/raid1/www/Hosts/bankrupt/TCRLA_Public/040213.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

          Friday, February 13, 2004, Vol. 5, Issue 31

                          Headlines


A R G E N T I N A

BUCCIARELLI & FERNANDEZ: Bankruptcy Claims Review Ends
CASA BORGES: Individual Reports Due Today At Bankruptcy Court
CEOS: Reports Due at Court Today
CRESUD: Reports $1.6M Net Income for 2Q of Fiscal Year 2004
EDESUR: Ends 2003 With ARS21.4 Mln Net Loss

EDITORIAL AGEDIT: Receiver Prepares Individual Reports
GATIC: In Talks With Dilly Over Proposal To Rent Plants
IRSA: Reports ARS32.4 Mln Gain in 2Q Fiscal 2004
PANADERIA SAN MIGUEL: Court Order Makes Bankruptcy Official
SANECAR: Court Grants Permission To Reorganize

SIRMET: Individual Reports Due at Court Today
SUDAMERICAN SHIPPING: Court Appoints Receiver for Oversight
TRANSPORTES DIVANO: Credit Review Ends April 5
TRIVILLIN AUTOMOTORES: Reorganization Claims Review Ends Today


B E R M U D A

NORTHERN OFFSHORE: S&P Ceases Ratings After Default Status
RENAISSANCE CAPITAL: Standard & Poor's Affirms 'B-/C' Ratings
TRIANCO: Receiver Closes Claims Verification Process


B O L I V I A

* World Bank Approves $30M Aid for Bolivia


B R A Z I L

AES CORP.: Fitch Rates $500M New Issue 'B'
CEMAR: SVM Control Transfer Expected by March 30
COSIPA: Issues $175M Medium-Term Notes Due 2009
EMBRATEL: Execs Applaud Anatel's Intervention, Sale Process
PARMALAT BRASIL: President Resigns Over Funding Issues


C H I L E

COEUR D'ALENE: Announces Final Redemption Of 7 1/4% Debentures


D O M I N I C A N   R E P U B L I C

TRICOM: Makes Changes in Company Board
* IMF Approves $66M Disbursement, Grants Waivers to DR


M E X I C O

GILAT SATELLITE: Elektra Announces VSAT Network Expansion


      - - - - - - - - - -


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

BUCCIARELLI & FERNANDEZ: Bankruptcy Claims Review Ends
------------------------------------------------------
The bankruptcy of Argentine company Bucciarelli & Fernandez SRL
will proceed with the preparation of the individual reports as
the credit verification period is slated to expire today. The
Company's receiver, Ms. Eva Rodriguez, examined and validated
creditors' claims in order to determine the nature and amount of
the Company's debts.

The Company entered bankruptcy on orders from Buenos Aires Court
No. 14, according to an earlier report by the Troubled Company
Reporter - Latin America.

The individual reports on the verification results are to be
filed at the court on March 24, followed by the general report on
May 10. The general report is to be prepared by the receiver
after the individual reports are processed at court.

CONTACT:  Eva Rodriguez
          Presidente Peron 1509
          Buenos Aires


CASA BORGES: Individual Reports Due Today At Bankruptcy Court
-------------------------------------------------------------
The general report for the bankruptcy Casa Borges S.A. is due for
filing at the court today. The Company's receiver, Mr. Juan
Carlos Guaita, prepared the report after the individual reports
were processed at court. The individual reports were prepared
after the creditor claims verification process was completed last
year.

The Troubled Company Reporter - Latin America earlier indicated
that Buenos Aires' Court No. 26 issued the bankruptcy order.
Clerk No. 51 works with the court on the case.

CONTACT:  Casa Borges S.R.L.
          Presidente Peron 1492
          Buenos Aires

          Juan Carlos Guaita
          Ave de Mayo 749
          Buenos Aires


CEOS: Reports Due at Court Today
--------------------------------
The individual reports for reorganization of Ceos S.R.L. are due
for filing at Court No. 10 of the Civil and Commercial Tribunal
of Rosario in Santa Fe today. The Company's receiver, Mr. Juan
Luis Tomat, prepared the reports after the credit verification
process was completed.

After the individual reports are processed at court, the receiver
will prepare a general report, which is to be filed on March 26.
The court ordered that the informative assembly be held on August
5, the Troubled Company Reporter - Latin America said in an
earlier report.

CONTACT:  Ceos S.R.L.
          Pueyrredon 5445
          Rosario, Santa Fe

          Juan Luis Tomat
          Av Arijon 1625
          Rosario, Santa Fe


CRESUD: Reports $1.6M Net Income for 2Q of Fiscal Year 2004
-----------------------------------------------------------
Cresud S.A.C.I.F. y A. (Nasdaq: CRESY) (BCBA: CRES), one of the
leading agricultural companies in Argentina, announces the
results for the second quarter of the fiscal year 2004, ended on
December 31, 2003.

The results for the six-month period ended on December 31, 2003,
showed net income of ARS4.8 million (US$ 1.6 million) as compared
to a ARS36.1 million (US$ 12.3 million) profits recorded during
the same period of the last fiscal year. The decrease in net
income is a consequence of fewer crops sold, lower results
derived from the holding of cattle stock, which benefited from
higher increases in cattle prices during the same period last
fiscal year, and lower gains from our share in IRSA Inversiones y
Representaciones S.A. We have again generated positive results,
offsetting the loss of ARS2.0 million (US$ 0.7 million) recorded
in the first quarter of fiscal year 2004.

Summary of Operations

The crop business generated a gross profit of ARS3.4 million (US$
1.2 million), as compared to a ARS5.1 million (US$ 1.7 million)
profit recorded during the same period last fiscal year. Crop
sales for the period amounted to ARS10.5 million (US$ 3.6
million), as compared to sales for ARS31.4 million (US$ 10.7
million) last fiscal year.

Livestock sales increased 61.3% from ARS7.3 million (US$ 2.5
million) as of December 31, 2002, to ARS11.8 million (US$ 4.0
million) as of December 31, 2003, due to a higher volume of sales
and price increases. As of December 31, 2003, the Company's
cattle stock amounted to 92,939 heads with 126,105 hectares
designated for this activity.

Milk production increased by 16% during the quarter, from 3.3
million liters as of December 31, 2002, to 3.9 million liters as
of December 31, 2003. Gross profit as of December 31, 2003,
totaled ARS1.4 million (US$ 0.5 million), an increase of ARS1.0
million (US$ 0.3 million) from the same period last fiscal year.

During the quarter, our 170 hectare Feed Lot, located in the
province of San Luis, continued to operate at 100% of its
capacity, with an approximate 20-day delay in the waiting list.
Due to this increase in demand, we have decided to extend the
capacity of our first enterprise by 8,000 heads, a project that
was completed during the current quarter.

    Highlights

    -- Net income showed a ARS4.8 million increase, which offset
       the loss, registered in the first quarter of fiscal year
       2004.
    -- We continue to clear 18,000 hectares (44,479 acres) for
       beef cattle in our farm, Los Pozos, located in Salta. We
       have already cleared 3,000 hectares.
    -- Cereal prices continue to rise, positively impacting our
       business.
    -- Positive forecast for the price of cattle due to low stock
       and production and high domestic consumption.
    -- We have already completed the expansion of our Feed Lot,
       Cactus Argentina S.A., gaining an additional 8,000 heads
       of cattle. We continue to operate at 100% capacity.

                          Financial Highlights

(In Argentine Pesos expressed in constant currency as of
02/28/03)

                          6 months as of 6 months as of

                           Dec 31, 2003              Dec 31, 2002

Total Sales                  24,655,507               40,225,309
Operating Income              5,049,877               20,412,891
Financial Results, Net          712,501              (13,029,568)
Net Income                    4,762,156               36,104,174
Earning per Share                  0.04                     0.30
Earning per Share Diluted          0.04                     0.18

Current Assets               69,269,549               80,898,079
Non-Current Assets          524,191,545              498,447,779
Total Assets                593,461,094              579,345,858
Current Liabilities          10,768,768               27,430,946
Non-Current Liabilities     151,851,374              192,795,940
Total Liabilities           162,620,142              220,226,886
Minority Interest               104,178                  318,671
SHAREHOLDERS' EQUITY        430,736,774              358,800,301

Cresud is a leading Argentine producer of basic agricultural
products and the only such company with shares listed on the
Buenos Aires Stock Exchange and Nasdaq. We are currently involved
in various operations and activities, including crop production,
cattle raising and fattening, milk production and certain
forestry activities. Most of our farms are located in Argentina's
pampas, one of the largest temperate prairie zones in the world
and one of the richest areas of the world for agricultural
production.

CONTACT:  Alejandro Elsztain -- CEO
          Tel: +011-54-11-4344 -- 4636
          Email: finanzas@cresud.com.ar


EDESUR: Ends 2003 With ARS21.4 Mln Net Loss
-------------------------------------------
Argentine power producer Edesur SA posted a net loss of ARS21.4
million ($1=ARS2.935) in 2003, Business News Americas reports,
citing a filing with the Buenos Aires stock exchange. In the
filing, the Company said it had an operating loss of ARS17.2
million in 2003, compared with an operating profit of ARS46.8
million in 2002.

The 2003 results included a financial gain of ARS63.1 million
from the peso's 13% appreciation during 2003, which reduced the
peso value of the company's dollar debts.

According to Argentine securities laws introduced after the
devaluation of the peso in January 2002, operations up to Feb.
28, 2003, were adjusted for inflation. Later operations are
absorbed at current peso valuations because the law was repealed.

The Company, a unit of Chile's Enersis (ENI), which is controlled
by Spanish firm Endesa SA (ELE.MC), attributed its loss firmly on
the 2002 decision of a previous government to convert utility
rates from dollars into devalued pesos and then cap them. The
current administration of President Nestor Kirchner has said it
won't permit rate increases until it finishes renegotiating all
public service contracts at the end of 2004.

CONTACT:  EDESUR S.A.
          Gte. Gral.: Ing. Rafael Fernandez Morande
          San Jos, 140, 3o P
          Capital Federal 1076
          Argentina
          Phone: 4370-3700/4370-3370
          Fax: 4381-0708
          Home Page: www.edesur.com.ar


EDITORIAL AGEDIT: Receiver Prepares Individual Reports
------------------------------------------------------
Mr. Raul Horacio Trejo, receiver for Agedit S.A. will prepare the
individual reports for the Company's bankruptcy. According to an
earlier report by the Troubled Company Reporter - Latin America,
the credit verification period ends today. Buenos Aires Court No.
2 declared the Company bankrupt last year. Clerk No. 4 assists
the court on the case.

The individual reports are due at the court on April 9, followed
by the general report on May 21. The individual reports contain
the results of the verification process, while the general report
is a summary of the individual reports.

CONTACT:  Raul Horacio Trejo
          Montevideo 205
          Buenos Aires


GATIC: In Talks With Dilly Over Proposal To Rent Plants
-------------------------------------------------------
Financially troubled Argentine textile company Gatic is
negotiating with Brazil's group Dilly to possibly rent it three
of its currently paralyzed plants. Gatic is carrying out a formal
restructuring proceeding that started in September 2001 and has
around ARS430 million in debt. The Company is waiting for its
preferred creditors to approve the rental of other four plants to
an investment group led by Guillermo Gotelli. Dilly is one of
Nike's manufacturers in Brazil and has seven plants that produce
30,000 pairs of sports footwear a day.

Sources at Gatic informed talks have just started and added that
two alternatives are being discussed: Dilly may either rent these
plants or buy them. An analyst estimated that in case Gatic sells
the plants to Dilly it could obtain up to US$15 million from the
deal.

Nevertheless, Gatic has to get court OK first and then creditors
backing before closing a deal.


IRSA: Reports ARS32.4 Mln Gain in 2Q Fiscal 2004
------------------------------------------------
IRSA Inversiones y Representaciones S.A. (NYSE: IRS) (BCBA:
IRSA), the leading real estate company in Argentina, announces
its second quarter fiscal year 2004 results, ended on December
31, 2003. Net results for the second quarter of fiscal year 2004
showed a ARS32.4 million gain as compared to a ARS165.6 million
profit during the same quarter of fiscal year 2003. The
noteworthy increase in operating income, from a loss of ARS0.4
million in the first six months of fiscal year 2003 to a gain of
ARS21.0 million for the same period of fiscal year 2004, was
offset by the decrease in net financial results, which had its
contribution to the net result significantly reduced from
ARS207.6 million in the first half of fiscal year 2003 to ARS33.8
million for the same period of fiscal year 2004. This decrease
was due mainly to changes in the exchange rate.

Net sales for the six-month period totaled ARS109.1 million
compared to ARS104.1 million in the same period last fiscal year.

HIGHLIGHTS

    -- Operating income totaled ARS21.0 million, compared to a
       loss of ARS0.4 million recorded in the same period last
       fiscal year.

    -- US$ 5.6 million were raised by the execution of
       warrants attached to Convertible Notes for a total
       4,628,808 units. Consequently, 8,493,223 ordinary shares
       were issued.

    -- The execution of Convertible Notes reduced our financial
       debt by approximately US$ 5.5 million.

    -- We increased our stake in Banco Hipotecario S.A.,
       considering its attractive long-term prospects.

    -- We began construction of the shopping center in the
       city of Rosario, which we expect to inaugurate at the
       end of the year.

    -- APSA's EBITDA rose significantly to ARS51.1 million,
       a 55% increase compared to the same period last fiscal
       year.

    -- We received the IR Magazine Award 2003 for our
       Investor Relations efforts.

    -- Within the context of domestic economic recovery, we
       are betting on the San Martmn de Tours and Edificios
       Cruceros projects, without setting aside the possibility
       of new opportunities which may arise in the future.

                               Financial highlights
                         (In thousands of Argentine Pesos
                  expressed in constant currency as of 02/28/03)
                              IIQ FY 2004            IIQ FY 2003

    Total Sales                   109,106                104,121
    Operating Income               20,968                  (364)
    Financial Results, Net         33,761                207,581
    Net (Loss)-Income              32,413                165,550
    Net Income per GDS               1.52                   7.97
    Net Income per GDS Diluted       1.01                   5.08

    Current Assets                273,084                288,603
    Non Current Assets          1,842,910              1,764,361
    Total Assets                2,115,994              2,052,964
    Short-Term Debt                58,997                 87,434
    Total Current Liabilities     162,813                172,458
    Long-term Debt                597,995                592,104
    Total Non Current Liabilities 642,796                629,988
    Total Liabilities             805,609                802,446
    Minority Interest             438,335                441,332
    Shareholders' Equity          872,050                809,186

IRSA is Argentina's largest, most well-diversified real estate
company, and it is the only company within the industry with
shares listed on the Bolsa de Comercio de Buenos Aires and The
New York Stock Exchange. Through its subsidiaries, IRSA manages
an expanding top portfolio of shopping centers and office
buildings, primarily in Buenos Aires. The company also develops
residential subdivisions and apartments (specializing in high-
rises and loft- style conversions) and owns three luxury hotels.
Its solid, diversified portfolio of properties has established
the Company as the leader in the sector in which it participates,
making it the best vehicle to access the Argentine real estate
market.

CONTACT:  Alejandro Elsztain -- Director
          Tel: +011-(5411)-4344-4636
          Email: finanzas@irsa.com.ar
          URL: www.irsa.com.ar

PANADERIA SAN MIGUEL: Court Order Makes Bankruptcy Official
-----------------------------------------------------------
Argentine company Panaderia San Miguel S.R.L. enters bankruptcy
on orders from Court No. 13 of the Civil and Commercial Tribunal
of Cordoba. Infobae reports that the Company was undergoing
reorganization when the court issued the bankruptcy order.

The credit verification process will be done "por via
incidental", the source adds. The Company's receiver, Ms. Soraida
Beatriz Navarro de Michref, will prepare the required reports.

CONTACT:  Panaderia San Miguel S.R.L.
          Av Carcano 2450
          Villa Carlos Paz, Cordoba

          Soraida Beatriz Navarro de Michref
          Larra¤aga 62
          Cordoba


SANECAR: Court Grants Permission To Reorganize
----------------------------------------------
Sanecar S.A.C.I.F.I.A., which was undergoing bankruptcy
proceedings, received permission to reorganize from Buenos Aires
Court No. 1. Clerk No. 2 assists the court on the case. The
Company's receiver, Mr. Ruben Hugo Faure, will examine and
authenticate creditors' claims until March 22 this year.
Verifications are done to determine the nature and amount of the
Company's debts.

The individual reports on the verification results are to be
filed at the court on May 6, while the general report is due on
June 18. The general report is a summary of the individual
reports after court processing.

The informative assembly, one of the last parts of a
reorganization process, will be held on December 3, according to
a report by Argentine news portal Infobae.

CONTACT:  Ruben Hugo Faure
          Ave Rivadavia 1227
          Buenos Aires


SIRMET: Individual Reports Due at Court Today
---------------------------------------------
Buenos Aires Court No. 21 requires the receiver for local company
Sirmet S.A. to submit the individual reports today. The Company's
receiver, Ms. Stella Maris Alonso, prepared the reports after the
credit verification process was closed late last year.

An earlier report by the Troubled Company Reporter - Latin
America indicated that the court also requires the receiver to
prepare the general report. This report, which includes the
receiver's opinions on the factors that led to the bankruptcy,
must be filed at the court on March 26.

CONTACT:  Sirmet S.A.
          Paraguay 866
          Buenos Aires


SUDAMERICAN SHIPPING: Court Appoints Receiver for Oversight
-----------------------------------------------------------
Buenos Aires Court No. 10 assigned local accountant Edith
Regazzoni as receiver for the bankruptcy of Sudamerican Shipping
Agency S.R.L., relates Infobae. The Company's receivers are
required to file their claims for verification before March 11.

The individual reports are due at the court on April 27. The
receiver is also required to prepare a general report after the
individual reports are processed at court. This report is due on
June 9. Clerk No. 19 will work closely with the court on the
case.

CONTACT:  Edith Regazzoni
          Lavalle 1145
          Buenos Aires


TRANSPORTES DIVANO: Credit Review Ends April 5
----------------------------------------------
Creditors of Argentine company Transportes Divano Hermanos S.R.L.
are required to file their claims before April 5 this year. The
court-appointed creditor, Mr. Manuel Gonzalez, will examine and
verify claims to determine the nature and amount of the Company's
debts.

Buenos Aires Court No. 10, which recently declared the Company
bankrupt, requires the receiver to file the individual reports on
May 19. These reports will contain the results of the
verification process. Working with Clerk No. 19, the court also
requires the receiver to hand in the general report on July 2.
The receiver will prepare this report after the individual
reports are processed at court.

CONTACT:  Manuel Gonzalez
          Deheza 2357
          Buenos Aires


TRIVILLIN AUTOMOTORES: Reorganization Claims Review Ends Today
--------------------------------------------------------------
Ms. Delia Alcira Niveiro, the appointed receiver for the
reorganization of Trivillin Automotores S.A., closes the credit
verification process today. Verifications were done to determine
the nature and amount of the Company's debts.

The Company obtained permission to undergo reorganization from
Court No. 9 of the Civil and Commercial Tribunal of Corrientes,
where it is based, the Troubled Company Reporter - Latin America
said in an earlier report.

CONTACT:  Delia Alcira Niveiro
          Chaco 1291
          Buenos Aires



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

NORTHERN OFFSHORE: S&P Ceases Ratings After Default Status
----------------------------------------------------------
Standard & Poor's Ratings Services withdrew its credit ratings on
Bermuda-based oil drilling company Northern Offshore Ltd. The
ratings on Northern Offshore were lowered to 'D' (default) on
Nov. 17, 2003, following the company's failure to pay the coupon
on the due date on its $143.3 million outstanding senior bond
maturing 2005.

Northern Offshore paid the coupon on the very last day of the 30-
day grace period. However, the company has not provided Standard
& Poor's with sufficient information to assess its credit quality
in a satisfactory manner.

"In particular, it is unclear how a long-term solution can be
reached for Northern Offshore to service all its financial
obligations in a reliable manner," said Standard & Poor's credit
analyst Emmanuel Dubois-Pelerin. As a result, the rating has been
withdrawn.

At Sept. 30, 2003, Northern Offshore had total debt of $176.8
million.

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

          Eric Tanguy
          Paris
          Phone: (33) 1-4420-6666
          Email: eric_tanguy@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



RENAISSANCE CAPITAL: Standard & Poor's Affirms 'B-/C' Ratings
-------------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on Russian
investment bank Renaissance Capital Holdings Ltd. (RCHL) to
positive from stable. At the same time, the 'B-/C' long- and
short-term counterparty credit ratings were affirmed.

"The outlook revision reflects the company's strengthening
financial profile, driven by the continued expansion of the
Russian securities markets and the positive development of the
Russian economy," said Standard & Poor's credit analyst Irina
Penkina.

The ratings on RCHL are supported by the company's good
commercial prospects, stemming from its leading position in
equity brokerage and investment advisory services. This is offset
by the high concentration of RCHL's financial flows on a limited
number of Russian issuers, and its vulnerability to any
substantial drop in market activity.

RCHL is the Bermuda-domiciled, ultimate holding company of
Renaissance Capital group (RenCap), a leading Russian equity
brokerage and advisory house. RenCap has a diversified product
range, which includes dealing with Russian equities, ADRs, fixed-
income instruments, investment banking, and merchant banking.

The positive outlook on RCHL reflects Standard & Poor's
expectation that RenCap will increase and diversify its business
flows, and grow its equity base as the Russian economy and
capital markets continue to expand.

"Future ratings will be sensitive to the changes in the company's
risk profile with respect to single concentrations as well as
general risk management. The future development and risks of the
Russian securities markets will also affect the ratings on the
group," said Ms. Penkina.

ANALYST:  Irina Penkina
          Moscow
          Phone: (7) 095-783-4070
          Email: irina_penkina@standardandpoors.com

          Ekaterina Trofimova
          Paris
          Phone: (33) 1-4420-6786
          Email: ekaterina_trofimova@standardandpoors.com

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

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


TRIANCO: Receiver Closes Claims Verification Process
----------------------------------------------------
Ms. Delia Alcira Niveiro, receiver for Argentine company Tianco
S.A., closes the credit verification process today. As ordered by
the court, the receiver will prepare the individual reports on
the verification results.

According to an earlier report by the Troubled Company Reporter -
latin America, the company started its reorganization process
after Court No. 9 of the Civil and Commercial Tribunal of
Corrientes approved its motion for "Concurso Preventivo".

CONTACT:  Delia Alcira Niveiro
          Chaco 1291
          Corrientes



=============
B O L I V I A
=============

* World Bank Approves $30M Aid for Bolivia
------------------------------------------
World Bank announces new assistance strategy for Bolivia and
approves $30 million for economic recovery (C)1994-2004 M2
COMMUNICATIONS LTD. The World Bank announced Tuesday its new
Country Assistance Strategy (CAS) for Bolivia, which projects up
to $300 million in new lending over 2004 and 2005, in order to
fight poverty and promote economic growth. As part of this new
program, the Bank also approved today a $30 million loan/credit
for economic recovery that supports the Government's bank and
corporate restructuring program.

The new Country Assistance Strategy outlines a lending program of
up to $150 million of new financial resources per year, which
includes various projects that aim to:

* Maintain macroeconomic stability;

* Reduce disparities in basic services, such as health,
education, and water and sanitation;

* Continue the education reform program;

* Address inequality, as well as problems that the poor have in
generating income;

* Deepen the government's institutional reform and anti-
corruption programs; and

* Support analytical work that focuses on growth recovery and
trade, among others.

"The World Bank has supported Bolivia extensively and we will
continue doing so," said Marcelo Giugale, World Bank Director for
Bolivia, Ecuador, Peru and Venezuela. "This new assistance
strategy combines financial and technical assistance necessary
for the country to address the problems of exclusion, inequality,
poverty and fiscal imbalance."

As part of the CAS, the International Finance Corporation (IFC),
the private sector arm of the World Bank Group, will continue to
support the development of the private sector in Bolivia over
these two years. The IFC will focus on monitoring the existing
portfolio to ensure that IFC-financed projects are able to
overcome these difficult times; promoting technical assistance
and capacity building for small and medium enterprises and
microenterprises through a new regional technical assistance
facility; and, selectively providing financing for viable, high
impact projects in such sectors as the hydrocarbons sector,
infrastructure, social sectors, financial markets and mining.

In addition, the World Bank Institute (WBI) will significantly
increase its efforts towards improving governance, with a focus
on anticorruption and enhancement of institutional capacity;
improving voice, accountability, and inclusion; promoting pro-
poor growth; and achieving the Millennium Development Goals,
which include halving poverty by 2015.

"This is a very strong package that adapts lending and technical
assistance to the country needs in these difficult times," said
John Newman, World Bank Resident Representative in Bolivia. "We
are confident that Bolivia will be able to meet the challenges."

First Programmatic Bank and Corporate Sector Restructuring
ProgramAdjustment Loan/Credit

The $30 million First Programmatic Bank and Corporate Sector
Restructuring Program Adjustment Loan/Credit, approved today by
the Bank's Board of Directors as part of the new CAS, aims to
boost economic growth by strengthening the financial and
corporate sectors, lowering systemic risks and reducing the
probability of crises. This loan/credit will enhance banking
sector surveillance, clarify the function of and increase
independence of the supervisory bodies, and upgrade prudential
regulations and the prompt corrective action regime.

"The bank restructuring program will lead to better-capitalized
banks, and, as a result, increase their ability to restart
cautious lending to the private sector, contributing to
employment creation and economic growth," said Yira Mascaro,
World Bank task manager for the project.

The $15 million single-currency, fixed spread loan from the
International Bank for Reconstruction and Development has a
repayment period of 23 years, including 5 years of grace. In
addition, the zero-interest $15 million equivalent credit from
the International Development Association is repayable in 20
years, including 10 years of grace.

CONTACT:  Alejandra Viveros
          Phone: +1 202 473 4306
          Email: Aviveros@worldbank.org

          Lee Morrison
          Phone: +1 202 458 8741
          Email: Lmorrison1@worldbank.org



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

AES CORP.: Fitch Rates $500M New Issue 'B'
------------------------------------------
Fitch Ratings has assigned a 'B' rating to The AES Corp.'s $500
million 7.75% new issue of senior unsecured notes due on March 1,
2014. The proceeds of the new issue will be used to repay $500
million of the term loan under its senior secured credit
facilities which mature on July 31, 2007. Fitch has also affirmed
the existing ratings of AES, as listed below. The Rating Outlook
is Stable.

AES

--Senior secured bank debt 'BB';

--Senior secured notes collateralized by first priority lien
'BB';

--Senior secured notes collateralized by second priority lien
'B+';

--Senior unsecured debt 'B';

--Senior and junior subordinated debt 'B-'.

AES Trust III

--Trust preferred convertibles 'CCC+'.

AES Trust VII

--Trust preferred convertibles 'CCC+'.

The AES Corp., founded in 1981, is among the world's largest
power developers. It generates and distributes electricity and is
also a retail marketer of heat and electricity. AES owns or has
an interest in 182 plants, with more than 63,000 megawatts, in 31
countries and also distributes electricity in 11 countries
through 21 distribution companies.

CONTACT:  Mona Yee, CFA
          New York
          Phone: +1-212-908-0557

          Ellen Lapson, CFA
          New York
          Phone: +1-212-908-0504

          Media Relations:
          James Jockle
          New York
          Phone: +1-212-908-0547


CEMAR: SVM Control Transfer Expected by March 30
------------------------------------------------
SVM Participacoes e Empreendimentos, a unit of GP Investimentos
equity management firm, has until March 30 to transfer the
control of Maranhao state distributor Cemar from US company PPL
Global. PPL acquired Cemar in 2000, but financial problems and
Brazil's power rationing in 2001 drove Cemar to bankruptcy and
Aneel, the government's agency overseeing the electricity sector,
had to intervene in August 2002.

On Feb. 2 of the current year, Aneel approved the sale of control
to SVM after the latter put forward a debt renegotiation plan for
Cemar. SVM was the only company to come up with a proposal for
Cemar by the January 23 deadline although other firms had
demonstrated interest.

The proposal is to transform BRL150 million (US$51 million) in
debt to federal power holding Eletrobras into up to
40% of Cemar equity capital or debentures. Another approximately
BRL550 million in debt is being rescheduled.

Aneel said it believed the proposal would lead to an improvement
in Cemar's financial health, allowing new investment and better
services to clients.

CONTACT:  COMPANHIA ENERGETICA DO MARANHAO
          Av. Colares Moreira, 477
          65075-441 - Sao Luiz- MA
          PHONE: (98) 217-2119
          FAX: (98) 235-3024
          WEBSITE: http://www.cemar.com.br/

CREDITORS:  CENTRAIS ELETRICAS BRASILEIRAS S.A. - ELETROBRAS
            Avenida Presidente Vargas 409, 13 Andar
            20071-003 Rio de Janeiro Brazil
            Phone: (21) 2514-5151
            Fax: +55-21-2242-2697
            Home Page: http://www.eletrobras.gov.br
            Contacts:
            Cladio da Silva avila, President
            Jose Alexandre Nogueira de Resende, Director of
                                  Financial and Market Relations

            Investor Relations Division
            Phone: (0XX21) 2514-6207 / 2514-6333
            Av. Presidente Vargas, 409 - 9  andar
            20071-003 - Rio de Janeiro - RJ
            Email: arlindo@eletrobras.gov.br

            CENTRAIS ELETRICAS DO NORTH DO BRAZIL - ELETRONORTE
            Av. Presidente Vargas, 489 -13  andar.
            20071-003- Rio do Janeiro RJ
            Phone: + (55+61) 429 5139
            Fax: +(55+61) 328 1373
            E-mail: elnweb@eln.gov.br
            Home Page: http://www.eln.gov.br/
            Contact:
            Mr. Arlindo Soares Castanheira, Investor Relations
            Phone: 55 21 2514.6331
                   55 21 2514.6333
            Fax: 55 21 2242.2694
            E-mail: arlindo@eletrobras.gov.br


COSIPA: Issues $175M Medium-Term Notes Due 2009
-----------------------------------------------
Companhia Siderurgica Paulista - COSIPA (BOVESPA CSPC3 and
CSPC4)) announced today that it had completed on January 30, 2004
an offering pursuant to Rule 144A and Regulation S of the
Securities Act of 1933, as amended, of US$175 million aggregate
principal amount of 8.25% medium-term notes due 2009. The medium-
term notes were issued by Cosipa and guaranteed its parent,
Usinas Siderurgicas de Minas Gerais S.A. - USIMINAS, under their
medium-term note program.

Cosipa intends to use the net proceeds from the offering to
reduce its outstanding short-term indebtedness and for general
corporate purposes.

The medium-term notes have not been registered under the
Securities Act of 1933, as amended, or applicable state
securities laws, and may not be offered or sold in the United
States absent registration under the Securities Act and
applicable state securities laws or an applicable exemption from
registration requirements.


EMBRATEL: Execs Applaud Anatel's Intervention, Sale Process
-----------------------------------------------------------
Brazilian telecoms regulator Anatel's intervention in the ongoing
sale process of local telco Embratel Participacoes (NYSE: EMT)
was warmly accepted by the telco's executives, says Business News
Americas. Embratel was scheduled to open its data room last week
to give potential buyers a chance to see the Company's financial
records.

However, Anatel issued a ruling saying that the data room cannot
be opened until it is assured that no sensitive information that
could damage competition will be revealed.

Embratel vice president Purificacion Carpinteyro applauded
Anatel's ruling. According to her, an Embratel acquisition by
Brazil's three local telephony incumbents Telemar (NYSE: TNE),
Brasil Telecom (NYSE: BRP) and Telesp (NYSE: TSP) would hurt
sector competition, even if the trio manage to bring in a fourth
partner to skirt antitrust regulation.

"It doesn't matter what scheme [the three incumbents] use to buy
Embratel. It will interfere in the process of competition,"
Carpinteyro said.

Other declared Embratel bidders are Mexico's Telmex (NYSE: TMX)
and the Embratel workers' pension fund Telos.

CONTACT:   Silvia M.R. Pereira, Investor Relations
           Tel: (55 21) 2121-9662
           Fax: (55 21) 2121-6388
           Email: silvia.pereira@embratel.com.br
                  invest@embratel.com.br


PARMALAT BRASIL: President Resigns Over Funding Issues
------------------------------------------------------
Ricardo Goncalves is quitting his post Thursday as president of
Sao Paulo-based Parmalat Brasil SA Industria de Alimentos,
Bloomberg News reports, citing an unnamed company spokeswoman.
Goncalves' resignation comes less than a week after he said he
would leave his post if the Company couldn't line up money to
fund its daily operations.

Last week, Goncalves sent a letter to creditor banks, unions and
congress members investigating the Company, saying he might step
down if he was unable to line up financing for the Company's day-
to-day operations. The letter said Parmalat's Brazil unit was
being contacted by potential buyers but still needed BRL75
million to meet immediate funding needs.

Last Wednesday, the unit, Brazil's second-biggest milk buyer,
sought bankruptcy protection because it no longer has access to
credit or ability to pay make payments on debt.

In the meantime, Brazil's Agriculture Minister Roberto Rodrigues
told a congressional committee Wednesday that the government has
no intention of intervening in the financially troubled
subsidiary.

"The government does not consider intervention to be a reasonable
policy," Rodrigues said in testimony before a select
congressional panel probing the financial problems of Parmalat's
Brazilian subsidiary.

The Chamber of Deputies panel began hearing testimony on Parmalat
earlier this month. Executives of Parmalat's Brazilian subsidiary
have told committee members the operation's total debts are the
equivalent of about $1.8 billion.



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

COEUR D'ALENE: Announces Final Redemption Of 7 1/4% Debentures
--------------------------------------------------------------
Coeur d'Alene Mines Corporation (NYSE: CDE), the world's largest
primary silver producer, announced Wednesday the redemption of
the remaining outstanding $9.6 million principal amount of the
Company's 7 1/4% Convertible Subordinated Debentures due October
15, 2005. The final redemption date is set for March 11, 2004.

Under terms of the indenture, the debentures are redeemable at
the option of the Company in whole or part at 100.9% of the
principal amount for cash, plus accrued interest to the
redemption date. Notice of redemption will be mailed at least 30
days, but not more than 60 days, before the redemption date to
each holder of debentures. From and after the redemption date,
interest will cease to accrue on the debentures. The debentures
may be converted into shares of the Company's common stock at any
time before the close of business on March 10, 2004 in accordance
with the terms and conditions of the indenture governing the
debentures.

Coeur d'Alene Mines Corporation is the world's largest primary
silver producer, as well as a significant, low-cost producer of
gold. The Company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile and Bolivia.

CONTACT:  Tony Ebersole, Director of Investor Relations
          Phone: 1-800-523-1535



===================================
D O M I N I C A N   R E P U B L I C
===================================

TRICOM: Makes Changes in Company Board
--------------------------------------
Tricom, S.A. (NYSE:TDR) announced Wednesday that Ricardo Valdez
Albizu, 45, has joined the Company's board of directors. Mr.
Valdez Albizu is chairman and chief executive officer of a
leading diversified industrial park in the Dominican Republic.
Mr. Valdez Albizu has extensive experience working with the
Dominican private sector having held a number of executive and
senior management positions for the main interest groups
representing exporters, industries as well as free zone companies
in the Dominican Republic.

Mr. Valdez Albizu is a former commodities futures trader at
Merrill Lynch, and served as agent representative for Paine
Webber, Savannah Foods and Industries, among others. Mr. Valdez
Albizu graduated from Universidad Autonoma de Santo Domingo where
he received his law degree in 1984.

The Company also announced that Marcos Troncoso has resigned from
the Company's board of directors. Mr. Troncoso will remain as
Secretary of the Board of Directors and will continue to advise
and represent the Company in legal, regulatory and other
corporate matters.

For additional information, visit Tricom's Investor Relations
website at http://www.tdr-investor.com/or contact its Investor
Relations department at the numbers below.

CONTACT:  Tricom, S.A.
          Miguel Guerrero, Investor Relations
          Phone: +1-809-476-4044
                 +1-809-476-4012
          Email: investor.relations@tricom.net
          Home page: http://www.tricom.net/


* IMF Approves $66M Disbursement, Grants Waivers to DR
------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
completed Wednesday the first review of the Dominican Republic's
performance under a two-year SDR 437.8 million (about US$657
million) Stand-By Arrangement that was approved on August 29,
2003 (see Press Release No. 03/147). This decision entitles the
Dominican Republic to the release of a further SDR 43.78 million
(about US$66 million), which brings the total amount approved
under the program to SDR 131.34 million (about US$197 million).

In completing the review, the Executive Board approved the
Dominican Republic's request to waive the nonobservance of
structural performance criteria regarding the approval of by-laws
of the Monetary and Financial Law, the approval of the law for
systemic bank resolution, the approval of the 2004 budget law,
and the unification of the foreign exchange market; four
quantitative performance criteria for the end of December 2003 on
fiscal and monetary targets; and the continuous performance
criteria concerning accumulation of external arrears, exchange
rate restrictions, and multiple currency practices. The Executive
Board also approved a request to waive the applicability of the
quantitative performance criteria for the end of December 2003 on
the contracting of external debt, as final data on this criterion
was not yet available.

Following the Executive Board's discussion of the Dominican
Republic, Agustˇn Carstens, Deputy Managing Director and Acting
Chairman, said:

"The Dominican Republic continues to face a difficult economic
situation precipitated by last year's banking sector crisis,
which led to a rapid increase in public debt, currency
depreciation, and accelerating inflation. Although the
authorities succeeded in stabilizing the banking system, key
performance criteria under the Fund-supported program were not
observed, and a number of structural measures were delayed,
including in the key banking area. With policy implementation
lagging, and political uncertainties on the rise, outflows of
capital accelerated and the peso came under renewed pressure,
thus straining the finances of the ailing electricity sector and
contributing to power blackouts and social tensions.

"Against this background, the Dominican authorities recently
implemented a set of corrective policies. Early this year, they
secured congressional approval of a budget consistent with a
combined public sector deficit of 3_ percent of GDP, initiated
new electricity sector reforms, tightened monetary conditions,
ended intervention in the operation of the foreign exchange
market, cleared nonreschedulable external arrears, and
implemented structural policies that had been delayed.

"These recent steps constitute a significant effort to
reinvigorate economic policy with a view to restoring confidence
and macroeconomic stability and boosting output growth. Fiscal
policy adjustment will stabilize public debt, while monetary
policy will keep liquidity under control to significantly reduce
inflation. Together with those measures, official external
financing will support confidence and help international reserves
recover. To further ease the external liquidity situation, the
government has sought and received financing assurances from
official bilateral creditors. In the electricity sector, the
reform of tariffs and retargeting of subsidies will be phased in
over the first half of 2004. The authorities also will implement
a comprehensive set of further banking reforms.

"In the important areas of fiscal policy and the electricity
sector, additional reforms are expected to be implemented later
this year, after the elections. In the meantime, the authorities
are developing reform proposals on taxes, and on the banking and
electricity sectors, in consultation with international experts.

"Rigorous implementation of the program, together with a strong
political commitment to further reform, will be critical to
overcoming the current crisis in the Dominican Republic. Provided
confidence can be re-established, and structural reforms are
resolutely implemented, the country could restore the high growth
and macroeconomic stability that were the hallmarks of its
development through most of the 1990s and early 2000s," Mr.
Carstens stated.

CONTACT:  INTERNATIONAL MONETARY FUND
          700 19th Street, NW
          Washington, D.C. 20431 USA

          IMF EXTERNAL RELATIONS DEPARTMENT
          Public Affairs: 202-623-7300 - Fax: 202-623-6278
          Media Relations: 202-623-7100 - Fax: 202-623-6772



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

GILAT SATELLITE: Elektra Announces VSAT Network Expansion
---------------------------------------------------------
Gilat Satellite Networks Ltd. (Nasdaq:GILTF), a worldwide leader
in satellite networking technology, announced Wednesday that its
long-time customer Elektra will be significantly expanding its
existing Gilat satellite-based VSAT network with an additional
900 Skystar 360E sites. Elektra's network provides internal
connectivity services to its own retail outlets in Mexico,
Central America and as far as Peru.

Elektra is Mexico's leading home appliance and electronics retail
chain with over 850 locations throughout Mexico. Elektra's
private VSAT network, which was first deployed by Gilat towards
the end of 2002, started with 850 VSATs and was expanded
consistently throughout 2003. In the latest network expansion,
400 Skystar 360E VSATs will be deployed in the first quarter of
2004 with an additional 500 sites to be deployed during the year.
Among the services provided by Elektra to its many clients are
wire transfer, inventory, point of sale, and credit card
authorization services as well as internal corporate data
transfer applications. Elektra's sister company, Banco Azteca,
has branches in most of the Elektra stores. It is the only bank
in Mexico that runs all of its banking applications over the
satellite using Gilat's advanced VSAT technology.

Melinda Givaudan, General Manager for Gilat Mexico, said, "This
latest expansion of Elektra's network demonstrates the confidence
they have in satellite technology in general and in Gilat's
equipment in particular. Satellite-based VSAT technology clearly
provides advantages for a network as large as Elektra's, such as
the ability to deploy sites anywhere rapidly and cost
effectiveness vis a vis terrestrial alternatives. We are pleased
to continue to enhance our relationship with Elektra which now
has one of the largest satellite-based networks of its kind in
Mexico and the Central America region and Peru."

The Skystar 360E platform offers a flexible, two-way, satellite-
based solution enabling interactive broadband IP and multicasting
applications. With DVB standards and extensive IP capabilities,
the Skystar 360E supports virtually any data and IP multicast
application.

About Gilat Satellite Networks Ltd.

Gilat Satellite Networks Ltd., with its global subsidiaries
Spacenet Inc., Gilat Latin America and rStar Corporation (RSTRC),
is a leading provider of telecommunications solutions based on
Very Small Aperture Terminal (VSAT) satellite network technology
-- with more than 450,000 VSATs shipped worldwide. Gilat,
headquartered in Petah Tikva, Israel, markets the SkyEdge (TM)
Product Family which includes the SkyEdge(TM) Pro, SkyEdge(TM)
IP, SkyEdge(TM) Call, SkyEdge(TM) DVB-RCS and SkyEdge(TM)
Gateway. In addition the Company markets Skystar Advantage(R),
DialAw@y(TM) IP, FaraWay(TM), Skystar 360E(TM) and SkyBlaster(a)
360 VSAT products in more than 80 countries around the world.
Gilat provides satellite-based, end-to-end enterprise networking
and rural telephony solutions to customers across six continents,
and markets interactive broadband data services. SkyEdge, Skystar
Advantage, Skystar 360E, DialAw@y IP and FaraWay are trademarks
or registered trademarks of Gilat Satellite Networks Ltd. or its
subsidiaries. ((a)SkyBlaster is marketed in the United States by
StarBand Communications Inc. under its own brand name.) Visit
Gilat at www.gilat.com.

CONTACT:  Gilat Satellite Networks Ltd.
          Media:
          Barry Spielman
          Phone: +972-58-573172
          Email: barrys@gilat.com

          Investors:
          Tim Perrott
          Phone: +1 703-848-1515
          Email: tim.perrott@spacenet.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
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