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/raid1/www/Hosts/bankrupt/TCRLA_Public/200408.mbx T R O U B L E D C O M P A N Y R E P O R T E R L A T I N A M E R I C A Wednesday, April 8, 2020, Vol. 21, No. 71 Headlines A N T I G U A A N D B A R B U D A ANTIGUA & BARBUDA: PM Writes World Bank/IMF Seeking Assistance A R G E N T I N A ARGENTINA: Aims to Avoid Default Amid Lockdown Extension B R A Z I L [*] S&P Puts Neg. Rating Actions on 6 Brazilian Sugarcane Processor C O L O M B I A AVIANCA HOLDINGS: Cancels Remaining Passenger Routes D O M I N I C A N R E P U B L I C DOMINICAN REPUBLIC: Shielding the Country's Economy DOMINICAN REPUBLIC: Uses US$150MM IBRD Loan to Meet Country's Needs G U Y A N A GUYANA: Closure of Airports Extended to May 1 J A M A I C A DIGICEL GROUP: Gets Grace Period for Interest Payment on Debt P U E R T O R I C O APARTMENT INVESTMENT: Egan-Jones Lowers Sr. Unsec. Ratings to BB+ GONZALEZ & COLON: May 7 Disclosure Statement Hearing Cancelled STAR PETROLEUM: Unsecureds to Get 100% Without Interest - - - - - ===================================== A N T I G U A A N D B A R B U D A ===================================== ANTIGUA & BARBUDA: PM Writes World Bank/IMF Seeking Assistance -------------------------------------------------------------- RJR News reports that Prime Minister of Antigua and Barbuda, Gaston Browne has written to the International Monetary Fund (IMF) and the World Bank urging that the financial institutions agree to initiatives aimed at assisting CARICOM countries deal with the socio-economic impact of the coronavirus. In his March 30 letter to IMF Managing Director, Kristalina Georgieva and World Bank President David Malpass, Prime Minister Browne said the COVID-19 pandemic would have a calamitous effect on the region, according to RJR News. He said the virus would have created a public health and an economic emergency, wreaking havoc globally but especially on poor states as well as small and vulnerable ones, the report notes. The Prime Minister said several Caribbean countries are highly tourism dependent and the stoppage of airlines and cruise ships have devastated the industry, the report says. ================= A R G E N T I N A ================= ARGENTINA: Aims to Avoid Default Amid Lockdown Extension -------------------------------------------------------- Scott Squires and Patrick Gillespie at Bloomberg News report that Argentina said it will still try to avoid a costly default, even as it extends a nationwide lockdown to stop the spread of coronavirus. President Alberto Fernandez said that the country would still prioritize avoiding a default on its overseas debt, even though the already struggling economy will be hampered by a government-ordered lockdown, now in effect until April 12, according to Bloomberg News. Fernandez's assurances comes as Argentina tries to renegotiate $69 billion in overseas debt and rework a deal with the International Monetary Fund, a process that began before the virus led to a historic crash of global markets, Bloomberg News notes. Argentina had originally said it hoped to reach an agreement with private creditors by March 31, but later conceded that the deadline might be altered, Bloomberg News says. "It's never good to be in default. Our idea is the same as it was on Day 1: We need time," Fernandez said in a interview on local station Radio con Vos, Bloomberg News discloses. "Today we cannot pay and now have more support for that argument," he added. Fernandez also said that Brazilian President Jair Bolsonaro's attitude has complicated Argentina's efforts to stop the virus' spread. A lack of measures could cause Brazil to "enter the same spiral as Italy," one of the hardest-hit countries by the virus, Bloomberg News says. Argentina has been praised for its aggressive measures to stop the spread of COVID-19, closing the country's borders and halting most foreign and domestic flights before announcing a countrywide lockdown March 19. Argentina's GDP is now expected to contract 5.4% in 2020 from 1% previously, according to a Goldman Sachs forecast, Bloomberg News discloses. Argentina's financial response to the crisis has included measures like extra payments for low-income parents and retirees, a 10,000-peso ($155) transfer for informal and some independent workers in April, and a price freeze on 2,300 essential products, Bloomberg News relates. As of March 30, Argentina has reported 820 cases of the virus and 21 deaths, Bloomberg News adds. About Argentina Argentina is a country located mostly in the southern half of South America. It's capital is Buenos Aires. Alberto Angel Fernandez is the current president of Argentina after winning the October 2019 general election. He succeeded Mauricio Macri in the position. Argentina has the third largest economy in Latin America. The country's economy is an upper middle-income economy for fiscal year 2019 according to the World Bank. Historically, however, its economic performance has been very uneven, with high economic growth alternating with severe recessions, income maldistribution and in the recent decades, increasing poverty. Moody's credit rating for Argentina was last set at Caa2 from B2 with under review outlook. Moody's rating was issued on Aug. 30, 2019. S&P Global Ratings, in December 2019, raised its foreign currency sovereign credit ratings on Argentina to 'CC/C' from 'SD/D'. S&P's outlook on the long-term sovereign credit ratings is negative. Fitch Ratings, in December 2019, upgraded Argentina's Long-Term Foreign-Currency Issuer Default Rating to 'CC' from 'RD', and its Short-Term Foreign-Currency IDR to 'C' from 'RD'. DBRS, Inc. meanwhile downgraded Argentina's Long-Term and Short-Term Foreign Currency - Issuer Ratings to Selective Default (SD), from CC and R-5, respectively, also in December 2019. =========== B R A Z I L =========== [*] S&P Puts Neg. Rating Actions on 6 Brazilian Sugarcane Processor ------------------------------------------------------------------- On April 3, 2020, S&P Global Ratings took several negative rating actions on the [sugar and ethanol (S&E)] sector. S&P said, "We revised our outlook on Adecoagro S.A. to negative from stable and affirmed our 'BB' issuer credit and issue-level ratings. We placed our 'brAA-' rating on Cerradinho Bioenergia S.A. on CreditWatch with negative implications. We revised the national scale outlook from stable to negative on Cocal Comercio Industria Canaa Acucar e Alcool Ltda, and affirmed our 'brAA+' issuer credit rating on it. We placed our 'B-' and 'brBBB-' ratings on S.A. Usina Coruripe Acucar e Alcool on CreditWatch with negative implications. We revised the global and national scale outlook on Jalles Machado S.A. to negative from stable, and affirmed our 'BB-' and 'brAA+' issuer credit ratings. We revised the national scale outlook from stable to negative on Vale do Tijuco Acucar e Alcool S.A., and affirmed our 'brAA-' issuer credit rating." The sugar and ethanol (S&E) sector is exposed to numerous uncontrollable risk factors, such as commodity prices, foreign exchange (FX) rate volatility and weather conditions. S&P's main assumptions across the sector for 2020 and 2021 are as follows: -- An average FX rate of R$4.85 per $1 in 2020, which impact exported sugar earnings and ethanol pricing parity, which is correlated to global oil prices. -- End of period FX rate of R$4.80 per $1 in 2020, impacting dollar-denominated debt. -- Ethanol prices in the domestic market to drop 30%-35% in fiscal 2021 (which started on April 1, 2020), assuming Brent oil prices of $30 per barrel for the remainder of 2020, compared with over $60 in 2019. -- Mills are overall shifting their production mix towards sugar, reducing Brazil's ethanol output. -- NY#11 sugar contract forward curve at about 11 cents per pound, but cash flows will be mainly determined by amount of hedged sugar prices and FX rate. -- S&P expects higher seasonal working capital requirements to pressure the companies' liquidity this year, due to the increasing mobility restrictions in Brazil over the next few months, reducing volumes sold and requiring mills to carry over their biofuel production to be sold later in the year. -- S&P assumes limited refinancing for the year, and capex closer to maintenance levels. The drop in ethanol demand is prompting fuel distributors to reduce their purchases below original amounts in the contracts over the next months, which will force the mills to carry higher-than-expected ethanol inventories. Many mills already hold their ethanol output to sell in the inter harvest period between December to March, to benefit from better prices, and operate with stronger liquidity. But refinancing conditions are currently much tighter and liquidity relief through the sale of hydrated ethanol in the spot market may not be available, while performance risks on existing long-term energy contracts and volatility in spot market prices could also pressure liquidity. Moreover, the uncertainty over the extent of the quarantine timeframe and demand recovery adds risks to this strategy, and mills could end up selling inventories at even lower prices later on. S&P's rating actions were driven by comparing the companies' cash positions versus short-term debt maturities, and stressing operating cash flows and seasonal working capital requirements, gauging the impact on their liquidity positions in the next three to six months. Most rated mills have fixed a significant portion of their own sugar production at favorable prices when the NY#11 contract was trading at 14-15 cents per pound a few months ago, versus current prices of 10-11 cents. Moreover, most of them have fixed FX rates at about R$4.50 per $1, supporting cash flows in fiscal 2021. In addition, the impact of the average drop in domestic ethanol prices could be softened, depending on the Brazilian real's depreciation, assuming Petrobras will maintain its international pricing parity policy. =============== C O L O M B I A =============== AVIANCA HOLDINGS: Cancels Remaining Passenger Routes ---------------------------------------------------- International Flight Network reports that after the Colombian government decided to ban all regular international air travel to and from the country to help prevent the spread of Coronavirus, Avianca is suspending its last remaining routes. The Colombian flag-carrier cancelled all its international routes, in line with the government issued restrictions, according to International Flight Network. The Bogota-based airline, which last year celebrated its 100th anniversary, is now extending this suspension to all domestic flights as well, effective from Wednesday, March 25, the report notes. Its entire fleet of passenger aircraft will be grounded, Avianca says, the report relates. The company had initially intended to continue operating a minimal domestic schedule. It has offered different governments to operate chartered repatriation/rescue flights to transport stranded travelers back to their home countries, the report discloses. The airline expects domestic flights to gradually resume on April 13 and international flights on May 1, the report says. Cargo flights are not affected and Avianca Cargo continues to serve its regular flight schedule, the report notes. Avianca Holdings President and CEO, Anko van der Werff, said in a statement that more than 12,000 employees have agreed to take 'voluntary unpaid leave,' the report adds. About Avianca Avianca is a commercial brand for a collection of passenger airlines and cargo airlines under the umbrella company Avianca Holdings S.A. Avianca has been flying uninterrupted for 100 years. With a fleet of 175 aircraft, Avianca serves 76 destinations in 27 countries within the Americas and Europe. On Feb. 22, 2019, Avianca Holdings announced its corporate transformation plan consisting of four key pillars: 1) the improvement of operational indicators, 2) fleet adjustments, 3) the optimization of operational profitability and 4) repositioning of non-strategic assets. On May 24, 2019, control of Avianca Holdings was assumed by Kingsland Holdings Limited, an independent third party of United Airlines. Avianca reported a net loss of US$893.99 million for the year ended Dec. 31, 2019, compared to net profit of US$1.14 million the year ended Dec. 31, 2018. KPMG S.A.S., in Bogota, Colombia, the Company's auditor since 2018, issued a "going concern" qualification in its report dated April 26, 2019, on the Company's consolidated financial statements for the year ended Dec. 31, 2018, citing that the controlling shareholder of the Company obtained a loan and pledged its shares in Avianca Holdings S.A. as security for this loan agreement (the loan agreement), which requires compliance with certain covenants by the controlling shareholder, including compliance with the Company financial ratios. Breach of these covenants provides the lender the right to enforce the security, leading to a change of control over the Company. A change of control over the Company would breach covenants included in some loan and financing, aircraft rental, and other agreements of the Company, which in turn could trigger early termination or cancelation of these contracts. On April 10, 2019, the Company was informed by the controlling shareholder and its lender, that there was a non-compliance with covenants established in the controlling shareholder's loan agreement, and no waiver was in place; thus, there is a potential risk of change of control. The auditors said this circumstance raises a substantial doubt about the Company's ability to continue as a going concern. * * * As reported by the TCR on Dec. 19, 2019, Fitch Ratings upgraded Avianca Holdings' Long-Term Foreign and Local Currency Issuer Default Ratings to 'CCC+' from 'RD'. The upgrades follow Avianca's announcement that it has completed its debt restructuring, including receipt of a US$250 million convertible secured stakeholder facility loan from United Airlines, Inc. (BB/Stable) and Kingsland Holdings Limited. =================================== D O M I N I C A N R E P U B L I C =================================== DOMINICAN REPUBLIC: Shielding the Country's Economy --------------------------------------------------- Dominican Today reports that the director of the International Monetary Fund (IMF), Kristalina Georgieva, said that due to the effects of the coronavirus pandemic, the world economy has entered a recession and warned that the wave of layoffs and bankruptcies that it will cause will affect the composition of societies throughout the world. The consequence of this global financial crisis does not operate the same for all countries because similar to the virus, it causes more damage to economies with fragile monetary indicators or weak financial structures, which lack antibodies to or contain its devastating effects, according to Dominican Today. The head of the IMF has said that the new economic recession "will be as bad or worse than that registered in 2009," referring to the global financial crisis that broke out with the bursting of the housing bubble in the United States, a global storm that the economy The Dominican Republic was able to resist growing that year by 3% in proportion to the GDP, the report notes. The report relates that the Governor of the Central Bank, Hector Valdez Albizu, has said that the transitional measures approved by the Monetary Board represent a profound modification to the prudential norms that allow contributing more than 80 billion pesos to sustain the economy. Valdez Albizu maintains that the financial system has sufficient liquidity in both pesos and dollars, as a result of the easing measures, which is why it has urged multiple banks to lend at reduced interest rates those resources freed from the legal reserve, the report notes. The Government will subsidize companies affected by the economic impact of the coronavirus to provide their salaries to temporarily suspended workers, which would guarantee the sustainability of employment in times of crisis, the report discloses. Commercial banks apply flexibilization programs to alleviate the financial burden on their debtors in the tourism, manufacturing, agricultural, trade, SME and credit card sectors, whose payment installments were deferred for up to three months, as well as a reduction in delinquencies, interest, and minimum fees, the report says. These and many other public and private initiatives highlight the enormous range of possibilities to contain COVID-19, decrease its economic and social effects, preserve employment, return to the usual levels of growth, and shield the Dominican economy from the new global recession, the report adds. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. The Troubled Company Reporter-Latin America reported in April 2019 that the Dominican Today related that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor's credit rating for Dominican Republic stands at BB- with stable outlook (2015). Moody's credit rating for Dominican Republic was last set at Ba3 with stable outlook (2017). Fitch's credit rating for Dominican Republic was last reported at BB- with stable outlook (2016). DOMINICAN REPUBLIC: Uses US$150MM IBRD Loan to Meet Country's Needs ------------------------------------------------------------------- Dominican Today reports that the Dominican Government will use financing for US$150 million, previously contracted with the Inter-American Bank for Reconstruction and Development (IBRD) of the World Bank Group, to meet the needs of the Dominican population affected by coronavirus. After the declaration of the State of National Emergency on March 19, 2020, the Finance Ministry, in coordination with the Ministry of Economy as coordinator with the World Bank, decided to request the first disbursement of the Disaster Risk Management Policy Development Loan with the Deferred Disaster Disbursement Option (CAT-DDO), which functions as a contingent credit line of up to US$$150 million to provide "timely liquidity to the Dominican State to respond to emergency situations such as the one the country is in today," according to Dominican Today. "The resources received will be freely available to support the budget of the Central Government," the Finance Ministry said, the report adds. About Dominican Republic The Dominican Republic is a Caribbean nation that shares the island of Hispaniola with Haiti to the west. Capital city Santo Domingo has Spanish landmarks like the Gothic Catedral Primada de America dating back 5 centuries in its Zona Colonial district. The Troubled Company Reporter-Latin America reported in April 2019 that the Dominican Today related that Juan Del Rosario of the UASD Economic Faculty cited a current economic slowdown for the Dominican Republic and cautioned that if the trend continues, growth would reach only 4% by 2023. Mr. Del Rosario said that if that happens, "we'll face difficulties in meeting international commitments." An ongoing concern in the Dominican Republic is the inability of participants in the electricity sector to establish financial viability for the system. Standard & Poor's credit rating for Dominican Republic stands at BB- with stable outlook (2015). Moody's credit rating for Dominican Republic was last set at Ba3 with stable outlook (2017). Fitch's credit rating for Dominican Republic was last reported at BB- with stable outlook (2016). =========== G U Y A N A =========== GUYANA: Closure of Airports Extended to May 1 --------------------------------------------- Caribbean360.com reports that the Cheddi Jagan International Airport (CJIA) and the Eugene Correia International Airport (ECIA) will remain closed to international flights until May 1, 2020. This decision was taken in an effort to reduce the transmission of COVID-19 and was based on a request made by the Guyana Civil Aviation Authority (GCAA), the Ministry of Public Infrastructure said, according to Caribbean360.com. In a letter to Minister David Patterson, the GCAA stated that the original two-week period -- March 19-April 1 2020 -- was "very effective and assisted tremendously with slowing the spread of COVID-19 by limiting international contacts," the report notes. Noting that the number of COVID-cases both globally and regionally have risen, particularly in countries that have ports of origin for passengers to Guyana, it added: "With our initial 14 days about to expire and with the lessons learnt together with the prevailing regional and global situation, I hereby propose that the directive be extended for 30 days after its expiration, until May 1st 2020," the report relates. On March 19, the airports were officially closed to international flights, while domestic flights have proceeded, the report says. The Government approved humanitarian flights to allow citizens desirous of returning to Guyana as well as facilitated the exit of nationals of countries such as Cuba and the United States of America, the report notes. Outgoing cargo flights, medivacs and technical stops for aircraft that require fuel have also received approvals by the GCAA, the report discloses. Guyana had recorded 12 cases of COVID-19, including two deaths, the report adds. ============= J A M A I C A ============= DIGICEL GROUP: Gets Grace Period for Interest Payment on Debt ------------------------------------------------------------- RJR News, citing the Irish Times, reports that Digicel Group will not have to pay interest for a 30-day period on its US$2.9 billion debt in the wake of the coronavirus pandemic. In a statement, Digicel said it elected to take advantage of the grace period permitted under agreements with debt holders and would defer making the interest payments on three tranches of its bonds, according to RJR News. Interest was due on two of the bonds with the third due on April 1, the report notes. The move is seen as a response to the impact of Covid-19 on Digicel's businesses and its desire to preserve liquidity, the report relates. The company said the move arose from its ongoing discussions with some of its largest debt-holders at a time when it is in talks on refinancing some of its debts, the report says. Digicel has total debt of US$6.9 billion, the report adds. About Digicel Group Digicel Group is a mobile phone network provider operating in 33 markets across the Caribbean, Central America, and Oceania regions. The company is owned by the Irish billionaire Denis O'Brien, is incorporated in Bermuda, and based in Jamaica. As reported in the Troubled Company Reporter-Latin America on November 22, 2019, Fitch Ratings downgraded the Long-Term Foreign Currency Issuer Default Ratings of all of the rated entities in the Digicel corporate structure, including: Digicel Group Limited, to 'CC' from 'CCC-'; Digicel Group Two Limited to 'CC' from 'CCC-'; Digicel Group One Limited to 'CCC' from 'B-'; Digicel Limited to 'CCC' from 'B-'; and Digicel International Finance Limited to 'B-' from 'B'. The Rating Outlooks on DGL1 and DL have been removed, while the Outlook on DIFL has been revised to Negative from Stable. ===================== P U E R T O R I C O ===================== APARTMENT INVESTMENT: Egan-Jones Lowers Sr. Unsec. Ratings to BB+ ----------------------------------------------------------------- Egan-Jones Ratings Company, on March 26, 2020, downgraded the foreign currency and local currency senior unsecured ratings on debt issued by Apartment Investment & Management Company to BB+ from BBB-. Apartment Investment & Management Company is a self-administered and self-managed real estate investment trust. The trust owns a geographically diversified portfolio of multifamily apartment properties in the United States, the District of Columbia, and Puerto Rico. Apartment Investment also provides property management and asset management services. GONZALEZ & COLON: May 7 Disclosure Statement Hearing Cancelled -------------------------------------------------------------- Judge Edward A. Godoy has ordered that the hearing on the Disclosure Statement filed by Gonzalez & Colon Investment Group Inc, the Debtor in this case, scheduled for March 26, 2020 at 9:30 AM is cancelled. The same is rescheduled for May 7, 2020 at 9:30 a.m. at the United States Bankruptcy Court, Southwestern Divisional Office, MCS Building, Second Floor, 880 Tito Castro Avenue, Ponce, Puerto Rico. About Gonzalez & Colon Investment Group Gonzalez & Colon Investment Group Inc., is authorized by Puerto Rico Department of State to operate as a privately owned corporation. It Debtor classifies as single asset property, constituting a single property with 4 commercial units, that generates substantially all of the gross income of the debtor. Gonzalez & Colon Investment Group sought Chapter 11 protection (Bankr. D.P.R. Case No. 19-05905) on Oct. 11, 2019. Miriam A. Murphy-Lightbourn, Esq., at MIRIAM A. MURPHY & ASSOCIATES PSC, is the Debtor's counsel. STAR PETROLEUM: Unsecureds to Get 100% Without Interest ------------------------------------------------------- Star Petroleum Corp. filed a Chapter 11 Plan and a Disclosure Statement. The Debtor will effect payment of Administrative Expense Claims, Priority Tax Claims, Allowed Secured, and General Unsecured Claims from the cash flows generated from the leasing of its service stations. The Plan proposes to treat claims and interests as follows: * Class 1 - The Claim of Bautista Cayman Asset Company secured by mortgages on the Debtor's realty. Impaired. Total claim of $5,160,840 with estimated recovery of 57%. The partially secured claim of Bautista Cayman secured by Debtor's real properties, will be paid $2,956,000, representing the appraised values of the properties (the secured claim) in 240 equal consecutive monthly payments of $21,178 each, including principal and interests at 6%, with the deficiency portion of the claim for $2,204,840 to be treated under Class 6. * Class 4 - The Claim of Puma Energy Caribe, LLC. Impaired. Total claim of $350,000 with estimated recovery of 100%. Puma's allowed prepetition cure claim arising from the Debtor's assumption of Abraham Petroleum Corporation's executory contracts with Puma, will be paid in 35 consecutive monthly installments of $10,000 each, without interest. * Class 5 - Bautista Cayman Asset Company's Deficiency Claim. Impaired. Total claim of $3,341,518 with estimated recovery of 5%. Bautista Cayman's Unsecured Claim guaranteed by Debtor's principal and his spouse and by a mortgage on realty the property of Samir Abraham, will be paid 5% thereof in full satisfaction of this claim, through 60 equal consecutive monthly payments, without interest. * Class 6 - Holders of Allowed General Unsecured Claims. Impaired. Total claim of $102,859 with estimated recovery of 100%. Holders of Allowed General Unsecured Claims in excess of $3,000, including Banco Popular de Puerto Rico, will be paid in full satisfaction of such claims 5% thereof, trough 60 equal consecutive monthly payments, without interest. Holders of Allowed General Unsecured Claims for $3,000 or less will be paid in full satisfaction of such claims 5% thereof on the Effective Date. A full-text copy of the Disclosure Statement dated March 18, 2020, is available at https://tinyurl.com/ubmzjo2 from PacerMonitor.com at no charge. Counsel for the Debtor: CHARLES A. CUPRILL P.S.C. LAW OFFICES 356 Fortaleza Street Second Floor San Juan, PR 00901 Tel.: 787-977-0515 Fax: 787-977-0518 E-mail: ccuprill@cuprill.com About Star Petroleum Corp. Star Petroleum, Corp., based in Toa Alta, PR, filed a Chapter 11 petition (Bankr. D.P.R. Case No. 20-00558) on Feb. 5, 2020. In the petition signed by Sami Abraham, president, the Debtor disclosed $6,782,500 in liabilities. CHARLES A. CUPRILL, PSC LAW OFFICES, serves as bankruptcy counsel. ********* 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 2020. 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 * * *