TCRLA_Public/040107.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, January 7, 2004, Vol. 5, Issue 4

                          Headlines


A R G E N T I N A

AMSA: Concludes $12.5M Debt Deal With Creditors
AUTOPISTAS DEL SOL: Rating Remains After Endorsement of APE
BANCO FRANCES: Concludes $135M Debt Restructuring
DESINFECTADORA DEL PLATA: Declared Bankrupt by Court
FADELERS: Court Assigns Receiver to Oversee Bankruptcy

FREDDO: Pegasus Purchase Likely To Close This Week
G.S.I. S.A.: Court Declares Bankruptcy
GATIC: Court Backs Gotelli's Plan
INTERGEN: Declared "Quiebra Decretada" By Court
LA NOUVELLE ROCHELLE: Individual Reports Due For Filing April 14

OGDEN-RURAL: De Narvaez Seeks To Extend Debt Payments
PESQUERA SANTA MARIA: Claims Verified Until Feb. 13
RIBEIRO: $25M Worth of Bonds Get `B' Rating from Moody's
SULLAIR ARGENTINA: Restructures Debts With Banks
TARJETA NARANJA: Moody's Assigns `D' to $200M Worth of Bonds

TURBINE POWER: Moody's Rates $20M of Bonds `D'

* ARGENTINA: Bondholders May Now Organize For Class Action


B R A Z I L

ACESITA: Introduces Measure To Address High Nickel Prices
CFLCL: Aneel Denies Injunction Involving Alliant Appeal


C O L O M B I A

MILLICOM INTERNATIONAL: Retires 13 1/2%, 11% Senior Notes


E C U A D O R

INTERVENED BANKS: AGD To Determine Equity Shortfall


M E X I C O

AEROMEXICO: To Abandon Outsourcing Plans
NII HOLDINGS: Surpasses 2003 Net Adds Guidance


U R U G U A Y

AMERICAN EXPRESS (URUGUAY): Ratings Withdrawn


V E N E Z U E L A

PDVSA: Analysts Suggest An Increase In Planned Investments

     -  -  -  -  -  -  -  -

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

AMSA: Concludes $12.5M Debt Deal With Creditors
-----------------------------------------------
Anselmo L. Morvillo SA (AMSA) and its creditors concluded a deal
to restructure US$12.5 million worth of commercial and financial
debt.

AMSA, the local branch of Quad/Graphics Inc., is one of the most
important paper companies in Argentina. Negri, Teijeiro & Incera,
the legal assessor, has been integrated by partner Mr. Federico
Busso and member Ms. Karina L. Castellano.

Baker & McKenzie Argentina advised Stora Enso Oyj/Bank Finland
Plc, through partner Mr. Alejandro Olivera and Ms. Veronica
Melian.

The banks have been advised by their corporate lawyers.

Itau Buen Ayre was directed by Mr. Pablo Antoa and Ma. Florencia
Diaz; HSBC Bank Argentina by Mr. Hernan Martín; Banco Societe
Generale by Mr. Pablo Morales; Banco CMF by Ms. Miriam Gonzalez;
BBVA Banco Frances by Ms. Graciela Mancuso and Banco Patagonia
Sudameris by Mr. Alejandor Pisan.


AUTOPISTAS DEL SOL: Rating Remains After Endorsement of APE
-----------------------------------------------------------
Autopistas del Sol S.A. (Ausol), whose US$380 million notes are
rated 'D' by Standard & Poor's Ratings Services, announced that
an Argentine court has endorsed the Out of Court Agreement, or
Acuerdo Preventivo Extrajudicial (APE), between the company and
the majority of its creditors. However, because there is still a
period to appeal, the event does not signal the end of the
restructuring process yet.

The APE included Ausol's US$170 million 9.35% series A senior
notes due 2004, US$210 million 10.25% senior B notes due 2009,
and other unsecured financial indebtedness. Since the new notes
resulting from the agreement will be issued after final legal
procedures and according to a certain established legal schedule,
Standard & Poor's said that its rating on the current notes will
be maintained until all the proceedings are completed.

In addition, although Standard & Poor's expects Ausol's financial
profile to benefit from a lower level of debt and the longer
tenor of its financial obligations, the company still faces the
uncertainties related to the unresolved issue of the
renegotiation of concession contracts in Argentina, including new
tariff-setting mechanisms.

ANALYSTS:  Luciano Gremone, Buenos Aires (54) 11-4891-2143
           Pablo Lutereau, Buenos Aires (54) 114-891-2125


BANCO FRANCES: Concludes $135M Debt Restructuring
-------------------------------------------------
BBVA Banco Frances concluded the restructuring of US$135 million
worth of debt registered in Obligaciones Negociables.

The bank, which is controlled by the Spanish bank Banco Bilbao
Vizcaya Argentaria SA, has already repaid 10% of its
'Obligaciones Negociables' and has issued new ones for
US$121,500,000 due in 5 years. The Libor rate for the new ONs is
yet to be announced.

Mr. Diego Serrano Redonnet, Ms. Florencia Celasco and Mr. Hugo
Juarez Weigandt from the law firm Perez Alati, Grondona, Benites
Arnsten & Martinez de Hoz (h) have acted as the Argentine legal
assessors.

Morrison & Forrester LLP has acted as the legal assessor for the
committee of the International banks, which participated in the
restructuring.

BBVA Banco Frances SA has been legally represented by Mr. Adrian
Bressani, and the law firm Bruchou, Fernandez Madero, Lombardi &
Mitrani through Baruki Gonzalez, partner and Mr. Mariano Juarez
Goni, member. The legal assessor under American law for the bank
was Davis Polk & Wardwell, through Mr. Andres Gil, partner and
Mr. Kyle Williams, member.


DESINFECTADORA DEL PLATA: Declared Bankrupt by Court
----------------------------------------------------
Judge No. 13 of Buenos Aires Court declared Desinfectadora del
Plata S.A. bankrupt ("Quiebra Decretada"). Local news source
Infobae reports that Clerk No. 25 assists the court on the case.

The Company will undergo the bankruptcy process, which starts
with the verification of creditors' claims to determine the
characteristics of its debts. The receiver, Mr. Jose Francisco
Ruiz, of Avenida Corrientes 4264 Buenos Aires, will verify these
claims until March 11, 2004.


FADELERS: Court Assigns Receiver to Oversee Bankruptcy
------------------------------------------------------
Buenos Aires Court No. 26, which declared local company Fadelers
S.A. bankrupt, named Jorge Inafuku as receiver who will oversee
the bankruptcy process.

Mr. Inafuku will verify creditors' claims until Feb. 27 of the
current year. The process is done to determine the nature and
amount of the Company's debts.

The individual reports, which are prepared after the verification
is completed, must be submitted to the court on April 14, 2004,
followed by the general report on May 27 of the same year. The
general report is prepared after the individual reports are
processed at the court.

Argentine news portal Infobae relates that the city's Clerk No.
51 assists the court on the case.

CONTACT:  Fadelers S.A.
          Caldas 92
          Buenos Aires

          Jorge Inafuku
          Cerrito 1070
          Buenos Aires


FREDDO: Pegasus Purchase Likely To Close This Week
--------------------------------------------------
The sale of Argentine ice cream store chain Freddo to private
equity fund Pegasus Capital is expected to close this week, Dow
Jones reports, citing a Pegasus spokesperson.

Local newspaper Ambito Financiero reported Monday morning that
the deal, which is said to be worth between US$10 million and
US$20 million, has already been closed. However, the Pegasus
representative indicated that the final papers won't be signed
until later this week.

Pegaus secured an "accord of exclusivity" for control of Freddo,
the spokesperson added.

In the late 90s, The Exxel Group purchased Freddo from its
founders for US$82.5 million. In October 2001, a group of banks
headed by Banco de Galicia y Buenos Aires took over Freddo in
exchange for a US$30-million loan they had granted The Exxel.
Galicia started to look for a purchaser right away.


G.S.I. S.A.: Court Declares Bankruptcy
--------------------------------------
Buenos Aires Court No. 9 declared G.S.I. S.A. "Quiebra
Decretada," Infobae relates. The Company, whose exact location
was not revealed, will undergo the bankruptcy process, which will
end with the liquidation of its assets. The court is yet to name
a receiver, who will oversee the bankruptcy process, nor reveal
important dates, such as the claims verifications period, and the
submission of individual and general reports.

Clerk No. 14 assists the Court on the case, the report says.


GATIC: Court Backs Gotelli's Plan
---------------------------------
The commercial court in charge of Argentine textile company
Gatic's formal restructuring proceeding backed the plan to rent
some of its plants to an investment group led by Guillermo
Gotelli.

Gatic is trying to restructure some ARS529 million in debt.

Gotelli proposed to rent three of Gatic's plants in exchange for
a ARS12 million annual fee during ten years.

Local business daily Infobae reports that the judge decided to
accept Gotelli's leasing offer because he believes it is the most
feasible alternative to help Gatic recover and solve the
situation of 4,000 workers that have been out of work for five
months.

Gotelli is offering to rent these plants and Gatic's sportswear
chain Show Sport for ten years, with an option to extend the
contract for other three years.

The fee has a fixed part and a variable part that fluctuates with
the output level. Gatic thinks the initial income would be of
around ARS12 million per year.

The accord is subject to creditors' approval.


INTERGEN: Declared "Quiebra Decretada" By Court
-----------------------------------------------
Buenos Aires Court No. 1 declared local company Intergen S.R.L.
bankrupt ("Quiebra Decretada"), reports Infobae. The court, with
the assistance of Clerk No. 2, assigned Jorge Raul Mencia as
receiver, who will oversee the bankruptcy process, which will end
with the liquidation of Intergen's assets. Mr. Raul Mencia will
verify creditors' claims until March 16, 2004.

CONTACT:  Jorge Raul Mencia
          Uruguay 328
          Buenos Aires


LA NOUVELLE ROCHELLE: Individual Reports Due For Filing April 14
----------------------------------------------------------------
Buenos Aires Court No. 6 ordered Mr. Juan Vilanova to submit the
individual reports on the bankruptcy of Argentine restaurant La
Nouvelle Rochelle S.R.L. on April 14, 2004.

The submission of the individual reports follows the credit
verification process, expected completed on Feb 27.

Mr. Vilanova, the receiver, will then prepare the general report
after the individual reports are processed at court. The general
report is to be filed on May 27, 2004.

Local newspaper La Nacion relates that Dr. Sarmiento, the city's
Clerk No. 12, works with the court on the case. The Company's
assets will be liquidated at the end of the bankruptcy process to
reimburse creditors.

CONTACT:  La Nouvelle Roche S.R.L.
          5th Floor, Office 32
          Combate de los Pozos 59
          Buenos airse

          Juan Vilanova
          6th Floor, Office B
          Hipolito Yrigoyen 1349
          Buenos Aires


OGDEN-RURAL: De Narvaez Seeks To Extend Debt Payments
-----------------------------------------------------
Argentine businessman Francisco De Narvaez, owner of a 50% stake
in Rural - the firm that manages the exhibition center Predio
Ferial de Palermo -, has offered state-owned bank Banco Provincia
de Buenos Aires (BAPRO) a plan to refinance a ARS105-million debt
(US$35.71 million).

This money was borrowed by Ogden-Rural in 1998, when De Narvaez
was not part of the company. He acquired Ogden's stake in
December 2002. Argentina's Rural Society owns the other 50% of
the center.

De Narvaez, who is also negotiating the acquisition of Royal
Ahold's Disco supermarket chain, wants to extend repayment terms
by 13 years, obtain a 3-year grace period for the principal
payments and a 7.5% nominal interest rate in Argentine pesos.


PESQUERA SANTA MARIA: Claims Verified Until Feb. 13
---------------------------------------------------
Mr. Omar Sergio Luis Vazquez, the receiver for Buenos Aires-based
Pesquera Santa Maria S.A., which is undergoing a reorganization
process, will verify creditors' claims until Feb. 13 of the
current year, reports Infobae. This means that creditors must
submit their claims before the said date.

The receiver will then prepare the individual reports based on
the results of the verification process and submit these reports
to the court on March 26 this year. He is also tasked with the
preparation of the general report, which is due for filing on May
12, 2004, after the individual reports are processed at court.

The Company's reorganization is being handled by Court No. 13,
with the assistance of Clerk No. 26. The informative assembly, to
be held on October 6, 2004, will signal the conclusion of the
reorganization.

CONTACT:  PESQUERA SANTA MARIA S.A.
          Ave Medrano 144
          Buenos Aires

          Omar Sergio Luis Vazquez, Receiver
          Ave Santa Fe 1127
          Buenos Aires


RIBEIRO: $25M Worth of Bonds Get `B' Rating from Moody's
--------------------------------------------------------
Ribeiro S.A.C.I.F.A. e I. received a `B' rating from Moody's
Latin America Calificadora de Riesgo S.A. for its US$25-million
bond issue.

The Comision Nacional Valores (CNV), Argentina's securities
regulator, described the affected bonds as `Obligación Negociable
Simple.' The issue, whose maturity date was not revealed, is
classified as "Program".

The rating, which is assigned to bonds whose future cannot be
considered well-assured, was given based on the Company's
financial standing as of Sep. 30, 2003.


SULLAIR ARGENTINA: Restructures Debts With Banks
------------------------------------------------
Electrical generator Sullair Argentina SA and its subsidiary
Sullair San Luis SA have restructured financial debt of around
US$9,550,000 owed to ABN AMRO Bank N.V. and the ABN AMRO BANK
N.V. Argentine branch.

In addition, the parent and the unit also restructured another
financial debt of around US$13,000,000 that it has got with a
group of local and international banks including Banco Galicia
Uruguay SA, Banca Nazionale del Lavoro SA, BNP Paribas SA, Banco
de la Nación Argentina, BankBoston N.A., Flete National Bank,
Nuevo Banco Comercial SA, Banco del Río de la Plata, HSBC Bank
Argentina SA, BBVA Banco Frances SA, Banco Société Genérale SA
and Banco de Galicia and Buenos Aires SA.

The restructuring of the debt registered with the ABN AMRO Bank
N.V. and the ABN AMRO Bank N.V. Argentine branch has been
guaranteed by a contract that includes machinery and by a
'Fideicomiso' administrated by the ABN AMRO Bank N.V., Argentine
branch.

The restructuring of the debt with the group of banks consisted
in two restructuring agreements: one is under Argentinean law and
another one under New York law. All are guaranteed by a
Fideicomiso administered by Banco de Rio de la Plata SA, which
acts as its 'Fiduciario'.

Bruchou, Fernandez Madero, Lombardi & Mitrani acted as the
financial assessor in Argentina for ABN AMRO Bank N.V. and ABN
AMRO Bank N.V., Argentinean branch.

ABN AMRO Bank NV Argentina, and ABN AMRO Trust Company
(Argentina), both acting as Fiduciarios, have been legally
assessed by its lawyers - Mr. Hernan Gutierrez, Mr. Mariano Salas
and Ms. Florencia Regueiro.

Bullo, Tassi, Estebenet, Lipera, Torassa & Asociados has been the
Argentine legal assessor of the group of banks through its
partner, Mr. Hernan Carassai and its partners Esteban Gramblicka
y Josefina Heinze.


TARJETA NARANJA: Moody's Assigns `D' to $200M Worth of Bonds
------------------------------------------------------------
Moody's Latin America Calificadora de Riesgo S.A. assigned a `D'
rating to some US$200 million worth of bonds issued by Tarjeta
Naranja S.A., Argentina's securities regulator, the Comision
Nacional Valores, revealed in its web site.

The CNV described the affected bonds as `Programa de Obligaciones
Negociables de Corto y Mediano Plazo,' without indicating the
maturity date of the issue. The bonds were classified under
`Program'.

The `D' rating, which was given based on the Company's finances
as of Sep. 30, 2003, is assigned to bonds that are in default,
the ratings agency said.


TURBINE POWER: Moody's Rates $20M of Bonds `D'
----------------------------------------------
Some US$20 million of corporate bonds issued by Turbine Power
Company S.A. received a `D' rating from Moody's Latin America
Calificadora de Riesgo S.A. on Dec. 29, 2003.

Argentina's securities regulator, the Comision Nacional Valores,
revealed in its web site that the rating applies to bonds called
"obligaciones negociables garantizadas", which matured in
November 30, 2002. The bonds were classified under "Simple
Issue".

The `D' rating was assigned based on the Company's finances as of
Sep. 30, 2003.


* ARGENTINA: Bondholders May Now Organize For Class Action
----------------------------------------------------------
New York-based Federal Judge Thomas Griesa issued a ruling Friday
allowing holders of about US$3.5 billion of defaulted Argentine
sovereign debt to organize a class action lawsuit to demand
payment, relates Reuters.

The ruling came after investor Horst Urban, a German businessman,
filed a class-action motion. It allows creditors holding two
series of the country's defaulted global bonds, due 2017, to seek
compensation. To qualify for the class, holders of the bonds must
have purchased them on or before July 22, 2002, the date the suit
was filed.

The Argentine government lost its argument that allowing the
class action suit would dissuade investors from participating in
upcoming debt restructuring talks.

"This means all investors who hold these bonds will probably be
able to collect, if they are able to win the suit," said one of
the country's bondholders not involved in the case. "The
government, on the other hand, wants investors to voluntarily
accept new, less valuable bonds in exchange for the defaulted
paper."



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

ACESITA: Introduces Measure To Address High Nickel Prices
---------------------------------------------------------
The high price of nickel prompted Brazilian stainless steelmaker
Acesita to start producing steels that use less of the metal,
company president, Luiz Anibal de Lima Fernandes, said.

Business News Americas reports that nickel prices at the London
Metals Exchange hovering around US$17,000/t has been pressuring
the steelmaker's margins.

"One way out is to make substitutions of stainless steel products
among series 200, 300 and 400, each of which has a differentiated
application," Fernandes said.

Series 400 has high amounts of chrome and series 200 contains
4.5% nickel as well as manganese. But series 300, used in cutlery
and pots and pans, contains 8% nickel. Series 300 accounts for
60% of the company's stainless steel production, which was at
some 400,000t in 2003.

"We started the production of 20,000t of series 200 with 4.5%
nickel and molybdenum for export to China and India," Fernandes
said.

Belo Horizonte-based Acesita, which is controlled by European
steel group Arcelor and local pension funds, is the only
integrated producer of flat stainless and silicon steel in Latin
America.

CONTACT:  ACESITA SA
          Fabio Abreu Schettino
          Financial Operations and Investor Relations Manager
          Tel: (31) 3235-4241

          Adriana Lucia Fernandes
          Investor Relations Co-ordinator
          Tel: (31) 3235-4270

          Flavia Bozzolla Vieira
          Analyst
          Tel: (31) 3235-4235
          www.acesita.com.br
          ri@acesita.com.br



CFLCL: Aneel Denies Injunction Involving Alliant Appeal
-------------------------------------------------------
We hereby give notice that by means of an order published in the
Official Gazette on December 24, 2003, the Director General of
the Brazilian Electricity Regulatory Agency - Aneel, has denied
the injunction sought by the appeal as lodged by Alliant Energy
Holding do Brasil, and has approved the amendments to the
Company's by-laws resolved at the General Shareholders' Meeting
held on December 09, 2003, submitted to the agency for approval,
as follows:

"Order 995 of December 23, 2003 - THE DIRECTOR GENERAL OF THE
NATIONAL ELECTRICITY REGULATORY AGENCY - ANEEL, pursuant to the
authority vested in his office based on art 53, section V of the
appendix to ANEEL Resolution 233 of July 14, 1998, including the
amendments thereto as introduced by ANEEL Resolution 81 of
February 18, 2003, taking into consideration the resolution of
the Executive Committee, which is set forth in Process
48500.004286/03-12, and considering the injunction requested by
Alliant Energy Holding do Brasil Ltda. against Official Letter
2006/2003-SFF/ANEEL of December 09, 2003, which approved the
amendment to the by-laws submitted to the approval of the Agency,
in addition to reconsidering the decision contained in item 8 "a"
of Official Letter 2.058/2003-SFF/ANEEL of December 05, 2003, to
dismiss the condition that the reduction to the paid in capital
be preceded by the absorption of the losses by the existing
reserves, now therefore resolves not to award the injunction
requested, due to the absence of the requirements for serious and
unrecoverable damages, which would justify the granting of the
injunction. Signed) José M rio Miranda Abdo."



===============
C O L O M B I A
===============

MILLICOM INTERNATIONAL: Retires 13 1/2%, 11% Senior Notes
---------------------------------------------------------
Millicom International Cellular S.A. ("Millicom") (Nasdaq: MICC)
announced Monday that, by the end of 2003, it had retired its
remaining 13 1/2 Senior Subordinated Notes due 2006 and 11%
Senior Notes due 2006.

The remaining US$137 million of the 13 1/2 Senior Subordinated
Notes due 2006 was repaid on December 29 2003, following the
earlier repayment of US$395 of the 11% Senior Notes due 2006 in
the first half of December 2003.

Millicom International Cellular S.A. is a global
telecommunications investor with cellular operations in Asia,
Latin America and Africa. It currently has a total of 16 cellular
operations and licenses in 15 countries. The Group's cellular
operations have a combined population under license of
approximately 382 million people. In addition, MIC provides high-
speed wireless data services in five countries.

CONTACTS:  MILLICOM INTERNATIONAL CELLULAR S.A., Luxembourg
           Marc Beuls, President, Chief Executive Officer
           Telephone: +352 27 759 101

           SHARED VALUE LTD, London
           Andrew Best, Investor Relations
           Telephone: +44 20 7321 5022

           URL: www.millicom.com



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

INTERVENED BANKS: AGD To Determine Equity Shortfall
---------------------------------------------------
Ecuador's deposit insurance agency AGD will do a review on four
of the intervened financial institutions under its control this
year, reports Business News Americas.

These institutions are Banco de Prestamos, Progreso, Union and
Popular. The objective of this review is to determine the exact
extent of the equity shortfall affecting these intervened
financial institutions.

"The AGD has never established equity shortfall and we have no
argument or documentation that we can present to say that this is
the reality, that this is what has to be done," AGD head Wilma
Salgado said.

The review is part of AGD's move to comply with its principal
function to reimburse fully those depositors who lost funds as a
result of Ecuador's banking crisis in 1998-1999.



===========
M E X I C O
===========

AEROMEXICO: To Abandon Outsourcing Plans
----------------------------------------
Employees of Aeromexico gave their assurance that the Mexican
airline will have to withdraw its plans to outsource its
reservations, air traffic and ticketing areas, El Economista
reports.

The move came after the U.S. Transportation Security
Administration considered the Company's passenger security
inspections inefficient in turning back a flight from Mexico City
to Los Angeles last Dec. 31.

According to the employees, putting reservations and management
of passengers in the hands of third parties would threaten
security as it would be easier to gain access to information.

Recently, the Independent Aviation Union, which includes 2,400
ground staff of the airline, mentioned the need to cut back the
reservations area.

In addition, the Company itself admitted that it would consider
farming out certain services to third parties, such as its call
center.


NII HOLDINGS: Surpasses 2003 Net Adds Guidance
----------------------------------------------
NII Holdings, Inc. (Nasdaq: NIHD) announced Monday that it will
report year-end 2003 net subscriber additions of approximately
215,000, exceeding its previously announced guidance by 20%. The
Company also reaffirmed its previously announced guidance for
overall financial performance for 2003.

During the fourth quarter, NII added approximately 76,000
subscribers to its network, a 30% increase as compared to the
third quarter 2003. As a result of the solid performance in the
quarter, NII added approximately 215,000 subscribers to its
network in 2003, a 20% increase as compared with the Company's
2003 guidance of 180,000 net subscriber additions and a 43%
increase as compared with the Company's original 2003 guidance of
150,000 net subscriber additions. The better than expected
subscriber growth was a result of higher than expected gross
additions as wthan expected subscriber growth, NII remains
comfortable with the guidance previously provided for overall
2003 financial performance.

"Our accomplishments for 2003 are a result of our focus on
executing our profitable growth strategy," said Steve Shindler,
NII's Chairman and CEO. "We have exceeded the growth
objec1zZKZXuatt we originally established at the beginning of the
year by 43%, while maintaining our focus on profitability. As we
look ahead to 2004, we will maintain this focus and strive to
deliver superior returns for all of our stakeholders."

NII will share details about improvements in customer churn,
subscriber and financial performance by country as well as
guidance for 2004 during its upcoming conference call in February
to discuss fourth quarter and year-end 2003 results.

About NII Holdings, Inc

NII Holdings, Inc., a publicly held company based in Reston, Va.,
is a leading provider of mobile communications for business
customers in Latin America. NII Holdings, Inc. has operations in
Argentina, Brazil, Mexico and Peru, offering a fully integrated
wireless communications tool with digital cellular service,
text/numeric paging, wireless Internet access and Nextel Direct
Connectr, a digital two-way radio feature. NII Holdings, Inc.
trades on the NASDAQ market under the symbol NIHD. Visit the
Company's website at http://www.nii.com.

Nextel, the Nextel logo, Nextel Online, Nextel Business Networks
and Nextel Direct Connect are trademarks and/or service marks of
Nextel Communications, Inc.

CONCTACT:  Investor Relations, Tim Perrott
           Tel: 703-390-5113
           Email: tim.perrott@nii.com

           Media Relations, Claudia E. Restrepo
           Tel: 786-251-7020
           Email: claudia.restrepo@nii.com



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

AMERICAN EXPRESS (URUGUAY): Ratings Withdrawn
---------------------------------------------
Standard & Poor's Ratings Services said Monday that it withdrew
its 'B-/Stable/C' counterparty credit ratings on American Express
Bank (Uruguay) S.A. due to the voluntary liquidation process the
bank is currently undergoing. "After the 2002 financial crisis in
Uruguay, business reduced significantly, and management decided
that a banking license was no longer needed to maintain the
entity's smaller operations in the country," said Standard &
Poor's credit analyst Carina Lopez.

ANALYSTS:  Carina Lopez, Buenos Aires (54) 11-4891-2118
           Ursula M Wilhelm, Mexico City (52) 55-5279-2007



=================
V E N E Z U E L A
=================

PDVSA: Analysts Suggest An Increase In Planned Investments
----------------------------------------------------------
Venezuelan state oil company Petroleos de Venezuela SA will
invest VEB9.64 trillion (US$6 billion) under a 2004 budget
totaling VEB15.2 trillion, Bloomberg reports, citing company
president, Ali Rodriguez.

However, some analysts believe that the amount is insufficient to
increase output and overhaul refineries hit by a two-month long
nationwide strike in 2003.

"I don't think that US$6 billion will be enough to restore
production to earlier levels," Ricardo Amorim, an analyst with
research company IDEAglobal in New York, said. "To do that they
would need US$8 billion, US$9 billion."

A recent report released by the Troubled Company Reporter - Latin
America cited Jose Toro Hardy, an oil expert, as saying that
PDVSA needs US$10 billion in investments this year if it is to
recover fully.

In order to drum up such large sums, Toro had indicated a
downsizing of the Company's workforce and opening up of the
sector to private companies that can raise the country's oil
production. Such private investment could lead to the creation of
pension and retirement funds to the advantage of the Company's
workforce, Toro had said.

Meanwhile, PDVSA Executive Finance Director Jose Gregorio Morales
revealed that the Company has about US$9 billion in debt.



               ***********


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., Frederick,
Maryland USA. John D. Resnick, Edem Psamathe P. Alfeche and Oona
G. Oyangoren, Editors.

Copyright 2004.  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 $575 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 $25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


* * * End of Transmission * * *