings to B2 reflects its continued very weak earnings profile, uncertainties related to the viability of its turnaround plan, and increasing borrower and industry concentration. The high concentration risk, particularly related to the agriculture segment, despite a relatively granular average ticket per corporate customer of around BRL 10 million, exposes the franchise to material one-off risks, such as the non- recurring event that recently occurred with Brazilian commodities trader Ceagro Agricola Ltda (unrated). In the first six months of 2015, BI&P reported a net loss of BRL141.4million, after a BRL5 million loss posted in full year 2014. The bank has reported very weak profitability since 2011, including repeated quarterly net losses. The loss in the second quarter was driven by an extraordinary allowance for loan losses expenses of BRL 129.6 million to cover the bank's exposure to Ceagro, a business partner of BI&P's since 2013 that unexpectedly defaulted in the quarter. The provisions also covered agribusiness securities (cedula de produtor agricola) provided by Ceagro's commodities suppliers. Excluding the event related to Ceagro, management indicated that provisioning expenses in the quarter would have been around BRL1.5 million. Following this loss, the bank's reported total capital ratio dropped to 12.4% in 2Q15, continuing a steady decline from its peak of nearly 24% in March 2011. However, shareholders have since announced plans to inject BRL80 million of additional capital in the coming weeks, which should be sufficient to restore capital levels to an estimated 17%, an appropriate capitalization according to management. The rating acknowledges the commitment of shareholders to the operation, proven by frequent capital injection since 2011, totaling BRL373 million including the recently announced injection. According to the bank, the delinquency ratio jumps to 10.9% after adjusting for the exposures to Ceagro and associated soy producers, from the 2Q15 reported figure of just 2%. In addition, while an important portion of the bank's time deposits (time deposits with special guarantee from local FDIC -- DPGE) will mature over the next two quarters, BI&P has an adequate cash balance of BRL942 million that, as of June 2015, covered 29% of total deposits. Cash liquidity increased in the quarter reflecting the reduction in loan origination. After significantly deleveraging in the last 12 months after the decision to shift its lending activities towards larger SME clients in 2011, the bank now plans to focus on expanding its brokerage activities instead of loan growth in order to return to profitability. However, the deteriorating economic environment will challenge the bank's ability to increase recurring revenues, which may not be enough to cover its operating costs despite ongoing efforts to rein these in. The sharp contraction of BP&I's loan portfolio has also led to a rise in borrower concentrations, with the 20 largest clients accounting for 25.5% of loans and 143.5% of equity as of June 2015. The bank also exhibits significant sectorial concentration, with agriculture and cattle raising accounting for 34.3% of total loans. Although this segment has performed well over the past 4 years, Moody's notes that the economic deceleration in China is likely to affect the commodities sector in Brazil. The B2 global local currency deposit rating derives from BI&P's baseline credit assessment of b2, and does not benefit from government support uplift because of the bank's modest market share in local banking system deposits. The global local currency deposit rating of B2 has historically been associated with default frequencies of 15.5% and 20% over three- and five-year investment horizons, said Moody's. OUTLOOK CHANGED TO NEGATIVE FROM STABLE The negative outlook considers the weak prospects for BI&P's earnings as the bank continues to contract its operations to navigate the adverse economic environment. Consequently, the bank will remain dependent on shareholder support if it experiences further unforeseen losses. In addition, the bank's ongoing deleveraging will expose it to further borrower and sector concentration. The bank's liquidity position could also be affected by the weakening of the franchise. WHAT COULD CHANGE THE RATING DOWN Further downward pressure in the rating will arise if further losses consume its capital position, a scenario that we consider likely due to the challenging operating environment for reminder of 2015 and 2016. Material deterioration in liquidity metrics would also pressure the bank's ratings. Given the negative outlook, the ratings are unlikely to face upward pressure in the short-to-medium term. However, the outlook could stabilize if the bank is able to return to profitability on a sustainable basis. LAST RATING ACTION The last rating action on Banco Indusval was on 8 September 2014, when Moody's downgraded the bank's baseline credit assessment to b1, from ba3, as well as the long-term global local and foreign currency deposit ratings to B1 from Ba3, and the long and short- term Brazilian national scale deposit ratings to Baa2.br from A2.br and to BR-3 from BR-2. The short-term global scale deposit ratings were unchanged at Not Prime. The outlook for the ratings was change to stable from negative. Moody's National Scale Credit 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 credit 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 ".za" for South Africa. Banco Indusval S.A. is headquartered in Sao Paulo, Brazil and had consolidated assets of BRL4.5 billion (USD1.4 billion) and equity of BRL538.2 million (USD173.3 million) as of June 30, 2015. VOLKSWAGEN: Workers at Plant in Brazil End Strike ------------------------------------------------- EFE News reports that employees at the Volkswagen plant in the Brazilian city of Taubate ended a 12-day strike and returned to work after reaching an agreement with management, VW said. "Company and union achieved a balanced accord that will make possible the necessary adjustment of the unit's costs and efficiency," Volkswagen do Brasil Ltda. said in a statement obtained by the news agency. The Taubate plant is one of four manufacturing facilities the German automaker has in Brazil, according to EFE News. The report notes that management agreed to rehire 43 workers whose dismissal on Aug. 17 provoked the walkout, the Taubate Metalworkers Union said on its Facebook page. VW do Brasil, which wants to eliminate around 550 positions amid a recession that is hammering Brazil's auto industry, said it will rely on buyouts and early retirements to achieve the targeted reduction in payroll, the report relates. Brazil's National Federation of Car Dealers reports that vehicle sales have fallen 17.87 percent this year, the report discloses. The automakers association estimates that its members laid off 1,172 workers in June, bringing the number of employees in the industry down to 135,700, the lowest since 2012, the report notes. Last Aug. 24, the nearly 4,000 employees at General Motors' largest manufacturing facility in Brazil announced the end of a two week long strike after a court overturned the dismissal of 798 of their coworkers, the report relays. Workers voted to end the strike after the Regional Labor Court in Sao Paulo state declared the layoffs invalid, the union representing workers at the Sao Jose dos Campos plant said, the report says. Under the court's decision, the workers who were laid off will be placed on paid leave for the balance of the month retroactive to Aug. 10, before starting a five month furlough at reduced pay on Sept. 1, the report discloses. The settlement also stipulates that GM management will use early retirements and buyouts to reduce the payroll at Sao Jose dos Campos, the report adds. ========================== C A Y M A N I S L A N D S ========================== APM INVESTMENT: Shareholders Receive Wind-Up Report --------------------------------------------------- The shareholders of A.P.M Investment Fund Limited received on Aug. 31, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Alta Management (Cayman) Limited Willow House, Floor 4 Cricket Square Elgin Avenue George Town Grand Cayman Cayman Islands Telephone: +1 (345) 949 2648 Facsimile: +1 (345) 949 8613 EG HEMEL: Creditors' Proofs of Debt Due Oct. 26 ----------------------------------------------- The creditors of EG Hemel Funding Company Limited are required to file their proofs of debt by Oct. 26, 2015, to be included in the company's dividend distribution. The company's liquidator is: Christopher Kennedy c/o Barry Lynch P.O. Box 897, Windward 1 Regatta Office Park Grand Cayman KY1-1103 Cayman Islands Telephone: (345) 949 7576 Facsimile: (345) 949 8295 FIREWALL FINANCE: Shareholders' Final Meeting Set for Sept. 8 ------------------------------------------------------------- The shareholders of Firewall Finance Holdings Limited will hold their final meeting on Sept. 8, 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: Westport Services Ltd. c/o Gillian Allan Telephone: (345) 949 5122 Facsimile: (345) 949 7920 P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands HEATHLAND CAPITAL: Shareholder to Hear Wind-Up Report on Sept. 3 ---------------------------------------------------------------- The shareholder of Heathland Capital Partners, Ltd. will hear on Sept. 3, 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: Heathland Asset Management, LLC c/o Jacqueline Haynes Telephone: +1 (345) 949 9876 Facsimile: +1 (345) 949 9877 JAMESTOWN INDEMNITY: Shareholder Receives Wind-Up Report -------------------------------------------------------- The shareholder of Jamestown Indemnity, Ltd. received on Aug. 24, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Susan Ball c/o Global Captive Management Ltd. Building 3, 2nd Floor, Governors Square 23 Lime Tree bay Avenue P.O. Box 1363 Grand Cayman KY1-1108 Cayman Islands Telephone: +1 (345) 949 7966 Facsimile: +1 345 949 8068 LB DELTA: Shareholders Receive Wind-Up Report --------------------------------------------- The shareholders of L.B. Delta Funding Limited received on Aug. 25, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Krys Global VL Services Limited Governor's Square, Building 6, 2nd Floor 23 Lime Tree Bay Avenue P.O. Box 21237 Grand Cayman KY1-1205 Cayman Islands Telephone: +1 (345) 947 4700 Facsimile: +1 (345) 946 5728 LB DELTA (CAYMAN): Shareholders Receive Wind-Up Report ------------------------------------------------------ The shareholders of L.B. Delta (Cayman) No. 1 Limited received on Aug. 25, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Krys Global VL Services Limited Governor's Square, Building 6, 2nd Floor 23 Lime Tree Bay Avenue P.O. Box 21237 Grand Cayman KY1-1205 Cayman Islands Telephone: +1 (345) 947 4700 Facsimile: +1 (345) 946 5728 LUXURY CORPORATE: Members' Final Meeting Set for Oct. 22 -------------------------------------------------------- The members of Luxury Corporate Holdings II Ltd. will hold their final meeting on Oct. 22, 2015, at 1:30 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mufeed Rajab c/o Dominique Massias P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949 5122 Facsimile: (345) 949 7920 RELIABLE INVESTMENT: Shareholders Receive Wind-Up Report -------------------------------------------------------- The shareholders of Reliable Investment Fund Limited received on Aug. 31, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Modern Management Limtied Willow House, Floor 4 Cricket Square Elgin Avenue George Town Grand Cayman Telephone: +1 (345) 949 2648 Facsimile: +1 (345) 949 8613 TIMEPIECE CORPORATE: Members' Final Meeting Set for Oct. 22 ----------------------------------------------------------- The members of Timepiece Corporate Holdings Ltd. will hold their final meeting on Oct. 22, 2015, at 1:15 p.m., to receive the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Mufeed Rajab c/o Dominique Massias P.O. Box 1111 Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949 5122 Facsimile: (345) 949 7920 TRISKELE CHINA: Shareholder Receives Wind-Up Report --------------------------------------------------- The shareholder of Triskele China Fund received on Aug. 31, 2015, the liquidator's report on the company's wind-up proceedings and property disposal. The company's liquidator is: Otto Chun Shing Chan Ventris Place Flat 6, 25th Floor, Block C Happy Valley Hong Kong Telephone: 852-90950672 Facsimile: 852-21171160 =============== C O L O M B I A =============== COLOMBIA TELECOMUNICACIONES: Fitch Affirms 'BB' IDRs ---------------------------------------------------- Fitch Ratings has affirmed Colombia Telecomunicaciones S.A. E.S.P.'s (Coltel) foreign and local currency Issuer Default Ratings (IDRs) at 'BB'. Fitch has also affirmed the company's USD750 million senior notes due 2022 and USD500 million subordinated perpetual bond at 'BB' and 'B+', respectively. The Rating Outlook on the IDRs is Stable.] KEY RATING DRIVERS Coltel's ratings reflect its fully integrated operation with nation-wide network coverage and diversified service offerings, and its established business position as the second-largest mobile and third-largest fixed-line operator in Colombia. They also reflect the company's recently improved capital structure and liquidity profile through the issuance of the perpetual subordinated notes during March 2015. The implied support from the parent, Telefonica SA (rated 'BBB+' by Fitch), which owns 67.5% of the company, is also incorporated in the ratings given its strategic/operational importance to the parent's Latin American operation. The ratings are tempered by the intense competitive landscape which pressures the company's profitability and the burden on cash flow generation due to the annual amortization of Parapat-related liability and high capex for network improvement. ARPU Contraction: Coltel's ARPU continued its downward trend despite efforts to improve revenue contributions from mobile data, broadband and Pay TV segments in order to help mitigate the slowdown in the traditional voice revenue contribution. Fierce price-based competition has led to continued ARPU erosion for broadband and mobile services of 12.9% and 4.8% by the end of June 2015 yoy, respectively, while interconnection rates have also contracted during this period. The company's revenue, as a result, contracted by 0.7% during the first quarter 2015. Positively, the company's Pay TV ARPU grew by 8%. Although the revenue contribution from the segment has yet to be significant, the company expects to increase the Pay TV revenue contribution to 10% of total revenues in coming years from the current 5%. Despite the modest revenue contraction, Coltel managed to show meaningful EBITDA improvement yoy, mainly due to the significantly lower handset subsidy and sales commissions from the regulatory abolition of the permanence clause that mandated time-bound contracts for subscribers, lower interconnection costs and the company's cost-saving efforts. As a result, Coltel's EBITDA grew by 8.5% during the period. High Capex; Negative FCF Coltel's negative free cash flow (FCF) is expected to continue at least for the short term due to capex. The company has embarked on a sizable capex program for its mobile/fixed network upgrades, including 4G and broadband services. Coltel expects to invest approximately COP3.7 billion during 2015-2018, with about 30% of this budget expected to be used during the first year. As capex gradually declines from 2016 on, Fitch forecasts the company's FCF to turn positive over the medium term. Given the significant capex plan, shareholder distributions are not likely during 2015-2018. Competition Pressures Margins Coltel's profitability is likely to decline in 2015 from the 2014 IFRS adjusted level of 38.9% due to the ongoing ARPU erosion. The competitive landscape remains intense amid the trend of convergent service offerings, with the recent merger of Tigo Colombia and UNE EPM Telecomunicaciones S.A. The company was able to reduce operational costs by 5%, driving the EBITDAR margin to 41.4% by the end of June 2015. Fitch expects that additional cost savings will not be sufficient to contain further margin erosion. As a result, Coltel's EBITDAR margin is projected to gradually fall from 38.9% in 2014 to 37.7% by December 2015 and then continue to contract to approximately 35% in the following years. Improved Financial Profile Coltel's financial profile has improved since the issuance of the USD500 million perpetual notes in March 2015, to which Fitch has assigned a 50% equity credit. The company has used the notes proceeds to refinance its short-term debt to improve the liquidity profile by extending the average life of its financial obligations from 4.4 years in 2014 to 6.2 years as of March 2015. Following the refinancing, Coltel's total financial debt, excluding Parapat- related liability, was reduced to COP3.9 trillion as of June 2015 from COP4.1 trillion at end-2014 (without including valuation of hedge derivative). Reflecting Fitch's adjustment for the company's network lease expenses, adjusted net debt-to-EBITDAR excluding Parapat liability was 2.8x, a modest improvement from 2.9x as of end-2014. Coltel hedges all of its foreign-currency denominated debt in the local currency. Reflecting the net valuation of its hedge derivatives, its net leverage was 2.6x during the same period. Fitch considers Coltel's Parapat liability as a softer debt in its leverage calculation reflecting some flexibility with the payment obligation as evidenced by the restructuring of the terms and the reduced liability amount in 2012. Nevertheless, the annual amortization of the liability adds pressures to the company's cash flow generation. Reflecting the Parapat liability, the book value of which was COP3.9 trillion as of June 2015, the company's adjusted net leverage ratio was 4.7x. Fitch projects this ratio to gradually improve to below 4.5x over the medium term backed by positive FCF generation from 2016 onwards. Manageable Liquidity Coltel's cash flow has and will continue to be pressured by Parapat debt amortizations, which in 2015 will amount to COP59 billion, making its total short-term obligations approximately COP260 billion, above its cash balance of COP243 billion as of June 2015. Positively, Fitch expects Coltel's cash flow from operations (CFFO) to remain stable at COP1.2 billion on average during 2015 - 2018, which should help the company manage its short-term debt service. As of June 2015, the cash-to-short-term debt ratio was 0.9x. The company also maintains available credit facilities of approximately COP2 billion with local and international banks, which further bolsters its liquidity position. KEY ASSUMPTIONS -- Annual average revenue growth of 4% from 2015-2018; -- EBITDAR margins declining to around 38% in 2015, and toward 35 % over the medium- to long-term due to competitive pressures and ARPU erosion; -- Capex to be funded primarily from internally generated funds. Fitch expects capex to represent 18% of revenues on average during 2015-2018. RATING SENSITIVITIES Considerations that could lead to a negative rating action (rating or Outlook): -- In the case of persistent negative FCF generation and continued profitability deterioration due to competitive pressures and higher-than-expected capex resulting in the company's net leverage, excluding Parapat liability, to increase to above 3x on a sustained basis. Also, adjusted net leverage, including the Parapat liability, increasing to above 4.5x - 5x would pressure the ratings, as would failure to improve its liquidity. Considerations that could lead to a positive rating action (rating or Outlook): Positive rating action is unlikely in the short- to medium-term given the high leverage. Factors that could lead to a positive rating action include consistent positive FCF generation which results in a material net leverage reduction and sound liquidity position on a sustained basis. LIQUIDITY Coltel's CFFO is expected to average COP1.2 billion on average during 2015 - 2018, which should help manage its short-term debt service. Parapat debt amortizations will amount to COP59 billion in 2015. The company maintains available credit facilities of approximately COP2 billion with local and international banks, which further bolsters its liquidity condition. As of June 2015, the cash-to-short-term debt was 0.9x. FULL LIST OF RATING ACTIONS Fitch has affirmed the following ratings: Colombia Telecomunicaciones S.A. ESP -- Foreign currency IDR at 'BB'; Stable Outlook -- Local currency IDR at 'BB'; Stable Outlook; -- USD750 million senior notes due 2022 at 'BB'; -- USD500 million subordinated perpetual bond at 'B+'. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Erika Damages Banana Plantations ---------------------------------------------------- Dominican Today reports that strong winds caused by tropical storm Erika damaged most of the banana plantation in La Cruz de Manzanillo, with losses estimated to surpass RD$50 million. La Cruz de Manzanillo farm project administrator, engineer Ramon Emilio Fondeur, said that specialists and Agricultural Insurance personnel were assessing the damage in order to report it to the Ministry of Agriculture, according to Dominican Today. The report notes that Mr. Fondeur is confident of rain in the northwestern border region, saying that the drought had already caused large-scale losses in agricultural production. La Cruz de Manzanillo in the province of Montecristi has 16,000 tareas of organic bananas for export, and employs 1,500 people, the report relays. The project exports RD$160 million per year, and aims to increase this to 700 million in 2016, and plans to increase its staff to 3,000, the report discloses. The banana sector in the Dominican Republic is worth around US$300 million annually, exporting to European countries like Italy, Spain, Germany, France, the Netherlands and the United Kingdom, with a view to expanding to the Japanese market through a trade agreement with the Japanese government, the report adds. ============= J A M A I C A ============= JAMAICA: Economy Grew 0.8% in April to June ------------------------------------------- Jamaica Observer reports that the Jamaican economy grew by an estimated 0.8 per cent in the April to June 2015 quarter compared with the corresponding quarter of 2014, the Planning Institute of Jamaica (PIOJ) has reported. Director General of the PIOJ Colin Bullock said the growth in Gross Domestic Product (GDP) was as a result of "the positive impact of continued strengthening of the global economy on some of the major industries, notably hotels and restaurants; transport, storage and communication; and mining and quarrying," according to Jamaica Observer. Mr. Bullock was providing details of the country's economic performance for the second quarter of the year at his Oxford Road offices in Kingston. Mr. Bullock also attributed the growth to improvement in domestic demand resulting from the strengthening of both business and consumer confidence levels; highway construction (phases one and three of the north-south link of Highway 2000); hotel construction and expansion works; and building of new office space to facilitate expansion of business process outsourcing activities, the report notes. The growth in real GDP reflects an increase of 0.7 per cent in both the goods-producing and services industries, over last year, the report adds. * * * As reported in Troubled Company Reporter-Latin America on July 29, 2015, Standard & Poor's Ratings Services assigned its 'B' issue rating on Jamaica's up to US$2 billion in bonds issued in two tranches. The first tranche is for up to US$1,350 million due in 2028. The second tranche is for up to US$650 million due in 2045. The government will use the proceeds to purchase debt that Jamaica owes to Venezuela as well as to finance the government's 2015/2016 budget. NORANDA ALUMINUM: Makes Huge Alumina Shipment to China ------------------------------------------------------ RJR News reports that Noranda Aluminum Holding Corporation, which has operations in Jamaica, disclosed that it has completed a 31,000 metric tonne shipment from its alumina refinery in Gramercy, Louisiana to an aluminum smelter in China. Noranda's alumina refinery is situated along the Mississippi River, 45 miles up-river from New Orleans, Louisiana, according to RJR News. Ocean going freighters supply the refinery with bauxite from Noranda's bauxite mining operation in Jamaica, the report notes. * * * As reported in the Troubled Company Reporter-Latin America on Aug. 19, 2015, Standard & Poor's Ratings Services said it revised its rating outlook on Franklin, Tenn.-based Noranda Aluminum Holding Corp. to negative from stable. At the same time, S&P affirmed the 'B-' corporate credit rating on Noranda. UC RUSAL: Delays Dividend Decision ---------------------------------- RJR News reports that UC Rusal, the Russian aluminium conglomerate which has a major stake in Jamaica's bauxite-alumina sector, has decided to delay a decision on its possible first dividend since listing five years ago. This development comes despite the company's second-quarter core profit more than doubling, thanks to cost cuts and a weaker rouble, according to RJR News. The rouble's decline supports the world's top aluminum producer by partially offsetting weak aluminum prices, which are already at six-year lows and, according to Rusal, will remain under pressure due to a glut of exports from China, the report notes. * * * As reported in the Troubled Company Reporter-Latin America on June 24, 2015, RJR News said Jamaica Mining Minister Phillip Paulwell, who returned to Jamaica from his trip to Russia, has declared that all is well with the arrangements that have been made for full restoration of operations at the Alumina Partners of Jamaica (Alpart) bauxite/alumina plant at Nain in St. Elizabeth. After being closed for six years, work resumed at the plant earlier this year, but only in respect of mining of the ore for shipment to Russia, in the first instance, according to RJR News. The phased resumption plan should see the resumption of alumina refining towards the end of 2016, the report said. TCRLA, citing RJR News, reported on April 30, 2015, that UC Rusal has re-ignited its war of words with the London Metal Exchange, saying it has allowed financial speculators to distort prices. Vladislav Soloviev, Chief Executive Officer of the heavily indebted Russian group, said the price of aluminum traded on the LME has been depressed by as much as 30 per cent by the actions of money-market players, according to RJR News. UC Rusal has been involved in a bitter legal wrangle with the LME over plans to reform the exchange's warehousing system and introduce rules to tackle long queues that built up in the aftermath of the global financial crisis, the report said. =========== M E X I C O =========== EMPRESAS ICA: Moody's Changes Outlook to Neg. & Affirms B2 CFR -------------------------------------------------------------- Moody's Investors Service has changed Empresas ICA, S.A.B. de C.V. (ICA)'s outlook to negative from stable and affirmed the company's B2 corporate family and senior unsecured debt ratings. Approximately USD 1.35 billion in rated debt instruments affected. RATINGS RATIONALE The outlook change was prompted by ICA's weaker than expected operating performance and more challenging market conditions in the Mexican construction industry. Moreover, further budget cuts to the National Plan for Infrastructure estimated for 2016 will affect ICA's ability to incorporate new contracts in its construction backlog. The negative outlook also takes into account Moody's belief that upcoming construction projects, when announced, will take some time to materialize in terms of cash inflows to ICA given the lengthy drafting and bidding process usually related to large infrastructure projects. However, Moody's believes ICA is well positioned to be awarded new projects, given the local content requirements coupled with its expertise in the execution and long term relationships with government-related entities. For example, in the context of the National Infrastructure Plan 2014-2018, Moody's expects to see an increasing number of consortiums formed with local players and, since around 50% of the investments over the next few years will target the energy sector, the joint venture between ICA and Fluor would be very well positioned to capture a significant portion of it. Moody's also anticipates that these positive prospects will attract foreign construction players, increasing competition. Somewhat offsetting this competitive risk is ICA's aforementioned favorable operating track record as well as its solid long-term business relationship with major government-related entities such as Pemex (A3 stable) and CFE (Baa1 stable). This advantage is particularly relevant when partnering with selected international and local companies to bid for large construction or concession projects. ICA's ratings are based on the company's weak credit metrics related to debt leverage and interest coverage as well as historically weak liquidity. The ratings also factor ICA's high dependence on short term bank debt renewals as well as asset sales to fund operations and committed equity injections to its portfolio of concessions. Supporting ICA's ratings are its leading position in the construction industry in Mexico, its long- term track record of participating in the largest construction and infrastructure projects in the country, and the company's diversified and solid portfolio of concessions in the road, airport, water treatment and ports, among others, most of which have solid margins and favorable earnings prospects. Another constraining factor is ICA's high exposure to the depreciation of the Mexican peso against the US dollar. As much as 47% of its consolidated financial debt was denominated in US dollars as of June 2015. However, partially offsetting this risk are ICA's US dollar denominated revenues (approximately 18% of total) and the fact that ICA contracts derivatives so that the financing of projects are in the same currency as the source of payments. In addition, ICA contracts derivatives to reduce exchange and interest rate risk. Accordingly, interest payment coupons during the call protection period of the rated debt are partially hedged. ICA's liquidity risk is high, tempered by a high reliance on short term debt to fund working capital needs mainly related with construction business. However, the company has been recently improving its credit profile by extending debt maturities. In the 2Q14, ICA placed USD 700 million in senior notes due 2024 and the proceeds were used to prepay USD 200 million in notes due 2017 and to refinance short-term debt at the construction segment. As of June 30, 2015, ICA had about MXN 7.2 billion in cash and cash equivalents, which was slightly below the MXN 7.8 million in adjusted debt maturing in the next 12 months. Also, ICA has about MXN 2.5 billion in capex planned for 2016, mainly related to committed equity contributions to concessions, which must be funded before the end of 2015. ICA's ratings could be downgraded if the company's liquidity position worsens with limited prospects for a short-term improvement, if we believe that revenue or margins during the next 12 to 18 months will be weaker than expected, if debt leverage increases further, or if it becomes difficult for the company to renew its revolver credit lines, which today fund its working capital needs. An outlook stabilization would require improvements in operating performance, as well as the resumption of a gradual deleveraging trend. Over time, if the company's maturing concession portfolio either increase dividends to ICA or is monetized via asset sales, with the proceeds used for significant debt reduction, a positive credit momentum could develop. In this regard, the ratings could be positively affected if the company manages to maintain its consolidated Moody's-adjusted leverage below 6.5 times and reported leverage at construction business below 4.0 times on a sustained basis, while maintaining positive revenue growth. The principal methodology used in this rating was Global Construction Methodology published in November 2014. Headquartered in Mexico City, Empresas ICA, S.A.B. de C.V. ("ICA") is the largest infrastructure and construction company in Mexico. In the last twelve months (LTM) ended in June 2014, ICA's revenue and Moody's-adjusted EBITDA margin were about USD 2.6 billion and 21.3% respectively. ICA is also the main sponsor in 17 concessions, from toll roads to water treatment plants, among others. ====================== P U E R T O R I C O ====================== ALONSO & CARUS: Creditors' Panel Taps GlassRatner as Fin'l Advisor ------------------------------------------------------------------ The Official Committee of Unsecured Creditors of Alonso & Carus Iron Works, Inc. seeks authorization from the U.S. Bankruptcy Court for the District of Puerto Rico to retain GlassRatner Advisory & Capital Group, LLC as financial advisors to the Committee, effective July 15, 2015. The Committee requires GlassRatner to: (a) analyze the Debtor's current and historical business operations, financial results and pre-and post-petition financing arrangements, if any, and corresponding budgets; (b) analyze the Debtor's operations prior to and after the Petition Date, as the Committee deems necessary; (c) analyze the Debtor's liquidity and operations at certain points in time; (d) evaluate customer contracts for appropriateness; (e) investigate and analyze the potential for additional sources of recovery to the Debtor's estate; (f) review the financial aspects of the Disclosure Statement and Plan of Reorganization, including the financial projections and liquidation analysis; (g) negotiate on behalf of the Committee with relevant parties; (h) advise the Committee and Counsel on various financial and business matters associated with the Debtor; (i) investigate any potential causes of action or fraudulent transfers; (j) attend hearings before the Court and meetings with third parties as customary and appropriate and confer with representatives of the Committee, the Debtor, its counsel and financial advisor; and (k) provide written and oral reports to the Committee and counsel as necessary and appropriate. GlassRatner will be paid at these hourly rates: James Fox $310 Marc Levee $270 David Neyhart $170 Associates & Assistants $95-$170 GlassRatner will also be reimbursed for reasonable out-of-pocket expenses incurred. James Fox, principal of GlassRatner, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. GlassRatner can be reached at: James W Fox GLASSRATNER ADVISORY & CAPITAL GROUP LLC 60 E 42nd St Ste 1062 New York, NY 10165-1099 Tel: (212) 223-2430 Extn. 11 Fax: (212) 223-4654 E-mail: jfox@glassratner.com About Alonso & Carus Alonso & Carus Iron Works, Inc., sought Chapter 11 protection (Bankr. D.P.R. Case No. 15-02250) in Old San Juan, Puerto Rico, on March 27, 2015. The case is assigned to Judge Enrique S. Lamoutte Inclan. The Catano, Puerto Rico-based debtor has filed schedules of assets and liabilities, disclosing $23,028,113 in total assets and $14,919,146 in total debts. The Debtor on the Petition Date filed applications to employ Charles A Curpill, PSC Law office, as counsel; and CPA Luis R. Carrasquillo & Co, PSC as financial consultant. ALONSO & CARUS: Panel Hires Vilarino & Associates as Counsel ------------------------------------------------------------ The Official Committee of Unsecured Creditors of Alonso & Carus Iron Works, Inc. seeks authorization from the U.S. Bankruptcy Court for the District of Puerto Rico to retain Vilarino & Associates LLC as counsel to the Committee, effective July 24, 2015. The Committee requires Vilarino & Associates to: (a) advise the Committee with respect to its rights, duties, and powers in this Chapter 11 Case; (b) assist and advise the Committee in its consultations with the Debtor relative to the administration of this Chapter 11 Case; (c) assist the Committee in analyzing the claims of the Debtor's creditors and the Debtor's capital structure and in negotiating with holders of claims and equity interests; (d) assist the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtor and of the operation of the Debtor's business; (e) assist the Committee in its investigation of the liens and claims of the holders of the Debtor's pre-petition debt and the prosecution of any claims or causes of action revealed by such investigation; (f) assist the Committee in its analysis of, and negotiations with, the Debtor or any third party concerning matters related to, among other things, the assumption or rejection of certain leases of nonresidential real property and executory contracts, asset dispositions, sale of assets, financing of other transactions and the terms of one or more plans of reorganization for the Debtor and accompanying disclosure statements and related plan documents; (g) assist and advise the Committee as to its communications to unsecured creditors regarding significant matters in this Chapter 11 Case; (h) represent the Committee at hearings and other proceedings; (i) review and analyze applications, orders, statements of operations, and schedules filed with the Court and advise the Committee as to their propriety; (j) assist the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interests and objectives; (k) prepare, on behalf of the Committee, any pleadings, including without limitation, motions, memoranda, complaints, adversary complaints, objections, or comments in connection with any of the foregoing; and (l) perform such other legal services as may be required or are otherwise deemed to be in the interest of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. Vilarino & Associates will be paid at these hourly rates: Partners $225 Associates $175 Paralegals $75 Vilarino & Associates will also be reimbursed for reasonable out-of-pocket expenses incurred. Javier Vilarino, partner of Vilarino & Associates, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtors and their estates. Vilarino & Associates can be reached at: Javier Vilarino, Esq. VILARINO & ASSOCIATES LLC P.O. Box 9022515 San Juan, PR 00902-2515 Tel: (787) 565-9894 E-mail: jvilarino@vilarinolaw.com About Alonso & Carus Alonso & Carus Iron Works, Inc., sought Chapter 11 protection (Bankr. D.P.R. Case No. 15-02250) in Old San Juan, Puerto Rico, on March 27, 2015. The case is assigned to Judge Enrique S. Lamoutte Inclan. The Catano, Puerto Rico-based debtor has filed schedules of assets and liabilities, disclosing $23,028,113 in total assets and $14,919,146 in total debts. The Debtor on the Petition Date filed applications to employ Charles A Curpill, PSC Law office, as counsel; and CPA Luis R. Carrasquillo & Co, PSC as financial consultant. ================================ T R I N I D A D & T O B A G O ================================ CARIBBEAN AIRLINES: Workers Urged to Stay Home ---------------------------------------------- Vernon Khelawan at Trinidad and Tobago Newsday reports that a call has been issued for workers at the State-owned carrier, Caribbean Airlines Limited (CAL) to remain at home Sept. 1 to protest inequitable treatment. The call came in an unsigned e-mail memo, which was circulated all over Piarco calling on workers to remain at home for a day of rest and relaxation. It also called for a second day of rest and relaxation on September 8, the day after the general election, according to Trinidad and Tobago Newsday. According to the memo, the action stems from the recent agreement signed between the company and its pilots in which they were to receive a 23 percent increase, while the memo claims that the word is that other workers at the airline are scheduled to receive three to five percent increases, the report notes. The writer of the memo indicates that staff, other than the pilots, received a ten percent increase in 2010 to cover the period 2010-2012 and "this still seems to be very inequitable," the report relates. The memo read further, "2013 and 2014 seems to have been erased from the calendars as regards to staff other than pilots and we will not receive bonus payments," the report discloses. The memo also contains a call for workers to unite and has alluded to the formation of a new union and a plea for CAL workers to join, the report notes. The union, named the National Aviation Workers Union (NAWU), is being touted as the body that best "fulfils the primary criteria" in representing CAL workers as being part of an essential service, the report says. It also states "many of your co-workers, both ground staff and inflight crews, have already filled out membership (application) forms and joined NAWU," the report adds. About Caribbean Airlines Caribbean Airlines Limited -- http://www.caribbean-airlines.com/ -- provides passenger airline services in the Caribbean, South America, and North America. The company also offers freighter services for perishables, fish and seafood, live animals, human remains, and dangerous goods. In addition, it operates a duty free store in Trinidad. Caribbean Airlines Limited was founded in 2006 and is based in Piarco, Trinidad and Tobago. As reported in the Troubled Company Reporter-Latin America on March 19, 2015, RJR News said that Caribbean Airlines Limited is still facing an acute shortage of pilots. Trinidad's Newsday newspaper said the airline is still reeling from the loss of close to a dozen pilots from its Jamaican operations last year, forcing it to send Trinidadian pilots to operate some of the Jamaican routes to US destinations, according to RJR News. The TCRLA reported on Sept. 24, 2014, that Trinidad Express said Caribbean Airlines Limited will get a total of TT$1.8 billion support from the Government during the period 2013 and 2015. Finance Minister Larry Howai stated that the Caribbean Airlines management had informed him that the company expects to break-even in three years time. Mr. Howai, however, said that government would have to provide funds for CAL in 2015, 2016 and 2017. On July 11, 2014, the TCRLA citing Trinidad and Tobago Newsday, said that Caribbean Airlines is facing a loss. Minister Howai was hopeful the loss could be narrowed down to less than TT$100 million. Caribbean Airlines Limited recorded losses estimated at US$70 million in 2012. In 2011, CAL had recorded losses of US43.7 million, the TCRLA reported on May 20, 2013. CARONI (1975) LTD: PNM Gov't. Will Pay Former Workers, Rowley Says ------------------------------------------------------------------ Trinidad Express reports that a Peoples National Movement (PNM) Government would pay outstanding money owed to former Caroni (1975) Limited workers. That was the promise made by PNM political leader, Dr. Keith Rowley, as he addressed supporters at a public meeting in Couva, according to Trinidad Express. The report notes that Mr. Rowley accused Prime Minister Kamla Persad-Bissessar of making false promises to the ex-sugar worker that they would be paid TT$75,000 each. The report relays that Mr. Rowley said, "As election is called the Kamla Persad-Bissessar Government discovered from 12 years ago that cane farmers were owed money. They didn't pay them in 2010, 2011, 2012, 2015 and even in 2015. They promise to pay $75,000, but give them one third now and get two thirds after the election. I want to say to cane farmers we of the PNM have no record of turning our backs on a Government commitment made by the Government of Trinidad and Tobago and since this Government has done that, we will pay you the money." The report discloses that Mr. Rowley said the Peoples Partnership was attempting to discredit the PNM using race. But he reminded citizens that it was the PNM Government that created Caroni (1975) Limited and supported the sugar industry 100 per cent, the report notes. Mr. Rowley said he championed for the sugar industry as Minister of Agriculture and lobbied for a 100 per cent increase in wages. "In Trinidad and Tobago it was too easy, too deceitful, too much of a lie to pass up that the PNM has some problem, some hatred for East Indian sugar workers," the report quoted Mr. Rowley as saying. The report relays that Mr. Rowley said the Peoples Partnership was using race in the 2015 general elections and believe they were destined to win certain seats. "Because of that control on ethnicity and religion in this country they could put up candidates like Padarath in Princes Town, and would not bother bother to campaign because they have your vote in the bag already," Mr. Rowley said, the report notes. The report discloses that Mr. Rowley reminded citizens that in the past when people were not pleased with the PNM's performance, they were voted out of office. "We know we cannot take your vote for granted, we have to earn it. They take you for granted. They know your vote is theirs. People of Central Trinidad, I take this job as Prime Minister to be the Prime Minister of all people of Trinidad and Tobago regardless of race, color, creed class or social standing and if there are others who tell you otherwise, I am not the liar," Mr. Rowley added. Mr. Rowley said he had led State agencies and was never accused of being a racist. "But there are people telling you I look like a racist. How does a racist look? Even if I didn't have a mirror I would see who I am. For this to be part of a conversation in 2015 is ridiculous," Mr. Rowley added. And Mr. Rowley made another promise to the PNM candidates contesting Central seats in the September 7 general election, the report notes. Mr. Rowley said the PNM would not turn its back on the candidates should they lose the seat, as they faced the most difficult task, the report discloses. "We told you in the by-election in Chaguanas that the PNM has been making a fundamental mistake in support in Central Trinidad. That is, when those of you come forward as you have come and you stand up and carry our standard in Central Trinidad, most difficult of all are you the people in Central. And when that is over and you don't win the seat on election day the PNM turms its back on you as though you are a loser. That is going to change," Mr. Rowley added. PNM candidates for Couva North, Richard Ragoonanan; Couva South, Alif Mohammed and Caroni East Sarah Alisa Budhu also addressed supporters, pledging their commitment to uplift Central Trinidad, the report adds. *********** 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 * * *