/raid1/www/Hosts/bankrupt/TCRLA_Public/170116.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
Monday, January 16, 2017, Vol. 18, No. 011
Headlines
A R G E N T I N A
ARGENTINA: In $6 Billion Repo Loan Deal With Six Banks
B R A Z I L
BRASKEM SA: QuantiQ Sale No Impact on Moody's Ba1 Rating
ITAIPU BINACIONAL: S&P Affirms Then Withdraws 'BB' CCR
ODEBRECHT SA: Ex-Colombian Official Detained Over Bribery Scandal
ODEBRECHT SA: To Pay $59 Million, Panama Official Says
C A Y M A N I S L A N D S
ALPINE FUND: Commences Liquidation Proceedings
AMA FUND: Commences Liquidation Proceedings
CHARM COMMUNICATIONS: Placed Under Voluntary Wind-Up
DAYA HOLDINGS: Creditors' Proofs of Debt Due Jan. 19
MOF HOLDINGS: Commences Liquidation Proceedings
MONARCH OPPORTUNITIES: Commences Liquidation Proceedings
MONARCH OPPORTUNITIES MASTER: Commences Liquidation Proceedings
PIERPOINT HOLDINGS: Creditors' Proofs of Debt Due Jan. 19
RTL HOLDINGS: Placed Under Voluntary Wind-Up
TRG ASIA: Creditors' Proofs of Debt Due Jan. 19
TRG ASIA MASTER: Creditors' Proofs of Debt Due Jan. 19
TRG LOCAL: Creditors' Proofs of Debt Due Jan. 19
TRG LOCAL MASTER: Creditors' Proofs of Debt Due Jan. 19
J A M A I C A
JAMAICA MORTGAGE BANK: Concerned About Auditor General's Probe
M E X I C O
OFFICE DEPOT: S&P Raises CCR to 'BB+' on Early Notes Redemption
MEXICO: Hails Arrival of 1,000th Japanese Firm, Warns of Isolation
* Moody's: Mexican Companies Face Increasing Risks as Growth Slows
P U E R T O R I C O
BKH ACQUISITION: S&P Lowers CCR to 'CCC+' on Weak Performance
PUERTO RICO: Pension Bondholders Get Second Chance at Day in Court
T R I N I D A D & T O B A G O
PETROTRIN: Chamber Head Anticipates Job Cuts at Firm
X X X X X X X X X
* BOND PRICING: For the Week From Jan. 9 to Jan. 13, 2017
- - - - -
=================
A R G E N T I N A
=================
ARGENTINA: In $6 Billion Repo Loan Deal With Six Banks
------------------------------------------------------
Taos Turner at The Wall Street Journal reports that Argentina
closed a deal to borrow $6 billion in 18-month loans from six
international banks, Finance Minister Luis Caputo said.
The deal, which substantially reduces the country's need to sell
bonds this year, comes just before Mr. Caputo and other officials
will travel abroad to promote the issuance of up $7 billion,
according to The Wall Street Journal.
Under the deal, Argentina will borrow $1 billion each from
Santander, BBVA Frances, Citibank, Deutsche Bank, HSBC and J.P.
Morgan, paying an interest rate of Libor plus 290 basis points,
the report notes.
The deal helps assure the government can cover most of this year's
financing needs in the first month of 2017, the report discloses.
It also takes pressure off officials to issue more debt at higher
rates than they might otherwise prefer, the report relays.
"This is very, very positive news for us," Mr. Caputo told a news
conference. "This lowers our need to tap the market by $6
billion," the report discloses.
Mr. Caputo said his team has been working to guarantee this year's
financing needs -- about $20 billion in new debt -- while reducing
exposure to potentially higher interest rates that some economists
say could result from the election of Donald Trump in the U.S.,
the report relays.
"Nobody knows what's going to happen," Mr. Caputo said. "But our
job is to minimize risk. This clears a potential cloud and helps
reduce uncertainty so people can say that this year won't be
tough," Mr. Caputo added.
Argentina plans to sell up to $5 billion in dollar-denominated
bonds and up to $2 billion in peso-denominated debt, Mr. Caputo
said, the report discloses. He added that the government plans to
keep investors hungry for additional debt and won't likely issue
as many bonds as possible, the report notes.
Mr. Caputo said Argentina's debt to GDP ratio is among the lowest
in Latin America and easily sustainable compared with other
countries that have issued debt at lower rates than Argentina, the
report relays.
"Most of the time we're not issuing debt to pay for spending but
to replace maturing bonds," Mr. Caputo said. "Expectations are
that demand will be very good," Mr. Caputo added.
* * *
On Oct. 17, 2016, the Troubled Company Reporter-Latin America
reported that Fitch Ratings has affirmed Argentina's sovereign
ratings as:
-- Long-term Foreign and Local Currency Issuer Default Ratings
(IDRs) at 'B', Outlook Stable;
-- Senior unsecured Foreign Currency bonds at 'B';
-- Country Ceiling at 'B';
-- Short-Term Foreign and Local Currency IDRs at 'B'.
As previously reported by the TCR-LA, Argentina defaulted on some
of its debt late July 30, 2014, 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.
On March 30, 2016, after more than 12 hours of debate in the
Senate, Argentina's Congress passed a bill that will allow the
government to repay holders of debt that the South American
country defaulted on in 2001, including a group of litigating
hedge funds that won judgments in a New York court. The bill
passed by a vote of 54-16.
===========
B R A Z I L
===========
BRASKEM SA: QuantiQ Sale No Impact on Moody's Ba1 Rating
--------------------------------------------------------
Moody's Investors Service comments that the sale of Braskem S.A.
(Ba1 negative) fully-owned subsidiary quantiQ to GTM Holdings is
credit positive, but has no impact on Braskem's ratings or
negative outlook given its relative small size and consequently
marginal impact on credit metrics. The deal will total BRL550
million (approximately USD172 million), of which BRL450 million
will be paid at the confirmation of the transaction, and the
remaining BRL100 million within 12 months. The sale will not only
bring additional liquidity to the company but -- as it refers to a
non-core asset -- it will also allow Braskem to focus on its
industrial operations, in particular in Brazil.
ITAIPU BINACIONAL: S&P Affirms Then Withdraws 'BB' CCR
------------------------------------------------------
S&P Global Ratings affirmed and then withdrew at issuer's request
its 'BB' global scale long-term corporate credit rating on Itaipu
Binacional (Itaipu). At the time of the withdrawal, the outlook
was negative.
At the time of the withdrawal, the 'BB' rating on Itaipu
incorporated the extremely high likelihood that the Brazilian
government would provide extraordinary, timely, and sufficient
support to the company in a financial distress scenario despite
its joint ownership by Brazil (global scale: BB/Negative/B;
national scale: brAA-/Negative/--) and Paraguay (BB/Stable/B).
S&P continues to view the link between the Brazilian government
and Itaipu as very strong and its role as critical to Brazil
because the company supplies on average 15% of the country's total
electricity.
ODEBRECHT SA: Ex-Colombian Official Detained Over Bribery Scandal
-----------------------------------------------------------------
Kejal Vyas at The Wall Street Journal reports that Colombian
authorities detained a former deputy transport minister for
allegedly receiving bribes from Brazilian construction company
Odebrecht SA, in the first arrest since the regional corruption
scandal was made public last month.
Gabriel Garcia, who served in the administration of former
President Alvaro Uribe, demanded $6.5 million to cut out
competition and allow the Brazilian firm to be the sole
participant in the bidding process for a road project that was
authorized between 2009 and 2010, Nestor Martinez, Colombia's
attorney general, said citing evidence obtained by prosecutors,
according to The Wall Street Journal.
The arrest is the first in the region since Odebrecht SA in
December admitted as part of an anticorruption settlement to
paying about $439 million in bribes in countries outside Brazil,
mostly in Latin America, Mr. Martinez said, the report notes.
About $11 million of that was allegedly paid in Colombia.
A lawyer for Mr. Garcia, who if convicted faces up to 20 years in
prison, couldn't be immediately reached. In a statement, Mr.
Uribe backed the decision by the attorney general, the report
relays. "There is no right for people like Gabriel Garc°a to
receive bribes," Mr. Uribe said, adding that his administration
was deceived by the former vice minister, the report notes.
The payment to Mr. Garcia was allegedly made through offshore
accounts managed by Odebrecht's so-called Department of Structured
Operations, a Brazil-based division that the company used to pay
bribes and kickbacks, Mr. Martinez said, the report discloses.
Colombian investigators said they are working to identify the
alleged recipients of the remaining bribes which the attorney
general says passed through the National Infrastructure Agency
during the tenure of current President Juan Manuel Santos. The
Santos administration has denied any involvement and has publicly
called for the investigations.
Aside from the road construction contract, Odebrecht SA also won a
massive project to expand Colombia's Magdalena River, though the
attorney general's office said recently that a probe into the deal
found no evidence of bribes, the report notes.
The attorney general also said Odebrecht agreed to pay nearly $11
million as "reparation for the damage caused to the public
administration of Colombia," the report adds.
As reporter in the Troubled Company Reporter-Latin America on
Dec. 2, 2016, The Wall Street Journal said that Marcelo Odebrecht,
the jailed former head of Brazilian construction giant Odebrecht
SA, agreed to sign a plea-bargain agreement in connection with
Brazil's largest corruption probe ever, according to a person
close to the negotiations. The move could roil the nation's
political class yet again. The testimony of the former
industrialist, which is part of the deal, has the potential to
implicate numerous politicians who allegedly took kickbacks from
contractors as part of a years-long graft ring centered on
Brazil's state-run oil company, Petroleo Brasileiro SA, known as
Petrobras, according to The Wall Street Journal.
ODEBRECHT SA: To Pay $59 Million, Panama Official Says
------------------------------------------------------
Rogerio Jelmayer at The Wall Street Journal reports that Brazilian
construction conglomerate Odebrecht SA agreed to pay at least $59
million as part of the Panamanian government's probe into alleged
bribery payments by the company, Panama's attorney general said.
"I received verbally a formal commitment to deliver in a short
time $59 million and/or guarantees of payment," Attorney General
Kenia Porcell said. "I must clarify that this does not affect
the results of the investigations carried out by the prosecutors,"
the report quoted Mr. Porcell as saying.
An Odebrecht spokesman declined to confirm or deny any agreement
with Panamanian authorities. The company said it is collaborating
with Brazilian and foreign officials to advance their
investigations.
Ms. Porcell didn't specify if the payment is a fine or some other
form of restitution or punishment, nor did she provide details on
Odebrecht's exact offenses, other than to say the company paid
bribes to people and companies, the report notes.
Representatives of the Panamanian Attorney General's office
weren't immediately available to clarify Ms. Porcell's statement.
The deal comes as multiple countries are investigating Odebrecht
after the builder admitted in December to paying nearly $800
million in bribes, including $439 million in countries outside
Brazil, mostly in Latin America, the report relays. Odebrecht
agreed in December to pay between $2.6 billion and $4.5 billion in
a settlement with authorities in Brazil, the U.S. and Switzerland,
the report notes. According to U.S. Department of Justice,
Odebrecht paid bribes worth $59 million in Panama to gain
contracts there in the 2011-2014 period, the report adds.
As reporter in the Troubled Company Reporter-Latin America on
Dec. 2, 2016, The Wall Street Journal said that Marcelo Odebrecht,
the jailed former head of Brazilian construction giant Odebrecht
SA, agreed to sign a plea-bargain agreement in connection with
Brazil's largest corruption probe ever, according to a person
close to the negotiations. The move could roil the nation's
political class yet again. The testimony of the former
industrialist, which is part of the deal, has the potential to
implicate numerous politicians who allegedly took kickbacks from
contractors as part of a years-long graft ring centered on
Brazil's state-run oil company, Petroleo Brasileiro SA, known as
Petrobras, according to The Wall Street Journal.
==========================
C A Y M A N I S L A N D S
==========================
ALPINE FUND: Commences Liquidation Proceedings
----------------------------------------------
The sole shareholder of Alpine Fund Management Ltd., on Nov. 22,
2016, 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:
Walkers Liquidations Limited
Cayman Corporate Centre
27 Hospital Road George Town
Grand Cayman KY1-9008
Cayman Islands
Telephone: +1 (345) 949 0100
AMA FUND: Commences Liquidation Proceedings
-------------------------------------------
The sole shareholder of AMA Fund Holdings (Cayman) Ltd., on Nov.
29, 2016, 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:
Walkers Liquidations Limited
Cayman Corporate Centre
27 Hospital Road George Town
Grand Cayman KY1-9008
Cayman Islands
Telephone: +1 (345) 949 0100
CHARM COMMUNICATIONS: Placed Under Voluntary Wind-Up
----------------------------------------------------
The sole member of Charm Communications Inc., on Nov. 29, 2016,
resolved to voluntarily wind up the company's operations.
Only creditors who were able to file their proofs of debt by
Jan. 9, 2017, will be included in the company's dividend
distribution.
The company's liquidator is:
Richard Fear
c/o Kevin Butler
Telephone: (345) 814 7374
Facsimile: (345) 945 3902
P.O. Box 2681 Grand Cayman KY1-1111
Cayman Islands
DAYA HOLDINGS: Creditors' Proofs of Debt Due Jan. 19
----------------------------------------------------
The creditors of Daya Holdings Limited are required to file their
proofs of debt by Jan. 19, 2017, to be included in the company's
dividend distribution.
The company commenced wind-up proceedings on Nov. 24, 2016.
The company's liquidators are:
Lyndsey McGillivray
Mark Bouteloup
Telephone: + 44 1534 282276
Facsimile: + 44 1534 282400
23-25 Broad Street
St Helier Jersey
JE4 8ND
MOF HOLDINGS: Commences Liquidation Proceedings
-----------------------------------------------
On Nov. 29, 2016, the sole shareholder of MOF Holdings 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:
MOF Management LLC
c/o Monarch Alternative Capital LP
535 Madison Avenue
New York
New York 10022
United States of America
Telephone: +1 (212) 554 1769
MONARCH OPPORTUNITIES: Commences Liquidation Proceedings
--------------------------------------------------------
On Nov. 29, 2016, the sole shareholder of Monarch Opportunities
Fund 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:
MOF Management LLC
c/o Monarch Alternative Capital LP
535 Madison Avenue
New York
New York 10022
United States of America
Telephone: +1 (212) 554 1769
e-mail: Ronen.Voloshin@monarchlp.com
MONARCH OPPORTUNITIES MASTER: Commences Liquidation Proceedings
---------------------------------------------------------------
On Nov. 29, 2016, the sole shareholder of Monarch Opportunities
Master Fund 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:
MOF Management LLC
c/o Monarch Alternative Capital LP
535 Madison Avenue
New York
New York 10022
United States of America
Telephone: +1 (212) 554 1769
PIERPOINT HOLDINGS: Creditors' Proofs of Debt Due Jan. 19
---------------------------------------------------------
The creditors of Pierpoint Holdings Limited are required to file
their proofs of debt by Jan. 19, 2017, to be included in the
company's dividend distribution.
The company commenced wind-up proceedings on Nov. 24, 2016.
The company's liquidators are:
Lyndsey McGillivray
Mark Bouteloup
Telephone: + 44 1534 282276
Facsimile: + 44 1534 282400
23-25 Broad Street
St Helier Jersey
JE4 8ND
RTL HOLDINGS: Placed Under Voluntary Wind-Up
--------------------------------------------
The shareholders of RTL Holdings Ltd. resolved to voluntarily wind
up the company's operations on Nov. 29, 2016.
Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.
The company's liquidator is:
Avalon Ltd.
Reference: GL
Landmark Square, 1st Floor, 64 Earth Close
P.O. Box 715, Grand Cayman KY1-1107
Cayman Islands
Telephone: (+1) 345 769 4422
Facsimile: (+1) 345 769 9351
TRG ASIA: Creditors' Proofs of Debt Due Jan. 19
-----------------------------------------------
The creditors of TRG Asia Opportunity Intermediate Fund, Ltd. are
required to file their proofs of debt by Jan. 19, 2017, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on Nov. 28, 2016.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
TRG ASIA MASTER: Creditors' Proofs of Debt Due Jan. 19
------------------------------------------------------
The creditors of TRG Asia Opportunity Master Fund, Ltd. are
required to file their proofs of debt by Jan. 19, 2017, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on Nov. 28, 2016.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
TRG LOCAL: Creditors' Proofs of Debt Due Jan. 19
------------------------------------------------
The creditors of TRG Local Currency Opportunity Fund II, Ltd. are
required to file their proofs of debt by Jan. 19, 2017, to be
included in the company's dividend distribution.
The company commenced liquidation proceedings on Nov. 28, 2016.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
TRG LOCAL MASTER: Creditors' Proofs of Debt Due Jan. 19
-------------------------------------------------------
The creditors of TRG Local Currency Opportunity Master Fund II,
Ltd. are required to file their proofs of debt by Jan. 19, 2017,
to be included in the company's dividend distribution.
The company commenced liquidation proceedings on Nov. 28, 2016.
The company's liquidator is:
CDL Company Ltd.
P.O. Box 31106 Grand Cayman KY1-1205
Cayman Islands
==============
J A M A I C A
==============
JAMAICA MORTGAGE BANK: Concerned About Auditor General's Probe
--------------------------------------------------------------
RJR News reports that the Jamaica Mortgage Bank is taking issue
with aspects with the Auditor-General's probe into its operations.
As was reported on Wednesday, Jan. 11, the report from the
Auditor-General stated that there was inconsistent application of
Jamaica Mortgage Bank's loan policy between 2003 and 2015, which
may have contributed to the high level of non-performing loans,
according to RJR News.
The Auditor-General report said Non Performing Loans averaged 68
per cent of the total loan portfolio between 2010 and 2016, the
report notes.
A statement from General Manager of the Jamaica Mortgage Bank,
Courtney Wynter, says the Auditor General's report gives the
impression that the entity is reckless in granting loans, the
report relays.
The Jamaica Mortgage Bank says it rejects that position.
It also disagrees with the Auditor-Generals' assertion that the
Bank has a poor credit assessment process, the report discloses.
It says since 2003 it has funded more than 16,000 housing
solutions representing 35 per cent of all government assisted
housing starts up to last year, the report notes.
It says contrary to the Auditor General's assertion that the loans
became delinquent because of inconsistent assessment processes,
they were subject to the same due diligence and approval, the
report adds.
The Jamaica Mortgage Bank was established in 1971, as a private
limited company under the Companies Act of 1965 with an authorized
share capital of $5 million. On June 5, 1973, under Act of
Parliament No. 16 of 1973, the Bank was converted to a statutory
corporation. The authorized, issued and fully paid-up share
capital of the Bank is at present $500 million.
===========
M E X I C O
===========
OFFICE DEPOT: S&P Raises CCR to 'BB+' on Early Notes Redemption
---------------------------------------------------------------
S&P Global Ratings raised its corporate credit rating on Office
Depot de Mexico, S.A. de C.V. (ODM) to 'BB+' from 'BB'. The
outlook is stable.
The upgrade reflects ODM's early redemption of its $350 million
senior unsecured notes due 2020, which bolstered its leverage
metrics and capital structure, and eliminated foreign currency
mismatch because almost all of its debt is now Mexican peso
denominated. The company funded the transaction through a
$200 million capital injection from its shareholder, Grupo Gigante
(GG; not rated), a MXN3 billion credit facility, and cash in hand.
S&P expects ODM to maintain its debt to EBITDA below 3.0x and DCF
to debt above 10% on a consistent basis. S&P also expects the
company to fund its expansion program mainly through internal cash
flow generation. The rating action also incorporates S&P's view
of GG's improved credit risk profile, resulting from stronger
profitability and debt reduction.
S&P has revised its financial risk profile assessment to
intermediate from significant, which incorporates ODM's
substantial debt reduction following the notes' prepayment, and
reflects stronger-than-expected credit metrics.
S&P revised its assessment on ODM's liquidity to strong from
adequate. S&P expects the company's liquidity sources to cover
uses by more than 1.5x in the next 12-24 months and that the ratio
will remain above 1.0x even if EBITDA falls by 30%. Additionally,
S&P believes the company has the capacity to withstand high-
impact, low-probability events, with sound relationships with
banks, and an overall prudent financial risk management.
Following the senior unsecured notes' prepayment, the company
doesn't face any financial covenants to comply with.
MEXICO: Hails Arrival of 1,000th Japanese Firm, Warns of Isolation
------------------------------------------------------------------
The Latin American Herald Tribune reports that Mexico warned
against isolation during a ceremony to celebrate the 1,000th
Japanese company to invest in the country, a decision that comes
amid concerns that US President-elect Donald Trump's threats to
levy tariffs on Mexican-made products could thwart incoming
foreign investment.
During the ceremony to recognize JFE Steel America, Mexican
Economy Secretary Ildefonso Guajardo said the future of the
automotive industry "basically depends on our ability to transform
ourselves," according to The Latin American Herald Tribune.
"Countries fighting for 700 jobs here or 1,000 jobs there isn't
the issue; the issue is that those jobs won't exist in five years
due to mechanization, robotization and the Internet of things on
production lines," the report quoted Mr. Guajardo as saying.
Those remarks come after Trump threatened to impose tariffs on
Japanese automaker Toyota if it went ahead with construction of an
assembly plant in the central Mexican state of Guanajuato, where
it plans to produce its Corolla sedan for export to the United
States, the report notes.
President Trump's warnings have already led Ford to announce the
cancelation of a planned $1.6 billion investment in a new plant in
the north-central city of San Luis Potosi, the report relays.
Mr. Guajardo called on countries to work together to prepare for
the transformation of manufacturing lines, a new dynamic that he
said would require nations to be "ahead of the change," the report
notes.
"These are not times for isolating ourselves, closing ourselves
off or returning to protectionism. They're times for being more
aggressive, to adapt to the future so as to transform the future
for new generations," the secretary said.
The president of JFE Steel America, Tad Yamaguchi, said for his
part that his firm's recognition as the 1,000th Japanese company
to invest in Mexico extends to "all of Japan's industrial sector,"
the report relays.
"We wouldn't be here today if not for the 999 companies that
preceded us," said Yamaguchi, whose firm and its US joint-venture
partner will invest $270 million in a factory to manufacture steel
sheets for the auto industry, he added.
* Moody's: Mexican Companies Face Increasing Risks as Growth Slows
------------------------------------------------------------------
Lower economic growth, a weaker currency, accelerating inflation,
rising interest rates and an uncertain trade relationship with the
US are just some of the challenges that lie ahead for Mexican
corporates in 2017, says Moody's Investors Service in a report.
To a large extent, the magnitude of risks for Mexican companies
depends on whether, or by how much, the new US administration
successfully pursues trade policies on which President-elect
Donald Trump campaigned, such as renegotiating NAFTA and imposing
import tariffs.
"Any changes to NAFTA would likely hurt Mexican exporters and
remittances from immigrants to Mexico may also decline under the
new US administration," said Nymia Almeida, a Vice President and
Senior Credit Officer at Moody's.
The Mexican peso's slump against the dollar has raised import
prices of both raw materials and equipment, increasing companies'
operating and capital spending costs. Oil and gas and some
consumer companies are among those that will feel the impact of
the volatile exchange rate. However, consumer-oriented companies
that draw a large portion of their revenue from outside Mexico,
including Grupo Bimbo, S.A.B. de C.V. (Baa2 stable) and Sigma
Alimentos S.A. de C.V (Baa3 stable), would be better positioned to
withstand reduced consumption at home and foreign exchange
volatility.
The prospect of higher interest rates, leading to higher mortgage
costs and weaker demand for housing, represents a risk to Mexican
homebuilders such as Consorcio ARA, S.A.B. de C.V. (Ba2 stable),
Corpovael, S.A.B. de C.V. (B1 stable) and Servicios Corporativos
Javer, S.A.B. de CV (B2 stable). Weaker economic growth and higher
unemployment could also hurt the housing sector.
Lodging companies such as Playa Resorts Holding B.V. (B3 stable),
which operates holiday resorts based on the coast of Mexico,
should benefit as the weak peso attracts more tourists to Mexico.
However, others such as Grupo Posadas, S.A.B. de C.V. (B2
positive), that run business hotels, could find themselves exposed
to a weaker economy.
======================
P U E R T O R I C O
======================
BKH ACQUISITION: S&P Lowers CCR to 'CCC+' on Weak Performance
-------------------------------------------------------------
S&P Global Ratings lowered its corporate credit rating on Puerto
Rico-based BKH Acquisition Corp. to 'CCC+' from 'B-'. The outlook
is negative.
Concurrently, S&P lowered its issue-level ratings on the company's
first-lien revolving and term loan facilities to 'CCC+' from 'B-'.
The recovery rating is unchanged at '3', indicating S&P's
expectation for meaningful recovery at the lower half of the 50%
to 70% range in the event of a payment default.
S&P also lowered the issue-level rating on the company's second-
lien term loan to 'CCC-' from 'CCC'. The recovery rating remains
'6' indicating S&P's expectations for negligible (0% to 10%)
recovery.
"The downgrade reflects our expectation that BKH's capital
structure will remain unsustainable in the coming year amid Puerto
Rico's persistent economic weakness in the face of its ongoing
credit crisis," said credit analyst Olya Naumova. "Under our
methodology, we consider a corporate credit rating of 'CCC+' if an
issuer is currently vulnerable and dependent on favorable
business, as well as financial and economic conditions, to meet
its financial commitments."
The negative outlook on BKH reflects S&P's expectation that weak
economic conditions in Puerto Rico and uncertainty around possible
U.S. congressional bankruptcy legislature will continue to
pressure already-volatile performance in the next 12 months. In
S&P's view, the company's second-lien PIK debt, accumulating
preferred stock, high interest expense, and moderately higher
capital expenditures will further burden BKH's interest coverage
and leverage ratios and pressure liquidity.
S&P could lower the rating if it envisions a specific default
scenario over the next 12 months, without an unforeseen positive
development. This could arise if there is a near-term liquidity
crisis, for instance from increased reliance on its revolver, and
S&P concludes the company can no longer service its interest
obligations going forward. It could also arise from violation of
covenants or consideration of a distressed exchange offer or
redemption over the next 12 months.
An upgrade or revision of the outlook to stable is unlikely in the
coming year absent a positive outcome in Puerto Rico regarding the
fiscal and social crisis that causes the business to rebound and
credit metrics to improve, returning the company's capital
structure to sustainable levels.
PUERTO RICO: Pension Bondholders Get Second Chance at Day in Court
------------------------------------------------------------------
The American Bankruptcy Institute, citing Nick Brown of Reuters,
reported that a U.S. federal appeals court has decided creditors
of Puerto Rico's pension bonds are entitled to a hearing on
whether they can proceed with a lawsuit against the island's
government over a fiscal emergency law it passed last year.
According to the report, the First U.S. Circuit Court of Appeals
ruled holders of bonds issued by Puerto Rico's Employee Retirement
System, its biggest public pension, are entitled to a hearing,
overturning a November ruling by a federal judge in Puerto Rico.
The appeals court said the lower court was correct, however, in
blocking a similar lawsuit by bondholders of Puerto Rico's highway
authority, the report related.
The lawsuits were two of many filed last year against the ailing
U.S. territory, after former Governor Alejandro Garcia Padilla
instituted an emergency law allowing him to maintain public
services by diverting revenue streams that had been earmarked as
collateral for bondholders, Reuters pointed out.
Under a federal Puerto Rico rescue law known as PROMESA, passed in
2016, lawsuits over debt payments are frozen while the island
tries to reach consensual restructuring deals with holders of $70
billion in debt issued by myriad public entities, the report
noted.
But many creditors sued anyway, arguing the fiscal emergency law
was unconstitutional, and saying the so-called "stay" of
litigation did not apply to them, the report said.
The appeals court ruling vacates that decision with respect only
to the pension bondholders, the report added. It does not allow
their lawsuit to proceed, but says the bondholders at least
deserve a hearing before a court can decide whether it should
proceed, the report said.
================================
T R I N I D A D & T O B A G O
================================
PETROTRIN: Chamber Head Anticipates Job Cuts at Firm
----------------------------------------------------
Kwame Weekes at Trinidad and Tobago Newsday reports that President
of the Couva/Point Lisas Chamber of Commerce, Liaquat Ali, said
that after listening to the Prime Minister's address, he wouldn't
be surprised if Petrotrin cuts jobs to reduce their operational
costs, but only after offering them "enhanced severance packages."
Prime Minister Dr. Keith Rowley addressed the nation for the first
time for the year, according to Trinidad and Tobago Newsday. Dr.
Rowley chose to focus his address on the recently averted Oilfield
Workers Trade Union strike against Petrotrin's offer of zero,
zero, zero percent for the 2011-2014/2015 negotiation period, the
report relays.
Calling Petrotrin a "ward of the Treasury", Rowley frankly
informed the nation about the extent of Petrotrin's TT$1.2 billion
in taxes owed to the government, its TT$1.9 billion annual wage
bill, its TT$5.8 billion debt that is set to be paid in 2019, and
the company's failure to turn borrowed funds into profits, the
report notes. To save Petrotrin, Rowley said that "immediate"
action needed to be taken to reduce operational costs, which would
involve major restructuring in the company, the report relays.
Though Dr. Rowley's speech did not speak directly to job cuts, Ali
believes it was clearly alluded to.
"Do not be surprised if some workers are offered an enhanced
package that they would be willing to accept in order to reduce
the staff at Petrotrin by a significant number," said Ali in a
telephone interview with the Newsday.
"It will pay off in the long run but they would need to find the
money to pay them that package.
"They cannot just sever people just so because the union will kick
up a fuss." Ali applauded Rowley's approach to saving Petrotrin,
the report notes.
Also applauding the Prime Minister was President of the Chaguanas
Chamber of Industry and Commerce, Richie Sookhai, the report says.
Sookhai did not agree that Rowley was alluding to job cuts at
Petrotrin, but speculated that privatisation of the Stateowned
company was involved, the report notes.
"I believe a national conversation should start taking place about
Petrotrin. We are all for the fact that privatisation brings
greater efficiency and leaner operations at Petrotrin which was
all alluded to." Mr. Sookhai also said that if any restructuring
of the company is to take place, it should be from the top down,
not the bottom up.
"Maybe some of the salaries and benefits that individuals at
managerial levels make should be realized and restructured for the
current economic climate so that it would be a fair share and not
this large disparity between salaries amongst workers," Mr.
Sookhai added.
About Petrotrin
Petroleum Company of Trinidad and Tobago is the major state-owned
oil company in Trinidad and Tobago. The company was established
in 1993 by the merger of Trintopec and Trintoc, two state-owned
oil companies. Petrotrin's main holdings are extensive, mature
onshore fields located across southern Trinidad. Large areas
have been leased out to small private producers who are able to
make a profit on wells that are unprofitable for Petrotrin,
giving it higher labor costs. The company operates a refinery at
Pointe-Pierre, just north of San Fernando in south Trinidad.
Most crude petroleum produced in Trinidad is exported without
being refined. The refinery depends on imported crude (mostly
from Venezuela), which is either used domestically or exported.
* * *
As reported in the Troubled Company Reporter-Latin America on July
23, 2015, Trinidad Express reports that state-owned Petroleum
Company of Trinidad and Tobago (Petrotrin) multiplied its losses
11.2 times to reach US$168 million for the nine months ended June
30 compared to US$15 million loss for the same period last year,
but its earnings before income tax, depreciation and amortisation
(EBITDA) rose 132 per cent between March and June, preliminary
financials show.
TCRLA reported on Dec. 2, 2014, that Trinidad and Tobago Newsday
said that in the face of falling global oil prices, which is
starring to impact on Trinidad and Tobago's earnings from its
petroleum resources, Petroleum Company of Trinidad and Tobago has
rolled out a plan to remain viable and to survive in the harsh
global oil industry. Petrotrin said in a media release that it is
forging ahead with objective cost management decisions imperative
to secure its viability, according to Trinidad and Tobago Newsday.
The report said Petrotrin's operations have also been severely
impacted due to unfavorable margins.
The TCRLA reported on Jan. 21, 2014 that Trinidad Express, citing
Energy Minister Kevin Ramnarine, said Petrotrin will make a loss
for its 2013 financial year. According to Mr. Ramnarine,
Petrotrin was scheduled to make the loss even before the series of
oil spills affecting Trinidad's southwestern peninsula since
December, reports Trinidad Express.
=================
X X X X X X X X X
=================
* BOND PRICING: For the Week From Jan. 9 to Jan. 13, 2017
---------------------------------------------------------
Issuer Name Cpn Price Maturity Country Curr
----------- --- ----- -------- ------- ---
Andino Investment Holding 11 70.85 11/13/2020 PE USD
Andino Investment Holding 11 68.88 11/13/2020 PE USD
Anton Oilfield Services G 7.5 69.03 11/6/2018 CN USD
Anton Oilfield Services G 7.5 66 11/6/2018 CN USD
BA-CA Finance Cayman 2 Lt 0.719 38.5 KY EUR
BA-CA Finance Cayman Ltd 0.749 38.93 KY EUR
Banco do Brasil SA/Cayman 6.25 62.84 KY USD
Banco do Brasil SA/Cayman 6.25 59.51 KY USD
BPI Capital Finance Ltd 2.29 40 KY EUR
CA La Electricidad de Car 8.5 43.75 4/10/2018 VE USD
Chile Government Internat 3.625 15.7 10/30/2042 CL USD
CSN Islands XI Corp 6.875 61.25 9/21/2019 KY USD
CSN Islands XI Corp 6.875 61.13 9/21/2019 KY USD
CSN Islands XII Corp 7 48.8 BR USD
CSN Islands XII Corp 7 47.75 BR USD
Decimo Primer Fideicomiso 4.54 59.75 10/25/2041 PA USD
Decimo Primer Fideicomiso 6 71.38 10/25/2041 PA USD
Ecuador Government Domest 8.45 70.8 2/6/2034 EC USD
Ecuador Government Domest 8.45 69.35 9/10/2034 EC USD
Ecuador Government Domest 8.45 70.42 4/2/2034 EC USD
Ecuador Government Domest 8.45 69.72 7/17/2034 EC USD
Ecuador Government Domest 8.45 69.71 5/30/2034 EC USD
Ecuador Government Domest 8.45 69.23 9/30/2034 EC USD
Ecuador Government Domest 8.45 70.52 3/19/2034 EC USD
Ecuador Government Domest 7.75 74.84 12/19/2028 EC USD
Ecuador Government Domest 8.45 69.94 6/12/2034 EC USD
Ecuador Government Domest 8.45 69.95 6/11/2034 EC USD
Ecuador Government Domest 8.45 69.82 7/1/2034 EC USD
Ecuador Government Domest 7.7 73.56 7/1/2029 EC USD
Ecuador Government Domest 7.7 72.94 9/10/2029 EC USD
Ecuador Government Domest 7.75 74.95 11/8/2028 EC USD
Ecuador Government Domest 7.7 73.74 6/11/2029 EC USD
Ecuador Government Domest 7.7 73.73 6/12/2029 EC USD
Ecuador Government Domest 7.7 72.77 9/30/2029 EC USD
Empresa de Telecomunicaci 7 71.24 1/17/2023 CO COP
Empresa de Telecomunicaci 7 71.24 1/17/2023 CO COP
ESFG International Ltd 5.753 0.883 KY EUR
General Exploration Partn 11.5 36.75 11/13/2018 CA USD
General Shopping Finance 10 60.55 KY USD
General Shopping Finance 10 60.63 KY USD
Global A&T Electronics Lt 10 70.88 2/1/2019 SG USD
Global A&T Electronics Lt 10 71.88 2/1/2019 SG USD
Global A&T Electronics Lt 10 50.5 2/1/2019 SG USD
Global A&T Electronics Lt 10 54 2/1/2019 SG USD
Glorious Property Holding 13.25 74.56 3/4/2018 HK USD
Gol Finance Inc 9.25 47.35 7/20/2020 BR USD
Gol Finance Inc 8.75 37.75 BR USD
Gol Finance Inc 7.5 61 4/3/2017 BR USD
Gol Finance Inc 7.5 59.38 4/3/2017 BR USD
Gol Finance Inc 7.5 59.38 4/3/2017 BR USD
Gol Finance Inc 9.25 43.38 7/20/2020 BR USD
Gol Finance Inc 8.75 36.88 BR USD
Green Dragon Gas Ltd 10 63.75 11/20/2017 HK USD
Greenfields Petroleum Cor 9 11.35 5/31/2017 US CAD
Honghua Group Ltd 7.45 58.25 9/25/2019 CN USD
Honghua Group Ltd 7.45 58 9/25/2019 CN USD
Inversora Electrica de Bu 6.5 59.5 9/26/2017 AR USD
MIE Holdings Corp 7.5 67.25 4/25/2019 HK USD
MIE Holdings Corp 7.5 68.58 4/25/2019 HK USD
NB Finance Ltd/Cayman Isl 3.38 60.22 2/7/2035 KY EUR
Newland International Pro 9.5 24.13 7/3/2017 PA USD
Newland International Pro 9.5 25.13 7/3/2017 PA USD
Noble Holding Internation 6.2 65.42 8/1/2040 KY USD
Noble Holding Internation 6.05 66.38 3/1/2041 KY USD
Noble Holding Internation 5.25 64.71 3/15/2042 KY USD
Ocean Rig UDW Inc 7.25 57.75 4/1/2019 CY USD
Ocean Rig UDW Inc 7.25 55 4/1/2019 CY USD
Odebrecht Drilling Norbe 6.35 27 6/30/2021 KY USD
Odebrecht Drilling Norbe 6.35 28.5 6/30/2021 KY USD
Odebrecht Finance Ltd 7.5 40 KY USD
Odebrecht Finance Ltd 4.375 37.23 4/25/2025 KY USD
Odebrecht Finance Ltd 7.125 33.5 6/26/2042 KY USD
Odebrecht Finance Ltd 5.25 34.5 6/27/2029 KY USD
Odebrecht Finance Ltd 5.125 36 6/26/2022 KY USD
Odebrecht Finance Ltd 8.25 35 4/25/2018 KY BRL
Odebrecht Finance Ltd 7 53.5 4/21/2020 KY USD
Odebrecht Finance Ltd 6 41.51 4/5/2023 KY USD
Odebrecht Finance Ltd 5.25 36 6/27/2029 KY USD
Odebrecht Finance Ltd 4.375 36 4/25/2025 KY USD
Odebrecht Finance Ltd 7.125 33.75 6/26/2042 KY USD
Odebrecht Finance Ltd 7.5 42.5 KY USD
Odebrecht Finance Ltd 8.25 35 4/25/2018 KY BRL
Odebrecht Finance Ltd 5.125 35.38 6/26/2022 KY USD
Odebrecht Finance Ltd 6 38.88 4/5/2023 KY USD
Odebrecht Finance Ltd 7 44 4/21/2020 KY USD
Odebrecht Offshore Drilli 6.75 17 10/1/2022 KY USD
Odebrecht Offshore Drilli 6.625 17 10/1/2022 KY USD
Odebrecht Offshore Drilli 6.75 17.38 10/1/2022 KY USD
Odebrecht Offshore Drilli 6.625 17.38 10/1/2022 KY USD
Petroleos de Venezuela SA 5.25 67.5 4/12/2017 VE USD
Petroleos de Venezuela SA 12.75 56.1 2/17/2022 VE USD
Petroleos de Venezuela SA 9 49.38 11/17/2021 VE USD
Petroleos de Venezuela SA 9.75 44.57 5/17/2035 VE USD
Petroleos de Venezuela SA 6 38.5 5/16/2024 VE USD
Petroleos de Venezuela SA 6 36.75 11/15/2026 VE USD
Petroleos de Venezuela SA 5.375 37 4/12/2027 VE USD
Petroleos de Venezuela SA 5.5 36.75 4/12/2037 VE USD
Petroleos de Venezuela SA 6 32.13 10/28/2022 VE USD
Petroleos de Venezuela SA 6 36.4 11/15/2026 VE USD
Petroleos de Venezuela SA 6 35.35 5/16/2024 VE USD
Petroleos de Venezuela SA 9.75 41.7 5/17/2035 VE USD
Petroleos de Venezuela SA 9 45.25 11/17/2021 VE USD
Petroleos de Venezuela SA 12.75 46.15 2/17/2022 VE USD
Polarcus Ltd 5.6 44.93 3/30/2022 AE USD
Provincia de Rio Negro 1.6148 62 5/4/2024 AR ARS
PSOS Finance Ltd 11.75 60.13 4/23/2018 KY USD
Republic of Ecuador Minis 8.45 69.22 9/30/2034 EC USD
Republic of Ecuador Minis 7.75 74.88 12/19/2028 EC USD
Republic of Ecuador Minis 7.7 73.6 7/1/2029 EC USD
Republic of Ecuador Minis 7.75 74.99 11/8/2028 EC USD
Republic of Ecuador Minis 8.45 69.22 9/30/2034 EC USD
Republic of Ecuador Minis 7.7 73.77 6/12/2029 EC USD
Republic of Ecuador Minis 8.45 69.39 9/10/2034 EC USD
Republic of Ecuador Minis 8.45 69.75 7/17/2034 EC USD
Republic of Ecuador Minis 8.45 69.39 9/10/2034 EC USD
Republic of Ecuador Minis 7.7 72.81 9/30/2029 EC USD
Republic of Ecuador Minis 7.7 73.78 6/11/2029 EC USD
Republic of Ecuador Minis 7.7 73.6 7/1/2029 EC USD
Republic of Ecuador Minis 8.45 69.98 6/11/2034 EC USD
Republic of Ecuador Minis 8.45 69.98 6/11/2034 EC USD
Republic of Ecuador Minis 7.7 73.77 6/12/2029 EC USD
Republic of Ecuador Minis 7.7 72.99 9/10/2029 EC USD
Republic of Ecuador Minis 8.45 69.97 6/12/2034 EC USD
Republic of Ecuador Minis 7.75 74.88 12/19/2028 EC USD
Republic of Ecuador Minis 8.45 70.84 2/6/2034 EC USD
Republic of Ecuador Minis 8.45 70.55 3/19/2034 EC USD
Republic of Ecuador Minis 8.45 69.85 7/1/2034 EC USD
Republic of Ecuador Minis 8.45 70.45 4/2/2034 EC USD
Republic of Ecuador Minis 7.7 72.81 9/30/2029 EC USD
Republic of Ecuador Minis 8.45 69.75 7/17/2034 EC USD
Republic of Ecuador Minis 8.45 69.74 5/30/2034 EC USD
Republic of Ecuador Minis 8.45 69.97 6/12/2034 EC USD
Republic of Ecuador Minis 7.75 74.99 11/8/2028 EC USD
Republic of Ecuador Minis 8.45 69.85 7/1/2034 EC USD
Republic of Ecuador Minis 8.45 70.45 4/2/2034 EC USD
Republic of Ecuador Minis 8.45 69.74 5/30/2034 EC USD
Republic of Ecuador Minis 7.7 73.78 6/11/2029 EC USD
Republic of Ecuador Minis 8.45 70.84 2/6/2034 EC USD
Republic of Ecuador Minis 7.7 72.99 9/10/2029 EC USD
Republic of Ecuador Minis 8.45 70.55 3/19/2034 EC USD
Samarco Mineracao SA 4.125 37.25 11/1/2022 BR USD
Samarco Mineracao SA 5.75 36.6 10/24/2023 BR USD
Samarco Mineracao SA 5.375 35.38 9/26/2024 BR USD
Samarco Mineracao SA 4.125 37.38 11/1/2022 BR USD
Samarco Mineracao SA 5.75 39.63 10/24/2023 BR USD
Samarco Mineracao SA 5.375 37.25 9/26/2024 BR USD
Siem Offshore Inc 5.69 52.25 1/30/2018 NO NOK
Siem Offshore Inc 5.49 51.75 3/28/2019 NO NOK
Transocean Inc 5.05 74.75 10/15/2022 KY USD
Transocean Inc 6.8 63.66 3/15/2038 KY USD
Transocean Inc 7.5 65.78 4/15/2031 KY USD
Transocean Inc 9.1 70.41 12/15/2041 KY USD
Transocean Inc 7.45 74.9 4/15/2027 KY USD
Transocean Inc 8 73.55 4/15/2027 KY USD
Uruguay Notas del Tesoro 5.25 61.99 12/29/2021 UY UYU
US Capital Funding IV Ltd 0.99305 43.92 12/1/2039 KY USD
US Capital Funding IV Ltd 0.99305 43.92 12/1/2039 KY USD
Venezuela Government Inte 9.25 49.03 9/15/2027 VE USD
Venezuela Government Inte 11.75 49.5 10/21/2026 VE USD
Venezuela Government Inte 11.95 49.5 8/5/2031 VE USD
Venezuela Government Inte 7.75 47.38 10/13/2019 VE USD
Venezuela Government Inte 13.625 65.25 8/15/2018 VE USD
Venezuela Government Inte 9.375 45.85 1/13/2034 VE USD
Venezuela Government Inte 7 52.85 12/1/2018 VE USD
Venezuela Government Inte 7 42 3/31/2038 VE USD
Venezuela Government Inte 9 45.5 5/7/2023 VE USD
Venezuela Government Inte 9.25 45.5 5/7/2028 VE USD
Venezuela Government Inte 8.25 44.38 10/13/2024 VE USD
Venezuela Government Inte 6 43.5 12/9/2020 VE USD
Venezuela Government Inte 13.625 56.5 8/15/2018 VE USD
Venezuela Government Inte 7.65 43.25 4/21/2025 VE USD
Venezuela Government Inte 13.625 59.69 8/15/2018 VE USD
Venezuela Government Inte 12.75 53.5 8/23/2022 VE USD
Venezuela Government TICC 5.25 53.23 3/21/2019 VE USD
VRG Linhas Aereas SA 10.75 25.63 2/12/2023 BR USD
VRG Linhas Aereas SA 10.75 25.63 2/12/2023 BR USD
XLIT Ltd 6.5 70 IE USD
***********
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, Ivy B. Magdadaro, Julie Anne L.
Toledo, and Peter A. Chapman, Editors.
Copyright 2017. 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 * * *