/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/160106.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, January 6, 2016, Vol. 17, No. 3 Headlines A R G E N T I N A ARGENTINA: Cuts Auto and Motorcycle Taxes to Boost Production B A H A M A S BAHA MAR: How a $3.5 Billion Paradise Went Bust B R A Z I L BTG PACTUAL: Itau Buys BTG's 82% Stake in Collection Agency BRAZIL: Currency Ends 2015 Down 48% C A Y M A N I S L A N D S EVERBRIGHT ASHMORE: Placed Under Voluntary Wind-Up MBAM ACTIVE: Commences Liquidation Proceedings MBAM ACTIVE MASTER: Commences Liquidation Proceedings MONACO CAYMAN: Commences Liquidation Proceedings MONTFORT INVESTMENT: Placed Under Voluntary Wind-Up MSPEA CROWN: Commences Liquidation Proceedings SOL MELIA: Commences Liquidation Proceedings SOL MELIA FINANCE: Commences Liquidation Proceedings TFO SHARI'AH: Commences Liquidation Proceedings TFO SPD: Commences Liquidation Proceedings TRANSNATIONAL ADVISORY: Commences Liquidation Proceedings VSENSE LIMITED: Placed Under Voluntary Wind-Up WALRUS CAPITAL: Commences Liquidation Proceedings WALRUS MASTER: Commences Liquidation Proceedings J A M A I C A COURTS: Retailer to Close Liguanea Branch JAMAICA: BOJ Reports Continued Decline in Non-Performing Loans P E R U INKIA ENERGY: Moody's Affirms Ba3 CFR; Outlook Stable P U E R T O R I C O STANDARD REGISTER: CareSource Seeks to Keep Insurance Proceeds STANDARD REGISTER: Case Removal Period Expires Feb. 5 STANDARD REGISTER: Final Decree Entered Closing 10 of 11 Cases T R I N I D A D & T O B A G O CARIBBEAN AIRLINES: Reaches Settlement With Fired Vice President - - - - - ================= A R G E N T I N A ================= ARGENTINA: Cuts Auto and Motorcycle Taxes to Boost Production ------------------------------------------------------------- EFE News reports that President Mauricio Macri's economic Cabinet is cutting taxes on automobiles and motorcycles "to boost production" in Argentina, the Production Ministry said. The ministry lowered the tax on cars priced above ARS350,000 ($26,315) to 10 percent "with the goal of increasing production and facilitating investment in the sector," according to EFE News. The report notes that the tax will be 20 percent on motor vehicles priced above ARS800,000 ($60,150), the ministry said in a statement. Some 99 percent of the motorcycles manufactured in Argentina "will not pay taxes" and only bikes priced above ARS65,000 ($4,887) will have a 10 percent tax, the ministry added. A 10 percent tax will be imposed on the production of boats priced above ARS400,000 ($30,075), the report notes. The executive order, which will be in effect for six months, providing time to observe the impact on the industry, is to be published in the Official Gazette, the report adds. * * * The Troubled Company Reporter-Latin America reported in Nov. 27, 2015, Moody's Investors Service has changed the outlook on Argentina's Caa1 issuer rating to positive from stable. The outlook on Argentina's (P)Caa2 foreign legislation and restructured local legislation foreign currency obligations is also changed to positive from stable. The outlook change is based on Moody's view that the accession of president-elect Mauricio Macri of the Cambiemos ("Let's Change") coalition will raise the probability of credit positive policies being implemented, including arriving at a resolution with holdout creditors, one of Argentina's key credit constraints. On Aug. 1, 2014, reported that Argentina defaulted on some of its debt late July 30 after expiration of a 30-day grace period on a US$539 million interest payment. Earlier that day, talks with a court- appointed mediator ended without resolving a standoff between the country and a group of hedge funds seeking full payment on bonds that the country had defaulted on in 2001. A U.S. judge had ruled that the interest payment couldn't be made unless the hedge funds led by Elliott Management Corp., got the US$1.5 billion they claimed. The country hasn't been able to access international credit markets since its US$95 billion default 13 years ago. As a result, reported the TCR-LA on Aug. 1, Standard & Poor's Ratings Services lowered its unsolicited long-and short-term foreign currency sovereign credit ratings on the Republic of Argentina to selective default ('SD') from 'CCC-/C'. The TCR-LA, on Aug. 4, 2014, also reported that Fitch Ratings downgraded Argentina's Foreign Currency Issuer Default Rating (IDR) to 'RD' from 'CC', and its Short-Term Foreign Currency Issuer Default Rating to 'RD' from 'C'. Meanwhile, Moody's Investors Service affirmed Argentina's Caa1 issuer rating, which also applies to domestic law bonds, confirmed the (P)Caa2 rating for its foreign law bonds, and affirmed the Ca rating on the original defaulted bonds. The long-term issuer rating was placed on negative outlook, reported the TCR-LA on Aug. 5, 2014. On Aug. 8, 2014, the TCR-LA reported that Moody's Latin America Agente de Calificacion de Riesgo affirmed the deposit, debt, issuer and corporate family ratings on Argentina's banks and financial institutions, both on the global and national scales. The outlook on these ratings has been changed to negative from stable. At the same time, the rating agency has affirmed the banks' Caa2 foreign-currency deposit ratings and Not- Prime short-term ratings. The banks' standalone E financial strength ratings corresponding to caa1 baseline credit assessments (BCA) have also been affirmed. The TCR-LA, On Aug. 6, 2014, also reported that DBRS Inc. has downgraded Argentina's long-term foreign currency issuer rating from CC to Selective Default (SD). The short-term foreign currency rating has been downgraded to Default (D), from R-5. The long-term and short-term local currency issuer ratings have been confirmed at B (low) and R-5, respectively. The trend on the long-term local currency rating is Negative, and the trend on the short-term local currency rating is Stable. On Nov. 3, 2014, the TCR-LA reported that Fitch Ratings downgraded Argentina's rating on Par Bonds issued under Foreign Law to 'D' from 'C' as Argentina has not been able to cure the missed coupon payments on its par bonds issued under foreign law after the expiration of the 30-day grace period on Oct. 30. According to Fitch's criteria, this constitutes an event of default and Fitch has downgraded the affected securities to 'D'. In addition, Fitch has affirmed: -- Foreign Currency Issuer Default Rating (IDR) at 'RD'; -- Local Currency IDR at 'CCC'; -- Short-term Foreign Currency IDR at 'RD'; -- Country Ceiling at 'CCC'. -- Performing Foreign Law Exchanged Securities (Global 17) at 'C'; -- Local Currency exchanged bonds under Argentine Law at 'CCC'; -- Foreign and Local Currency non-exchanged securities under Argentine Law at 'CCC'; -- Discount Bonds issued under Foreign Law at 'D'. On April 22, 2015, 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. ============= B A H A M A S ============= BAHA MAR: How a $3.5 Billion Paradise Went Bust ----------------------------------------------- John Lippert and Dawn McCarty at Bloomberg News report that just how Baha MarEnterprises Ltd., and their affiliates ended up in a bankruptcy so colossal that it's jeopardizing the Bahamas's credit rating is the biggest business story to hit the Caribbean nation for as long as anyone can remember. 'Big Boys in the Room' Bloomberg News notes that Baha Mar may have been dreamed up in the vacationland of the Bahamas, but the central government in Beijing controls the development bank and construction giant that will determine its fate. And China, some Bahamians say, is playing tough as its state-run enterprises project money and influence around the world, including to this small island 180 miles off the coast of Miami. "Their attitude is, 'We're the big boys in the room, we've got the money -- so you do what we say,'" says Dionisio D'Aguilar, a prominent businessman and former Baha Mar Ltd. director, Bloomberg News relates. Time is short. Bahamian officials have been counting on Baha Mar to invigorate the tourist economy, Bloomberg News says. The developers claimed the resort could single-handedly generate 12 percent of the country's gross domestic product -- provided it ever opens. Understanding the island's predicament requires going back more than a decade to 2005 when Prime Minister Perry Christie reached an agreement with a local businessman named Sarkis Izmirlian to help revitalize Cable Beach, the most popular beachfront destination on New Providence Island, Bloomberg News discloses. Bloomberg News says that Mr. Izmirlian, then just 32, seemed a natural choice. He's from a wealthy family -- his father is Armenian peanut tycoon Dikran Izmirlian -- and lives on nearby Lyford Cay, a billionaire enclave. Izmirlian sank nearly $900 million into Baha Mar and recruited marquee-name partners like a Caesars Resort hotel, Bloomberg News notes. Then the 2008 financial crisis hit, and would-be partners balked. When China State Construction Engineering Corp., the world's second-largest contractor, approached Izmirlian about stepping in, he said yes, Bloomberg News discloses. The company directed him to Export-Import Bank of China, or Exim, which promotes trade and investment under the direction of Beijing. Seeing a way into U.S. markets, China State Construction promptly invested $150 million. Exim kicked in $2.45 billion in construction loans -- with the proviso that Izmirlian could never fire the Chinese builder, no matter what, and that workers from China would do the job, Bloomberg News relays. Flush with Chinese money, Mr. Izmirlian declared four Baha Mar hotels would open by 2014. All this was documented in court filings, and supported by interviews with Christie and other Bahamians, Bloomberg News notes. The Chinese and Izmirlian declined interview requests. Endless haggling complicated by language barriers ensued -- about payments, invoices, workmanship, on and on, Bloomberg News says. Deadlines were set and promptly broken. Emails flew back and forth to Beijing. Burst Pipes In May 2014, Mr. Izmirlian appealed to an independent mediation service based in Washington, D.C., but the troubles multiplied. Pipes burst when inspectors tested the fire sprinklers and faulty balcony railings had to be reinforced, people with knowledge of the construction said, Bloomberg News says. When Mr. Izmirlian complained, China delayed its money, one said. As construction dragged on, Mr. Izmirlian and Mr. Christie flew to Beijing. There, officials assured them the resort would be ready to open on March 27, Bloomberg News relays. Upon his return, the developer hired 2,070 hotel workers, ran a global ad campaign and stocked the casino with $4.5 million in cash, Bloomberg News notes. For Mr. Izmirlian the affair was becoming the ultimate contractor nightmare. He was spending an additional $4 million a month to pay staff for a hotel with no guests, Bloomberg News discloses. Concerned that China State Construction might gain a tactical advantage by filing first, he secretly planned to have Baha Mar declare bankruptcy in the U.S. rather than the Bahamas, whose laws would make liquidation all but inevitable, notes Bloomberg News. He didn't even alert the prime minister for fear he would tip off the Chinese, says D'Aguilar, the former resort director, Bloomberg News discloses. Baha Mar Ltd. filed for bankruptcy in Delaware on June 29 -- and all hell broke loose. China State Construction accused Mr. Izmirlian of disrupting the project with endless design changes, Bloomberg News relays. "Baha Mar Ltd.'s decision to file for bankruptcy is the direct result of its failure to secure adequate financing and its mismanagement," the Chinese company told the court, Bloomberg News notes. Christie's foreign minister, Fred Mitchell, spoke out in an August speech celebrating the end of slavery on the island, saying "the attempt to keep us bondsmen and slaves does not and has not stopped," Bloomberg News says. At the Emancipation Day Service, Mr. Mitchell continued, saying: "It is therefore no surprise then that an investor -- because he has the word billionaire behind his name -- would think, would have the temerity to believe, that he can challenge the leader of our country," Bloomberg News relays. As the dispute dragged into September, a Delaware judge dismissed the U.S. bankruptcy and a Bahamian judge put provisional liquidators in charge, rendering Mr. Izmirlian's $900 million investment nearly worthless, Bloomberg News notes. In October, they hosted negotiations at a nearby hotel, Bloomberg News reports. It was a bizarre scene, with Bahamian dancers gyrating in hot pants in the lobby as Chinese men in black suits hunched over laptops, says Bloomberg News. Still Negotiating In November, Mr. Izmirlian said he was still negotiating with Exim and hoped to remain involved, Bloomberg News notes. Failing that, he's also sued in the U.K., claiming about $192 million in damages for a breach of contract, a figure that could grow as another winter tourist season passes with the resort still in limbo. How it'll end is anyone's guess, Bloomberg News says. Fernando Menendez, a senior fellow at Washington think tank Center for a Secure Free Society, says the episode says less about the Bahamas or Izmirlian than it does about China and its state-owned enterprises, Bloomberg News relays. Bloomberg News discloses that China Exim wielded billions to guarantee work for one of its biggest customers, China State Construction. How and when that work got done didn't really matter: Exim made sure the state-run company could never be fired. "State-owned enterprises don't function as competitive entities," Bloomberg News quoted Mr. Menendez as saying. "They're protected from failure," he added. Mr. Christie says he's still optimistic the resort can open. In December, Exim said a number of potential investors had expressed interest, Bloomberg News notes. These include Guo Guangchang, chairman of a non-state Chinese conglomerate called Fosun Group, people familiar with the situation said. Fosun already owns stakes in Club Mediterranee SA and Cirque Du Soleil Group. Back in Nassau, people worry that even with new investors, the promised economic boost will take time, Bloomberg News relays. It could be 2018 before Baha Mar makes a meaningful contribution to the economy, according to Standard & Poor's, which lowered its Bahamas rating to BBB- and warned it could be heading for junk. For now, Baha Mar faces mold and corrosion as it bakes in the tropical heat, Bloomberg News notes. Its pink and cream towers are ringed by a chain-link fence and blue tarps cover unused supplies. At night, lights pop on in several rooms -- a move the Bahamians hope will ward of the desolate air of this Caribbean ghost, Bloomberg News adds. About Baha Mar Orlando, Florida-based Northshore Mainland Services Inc., Baha Mar Enterprises Ltd., and their affiliates sought protection under Chapter 11 of the Bankruptcy Code on June 29, 2015 (Bankr. D.Del., Case No. 15-11402). Baha Mar owns, and is in the final stages of developing, a 3.3 million square foot resort complex located in Cable Beach, Nassau, The Bahamas. The bankruptcy cases are assigned to Judge Kevin J. Carey. The Debtors are represented by Paul S. Aronzon, Esq., and Mark Shinderman, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in Los Angeles, California; and Gerard Uzzi, Esq., Thomas J. Matz, Esq.,and Steven Z. Szanzer, Esq., at Milbank, Tweed, Hadley & McCloy LLP, in New York. The Debtors' Delaware counsel are Laura Davis Jones, Esq., James E. O'Neill, Esq., Colin R. Robinson, Esq., and Peter J. Keane, Esq., at Pachulski Stang Ziehl & Jones LLP, in Wilmington, Delaware. The Debtors' Bahamian counsel is Glinton Sweeting O'Brien. The Debtors' special litigation counsel is Kobre & Kim LLP. The Debtors' construction counsel is Glaser Weil Fink Howard Avchen & Shapiro LLP. The Debtors' investment banker and financial advisor is Moelis Company LLC. The Debtors' claims and noticing agent is Prime Clerk LLC. * * * In September 2015, Judge Carey dismissed the Chapter 11 Proceedings filed in the Delaware court by Baha Mar chief executive officer Sarkis Izmirlian, ruling in favor of the contractor on the project, China Construction America (CCA), and its financier, the China Export-Import Bank (CEXIM); but denied the motion to dismiss Northshore Mainland Services, Inc.'s bankruptcy case. =========== B R A Z I L =========== BTG PACTUAL: Itau Buys BTG's 82% Stake in Collection Agency ----------------------------------------------------------- EFE News reports that Itau Unibanco said that it has signed an agreement to acquire struggling investment bank BTG Pactual's 82 percent controlling stake in debt collector Recovery do Brasil Consultoria SA. Itau will pay BRL640 million ($162.5 million) to BTG, which has been selling assets since the arrest of founder Andre Esteves for his alleged involvement in a $2 billion corruption scandal centered on state oil company Petrobras, according to EFE News. The report notes that the purchaser will also pay BRL570 million ($145 million) for 70 percent of a portfolio of BRL38 billion ($9.64 billion) "in credit rights associated with recovery activities concerned with portfolios over which BTG has title," Itau said. Founded in 2000 in Argentina, Recovery began operations in Brazil in 2006 and is a leader in managing delinquent debt portfolios. While BTG has been shedding assets since Mr. Esteves' arrest, management denies that it is exploring a possible sale of the bank, the report notes. The report discloses that Mr. Esteves stepped down as chairman and CEO of BTG and control of the bank has been transferred to a holding company comprising the seven major partners. The banker was detained in the course of an operation that also led to the arrest of Sen. Delcidio Amaral, the report says. Prosecutors say that Esteves provided financial assistance to Amaral so the senator could offer hush money to convicted former Petrobras executive Nestor Cervero, the report notes. The banker and the senator purportedly wanted to dissuade Cervero from testifying about bribes they allegedly paid him a decade ago, the report relays. As reported in the Troubled Company Reporter-Latin America on Dec. 9, 2015, Fitch Ratings has downgraded Banco BTG Pactual S.A.'s (BTG Pactual) Issuer Default Ratings (IDRs) to 'BB-' from 'BBB-' and maintained it on Rating Watch Negative. BRAZIL: Currency Ends 2015 Down 48% ----------------------------------- EFE News reports that the Brazilian real lost 1.75 percent against the dollar Dec. 30 on the year's final day of trading in Sao Paulo, bringing the cumulative loss for 2015 to 48.3 percent. Brazilians wanting to buy dollars must cough up nearly BRL4 per greenback, according to EFE News. The report notes that the real's plunge reflects the multiple woes plaguing the South American giant, which is struggling with recession, inflation, rising unemployment and a deteriorating political situation. President Dilma Rousseff, who has implemented a tough austerity program aimed at reducing the budget deficit, is facing the threat of impeachment, the report says. "The political, economic and budget crisis was not resolved," Joao Paulo de Gracia Correa, an analyst with brokerage SLW, told EFE. "The market protects itself against this situation and the currency depreciates," the report notes. The real will continue to decline against the dollar next year unless the government "takes measures that calm the market," Correa said, expressing a view shared by the majority of private sector analysts, the report says. There is a silver lining, however, as the cheaper real boosts exports and makes Brazil an even more attractive destination for international tourists, the report adds. ========================== C A Y M A N I S L A N D S ========================== EVERBRIGHT ASHMORE: Placed Under Voluntary Wind-Up -------------------------------------------------- On Nov. 12, 2015, the sole shareholder of Everbright Ashmore Investment Blue (Cayman) Limited resolved to voluntarily wind up the company's operations. Creditors are required to file their proofs of debt to be included in the company' dividend distribution. The company's liquidator is: Antoine Bastian c/o Richard Bennett/Phoebe Chan Elian Fiduciary Services (Cayman) Limited 89 Nexus Way, Camana Bay Grand Cayman KY1-9007 Cayman Islands Telephone: +852 3656 6069/ +852 3656 6063 Facsimile: +352 949-9877 MBAM ACTIVE: Commences Liquidation Proceedings ---------------------------------------------- On Nov. 12, 2015, the shareholder of MBAM Active Enhanced Feeder Fund resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company' dividend distribution. The company's liquidator is: IMS Liquidations Ltd c/o Anna Yonge or Gary Butler Harbour Centre, George Town P.O. Box 61 Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949-4244 Facsimile: (345) 949-8635 MBAM ACTIVE MASTER: Commences Liquidation Proceedings ----------------------------------------------------- On Nov. 12, 2015, the shareholder of MBAM Active Enhanced Master Fund Limited resolved to voluntarily liquidate the company's business. Creditors are required to file their proofs of debt to be included in the company' dividend distribution. The company's liquidator is: IMS Liquidations Ltd c/o Anna Yonge or Gary Butler Harbour Centre, George Town P.O. Box 61 Grand Cayman KY1-1102 Cayman Islands Telephone: (345) 949-4244 Facsimile: (345) 949-8635 MONACO CAYMAN: Commences Liquidation Proceedings ------------------------------------------------ On Nov. 9, 2015, the shareholders of Monaco Cayman Co resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Dec. 16, 2015, will be included in the company's dividend distribution. The company's liquidator is: Keith Blake P.O. Box 493 Grand Cayman KY1-1106 Cayman Islands c/o Giji Alex Telephone: +1 (345) 914-4350/ +1 (345) 949-4800 Facsimile: +1 (345)-949-7164 P.O. Box 493 Grand Cayman KY1-1106 Cayman Islands MONTFORT INVESTMENT: Placed Under Voluntary Wind-Up --------------------------------------------------- On Nov. 11, 2015, the shareholders of Montfort Investment Management resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 14, 2015, will be included in the company's dividend distribution. The company's liquidator is: Roy Dackus Lisdoddelaan 78, Amsterdam 1087KA Netherlands Telephone: +31 20 670 41 00 MSPEA CROWN: Commences Liquidation Proceedings ---------------------------------------------- On Nov. 11, 2015, the shareholders of MSPEA Crown Holding Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Dec. 22, 2015, will be included in the company's dividend distribution. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands SOL MELIA: Commences Liquidation Proceedings -------------------------------------------- On Nov. 10, 2015, the shareholders of Sol Melia Commercial resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Dec. 22, 2015, will be included in the company's dividend distribution. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands SOL MELIA FINANCE: Commences Liquidation Proceedings ---------------------------------------------------- On Nov. 10, 2015, the shareholders of Sol Melia Finance Limited resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Dec. 22, 2015, will be included in the company's dividend distribution. The company's liquidator is: CDL Company Ltd. P.O. Box 31106 Grand Cayman KY1-1205 Cayman Islands TFO SHARI'AH: Commences Liquidation Proceedings ----------------------------------------------- On Nov. 11, 2015, the shareholders of TFO Shari'ah SPD Fund Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Dec. 14, 2015, will be included in the company's dividend distribution. The company's liquidator is: TFO Manager Limited c/o Jo-Anne Maher Telephone: (345) 814-9255 Facsimile: (345) 949-4647 Mourant Ozannes, Attorneys-at-law 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands TFO SPD: Commences Liquidation Proceedings ------------------------------------------ On Nov. 11, 2015, the shareholders of TFO SPD Fund Ltd. resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Dec. 14, 2015, will be included in the company's dividend distribution. The company's liquidator is: TFO Manager Limited c/o Jo-Anne Maher Telephone: (345) 814-9255 Facsimile: (345) 949-4647 Mourant Ozannes, Attorneys-at-law 94 Solaris Avenue, Camana Bay P.O. Box 1348 Grand Cayman KY1-1108 Cayman Islands TRANSNATIONAL ADVISORY: Commences Liquidation Proceedings --------------------------------------------------------- On Nov. 2, 2015, the shareholders of Transnational Advisory Buying Company resolved to voluntarily liquidate the company's business. Only creditors who were able to file their proofs of debt by Dec. 23, 2015, will be included in the company's dividend distribution. The company's liquidator is: Company Secretaries Ltd. 190 Elgin Avenue, George Town Grand Cayman KY1-9005 Cayman Islands c/o Kris Bichard Telephone: +44 1481 211252 VSENSE LIMITED: Placed Under Voluntary Wind-Up ---------------------------------------------- On Nov. 12, 2015, the shareholders of Vsense Limited resolved to voluntarily wind up the company's operations. Only creditors who were able to file their proofs of debt by Dec. 14, 2015, will be included in the company's dividend distribution. The company's liquidator is: Chu, Chih-Hao Neihu Dist., Taipei City 114, Taiwan (R.O.C.) 6th Floor-1, No. 316, Sec. 1, Neihu Rd. Telephone: +886-2-2657-2369 Facsimile: +886-2-2659-5952 WALRUS CAPITAL: Commences Liquidation Proceedings ------------------------------------------------- On Oct. 12, 2015, the sole shareholder of Walrus Capital Trading, 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: Exis Capital Management, Inc c/o Andrew Flug 379 West Broadway Suite 338, New York New York 10012 United States of America Telephone: +1 (212) 893 7459 e-mail: andrew.flug@exiscapital.com WALRUS MASTER: Commences Liquidation Proceedings ------------------------------------------------ On Oct. 12, 2015, the sole shareholder of Walrus Master Fund Limited 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: Exis Capital Management, Inc c/o Andrew Flug 379 West Broadway Suite 338, New York New York 10012 United States of America Telephone: +1 (212) 893 7459 ============= J A M A I C A ============= COURTS: Retailer to Close Liguanea Branch ----------------------------------------- RJR News reports that Courts, the furniture and appliance retailer, is closing its Liguanea branch. The company, which is owned by El Salvador based Unicomer Group, made the announcement in a full page advertisement in Jan. 3's newspapers, according to RJR News. The report notes that Courts said it will close the branch on January 16, after operating at that location for sixteen years. It didn't disclose the reasons for the closure but hinted at a new retail venture, the report relays. After the closure, the company will have four other branches in Kingston, the report adds. JAMAICA: BOJ Reports Continued Decline in Non-Performing Loans -------------------------------------------------------------- RJR News reports that the Bank of Jamaica has released information showing the level of non-performing loans continues to decline. The data, which corresponds to the end of September, show non- performing loans are down six per cent, compared to the level it was a year earlier, according to RJR News. The report notes that non-performing loans are those which have not been paid for at least three months. At the end of September, $22 billion worth of loans were classified as being non-performing, the report relays. It represented just over four per cent of loans issued by commercial banks, merchant banks and building societies, 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. ======= P E R U ======= INKIA ENERGY: Moody's Affirms Ba3 CFR; Outlook Stable ----------------------------------------------------- Moody's Investors Service affirmed the Ba3 corporate family rating of Inkia Energy Ltd as well as the Ba3 global senior unsecured rating on its 8.375% notes due April 2021. The rating outlook is stable. RATINGS RATIONALE "The affirmation of Inkia's ratings is prompted by IC Power's announcement on Dec. 30, 2015, that the group has agreed to acquire the Energuate businesses" said Natividad Martel, a Moody's Vice President- Senior Analyst. This proposed transaction consists of acquiring majority ownership stakes (in excess of 90%) in two fully regulated electric distribution companies as well as 100% ownership interests in a small retail subsidiary and a small transmission subsidiary that operate in Guatemala (Ba1 negative). "Today's rating action reflects Moody's understanding that the Energuate businesses will become a subsidiary of Inkia upon completion of the transaction", added Martel. Financial close is expected before the end of January 2016 pending certain conditions precedent. The price consideration amounts US$299.5 million in cash (pending final adjustments) as well as the assumption of around $289 million of local bank debt. To fund the acquisition Inkia will use a US$120 million bridge loan as well as cash on hand that includes the remaining balance of the cash proceeds generated from the disposal in 2014 of its 21.14% indirect stake in Edegel. Moody's understands that over the medium term the US$120 million bridge loan will be repaid using the proceeds raised in connection with a debt issuance at new subsidiary that will also repay the outstanding bank loans that currently approximate US$289 million. The affirmation of Inkia's Ba3 rating factors in that this acquisition will slightly shift Inkia's business risk profile from a pure-play parent company that holds ownership-stakes exclusively in unregulated power generation subsidiaries to a business mix that will also incorporate lower risk regulated distribution utility operations. The affirmation acknowledges that the bulk of Energuate's operations are subject to the Guatemalan regulatory environment that Moody's considers overall credit supportive. However, Moody's also believes that this acquisition is not without risks, particularly as Inkia moves outside of its traditional business expertise into regulated operations that have a relatively short track-record in terms of consistency and predictability. On the positive side, Moody's understands that the next tariff review of the Guatemalan utilities will become effective during 2019 which enhances the predictability of the expected cash upstreams to Inkia. Moody's also acknowledges the resulting benefits of further geographical diversification of Inkia's sources of cash flows. The affirmation further considers that the completion of the transaction will eliminate the uncertainty in terms of credit quality that remained in connection with the reinvestment possibilities of the remaining proceeds from the 2014 divestiture of the Edegel-stake, a credit positive. That said, the Ba3 rating considers that the bulk of Inkia's cash flows will still be largely sourced from its unregulated businesses, particularly those operating in Peru that includes Kallpa but also the 510MW hydro-electric Cerro del Aguila (CdA) and 600MW dual-fired Salmay I generation projects that are scheduled to be commissioned during 2016. On a negative note, the US$120 million bridge loan will temporarily increase the holding company indebtedness as a percentage of total consolidated debt albeit the Ba3 rating assumes this will remain below 25%. This is a key factor when assessing structural subordination considerations with Inkia's Ba3 CFR. This incremental indebtedness will somewhat temper the anticipated improvement in Inkia's standalone and consolidated key credit metrics; however, Moody's anticipates that the commission of the two Peruvian new generation projects will help Inkia to record credit metrics that are comfortably positioned within the Ba-rating category on both a stand-alone and consolidated basis. The rating also remains constrained by the ongoing uncertainties that could potentially impact Inkia's business risk profile and financial policy. These include whether the 2015 change in its ownership structure will result in the implementation of a permanent dividend policy that would limit Inkia's financial flexibility to pursue new growth opportunities, a credit negative. The stable outlook assumes that after the two Peruvian projects start operations Inkia's parent-only and consolidated credit metrics will become commensurate with the low-end of the Ba-rating category according to the guidelines provided under the Unregulated Utilities and Unregulated Power Companies Methodology. Specifically, that its 3-year Parent Only Cash Flow (POCF; defined as dividends received excluding interest and parent holding company expenses) to holding-company debt as well as consolidated Funds from Operations (FFO) to consolidated indebtedness will average at least 12%. Also, that its 3-year average interest coverage and Retained Cash Flow (RCF) to debt will exceed 2.5x and 8%, respectively, on a stand-alone and consolidated basis. The stable outlook also assumes the successful completion of the two projects as their construction approaches the tail-end. It also anticipates that the holding company debt will not represent more than 25% of the consolidated indebtedness. The stable outlook further assumes that Inkia will maintain a limited exposure to foreign exchange risk as well as adequate liquidity profile for the Ba-rating category. The latter is particularly important as it is expected to use its significant cash balances to fund the tail-end construction of its two generation projects as well as the acquisition of the Energuate business. This considers the absence of a committed revolving credit facility but also the holding-company's limited current capital requirements along with its manageable debt maturity profile. Lastly, the stable outlook assumes that management will pursue any new growth initiatives in a disciplined manner but also that any shareholder friendly policies will not be detrimental for the credit quality of IC Power and Inkia. What Could Change the Rating - Up An upgrade of Inkia's ratings over the foreseeable future is unlikely given that the rating is currently weakly positioned within the Ba3-rating category as it approaches the tail-end of its material construction program, and given the uncertainties related to the potential implications on its financial policy given the 2015 change in its corporate ownership. That said, positive momentum upon the successful completion of the greenfield projects could be triggered by a significant improvement in the credit metrics. Specifically, if Inkia's consolidated and parent- only credit metrics improve such that cash flow coverage of interest expense, cash flow to debt and RCF to debt exceed 3.0x, 18% and 12%, respectively, on a sustainable basis. Additionally, any improvement in Inkia's consolidated financial performance will be balanced against S&P's assessment of the company's growth and development initiatives underway at that time as well as the credit quality of any new subsidiaries acquired or new growth initiatives undertaken. What Could Change the Rating-Down Factors that will likely put downward pressure on Inkia's Ba3- rating include: material complications encountered in the completion of the CdA and Samay I projects that will delay their commission significantly; political or operational problems at some of its other key subsidiaries, particularly Kallpa, that result in a material deterioration in the anticipated dividend distributions to Inkia; the implementation of a new fixed dividend policy that limits Inkia's financial flexibility while it further pursues expansion opportunities; and/or new growth initiatives that either weaken Inkia's business risk profile or increase indebtedness significantly (particularly new greenfield projects). Importantly, downward pressure is likely if Inkia were to report 3-year average consolidated or parent-only cash flow to debt, interest cash flow coverage and RCF to debt below 10%, 2.0x and 8%, respectively, for an extended period of time. Headquartered in Lima, Peru (A3 stable), Inkia Energy Limited (Inkia) is an international holding company incorporated in Bermuda that holds ownership-stakes in unregulated power generation subsidiaries domiciled in several Central and South American countries. By year-end 2016, Inkia will operate 3,844MW and own 3,075MW, if CdA and Samay I projects are completed on schedule. Kenon Holdings Ltd is Inkia's ultimate parent company since January 2015. It currently holds its ownership stake via the holding company IC Power Ltd. which also holds an 80%-stake in OPC Rotem a 440MW combined cycle- facility operating in Israel. Kenon will transfer this direct interest to its new subsidiary, IC Power Pte. Ltd., an entity incorporated in Singapore. On Nov. 2, 2015, this filed a Form F-1 with the Securities and Exchange Commission (SEC), another key step for a possible public offering (IPO). Moody's understands that Kenon's largest indirect shareholder is Ansonia (53% interest-stake), a discretionary trust in which Mr. Idan Ofer is the beneficiary. Pursuant to the acquisition agreement executed with Deorsa-Deocsa Holdings Ltd ("DDHL"), with the private equity firm Actis LLP, IC Power has agreed to acquire from DDHL 100% of a holding company that indirectly owns 90.6% and 92.7% of two Guatemalan electric distribution utilities as well as 100% of two smaller related businesses (the acquired businesses are referred to as "Energuate"). ====================== P U E R T O R I C O ====================== STANDARD REGISTER: CareSource Seeks to Keep Insurance Proceeds -------------------------------------------------------------- CareSource and CareSource Management Group Co. in October 2015 commenced an adversary proceeding against debtors SRC Liquidation Company, et al., and other parties to seek a ruling from the Bankruptcy Court that the proceeds of certain insurance policies are not property of the Debtors' estates under 11 U.S.C. Sec. 541. Dayton, Ohio-based CareSource in 2014 entered into a contract with the Debtors for printed materials that CareSource uses to communicate with its members regarding their health care policies, benefits, coverage, and cost of health insurance coverage. Given the sensitive nature of the printing work done by the Debtors, the Debtors were required to purchase insurance to protect CareSource from liability arising from the Debtors' printing errors. The Debtors failed to perform in accordance with the Contracts in many ways, CareSource. CareSource tells the Court that the Debtors' sale to Taylor Corp. and subsequent events left CareSource, Taylor, and the Debtors in an unusual posture with respect to the Contracts and the inter- party claims arising from the Contracts. First, by the Asset Purchase Agreement, the Debtors transferred to Taylor accounts receivable purportedly owed by CareSource to the Debtors, which are subject to defenses, counterclaims and setoff rights by CareSource for claims arising from the Performance Defaults. Those rights were expressly preserved by the Sale Order. The APA, however, did not transfer to Taylor the Debtors' insurance policies, the proceeds from which cover the claims of CareSource for the Performance Defaults. Instead, the APA expressly retained the insurance policies for the Debtors. Additionally, the Debtors apparently no longer believe that CareSource is entitled to pursue claims against the Debtors' liability insurance policies or to obtain proceeds from the Insurance Policies. Following the Rejection Notice, the Debtors did an about-face and informed CareSource for the first time that the Insurance Policies and all proceeds from the Insurance Policies belonged to their secured creditors, are subject to liens of their secured lenders, and that the Insurance Policies would be transferred under the Plan to a trust benefitting the Debtors' secured creditors. CareSource submits that the Debtors have no rights to the proceeds of Insurance Policies, and that the proceeds from the Insurance Policies are not property of the estate. A copy of the Complaint is available for free at: http://bankrupt.com/misc/Standard_R_1244_CareSource_Suit.pdf Attorneys for CareSource and CareSource Management Group Co.: CROSS & SIMON, LLC Christopher P. Simon Kevin S. Mann, Esq. 1105 North Market Street, Suite 901 Wilmington, DE 19801 Telephone: (302) 777-4200 Facsimile: (302) 777-4224 E-mail: csimon@crosslaw.com kmann@crosslaw.com - and - David M. Whittaker, Esq. BRICKER & ECKLER LLP 100 South Third Street Columbus, OH 43215 Telephone: (614) 227-2355 Facsimile: (614) 227-2390 E-mail: dwhittaker@bricker.com About Standard Register Standard Register provided market-specific insights and a compelling portfolio of workflow, content and analytics solutions to address the changing business landscape in healthcare, financial services, manufacturing and retail markets. The Company had operations in all U.S. states and Puerto Rico, and had 3,500 full-time employees. The Standard Register Company and 10 affiliated debtors sought Chapter 11 protection in Delaware on March 12, 2015, with plans to launch a sale process where its largest secured lender would serve as stalking horse bidder in an auction. The cases are pending before the Honorable Judge Brendan L. Shannon and are jointly administered under Case No. 15-10541. The Debtors have tapped Gibson, Dunn & Crutcher LLP and Young Conaway Stargatt & Taylor LLP as counsel; McKinsey Recovery & Transformation Services U.S., LLC, as restructuring advisors; and Prime Clerk LLC as claims agent. The Official Committee of Unsecured Creditors tapped Lowenstein Sandler LLP as its counsel and Jefferies LLC as its exclusive investment banker. STANDARD REGISTER: Case Removal Period Expires Feb. 5 ----------------------------------------------------- At the behest of SRC Liquidation Company, et al., Judge Brendan L. Shannon on Dec. 22, 2015, entered a third order extending the period within which the Debtors may remove actions pursuant to 28 U.S.C. Sec. 1452. Pursuant to the order, the time period provided by Bankruptcy Rule 9027 within which the Debtors may file notices of removal of claims and causes of action is enlarged and extended through and including Feb. 5, 2016. About Standard Register Standard Register provided market-specific insights and a compelling portfolio of workflow, content and analytics solutions to address the changing business landscape in healthcare, financial services, manufacturing and retail markets. The Company had operations in all U.S. states and Puerto Rico, and had 3,500 full-time employees. The Standard Register Company and 10 affiliated debtors sought Chapter 11 protection in Delaware on March 12, 2015, with plans to launch a sale process where its largest secured lender would serve as stalking horse bidder in an auction. The cases are pending before the Honorable Judge Brendan L. Shannon and are jointly administered under Case No. 15-10541. The Debtors have tapped Gibson, Dunn & Crutcher LLP and Young Conaway Stargatt & Taylor LLP as counsel; McKinsey Recovery & Transformation Services U.S., LLC, as restructuring advisors; and Prime Clerk LLC as claims agent. The Official Committee of Unsecured Creditors tapped Lowenstein Sandler LLP as its counsel and Jefferies LLC as its exclusive investment banker. STANDARD REGISTER: Final Decree Entered Closing 10 of 11 Cases -------------------------------------------------------------- Judge Brendan L. Shannon of the U.S. Bankruptcy Court for the District of Delaware in December 2015 entered a final decree closing the Chapter 11 cases of: Name of Debtor Case No. -------------- -------- SR Liquidation Holding Company 15-10542 SR Liquidation Technologies, Inc. 15-10543 SR Liquidation International, Inc. 15-10544 iMLiquidation, LLC 15-10540 SR Liquidation of Puerto Rico Inc. 15-10545 SR Liquidation Mexico Holding Company 15-10546 Standard Register Holding, S. de R.L. de C.V. 15-10547 Standard Register de Mexico, S. de R.L. de C.V. 15-10548 Standard Register Servicios, S. de R.L. de C.V. 15-10549 SR Liquidation Technologies Canada ULC 15-10550 According to the Dec. 21 order, Case No. 15-10541 of debtor SRC Liquidation, LLC, will remain open. All contested matters relating to each of the Debtors, including objections to claims, will be administered and heard in the Remaining Case, in accordance with the terms of the Plan. SRC Liquidation Company, f/k/a The Standard Register Company, and its affiliated debtors on Nov. 19, 2015, won confirmation of their Second Amended Chapter 11 Plan of Liquidation. The Effective Date of the Plan occurred on Dec. 18, 2015. The judge set a Dec. 28, 2015 deadline for claims based on rejection of contracts under the Plan. All persons seeking awards of compensation for services rendered or reimbursement of expenses incurred through and including the Confirmation Date are required to file their applications for final allowances within 30 days after the Effective Date. Holders of administrative expense claims (other than professional fees) accruing from March 12, 2015 through the Effective Date are required to submit requests for payment of claims on or before Jan. 18, 2016. Terms of Confirmed Plan Assets of Standard Register and its affiliates were sold to Taylor Corp., a privately held company. According to the disclosure statement, the proceeds from the sale were used to pay Standard Register's debtor-in-possession financing, claims of the first lien term lenders, and a portion of the claims of the second lien term lenders. The company also used the proceeds to fund the $5 million GUC cash payment. Taylor also assumed certain limited obligations and advanced $15.076 million for payment of claims related to the wind-down of the companies and their Chapter 11 cases. Standard Register used a portion of that amount to loan $600,000 to the GUC Trust. The liquidation plan proposes to pay 1% of the allowed claims of general unsecured creditors. An overwhelming majority of holders of claims entitled to vote on the Plan voted to accept the Plan. Specifically, 100% of holders of Class 3 - Senior Lien Secured Claim voted to accept the Plan, while 92.89% of holders of Class 4 - General Unsecured Claims voted to accept the Plan. Prior to the Confirmation Hearing, the Debtors filed a Modified Second Amended Plan to reflect certain technical modifications. A blacklined copy of the Amended Plan dated Nov. 18 is available at http://bankrupt.com/misc/SRCplan1118.pdf About Standard Register Standard Register provided market-specific insights and a compelling portfolio of workflow, content and analytics solutions to address the changing business landscape in healthcare, financial services, manufacturing and retail markets. The Company had operations in all U.S. states and Puerto Rico, and had 3,500 full-time employees. The Standard Register Company and 10 affiliated debtors sought Chapter 11 protection in Delaware on March 12, 2015, with plans to launch a sale process where its largest secured lender would serve as stalking horse bidder in an auction. The cases are pending before the Honorable Judge Brendan L. Shannon and are jointly administered under Case No. 15-10541. The Debtors have tapped Gibson, Dunn & Crutcher LLP and Young Conaway Stargatt & Taylor LLP as counsel; McKinsey Recovery & Transformation Services U.S., LLC, as restructuring advisors; and Prime Clerk LLC as claims agent. The Official Committee of Unsecured Creditors tapped Lowenstein Sandler LLP as its counsel and Jefferies LLC as its exclusive investment banker. ================================ T R I N I D A D & T O B A G O ================================ CARIBBEAN AIRLINES: Reaches Settlement With Fired Vice President ---------------------------------------------------------------- The Daily Observer reports that Caribbean Airlines Limited and the vice-president whom it dismissed in 2011 have reached a settlement, weeks after the airline was fined in the magistrate's court over its failure to reinstate her in keeping with a ruling by the Industrial Disputes Tribunal (IDT). Queen's Counsel Georgia Gibson-Henlin, the lawyer for the axed executive, confirmed the settlement but could give no further details because of a confidentiality clause on the parties, according to The Daily Observer. "That's all I can say," Gibson-Henlin told the Jamaica Observer in confirming the settlement, the report notes. The Daily Observer recalls that Caribbean Airlines was in November fined EC$350,000 following its conviction in the Corporate Area Resident Magistrate's Court for failure to comply with the IDT ruling to reinstate Nerine Small -- a former vice-president of legal affairs and corporate secretary -- "with payment of full normal wages," the report relays. It has since paid the fine. The report discloses that Ms. Small took the regional airline to court after it reportedly "failed to carry out the July 31, 2012 order". The report further recalls that Ms. Small started working with Air Jamaica in 2002 as associate general counsel and was made general counsel in 2006. In April 2010, Caribbean Airlines took over Air Jamaica and in May of that year she was made vice-president of legal affairs and corporate secretary. Ms. Small was dismissed the following year, according to her statement filed in the magistrate's court, prompting her to petition the IDT, the report relays. According to Ms. Small's statement, the report relays, her attorney wrote to Caribbean Airlines on August 10, 2012 about the IDT ruling. The airline, she said, responded three days later, saying that it would comply with the order. However, Ms. Small said on August 15 of that year she was informed via letter from Caribbean Airlines that her position had been made redundant. "In this way, Caribbean Airlines avoided reinstating me, in breach of the order of the Industrial Disputes Tribunal," Ms. Small's statement said, 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. *********** 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 2016. 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 * * *