/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/040129.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 Thursday, January 29, 2004, Vol. 5, Issue 20 Headlines A R G E N T I N A AGEA: Fitch Gives Below Investment Grade Ratings to Bonds ALIMENTOS FARGO: Fitch Retains `D(arg)' Rating to $120M of Bonds BANCO FRANCES: Fitch Maintains Default Ratings to $150M of Bonds BANCO RIO: $250M of Bonds Remain in Default DISCO: Royal Intent on Selling Unit by the End of the 1H04 IMAGEN SATELITAL: Fitch Retains Bonds Default Ratings TELECOM ARGENTINA: $3.2B Of Bonds Remain in Default B R A Z I L BCP: Board Okays New Credit Line, Cancellation of Debenture Issue EMBRATEL: Capital Group Buys Shares Of Common Registered Stock PARMALAT BRASIL: Judge Gives Bank Clearance To Seize Goods PARMALAT BRASIL: Turns to Expert for Help PARMALAT BRASIL: President Defends Unit VARIG/TAM: Feb. 10 Given For Merger Decision C H I L E COCA-COLA EMBONOR: Fitch Releases Credit Analysis ENDESA: Output Reached 162,088 GWh in 2003, a 4.9% Increase ENDESA CHILE: Reports $135M Net Income in 2003 ESVAL: Authorizes Capital Increase To Help Pay Loan C O L O M B I A BANCAFE: Govt. to Select Winning Bidder of 55% Stake on Feb. 18 M E X I C O TFM: Signs Operating Lease With CIT Rail Resources TV AZTECA: Denies Allegations in Shareholder Lawsuits T R I N I D A D & T O B A G O BWIA: Receives Second A340 Aircraft - - - - - - - - ================= A R G E N T I N A ================= AGEA: Fitch Gives Below Investment Grade Ratings to Bonds --------------------------------------------------------- Fitch Argentina Calificadora de Riesgo S.A., the Argentine arm of international ratings agency Fitch Ratings, assigned below investment grade ratings to certain corporate bonds issued by Arte Grafico Editorial Argentino S.A. (AGEA). The Comision Nacional de Valores, Argentina's securities regulator, listed these bonds in its website along with their corresponding ratings: - US$30.6 million worth of bonds described as "Serie C -ON a Tasa Fija creciente" were rated `BB(arg)'. This particular issue, whose final maturity date is not revealed, is classified as `Series and/or Class'; - US$83.72 million worth of bonds described as "Obligaciones Negociable SERIE B por hasta U$S 83.72 MM (2011)" were rated `BB(arg)'. This particular issue, whose final maturity date is not revealed, is classified as `Series and/or Class'; - US$250 million worth of bonds described as "Serie A" were rated `D(arg)'. These bonds, the maturity of which is unknown, were classified as Series and/or Class'; and - US$600 million worth of bonds described as "obligaciones negociables" were rated `CCC(arg)'. These bonds, the maturity of which is unknown, were classified `Program'. All these ratings were given based on the Company's financial standing on 30 Sep 2003. ALIMENTOS FARGO: Fitch Retains `D(arg)' Rating to $120M of Bonds ---------------------------------------------------------------- Fitch Argentina Calificadora de Reisgo S.A. maintains a `D(arg)' rating to some US$120 million of corporate bonds issued by local company Compania de Alimentos Fargo S.A.. The rating, which is assigned to financial commitments that are currently in default, was determined from the Company's finances as of 30 Sep last year. The CNV said that the bonds described as "Obligaciones Negociables Simples" will mature on July 24, 2008. These bonds were classified under "Simple Issue" BANCO FRANCES: Fitch Maintains Default Ratings to $150M of Bonds ---------------------------------------------------------------- Fitch Argentina Calificadora de Risgo S.A. maintains a 'D(arg)' rating on the US$150 million in bonds issued by local bank BBVA Banco Frances S.A. According to the CNV, the bonds affected by the rating are called "Serie 14 de ON por U$S 150 MM (dentro del Programa de ON por U$S 1000MM)". These were classified under "Series and/or Class", with undisclosed maturity date. Fitch said that the rating is assigned to financial commitments, which are currently in default. Banco Frances is Argentina's third largest private bank in terms of assets and the largest in terms of deposits. CONTACT: BBVA Banco Frances SA 199 Reconquista Buenos Aires Argentina 1003 Phone: +54 11 4346 4000 Home Page: http://www.frances.com.ar Contacts: Jaime Guardiola Romajaro, Chairman BANCO RIO: $250M of Bonds Remain in Default ------------------------------------------- Fitch Argentine Calificadora de Riesgo S.A. maintains a `D(arg)' rating to US$250 million of corporate bonds issued by Banco Rio de la Plata S.A., according to the CNV. The rating, which is assigned to financial commitments that are in default, applies to bonds called "obligaciones negociables." The bonds, whose maturity date is not known, were classified under "simple issue". Fitch said that the rating is assigned to financial commitments, which are currently in default. Banco Rio de la Plata is a wholly owned subsidiary of Spanish banking group Banco Santander Central Hispano S.A. CONTACT: BANCO RIO DE LA PLATA S.A. Bartolome Mitre 480 1036 Buenos Aires, Argentina Phone: +54-14-341-1081-1580 Fax: +54-14-341-1074-1084 Home Page: http://www.bancorio.com.ar Contacts: Ana Patricia B. S. de Sautuola y O'Shea, Chairman Jose L. E. Cristofani, Executive Vice Chairman and CEO Pablo Caride, Corporate Finance DISCO: Royal Intent on Selling Unit by the End of the 1H04 ---------------------------------------------------------- Royal Ahold NV, the world's third- largest retailer, still looks to sell its ailing Argentine supermarket chain Disco SA by the end of the first half, reports Bloomberg News. Talks to sell Disco to French food retailer Casino Guichard- Perrachon SA and Argentine businessman Francisco de Narvaez ended last week without an agreement. Now, Zaandam, Netherlands- based Ahold is in talks with two parties to sell the Argentine chain. However, the Company refuses to reveal the names of these two parties. Ahold, which is reversing a strategy of global expansion after overstating profit at units including Disco, last month ended talks with another potential buyer, Chilean food retailer Cencosud SA. Claims lodged against Disco by Argentine tax officials and former account holders at a banking unit of Ahold's prior partner in the country may be the sticking point in any purchase, analysts say. IMAGEN SATELITAL: Fitch Retains Bonds Default Ratings ----------------------------------------------------- Fitch Argentina Calificadora de Riesgo S.A. maintains a default rating to Imagen Satelital S.A.'s corporate bonds called "obligaciones negociables". The CNV indicated that the bonds, worth a total of US$80 million, were classified as "Simple Issue". The maturity of the bonds was not disclosed. TELECOM ARGENTINA: $3.2B Of Bonds Remain in Default --------------------------------------------------- Fitch Argentina Calificadora de Riesgo S.A. maintains a `D(arg)' rating to a total of US$3.2 billion of corporate bonds issued by Telecom Argentina Stet-France Telecom S.A. The bonds in default are: -- US$200 million of "Programa de ON simples", whose maturity date was not indicated; -- US$1.5 billion of "Programa Global de ONs autorizado por Asamblea de fecha 16.3.99", die on August 2, 2004; and -- US$1.5 billion of "Programa de obligaciones negociables", with undisclosed maturity date. All the above bonds were classified under "Program." The ratings were given based on the Company's finances as of Sep. 30, 2003. CONTACT: TELECOM ARGENTINA STET - FRANCE TELECOM SA(TELECOM) Alicia Moreau de Justo 50, 10th Floor Capital Federal (1107) Repoblica Argentina Phone: +54 11 4968 4000 Home Page: http://www.telecom.com.ar Contacts: Alberto J. Ricciardi, Chief Financial Officer Elvira Lazzati, Finance Director Pedro Insussarry, Investor Relations Manager Phone: (5411) 4968-3626/3627 Fax: (5411) 4313-5842/3109 Email: inversores@intersrv.telecom.com.ar =========== B R A Z I L =========== BCP: Board Okays New Credit Line, Cancellation of Debenture Issue ----------------------------------------------------------------- Sao Paulo-based telecoms operator BCP gained approval from its board of directors to secure a line of credit for up to US$25 million, from national or international sources, to fund cash flow needs, Valor Online reports. The Company simultaneously gained the board's approval to cancel 10,000 debentures it has issued. The approval will change the Company's status as a public entity. According to Business News Americas, BCP was only registered as a public company to issue the debentures. Of the 10,000 debentures issued, 4,106 were never issued and the remaining 5,894, worth just under BRL428 million (US$150 million), were purchased by BCP's new owner, America Movil (NYSE: AMX). Mexican wireless communications company America Movil SA completed its purchase of BCP in November. EMBRATEL: Capital Group Buys Shares Of Common Registered Stock -------------------------------------------------------------- Embratel Participacoes S.A. hereby communicates that it received via fax a copy of a letter dated January 13, 2004 and addressed to the Brazilian Securities Commission (CVM), sent by the law firm Pinheiro Neto Advogados, which identified itself as the attorneys-in-fact for Capital Group International, Inc., the text of which is as follows: "In compliance with the provisions contained in Article 12, heading, of CVM Instruction No. 358 of January 3, 2002, Capital Group International, Inc., a corporation organized and existing under the laws of the United States of America, with registered offices at 333 South Hope Street, Los Angeles, California 90071, USA ("CGII"), in its capacity as holding company for investment management firms abroad, hereby communicates that - by means of transactions carried out through the stock market - it has acquired one hundred and thirty-five million, eight hundred thousand (135,800,000) shares of common registered stock ("Acoes ON") issued by Embratel Participacoes S.A. ("the Company"). CGII already held six billion, one hundred and forty-nine million, two hundred and twelve thousand (6,149,212,000) shares of Company common registered stock and, with the acquisitions just carried out, now retains a total of six billion, two hundred and eighty- five million, and twelve thousand (6,285,012,000) shares of Company registered common stock ("Acoes ON"), corresponding to five and five hundredths per cent (5.05%) of the Company's total registered common stock. No other company belonging to the CGII economic group has any other equity stake in the Company. The stake thus increased represents a minority investment that does not alter the Company's ownership or administrative structure. Presently there are no other shares that CGII is aiming to acquire. Moreover, there are no stock-convertible debentures retained, either directly or indirectly, by CGII or any other party related to it, nor any agreement or contract governing the exercise of voting rights or the purchase and sale of securities issued by the Company to which CGII or any party related to it is a party." Embratel is the premium telecommunications provider in Brazil and offers and ample variety of telecom services -local and long distance telephony, advanced voice, high-speed data transmission, Internet, satellite data communications, and corporate networks. CONTACT: Silvia M.R. Pereira, Investor Relations Manager Phone: (55 21) 2121-9662 Fax: (55 21) 2121-6388 E-mail: silvia.pereira@embratel.com.br invest@embratel.com.br PARMALAT BRASIL: Judge Gives Bank Clearance To Seize Goods ---------------------------------------------------------- A Sao Paulo state judge ruled Monday that Banco do Brasil, Brazil's largest bank, could seize goods in a factory of Parmalat Brasil Industria de Alimentos to settle BRL23.7 million ($8.3 million) in debt, reports Reuters. Court documents reveal that the goods in Parmalat Brasil's Jundiai factory, which makes cookies, juice and tea, were the guarantee backing up the original credit. In addition, the court gave Banco do Brasil the right to confiscate BRL13.2 million ($4.6 million) in one of Parmalat Brasil's accounts at the bank. The court document said Parmalat Brasil has five days to appeal the ruling. PARMALAT BRASIL: Turns to Expert for Help ----------------------------------------- Parmalat Brasil hired a corporate turnaround expert to help it restructure its ailing operations, reports Reuters. The expert, Claudio Galeazzi of Galeazzi & Associados, began working with Parmalat on Friday under an agreement with the Company's creditors. Brazil's food industry union Contac said Friday that half of Parmalat's production in the country was paralyzed because of problems getting raw material from suppliers. According to Contac President Siderlei Silva de Oliveira, other Parmalat factories in Brazil continued to operate only partially, but he could not say which ones. Parmalat suspended payments to most of its non-dairy suppliers last month after its Italian parent unveiled a multibillion-euro hole in its accounts. PARMALAT BRASIL: President Defends Unit --------------------------------------- Parmalat Brasil President Ricardo Goncalves tried to defend his company from allegations that the unit has played a role in the crisis surrounding its Italian parent, relates Reuters. In an interview published by O Estado de S.Paulo newspaper Sunday, Goncalves said he never saw any illegal activities at the group since he became the local unit's head in 2001. He also denied local media reports that suggested the subsidiary transferred funds to its parent in Italy. The executive's comments came amid escalating scrutiny of the scandal-hit food group's operations in Brazil, where one of its accountants told Italian prosecutors that some of the Company's missing money may have been funneled through Brazil. Brazilian police have opened an investigation to see if Parmalat engaged in any wrongdoing in Brazil, and the lower house of Congress has begun its own separate probe into the company's activities in the country. VARIG/TAM: Feb. 10 Given For Merger Decision -------------------------------------------- Brazil's largest airlines, Varig and TAM, have until Feb. 10 to decide whether to push through with a proposed merger, reports Reuters. Should the companies decide not to move ahead with the merger by then, Brazil's main anti-trust agency, which set the deadline, may suspend a route-sharing deal the two carriers have enjoyed since merger talks started in February 2003. "The sharing is intended to give the firms breathing space, but it also may be acting as an incentive for the firms not to be too worried about the merger," said Thompson Andrade, who is heading the case at the agency. Struggling with large debts and poor financial results when they announced the proposed merger last year, Varig and TAM were allowed to share routes until they decide on the merger as an incentive to improve their respective finances. CONTACT: VARIG (Viacao Aerea Rio-Grandense, S.A.) Rua 18 de Novembro No. 800, Sao Joao 90240-040 Porto Alegre, Rio Grande do Sul, Brazil Phone: (51) 358-7039/7040 (51) 358-7010/7042 Fax: +55-51-358-7001 Home Page: www.varig.com.br/english/ Contacts: Dorival Ramos Schultz, EVP Finance and CFO E-mail: dorival.schultz@varig.com.br Investor Relations: Av. Almirante Silvio de Noronha, n 365-Bloco "B" - s/458 / Centro Rio de Janeiro, Brazil TAM Daniel Mandelli Martin, President Buenos Aires Tel. (54) (11) 4816-0001 URL: www.tam.com.br ========= C H I L E ========= COCA-COLA EMBONOR: Fitch Releases Credit Analysis ------------------------------------------------- Fitch Ratings released a complete Credit Analysis of Coca-Cola Embonor S.A. (Embonor). This report covers the rating rationale for Fitch's 'BBB-' rating of Embonor's senior unsecured foreign and local currency debt. Other sections of the report include an analysis of the company's financial performance in 2003, a discussion of the recent decision by the company to sell its Peruvian division and a comprehensive review of the company's Chilean and Bolivian business divisions. Embonor is The Coca-Cola Company's largest bottler in Peru and its second largest bottler in Chile. The Coca-Cola Company is the largest shareholder of Embonor, with a 45.5% ownership stake in the company. CONTACT: Fitch Ratings Joseph Bormann, CFA Chicago Phone: 312-368-3349 Rina Jarufe, Santiago, Chile Phone: +562 206-7171 ext. 34 James Jockle, Media New York Phone: 212-908-0547 ENDESA: Output Reached 162,088 GWh in 2003, a 4.9% Increase ----------------------------------------------------------- ENDESA's (NYSE: ELE) global output totaled 162,087 GWh in 2003, a 4.9% increase compared to the previous year, according to provisional data. The output breakdown by technology reflects ENDESA's balanced global generation mix: 48,498 GWh, a 30% of the output in 2003, came from hydro power plants; a 25% or 40,007 GWh, came from coal-fired power plants; another 25% or 40,338 GWh, from fuel-gas power plants, with a significant proportion coming from CCGT's; a 17% or 27,697 GWh from nuclear power plants; and a 3% or 5,548 GWh from our renewable energies and cogeneration plants, all located in Spain. Total Hydro output increased by 10.9% in 2003 compared to the previous year. The most significant increases occurred in Spain and Brazil because of the higher hydraulic conditions in those countries. Endesa's total hydro output in 2003 was 1.25 times the total hydro output generated in the Spanish electricity system. Regarding the market breakdown, 60% of the total output was generated in Spain, a 28.9% in Latin America and an 11.1% in Italy. In Spain, electricity output increased by a 3.6%, totaling 97,741 GWh. Peninsular power plants raised their output a 2.7%; while the islands system could meet the strong demand increase experienced by these markets with an output increase of 10.3%. Spanish CCGT's output totaled 3,226 GWh, a 134.6% increase; while fuel-gas output fell 37% to 1,917 GWh; national coal output decreased 8% to 23,846 GWh; and imported coal output increased a 3.3% up to 11,570 GWh. There has been a significant upturn of hydro output form 7,903 GWh in 2002 to 11,548 GWh in 2003, a 46% increase. An 11.8% of Spanish total output was hydro generated, which is a 40.9% more than in 2002. Despite the high hydraulic conditions in 2003, ENDESA increased its "pool" sales by a 2.7%, leading the peninsular market with a market share of 41.7%. In Latin America, the Company led the electricity markets in Colombia, Chile, Argentina and Peru. Total output of ENDESA's subsidiaries in Latin America was 46,480 GWh in 2003, with an average increase of 8.8%, mostly due to the high output growth in Argentina and Brazil. The Company's subsidiaries in both countries increased their output by 30.3% (11,208 GWh) and 20.9% (3,271GWh) respectively. In Chile electricity output increased by 1.47% up to 6.524 GWh, while in Peru it increased by 6.21% up to 4,683 GWh, and in Colombia by 0.89%, up to 10,794 GWh. This strong recovery is due to the positive evolution of the economies in the region and its effect in the electricity demand. In addition, the high pluviosity in Brazil led the Cachoeira Dourada hydro power plant to raise its output by 21% over 2002. Hydro generation in Latin America during 2003 totaled 35,286 GWh, more than 75% of total output generated in the region. In Italy, ENDESA generated 17,867 GWh, a 1.8% more than in the previous year. Endesa Italia reduced fuel-gas output 11.3%, down to 12,292 GWh, favoring coal and hydro output which increased 37.6% (3,341 GWh) and 31% (1,664 GWh), respectively. The French generator Snet, in which ENDESA holds a 30% interest, increased its output 23.3% in 2003, up to 9,079 GWh. On the other hand, output of the Portuguese Tejo, in which ENDESA holds a 35% interest, fell 13% in 2003, down to 4,176 GWh. ENDESA does not consolidate these two generation companies. CONTACT: ENDESA North America Investor Relations Office David Raya Phone: 212-750-7200 Home page: http://www.endesa.es ENDESA CHILE: Reports $135M Net Income in 2003 ---------------------------------------------- Chilean generator Endesa Chile, which is owned by local holding company Enersis, reported strong financial results for 2003, Business News Americas indicates. Last year, the Company generated a net income of CLP78.1 billion (US$135.4 million) against the previous year's net loss of CLP9.4 billion. However, operating income fell 3.2% to CLP338.5 billion compared to 2002. The Company attributed this fall to the stronger Chilean peso against the US dollar, which had a negative accounting effect on cash flow from Endesa's foreign subsidiaries. The sale of Endesa Chile's Canutillar hydro plant to local conglomerate Grupo Matte, as well as its Infraestructura 2000 highway holding to Spanish construction company Obrascon Huarte Lain (OHL) in 2003, also contributed to the lower cash flow. ESVAL: Authorizes Capital Increase To Help Pay Loan --------------------------------------------------- Chile's Region V water utility Esval told the country's securities regulator, the SVS, that it has authorized a capital increase for some US$48 million, relates Business News Americas. The capital increase will be used to pay a US$91.8-million syndicated loan the utility signed with five banks. The loan was taken to help the Company pay for the rights to operate Region IV utility Essco under a 30-year concession contract after it submitted a bid for some US$89.7 million in November. Esval, which owns and operates water and wastewater assets in Chile, is controlled by local financial group, Consorcio Financiero. =============== C O L O M B I A =============== BANCAFE: Govt. to Select Winning Bidder of 55% Stake on Feb. 18 --------------------------------------------------------------- The Colombian government will select a winning bidder for its 55% stake in Bancafe this coming Feb. 18, reports EFE. Fogafin, the country's deposit insurance agency, said in a communique that national as well as foreign investors "with substantial experience in the financial sector" are participating in the privatization process. The remaining 45% of the bank's shares will be placed on the local stock market. Bancafe, which received capital from Fogafin on several occasions, underwent a complete restructuring in 1999, including the downsizing of its workforce from 7,000 to 4,200. It also slashed the number of its branches from 456 to 276. As of October 2003, Bancafe had a net worth of US$73.7 million based on assets of US$2.06 billion and liabilities of US$1.98 billion. The bank, which has offices in Panama and Miami, has 1.5 million clients. =========== M E X I C O =========== TFM: Signs Operating Lease With CIT Rail Resources -------------------------------------------------- CIT Rail Resources, an operating group of CIT (NYSE: CIT), and one of North America's largest railcar and locomotive lessors, announced Tuesday that it has signed an operating lease agreement with TFM, S.A. de C.V., one of the two largest railroads in Mexico, for 250 new 60-foot VersaCoil gondolas, manufactured by Johnstown America Corporation. The cars will be utilized by a variety of customers within the automotive, steel, and manufacturing industries. The units will operate in and out of Mexico. "The addition of the 60-foot VersaCoil gondola to our fleet allows us to continue providing our valued customers with the newest and most technologically-advanced cars in the industry," said Steve McClure, president of CIT Rail Resources. "With an expected increase in demand from both railroads and shippers over the next three years, leasing these 250 VersaCoil gondolas allows TFM to retire its older fleet, optimizes fleet utilization and gives shipping customers of steel coils added flexibility because of the cars' loading patterns." The 60-foot VersaCoil gondolas have a 9-Transverse-Trough Design with a single 49' lightweight cover and offer 97 metric tons of capacity. TFM has been a CIT customer since 2000. About CIT Rail Resources CIT Rail Resources provides a wide array of equipment leasing and financial products to the rail industry and owns and manages a fleet in excess of 54,000 railcars and approximately 550 locomotives. As one of the leading railcar and locomotive lessors in North America, CIT Rail Resources serves customers in the U.S., Canada and Mexico and is the largest operating lessor of 286,000-pound capacity railcars in North America. About CIT CIT Group Inc. (NYSE: CIT), a leading commercial and consumer finance company, provides clients with financing and leasing products and advisory services. Founded in 1908, CIT has nearly $50 billion in assets under management and possesses the financial resources, industry expertise and product knowledge to serve the needs of clients across approximately 30 industries. CIT, a Fortune 500 company, holds leading positions in vendor financing, U.S. factoring, equipment and transportation financing, Small Business Administration loans, and asset-based and credit-secured lending. CIT, with its principal offices in New York City and Livingston, New Jersey has approximately 6,000 employees in locations throughout North America, Europe, Latin and South America, and the Pacific Rim. For more information, visit www.cit.com. TV AZTECA: Denies Allegations in Shareholder Lawsuits ----------------------------------------------------- TV Azteca, S.A. de C.V. (NYSE:TZA) (BMV: TVAZTCA), one of the two largest producers of Spanish-language television programming in the world, announced Tuesday that several shareholder lawsuits have been filed against the Company in the U.S. District Court of the Southern District of New York. The Company denies any wrongdoing and intends to vigorously defend these actions. Within the next several weeks, it is expected that those lawsuits will be consolidated into a single shareholder class action against the Company. Thereafter, the court must appoint a lead plaintiff. Notice will be given to all shareholders to enable them to request lead plaintiff status. That process of selecting a lead plaintiff in the United States may take several months. Thereafter, it is customary that an amended consolidated complaint will be filed by the newly appointed lead plaintiff. The Company then must either move to dismiss the complaint, or answer. If the Company moves to dismiss, all discovery is stayed pending the courts decision on the motion. Decision on any motion to dismiss would likely not be issued for a period of six to nine months after a consolidated complaint is filed. If the motion to dismiss is denied, the case will proceed to discovery and trial, if necessary. Those actions have been assigned to, and will be heard by, Judge Sprizzo in the Southern District of New York. All questions regarding these actions should be directed to the Company's litigation counsel in the United States, for purposes of these proceedings, Richard A. Spehr, Esq., Mayer, Brown, Rowe & Maw LLP, 1675 Broadway, New York, New York 10019, (212) 262- 1910. 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. Except for historical information, the matters discussed in this press release are forward-looking statements and are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. Risks that may affect TV Azteca are identified in its Form 20-F and other filings with the US Securities and Exchange Commission. CONTACT: TV Azteca, S.A. de C.V. Investor Relations: Bruno Rangel Phone: +011-5255-3099-9167 Email: jrangelk@tvazteca.com.mx Omar Avila Phone: +011-5255-3099-0041 Email: oavila@tvazteca.com.mx Media Relations: Tristan Canales Phone: +011-5255-3099-5786 Email: tcanales@tvazteca.com.mx Daniel McCosh Phone: +011-5255-3099-0059 Email: dmccosh@tvazteca.com.mx Home page: http://www.tvazteca.com.mx/ ================================= T R I N I D A D & T O B A G O ================================= BWIA: Receives Second A340 Aircraft ----------------------------------- BWIA received Monday the second Airbus Industrie A340 aircraft, the Trinidad Guardian reports without disclosing the cost of the transaction or the duration of the lease. According to the report, the airline didn't lease the aircraft from the International Leasing Finance Corporation (ILFC), which owns the airline's first A340, as well as most of its fleet. However, in February 2002, the Business Guardian exclusively reported BWIA was then in the process of securing two A340s from ILFC at an estimated cost of TT$1 billion (US$180 million). CONTACT: British West Indies Airways Phone: + 868 627 2942 E-mail: mailto:mail@bwee.com Home Page: http://www.bwee.com/ *********** 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 * * *