/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/181022.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, October 22, 2018, Vol. 19, No. 209 Headlines B A R B A D O S BARBADOS: Economic Recovery Plan Can Work, IMF Economist Says B E L I Z E TITAN INTERNATIONAL: Fails in Bid to Get Millions in Compensation B R A Z I L ANDRADE GUTIERREZ: Moody's Withdraws Caa2 CFR for Business Reasons CARTA GOIAS: Moody's Withdraws B3 CFR for Business Reasons JBS SA: Fitch Keeps 'BB-' LT Currency Issuer Default Ratings SAO MARTINHO: S&P Affirms 'BB+' Global Scale ICR, Outlook Positive C O S T A R I C A COSTA RICA: Moody's Puts Ba2 IDR on Review for Downgrade D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Still Lags in Financing Trough Securities P E R U COMPANIA DE MINAS: Moody's Revises Outlook on Ba2 CFR to Positive P U E R T O R I C O BAILEY'S EXPRESS: Accurate Buying Middletown Property for $395K SEARS HOLDINGS: ESL Hopes for Return to Profitability SEARS HOLDINGS: Electrolux Exposure Is 10% of Revenue SPANISH BROADCASTING: Estimates Q3 Net Revenue of $33.5M to $34M V E N E Z U E L A VENEZUELA: Ditching US Dollar for Euros For International Trade X X X X X X X X X * BOND PRICING: For the Week October 15 to October 19, 2018 - - - - - =============== B A R B A D O S =============== BARBADOS: Economic Recovery Plan Can Work, IMF Economist Says ------------------------------------------------------------- Caribbean360.com reports that a senior economist with the International Monetary Fund (IMF) is confident that if the Barbados Economic Recovery and Transformation (BERT) Plan is implemented within the timeframe, it would move the country forward. Dr. Kevin Greenidge, who has been seconded by the IMF to serve as a Senior Technical Adviser to the Barbados Government, said the country had made extraordinary strides already, and noted that the program was endorsed by the IMF after an initial engagement of less than three months, according to Caribbean360.com. "That is extraordinary and it goes to the strength of our program and our commitment. It is very coherent, and a program that hangs together; every part of the program relies on the next part. If one part fails, the whole program will be unraveled. So, that is why as Barbadians we need to be committed and work this right through, we can't stop now," he said as he gave an update on the BERT program, the report notes. Dr. Greenidge said he was pleased the team was able to design a program that allowed for the preservation of the exchange rate, the report relays. He acknowledged that the team would have liked to receive more than the US$290 million approved by the IMF, but was satisfied with the quota received, the report notes. "We got 220 per cent of our quota. We did not get 100 per cent, we got twice [the percentage] and a bit. In the scheme of things; 100 per cent of quota is normal, so we got way above normal. We are a small country; 220 per cent must still equate to [just under] US$300 million . . . In terms of the quota, we got exceptional access and you only get exceptional access if your program demonstrates exceptional commitment and effort," he said, the report relays. Dr. Greenidge stated that Barbados had successfully concluded the domestic component of the debt restructuring, and explained that it was well executed, in that approximately 99.6 per cent of the creditors voted in the affirmative, the report discloses. "From an international perspective, this is extremely high and an accomplishment. For example, Greece had 86 per cent and I believe St. Kitts was in the lower 90s . . . ," he noted, the report notes. The economist expressed the view that the holders' action demonstrated confidence in the reform program, and said that as a commitment under the BERT plan, all arrears would be cleared within the four-year period, the report relays. "This debt restructuring actually takes cares of about. . . .85 per cent of outstanding arrears to the private sector and that is being paid over four years. . . . "You are paying what is owed in. . . .suppliers credits over four years, which will inject funds into the economy. . . .and there is no interest on that. . . . The rest of arrears, which are mainly VAT refunds and taxes owed to individuals, would be paid in a much shorter period," he explained, the report discloses. The Senior Technical Adviser likened the adjustment process to four legs of a relay, saying the first part was the endorsement by the IMF, with the Central Bank receiving almost BDS$100 million (US$50 million), the report says. In addition, he stated, development partners such as the Inter- American Development Bank and the Caribbean Development Bank pledged close to $1 billion, and other partners would be giving technical assistance and support, the report relays. He added that the second part had to do with the successful completion of the domestic debt restructuring and stated that those instruments would be exchanged for new ones by the end of October, the report notes. According to Dr. Greenidge, the third aspect had to do with the commitment to move the ring fence from around the offshore business sector. He said the assessment was now going on, the report discloses. Dr. Greenidge explained that the fourth feature was the modernization of the public sector, namely central government and the state-owned enterprises, the report says. He stressed that it was necessary to move the public sector from a "bloated, inefficient entity" to a more streamlined efficient entity for the 21st century, the report adds. =========== B E L I Z E =========== TITAN INTERNATIONAL: Fails in Bid to Get Millions in Compensation ----------------------------------------------------------------- Caribbean360.com reports that Belize-based Titan International Securities Inc (Titan) has lost its legal bid to obtain US$4.46 million in losses from the government for a search and seizure operation conducted at its offices in September 2014. But the Caribbean Court of Justice (CCJ) which dismissed the claim, has ordered the government to pay vindicatory damages of BZ$100,000 (US$49,759) for the way in which the operation was executed, according to Caribbean360.com. In September 2014, an indictment was unsealed in the United States charging Titan, its president Kelvin Leach, and 11 others with securities fraud, evasion of taxes, money laundering and conspiracy to commit those offences, the report notes. The US Department of Justice requested the assistance of the Belize government to have Titan's offices searched as quickly as possible to prevent the destruction of evidence, the report relays. The report discloses that a magistrate acting under the mutual assistance law granted a warrant to local police officers as well as officers of the Financial Intelligence Unit to search for and seize documents, which might be used as evidence. The warrant was read to Leach, who was on the premises when the officers arrived, but it was not given to him, the report relays. Additionally, he did not receive a list of items seized by the authorities and Titan's attorney was not allowed to enter the offices during the search, the report notes. While the search was being conducted, Titan was informed, via email, by the International Financial Services Commission that its license had been suspended, the report discloses. The license has since expired, and it was never renewed, the report says. In December 2014, Titan filed proceedings in the Supreme Court in which it alleged that the mutual assistance law was unconstitutional and that the search was executed in an unreasonable and oppressive manner, claiming that its constitutional rights were breached, the report recalls. But the judge disagreed with Titan's contention that the law which granted the power to conduct the search and seizure exercise was unconstitutional, the report says. He found that there were limitations and safeguards within the law which sufficiently protected the public from a breach of their constitutional rights, the report relays. He did, however, find that the search was executed in an unreasonable and excessive, but not oppressive, manner, the report notes. As a result, he concluded that Titan was entitled to compensation and awarded them US$4.46 million, representing 20 per cent of its original claim of US$22 million, the report says. However, the government appealed, the report discloses. The Court of Appeal agreed that the search at Titan was carried out in an unreasonable and excessive manner, but held that Titan failed to show a link between the loss claimed and the constitutional breach, the report relays. In its view, the taking of the property was not the cause of the shutting down of Titan's business; it was caused by the suspension and non-renewal of the license and it therefore set aside the trial judge's award, the report notes. The CCJ agreed with the Supreme Court and the Court of Appeal that the law itself was not unconstitutional, but that Titan's right to privacy had been violated, the report relays. It concluded that Titan failed to prove the link between the breach of its constitutional right and the closure of its business, the report notes. Like the Court of Appeal, the CCJ was of the view that Titan's loss was caused by the suspension and non-renewal of the license and said the Court of Appeal, the report relays. The CCJ did, however, award Titan BZ$100,000 (US$49,759) in vindicatory damages after it considered the high-handed manner in which the search and seizure operation was conducted, the report adds. =========== B R A Z I L =========== ANDRADE GUTIERREZ: Moody's Withdraws Caa2 CFR for Business Reasons ------------------------------------------------------------------ Moody's Investors Service has withdrawn Andrade Gutierrez Engenharia S.A.'s Caa2 Corporate Family Rating. The following ratings were withdrawn: Corporate Family Rating, Caa2 Prior to the withdrawal, the outlook on the rating was stable. RATINGS RATIONALE Moody's has decided to withdraw the rating for its own business reasons. Andrade Gutierrez Engenharia S.A. is Brazil's second-largest engineering and heavy construction company, with a net revenue of BRL1.2 billion for the 12 months ended March 2018. The company's backlog of BRL11.3 billion as of the end of December 2017 comprised 35 diversified projects, including hydropower plants, basic infrastructure projects, industrial and civil construction, and oil and gas projects. Around 52% of these projects are located in Brazil, 32% in Africa, and the remaining are located in other Latin American countries and Asia. AGE is one of the main subsidiaries of Andrade Gutierrez S.A., one of the largest infrastructure conglomerates in Brazil. As of the end of March 2018, the company's outstanding cash position was BRL573 million. CARTA GOIAS: Moody's Withdraws B3 CFR for Business Reasons ---------------------------------------------------------- Moody's America Latina Ltda. has withdrawn Carta Goias Industria e Comercio de Papeis S.A.'s B3/B1.br corporate family rating for business reasons. The stable outlook was also withdrawn. The following ratings were withdrawn: - Corporate Family Rating: B3/B1.br RATINGS RATIONALE Moody's has decided to withdraw the ratings for its own business reasons. Headquartered in Niteroi, in the State of Rio de Janeiro, Carta Goias is a Brazilian privately owned company operating in the tissue and personal hygiene segments since 1990. Fluminense Industrial is the controlling shareholder of Carta Fabril SA (100% of shares). Carta Fabril holds 97.7% of Carta Goias. Carta Goias reported revenue of BRL 797 million in the last twelve months ended June 2018. JBS SA: Fitch Keeps 'BB-' LT Currency Issuer Default Ratings ------------------------------------------------------------ Fitch Ratings has assigned an expected rating of 'BB-' to a proposed benchmark USD-denominated senior unsecured notes issued by JBS Investments II GmbH, a wholly-owned subsidiary of JBS S.A. (JBS). These notes will be unconditionally guaranteed by JBS S.A. The notes will rank pari-passu with JBS's other unsecured obligations. The proceeds are expected to be used to refinance existing indebtedness including JBS's 2020 notes pursuant to a cash tender offer. KEY RATING DRIVERS Solid Business Profile: JBS's business profile is strong due to its size, geographical and protein diversification in pork, poultry and beef. The company is the most geographically diversified company in the protein sector rated by Fitch due to its strong presence in the U.S., South America, Australia and Canada. This geographic diversity enables the group to mitigate business volatility inherent to the industry. The outlook for the protein industry remains positive due to strong international demand for protein products. The company's product and geographic diversification help mitigate risks related to disease and trade restrictions. Exports represent 25% of JBS global sales. Lower Leverage Expected: Fitch expects JBS to continue to deleverage due to strong FCF generation due to the strong performance of the company's U.S. operations (including Canada and Australia). These operations should represent about 85% of Fitch 2018 EBITDA projection of about BRL14 billion. The strong U.S. operating performance is driven by good cattle supply and strong demand for beef in the domestic market. JBS's U.S. poultry and pork division benefit from strong domestic demand but increased supply has pressured prices and operating margin. Fitch expects JBS's Brazilian beef division to recover gradually in 2018 and 2019 due to the nation's positive cattle cycle and a weaker Brazilian real, which makes Brazilian protein producers more competitive in export markets. Fitch forecasts JBS's net debt/EBITDA ratio to be at about 3x in year-end fiscal 2019. JBS reported an LTM net debt/ EBITDA ratio of 3.5x as of June 30, 2018. Ongoing Investigation: JBS's rating is constrained by the uncertainty surrounding several investigations involving JBS and its shareholders. They include administrative procedures by the CVM (Brazilian Securities and Exchange Commission), potential fines from the U.S. Department of Justice, and an investigation by Brazil's attorney general on possible breaches of the terms agreed in the J&F Investimentos S.A. (J&F) leniency agreement. These ongoing legal matters create uncertainty regarding the timing and magnitude of potential fines that the company could be facing. They also represent a threat to the maintenance of the leniency agreement signed by the controlling shareholders J&F with the Brazilian Federal Public Prosecutor's Office (MPF) concerning allegations of corruption. DERIVATION SUMMARY JBS's ratings reflect ongoing litigation issues related to corruption investigations of the company and uncertainty regarding potential fines that could damage the company's credit profile and access to the capital market. JBS has a strong business profile as the world's largest beef and leather producer and its diversification in chicken, beef, pork, and prepared food. This allows the company to minimize risks of operating in one protein or region, placing the company in a favorable position from a business risk perspective versus Marfrig Global Foods (BB-/Stable) and Minerva SA (BB-/Stable). Minerva is a pure play in the beef industry in South America, and Marfrig will also become a pure player in the beef industry upon conclusion of the recent acquisition of National beef in the U.S. and the sale of its poultry business, Keystone. With a LTM net debt/ EBITDA ratio at 3.5x as of 2Q18, JBS's net leverage is lower than its Brazilian protein peers, and Fitch expects the company to generate strong FCF this year while its other Brazilian peers are displaying negative FCF due to expansion capex. However, JBS's leverage remains higher than Tyson Foods Inc. (BBB/Stable) or Smithfield Foods Inc. (BBB/Stable). KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include: - Single digit revenues growth driven; - EBITDA of about BRL14 billion in year-end fiscal 2018; - Capex of BRL3.4 billion in 2018; - Net debt/ EBITDA at about 3x by in 2019. RATING SENSITIVITIES Future Developments That May, Individually or Collectively, Lead to Positive Rating Action - An upgrade could occur if no significant fines result from the ongoing investigation; - Net debt/ EBITDA below 3x on a sustained basis; - Strong liquidity. Future Developments That May, Individually or Collectively, Lead to Negative Rating Action - Large legal fines that would put pressure on the company's liquidity and deleverage in the near term could trigger a downgrade; - Net leverage above 4x on a sustained basis could lead to a downgrade. LIQUIDITY As of June 30, 2018, JBS had BRL13.1 billion of cash and cash equivalent and short-term debt of BRL4.3 billion (mostly trade finance debt). Additionally, JBS USA has a USD1.9 billion available unencumbered line under revolving credit. The company signed a debt-normalization agreement with several financial institutions on May 14, 2018. The terms of the Normalization Agreement ensure the maintenance of credit lines totaling approximately BRL12.2 billion for a period of 36 months as of July 2018, and includes approximately a 25% amortization of the principal payable between January 2019, and the expiry of the Normalization Agreement in July 2021. On Sept. 12, 2018, JBS SA made an early repayment in the aggregate principal amount of BRL2 billion of the approximately BRL12.2 billion in outstanding principal amount. FULL LIST OF RATING ACTIONS Fitch currently rates JBS SA as follows: JBS S.A.: -- Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) 'BB-'; -- National Scale rating 'A (bra)'. JBS Invesments GmbH -- Notes due 2020, 2023, 2024 'BB-.' Fitch assigns the following rating: JBS Investments II GmbH -- Senior unsecured notes 'BB-(EXP)'. SAO MARTINHO: S&P Affirms 'BB+' Global Scale ICR, Outlook Positive ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB+' global scale and 'brAAA' national scale issuer credit ratings on Sao Martinho S.A. (SMO). S&P has maintained the positive outlook on the global scale rating and the stable outlook on the national scale rating. The global scale positive outlook reflects the company's performance alignment with S&P's expectations, with rising FOCF after the full consolidation of Usina Boa Vista and solid operating efficiency, despite the weaker sugar prices. S&P said, "We will track SMO's ability to maintain this trend amid volatile exchange rates, less favorable weather conditions that reduced the harvest volumes, and the uncertainties over Petrobras' pricing policy for the gasoline, which could ultimately affect ethanol prices and overall profit for the sugarcane sector in the country. We can upgrade SMO to investment grade in the next 12 months if it continues to deleverage and generates solid FOCF, with a debt to EBITDA below 2x and FOCF to debt around 15%." Over the past four years, SMO has generated FOCF and posted low earnings volatility thanks to its sound agricultural yields, larger scale, favorable locations of its mills, adequate investments in the fields, and hedging strategies. These factors have provided the company with resilient operating margins and a very competitive cash cost. SMO has also consistently improved its liquidity position with an extended debt maturity profile and higher cash position, despite the much larger working capital consumption in June 2018. The latter stemmed from holding larger ethanol inventories to sell in the off-season periods, when prices are usually higher. The strength of SMO's business has helped offset the impact of sluggish international sugar prices as a result of the global output surplus, with India as the main driver. Global prices declined to around 10 cents per pound in August 2018 from above 20 cents per pound in October 2016, with current prices in the range of 12-13 cents per pound. Also, the solid operating efficiency and low leverage help SMO to navigate through periods of severe weather conditions and pricing downturns with resilient margins and credit metrics. =================== C O S T A R I C A =================== COSTA RICA: Moody's Puts Ba2 IDR on Review for Downgrade -------------------------------------------------------- Moody's Investors Service has placed the Government of Costa Rica's Ba2 long-term issuer ratings and the Ba2 senior unsecured bond ratings on review for downgrade. The key drivers for the initiation of the review for downgrade are as follows: 1. Prospects of continuing worsening of fiscal and government debt indicators, coupled with evidence of increasing funding pressures 2. Reservations about the government's ability to implement an effective fiscal consolidation plan and revert negative fiscal trends. During the review period Moody's will assess the likelihood of approval of a comprehensive fiscal reform that proves effective in arresting the persistent upward trend in government debt metrics. Similarly, the review will explore alternative funding scenarios to determine credit risks associated to restricted market access. Costa Rica's long-term country ceilings are not affected by the announcement. The foreign-currency bond ceiling remains at Baa3; the foreign-currency bank deposit ceiling remains at Ba3 and the local currency country ceilings for bonds and bank deposits remain at Baa1. The short-term country ceilings also remain unchanged at Prime-3 (P-3) for foreign-currency bonds and Not Prime (NP) for foreign-currency bank deposits. RATINGS RATIONALE DRIVERS FOR THE DECISION TO PLACE COSTA RICA'S Ba2 RATINGS ON REVIEW FOR DOWNGRADE WORSENING FISCAL METRICS Costa Rica has been reporting large government deficits for years and Moody's expects the 2018 fiscal deficit will end at 7.2% of GDP, compared to 4% of GDP in 2011. High deficits are increasing government debt, which Moody's estimates will reach 54% of GDP in 2018 up from 30% in 2011. Debt metrics are now materially worse than those of similarly-rated peers, more so in terms of the interest burden with interest payments currently equivalent to 24% of government revenue compared to an 8% median for the Ba group. With current trends pointing to continued fiscal deterioration, Moody's expects a fiscal deficit close to 8% of GDP and government debt close to 60% of GDP next year, if significant fiscal reforms are not enacted. On September 28, the Central Bank of Costa Rica announced it would purchase CRC$498 billion (US$860 million or about 1.4% of 2018 GDP) in Treasury notes from the Finance Ministry, an emergency financing mechanism that had not been used for over two decades. The authorities' decision to use the Central Bank facility highlights rising funding pressures as increased government reliance on domestic market funding has been pushing up local interest rates. Moody's anticipates continued pressures as government annual funding needs are likely to remain above 14% of GDP in 2018-19, compared to 11% of GDP in the previous five years. DIFFICULTIES IMPLEMENTING FISCAL REFORM Over the years, prior governments have repeatedly failed to enact effective fiscal consolidation efforts. President Carlos Alvarado Quesada, sworn in in May 2018, has prioritized approval of a fiscal reform, which is currently being debated in the country's Legislative Assembly. The proposal includes an expansion of the VAT to cover services and a reduction in benefits to public employees. But with his party holding only 10 out of 57 seats in the unicameral Legislative Assembly, getting sufficient votes to approve the initiative could be an uphill battled despite his best efforts. And even if approved the reform may still result in high deficits and be insufficient to materially arrest the deterioration in fiscal and debt metrics. WHAT COULD CHANGE THE RATING DOWN/UP During the review period Moody's will assess the content of the fiscal reform package, its potential effect on government debt metrics and its likelihood of approval. The review will also look at potential credit risks arising from the government's funding options in an environment characterized by rising interest rates and reduced market access. Given a review for downgrade, a rating upgrade is unlikely. However, Moody's would stabilize the outlook at the current rating level if the rating agency expected the government to adopt structural budgetary adjustments that combined increased tax revenue and spending cuts and proved sufficient to arrest and eventually reverse the deteriorating trend in government debt indicators. Prospects of continued fiscal deterioration associated with persistent increases in debt metrics would lead to a negative rating action. Lack of approval of a fiscal reform, or approval of a less comprehensive reform, could result in a multi-notch downgrade. Additionally, evidence of stress in the banking system or a significant increase in the level of financial dollarization could also place downward pressure on the rating. GDP per capita (PPP basis, US$): 16,877 (2017 Actual) (also known as Per Capita Income) Real GDP growth (% change): 3.3% (2017 Actual) (also known as GDP Growth) Inflation Rate (CPI, % change Dec/Dec): 2.5% (2017 Actual) Gen. Gov. Financial Balance/GDP: -6.2% (2017 Actual) (also known as Fiscal Balance) Current Account Balance/GDP: -3.1% (2017 Actual) (also known as External Balance) External debt/GDP: 46.5% (2017 Actual) Level of economic development: Moderate level of economic resilience Default history: No default events (on bonds or loans) have been recorded since 1983. On October 15, 2018, a rating committee was called to discuss the rating of the Government of Costa Rica. The main points raised during the discussion were: The issuer's fiscal or financial strength, including its debt profile, has materially decreased. The issuer has become increasingly susceptible to event risks. Other views raised included: The issuer's institutional strength/framework, have materially decreased. The principal methodology used in these ratings was Sovereign Bond Ratings published in December 2016. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Still Lags in Financing Trough Securities ------------------------------------------------------------- Dominican Today reports that the executive vice-president of the securities trader Alpha Inversiones said the market's conditions are ripe to work on the country's long-term development strategy. Santiago Camarena, interviewed on El Nuevo Diario TV, said diversification is the key, since other types of financing are public-private partnerships and investments in corporate assets, and that both are very profitable, according to Dominican Today. The report notes that he noted that the experience in other countries is that investments have a high concentration in government securities. Green Bonds The business leader also affirmed that the country isn't taking advantage of the green bond issues, the report relays. He cited the fact that the Punta Catalina power plant wasn't financed by that market through the pension fund, even when some power companies have issued debt in a transparent manner and have been "very well placed," the report discloses. "You cannot think that the world is totally globalized, we have to be prepared for a change of technology that could impact employment and production; we must think in the longer term, for example 15 years; for example the transport with the massive import of vehicles," he added. As reported in the Troubled Company Reporter-Latin America on Sept. 24, 2018, Fitch Ratings affirmed Dominican Republic's Long-Term, Foreign-Currency Issuer Default Rating (IDR) at 'BB-' with a Stable Outlook. ======= P E R U ======= COMPANIA DE MINAS: Moody's Revises Outlook on Ba2 CFR to Positive ----------------------------------------------------------------- Moody's Investors Service has changed the outlook on Compania de Minas Buenaventura S.A.A.'s rating to positive from stable, reflecting its solid financial profile and liquidity, and increased focus on cost efficiencies. At the same time, Moody's has affirmed Buenaventura's corporate family rating at Ba2. RATINGS RATIONALE The change in outlook to positive recognizes Buenaventura's solid financial profile and liquidity, together with its increased focus on cost efficiencies which Moody's expects to drive some improvement in its cost position in the next couple of years. Indeed, Buenaventura has an ongoing cost efficiency program, called "debottlenecking program", that will drive cost efficiencies at its largest fully-owned mines and an annual improvement in EBITDA of USD 65-75 million by end-2020. The company has also solid credit metrics with a ratio of EBIT to interest expense that Moody's expects to be maintained around or above 3.5x and a ratio of cash flow from operations (CFO) minus dividend to debt that Moody's expects to stay above 20%. Moody's expects Buenaventura to be focused on optimizing its existing mines in the next couple of years, with no large project undertaken before 2020-2021. Capital spending will also be lighter than in 2017 with annual investments of around USD 180-200 million, resulting in the company generating slightly positive free cash flow and reducing its debt level. While Moody's is not factoring in any large dividend payments from its affiliates in the next 12-18 months, Moody's also does not expect Buenaventura to have to provide funds to its affiliates. Buenaventura's Ba2 CFR continues to reflect its good metal and mine diversification with five wholly-owned operations, two majority-owned operations and three affiliates, a high quality asset base, and a track record of prudent financial policies and adequate corporate governance practices. The Ba2 rating nevertheless also reflects Buenaventura's geographic concentration in Peru and its relatively modest revenue size when compared to similarly rated global peers. The rating also incorporates a cost structure which has been affected by ageing mines and could be further optimized and some execution risks related to future growth projects. Buenaventura has a solid liquidity profile supported by a cash balance of USD 359 million at the end of June 2018, providing full coverage of the company's USD 91 million of short-term debt, and its expectation is that the company will generate slightly positive free cash flow in 2018-19, supported by a reduction in capital spending from 2017 levels. Buenaventura can occasionally receive dividends from its affiliates, which can further add to its liquidity sources (in April 2018, it received a USD 39 million dividend from Cerro Verde for the first time after the expansion), but the company is not dependent on its affiliates to cover its upcoming liquidity needs. A rating upgrade would require a sustainable improvement in Buenaventura's cost position, enabling the company to better weather material declines in metal prices, and the maintenance of its good metal and mine diversity. In addition, to the extent that Buenaventura is able to maintain a sound liquidity profile, interest coverage (measured by EBIT to interest expense) above 3.5x and a (CFO-dividends)/debt ratio higher than 20%, the rating could be positively impacted. The rating could be negatively impacted if Buenaventura's liquidity position deteriorates as a result of a material decline in profitability and cash generation capacity, with adjusted EBIT margin falling below 7% and negative free cash flow on a sustained basis. In addition, an increase in debt levels leading to adjusted debt to EBITDA above 3.5x, without prospects to return to lower levels in the medium term, and interest coverage (measured by EBIT to interest expense) below 3.0x on a consistent basis could lead to negative rating actions. The principal methodology used in this rating was Mining published in September 2018. Headquartered in Lima, Peru, Buenaventura is a mining company engaged in the exploration, mining and processing of gold, silver, copper, zinc and lead in Peru. In addition to five wholly-owned and two majority-owned mines, the company has also a stake of 19.58% in Cerro Verde, one of the world's largest copper mines, 43.65% stake in Yanacocha, the largest gold mine in Latin America, and 40.1% stake in Coimolache. Buenaventura is controlled by the Benavides family (27% owned) and is listed in the New York Stock Exchange and Lima Stock Exchange. In the 12 months to June 2018, the company generated USD1.4 billion in revenue. ====================== P U E R T O R I C O ====================== BAILEY'S EXPRESS: Accurate Buying Middletown Property for $395K --------------------------------------------------------------- David Allen, the plan administrator appointed for Bailey's Express Inc.'s bankruptcy estate, asks the U.S. Bankruptcy Court for the District of Connecticut to authorize the sale of the commercial real property located at 11 Industrial Park Road, Middletown, Connecticut to Accurate Logistics, LLC, for $395,000, subject to overbid. Since its retention of broker, Trevor Davis Commercial Real Estate, LLC, it has engaged in a marketing process that has generated interest from over 10 parties interested in purchasing the Property. After considering the alternatives, the Plan Administrator has determined that it is of the best interests of the creditors to enter into a Real Estate Purchase Agreement dated Sept. 26, 2018 for the sale of the Property as set forth in the Purchase Agreement to the Buyer for a purchase price of $395,000. According to a Title Report dated Sept. 14, 2018, the Connecticut Development Commission, now known as the Department of Economic and Community Development, recorded a mortgage in the amount of $3200 on June 5, 1973. On information and belief this mortgage has been satisfied and will be released by the time of the sale of the Property. There are no other mortgages, liens or encumbrances, other than Permitted Encumbrances, recorded on the Property. The Plan Administrator has further determined that it is in the best interests of the estate to conduct an auction to solicit higher and better bids for the Property on terms substantially similar to those contained in the Purchase Agreement. The Sale as set forth in the Purchase Agreement is in the best interests of the Debtor's bankruptcy estate, creditors and other parties in interest since the sale will maximize the value received for the Property. By the Motion, the Plan Administrator asks the entry of the Sale Order authorizing the Debtor to sell the Property in accordance with the terms of the Purchase Agreement entered into between the Debtor and the Purchaser, or to such other entity or entities constituting a Qualified Bidder which will submit a bid deemed by the Court to be the highest and best offer. The Debtor proposes to sell the Property to the Purchaser or to the maker of the Winning Bid, other than in the ordinary course of business, free and clear of liens, claims, encumbrances and interests. The Sale will be subject to higher and better offers. The Property will be sold pursuant to the procedures to be established by the Bankruptcy Court pursuant to its Sale Procedures Order. Because the Plan Administrator is selling the Property in accordance with his duties under the Plan, the sale does not constitute a sale of substantially all of the assets. Pursuant to the exclusive listing agreement between the Plan Administrator and the Broker, the Broker is entitled to receive a commission of 6% of the sale price. The exclusive listing agreement is appended to the Application for an Order Authorizing the Employment of a Real Estate Broker which Application was approved by Order of the Court dated Nov. 17, 2017. The Plan Administrator asks authority to pay the commission from the proceeds of the sale at closing. To preserve the value of the Property, it is critical that the Debtor closes the Sale as practical after all closing conditions have been met or waived. Accordingly, the Debtor respectfully asks that the Court waives the 14-day stay periods to the minimum amount of time needed by any objecting party to file its appeal to allow the Sale to close as provided pursuant to the terms of the Purchase Agreement. About Bailey's Express Headquartered in Middletown, Connecticut, Bailey's Express -- http://www.baileysxpress.com/-- is a Connecticut-based less than truckload carrier. It provides service across the nation and is dedicated in helping Connecticut, Massachusetts and Rhode Island companies market their products throughout the U.S. including Hawaii and Alaska. It has distribution points in Charlotte, Dallas, Denver, Easton, Fontana, Indianapolis, Jacksonville, Memphis, Neenah, Phoenix, Salt Lake City and Toledo. It also provides service to Mexico, Puerto Rico & Canada. Bailey's Express filed for Chapter 11 bankruptcy protection (Bankr. D. Conn. Case No. 17-31042) on July 13, 2017, estimating its assets and liabilities at between $1 million and $10 million. The petition was signed by David Allen, chief financial officer. Judge Ann M. Nevins presides over the case. Elizabeth J. Austin, Esq., and Jessica Grossarth Kennedy, Esq., at Pullman & Comley, LLC, serve as the Debtor's bankruptcy counsel. No creditors' committee has been appointed in the case. On Jan. 12, 2018, the court confirmed the Debtor's Chapter 11 plan of liquidation. Pursuant to the plan, David Allen was deemed the plan administrator for the Debtor's estate. On Nov. 17, 2017, the Court appointed Trevor Davis Commercial Real Estate, LLC, as real estate broker. SEARS HOLDINGS: ESL Hopes for Return to Profitability ----------------------------------------------------- ESL Investments, Inc., Edward S. Lampert and certain affiliated entities (collectively "ESL") issued the following statement on Oct. 15 regarding the announcement by Sears Holdings Corporation ("Sears") that the company has filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code: "ESL Investments' longstanding goal has been to enable Sears Holdings Corporation to return to profitability, for the benefit of Sears and all of its stakeholders. ESL consistently believed that restructuring the company's finances as a going concern and outside a court-run bankruptcy process would have been a better path for Sears. To that end, ESL put forward proposals in April and August to acquire certain Sears assets, followed by a comprehensive proposal in September for liability management transactions, strategic asset sales (including those assets that ESL had made proposals to purchase) and real estate transactions. All the proposals had the goal of providing liquidity and runway for a transformation. While a comprehensive out-of-court resolution was ESL's preferred approach, it did not prove possible to achieve this outside the framework of a Chapter 11 process. ESL believes that supervision by a judge will enable creditors to address any issue among them according to a clear set of rules and permit the sale of certain assets through a court-approved auction process to maximize value. ESL invested time and money in Sears because we believe the company has a future. We intend to work closely and collaboratively with other stakeholders to restructure the company's balance sheet using the Chapter 11 framework as quickly and efficiently as possible and will continue to press forward with the goal of seeing Sears emerge from this process positioned for success as a smaller, less indebted retailer in an integrated retail environment." About Sears Holdings Sears Holdings Corporation (NASDAQ: SHLD) -- http://www.searsholdings.com/-- began as a mail ordering catalog company in 1887 and became the world's largest retailer in the 1960s. At its peak, Sears was present in almost every big mall across the U.S., and sold everything from toys and auto parts to mail-order homes. Sears claims to be is a market leader in the appliance, tool, lawn and garden, fitness equipment, and automotive repair and maintenance retail sectors. Sears and Kmart merged to form Sears Holdings in 2005 when they had 3,500 US stores between them. Kmart emerged in 2005 from its own bankruptcy. Unable to keep up with online stores and other brick-and-mortar retailers, a long series of store closings has left it with 687 retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin Islands as of mid-October 2018. The Company employs 68,000 individuals, of whom 32,000 are full-time employees. As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total assets, $11.33 billion in total liabilities and a total deficit of $4.40 billion. Unable to cover a $134 million debt payment due Oct. 15, 2018, Sears Holdings Corporation and 49 subsidiaries sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15, 2018. The Hon. Robert D. Drain is the case judge. Weil, Gotshal & Manges LLP is serving as legal counsel, M-III Partners is serving as restructuring advisor and Lazard Freres & Co. LLC is serving as investment banker to Holdings. DLA Piper LLP is the real estate advisor. Prime Clerk is the claims and noticing agent. SEARS HOLDINGS: Electrolux Exposure Is 10% of Revenue ----------------------------------------------------- In connection with the Chapter 11 filing of Sears, its major U.S. customer, Electrolux said it intends to work with Sears' restructuring officer to explore the prospects of continuing its business with Sears, while continuing to manage the financial and operational exposure. To ensure business continuity and to mitigate the financial exposure, Electrolux has been actively planning for various Sears' contingencies while also growing the business with other customers. Therefore, the Group does not currently assess a need for material one-time costs as an immediate consequence of Sears' restructuring under Chapter 11. However, while it is difficult to predict the outcome of Sears' attempt to restructure its business and the various scenarios it may entail, it cannot be ruled out that there may be a material impact on the future sales and earnings of Electrolux business area Major Appliances North America. The business area's exposure to Sears is currently about 10 percent of its total revenues. About Sears Holdings Sears Holdings Corporation (NASDAQ: SHLD) -- http://www.searsholdings.com/-- began as a mail ordering catalog company in 1887 and became the world's largest retailer in the 1960s. At its peak, Sears was present in almost every big mall across the U.S., and sold everything from toys and auto parts to mail-order homes. Sears claims to be is a market leader in the appliance, tool, lawn and garden, fitness equipment, and automotive repair and maintenance retail sectors. Sears and Kmart merged to form Sears Holdings in 2005 when they had 3,500 US stores between them. Kmart emerged in 2005 from its own bankruptcy. Unable to keep up with online stores and other brick-and-mortar retailers, a long series of store closings has left it with 687 retail stores in 49 states, Guam, Puerto Rico, and the U.S. Virgin Islands as of mid-October 2018. The Company employs 68,000 individuals, of whom 32,000 are full-time employees. As of Aug. 4, 2018, Sears Holdings had $6.93 billion in total assets, $11.33 billion in total liabilities and a total deficit of $4.40 billion. Unable to cover a $134 million debt payment due Oct. 15, 2018, Sears Holdings Corporation and 49 subsidiaries sought Chapter 11 protection (Bankr. S.D.N.Y. Lead Case No. 18-23538) on Oct. 15, 2018. The Hon. Robert D. Drain is the case judge. Weil, Gotshal & Manges LLP is serving as legal counsel, M-III Partners is serving as restructuring advisor and Lazard Freres & Co. LLC is serving as investment banker to Holdings. DLA Piper LLP is the real estate advisor. Prime Clerk is the claims and noticing agent. SPANISH BROADCASTING: Estimates Q3 Net Revenue of $33.5M to $34M ---------------------------------------------------------------- Spanish Broadcasting System, Inc., reported preliminary estimated financial results for the third quarter ended Sept. 30, 2018. Financial Highlights For the third quarter of 2018, the Company currently estimates consolidated Net Revenue to be between approximately $33.5 million and $34.0 million, an increase of between 2% and 4% over 2017 and Adjusted OIBDA, which excludes non-cash stock-based compensation, to be between approximately $10.1 million and $10.8 million, an increase of between 26% and 35% over 2017. Discussion and Results "Our preliminary estimated third quarter results reflect the continued strong performance of all of our major business units with sustained revenue growth and Consolidated OIBDA projected to be up approximately 35% over last year. At nearly 40%, our consolidated operating margin is again among the highest in the industry and our respective major-market audience shares in New York, Los Angeles, Miami and Puerto Rico are the best in the Company's history. "Looking to the fourth quarter, all business units are continuing to exhibit positive traction, both in terms of core operations and audience monetization. Revenue pacings are currently up double-digits and costs remain firmly under control. "As we celebrate our 35th year of operations, after having recently secured our official MBE (Minority Business Enterprise) Certification, we fully expect 2018 to be a year of solid operational and financial performance. "We look forward to announcing our finalized third quarter results within the next few weeks," commented Raul Alarcon, Chairman and CEO. About Spanish Broadcasting Based in Miami, Florida, Spanish Broadcasting System, Inc. (OTCMKTS:SBSAA) -- http://www.spanishbroadcasting.com/-- owns and operates 17 radio stations located in the top U.S. Hispanic markets of New York, Los Angeles, Miami, Chicago, San Francisco and Puerto Rico, airing the Spanish Tropical, Regional Mexican, Spanish Adult Contemporary, Top 40 and Latin Rhythmic format genres. SBS also operates AIRE Radio Networks, a national radio platform which creates, distributes and markets leading Spanish-language radio programming to over 250 affiliated stations reaching 94% of the U.S. Hispanic audience. SBS also owns MegaTV, a television operation with over-the-air, cable and satellite distribution and affiliates throughout the U.S. and Puerto Rico. SBS also produces live concerts and events and owns multiple bilingual websites, including www.LaMusica.com, an online destination and mobile app providing content related to Latin music, entertainment, news and culture. The report from the Company's independent accounting firm Crowe Horwath LLP, the Company's auditor since 2013, on the consolidated financial statements for the year ended Dec. 31, 2017, includes an explanatory paragraph stating that the 12.5% Senior Secured Notes had a maturity date of April 15, 2017. Cash from operations or the sale of assets was not sufficient to repay the notes when they became due. In addition, for the year ended Dec. 31, 2017, the Company had a working capital deficiency and negative cash flows from operations. These factors raise substantial doubt about its ability to continue as a going concern. Spanish Broadcasting reported net income of $19.62 million for the year ended Dec. 31, 2017, compared to a net loss of $16.34 million for the year ended Dec. 31, 2016. As of June 30, 2018, the Company had $437.4 million in total assets, $538.6 million in total liabilities and a total stockholders' deficit of $101.2 million. * * * In May 2017, S&P Global Ratings withdrew its 'D' corporate credit rating and issue-level ratings on Spanish Broadcasting System. "We withdrew the ratings because we were unlikely to raise them from 'D', based on SBS' ongoing plans to restructure its debt," said S&P Global Ratings' credit analyst Scott Zari. S&P had downgraded SBS to 'D' on April 21, 2017, following the company's announcement that it didn't repay its $275 million 12.5% senior secured notes that were due April 15, 2017, as reported by the TCR on May 25, 2017. In April 2017, Moody's Investors Service downgraded SBS's corporate family rating to 'Ca' from 'Caa2'. SBS's 'Ca' corporate family rating reflects an elevated expected loss rate following the default under the company's 12.5% senior secured notes due April 2017, said Moody's. ================= V E N E Z U E L A ================= VENEZUELA: Ditching US Dollar for Euros For International Trade --------------------------------------------------------------- Caribbean360.com reports that Venezuela will drop the US dollar from its exchange market in favour of the Euro, in reaction to crippling sanctions imposed by the United States. The move, disclosed by Vice President for Economy Tareck El Aissami, comes one year after Venezuela said it would stop accepting US dollars as payment for its oil exports, according to Caribbean360.com. Recent financial sanctions imposed by the US against Caracas affect the country's ability to make transfers in US dollars and complete payments through the American banking system, the report notes. El Aissami said the sanctions block the possibility of continuing to trade using the US dollar on the Venezuelan exchange market, the report says. "Various actors continue to attack our financial system. We are not going to give in to foreign and imperialist interests," he said, the report notes. The report discloses that the vice president therefore explained that, moving forward, all international transactions would be quoted in euro, yuan and other currencies. "The illegal measures will continue to damage the national economic system, and this is why we have made these decisions. The President has instructed the finance minister to begin a new correspondence scheme in Europe and Asia for public banks," he added, the report relays. El Aissami added that the government would sell 2 billion Euros between next month and December to allow the public to purchase the European currency "at a real, non-speculative rate," the report adds. As reported in the Troubled Company Reporter-Latin America on June 1, 2018, S&P Global Ratings, in May 2018, removed its long- and short-term local currency sovereign credit ratings on Venezuela from CreditWatch with negative implications and affirmed them at 'CCC- /C'. The outlook on the long-term local currency rating is negative. At the same time, S&P affirmed its 'SD/D' long- and short-term foreign currency sovereign credit ratings on Venezuela. S&P's transfer and convertibility assessment remains at 'CC'. ================= X X X X X X X X X ================= * BOND PRICING: For the Week October 15 to October 19, 2018 ----------------------------------------------------------- Issuer Name Cpn Price Maturity Country Curr ----------- --- ----- -------- ------- --- Banco do Brasil SA/Cayman 6.25 75.043 KY USD Rio Energy SA 6.875 71.638 2/1/2025 AR USD Cia Latinoamericana 9.5 60.447 7/20/2023 AR USD CSN Islands XII Corp 7 69.44 BR USD Agua y Saneamientos 6.625 71.982 2/1/2023 AR USD Odebrecht Finance Ltd 7.5 39.15 KY USD YPF SA 16.5 50.96 5/9/2022 AR ARS Odebrecht Finance Ltd 4.37 35.715 4/25/2025 KY USD Banco Macro SA 17.5 50 5/8/2022 AR ARS Odebrecht Finance Ltd 7.12 37.293 6/26/2042 KY USD China Huiyuan 6.5 75.1 8/16/2020 CN USD Odebrecht Finance 5.125 45.754 6/26/2022 KY USD Noble Holding 6.2 74.46 8/1/2040 KY USD Noble Holding 5.25 70.444 3/15/2042 KY USD Odebrecht Finance 7 58.985 4/21/2020 KY USD Noble Holding 6.05 73.508 3/1/2041 KY USD Odebrecht Finance 5.25 36.2 6/27/2029 KY USD Rio Energy SA 6.875 71.551 2/1/2025 AR USD BCP Finance Co 1.751 74.397 KY EUR Provincia del Chubut 4 10/21/2019 AR USD YPF SA 16.5 50.96 5/9/2022 AR ARS Argentina 7.125 76 6/28/2117 AR USD Automotores Gildemeister 6.75 62.759 1/15/2023 CL USD Odebrecht Finance 6 37.193 4/5/2023 KY USD Banco do Brasil 6.25 76.375 KY USD Cia Latinoamericana 9.5 60.621 7/20/2023 AR USD Polarcus Ltd 5.6 70 7/1/2022 AE USD Argentina 6.875 74.985 1/11/2048 AR USD Provincia del Chubut 7.75 72.304 7/26/2026 AR USD Banco Macro SA 17.5 50 5/8/2022 AR ARS CSN Islands XII Corp 7 74.375 BR USD Provincia de Rio Negro 7.75 70.153 12/7/2025 AR USD Provincia de Entre Rios 8.75 71.083 2/8/2025 AR USD Argentina 4.33 70 12/31/2033 AR JPY Provincia de Entre Rios 8.75 72.333 2/8/2025 AR USD Odebrecht Finance Ltd 4.375 35.242 4/25/2025 KY USD Ironshore Pharma 13 69.621 2/28/2024 KY USD Automotores Gildemeister 8.25 60.583 5/24/2021 CL USD Odebrecht Finance Ltd 7.125 38.674 6/26/2042 KY USD Odebrecht Finance Ltd 5.25 36.187 6/27/2029 KY USD Province of Santa Fe 6.9 74.177 11/1/2027 AR USD Provincia del Chubut 7.75 71.654 7/26/2026 AR USD Argentina 6.25 72.711 11/9/2047 AR EUR Cia Energetica 6.1827 1.105 1/15/2022 BR BRL Odebrecht Finance 7.5 43.5 KY USD Argentina 0.45 31.75 12/31/2038 AR JPY SACI Falabella 2 7/15/2020 CL CLP Province of Jujuy 8.625 72.788 9/20/2022 AR USD Province of Santa Fe 6.9 73.44 11/1/2027 AR USD Ironshore Pharma 13 69.621 2/28/2024 KY USD Tanner Servicios 3.8 52.42 4/1/2021 CL CLP AES Tiete Energia SA 6.78 1.06 4/15/2024 BR BRL Odebrecht Finance Ltd 6 37.19 4/5/2023 KY USD Provincia de Rio Negro 7.75 70.15 12/7/2025 AR USD Odebrecht Finance 7 59.466 4/21/2020 KY USD Odebrecht Finance Ltd 5.12 47.298 6/26/2022 KY USD Provincia de Cordoba 7.12 74.286 8/1/2027 AR USD Argentina 7.125 75.752 6/28/2117 AR USD Automotores Gildemeister 8.25 60.583 5/24/2021 CL USD Enlasa Generacion 3.558 11/15/2023 CL CLP Metrogas SA/Chile 645 8/1/2024 CL CLP Automotores Gildemeister 6.75 62.759 1/15/2023 CL USD Provincia del Chaco 9.375 72.315 8/18/2024 AR USD Fospar S/A 6.53 1.034 5/15/2026 BR BRL Sociedad Concesionaria 2.9547 6/30/2021 CL CLP Esval SA 3.453 3/15/2028 CL CLP Caja de Compensacion 7.75 35.23 3/27/2024 CL CLP Sociedad Austral 318.478 9/20/2019 CL CLP Provincia de Neuquen 7.5 74.753 4/27/2025 AR USD Caja de Compensacion 5.2 9/15/2018 CL CLP Empresa de Transporte 4.341 7/15/2020 CL CLP Corp Universidad 5.968 11/10/2021 CL CLP Provincia de Cordoba 7.125 74.802 8/1/2027 AR USD Provincia del Chaco 9.375 72.585 8/18/2024 AR USD Argentine Republic 7.125 75.322 6/28/2117 AR USD Sylph Ltd 2.367 61.194 9/25/2036 KY USD Banco Security SA 311 7/1/2019 CL CLP Sylph Ltd 2.657 73.081 3/25/2036 KY 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, Julie Anne L. Toledo, Ivy B. Magdadaro, and Peter A. Chapman, Editors. Copyright 2018. 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. . * * * End of Transmission * * *