/raid1/www/Hosts/bankrupt/TCRLA_Public/200915.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

          Tuesday, September 15, 2020, Vol. 21, No. 185

                           Headlines



A R G E N T I N A

YPF SA: Posts US$1.1 Billion Loss for Second Quarter


B R A Z I L

BRAZIL: Government Zeroes Tax on Rice Imports Thru December


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Aid For Workers Continues Amid Protests
DOMINICAN REPUBLIC: Drivers Seek Adjustment on Departure Times


E C U A D O R

INT'L AIRPORT: Fitch Alters Outlook on B- Secured Rating to Stable


G U Y A N A

GUYANA: President Announces Removal of VAT In Several Sectors


J A M A I C A

JAMAICA: Economic Decline Continues Into July-September Quarter


P A R A G U A Y

PARAGUAY: IDB Approves $215MM Loan to Help Boost Competitiveness


P U E R T O   R I C O

CONDADO PLAZA: Voluntary Chapter 11 Case Summary

                           - - - - -


=================
A R G E N T I N A
=================

YPF SA: Posts US$1.1 Billion Loss for Second Quarter
----------------------------------------------------
Buenos Aires Times reports that state oil company YPF SA confirmed
in a communique losses of 85 billion pesos (US$ 1.105 billion) for
the second quarter of the year.

This figure amply exceeded the negative result of 33.36 billion
pesos registered for 2019 while the first quarter of this year
(almost untouched by the pandemic) recorded a profit of 6.35
billion pesos.

The firm's communique indicated that "this result includes a net
operating loss of 36 billion pesos before considering the effect
registered by the deterioration of asset value."

One factor influencing the loss was the accounting adjustment made
after revaluing the gas assets at a loss of 57 million pesos due to
the fall in world prices.

Oil sales contracted 85 percent in the immediate wake of the
quarantine beginning on March 20 and later in the quarter
stabilised around the level of a 45 percent fall, informed YPF, the
report discloses.

In the case of diesel, the fall bottomed out at 50 percent before
stabilising at a decline of 20 percent in the last 10 weeks, the
report relays.  This reduction of sales affected company income
which reached 134 billion pesos (US$ 1.74 billion), 17 percent less
than the second quarter of 2019 even in nominal terms, the report
notes.

Fuel prices have remained frozen since late 2019 with world oil
prices at record lows, the report says.

"The company was undergoing a complex situation from the economic
and financial standpoint which was then compounded by the effects
generated by the Covid-19 pandemic," the communiqué pointed out,
the report relays.

The slump also hit hydrocarbon output, which fell nine percent as
against the previous quarter, the report discloses.

The firm highlighted that the plunge fell within the framework of a
worldwide decline as a result of the pandemic, the report relays.

"Oil production nationwide fell by almost 11 percent in the same
period and worldwide the drop was over 15 percent between April and
June," the report specified.

"In this tough context for the global oil and gas industry, most of
the oil majors reported negative results on a huge scale, including
massively downscaling the value of their assets," the report
affirmed, Buenos Aires Times relates.

Faced with these circumstances, YPF announced that it was
"comprehensively reviewing its cost structures to achieve an
operation competitive internationally while promoting efficiencies
permitting us to prepare the scenario for when we overcome this
situation" while at the financial level it had recently managed to
"improve its debt profile," the report relays.

"With all these actions being implemented, some operational and
financial results are being seen which permit us to glimpse that
the most critical moment of the difficult situation compounded by
the effects of the pandemic are very slowly beginning to fade
away," the report maintained, Buenos Aires Times discloses.

Argentina's economy, now hit by the pandemic, has been in recession
since 2018 with almost 40 percent of its 44 million inhabitants
poverty-stricken. In the first five months of this year the economy
shrank by 13.2 percent and the International Monetary Fund has
projected negative growth of -9.9 percent for this year, Buenos
Aires Times adds.

YPF SA is an energy company, operating a fully integrated oil and
gas chain with leading market positions across the domestic
upstream and downstream segments.

                       *     *     *

As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings, on July 2, 2020, affirmed its 'CCC+' ratings on
Argentine oil and gas company YPF S.A. following
the company's announcement of its debt exchange proposal.




===========
B R A Z I L
===========

BRAZIL: Government Zeroes Tax on Rice Imports Thru December
-----------------------------------------------------------
Arkady Petrov at Rio Times Online reports that the GECEX
(Management Executive Committee) of the CAMEX (Foreign Trade
Chamber) in Brazil decided to zero the tax rate on imports of
hulled and processed rice until December 31 of this year.

The temporary reduction is restricted to a quota of 400,000 tons,
levied on products covered by codes 1006.10.92 (non-parboiled
hulled rice) and 1006.30.21 (semi-milled or milled rice,
non-parboiled) of the NCM (Mercosur Common Nomenclature), according
to Rio Times Online.

The decision was taken Sept. 9, during the 8th Extraordinary
Meeting of the GECEX, as proposed by the Ministry of Agriculture,
Livestock, the report notes.

                  About Brazil

Brazil is the fifth largest country in the world and third largest
in the Americas.  Jair Bolsonaro is the current president, having
been sworn in on Jan. 1, 2019.

Standard & Poor's credit rating for Brazil stands at BB- with
stable outlook (April 2020).  Moody's credit rating for Brazil was
last set at Ba2 with stable outlook (April 2018).  Fitch's credit
rating for Brazil was last reported at BB- with negative outlook
(May 2020). DBRS's credit rating for Brazil is BB (low) with stable
outlook (March 2018).

As reported in the Troubled Company Reporter-Latin America, Fitch
Ratings' outlook revision in May 2020 for Brazil to negative
reflects the deterioration of Brazil's economic and fiscal outlook,
and downside risks to both given renewed political uncertainty,
including tensions between the executive and congress, and
uncertainty over the duration and intensity of the coronavirus
pandemic.




===================================
D O M I N I C A N   R E P U B L I C
===================================

DOMINICAN REPUBLIC: Aid For Workers Continues Amid Protests
-----------------------------------------------------------
Dominican Today reports that programs such as the Employee
Assistance Fund (FASE); Pa Ti and Stay at Home remain unchanged, in
accordance with Decree 358-20, as confirmed by the representatives
of the tripartite body (Ministry of Labor, Entrepreneurship and the
labor unions), in the Dominican Republic.

Industries Association (AIRD) executive vice president Circe
Almanzar confirmed that the FASE program remains the same, although
the number of suspended employees has been decreasing, while the
bulk of teleworking personnel are mostly in service companies and
to a lesser scale in the industries, retail and tourism sectors,
according to Dominican Today.

National Unions Council (CNUS) president Rafael Abreu said the FASE
has not changed and that the concern about the "throngs" of
protesting workers remains the same, the report notes.

He affirmed that the employees suspended under that program have
their Christmas salary at risk and that some companies have
definitively terminated their suspended employees, the report
relays.

He acknowledged however, that there have been "reintegrations," and
stressed that the same State of Emergency for workers also
continues, 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 negative outlook (April 2020). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (July
2017). Fitch's credit rating for Dominican Republic was last
reported at BB- with negative outlook (May 8, 2020).


DOMINICAN REPUBLIC: Drivers Seek Adjustment on Departure Times
---------------------------------------------------------------
Dominican Today reports that the president of the Central National
of Unified Transporters (CNTU), William Perez Figuereo, asked the
employers to readjust the working class's departure time to avoid
arrests during the start of the curfew and to contribute to
reducing coronavirus infections.

Pérez Figuereo considered it a difficult situation for drivers and
private employees when the rush hour approaches due to the mobility
restrictions imposed by the Dominican Republic Government, from
7:00 at night to 5:00 in the morning, from Monday through Friday,
as well as Saturdays and Sundays, from 5:00 in the afternoon to
5:00 in the morning, according to Dominican Today.

He advocated for flexible hours in companies because workers leave
in terror to avoid being taken to prison, causing daily chaos in
vehicular traffic and mobility, the report notes.

He said that it is necessary to respect health measures to prevent
COVID-19 from spreading throughout the country, the report
relates.

"We do nothing with having a good protocol if at dusk there are
large crowds in the various avenues of the country," he said.

He added: "We must continue working together to prevent both
employees and drivers from being apprehended for inadvertently
violating the curfew," the report says.

"We call on the business community to make the departure times of
the working class more flexible to have a greater level of
tranquility in transit and mobility," he added.

                    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 negative outlook (April 2020). Moody's credit rating for
Dominican Republic was last set at Ba3 with stable outlook (July
2017). Fitch's credit rating for Dominican Republic was last
reported at BB- with negative outlook (May 8, 2020).




=============
E C U A D O R
=============

INT'L AIRPORT: Fitch Alters Outlook on B- Secured Rating to Stable
------------------------------------------------------------------
Fitch Ratings has revised the Rating Outlook on International
Airport Finance S.A.'s (the issuer) USD400 million senior secured
notes to Stable from Negative and has also affirmed the rating at
'B-'. The issuance was made in connection with Corporacion Quiport
S.A. (Quiport), the concessionaire of Quito's Mariscal Sucre
International Airport.

RATING RATIONALE

The Outlook revision follows the upgrade on Ecuador's Long-Term
Foreign-Currency Issuer Default Rating (LT FC IDR) to 'B-' from
'RD', with Stable Outlook. The upgrade of Ecuador's rating to 'B-'
reflects the completion of a 'distressed debt exchange' (DDE) that
Fitch deems to have cured the default event initiated by the
'consent solicitation' in April. The Outlook revision also reflects
the fact that the airport has sufficient liquidity to withstand
adverse scenarios in light of the coronavirus pandemic.

KEY RATING DRIVERS

International Airport Finance S.A. has sufficient liquidity to
withstand Fitch's revised scenarios, which present average DSCR
below 1.0x between 2020 and 2022 and will only present DSCR
commensurate with higher ratings on the long term. Considering the
period between 2020 and 2032, average DSCR is 1.3x, 1.2x and 1.1x
in Fitch's rating, downside and severe downside scenarios,
respectively.

The expectation of even sharper traffic declines in 2020 led Fitch
to revise its rating case to consider passengers decline of 71% in
current review, while prior review considered a 51% decline. From
2021 onward, the same assumptions as prior review were maintained.
In Fitch's revised Rating Case, cash flow available for debt
service (CFADS) is negative in 2020 and debt service is met through
unrestricted cash and escrow account balances, without any DSRA or
SBLC drawdowns.

Additionally, Fitch updated its assumptions of traffic decline in
downside and severe downside scenarios to incorporate traffic
declines of 74% and 76%, respectively, while the prior assumptions
from 2021 onward were kept. On these scenarios, possible drawdowns
of USD3 million and USD19 million, respectively, from the 12-month
DSRA and/or SBLC cannot be ruled out. Currently the SBLC plus the
DSRA sums USD49 million and its possible drawdown limits the rating
at the Ecuador's country ceiling of 'B-', as this reserve would be
no longer available in full to mitigate transfer and convertibility
risk.

The outbreak of coronavirus and related government containment
measures worldwide create an uncertain global environment for the
airport sector. While Quiport's performance data through most
recently available issuer data may not have indicated impairment,
material changes in revenue and cost profile are occurring across
the airport sector and will continue to evolve as economic activity
and government restrictions respond to the ongoing situation.
Fitch's ratings are forward-looking in nature, and Fitch will
monitor developments in the sector as a result of the virus
outbreak as it relates to severity and duration, and incorporate
revised base and rating case qualitative and quantitative inputs
based on expectations for future performance and assessment of key
risks.

RATING SENSITIVITIES

Factors That Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

  -- Clear signals of sustained traffic recovery.

  -- A positive rating action on Ecuador's sovereign rating.

Factors That Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

  -- A Negative Rating action could result from the expectation of
a slower than expected recovery or the imposition of capital
controls by the Ecuadorian sovereign.
  -- A negative rating action on Ecuador's sovereign rating.

ESG CONSIDERATIONS

The highest level of ESG credit relevance, if present, is a score
of '3'. This means ESG issues are credit-neutral or have only a
minimal credit impact on the entity(ies), either due to their
nature or to the way in which they are being managed by the
entity(ies).




===========
G U Y A N A
===========

GUYANA: President Announces Removal of VAT In Several Sectors
-------------------------------------------------------------
The Caribbean News Now reports that Guyana's President Mohamed
Irfaan Ali announced the removal of Value Added Tax (VAT) in
several sectors -- a fulfilment of the promise made by the Peoples'
Progressive Party/ Civic (PPP/C) during the election campaign.

The President said that the measure will bring relief, stimulate
economic activity, increase the country's productive capacity,
reduce the cost of doing business and facilitate the growth and
development of businesses, according to The Caribbean News Now.
The measures, President Ali said, will have an immense impact on
people's welfare and well-being and improve living standards, the
report notes.

Ali added that the measures will help every aspect of life and "put
more money in people's pocket," the report relays.

                        VATs To Be Removed

Topping the list is the removal of VAT immediately on water and
electricity introduced by the previous administration, the report
relays.

Removal of VAT and duties will also be imposed on machinery and
equipment to allow for the recapitalization of key sectors which
includes mining, forestry, agriculture and manufacturing. This is
coupled with the granting of tax concessions for mining, forestry,
manufacturing and agriculture, the report discloses.

There will also be the reversal of land lease fees that we have had
over the last five years, back to the position it was in 2014, the
report notes.  The President said that one of the reasons for this
is due to the increase in land lease fees for poultry by 1350
percent, the report relays.  Value Added Tax will also be removed
on agro-chemicals, fertilizers, pesticides and key inputs in the
poultry sector, the report says.

The Head of State also highlighted that there will be a reversal of
VAT on all exports, the report discloses.  He noted that this will
help the manufacturing sector, help exporters to become more
competitive and profitable that could lead to creating more jobs
and new opportunities, the report relays.

VAT on hinterland travel, all medical supplies, building and
construction materials and cellular phones are likewise to be
scrapped, the report notes.  Further, corporate tax on private
education and private healthcare will be removed, the report
relays.

                          Other Relief Measures

Apart from removel of VAT, President Ali also said that mortgage
interest relief will be increased to $30 million and will be income
tax deductible, the report relays.

"This will help new homeowners, this will help young people where
your loans for housing are up to $30 million, the interest from
those loans will become income tax-deductible," the report notes.

Also, low income loans have now been increased to $10 million from
$8 million, the report relays.

Ali also announced that all licenses fees which were increased
before October 1, 2020, will be slashed by 50 per cent, the report
says.

There will also be a change in the log export policy to allow saw
millers to export logs, easing the burden of small loggers and saw
millers, the report adds.




=============
J A M A I C A
=============

JAMAICA: Economic Decline Continues Into July-September Quarter
---------------------------------------------------------------
Kellaray Miles at Jamaica Observer the Planning Institute of
Jamaica ([PIOJ), in its latest assessment of economic activities,
said that the economy is expected to record a decline in output
between the range of 8-10 per cent for the July-September quarter.
This follows contractions seen this year as a result of the novel
coronavirus outbreak, according to Jamaica Observer.

"This projection is based on expected contraction in all
industries, with the exception of the producers of Government
services," shared PIOJ Director General Dr Wayne Henry in a
short-term economic outlook during a quarterly brief, the report
notes.

He said that as the economy continues to be impacted by the
measures put in place to monitor the spread of the pandemic, there
is the expectation that there will be continued downturns across
all major sectors and industries lasting throughout the entire
2020/2021 fiscal year, the report relays.

"Consequently, the PIOJ's projection for output is for a
contraction within the range of 8.0-10.0 per cent for the full
fiscal year.  Growth in output is expected to resume during
FY2021/22 given the cycling out of the impact of the closure of the
Alpart refinery, as well as an expected reduction in the impact of
the COVID-19 pandemic on economic activities.  However, GDP levels
are not anticipated to recover until two years after the pandemic,"
the PIOJ head said, the report discloses.

"This out-turn, if it materialises, would result in the most
significant decline in GDP on record, that is, since FY1996/97 when
Jamaica began producing the fiscal year GDP data series," the
planning agency further noted," the report notes.

The director general, however, pointed to the reopening of the
country's border, passenger movement and little though limited
tourist activities along with the hosting of the general election
and its associated expenditures, as some of the activities that
will temper the rate of contraction for this quarter, the report
relays.

Henry, in his assessment, noted that major sectors such as hotels
and restaurants will significantly add to downturns for the
July-September quarter, due to a sharp decline in foreign national
arrival, the report discloses.

"Preliminary data indicate that stopover arrivals decreased by 84.5
per cent for the month of July [and] there were no cruise passenger
arrivals during July," he added.

In the previous quarter, this sector recorded a 87.5 per cent
contraction, the report notes.

              About Jamaica

Jamaica is an island country situated in the Caribbean Sea.
Jamaica is an upper-middle income country with an economy heavily
dependent on tourism.  Other major sectors of the Jamaican economy
include agriculture, mining, manufacturing, petroleum refining,
financial and insurance services.

Standard & Poor's credit rating for Jamaica stands at B+ with
negative outlook (April 2020).  Moody's credit rating for Jamaica
was last set at B2 with stable outlook (December 2019).  Fitch's
credit rating for Jamaica was last reported at B+ with stable
outlook (April 2020).

As reported in the Troubled Company Reporter-Latin America, Fitch's
revision of Jamaica's outlook in April 2020 to Stable from Positive
reflects the shock to Jamaica from the coronavirus pandemic, which
is expected to lead to a sharp contraction in its
main sources of foreign currency revenues: tourism, remittances and
alumina exports.




===============
P A R A G U A Y
===============

PARAGUAY: IDB Approves $215MM Loan to Help Boost Competitiveness
----------------------------------------------------------------
The Inter-American Development Bank (IDB) has approved a $215
million loan to help boost Paraguay's competitiveness through the
provision of road infrastructure suited to all weather conditions
and safe, resilient, and reliable transportation services on
National Route PY12 (stage I) and access roads.

The program aims to help improve the level of service and quality
of the highway and ensure safety and year-round serviceability to
guarantee access to markets and essential health and education
services.

The operation will finance paving and maintenance interventions on
142 km of PY12, 22 km of access roads, and 2 km of urban roads from
the turnoff for the town of Nanawa to the Triangulo junction and on
access roads to General Bruguez and Ninfa, along the banks of the
Pilcomayo River bordering with Argentina.

Planned interventions include construction of roadways and
shoulders; adjustments to the alignment, curvature, and slopes;
adaptation of embankments and sewers to critical hydrological
conditions according to climate change adaptation criteria;
pavement markings and road signage; installation of road safety
equipment; and building three bridges on the route.

The project will encourage women's employment in the road works and
boost the Public Works and Communications Ministry's institutional
capacity, promoting gender equality in transportation projects with
the design of a formal gender policy.

The program also contemplates service-level maintenance of some 166
km for a period of four years after the upgrades are completed;
technical and socio-environmental monitoring of the works; and
environmental and social mitigation, including expropriations and
payments for environmental services.

Other planned features include technical studies to conduct an
analysis of freight and possible improvements in the infrastructure
and logistics management of border crossings, as well as
feasibility studies for the General Díaz-Pozo Hondo segment of
PY12 (stage II), among other actions.

The purpose of upgrading the highway's technical characteristics is
to increase safety, promote inclusive roads, and incorporate design
criteria that facilitate universal access in urban interventions.

To these ends, the program will include updating Paraguay's road
design manual, particularly the chapters on road safety and
universal accessibility; training and certification on road safety
inspections and audits; and the design and implementation of a
school roads program through interventions in safe, accessible
infrastructure around schools in the route's direct area of
influence.

The project is expected to directly benefit some 55,000 dwellers
and producers of the districts of Villa Hayes, Puerto Falcon, and
General Bruguez, by ensuring they have year-round access to markets
and services.

In addition, the improved route is anticipated to have a positive
impact on post-COVID-19 economic recovery due to the potential for
job-generation and leverage effect on the real economy of large
infrastructure projects in the country. In this sense, public works
are one of the main pillars of Paraguay's Economic Revitalization
Plan launched under the motto "More public investment for more
jobs."

The IDB's $125 million loan is for a 25-year term, with a 7.5-year
grace period and an interest rate based on LIBOR.

       About IDB

The Inter-American Development Bank is devoted to improving lives.
Established in 1959, the IDB is a leading source of long-term
financing for economic, social and institutional development in
Latin America and the Caribbean. The IDB also conducts cutting-edge
research and provides policy advice, technical assistance and
training to public and private sector clients throughout the
region.




=====================
P U E R T O   R I C O
=====================

CONDADO PLAZA: Voluntary Chapter 11 Case Summary
------------------------------------------------
Three affiliates that concurrently filed voluntary petitions for
relief under Chapter 11 of the Bankruptcy Code:

      Debtor                                             Case No.
      ------                                             --------
      Condado Plaza Acquisition LLC (Lead Debtor)        20-12094
      c/o Platinum Capital Partners Inc.
      1325 Avenue of the Americas,
      28th Floor
      New York, NY 10019

      Condado Plaza Acquisition Ocean                    20-12095
      Condado Plaza Acquisition Lagoon LLC               20-12096

Business Description:     The Debtors are contract vendees under a
                          contract to purchase the Hilton Condado
                          Plaza Hotel and related assets in Puerto
                          Rico.  As a result of the Covid-19
                          pandemic and actions of relevant
                          governmental authorities as a result
                          therefrom, the Debtors have been unable
                          to close.

Chapter 11 Petition Date: September 9, 2020

Court:                    United States Bankruptcy Court
                          Southern District of New York

Judge:                    Hon. Michael E. Wiles

Debtors' Counsel:         Scott S. Markowitz, Esq.
                          Alex Spizz, Esq.
                          TARTER KRINSKY & DROGIN LLP
                          1350 Broadway
                          11th Floor
                          New York, NY 10018
                          Tel: (212) 216-8000
                          Email: smarkowitz@tarterkrinsky.com
                                 aspizz@tarterkrinsky.com

Condado Plaza Acquisition LLC's
Estimated Assets: $10 million to $50 million

Condado Plaza Acquisition LLC's
Estimated Liabilities: $1 million to $10 million

The petition was signed by Harris Stasis, manager.

The Debtors failed to include in the petitions lists of their 20
largest unsecured creditors.

Full-text copies of the petitions are available for free at
PacerMonitor.com at:

https://www.pacermonitor.com/view/LQ6RUQI/Condado_Plaza_Acquisition_LLC__nysbke-20-12094__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/EKLB2GQ/Condado_Plaza_Acquisition_Ocean__nysbke-20-12095__0001.0.pdf?mcid=tGE4TAMA

https://www.pacermonitor.com/view/E6WA2CY/Condado_Plaza_Acquisition_Lagoon__nysbke-20-12096__0001.0.pdf?mcid=tGE4TAMA



                           *********


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 * * *