/raid1/www/Hosts/bankrupt/TCRLA_Public/040211.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, February 11, 2004, Vol. 5, Issue 29

                          Headlines
A R G E N T I N A

APH NUEVA PESQUERA PATAGONIA: Court Declares Company Bankrupt
ARMOA-SHUAGER: General Report Due at Court Today
CELULAR COM: Receiver Closes Claims Review in Bankruptcy
DERMUT: General Report Due at Court Today
DISTRIRED: Receiver Prepares Individual Reports

ESTANCIAS POLVAREDAS: Receiver To File General Report Today
FIOUGGI: Credit Verification Period in Bankruptcy Expires Today
GLASS PARFUM: Bankruptcy Process Proceeds With Claims Review Over
MADERGO: Enters Bankruptcy on Court Orders
MERCOTRANS: Enters Bankruptcy on Court Orders

OPEN SPORTS BUSINESS: To Undergo Reorganization
RICHVAN: Credit Verification in Bankruptcy Ends Today


B E R M U D A

FOSTER WHEELER: Announces SINOPEC Contract


B R A Z I L

AES: Announces US$500M Notes Offering; Partial Loan Repayment
EMBRATEL: Lower Court Issues Ruling on Embratel vs. Telemar Case
EMBRATEL: Bear Stearns Raises Shares Recommendation to Outperform
PARMALAT BRASIL: Seeks Change in Local Bankruptcy Law


C H I L E

AES GENER: To Get US$300M Financial Aid from Parent


J A M A I C A

NCB JAMAICA: S&P Downgrades Ratings to `B'; Outlook Negative


M E X I C O

CFE, PEMEX: PRI Seeks Review on Finances
GRUPO MEXICO: Minera Mexico's Potential SPCC Buy Positive
ISPAT GROUP: Ratings Off CreditWatch; Outlook Stable
TV AZTECA: Pays US$125M 10 1/8% Note Due This Month


P A N A M A

BLADEX: Announces US$0.10/Share Quarterly Dividends


U R U G U A Y

PARMALAT URUGUAY: Assets Attract Potential Buyers

     -  -  -  -  -  -  -  -

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

APH NUEVA PESQUERA PATAGONIA: Court Declares Company Bankrupt
-------------------------------------------------------------
Argentine insolvency Judge Pallerini of Buenos Aires Court No. 24
declares local company A.P.H. Nueva Pesquera Patagonica S.A.
"quiebra", relates local daily La Nacion. The court approved the
bankruptcy petition filed by the Company's creditor, Poliex
S.A.C.I.F.A. for nonpayment of debt.

The Company will undergo the bankruptcy process with Mr. Antonio
Canada as its receiver. Creditors are required to present their
proofs of claims to the receiver for verification before the
April 19 deadline expires.

The city's Clerk No. 47, Dr. Medina assists the court on the
case, which will close with the liquidation of the Company's
assets to repay its creditors.

CONTACT:  A.P.H. Nueva Pesquera Patagonica S.A.
          Ruiz Huidobro 1751
          Buenos Aires

          Antonio Canada
          Doctor Luis Belaustegui 4531
          Buenos Aires


ARMOA-SHUAGER: General Report Due at Court Today
------------------------------------------------
The general report on the reorganization of Argentine company
Armoa-Shuager S.H. is due at Court No. 6 of the Civil and
Commercial Tribunal of Canada de Gomez in Santa Fe today. This
report is a summary of the individual reports that have been
processed at court.

An earlier report by the Troubled Company Reporter - Latin
America indicated that the Company's receiver is local accountant
Edgar Alfredo Serrano.

The informative assembly, which signals the end of the
reorganization process, will be held on July 8 next year.

CONTACT:  Armoa-Shuager S.H.
          Uruguay 1454
          Carcarana
          Santa Fe

          Edgar Alfredo Serrano
          Lavalle 1244
          Canda de Gomez
          Santa Fe


CELULAR COM: Receiver Closes Claims Review in Bankruptcy
--------------------------------------------------------
Mr. Aldo Markman, receiver for Buenos Aires company Celular Com
S.A., closes the credit verification process for the Company's
bankruptcy today.

Buenos Aires Court No. 19, under Judge Fernandez, issued the
bankruptcy order in approval of a petition filed by the Company's
creditor Imaxes S.A. on grounds of nonpayment of debt. Clerk No.
38, Dr. Johnson, assists the court on the case, the Troubled
Company Reporter - Latin America said in an earlier report.

CONTACT:  Celular Com S.A.
          Florida 571
          Buenos Aires

          Aldo Markman
          3rd Floor, Office 307
          Alsina 1441
          Buenos Aires


DERMUT: General Report Due at Court Today
-----------------------------------------
Buenos Aires Court No. 24 requires the receiver for Dermut S.A.
to file the general report on the Company's bankruptcy today. The
Company's receiver, Mr. Isaac Jospe, prepared the report after
the individual reports were processed at court.

The Company entered bankruptcy late last year. Its receiver has
completed the credit verification process and the individual
reports, as ordered by the court.

CONTACT:  Isaac Jospe
          JE Uriburu 1054
          Buenos Aires


DISTRIRED: Receiver Prepares Individual Reports
-----------------------------------------------
Mr. Walter Callejas, receiver for Argentine company Distrired
S.A., will prepare the individual reports for the Company's
bankruptcy as the credit verification period ends today. These
reports will contain the results of the authentication process.

The Troubled Company Reporter - Latin America earlier said that
Buenos Aires Court No. 18 declared the Company bankruptcy in
approval of a petition filed by the Company's creditor, SA
Organizacion Coordinadora Argentina (OCA) for nonpayment of debt.

Clerk No. 36, Dr. Vivono aids the court on the case. The
transport services company's assets will be liquidated at the end
of the process to reimburse its creditors.

CONTACT:  Distrired S.A.
          Rio Limay 1472
          Buenos Aires


ESTANCIAS POLVAREDAS: Receiver To File General Report Today
-----------------------------------------------------------
Mr. Antonio Canada, the receiver for bankrupt Argentine company
Estancias Polcaredas Grandes S.A., must file the general report
at court today. The receiver prepared the said report after the
individual reports were processed at court.

The individual reports contained the results of a credit
verification process done to determine the nature and amount of
the Company's debts.

The Troubled Company Reporter - Latin America earlier reported
that the city's Court No. 24, working with Clerk No. 48 ordered
the Company's bankruptcy. The Company's assets will likely be
liquidated at the end of the process to reimburse its creditors.

CONTACT:  Antonio Canada
          Luis Belaustegui 4531
          Buenos Aires


FIOUGGI: Credit Verification Period in Bankruptcy Expires Today
---------------------------------------------------------------
Creditors of bankrupt company Fiouggi S.A. are required to
present their claims to Ms. Patricia Narduzzi, the court-
appointed receiver for verification. An earlier report by the
Troubled Company Reporter - Latin America reported that the
credit authentication period expires today.

Buenos Aires' Court No. 21, which is under Dr. Paez Castaneda
earlier declared the Company bankrupt. The city's Clerk No. 42,
Dr. Barreiro, aids the court on the case.

The ruling came after the Company's creditor, Etiquetas Zalaquett
S.A. filed a bankruptcy petition to the court. The Company, which
makes ready-to-wear garments, failed to meet its obligations on
some $5028 of debt to Etiquitas.

CONTACT:  Fiouggi S.A.
          Ave. de los Incas 4552
          Buenos Aires

          Patricia Narduzzi
          1st Floor
          Rivadavia 666
          Buenos Aires


GLASS PARFUM: Bankruptcy Process Proceeds With Claims Review Over
-----------------------------------------------------------------
The bankruptcy of Buenos Aires company Glass Parfum S.R.L., moves
a step further as its receiver ends the credit authentication
process today. Creditors' claims were verified to establish the
existence, nature and amount of the Company's debts.

The Company's receiver, Mr. Nestor Rodolfo del Potro, will
prepare the individual reports on the verification results. These
reports are to be filed at the court n March 24. The receiver
will also prepare a general report, due on May 10, after the
individual reports are processed at court.

Buenos Aires Court No. 10 and Clerk No. 20 handle the Company's
case, the Troubled Company Reporter - Latin America said in an
earlier report. The Company's assets will be liquidated at the
end of the bankruptcy process to repay creditors.

CONTACT:  Nestor Rodolfo Del Potro
          Ave Corrientes 1291
          Buenos Aires


MADERGO: Enters Bankruptcy on Court Orders
------------------------------------------
Buenos Aires Court No. 12 declared local company Madergo S.R.L.
bankrupt recently. A report by Argentine news portal Infobae
relates that Mr. Jose Teodoro Gonzalez will oversee the
bankruptcy process as the Company's receiver.

The credit verification process, performed to determine the
nature and amount of the Company's debts, will end on February
24. The receiver will then prepare the individual reports, which
are due at court on April 6. These reports contain the results of
the verification process.

The receiver will also prepare a general report, which must be
filed at the court on May 18, after the individual reports are
processed at court. The general report is a summary of the
information in the individual reports.

The Company's assets will be liquidated at the end of the
bankruptcy process to repay its creditors. Payments will be based
on the results of the credit verifications.

CONTACT:  Jose Teodoro Gonzalez
          Ave Cordoba 2444
          Buenos Aires


MERCOTRANS: Enters Bankruptcy on Court Orders
---------------------------------------------
Mercotrans S.R.L., which is based in Buenos Aires, enters
bankruptcy after the city's Court No. 18 approved a petition
filed by the Company's creditor, COSENA Seguros S.A., for
nonpayment of debt. Working with Clerk No. 36, Dr. Vivono, the
court declared the Company "Quiebra", reports Argentine newspaper
La Nacion.

The Company's receiver, Ms. Elba Bengochea, will examine and
validate creditors' claims until April 1 this year. Creditors
must have their claims authenticated by the appointed date in
order to qualify for payments to be made after the Company's
assets are liquidated.

CONTACT:  Mercotrans S.R.L.
          2nd Floor
          Adolfo Dickman 1231
          Buenos Aires

          Elba Bengochea
          Uriburu 1010
          Buenos Aires


OPEN SPORTS BUSINESS: To Undergo Reorganization
-----------------------------------------------
Buenos Aires Court No. 13 granted local company Open Sports
Business S.A. permission to reorganize. Argentine news portal
Infobae relates that the Company was undergoing the bankruptcy
process.

The Company's receiver, Mr. Dante Giampaolo will verify
creditors' claims until March 15 this year. The individual
reports are due on April 28 followed by the general report on
June 10.

The informative assembly, which is one of the last parts or a
reorganization process, will be on November 5.

CONTACT:  Dante Giampaolo
          Anchorena 672
          Buenos Aires


RICHVAN: Credit Verification in Bankruptcy Ends Today
-----------------------------------------------------
The credit verification process for the bankruptcy of Richvan
S.A. ends today, according to an earlier report by the Troubled
Company Reporter - Latin America. The creditors' claims were
examined to determine the nature and amount of the Company's
debts.

As ordered by Buenos Aires Court No. 4, the Company's receiver
Mr. Vicente Carlos Alberto, will prepare the individual reports
on the results of the verification process.

CONTACT:  Vicente Carlos Alberto
          Ave Corrietes 2166
          Buenos Aires



=============
B E R M U D A
=============

FOSTER WHEELER: Announces SINOPEC Contract
------------------------------------------
Foster Wheeler Ltd. (OTCBB:FWLRF) announced on Tuesday that its
subsidiaries, Foster Wheeler Power Machinery Co. Ltd. and Foster
Wheeler International Engineering & Consulting (Shanghai) Co.
Ltd., have been awarded a contract by China Petrochemical
International Company (SINOPEC)'s Maoming Petrochemical Company.

The contract for engineering and supply of two 100 MW non-reheat
compact circulating fluidized-bed (CFB) steam generators is
valued at approximately $25.5 million. The booking will be
included in the fourth-quarter 2003 results. Foster Wheeler
International Engineering & Consulting (Shanghai) Co. Ltd. will
design the project and Foster Wheeler Power Machinery Co. Ltd.
will fabricate the state-of-the-art CFB boilers at its
manufacturing facility in Xinhui, China.

The Maoming CFB project is part of a major expansion by SINOPEC
for production of ethylene. Maoming is located in southwest
Guangdong Province, near the Xinhui manufacturing facility. The
boilers will be similar in design to those currently in the
initial stage of operation at SINOPEC's Zenhai II facility,
located about 100 miles south of Shanghai.

The award of this contract demonstrates SINOPEC's continuing
confidence in Foster Wheeler's highly reliable CFB design, which
provides the environmental advantages of efficiently burning
difficult fuel blends, such as petroleum coke and coal, while
reducing sulfur dioxide and nitrous oxide emissions.

Foster Wheeler Ltd. is a global company offering, through its
subsidiaries, a broad range of design, engineering, construction,
manufacturing, project development and management, research and
plant operation services. Foster Wheeler serves the refining, oil
and gas, petrochemical, chemicals, power, pharmaceuticals,
biotechnology and healthcare industries. The corporation is based
in Hamilton, Bermuda, and its operational headquarters are in
Clinton, New Jersey, USA. For more information about Foster
Wheeler, visit its Web site at www.fwc.com.

CONTACT:  Foster Wheeler Ltd.
          Media Contact:
          Richard Tauberman
          Phone: 908-730-4444

          Other Inquiries:
          Phone: 908-730-4000



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

AES: Announces US$500M Notes Offering; Partial Loan Repayment
-------------------------------------------------------------
The AES Corporation (NYSE:AES) announced on Monday that it plans
to sell US$500,000,000 aggregate principal amount of 10 year
unsecured Senior Notes.

AES plans to use the net proceeds of the offering to repay a
portion of its term loan under its senior secured credit
facilities which mature on July 31, 2007 (subject to a possible
extension to April 30, 2008 if certain conditions are met) and
bears interest at a floating rate of either LIBOR plus 4% or a
base rate plus 3%.

The offering will be made under AES's effective shelf
registration statement, which has been filed with, and declared
effective by, the Securities and Exchange Commission.

CONTACT:  AES Corporation
          Scott Cunningham
          Phone: 703-558-4875


EMBRATEL: Lower Court Issues Ruling on Embratel vs. Telemar Case
----------------------------------------------------------------
A Brazilian court ruled that Embratel Participacoes (NYSE: EMT)
should pay Telemar Participacoes (NYSE: TNE) BRL219 million plus
interest and a fine in network interconnection bills for the
period between August 2001 and July 2002, reports Business News
Americas.

However, the same court in Rio de Janeiro ruled that Embratel is
exempted from paying BRL160 million for using Telemar's network
since July last year, BNAmericas added. The court decided
Embratel does not have to pay Telemar interconnections fees,
which the court considered inflated, going forwards.

Telemar, on the other hand says that the battle is not over.
BNAmericas cited the company's investor relations spokesperson as
saying that it could take years for the second case to be taken
to the supreme court for final decision. In a statement, Telemar
said that the total amount Embratel owes it is about BRL370
million, including interest and fine for paying late.

CONTACT:  Embratel Participacoes S.A.
          Rua Regento Feijo 166
          Sala 1687-B 20020-060
          Rio de Janeiro, Brazil
          Phone: +55-21-2121-8182
          Fax: +55-21-2121-6388
          Home page: http://www.embratel.com.br
          Contact:  Jorge Luis Rodriguez, President & CEO
                    Daniel Eldon Crawford, Chairman of the Board
                    Norbert Glatt, CFO

          Tele Norte Leste Participa‡oes S.A.
          Rua Humberto de Campos 425, 8 andar, Leblon
          22430-190 Rio de Janeiro, Brazil
          Phone: +55-21-3131-1314
          Fax: +55-21-3131-1155
          Home page: http://www.telemar.com.br
          Contact:  Octavio Marques de Azevedo, Chairman
                    Marcos Grodetzy, CFO


EMBRATEL: Bear Stearns Raises Shares Recommendation to Outperform
-----------------------------------------------------------------
Bear Stearns' recommendation on shares of Brazilian telephone
service provider Embratel Participacoes S.A. was raised to
outperform on Monday. Dow Jones Business News relates that the
recommendation was upgraded from peer perform after the Company's
share price moved lower despite a better-than-expected earnings
report for 4Q03.

The investment bank also increased its price target for the
Company's American Depositary Receipts to US$21.50/ADR from
US$19/ADR, Dow Jones added. Bear Stearns also hitched its earning
forecasts to US$1.33/ADR this year and US$1.43/ADR for 2005.


PARMALAT BRASIL: Seeks Change in Local Bankruptcy Law
-----------------------------------------------------
Mr. Ricardo Goncalvez, Parmalat Brasil Industria de Alimentos
president, asked the national government to change some rules in
the bankruptcy law. According to a report by local newspaper
Gazeta Mercantil, Mr. Goncalvez sought that creditors that will
provide resources to the company over the liquidation agreement
be allowed to receive the payments before older creditors do.

Recently, the executive warned that the Company could shut down
within days without emergency help from the government, putting
tens of thousands out of work, and will probably be sold
eventually. The local unit said it needs a US$26 million cash
injection to maintain operations.



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

AES GENER: To Get US$300M Financial Aid from Parent
---------------------------------------------------
Chilean newspaper El Diario reports that AES Gener will get a
US$300 million capital injection from its parent U.S. energy
group AES Corporation. The infusion is aimed at helping the local
unit repay some US$300 million of inter-company debt.

AES Gener will then be in a good position to restructure its
US$700 of debt. This will also make it easier for the Company to
get bondholder approval on its plans to issue US$400 million of
new bonds in the international markets. This will be used to buy
back some convertivle bonds in Chile and the in the United States
as well as some Yankee bonds, the paper added.

AES Corporation said it will sell some of its stake in Gener next
month. The sale will probably be between US$100 and US$200
million, with AES keeping control of the local unit.



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

NCB JAMAICA: S&P Downgrades Ratings to `B'; Outlook Negative
------------------------------------------------------------
Standard & Poor's Ratings Services said on Tuesday that it
lowered its long-term local currency credit rating and CD rating
on National Commercial Bank Jamaica Ltd. (NCB) to 'B' from 'B+'.
The outlook was revised to negative from stable. At the same
time, the 'B' long-term foreign currency credit rating and CD
ratings on NCB were affirmed. The outlook was revised to negative
from stable.

"The rating and outlook actions follow a similar action taken on
the sovereign credit ratings on Jamaica, and reflect NCB's
significant exposure to Jamaica's sovereign risk, with most of
the bank's assets in the form of sovereign securities," said
Standard & Poor's credit analyst Ursula M. Wilhelm.

ANALYST:  Ursula M Wilhelm
          Mexico City
          Phone: (52) 55-5081-4407

          David Olivares
          Mexico City
          Phone: (52) 55-5081-4406



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

CFE, PEMEX: PRI Seeks Review on Finances
----------------------------------------
The PRI, Mexico's opposition party, seeks for a review on the
finances of state energy companies CFE and Pemex, local newspaper
Sol de Mexico quoted PRI spokesperson Oscar Gonzalez Rodriguez as
saying. The party said that a review ill reveal that are
companies are generating enough income to finance their own
projects and continue sector growth.

Business News Americas revealed that the PRI is opposed to the
government's plan to bring more private sector investment into
the energy sector. Instead, the PRI said, the two companies
should focus on substituting gas, gasoline and petrochemical
imports for domestic production and guaranteeing the country's
long-term electricity supply.


GRUPO MEXICO: Minera Mexico's Potential SPCC Buy Positive
---------------------------------------------------------
Fitch Ratings believes that the possible acquisition of Minera
Mexico S.A. de C.V. (Minera Mexico) by Southern Peru Copper
Corporation (SPCC) holds the potential to improve the credit
profile of Minera Mexico by structurally aligning it with a
financially stronger direct parent company. This, in turn, could
facilitate the refinancing of the currently restrictive debt
agreements of Minera Mexico that were the result of a
restructuring completed early last year. Refinancing of this
debt, given the current levels of copper prices, would provide
Minera Mexico with increased financial flexibility and allow it
to both reduce its debt and to invest in projects that enhance
free cash flow.

SPCC currently has low leverage, is a low cost producer of copper
and generates substantial free cash flow. In contrast, Minera
Mexico is highly leveraged and has limited financial flexibility.
Both entities are copper mining companies held by a subsidiary of
Grupo Mexico S.A. de C.V. (Grupo Mexico). Fitch expects the
transaction would be a cashless stock for stock transaction.

Fitch's 'B' local and foreign currency ratings of Minera Mexico's
obligations continue to reflect the company's high leverage post
restructuring. In 2003, total debt should be approximately $1.3
billion and EBITDA should improve to about $175 million. As a
result, the company's the ratio of total debt to EBITDA should
improve to 7.5x from 12.7x in 2002, while interest coverage, as
measured by EBITDA/interest expense should increase to 1.6x from
1x in 2002. These ratios are slightly higher than those in the
prior two years.

If copper prices average in the $1.00 per pound range during
2004, Minera Mexico should generate about $485 million in EBITDA.
The $300 million increase is due primarily to: 1) higher copper
prices, (expected to average $1.00/lb versus $0.81/lb in 2003) 2)
greater production volumes as a result of improved liquidity and
the absence of labor disputes and 3) larger by-product credits.

Minera Mexico's EBITDA would most likely be used as follows: $120
million for maintenance capital expenditures and $110 million for
interest expense. The balance should be used for taxes, to
amortize scheduled debt and debt amortizations as a result of the
cash sweeping mechanisms. Due to the existing debt covenants
regarding the use of excess cash flow, Minera Mexico will not be
able to make dividend payments to its shareholders.

Fitch rates SPCC's foreign currency debt 'BB-', which is
constrained by the 'BB-' foreign currency rating of Peru. In the
event the proposed transaction was not cashless and Minera
Mexico's debt is rebalanced between it and SPCC, Fitch would not
expect the underlying credit quality (local currency rating) of
SPCC to deteriorate to a level below the foreign currency rating
of Peru. However, any transaction that would burden SPCC with
additional debt or support Minera Mexico could affect SPCC's
underlying credit quality. On Feb. 3, 2004, Grupo Mexico
announced that it had presented a proposal to SPCC shareholders
to sell all of its interest in Minera Mexico to SPCC in return
for additional shares in SPCC. The transaction is pending
discussion and approval by SPCC shareholders.

On April 29, 2003, Minera Mexico successfully finalized an $881
million debt restructuring agreement with its creditors (banks
and secured export notes (SENs) holders). With the cash sweeping
mechanisms that are now active under the debt restructuring
agreement, Minera Mexico must prepay debt when copper prices are
above 88c/lb. Debt is also pre-paid if the company's net working
capital exceeds a predetermined amount. Under the current
arrangement with creditors, Minera Mexico is not able to invest a
significant amount in large capital expenditures that could
materially improve the company's operating cash flow during the
next five year period.

Grupo Mexico's shareholder structure includes German Larrea and
the Larrea family holdings (51%), Mexican banks (22%), and
institutional investors (27%). The group ranks as the world's
third-largest copper producer. GM's principal mining operations,
SPCC in Peru, Minera Mexico in Mexico and Asarco, Inc. in the
United States are aggregated under the holding company, Americas
Mining Corporation (AMC).

SPCC is owned by Grupo Mexico (54.2%), Phelps Dodge (14.0%),
Cerro Trading Co. (14.2%) and public stockholders (17.6%). The
company's assets include two large-scale open-pit copper-mining
units, Toquepala and Cuajone, with a cash cost of production of
$0.46/lb. in 2003. The company operates integrated smelting and
refining facilities in the port town of Ilo in southern Peru.
Using traditional production techniques and the low-cost SX/EW
process, SPCC produced and sold 375,000 tons of mined copper in
2003. Most of the company's production goes primarily to the
United States and Europe.

Minera Mexico is owned by GM (98.84%). The company's principal
copper-mining facilities, Mexicana de Cobre (Caridad) and
Mexicana de Cananea, located in the northwestern state of Sonora,
Mexico, include two open-pit copper mines. Importantly, these
mines hold the world's second largest copper reserves of 109
billion pounds, which at current production rates, allow for a
mine life of about 180 years.

CONTACT:  Fitch Ratings
          Anita Saha, CFA
          Phone: 312-368-3179

          Joe Bormann, CFA
          Phone: 312-368-3349

          James Jockle, Media Relations
          Phone: 212-908-0547


ISPAT GROUP: Ratings Off CreditWatch; Outlook Stable
----------------------------------------------------
Standard & Poor's Ratings Services said on Tuesday that as a
result of stronger liquidity and the improving outlook for the
steel industry, it has removed from CreditWatch its ratings on
Dutch-registered steel consortium Ispat International N.V.
(Ispat) and its subsidiaries Ispat Inland Inc., Ispat Europe
Group S.A., and Ispat Mexicana S.A. de C.V., where they were
placed on Oct. 6, 2003. At the same time, the ratings on Ispat
and the above-mentioned subsidiaries were affirmed, including the
'B-' long-term corporate credit rating on Ispat. The outlook is
stable.

The ratings on Ispat Sidbec Inc. remain on CreditWatch with
negative implications, where they were placed on Oct. 6, 2003,
due to the company's near-term refinancing risk. A refinancing or
amendment to extend the amortization schedule would likely lead
to resolution of the CreditWatch status on Ispat Sidbec.

"The rating action on Ispat follows an improved global market
outlook for steel, good cash flow generation and improved
liquidity, and the more favorable environment in which to address
refinancing risks," said Standard & Poor's credit analyst Tommy
Trask.

A significant reduction in working capital in the second half of
2003 has improved the liquidity position of Ispat, despite high
capital expenditures on the relining of the group's biggest
furnace and extraordinary pension contributions at Ispat Inland.
Despite weak profitability and high capital expenditures, Ispat
generated $65 million of free cash flow in 2003.

Liquidity will continue to be tight in 2004, given a further
$111.5 million of pension contributions at Ispat Inland. The
favorable high-yield market and improving outlook for the steel
industry should allow Ispat to address refinancing issues at
Ispat Inland.

The outlook for the global steel industry is improving with
rising steel prices offsetting higher input costs. This should
help Ispat Inland, given that it sources a significant share of
iron ore and coke from captive sources or under long-term
contracts. The European market remains tough, however, with weak
demand and a high risk of rising imports given the strength of
the euro.

Management's immediate challenge is to address refinancing and
liquidity risks, in particular at Ispat Sidbec and Ispat Inland.
Given that the steel market outlook is improving, after two
difficult years, liquidity and refinancing risk continue to be
the key focus of the ratings.

ANALYST:  Tommy Trask
          London
          Phone: (44) 20-7176-3616
          Email: tommy_trask@standardandpoors.com

          Olivier Beroud
          London
          Phone: (44) 20-7176-3508
          Email: olivier_beroud@standardandpoors.com

          Standard & Poor's Ratings Desks:
          London (44) 20-7176-7400
          Paris (33) 1-4420-6705
          Stockholm (46) 8-440-5916
          Email: CorporateFinanceEurope@standardandpoors.com

          Press Office Hotline
          Phone: (44) 20-7176-3605
          Email: media_europe@standardandpoors.com


TV AZTECA: Pays US$125M 10 1/8% Note Due This Month
---------------------------------------------------
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 on Tuesday that it made a deposit in the
account of its custody bank in the U.S. to fully amortize at
maturity the company's US$125 million 10 1/8% note due February
15, 2004. As previously detailed, the payment is composed of
US$60 million from TV Azteca's cash position and US$65 million of
unsecured financing obtained from financial institutions, on
market terms.

The debt reduction is part of the company's ongoing plan to
allocate a substantial portion of TV Azteca's expected cash
generation to reduce the company's debt by approximately US$250
million, and to make cash distributions to shareholders of over
US$500 million by 2008.

Within the plan for uses of cash, the company made a distribution
of US$125 million on June 30, 2003, an additional US$15 million
on December 5, 2003, and currently reduces the company's net debt
by US$60 million and defines upcoming distributions and further
debt reduction.

The company noted solid financial results, together with strict
adherence to its commitment that prevents TV Azteca from
investing in Unefon, allowing for the determined continuation of
its cash plan. Resulting overall debt reduction will translate
into stronger capital structure, which benefits both shareholders
and noteholders.

TV Azteca believes robust financial and operating results in
Mexico and in the U.S., combined with its cash plan, have been
key in the performance of its publicly traded ADR, which despite
recent price volatility, has increased over 70% in the last
twelve months, and allowed for an 11% dividend yield in the prior
year, considering the average ADR price in 2003.

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.

CONTACT:  TV Azteca, S.A. de C.V.
          Bruno Rangel, Investor Relations
          Phone: +011-5255-3099-9167
          Email: jrangelk@tvazteca.com.mx


          Omar Avila
          Phone: +011-5255-3099-0041
          Email: oavila@tvazteca.com.mx

          Tristan Canales, Media Relations
          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



===========
P A N A M A
===========

BLADEX: Announces US$0.10/Share Quarterly Dividends
---------------------------------------------------
Banco Latinoamericano de Exportaciones, S.A. (NYSE: BLX) (BLADEX)
reported on Tuesday that at a meeting held on February 3, 2004,
its Board of Directors authorized a dividend policy whereby
dividends will be declared and paid to shareholders on a
quarterly basis. In accordance with this new policy, the Board of
Directors declared a quarterly cash dividend of US$0.10 per
common share payable on April 5, 2004, to stockholders of record
as of March 26, 2004. As of January 31, 2004, BLADEX had
39,352,738 outstanding common shares of all classes.

BLADEX's Chief Executive Officer, Jaime Rivera, stated, "With the
profitability of our core business in foreign trade services
firmly on track, and with the support afforded to the bank by its
re-capitalization, we are pleased to resume BLADEX's traditional
practice of providing our shareholders with dividends. We will
continue to manage our capital through a prudent balance of risk
and return considerations, in light of market and business
trends, including those related to our portfolio in Argentina. We
will take action when appropriate."

BLADEX is a multinational bank established by the Central Banks
of Latin American and Caribbean countries. Based in Panama, its
shareholders include central and commercial banks in 23 countries
of the region, as well as international banks and private
investors.



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

PARMALAT URUGUAY: Assets Attract Potential Buyers
-------------------------------------------------
Parmalat Uruguay has been contacted by a number of companies
interested in its assets, relates local daily El Pais. Citing
market sources, the newspaper named Arla Foods and Glambia, a
partner of Conaprole, the largest player in the Uruguayan dairy
products market, as possible buyers. Inversiones Bethia, which
has formally offered to buy Parmalat Chile, has also approached
Parmalat Uruguay.

In the meantime, Parmalat Finanziaria S.p.A. has not issued a
divestment order.



               ***********


S U B S C R I P T I O N   I N F O R M A T I O N

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