TCRLA_Public/040121.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 21, 2004, Vol. 5, Issue 14

                          Headlines


A R G E N T I N A

ALDO MALASPINO: Court OK's Reorganization Petition
CAPEX: Confirms D(arg) Rating on $120 Million of Debentures
CIE: Argentine Standard & Poor's Assigns Bonds Default Ratings
COLORIN INDUSTRIA: Moody's Rates $47M of Bonds `D'
CORREO ARGENTINO: Sideco Struggles To Avert Bankruptcy

DIRECTV LA: Secures 3rd Exclusive Period Extension
DISCO: Negotiating Parties May Finalize Deal Tuesday
MARGASDA: Initiates Bankruptcy on Court Orders
MV CARGAS INTEGRALES: Reorganization Process Now Official
NOVAPACKING: Court Assigns Receiver to Oversee Reorganization

REPSOL YPF: S&P Affirms Unit's `BB' Foreign Currency Rating
TRANSENER: $525M of Bonds Rated `raD' by Argentine S&P


B R A Z I L

PARMALAT BRAZIL: Japanese Bank Obtains Injunction Against Sale
TELEMAR: Reports Four Million Wireless Subscribers


C H I L E

PARMALAT CHILE: Misses Partial Debt Payment Deadline


J A M A I C A

C&WJ: Struggles Continue, More Office Closures Announced


M E X I C O

HYLSAMEX: To Become An Independent Public Company
TV AZTECA: Board Rejects US$40M Offer for Rights to Channel 40
TV AZTECA: S&P Affirms `B+' Ratings, Revises Outlook to Negative
AZTECA AMERICA: Adds Dallas, Corpus Christi Afilliates


N I C A R A G U A

ENITEL: America Movil Wins Government's 49% Stake


P A R A G U A Y

COPACO: Private Sector Mobile Operators Seek Debt Settlement


T R I N I D A D   &   T O B A G O

BWIA: Share Trading Suspension Part of Wider Reorganization


     - - - - - - - - - -

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

ALDO MALASPINO: Court OK's Reorganization Petition
--------------------------------------------------
Court No. 1 of the Civil and Commercial Tribunal of Puerto Madryn
in the Argentine province of Chubut approved a "Concurso
Preventivo" motion filed by local company Aldo Malaspina e hijos
S.R.L., according to local news portal Infobae. The Company will
undergo reorganization with Mr. Jose Gonzalez San Jose as
receiver.

Creditors must file their claims before March 1 this year. The
receiver will examine and authenticate claims to determine the
nature and amount of the Company's debts. The receiver will
prepare the individual reports, which are due at the court on
April 16, after verifications are closed. After the individual
reports are processed at court, the receiver will consolidate
them into a single report, called the general report, which is to
be submitted on May 31.

The informative assembly, which is one of the last parts of a
reorganization process, will be held on September 2 this year.

CONTACT:  Aldo Malaspina e Hijos S.R.L.
          Sarmiento 462
          Puerto Madryn, Chubut

          Jose Gonzalez San Jose
          Julio A roca 775
          Puerto Madryn, Chubut


CAPEX: Confirms D(arg) Rating on $120 Million of Debentures
-----------------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A., the Argentine office
of credit rating agency Fitch Ratings, confirmed its national
scale D(arg) rating assigned to energy company Capex. The rating
affects Capex's first series of debentures issued for US$80
million and the third series of debentures issued for US$40
million.

Capex, which produces gas and generates electric power at the
well head in Neuquen province, is continuing the process of
restructuring US$278 million in debt made up of series I and III
debentures guaranteed for US$86 million, a syndicated loan of
US$125 million and a US$48 million secured trade facility.

CONTACT:  Capex SA
          5/F DepartmentC
          948/950 Av Cordoba
          Buenos Aires
          Argentina
          Phone: +54 11 4322 4884
          Home Page: http://www.capex.com.ar
          Contact:
          Enrique Gotz, Chairman
          Dr. Alejandro Enrique Gotz, Vice Chairman


CIE: Argentine Standard & Poor's Assigns Bonds Default Ratings
--------------------------------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal Argentina
rates corporate bonds issued by Argentine company Compania de
Inversiones de Energia S.A. `raD', relates the Comision Nacional
de Valores. The rating was based on the Company's finances as of
the end of September last year.

The affected bonds, totaling some US$220 million, were described
as "obligaciones negociables autorizadas por AGE de fecha
13.12.96". The bonds, which were classified under "Simple Issue",
matured in April 2003.

S&P said that an obligation is rated `raD' when it is payment
default, or the obligor has filed for bankruptcy. The rating,
issued last Thursday, is used when interest or principal payments
are not made on the date due, even if the applicable grace period
has not expired, unless S&P believes that such payments will be
made during the said grace period.


COLORIN INDUSTRIA: Moody's Rates $47M of Bonds `D'
--------------------------------------------------
Some US$47 million worth of corporate bonds issued by Colorin
Industria de Materiales Sintet. received a `D' rating from
Moody's Latin America Calificadora de Riesgo S.A.. The rating,
determined from the Company's finances as of September 30 last
year, is assigned to bonds that are in payment default.

According to the country's securities regulator, the Comision
Nacional de Valores, the rating applies to bonds called
"Obligaciones Negociables". These will mature on March 31 this
year. The bonds were classified under "Simple Issue".


CORREO ARGENTINO: Sideco Struggles To Avert Bankruptcy
------------------------------------------------------
Argentine holding company Sideco Americana managed to delay the
liquidation of its postal unit Correo Argentino and keeps
struggling to avoid its bankruptcy. The National Commercial Court
of Appeal has accepted a recourse filed by Correo Argentino and
temporarily stopped the bankruptcy order issued by a first-
instance judge on December 16, 2003, a month after Argentina's
government rescinded Correo Argentino's contract for postal
service based on Correo Argentino's noncompliance with the terms
of the concession, poor service and heavy debt problems. Correo
Argentino had been failing to pay the government the annual fee
contemplated in the contract since 1999, which led to a debt of
US$103 million.

Correo Argentino appealed the bankruptcy ruling saying that Judge
Eduardo Favier Dubois had refused to give it the benefit of a
cramdown proceeding, through which its owners or a third party
could take over the Company if they managed to reach a debt
restructuring deal with at least two third of creditors.

The recent decision gives Correo Argentino a chance to restart
negotiations with its creditors.

Correo Argentino's creditors number around 900, but the most
important of them is the Argentine State. Correo Argentino had
made a debt-restructuring offer that involved a 70% nominal
haircut, which the government turned down.

In a letter addressed to the Buenos Aires stock exchange, Sideco
Americana said it was taking the necessary actions to regain
powers of administration it had lost when the bankruptcy was
declared.


DIRECTV LA: Secures 3rd Exclusive Period Extension
--------------------------------------------------
DirecTV Latin America LLC, the Official Committee of Unsecured
Creditors and Hughes Electronics Corporation obtained an
extension from the U.S. Bankruptcy Court for the District of
Delaware of the Exclusive Plan Proposal Period to and including
February 28, 2004, and a concomitant extension of the Exclusive
Solicitation Period to and including April 29, 2004. (DirecTV
Latin America Bankruptcy News, Issue No. 18; Bankruptcy
Creditors' Service, Inc., 215/945- 7000)


DISCO: Negotiating Parties May Finalize Deal Tuesday
----------------------------------------------------
Executives of Dutch retailer Ahold NV are scheduled to meet with
representatives of French retailer Casino SA and Argentine
businessman Francisco de Narvaez Tuesday to discuss the sale of
Ahold's ailing Argentine supermarket chain Disco SA. Argentine
daily Clarin suggests that the negotiating parties could close a
deal during the said meeting if Ahold agrees to retain certain
contingent liabilities.

Casino SA and De Narvaez, who are negotiating to jointly buy
Disco, have asked that Ahold assume continued responsibility for
financial risks associated with a lawsuit by depositors in a now
bankrupt Uruguayan bank owned by Ahold's former joint-venture
partner in Disco, the Velox Group.

Additionally, the bidders want the Dutch company to take on a
claim by the Argentine tax authorities for some ARS300 million
($1=ARS2.89) in unpaid taxes that the agency claims Disco should
have withheld from subscribers to a 1998 bond issue.

For their part, the bidders have substantially raised their bid
price, to EUR350 million ($440 million), well above the US$280
million that De Narvaez had reportedly initially offered and
higher than the US$350 million that Chilean retailer Cencosud was
thought to be willing to pay.

Cencosud SA abandoned an exclusivity deal it had earlier struck
with Ahold.

CONTACT:  DISCO S.A.
          Larrea 847, Piso 1
          1117 Buenos Aires, Argentina
          Phone: +54-11-4964-8000
          Fax: +54-11-4964-8076
          Home Page: http://www.disco.com.ar


MARGASDA: Initiates Bankruptcy on Court Orders
----------------------------------------------
Argentine company Margasda S.H. entered bankruptcy on orders from
Court No. 5 of the Civil and Commercial Tribunal of San Nicolas.
The Company's assets will be liquidated at the end of the
bankruptcy process to reimburse its creditors.

Creditors are required to file their claims before April 5. The
Company's receiver, Mr. Oscar Manuel Azara, who will verify
creditors' claims, will prepare the individual reports, which are
due at the court on May 19. The general report, prepared after
the individual reports are processed at court, is due on July 1
this year.

CONTACT:  Margasda S.H.
          Belgrano y Rafael Obligado Perez Millan
          San Nicolas

          Oscar Manuel Azara
          Ave Savio 409
          San Nicolas


MV CARGAS INTEGRALES: Reorganization Process Now Official
---------------------------------------------------------
M.V. Cargas Integrales S.A., which is based in San Isidro, will
undergo reorganization after Court No. 4 of the province's Civil
and Commercial Tribunal approved its motion for "Concurso
Preventivo". Working with Clerk No. 8, the court had assigned
local accountant Mr. Manuel Gonzalez as the Company's receiver,
relates Infobae.

The credit verification process ends on March 1 this year.
Creditors must present their claims to the Company's receiver for
verification before the said date. The individual reports, which
contain the results of the verification process, must be
submitted to the court on April 14, followed by the general
report on May 27. The general report is a consolidation of the
individual reports, after these are processed at court.

The court ordered that the informative assembly be held on
December 6 this year. The meeting is one of the last parts of the
reorganization proceedings.

CONTACT:  M.V. Cargas Intergrales S.A.
          Crucero Gral Belgrano 2135
          Pilar

          Manuel Gonzalez
          Ituzaingo 370
          San Isidro


NOVAPACKING: Court Assigns Receiver to Oversee Reorganization
-------------------------------------------------------------
Court No. 12 of the Civil and Commercial Tribunal of San Isidro
in Argentina assigned local accountant Patricia Monica Bure as
receiver for the reorganization of Novapacking S.A. reports
Argentine news portal Infobae. The court has recently approved
the Company's motion for "Concurso Preventivo".

The deadline for credit verification is March 24 this year. The
receiver, who will examine and authenticate claims, will prepare
the individual reports after verifications are closed and present
these to the court on May 11.

After the individual reports are processed at court, the receiver
will prepare the general report, which is due at the court on
June 25. The reorganization process will continue with an
informative assembly on December 13.

CONTACT:  Patricia Monia Bure
          Ave Maipu 1034
          Florida, San Isidro


REPSOL YPF: S&P Affirms Unit's `BB' Foreign Currency Rating
-----------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term corporate
credit rating on Spain-based integrated oil and gas company
Repsol-YPF S.A. (Repsol) to 'BBB+' from 'BBB'. In addition, the
'A-2' short-term corporate credit rating on Repsol was affirmed.
The outlook is stable.

At the same time, Standard & Poor's affirmed its 'BB' foreign
currency and 'BB+' local currency ratings on YPF S.A., Repsol's
99%-owned Argentine subsidiary. The outlook on the foreign
currency rating is stable; the outlook on the local currency
rating is positive.

"The ratings actions taken on Repsol reflect the company's
continuing deleveraging and improvement of credit measures,
further clarification and tightening of its financial policies,
strong operating and financial performance, and the expectation
of continued very strong liquidity," said Standard & Poor's
credit analyst Emmanuel Dubois-Pelerin.

The ratings on Repsol continue to reflect the company's
particularly solid positions in Spain's downstream oil and gas
markets, strong operations in Latin America's volatile
environment, prospects for decreasing exposure to Argentina, and
very prudent debt and liquidity management, but also its still-
high exposure to volatile environments across the Latin American
mainland.

The affirmation of the ratings on YPF reflects the continued
uncertainty over the economic and institutional environment in
the Republic of Argentina (SD/--/SD). The current ratings already
take into account YPF's strong operating and financial
performance, despite significant dividend payments during the
past two years, as well as considerable implicit parent support.

Standard & Poor's expects that Repsol will continue to adequately
cope with volatile monetary, economic, and fiscal conditions
prevalent in Argentina while preserving a degree of access to
YPF's cash flow, as in 2002 and 2003, and while maintaining
current prudent financial and liquidity policies. No large
acquisitions or share repurchases are expected.

Standard & Poor's also expects that Repsol has sufficient
economic incentives to support YPF, thereby mitigating direct
sovereign risk--particularly an increase in current transfer and
convertibility restrictions. Standard & Poor's expects YPF to
continue strengthening its solid business position and
maintaining sound cash flow protection measures, even in case of
additional intervention by the Argentine government--for example,
in the form of new or additional taxes.

ANALYST:  Emmanuel Dubois-Pelerin
          Paris
          Phone: (33) 1-4420-6673
          Email: emmanuel_dubois-pelerin@standardandpoors.com

          Pablo Lutereau
          Buenos Aires
          Phone: (54) 114-891-2125
          Email: pablo_lutereau@standardandpoors.com

          S&P: CorporateFinanceEurope@standardandpoors.com


TRANSENER: $525M of Bonds Rated `raD' by Argentine S&P
------------------------------------------------------
Transener S.A.'s US$525 million of corporate bonds received `raD'
ratings from Standard & Poor's International Ratings, Ltd.
Sucursal Argentina. The ratings agency said that an obligation is
rated `raD' when it is payment default or the obligor has filed
for bankruptcy.

The rating may also be used when interest or principal payments
are not made on the due date, even if the applicable grace period
has not expired, unless Standard & Poor's believes that such
payments will be made during such grace period. The Company's
finances as of September 30 last year were used as basis for the
given rating.

The Comision Nacional de Valores, Argentina's securities
regulator, described the affected bonds as "Programa Global de
Obligaciones Negociables simples no convertibles en acciones,
aprobado por Asamblea Gral. de Accionistas de fecha Julio de
2001." These matured in March last year.



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

PARMALAT BRAZIL: Japanese Bank Obtains Injunction Against Sale
--------------------------------------------------------------
A Sao Paulo court granted Japanese bank Sumitomo Mitsui an
injunction blocking Parmalat Brasil Industria de Alimentos from
selling any businesses to help pay for the huge debts of its
crisis-ridden Italian parent company Parmalat. Claudio Grimaldi,
general manager of the legal department of Banco Sumitomo Mitsui
Brasileiro, told Reuters the bank was a creditor of Parmalat
Brasil and wanted to ensure it remained in operation.

"The idea is to prevent the sale of the assets of the company and
the cash going abroad," he said. "We do not intend to paralyze
the company. We want it to remain active."

Parmalat missed a US$2.1 million payment to Sumitomo due last
Monday, said Mr. Grimaldi, adding that the company is supposed to
pay Sumitomo another US$7.9 million next Monday.

Parmalat Brasil, through its public relations company, said that
it had not been notified of the injunction.


TELEMAR: Reports Four Million Wireless Subscribers
--------------------------------------------------
Telemar (NYSE:TNE), a leading telecom provider in Brazil,
announced Monday that its wireless (GSM) arm Oi reached four
million subscribers in its prepaid and post-paid plans, and an
estimated 18.4% share in its home market (Region 1). From October
01, 2003 through today Oi conquered 1,200,000 subscribers.

CONTACT:  TNE - INVESTOR RELATIONS
          Roberto Terziani
          Email: terziani@telemar.com.br
          Tel: 55 21 3131 1210

          Carlos Lacerda
          Email: carlosl@telemar.com.br
          Tel: 55 21 3131 1314

          GLOBAL CONSULTING
          Kevin Kirkeby
          Email: kkirkeby@hfgcg.com
          Tel: 1 646.284.9416
          Fax: 55 21 3131 1155



=========
C H I L E
=========

PARMALAT CHILE: Misses Partial Debt Payment Deadline
----------------------------------------------------
Parmalat Finanziaria SpA's Chilean unit missed its self-imposed
deadline to make a partial payment of the debt it owed to milk
suppliers, reports Bloomberg News. On January 9, Parmalat Chile
pledged to pay on Monday 20% of the CLP1.2 billion (US$2.1
million) it owed to 200 dairies for 10 million liters of milk
purchased in December, and the rest by the end of January. But
the Company failed to make the payment on the said deadline,
Carlos Arancibia, manager of the Chilean National Milk Producers
Federation, said, adding that the Company said it wasn't sure
when it would pay.

The missed payment comes amid reports that dairy farmers are
considering buying Parmalat's two Chilean plants to prevent a
collapse of a company that buys 6.5% of the milk produced in
Chile.

"We want to do whatever we can to keep the plants open,"
Arancibia said. "We don't want to depend on Parmalat or any other
international company that can take decisions that hurt us
because of something going on half way around the world."

In a meeting with agriculture ministry officials, milk producers
proposed that state-owned Banco del Estado de Chile provide
working capital loans to Parmalat suppliers that are short of
cash, said Arancibia. Without credit, many Parmalat dairies will
have to shut down because of a lack of cash to pay their own
suppliers, said Arancibia.



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

C&WJ: Struggles Continue, More Office Closures Announced
--------------------------------------------------------
Cable & Wireless Jamaica President Gary Barrow indicated that the
Company is likely to cut jobs by the end of next month, relates
RadioJamaica. In a statement released Friday, Mr. Barrow noted
that the Company was operating in a significantly changed
environment, which meant that it would have to change its own
business approach.

With the prevalence of private bills payment agencies, Barrow
said that Cable & Wireless no longer has to operate so many bills
collection centers of its own. Moreover, all customer queries can
now be raised on the company's toll free line dedicated to that
purpose, he added.

As a result, Cable & Wireless is now holding discussions with
these agencies about setting up full service center, which would
provide services traditionally provided by the phone company.



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

HYLSAMEX: To Become An Independent Public Company
-------------------------------------------------
Hylsamex S.A de C.V. announced Monday that its majority
stockholder, Alfa, S.A. de C.V., which holds 89.7% of the shares
outstanding in Hylsamex, called Monday for an extraordinary
stockholders' meeting, to be held on February 4th, 2004, to vote
on a proposal to spin-off its interest in Hylsamex.

Hylsamex also has called an extraordinary shareholders' meeting
to take place on February 4, 2004. The purpose of the meeting is
to vote on a proposal to modify a portion of the Company's by-
laws to facilitate the eventual independent status of Hylsamex.

Subject to approval by ALFA's shareholders, ALFA will distribute
to its shareholders its equity interest in Hylsamex. This will
take place through the issuance of trust receipts known as
"certificados de participaci›n ordinaria" ("CPOs"), which
represent a direct claim on the common shares of Hylsamex. It is
the intention of both companies to have the newly issued CPOs
registered and listed in the Bolsa Mexicana de Valores.

The spin-off process will be conducted in two stages. During the
first quarter of 2004, Alfa expects to distribute CPOs
representing 38.97% of Hylsamex's common stock to its
shareholders. A second and final distribution is expected to
occur at the beginning of 2005, when the remainder of CPOs
representing 51% of the common equity of Hylsamex will be
distributed.

The CEO of Hylsamex, Alejandro M. Elizondo, noted that "Alfa's
proposed initiative will benefit Hylsamex. In particular, it
should facilitate a more accurate valuation of Hylsamex in the
financial markets; this in turn should translate into better
access to the debt and equity markets for the Company.

Mr. Elizondo also added that "the initiative announced today
represents a logical step in the evolution of Hylsamex as a
public company. It is a process that started with the IPO in
1994, and the original aim of making Hylsamex a standalone public
company. Then, as now, every effort is being made to increase
profitability and generate value for shareholders."

Mr. Elizondo stressed that the relationship with customers and
suppliers will not change. It will remain one of mutual trust and
collaboration. He added, "In this new chapter of Hylsamex,
special effort will be devoted to preserving our status as
preferred supplier for all of our customers".

Mr. Elizondo concluded his remarks emphasizing the vital role
played by the personnel of Hylsamex, "having their enthusiastic
support and loyalty, assures that Hylsamex will continue to be a
leading steel company".

CONTACT:  Rafael Rubio
          (52-81) 8865 -1303
          (52-81) 8865 - 2828


TV AZTECA: Board Rejects US$40M Offer for Rights to Channel 40
--------------------------------------------------------------
TV Azteca, S.A. de C.V. (NYSE: TZA - News; BMV: TVAZTCA), one of
the two largest producers of Spanish- language television
programming in the world, announced Monday that its board of
directors unanimously rejected an offer from Isaac Saba, a
prominent Mexican businessman, to pay TV Azteca US$40 million in
exchange for TV Azteca's rights to purchase 51% of the equity of
Televisora del Valle de Mexico (TVM), the licensee of Channel 40
-- a UHF channel that covers Mexico City -- as well as to
liquidate debts of CNI with TV Azteca.

As previously informed, since 2000, there has been litigation
between TV Azteca and CNI Channel 40, and between TV Azteca and
Javier Moreno Valle, President of CNI, for breach of contract by
Mr. Moreno Valle for failure to honor TV Azteca's equity option,
complemented by CNI's failure to pay its debts to TV Azteca.

At the end of 1998, TV Azteca formalized a 10-year strategic
alliance with CNI Channel 40 and Mr. Moreno Valle, through which
both companies would share the operating cash flow generated by
Channel 40, in exchange for which TV Azteca would, among other
things, provide programming to the channel and sell advertising
time for several years. In addition, it was agreed that TV Azteca
had the option to purchase the 51% equity stake, at a total
enterprise value of US$100 million, with certain yearly
increases.

As part of the agreement, TV Azteca authorized payments of US$25
million to CNI Channel 40, which included US$15 million as an
advance on its 50% share of the EBITDA expected to be generated
over the first three years of operation and a US$10 million loan,
at the signing of the contract.

In December of 2002, TV Azteca received a favorable award from
the International Court of Arbitration, declaring that the option
agreement and the strategic alliance are valid and enforceable
against Mr. Moreno Valle. Nevertheless Mr. Moreno Valle has
refused to honor the award.

As part of its efforts to settle, TV Azteca analyzed the proposal
of Mr. Saba; however, TV Azteca considers that the opportunity
cost of receiving the US$40 million is too high because it would
imply abandoning the possibility of operating an upscale channel
in Mexico City in the future. Thus, the company prefers to
continue preserving its rights under the contracts signed by
Channel 40.

The company noted its previously announced six-year plan for uses
of cash does not contemplate receiving the US$40 million, and the
company ratifies its commitment to continue with the plan as has
been disclosed. The cash plan entails distributions to
shareholders of over US$500 million and TV Azteca debt reduction
of approximately US$250 million by 2008.

Company Profile

TV Azteca is one of the two largest producers of Spanish-language
television programming in the world, operating two national
television networks in Mexico, Azteca 13 and Azteca 7, through
more than 300 owned and operated stations across the country. TV
Azteca affiliates include Azteca America Network, a new broadcast
television network focused on the rapidly growing US Hispanic
market, and Todito.com, an Internet portal for North American
Spanish speakers.


TV AZTECA: S&P Affirms `B+' Ratings, Revises Outlook to Negative
----------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on the
ratings assigned to Mexico-based Spanish-language TV programming
producer TV Azteca S.A. de C.V. to negative from stable.
Concurrently, the ratings agency affirmed its ratings on TV
Azteca, including its 'B+' long-term corporate credit rating.

The rating action reflects the uncertainty created by recent
developments questioning TV Azteca's securities laws disclosure
involving its affiliate Unefon, a Mexican mobile telephony
operator.

"Although the ratings assigned to TV Azteca already consider the
potential risk of loans, guarantees, or capital contributions to
affiliates and related companies, Standard & Poor's is concerned
about the potential erosion in TV Azteca's investor confidence
and management credibility in light of the aforementioned
events," said Standard & Poor's credit analyst Jose Coballasi.
"This could diminish TV Azteca's access to the capital markets
and bank financing, thus heightening the company's refinancing
risk, particularly the 2005 maturing debt of its parent company,
Azteca Holdings."

ANALYST:  Jose Coballasi
          Mexico City
          Phone: (52) 55-5279-2014
          Email: jose_coballasi@standardandpoors.com

          Santiago Carniado
          Mexico City
          Phone: (52) 55-5279-2013
          Email: santiago_carniado@standardandpoors.com


AZTECA AMERICA: Adds Dallas, Corpus Christi Afilliates
------------------------------------------------------
TV Azteca, S.A. de C.V. announced Monday that Azteca America, the
company's wholly owned broadcasting network focused on the U.S.
Hispanic market, has increased its coverage to 73% of Hispanic
households by adding two new affiliates in Dallas and Corpus
Christi, Texas. The additions increase the network's coverage to
33 markets.

With the addition of KODF-TV/Channel 26 in Dallas and KYDF-
TV/Channel 64 in Corpus Christi, Azteca America continues its
growth in key U.S. Hispanic markets. In addition, the Corpus
Christi affiliate is on Channel 22 of the Grande Cable system.
This brings the number of affiliates to six in Texas, which is
second to California in number of affiliates.

"Passing the 70% clearance mark is another milestone in our
dynamic buildout," said Luis J. Echarte, president and CEO of
Azteca America. "Thanks to our newest affiliate, we are now in 13
of the top 15 Hispanic markets."

The two new affiliates are added to Azteca America's 31 existing
markets, which include Los Angeles, New York, Miami, Houston,
Chicago, San Antonio, San Francisco-Oakland-San Jose, Phoenix,
Albuquerque, San Diego, Fresno-Visalia, Sacramento-Stockton-
Modesto, Denver, Orlando, Austin, Tucson, Las Vegas, Monterey-
Salinas, Bakersfield, West Palm Beach-Ft. Pierce, Salt Lake City,
Santa Barbara, Palm Springs, Naples-Ft. Myers, Yakima-Pascoe-
Richland, Wichita, Oklahoma City, Reno, Victoria, Charleston and
Chattanooga.

Further information can be found at the network's new corporate
website: www.aztecaamerica.com/corporate.



=================
N I C A R A G U A
=================

ENITEL: America Movil Wins Government's 49% Stake
-------------------------------------------------
Mexican telecoms company America Movil won the bidding for the
Nicaraguan government's 49% stake in telecoms operator Enitel,
reports Business News Americas. This, after the only other
possible bidder, the Megatel consortium, which already owns 40%
of Enitel and a five-year management contract, decided not to
exercise its right to equal the offer made by America Movil.

America Movil offered to buy the stake for US$49.6 million, which
is US$100,000 over the minimum price set by the government.
Megatel said it has other investment commitments in the electric
power, water and telecoms sectors in other countries of the
region, which also require investment decisions.

"The Mecatel consortium welcomes America Movil as a new partner
in the ownership of Enitel, and is certain that this will lead to
synergy and benefits for the development of telecommunications in
the country," Enitel said in a statement.



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

COPACO: Private Sector Mobile Operators Seek Debt Settlement
------------------------------------------------------------
Paraguay's private-sector mobile operators are urging state
telecoms operator Copaco to settle its multi-million debts with
them if telecoms regulator Conatel wants to move ahead with plans
to implement a telecoms clearinghouse. Citing a local newspaper
ABC Color report, Business News Americas says that Conatel is
tendering a contract to implement the clearinghouse. Operators,
however, said the current debts must be paid and clear ground
rules for the new system must be laid down.

In addition, the operators have demanded that they all agree to
make payments on time, and that heavy fines be applied to
companies that do not settle up within the deadlines.

Copaco is facing enormous debts and has blamed the government for
not paying its phone bills. Latest estimates suggest the
government owes some US$15 million to Copaco in unpaid bills.



=================================
T R I N I D A D   &   T O B A G O
=================================

BWIA: Share Trading Suspension Part of Wider Reorganization
-----------------------------------------------------------
Trinidad national airline BWIA had its share trading suspended by
the Barbados Stock Exchange, the Trinidad Express reports. The
suspension, which runs from January 19 until further notice,
responds to a request by the Company, who made a similar request
to the Trinidad and Tobago stock exchange. The bourse is yet to
make its formal response to the airline's request.

In the meantime, the airline also made requests to the Securities
and Exchange Commissions of Trinidad and Barbados to have trading
in shares suspended. The requests for the suspension came even as
the airline's share price continued to climb on the markets.

According to BWIA, the suspension is one phase of a wider
restructuring exercise for the cash-strapped airline, and will
facilitate any necessary shifts in the equity levels held by
various shareholders while not impacting on the daily operations
of the airline.

Previously, Minister in the Ministry of Finance Kenneth Valley
said that Government, which controls 34% of the airline's shares,
would be interested in buying shares held by the minority
stakeholders of BWIA.

"This suspension of the share trading is a temporary but positive
step in the re-structuring process and will in no way affect
daily operations," the airline said in an statement.

Airline industry experts have suggested that the move to suspend
trading may be to prevent speculation from driving the share
price further up as moves are made to transfer control of the
airline back to Government.




               ***********


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
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Copyright 2004.  All rights reserved.  ISSN 1529-2746.

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