/raid1/www/Hosts/bankrupt/TCRLA_Public/201215.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, December 15, 2020, Vol. 21, No. 250
Headlines
A R G E N T I N A
ARGENTINA: Creditors Fight to Avoid Painful Restructurings
B R A Z I L
BRAZIL: Senate Approves Reform of Natural Gas Distribution Sector
D O M I N I C A N R E P U B L I C
DOMINICAN REPUBLIC: ANPA Warns of Nine Pests Affecting Crops
DOMINICAN REPUBLIC: Despite Sharp Drop, Tourists Buoy Nov. Numbers
[*] DOMINICAN REPUBLIC: Pres. Plans for Economic Recovery
M E X I C O
[*] MEXICO: WHO Contradicts Claim That Pandemic is Under Control
P U E R T O R I C O
PUERTO RICO: PRASA Bond Sale Demand More Than Double Supply
V E N E Z U E L A
VENEZUELA: Dollar Will Never Be the Official Currency, Maduro Says
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A R G E N T I N A
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ARGENTINA: Creditors Fight to Avoid Painful Restructurings
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globalinsolvency.com, citing The Financial Times, reports that
holders of Argentina's $15 billion in provincial debt are growing
nervous that pressure from the national government is behind
"arbitrary" demands for debt restructurings, threatening investors
with big losses.
After the successful restructuring of $65 billion in sovereign debt
with foreign creditors in August, Argentina's leftist government is
now locked in talks with the IMF to renegotiate the repayment of
$44 billion lent since a currency crisis in 2018, according to
globalinsolvency.com.
Foreign creditors to Argentina's provinces are next in line, the
report notes. They say the national government is strong-arming
provincial authorities into demanding punitive debt restructurings
affecting most of the market, forcing losses, or "haircuts", on
them, the report relays.
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.
Standard & Poor's credit rating for Argentina stands at CCC+ with
stable outlook, which was a rating upgrade issued on Sept. 8,
2020.
Fitch's credit rating for Argentina was last reported at CCC with
n/a outlook, a rating upgrade from CC on Sept. 11, 2020. DBRS'
credit rating for Argentina is CCC with n/a outlook, a rating
upgrade on Sept. 11, 2020. Moody's credit rating for Argentina was
last set at Ca, a rating downgrade from Caa2 on April 4, 2020, with
a negative outlook.
As reported by The Troubled Company Reporter - Latin American, DBRS
noted that the recent upgrade in Argentina's ratings (September
2020) follows the closing of two debt restructuring agreements
between the Argentine government and private creditors. The first
restructuring involved $65 billion in foreign-law bonds. The deal
achieved the requisite participation necessary to trigger the
collective action clauses and finalize the restructuring on 99% on
the aggregate principal outstanding of eligible bonds. DBRS added
that the debt restructurings conclude a prolonged default and
provide the government with substantial principal and interest
payment relief over the next four years.
DBRS further relayed that Argentina is also seeking a new agreement
with the International Monetary Fund (IMF) to replace the canceled
2018 Stand-by Agreement. Obligations to the IMF amount to $44
billion, with major repayments coming due in 2022 and 2023.
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B R A Z I L
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BRAZIL: Senate Approves Reform of Natural Gas Distribution Sector
-----------------------------------------------------------------
Rio Times Online reports that Brazil's Senate on December 10,
approved the basic text of a bill to further open up the natural
gas market to private competition and break the production monopoly
held by state-controlled oil company Petroleo Brasileiro SA
(Petrobras).
The new legal framework changes natural gas distribution from a
regime of concessions by different state governments to one of
authorizations by the federal oil and gas regulator, ANP, thus
reducing bureaucracy in building pipelines, according to Rio Times
Online.
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.
S&P Global Ratings affirmed on December 14, 2020, its 'BB-/B' long-
and short-term
foreign and local currency sovereign credit ratings on Brazil. The
outlook on the long-term ratings remains stable. Fitch Ratings'
credit rating for Brazil stands at 'BB-' with a negative outlook
(November 2020). Moody's credit rating for Brazil was last set at
Ba2 with stable outlook (April 2018). DBRS's credit rating for
Brazil is BB (low) with stable outlook (March 2018).
As reported in the Troubled Company Reporter-Latin America, S&P
Global Ratings' stable outlook assumes that timely implementation
of fiscal adjustment and modest economic recovery will help
preserve market confidence and adequate funding conditions for the
government in local markets in the next two years, despite a
sustained increase in the debt burden.
===================================
D O M I N I C A N R E P U B L I C
===================================
DOMINICAN REPUBLIC: ANPA Warns of Nine Pests Affecting Crops
------------------------------------------------------------
Dominican Today reports that the Minister of Agriculture, Limber
Cruz Lopez, was warned by the National Association of Agricultural
Professionals (ANPA) of the existence of nine pests or diseases
that are affecting national production and if they are not
controlled, there could be a shortage and a reduction in exports.
The president of the entity, agricultural engineer Danilo Severino,
said that some of the diseases are already in the country and other
nations in the region, so it is necessary to strengthen preventive
measures at ports and airports, according to Dominican Today.
The Mediterranean fly, Ceratitis capitata, (mosquito) is an insect
that attacks the mango production and is in the country, partially
controlled, which entered through the tourist area of Punta Cana,
La Altagracia, the report notes.
He said that this disease has caused millionaire loss in mango
production in the eastern region, the report relays.
Secondly, the Giant Snail of Africa, which is in the country and
entered through the eastern region, is a mollusk that attacks
several crops, the report discloses.
He said that there is a danger that this mollusk could be moved to
the eastern regions and the Cibao valley, where the main centers of
agricultural production are located and because of that it is
necessary to discontinue the cancellation of agronomy
professionals, the report says.
In third place, there is the musaceous disease Fusarium Oxysporun
Cubense, which is a fungus that attacks the production of bananas,
which it enters in a few weeks and damages a plantation, the report
notes.
At number four, tomato production is being attacked by the brown
rugose virus, which can damage 30 to 100% of the production,
according to reports and more now than in winter and spring when
Montecristi, Azua, and Dajabón crops are produced, the report
relays.
The report discloses that another disease that damages rice
production is the Tilletia barcloyna fungus, which has not reached
the country, but is attacking production in Colombia.
He recalled that in the case of cocoa, attention must be paid to
the fungus monilia roreli, the report relays.
Severino said that in view of the situation, it is necessary for
the Government to desist from canceling agronomy professionals and
coordinate actions to increase production and above all take the
necessary measures to control these insects that damage production,
the report relays.
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.
Luis Rodolfo Abinader Corona is the current president of the
nation.
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, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term
sovereign credit ratings.
The negative outlook reflects S&P's view that it could lower the
ratings on the Dominican Republic over the next six to 18 months,
given the severe impact of the COVID-19 pandemic on the
sovereign's already vulnerable fiscal and external profiles, as
well as the potential for a weaker-than-expected economic
recovery.
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: Despite Sharp Drop, Tourists Buoy Nov. Numbers
------------------------------------------------------------------
Dominican Today reports that the arrival of foreign tourists to the
Dominican Republic fell by 78.47% in November, compared to the same
month last year; a slight recovery in the sector compared to
previous months.
According to Central Bank statistics released, 101,834 foreign
tourists arrived in the Caribbean country in November, compared to
the 473,175 arrivals in the same month last year, the report
relays.
Despite the sharp drop, November was the best month for Dominican
tourism since the airports reopened on July 1, and double the
number of foreign travelers registered in August, according to
Dominican Today.
In its monthly report on tourism, the Dominican economy's most
important sector, the Central Bank said there's evidence of "a
gradual trend towards recovery in the arrival of passengers," the
report notes.
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.
Luis Rodolfo Abinader Corona is the current president of the
nation.
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, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term
sovereign credit ratings.
The negative outlook reflects S&P's view that it could lower the
ratings on the Dominican Republic over the next six to 18 months,
given the severe impact of the COVID-19 pandemic on the
sovereign's already vulnerable fiscal and external profiles, as
well as the potential for a weaker-than-expected economic
recovery.
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: Pres. Plans for Economic Recovery
---------------------------------------------------------
Dominican Today reports that President Luis Abinader said that the
economic recovery would have to lay the foundations for a more
stable, healthier, more adaptable, and resilient future growth.
"We are an economy connected to the world, in the space of global
competition, and we must adapt to compete in the best possible
way," said the president, according to Dominican Today.
He said that last month, the government presented a historical fact
for the Dominican Republic, the First National Plan for the
Promotion of Exports, with a temporal projection of 10 years and
constant monitoring, the report notes.
Speaking at the congress of the Dominican Association of Exporters
called the first edition of Export Summit 2020, he said that plans
like that would allow the Government to approach the goal set for
the creation of more than 600 thousand formal jobs and raise
exports of goods and services to 20 billion dollars over the next
four years, the report relays.
He said that "united and working together, we tell Dominican
businessmen and women that we organize ourselves internally for the
productivity and competitiveness of our exports," the report
discloses.
The head of state said that "we tell the world that we are going
out to place our goods and services intelligently and consistently
in international markets. But especially, we tell it that we are
entering a transformative and innovative process, based on the
deepening of the export culture as an inalienable fact," he said,
the report notes.
Further, the President offered that exporting is now the central
axis for recovering the economy in the short term and economic
development in the medium and long term, the report relays.
"The increase in our exports will allow us to establish a new model
of economic growth that translates into welfare for the people,"
the report relates.
Abinader indicated that this is a signal from the Government of
government synergy and support to the producer in the field, the
exporter, the productive apparatus, and human development in the
country, the report notes.
"We must strengthen our sector to consolidate its market here and
conquer foreign markets. We have the raw material, the necessary
talent, and now we are going to put in place the necessary tools to
carry it out," he added.
He thanked Adoexpo for organizing the forum and bringing together
so many experts in the field, 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.
Luis Rodolfo Abinader Corona is the current president of the
nation.
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, on December 4, 2020, affirmed its 'BB-'
long-term foreign and local currency sovereign credit ratings on
the Dominican Republic. The outlook remains negative. S&P also
affirmed its 'B' short-term
sovereign credit ratings.
The negative outlook reflects S&P's view that it could lower the
ratings on the Dominican Republic over the next six to 18 months,
given the severe impact of the COVID-19 pandemic on the
sovereign's already vulnerable fiscal and external profiles, as
well as the potential for a weaker-than-expected economic
recovery.
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).
===========
M E X I C O
===========
[*] MEXICO: WHO Contradicts Claim That Pandemic is Under Control
----------------------------------------------------------------
Pedro Pablo Cortes at EFE News reports that relatives of patients,
health experts and even the World Health Organization are
contradicting the official line being put out by the Mexican
government that the coronavirus pandemic has been brought under
control despite the fact that new records are being set for
hospitalizations and the hospital system is saturated with ill
people.
The reality is much in evidence in front of the La Raza Hospital,
one of the health centers that is practically 100 percent occupied
in Mexico City, according to EFE News.
The drama at the capital city medical center is being repeated at
many other health facilities, like the Parque de los Venados
General Hospital, where dozens of families are seated on the
sidewalk, some of them waiting for information and others waiting
for a bed, the report notes.
These scenes are occurring a day after the warning issued by WHO
chief Tedros Adhanom, who said the fact that the number of cases
and deaths had doubled between Oct. 12 and Nov. 20 in Mexico was of
great concern to the international organization, the report
discloses.
He said that he thought this showed that Mexico was in bad shape in
terms of dealing with the virus, the report says.
Mexico has suffered almost 106,000 deaths and more than 1,110,000
confirmed Covid-19 cases so far, making it the No. 4 country in the
world for deaths and No. 11 for infections, the report relays.
The Health Secretariat reported four days with more than 10,000
newly confirmed Covid-19 cases, the highest figures so far during
the pandemic except for Oct. 5, when 28,115 new cases were
registered due to a change in methodology where cases tested over a
number of past days were all counted toward that day's total at
once, the report notes.
However, Hugo Lopez-Gatell, the official tasked with overseeing
pandemic management in Mexico, downplayed the WHO warning and
criticized a Mexican reporter "for asking a question" of Tedros
Adhanom, the report discloses.
"What he's saying is what everyone is saying," said Lopez-Gatell,
who is the deputy secretary for disease prevention and health
promotion, the report says.
Mexico City is the area in Mexico with the highest occupancy of
intensive care beds -- 61 percent -- as well as having the
second-highest general hospitalization numbers: 65 percent, the
report relays.
There are 29 hospitals in the capital, out of a total of 59
hospitals nationwide that can treat Covid-19 cases, and a "red
alert" is issued if general hospital occupancy exceeded 70 percent,
but 10 of those centers already have 99 percent or even 100 percent
occupancy right now, according to the IRAG acute respiratory
infection network information system, the report notes.
But President Andres Manuel Lopez Obrador has rejected what the
figures show.
"In the short term there's no risk of saturation in Mexico City.
That is, there are beds, there is equipment, there are doctors," he
said at a press conference, the report says.
But relatives of patients outside the Mexico City hospitals say
that they have often had to travel to several medical centers to
try and get treatment, the report relays.
Public health expert Carolina Gomez also said that the "wake-up
call" WHO issued to the Mexican government was of great "concern,"
the report relays.
"The figures are very clear and there's no way to get around them.
They've tried to trivialize this tragedy and the truth is that if
we keep going on like this we're going to have a very tough winter
where unfortunately we're going to continue to have very sad
numbers" of confirmed cases and deaths, she told EFE.
=====================
P U E R T O R I C O
=====================
PUERTO RICO: PRASA Bond Sale Demand More Than Double Supply
-----------------------------------------------------------
Michelle Kaske of Bloomberg News reports that investors' search for
yield helped Puerto Rico's water utility refund $1.37 billion of
debt as buyer interest was more than double the supply in the first
major public debt offering since the commonwealth began its record
bankruptcy in 2017.
The Puerto Rico Aqueduct and Sewer Authority, or Prasa, as the
water utility is known, received $3.1 billion of bids on the
refunding December 9, 2020, Puerto Rico's Fiscal Agency
and Financial Advisory Authority, called AAFAF, said in a statement
Thursday, December 10, 2020. The deal saves Prasa $350 million in
debt service payments through 2047, the final maturity, according
to AAFAF.
About Puerto Rico
Puerto Rico is a self-governing commonwealth in association with
the United States that's facing a massive bond debt of $70 billion,
a 68% debt-to-GDP ratio and negative economic growth in nine of the
last 10 years.
The Commonwealth of Puerto Rico has sought bankruptcy protection,
aiming to restructure its massive $74 billion debt-load and $49
billion in pension obligations.
The debt restructuring petition was filed by Puerto Rico's
financial oversight board in U.S. District Court in Puerto Rico
(Case No. 17-01578) on May 3, 2017, and was made under Title III of
2016's U.S. Congressional rescue law known as the Puerto Rico
Oversight, Management, and Economic Stability Act ('PROMESA').
The Financial Oversight and Management Board later commenced Title
III cases for the Puerto Rico Sales Tax Financing Corporation
(COFINA) on May 5, 2017, and the Employees Retirement System (ERS)
and the Puerto Rico Highways and Transportation Authority (HTA) on
May 21, 2017. On July 2, 2017, a Title III case was commenced for
the Puerto Rico Electric Power Authority ("PREPA").
U.S. Chief Justice John Roberts has appointed U.S. District Judge
Laura Taylor Swain to oversee the Title III cases. The Honorable
Judith Dein, a United States Magistrate Judge for the District of
Massachusetts, has been designated to preside over matters that may
be referred to her by Judge Swain, including discovery disputes,
and management of other pretrial proceedings.
Joint administration of the Title III cases, under Lead Case No.
17-3283, was granted on June 29, 2017.
The Oversight Board has hired as advisors, Proskauer Rose LLP and
O'Neill & Borges LLC as legal counsel, McKinsey & Co. as strategic
consultant, Citigroup Global Markets, as municipal investment
banker, and Ernst & Young, as financial advisor.
Martin J. Bienenstock, Esq., Scott K. Rutsky, Esq., and Philip M.
Abelson, Esq., of Proskauer Rose; and Hermann D. Bauer, Esq., at
O'Neill & Borges are on-board as attorneys.
McKinsey & Co. is the Board's strategic consultant, Ernst & Young
is the Board's financial advisor, and Citigroup Global Markets Inc.
is the Board's municipal investment banker.
Prime Clerk LLC is the claims and noticing agent. Prime Clerk
maintains a case web site at
https://cases.primeclerk.com/puertorico
Epiq Bankruptcy Solutions LLC is the service agent for ERS, HTA,
and PREPA.
O'Melveny & Myers LLP is counsel to the Commonwealth's Puerto Rico
Fiscal Agency and Financial Advisory Authority (AAFAF), the agency
responsible for negotiations with bondholders.
The Oversight Board named Professor Nancy B. Rapoport as fee
examiner and to chair a committee to review professionals' fees.
=================
V E N E Z U E L A
=================
VENEZUELA: Dollar Will Never Be the Official Currency, Maduro Says
------------------------------------------------------------------
The Latin American Herald reports that it is no secret that the
bolivar has lost more than 95% of its value since Nicolas Maduro
came to power in 2013 -- not to mention all the ground it lost
since chavismo put down roots in Venezuela 21 years ago. But
according to the Venezuelan leftist leader, the currency is far
from dead.
Maduro ruled out the dollarization of Venezuela's economy and made
clear in a press conference that the greenback -- or other foreign
currency -- "is not, and will never be" the country's official
currency, according to The Latin American Herald.
"The people's wages have an open wound and it is festering.
Retailers use dollars as an escape valve which I see as positive (.
. . ) there is no such thing as dollarization in Venezuela, and
there will never be, because its official currency is the bolivar,"
he said, the report relays.
Furthermore, Maduro claimed that his administration will recover
and strengthen all state-owned companies through reforms as he
ruled out to put them in private hands, the report notes.
Earlier, he said he expects to have "good relations" with the US
government after the inauguration of Joe Biden, the report says.
"We'll wait until Biden is sworn in so we can open the door to
dialogue. We are patient and we are still waiting for the day of
understanding," he said, the report discloses.
Asked whether Venezuela remains a socialist country amid a de facto
dollarization, Maduro touch on the issue of the commercial
relations with the US, the report relays.
"We have always made an effort to have a good relationship with the
US, but unfortunately we have failed to do so," Maduro said while
making it clear that Venezuela had better communication with the
government of Barack Obama, the report notes.
Maduro consolidated his power in Venezuela after regaining control
of the Parliament with 67.6% of the votes cast and a 31% voter
turnout, the report adds.
Venezuela
Venezuela, officially the Bolivarian Republic of Venezuela, is a
country on the northern coast of South America, consisting of a
continental landmass and a large number of small islands and islets
in the Caribbean sea. The capital is the city of Caracas.
Hugo Chavez was president to Venezuela from 1999 to 2013. The
Chavez presidency was plagued with challenges, which included a
2002 coup d'etat, a 2002 national strike and a 2004 recall
referendum. Nicolas Maduro was elected president in 2013 after the
death of Chavez. Maduro won a second term at the May 2018
Venezuela elections, but this result has been challenged by
countries including Argentina, Chile, Colombia, Brazil, Canada,
Germany, France and the United States who deemed it fraudulent and
moved to recognize Juan Guaido as president.
The presidencies of Chavez and Maduro have challenged Venezuela
with a socioeconomic and political crisis. It is marked by
hyperinflation, climbing hunger, poverty, disease, crime and death
rates, social unrest, corruption and emigration from the country.
S&P Global Ratings, in May 2019, 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.
Moody's credit rating (long term foreign and domestic issuer
ratings) for Venezuela was last set at C with stable outlook in
March 2018. Meanwhile, Fitch's long term issuer default rating for
Venezuela was last in 2017 at RD and country ceiling was CC. Fitch,
on June 27, 2019, affirmed then withdrew the ratings due to the
imposition of U.S. sanctions on Venezuela.
*********
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
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The TCR Latin America subscription rate is US$775 per half-year,
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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 * * *