/raid1/www/Hosts/bankrupt/TCRLA_Public/040413.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

             Tuesday, April 13, 2004, Vol. 5, Issue 72

                            Headlines


A R G E N T I N A

CANAL 9: Owner Seeks Partner To Boost Company
CONSTRUCTORA SEGUI: Declared Bankrupt by Court
DROGUERIA MAGNA: Moody's Maintains `C' Rating on $5M of Bonds
EDESUR: S&P Rates $450M of Bonds `raBB+'
EDIFICIO LA NACION: Financial Trusts Get `CC(arg)' Rating

EDITORIAL PERFIL: $25M in Bonds Still Carry Default Ratings
EMPRESA CONSTRUCTORA: Court Rules Bankruptcy
FINAPINT: Reorganization Proceeds to Bankruptcy
GALTRUST: Fitch Assigns Ratings To Financial Trusts
ICOM: Court Approves Creditor's Bankruptcy Petition

KAVIO: Bankruptcy Process Begins By Court Order
KORTEC: Court OKs Creditor's Involuntary Bankruptcy Motion
MARKPETROL: Court Declares Company Bankrupt
NORVEN: Initiates Bankruptcy Proceedings
PECRUMO: Commences Bankruptcy Process

PRESTALUM: Court Issues Bankruptcy Ruling
WEBERLAW SA: Court Approves Petition to Reorganize
YACYRETA: Dam's Completed Planned for 2007


B R A Z I L

CEMIG: Obtains Authorization to Up Tariffs
EMBRATEL: MCI, Telmex Seek to Delay Audience on Sale
EMBRATEL: Calais' Offer Must Be Shunned, Critics Say
VARIG: Cuts Losses


C H I L E

AES GENER: Claims Nueva Renca Has Environmental Permit
EDELNOR: Decides to Delay Merger With Electroandina Until 2005


E C U A D O R

PETROECUADOR: Exports 9.7M Barrels In 1Q Despite Sote Damage
PETROECUADOR: Grants LG, Taurus Crude Deals


T R I N I D A D   &   T O B A G O

BWIA: Criticized for Scrapping Dash 8s

     -  -  -  -  -  -  -  -

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

CANAL 9: Owner Seeks Partner To Boost Company
---------------------------------------------
Daniel Hadad, owner of Argentina's No. 3 TV Broadcaster Canal 9,
is on the lookout for a partner with cash to spare that could
help improve the Company's fortunes, reports Variety.

Executives at the Buenos Aires-based broadcaster claim to be in
talks with Mexico's dominant broadcaster, Televisa.  However,
Televisa denies the existence of such negotiations.

Also being eyed as a possible buyer is Raul Moneta, a local
banker with a history of investment in the media sector. Mr.
Moneta was a big player in the country's cable sector as
chairman and CEO of CEI Citicorp Holdings, a former shareholder
in Argentina's biggest cabler Cablevision, which is now
controlled by Liberty Media and U.S. investment fund Hicks,
Muse, Tate & Furst.

Mr. Moneta also has a colorful past, after being on the run for
more than six months in 1999, when he was accused of commiting
conspiracy and fraud--charges he has denied.

Mr. Hadad, who acquired Canal 9 from Telefonica's Admira and the
U.S. bank JPMorgan Chase last year, has cut costs in the company
mainly by replacing expensive fiction programming with cheaper
formats like newsmagazines and talkers.  However, an 11% slump
in the economy hit the broadcast industry hard, causing
industry-wide ad spending to drop by half.

In June, Canal 9 filed for protection from its creditors,
gaining time to refinance an estimated $21 million in debt ---
mostly owed to studios --- and turn around the money-losing
business.


CONSTRUCTORA SEGUI: Declared Bankrupt by Court
----------------------------------------------
Constructora Segui S.A. is now "Quiebra," or bankrupt, says
local news source Infobae. Buenos Aires Court No. 1 decreed the
Company's bankruptcy and appointed Mr. Mario Gabriel Sogari as
receiver, who will oversee the bankruptcy process.

Mr. Sogari will be reviewing creditors' claims until May 14,
2004. Analyzing these claims is important because the outcome of
the process will determine the amount each creditor will get
after all the assets of the Company are liquidated.

The court, which is aided by Clerk No. 1, will conclude the
bankruptcy process by liquidating its assets to repay creditors.

CONTACT:  Mario Gabriel Sogari, Receiver
          Montevideo 734
          Buenos Aires


DROGUERIA MAGNA: Moody's Maintains `C' Rating on $5M of Bonds
-------------------------------------------------------------
Moody's Latin America Calificadora de Riesgo S.A. maintains a
`C' rating on a total of US$5 million of corporate bonds issued
by Argentine company Drogueria Magna S.A. The rating denotes
that the bonds possess a risk of nonpayment.

The Comision Nacional de Valores (CNV), Argentina's securities
regulator, described the affected bonds as "Obligaciones
Negociables Simples". The bonds matured in April last year and
are classified under "Simple Issue". The issued rating was based
on the Company's financial status as of December 31, 2003.


EDESUR: S&P Rates $450M of Bonds `raBB+'
----------------------------------------
Based on Edesur S.A.'s finances as of December 31, 2003,
Standard & Poor's International Ratings, Ltd. Sucursal Argentina
assigned an `raBB+' rating to a total of US$450 million worth of
corporate bonds.

Bonds with `raBB+' rating have somewhat weak protection
parameters relative to other Argentina obligations. The
obligor's capacity to meet its financial commitments on the
obligation is somewhat weak because of major ongoing
uncertainties or exposure to adverse business, financial or
economic conditions, according to the rating agency.

The CNV described the affected bonds as "Programa de
Obligaciones Negociables" and classified it under "program." The
maturity date was not disclosed.


EDIFICIO LA NACION: Financial Trusts Get `CC(arg)' Rating
---------------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. assigned a `CC(arg)'
rating to Financial Trusts issued by Edificio La Nacion, the CNV
reports.

The action affected two Participation Certificates:

- US$3,784,000 worth of Certificados de Participaci¢n
Subordinados Clase 2" with undisclosed maturity date; and

- ARS17,720,000 worth of "Certificados de Participaci¢n
Subordinados Clase 1" with undisclosed maturity date.

The action further affected two Debt Securities:

- US$3,216,000 "T¡tulos de Deuda Clase 2" which will matured on
March 29, 2008;

- ARS26,580,000 "T¡tulos de Deuda Clase 1" with undisclosed
maturity date.

The rating assigned to the securities mentioned above denotes an
extremely weak credit risk relative to others issues in
Argentina. Capacity for meeting financial commitments is solely
reliant upon sustained, favorable, business or economic
conditions.


EDITORIAL PERFIL: $25M in Bonds Still Carry Default Ratings
-----------------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. maintains a `D(arg)'
rating on US$25 million worth of corporate bonds issued by
Editorial Perfil, according to the CNV.

The bonds were described as "Primera serie de Obligaciones
Negociables" and were classified under "series and/or class".
The maturity date was not disclosed.

The ratings agency said that the `D(arg)' rating, which was
assigned based on the Company's finances as of the end of
December 2003, is given to financial commitments that are in
payment default.


EMPRESA CONSTRUCTORA: Court Rules Bankruptcy
--------------------------------------------
Buenos Aires Court No. 1 decreed the bankruptcy of Empresa
Constructora Renfi S.R.L., reports Infobae. The Company will
kick off the process with Mr. Jorge Raul Mencia as receiver, who
will verify creditors' claims until May 21, 2004. The Company's
case will conclude with the liquidation of its assets to repay
creditors. Court No. 2 assists the court in handling the
proceedings.


FINAPINT: Reorganization Proceeds to Bankruptcy
-----------------------------------------------
Finapint S.A., which was undergoing reorganization, entered
bankruptcy on orders from Buenos Aires Court No. 7. Infobae
relates that the court, which is assisted by Clerk No. 14,
appointed Mr. Jorge Daniel Alvarez, to be the receiver on the
case. Mr. Daniel Alvarez will conduct the credit verification
process "por via incidental."


GALTRUST: Fitch Assigns Ratings To Financial Trusts
---------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. assigned ratings to
various types of Financial Trusts issued by Galtrust V, reports
the CNV.

- US$45 million worth of Debt Securities described as "Titulos
de deuda por hasta V/N U$S 45 MM" obtained a `B(arg)+' rating.

- US$15.7 billion worth of Participation Certificates described
as "Certificados de Participacion por hasta V/N U$S 15700000000"
obtained a `CC (arg)' rating.

- US$46 million worth of Debt Securities described as "Titulos
de Deuda por hasta V/N U$S 46 MM" obtained a `CCC (arg)' rating.

- US$16 million worth of Participation Certificates described as
"Certificados de Participacion por hasta V/N U$S 16 MM" obtained
`C (arg)' rating.

The maturity dates of the Financial Trusts affected were not
revealed.


ICOM: Court Approves Creditor's Bankruptcy Petition
---------------------------------------------------
Icom SA, which operates in the food industry, is now bankrupt
after Judge Garibotto of Court No. 2 approved a petition filed
by one of the Company's creditors, reports local news source La
Nacion.

The petition, filed by Italo Secundino Lovaglio, follows non-
payment of debts amounting to US$7,501.97. The Court, aided by
Clerk No.4, Dr. Romero, appointed Mauricio Maudric as receiver.
He will verify creditors' claims June 3, 2004. Creditors must
submit their claims before the said deadline in order to qualify
for the payment that will be made after the Company's assets are
liquidated.

CONTACT:  Icom SA
          Av. Corrientes 6057

          Mauricio Maudric, Receiver
          Tucuman 893, 5ø "N"


KAVIO: Bankruptcy Process Begins By Court Order
-----------------------------------------------
Buenos Aires Court No. 19 declared Kavio S.A. "Quiebra," reports
Infobae. The declaration signals the Company to proceed with the
bankruptcy process, which will close with the liquidation of its
assets.

The court, assisted by Clerk No. 37, appointed Mr. Luis Juan
Kuklis, as receiver who will authenticate proofs of claim until
June 8, 2004. Afterwards, the receiver will prepare the
individual reports based on the results of the authentication
and then submit these reports to the court on August 5, 2004.
After these results are processed in court, the receiver will
then submit the general report on September 16, 2004.

CONTACT:  Luis Juan Kuklis, Receiver
          Lavalle 1619
          Buenos Aires


KORTEC: Court OKs Creditor's Involuntary Bankruptcy Motion
----------------------------------------------------------
Judge Kolliker Frers of Court No. 16 declared Kortec SA
bankrupt, reports La Nacion. The ruling comes in approval of the
bankruptcy petition filed by the Company's creditor, Servicios
de Log¡stica SA, for nonpayment of US$1,240 in debt.

Clerk No. 32, Dr. Yacante, assists the court on the case, the
source adds.

The Company's court-appointed receiver, Mr. Alberto Rivas, will
examine and authenticate creditors' claims until June 17, 2004.
This is done to determine the nature and amount of the Company's
debts. Creditors must have their claims authenticated by the
receiver by the said date in order to qualify for payments to be
made after the Company's assets are liquidated.

CONTACT: Kortec SA
         Humboldt 269

         Alberto Rivas, Receiver
         Uruguay 239, 5ø "E"


MARKPETROL: Court Declares Company Bankrupt
-------------------------------------------
Markpetrol S.A. entered bankruptcy on orders from Buenos Aires
Court No. 3, reveals Infobae. Working with Clerk No. 6, the
court assigned Mr. Oscar Luis Serventich as receiver. He is to
verify creditors' claims until May 27, 2004.

Creditors who fail to have their claims validated before the
deadline will be disqualified from receiving any payments to be
made from the liquidation of the Company's assets at the end of
the bankruptcy process.

The individual reports, which are to be prepared upon completion
of the verification process, are due on July 12, 2004. The court
also requires the receiver to prepare a general report and file
it on September 7, 2004. This report contains a summary of the
results in the individual reports.

CONTACT: Oscar Luis Serventich, Receiver
         Piedras 1319
         Buenos Aires


NORVEN: Initiates Bankruptcy Proceedings
----------------------------------------
Buenos Aires Court No. 20 declared Norven S.A. "Quiebra,"
reports Infobae. Clerk No. 39 assists the court on the case,
which will close with the liquidation of the Company's assets to
repay creditors.

Mr. Francisco Cipriotti, who has been appointed as receiver,
will verify creditors' claims until June 25, 2004 and then
prepare the individual reports based on the results of the
verification process.

The individual reports will then be submitted to the court on
August 30, 2004, followed by the general report on October 1,
2004.

CONTACT:  Francisco Cipriotti, Receiver
          Av Belgrano 615
          Buenos Aires


PECRUMO: Commences Bankruptcy Process
-------------------------------------
Fishing company Pecrumo SA will now undergo the bankruptcy
process after Judge Dieuzeide of Buenos Aires Court No. 1
declared it "Quiebra."

The bankruptcy declaration grants a request filed by La Caja
Aseguradora de Riesgos del Trabajo ART SA to which the Company
owes some US$20,605.57 in unpaid debts.

The Court, assisted by Dr. Pasina, Clerk No. 2, named Otto
Reinaldo Munch, who will authenticate proofs of claim until May
28, 2004. This process is conducted to determine the nature and
amount of the Company's debts. Creditors must have their claims
authenticated by the receiver by the said date in order to
qualify for payments to be made after the Company's assets are
liquidated.

CONTACT:  Pecrumo SA
          Belgrano 615
          Buenos Aires

          Otto Reinaldo Munch, Receiver
          Maipu 509
          Buenos Aires


PRESTALUM: Court Issues Bankruptcy Ruling
-----------------------------------------
Prestalum S.R.L. will now enter bankruptcy after Buenos Aires
Court No. 8 declared it "Quiebra," reports Infobae. With
assistance from Clerk No. 15, the court named Mr. Sergio
Leonardo Novick as receiver. He will verify creditors' claims
until May 17, 2004.

Following claims verification, the receiver will submit the
individual reports, which were prepared based on the
verification results, to the court on June 30, 2004. The general
report is due for submission on August 26, 2004.

The Company's bankruptcy case will close with the liquidation of
its assets to repay its creditors.

CONTACT:  Prestalum S.R.L.
          Rondeau 2656
          Buenos Aires

          Sergio Leonardo Novick, Receiver
          Libertad 359
          Buenos Aires


WEBERLAW SA: Court Approves Petition to Reorganize
---------------------------------------------------
Weberlaw SA will now formally start its court-approved
reorganization process after Court No. 2 under Judge Villanueva
approved the Company's "Concurso Preventivo" petition, reports
La Nacion.

The court assisted by Dr. Robledo, Clerk No. 46, assigned Zulma
Glave as receiver, who will oversee the reorganization process.

Creditors must submit their proofs of claims to the receiver
before May 26, 2004 for authentication. Verifications are done
to ascertain the nature and amount of the Company's debts. The
receiver will also prepare the individual and general reports on
the case.

CONTACT: Weberlaw SA
         Mexico 890

         Zulma Glave
         Deheza 4883


YACYRETA: Dam's Completed Planned for 2007
------------------------------------------
The Argentine and Paraguayan governments have resolved to
complete the binational Yacyreta hydroelectric dam by 2007,
reports Tierramerica, a specialized news service produced by
IPS.

The dam, sited on the Parana River, is now operating at 60% of
originally planned capacity.

Argentine President Nestor Kirchner and his Paraguayan
counterpart Nicanor Duarte Frutos expressed their determination
to complete the Yacyreta project, but stressed that the
hydroelectric dam must be managed with "transparency", and so
annulled the standing million-dollar assessment contract that
the two countries had been paying for years.

A forum of more than 40 non-governmental organizations (NGOs)
from the two countries, which are campaigning so that the
Yacyreta project will take responsibility for the environmental
problems it creates and not produce new ones, applauded the
annulment. They warned, however, about other costs in an open
letter to Kirchner and Duarte Frutos.

According to the original project, the reservoir covering 1,600
square km would be maintained at 83 meters above sea level, but
for the past 10 years the level has stood at around 76 meters.

"In order for the dam to produce at full potential, the
waterfall must be higher, as was originally defined. That is why
the level must be raised to 83 meters," Alfredo Duran,
communications director of the Binational Yacyreta Enterprise
(EBY), told Tierramerica.

But in their letter to the presidents, the NGOs said: "Raising
the level of the reservoir to 83 meters above sea level will
have serious additional social and environmental impacts to
those already produced and for which reparations have not yet
been made."

The initial costs of the Yacyreta were calculated at around one
billion dollars, but Argentina has contracted a debt for the
project that -- with interest -- already reaches 10 billion
dollars, said Duran.



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

CEMIG: Obtains Authorization to Up Tariffs
------------------------------------------
Brazil's power sector regulator Aneel late Wednesday gave
Companhia Energetica de Minas Gerais (Cemig) permission to
increase its tariffs, reports Dow Jones.

The integrated power company, which serves 5.6 million consumers
in the southeast of Brazil, will be able to charge 19.13% more
to its clients. The adjustments were to take effect Thursday,
Aneel said.

Cemig distributes electricity to 775 municipalities in the
industrial state of Minas Gerais while CPFL supplies power to
234 municipalities in Brazil's wealthiest state of Sao Paulo.

CONTACT:  COMPANHIA ENERGETICA DE MINAS GERAIS
          Luiz Fernando Rolla, Investor Relations
          Phone:  + 011-5531-299-3930
          Fax: + 011-5531-299-3933
          E-mail: lrolla@cemig.com.br


EMBRATEL: MCI, Telmex Seek to Delay Audience on Sale
----------------------------------------------------
U.S. telecommunications giant MCI and Telefonos de Mexico SA, or
Telmex, have asked a US bankruptcy court to delay until April
27, from the scheduled date of April 13, the audience set to
approve the sale of MCI's Brazilian unit Embratel Telecom
Participacoes S.A. to Telmex.

The request comes one day after a consortium formed by Brazil's
three largest fixed-line carriers improved its bid for the
acquisition of a 51.8% voting stake in Embratel, Brazil's
largest long-distance carrier.

Calais Participacoes SA - formed by Tele Norte Leste
Participacoes SA, or Telemar; SP Telecomunicacoes Holding Ltda,
a Brazil unit of Spain's Telefonica SA; and Brasil Telecom
Participacoes - announced Wednesday that it had offered to
guarantee that MCI would receive at least US$360 million for its
stake in Embratel even if the deal is not approved by Brazilian
regulators by July 8, 2005.

If the deal is approved by that date, Calais will pay MCI a
total of US$550 million. Calais has been applying pressure,
trying to persuade MCI's creditors to reconsider the sale to
Telmex.

MCI and Telmex requested the extension, according to Maria
Marcia Goldstein, a lawyer that represents MCI in its bankruptcy
proceeding. She wouldn't say if the request was related to the
new offer submitted by Calais.

CONTACT:  EMBRATEL
          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


EMBRATEL: Calais' Offer Must Be Shunned, Critics Say
----------------------------------------------------
Critics view Calais Participacoes SA's increasing resistance to
Embratel's sale to Telmex as a challenge to Brazilian laws
designed to promote competition in the telecommunications
industry, says Dow Jones.

Brazilian laws prevent one telecommunications firm from
controlling another in the same region and business. However,
Calais claims that its complex ownership structure makes it
possible for the three fixed-line carriers - Telemar, SP
Telecomunicacoes Holding Ltda, and Brasil Telecom Participacoes
- to purchase one of their competitors without violating any
competition laws.

Calais further said that MCI doesn't need regulatory approval to
sell its stake because Brazil's top antitrust authority, Cade,
was unlikely to object to the sale until after it was completed,
rather than before.

In a letter nearly two weeks ago, Calais provided opinions from
five lawyers and the former head of Brazil's telecommunications
regulator, Anatel, that the regulator "should approve" a
counteroffer by Calais.

However, critics of the Calais bid say that it ought to be
rejected.

Telcomp, a group formed of Brazilian telecommunication companies
and service providers to promote competition in the sector,
alleged last month that the consortium's attempt to buy Embratel
is a violation of laws against the formation of cartels and
anticompetitive practices in Brazil's telecommunications
industry.

Telcomp claimed that if the consortium purchased Embratel, it
would have a 71% to 96% share of the markets for local, long
distance, data transmission and internet connection services
across large swathes of Brazil.


VARIG: Cuts Losses
------------------
With cost savings from a reduced fleet and a route sharing
agreement with its main rival, TAM, Brazilian flagship carrier
Viacao Aerea Rio-Grandense (Varig) said last week it has
registered a net loss of BRL1.8 billion (US$625.8 million) for
2003, a sizeable improvement on its 2002 BRL2.8 billion net
loss, reports Reuters.

"On the financial front, the revenue enabled the company to pay
for its current commitments and also some substantial overdue
liabilities," Varig said in an earnings statement.

The airline also revealed its annual net revenue rose 14%to
BRL7.9 billion (USD$2.75 billion).

In recent years, Varig was on the verge of collapse as
successive depreciations of the Brazilian currency magnified its
dollar-denominated costs of debt, jet fuel, and aircraft leasing
in local terms. In addition, the increased competition and
sluggish demand due to the weakness of Brazil's economy also
took its toll.

In a widely encouraged move, Varig and TAM said in February 2003
they would study merging over a period of about six months.
Analysts described the move as the best way to ensure the two
airlines' prosperity. Shortly after the announcement, the two
companies agreed to share flights to some domestic destinations
to save costs, but they still have to agree on terms for the
deal and have asked the government for more time to come up with
an assessment on a merger.

TAM posted a net profit of nearly BRL174 million for 2003, a
sharp turnaround from the BRL605.7 million loss it made in the
previous year.



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

AES GENER: Claims Nueva Renca Has Environmental Permit
------------------------------------------------------
Chilean generator AES Gener said its 379MW Nueva Renca
thermoelectric plant has an environmental permit to operate on
diesel fuel in case of gas supply cuts, Business News Americas
reports, citing an AES Gener statement.

Nueva Renca has the "equipment and environmental permits
necessary to operate with diesel as a back up," the statement
said.

The plant's equipment was part of a 1996 environmental impact
study approved by local environmental authority Conama that
allows the plant to use diesel as long as it respects the
atmospheric pollution limitations, Gener said.

Gener's comments came in response to a newspaper El Dario report
that suggested the opposite. Citing a Conama report, the
newspaper said that Nueva Renca, as well as the Nehuenco II
plant belonging to generator Colbun, do not have permits to burn
diesel.

"To operate with diesel it would be necessary to submit this
reconversion to the environmental impact evaluation system
(SEIA)," Conama said.

Nueva Renca is located in a heavily populated area of Santiago
and therefore must comply with the restrictions in the municipal
pollution reduction plan, Conama said.


EDELNOR: Decides to Delay Merger With Electroandina Until 2005
--------------------------------------------------------------
The merger between Chilean electricity generation companies
Electroandina and Edelnor has been put on hold until 2005 due to
the negative effects of the Argentinean energy crisis,
Estrategia reports, citing Juan Villarzu, chairman of Chilean
state-owned copper company Codelco.

Electroandina, which has 1,029MW installed capacity, and
Edelnor, with 720MW installed capacity, are owned by Codelco and
Belgian group Tractebel.

The merger was originally scheduled for mid 2004, when Codelco
would withdraw from the business to concentrate its activities
in the mining sector.

Electroandina and Edelnor are both located in the Northern
Interconnected System (SING), Chile's second-largest electric
system located in the northern region of the country.

CONTACT:  Empresa Electrica Del Norte Grande SA
          Avenida Grecia 750
          Antofagasta, Chile
          Phone: +56 55 248500
                 +56 55 248094
          Contact: Fernando del Sol, Chairman



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

PETROECUADOR: Exports 9.7M Barrels In 1Q Despite Sote Damage
--------------------------------------------------------------
For the first quarter, Ecuadoran state-owned oil company
Petroecuador said in a statement it has exported 9.7 million
barrels of crude which has brought in US$283 million despite the
damage its Sote pipeline sustained after a landslide on March
11, says BNamericas.

The Sote accident forced Petroecuador to declare a force majeure
on its crude exports, but has since resumed exports this month.
Though the Sote damage caused the reduction of its January-March
exports to 600,000 barrels less than the 10.3 million barrels
exported in 1Q03, the figure is still 300,000 higher than the
amount exported in IQ02.

The statement also said that the company's exports have become
more profitable than in previous years due to higher
international crude prices, with exports in 1Q03 and 1Q02
bringing in US$306mn and US$156mn respectively.


PETROECUADOR: Grants LG, Taurus Crude Deals
-------------------------------------------
In a statement Thursday, Ecuadoran state oil company
Petroecuador announced the sale to the trading arm of South
Korea's LG Group and Shell Taurus Petroleum a total of 1.08
million barrels of oil, reports Dow Jones.

The South Korean company purchased two 360,000-barrel lots,
while Shell Taurus bought one lot of 360,000 barrels,
Petroecuador said. LG agreed to pay the going market rate of
Oman benchmark less US$7.50, while Shell Taurus will pay the
current West Texas Intermediate less US$13.40. LG and Shell will
load the contracted crude at the end of the month.

The sales were not awarded through auction but through
negotiations, after the failure of two previous auction
attempts.



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

BWIA: Criticized for Scrapping Dash 8s
--------------------------------------
Several Tobago passengers were stranded at Piarco International
Airport for the Easter weekend, the Trinidad Guardian reports,
citing a union official at BWIA.

Aviation Communications and Allied Workers Union president
Christopher Abraham blamed the incident to BWIA's decision to
phase out its deHavilland Dash 8 turbo-propeller aircraft in
2002.

Abraham said Tobago Express should have been allowed to acquire
its own aircraft, instead of using those that once belonged to
BWIA. According to the union official, BWIA could have retained
one of its aging L-1011s instead of purchasing one of its two
A340s, and used that money to boost its Dash 8 fleet.

Abraham asserted this would have led to "more capacity" on the
Tobago airbridge and an additional revenue stream for BWIA.

BWIA phased out its four Dash 8s within the last two years and
now only operates with the wide-body Airbus Industrie A340 and
Boeing 737-800 aircraft.

An Internet search revealed a page on BWIA's website which said
the Dash 8s are being "used by Tobago Express and LIAT to
support BWIA services."

Union leaders at BWIA have questioned the relationship between
the airline and Tobago Express, which were both competing on the
Tobago airbridge.

They claimed Tobago Express was being advertised as a separate
entity but was basically being funded, staffed and equipped by
BWIA.

On Friday, Tobago Express general manager Capt Fitzroy
Wellington said BWIA also has an arrangement with Tobago Express
where it provides staff for the airline.


CONTACT:  BRITISH WEST INDIES AIRWAYS
          Phone: + 868 627 2942
          E-mail: mailto:mail@bwee.com
          Home Page: http://www.bwee.com/
          Contacts:
          Conrad Aleong, President and CEO (Trinidad)
          Beatrix Carrington, VP Marketing and Sales (Barbados)
          Paul Schutz, CFO (Trinidad)




                            ***********


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 and Edem Psamathe P. Alfeche,
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 * * *