/raid1/www/Hosts/bankrupt/TCRLA_Public/040426.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

            Monday, April 26, 2004, Vol. 5, Issue 81

                          Headlines


A R G E N T I N A

AMERICAN TRANSPORT: Court OKs Creditor's Bankruptcy Motion
CABLEVISION: Source Says Debt Proposal Still On Track
ECLETICA: Court Favors Creditor's Bankruptcy Petition
GATIC: Signs Lease Agreement With Industrialist
GRUPO GALICIA: Rights Issue Gets Regulator's Approval

MOLDIFER: Court Approves Creditor's Request for Bankruptcy
OBRADOR: Non-Payment of Debt Prompts Bankruptcy Ruling
PARMALAT ARGENTINA: Assets Eyed By Investment Fund
PETROBRAS ENERGIA: Issues $100M Notes
REPSOL YPF: Hit By Argentine Government On Antitrust Issue

REPSOL YPF: Dividend Announcement Will Not Affect Ratings


B E R M U D A

ANNUITY & LIFE: Engages Marcum & Kliegman LLP as Auditor


B R A Z I L

AES SUL: Announces 13.27% Tariff Increase
CFLCL: Issues Notice of Annual General Shareholders' Meeting
NET SERVICOS: Releases Minutes of the AGM Held April 19
TRIKEM: S&P Withdraws 'B+' Corporate Credit Rating


C H I L E

AES GENER: To Redeem Convertible Notes Due 2005
ENDESA CHILE: To Start Loading Ralco's Dam
TELEFONICA CTC: Ratings Remain On CreditWatch


C O L O M B I A

FIBRATOLIMA: Liquidator Named


D O M I N I C A N   R E P U B L I C

BANINTER: Baez Reclaims Control of Listin Diario
MARPIN TELECOMS: Goes Into Receivership


E C U A D O R

TELECSA: Growth Rate Continues


M E X I C O

GRUPO SIMEC: 1Q04 Sees Increase in Net Sales


P E R U

AERO CONTINENTE: Banned In the USA


U R U G U A Y

UTE: Now Getting Brazilian Power


V E N E Z U E L A

PDVSA: To Limit Orimulsion Output
PDVSA: To Sign Deal With Ypergas

     -  -  -  -  -  -  -  -


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

AMERICAN TRANSPORT: Court OKs Creditor's Bankruptcy Motion
----------------------------------------------------------
Judge Sala of Buenos Aires Court No. 14 declared American
Transport Service SRL bankrupt, reports Argentine newspaper La
Nacion.

The ruling follows approval of the bankruptcy petition filed by
the Company's creditor, Compania Real Holandesa de Aviacion, for
nonpayment of US$15,749.53 in debt. Clerk No. 27, Dr. Aleman,
assists the court on the case, the source adds.

The Company's receiver, Ms. Adriana Elisi, will examine and
authenticate creditors' claims until June 29, 2004. This is done
to determine the nature and amount of the Company's debts.
Creditors must have their claims authenticated by the receiver
before the said date in order to qualify for the payments to be
made after the Company's assets are liquidated.

CONTACT:  American Transport Service SRL
          Balcarce 1053
          Buenos Aires

          Adriana Elisi
          Avenida Cabildo 2040, Piso 5§ "G"
          Buenos Aires


CABLEVISION: Source Says Debt Proposal Still On Track
-----------------------------------------------------
Despite the unprecedented admission Tuesday of Argentine cable
company Cablevision that it has double-counted a creditor's
assenting vote for the company's restructuring proposal, a
source close to the proceedings said Thursday the debt offer is
not in jeopardy, relates Dow Jones.

Cablevision announced in March that it has obtained the
minimum two-thirds majority approval from creditors required by
Argentine bankruptcy law for its out-of-court debt restructuring
accord, known as an APE in Spanish. This type of restructuring
allows a company that has gathered two-thirds of its creditors'
agreement to submit its offer for legal approval, making the
repayment terms binding on all creditors.

The company said in a statement Tuesday that on April 16, it
discovered that a "holder of a substantial amount" of its US$725
million in defaulted debt had "transferred its holding and
granted authorization to HSBC Bank USA, as a settlement agent,
to exercise the APE, and separately, subscribed to the APE."
This, the company explained, is the reason why that creditor's
vote in the APE tabulation in March was counted as two votes.

The source said that even when the double-counted vote is
deducted, creditor agreement for the proposal would still reach
the minimum two-thirds, and the company will file "in a couple
of weeks" its APE with the local court.

The source refused to name the creditor or the amount it
represents, saying only that it was "friendly" and that "it's
not the largest of creditors and not the smallest."

With Cablevision releasing a statement as soon as the error was
discovered, the company, the source stressed, isn't worried
about "anybody claiming that there was any monkey business."


ECLETICA: Court Favors Creditor's Bankruptcy Petition
-----------------------------------------------------
A creditor of Buenos Aires psychiatric clinic Ecletica SA
successfully sought for the Company's bankruptcy, reports La
Nacion.

Judge Garibotto of Buenos Aires approved a bankruptcy petition
filed by Elsa Fryszberg to whom Ecletica owes US$31,758.69 in
debts. Assisted by Clerk No. 3, Dra. Vassallo, the court named
Mr. Raul Trejo as receiver for the Company. Mr. Trejo will
verify creditors' claims until June 25, 2004. The results of the
verification process will determine who will be eligible for
repayment after all of the Company's assets are liquidated.

CONTACT:  Ecletica SA
          Lezica 4346
          Buenos Aires

          Raul Trejo, Receiver
          Montevideo 205, Piso 7§ "N"
          Buenos Aires


GATIC: Signs Lease Agreement With Industrialist
------------------------------------------------
In a move that will lead to a resumption of its operations,
Argentine textiles and apparel company Gatic has signed a
leasing agreement with businessman Guillermo Gotteli for the
troubled company's four inactive plants, to the tune of US$1
million per year, local daily El Cronista reveals.

The deal, made possible due to a previous understanding with
Gatic creditors Banco Nacion, Bapro and Banco Ciudad, was for
the plants located at La Flores, Pilar, Coronel Suarez and
Pigue. Mr. Gotteli, a former Alpargatas executive, is also set
to rehire 2,500 of Gatic's formerly 4,500-strong labor force for
the plants to be up and running again.


GRUPO GALICIA: Rights Issue Gets Regulator's Approval
-----------------------------------------------------
In a decision that will allow the banking unit of financial
holding company Grupo Financiero Galicias (GGAL) to proceed with
its debt restructuring, Argentina's securities commission has
issued a resolution authorizing the company to push through with
its planned preferred rights issue, says Dow Jones.

According to the resolution, a copy of which Grupo Galicia filed
with the Buenos Aires stock exchange Thursday, the preferred
shares to be issued "don't currently contain any distinct
benefit that characterize them (as) substantially different from
existing ordinary shares." Consequently, the preferred shares
will be treated as ordinary shares. However, the resolution said
pension funds will still be banned from participating in the
rights issue, since securities regulations prohibit these
institutions from holding preferred shares.

The issue is a necessary precursor for the US$1.32 billion debt
restructuring of Banco de Galicia y Buenos Aires SA (GALI.BA),
since one of the proposed repayment terms is a swap of old Banco
Galicia debt for any preferred Grupo Galicia shares left over
after the rights issue, which was approved by the company's
shareholders in January.

Grupo Galicia will be issuing some 149 million preferential
rights, which will be automatically converted into ordinary
shares after one year. The subscription period is 10 days.


MOLDIFER: Court Approves Creditor's Request for Bankruptcy
----------------------------------------------------------
Moldifer SRL entered bankruptcy after Judge Villanueva of Buenos
Aires Court No. 23 approved a bankruptcy motion filed by Osde
Organizacion de Servicios Directos Empresarios, reports La
Nacion. The Company's failure to pay US$6008.49 in debt prompted
the filing of the petition.

Working with Dr. Cufari, Clerk No. 46, the court assigned Mr.
Salomon Wilhelm as receiver for the bankruptcy process. The
receiver's duties include the authentication of the Company's
debts and the preparation of the individual and general reports.
Creditors are required to present their proofs of claims to the
receiver before June 10, 2004.

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

CONTACT:  Moldifer SRL
          Teniente General Juan Domingo Peron 1186, Piso 6§
          Buenos Aires

          Salomon Wilhelm
          Lavalle 1290, Piso 11§
          Buenos Aires


OBRADOR: Non-Payment of Debt Prompts Bankruptcy Ruling
------------------------------------------------------
Judge Ferrario of Court No. 6 declared Obrador SRL, a
construction company, "Quiebra," reports La Nacion. The court
decreed the bankruptcy following a petition filed by Carla
Baldini to whom the Company owes US$47,275.76 in unpaid debts.

With the aid of Dr. Sicoli, Clerk No. 11, the court appointed
Mr. Luis Benedossi as receiver, who will authenticate creditors'
claims until July 15, 2004. Creditors must submit their claims
to the receiver before the said date in order to be eligible for
the payments that will be made after the liquidation of the
Company's assets.

CONTACT:  Obrador SRL
          Chacabuco 943, Piso 1§ "D"
          Buenos Aires

          Luis Benedossi, Receiver
          Maipu 812, Piso 6§ "D/E"
          Buenos Aires


PARMALAT ARGENTINA: Assets Eyed By Investment Fund
--------------------------------------------------
The proposed sale of Parmalat Argentina's assets has attracted
another prospective buyer in investment fund Southern Cross, a
report by local daily El Cronista says.

The investment fund headed by Norberto Morita has submitted a
letter indicating its intention to acquire not only Parmalat
Argentina assets, but also those in Chile and Uruguay, which are
being divested by collapsed Italian parent Parmalat Finanziaria
SA as part of its global restructuring plan.

The selling off model for Parmalat Argentina assets should be
defined this week.


PETROBRAS ENERGIA: Issues $100M Notes
-------------------------------------
Petrobras Energia Participaciones S.A. (Buenos Aires: PBE,
NYSE:PZE), controlling company with a 98.21% stake in Petrobras
Energia S.A. (Buenos Aires: PESA), announced that Petrobras
Energia S.A. launched Thursday the extension of Series R Notes
in the amount of US$100 million, due October 2013, with a 9.375%
annual coupon payable semiannually, with a 9.15 % annual yield
for investors. The Notes will be issued on April 30 and the
proceeds therefrom will be applied to cancel existing
liabilities.

This US$100 million issue is an extension of the series
originally issued in October 2003 in the amount of US$ 100
million. Therefore, the amount of Series R Notes outstanding
totals US$ 200 million.

This new placement further consolidates the Company's financial
profile through the long-term refinancing of short-term
liabilities and reflects its financial capacity and the markets'
confidence in the Company.

CONTACT:  Daniel E. Rennis
          drennis@petrobrasenergia.com

          Alberto Jankowski
          ajankows@petrobrasenergia.com
          Tel: (5411) 4344-6655

          Web Site: www.petrobrasenergia.com

          PETROBRAS ENERGIA PARTICIPACIONES S.A.
          Maipu 1, Piso 22
          (1084) Buenos Aires, Argentina


REPSOL YPF: Hit By Argentine Government On Antitrust Issue
----------------------------------------------------------
In a statement issued Wednesday, Argentina's economy and
production ministry said the National Commission in Defense of
Competition, the country's antitrust regulator, has accused
Spanish company Repsol YPF of anticompetitive practices in its
liquefied petroleum gas (LPG) contracts, Reuters reports.

The statement said the regulator discovered that "after an
analysis of the sales contracts some clauses were found that
impede LPG bottlers from reselling LPG," the statement said. The
clause, relates the statement, "obliges LPG bottlers to use the
LPG exclusively in their plants, [and] is a way of restricting
the supply of LPG."

The regulator also ordered the company to amend the clauses. The
ministry, for its part, is also investigating the claims, and
could slap Repsol with a fine.


REPSOL YPF: Dividend Announcement Will Not Affect Ratings
---------------------------------------------------------
Standard & Poor's Ratings Services said Thursday that YPF S.A.'s
(YPF, local currency: BB+/Positive/--; foreign currency:
BB/Stable/--) dividend announcement will not affect YPF's
ratings. The company's credit quality will not be affected given
its sound financial profile and a strong cash flow generation
since second-quarter 2002 due to unusually high prices for crude
oil and oil products. (This is despite certain price agreements
between producers and refiners in Argentina in order to transfer
crude oil at prices lower than the international price.) YPF
announced dividends of Argentine peso (ArP) 9 per share that
would total approximately ArP3.5 billion (about $1.2 billion).
Although this represents a 76% payout ratio, it is still
commensurate with the company's cash generating ability. Given
its importance within the Repsol group, Standard & Poor's
expects YPF's dividend policy to reflect the Repsol group's cash
management policy but not to increase the company's cash needs
or jeopardize YPF's capital expenditure requirements.

ANALYSTS:  Pablo Lutereau, Buenos Aires (54) 114-891-2125
           Luciano Gremone, Buenos Aires (54) 11-4891-2143
           Emmanuel Dubois-Pelerin, Paris (33) 1-4420-6673



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

ANNUITY & LIFE: Engages Marcum & Kliegman LLP as Auditor
--------------------------------------------------------
Annuity and Life Re (Holdings), Ltd. (NYSE: ANR) engaged Marcum
& Kliegman LLP as its new auditors, subject to ratification by
the Company's shareholders at the Company's 2004 annual meeting.
Marcum & Kliegman is commencing their quarterly review work and
planning for the December 31, 2004 audit. The Company will
announce at a later date when it expects to release its first
quarter earnings.

Jay Burke, Chief Executive Officer of the Company, commented,
"We are very pleased with the engagement of Marcum & Kliegman
and believe this represents additional progress toward
stabilizing our Company."

Annuity and Life Re (Holdings), Ltd. provides annuity and life
reinsurance to insurers through its wholly owned subsidiaries,
Annuity and Life Reassurance, Ltd. and Annuity and Life
Reassurance America, Inc.



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

AES SUL: Announces 13.27% Tariff Increase
-----------------------------------------
AES Sul Distribuidora Gaucha de Energia S.A. ("AES Sul"), a
subsidiary of The AES Corporation (NYSE:AES), announced Thursday
that the Brazil National Agency of Electric Energy ("ANEEL") has
completed the 2003 tariff adjustment process and awarded AES Sul
with a 13.27% average tariff increase to be applied beginning in
mid April and applicable for the next twelve months.

Mr. Eduardo Bernini, President of AES Sul states that "We are
pleased with the overall tariff increase awarded by ANEEL,
particularly the full pass through of AES Sul's non manageable
costs. That was required by existing regulations and we are
reassured that ANEEL followed them. This tariff increase will
enable us to continue to provide the high quality of service to
our customers in Rio Grande do Sul."

The Company also noted that it will continue to work to ensure
that current and future costs are fully reflected in tariff
determinations.

AES Sul, a subsidiary of AES Corporation ("AES"), is a
distribution utility serving over 999,000 clients in 99.5
thousand square kilometers, including 116 municipalities in the
central area of Rio Grande do Sul, the southernmost state in
Brazil.

AES is a leading global power company, with 2003 sales of $8.4
billion. AES delivers 45,000 megawatts of electricity to
customers in 27 countries through 113 power facilities and 17
distribution companies. Our 30,000 people are committed to
operational excellence and meeting the world's growing power
needs. To learn more about AES, please visit www.aes.com or
contact AES investor relations at invest@aes.com.

CONTACT:  AES Sul
          Scott Cunningham, 703-558-4875


CFLCL: Issues Notice of Annual General Shareholders' Meeting
------------------------------------------------------------
COMPANHIA FORCA E LUZ CATAGUAZES-LEOPOLDINA summoned
shareholders together April 30th, 2004, at 10:00, at the
Company's headquarters, located Praca Rui Barbosa 80, City of
Cataguases, State of Minas Gerais, in the Annual General
Shareholders' Meeting, to resolve about the following agenda:

(a) To examine the accounts from the management, to analyze,
    discuss and vote the financial statements for the fiscal
    year that ended on December 31st, 2003;

(b) To determine the allocation of the results from the 2003
    fiscal year;

(c) To elect the members of the Company's Board of Directors,
    and

(d) To fix the overall annual remuneration of the Company's
    management.

General Information:

- Pursuant to CVM (Brazilian Securities Commission) Instruction
65/91, amended by CVM Instruction 282/98, a 5% (five percent)
minimum stake in the voting stock is required in order to
request the adoption of the multiple vote process.

- The proxies granting special powers for purposes of
shareholders' representation at the meeting referred to herein
shall be deposited at the Company's headquarters with at least
forty-eight (48) hours before the holding of the meeting.

- The participant shareholders of the Fungible Custody of
Registered Shares of the Sao Paulo Stock Exchange - BOVESPA that
wish to participate in this meeting shall deliver statement
containing its corresponding equity interest, issued by the
competent depositary institution at least forty-eight (48) hours
before the holding of the meeting.

CONTACT:  Praca Rui Barbosa, 80 - Cataguases (MG)
          Telefone: (32) 3429.6000 - Fax: (32) 3429.6317
          E-mail: http://www.cataguazes.com.br


NET SERVICOS: Releases Minutes of the AGM Held April 19
-------------------------------------------------------
VENUE, TIME AND DATE:  At the Company headquarters, located at
Rua Verbo Divino, 1356 - 1§ andar, Chacara Santo Antonio, city
and state of Sao Paulo, at 10:00 a.m. (Brazilian time) on April
19, 2004.

ATTENDANCE:  Shareholders representing 75% of Company's voting
capital and also, the Independent Auditors representative,
attended the meeting

MEETING BOARD: LEONARDO PORCIUNCULA GOMES PEREIRA - Chairman and
NELSON ALEXANDRE PALONI - Secretary.

CALL NOTICE:  Call notice published in "Valor Economico" and
"Diario Oficial do Estado de Sao Paulo" newspapers on April 1, 2
and 3, 2004

AGENDA:  I) To get the financial accounts provided by the
Management; to examine, discuss and vote the Company's financial
statements referring to the fiscal year ended December 31, 2003;
having no results to be distributed. II) To elect Board of
Directors members and fix the executive management compensation.

DECISIONS:  The decisions were approved by the majority of the
shareholders, except for the ones legally impeded from voting:

Firstly, the Chairman explained that in the explanatory note 1.
OPERATING AND FINANCIAL CONTEXT, in the financial statements
relating to the fiscal year ended 12.31.2003, it had been
announced a 12.4% percentage, which in this act, was confirmed
to be 8.8%. Such percentage refers to the portion of due credits
that has not been liquidated yet, which is object of
accomplishment. After that, the Chairman informed that on this
date the financial statements will be filed again at the
Brazilian Securities Commission - CVM and to the Sao Paulo Stock
Exchange - BOVESPA. After this explanation, the Annual
Management Report and its accounts included in the Balance Sheet
and Financial Statements were fully approved, published in
"Diario Oficial do Estado de Sao Paulo" (official press) and
"Valor Economico" newspapers on March 17, 2004, stating
Shareholders' Equity accounts, fiscal year results, changes in
the financial position (source and use of resources) and stock
interests in Controlled Companies, as well as, the Management
and Independent Auditors' Opinions, all regarding the fiscal
year ended December 31, 2003, with no results to be distributed,
with the voting abstention of BNDES Participacoes S.A. -
BNDESPAR representative.

Notified the resignation of Mr. Marcelo Noll Barboza on May 02,
2003, the termination of Mr. Jose Roberto Marinho, Mr. Jorge
Eduardo Martins Moraes, Mrs. Maria Carmen Westerlund Montera and
Mr. Ricardo Luiz Koetz Bernardes' terms of office as Board
members and the non investiture of Mrs. Simone Lahorgue Nunesas
Board member for not having signed the investiture term, being
formalized then, the leave of all above mentioned members from
the Company's Board of Directors. After that, the new Board
members were elected, with the term of office lasting until the
occurrence of the 2005 Annual General Meeting, not adopting the
multiple voting process for the election of Board of Directors
members, pursuant to the dispositions of CVM instruction #
165/91, amended by instruction # 282/98, as follows:

Appointed by the shareholders ROMA PARTICIPACOES LTDA. and
DISTEL HOLDING S.A., reelected ROBERTO IRINEU MARINHO,
Brazilian, married, industrial, ID (RG) 2.089.884 - IFP - RJ,
Individual Taxpayer's Identification (CPF) 027.934.827-49,
resident and domiciled in the city of Rio de Janeiro - RJ, at
Rua Lopes Quintas, 303, Jardim Botanico as Board Member and
JORGE LUIZ DE BARROS NOBREGA, Brazilian, married, business
executive, ID (RG)029.741.88-1 - IFP-RJ, Individual Taxpayers'
Identification (CPF) 371.632.567-87, resident and domiciled in
the city of Rio de Janeiro - RJ, at Avenida Afranio de Melo
Franco, 135, 1§ andar, Leblon,, as Alternate, RONNIE VAZ
MOREIRA, Brazilian, married, economist, ID (RG) 3.888.344 - IFP-
RJ, Individual Taxpayers' Identification (CPF) 512.405.487-53,
resident and domiciled in the city of Rio de Janeiro - RJ, at
Avenida Afranio de Melo Franco, 135, 1§ andar, Leblon - as Board
Member, and MARCOS DA CUNHA CARNEIRO, Brazilian, married,
economist, ID (RG) 04.831.165-1 - IFP-RJ, Individual Taxpayers'
Identification (CPF) 663.964.337-53, resident and domiciled in
the city of Rio de Janeiro - RJ, at Avenida Afranio de Melo
Franco, 135, 5§ andar, Leblon, as Alternate, STEFAN ALEXANDER ,
Brazilian, married, economist, ID (RG) 07.251.698-2 - IFP - RJ,
Individual Taxpayers' Identification(CPF )942.089.997-72,
resident and domiciled in the city of Rio de Janeiro - RJ, at
Avenida Afranio de Melo Franco, 135, 2§ andar, Leblon, as Board
Member and SERGIO LOURENCO MARQUES, Brazilian, married,
engineer, ID (RG) 625.547-ES - SPTC/DI, Individual Taxpayers'
Identification (CPF) 062.651.487-53, resident and domiciled in
the city of Rio de Janeiro - RJ, at Avenida Afranio de Melo
Franco, 135, 2§ andar, Leblon, as Alternate , ROSSANA FONTENELE
BERTO, Brazilian, married, business executive, ID (RG) 07219375-
8 - IFP-RJ, Individual Taxpayers' Identification (CPF)
878.888.907-68, resident and domiciled in the city of Rio de
Janeiro - RJ, at Avenida Afranio de Melo Franco, 135, CEP 22430-
060, Leblon, as Board Member and JOSE CARLOS BENJO, Brazilian,
married, lawyer, ID (RG)64.048 - OAB-RJ, Individual Taxpayers'
Identification (CPF) 871.330.757-68, resident and domiciled in
the city of Rio de Janeiro - RJ, at Avenida Afranio de Melo
Franco, 135, 3§ andar, Leblon, as Alternate, GUILHERME PERBOYRE
CAVALCANTI, Brazilian, single, economist, ID (RG)048.341.63-0 -
IFP - RJ, Individual Taxpayers' Identification (CPF)
010.981.437-10, resident and domiciled in the city of Rio de
Janeiro - RJ, at Avenida Afranio de Melo Franco, 135, Leblon, as
Board Member and LUIS HENRIQUE MARTINEZ GONCALVES, Brazilian,
married, economist, ID (RG) 08545728-1 - IFP-RJ, Individual
Taxpayers' Identification (CPF) 021.385.387-61, resident and
domiciled in the city of Rio de Janeiro - RJ, at Avenida Afranio
de Melo Franco, 135, Leblon, as Alternate; and elected JUAREZ DE
QUEIROZ CAMPOS JUNIOR, Brazilian, married, business executive,
ID (RG) 10.826.391 - SSP-SP Individual Taxpayers' Identification
(CPF) 039.245.898-52, resident and domiciled in the city of Rio
de Janeiro - RJ, at Avenida das Americas, 700, bloco 2 A , 1§
andar, Barra da Tijuca as Board Member and JOSE FERREIRA
MONTEIRO, Brazilian, married, engineer, ID (RG) CREA-RJ
83105747-6, Individual Taxpayers' Identification (CPF)
743.251.757-68, resident and domiciled in the city of Rio de
Janeiro - RJ, at Avenida Afranio de Melo Franco, 135, Leblon, as
Alternate.

Appointed by BRADESPLAN PARTICIPACOES S.A., reelected Mr. ROMULO
DE MELLO DIAS, Brazilian, married, economist, ID (RG)
05.350.467-6, Individual Taxpayers' Identification (CPF)
604.722.787-20, as Board Member and MARCELO AMARAL MORAES,
Brazilian, married, economist, ID (RG) 07.178.889-7, Individual
Taxpayers' Identification (CPF) 929.390.077-72, as Alternate,
both of them domiciled at Avenida Brigadeiro Faria Lima, 3,064,
6§ andar, Jardim Paulista, CEP 01451-000, City of Sao Paulo -
SP.

Appointed by RBS PARTICIPACOES S.A., reelected NELSON PACHECO
SIROTSKY, Brazilian, married, business executive, ID (RG)
9001913491 - SSP-RS, Individual Taxpayers' Identification (CPF)
147.576.050-72, resident and domiciled in the city of Porto
Alegre - RS, at Rua Iracema, 75, as Board Member and EDUARDO
FLORES DA CUNHA DAMASCENO FERREIRA, Brazilian, married,
engineer, ID (RG) 6002907134 - SSP-RS, Individual Taxpayers'
Identification (CPF) 395.368.230-04, resident and domiciled in
the city of Porto Alegre - RS, at Rua Engenheiro Olavo Nunes,
99, apartamento 804, as Alternate.

Appointed by BNDESPAR PARTICIPACOES S.A., elected EDGARD LOBAO
DOS SANTOS, Brazilian, judicially separated, engineer, ID
(RG)2.272.326 - IFP-RJ, Individual Taxpayers' Identification
(CPF) 263.013.777-53, as Board Member and HELIO GUSTAVO VILLARIM
DOS SANTOS, Brazilian, married, business executive, ID (RG)
4031538 - IFP-RJ, Individual Taxpayers' Identification (CPF)
601.518.037-49, as Alternate, both of them with business address
at Avenida Republica do Chile 100, 9§ andar, City and State of
Rio de Janeiro.

The elected Board of Directors Members took office by signing
the Investiture Term, and declared that they are not prevented
from exercising the management of a business corporation due to
criminal conviction. This Annual General Meeting confirmed the
compensation amount paid for the executive management in 2003,
and fixed in R$ 16,000,000.00 the compensation amount for 2004,
being the Board members responsible for the distribution of this
amount, with the voting abstention of BNDES Participacoes S.A. -
BNDESPAR representative.

CLOSING:  Having no further issues to be discussed, the meeting
was adjourned in order to draw up these minutes, which were
read, approved and signed by all attendees. Sao Paulo - SP,
April 19, 2004.

SIGNATURES:  LEONARDO PORCIUNCULA GOMES PEREIRA - Chairman,
NELSON ALEXANDRE PALONI - Secretary, Shareholders: ROMA
PARTICIPACOES LTDA., DISTEL HOLDING S.A. and GLOBO COMUNICACOES
E PARTICIPACOES S.A. represented by Manuel Martins Teixeira
Pinto, BNDESPAR PARTICIPACOES S.A., represented by NELSON
ALEXANDRE PALONI and SERGIO FEIJAO FILHO.


TRIKEM: S&P Withdraws 'B+' Corporate Credit Rating
--------------------------------------------------
Standard & Poor's Ratings Services withdrew Thursday its 'B+'
foreign-currency corporate credit rating on Trikem S.A. (Trikem)
after the conclusion of the merger of Trikem with its parent
company Braskem S.A. (Braskem, local-currency rating BB-/Stable;
foreign-currency rating: B+/Positive).

The merger was approved by Braskem's and Trikem's shareholders
in January 2004.

"From now on, Braskem will be the legal successor of all
Trikem's assets and liabilities, including Trikem Export Trust's
US$100-million investor certificates due 2004 and Trikem's
US$250-million senior notes due 2007," said Standard & Poor's
credit analyst Reginaldo Takara.

ANALYST:  Reginaldo Takara, Sao Paulo (55) 11-5501-8932



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

AES GENER: To Redeem Convertible Notes Due 2005
-----------------------------------------------
AES Gener S.A. (the "Company") announced Thursday that, on May
31, 2004, it will redeem the entire outstanding amount of its 6%
U.S. convertible notes due 2005 (the "U.S. Convertible Notes")
and its 6% Chilean convertible bonds due 2005 (the "Chilean
Convertible Bonds") in accordance with the terms and procedures
set forth in the indentures governing the U.S. Convertible Notes
and Chilean Convertible Bonds, respectively.

As previously announced, as part of its restructuring plan the
Company consummated separate cash tender offers for its U.S.
Convertible Notes and Chilean Convertible Bonds. In connection
with the Company's offer for the U.S. Convertible Notes, on
April 2, 2004 the Company accepted for payment approximately
US$55.7 million in aggregate principal amount of U.S.
Convertible Notes, representing 75.35% in aggregate principal
amount of U.S. Convertible Notes outstanding as of such time. In
connection with the Company's offer for the Chilean Convertible
Bonds, on March 24, 2004 the Company repurchased approximately
US$156.8 million in aggregate principal amount of Chilean
Convertible Bonds, representing 38.9% in aggregate principal
amount of Chilean Convertible Bonds outstanding as of such time.
Accordingly, pursuant to the redemption the Company will redeem
approximately US$264.1 million aggregate principal amount of
U.S. Convertible Notes and Chilean Convertible Bonds.

CONTACT:  Investor Relations
          Daniel Aninat, AES Gener S.A.: (562) 686-8938
          Vanessa Thiers, AES Gener S.A. (562) 686-8948


ENDESA CHILE: To Start Loading Ralco's Dam
------------------------------------------
-- The 570 MW power plant, in which US$ 540 million have already
been invested, will annually generate 3,100 GWh.

-- Endesa Chile will soon conclude works, and will launch the
hydroelectric power plant during the second half of 2004.

-- The company develops relocation projects; cultural, social
and economic growth projects, as well as short, medium and long
term plans for pehuenches communities affected.

Endesa Chile (NYSE:EOC), ENDESA's (NYSE:ELE) generation
subsidiary in Latin America, has started loading Ralco's dam,
one of the world's biggest hydroelectric projects. It will
contribute to 9% of the Chilean Central Interconnected System's
power requirements.

The company is working to conclude the works and launch the
plant during the second half year 2004. Endesa Chile has
invested US$ 540 million in the construction, which will have
570 MW of capacity, and will be able to annually generate 3,100
GWh.

Through the fulfilment of the project, Endesa Chile has
developed a Plan at the benefit of the indigenous Pehuenche
community. The company develops relocation projects; cultural,
social and economic growth projects, as well as short, medium
and long term plans for pehuenches communities affected.

CONTACT: North America Investor Relations Office
         David Raya, 212-750-7200
         Web site: http://www.endesa.es


TELEFONICA CTC: Ratings Remain On CreditWatch
---------------------------------------------
Compania de Telecomunicaciones de Chile S.A. (CTC, BBB/Watch
Neg/--), the largest Chilean telecommunications operator,
recently said that its first-quarter EBITDA was 9% lower than it
was for the same period in 2003. This is the result of the
significant reduction of average fixed lines in service (of
about 9.2% quarter over quarter) due to mobile substitution and
increased competition, price pressures on the long distance
segment, and lower mobile margins resulting from the industry's
more aggressive growth strategy and the CPP tariff reduction
since February 2004. These factors were partially offset by a
10% increase in the number of mobile customers since Dec. 31,
2003, and a 33% increase since March 31, 2003. In addition, ADSL
and corporate segment growth helped to offset the EBITDA
decline. Despite the decrease in EBITDA margins (to 44.4% from
49.5% in first-quarter 2003), CTC's coverage measures remained
sound as a result of the significant debt reduction of about 24%
quarter over quarter. However, CTC's ratings remain on
CreditWatch with negative implications subject to the outcome of
the tariff revision that concludes in May 2004 and Standard &
Poor's Ratings Services' assessment of the company's ability to
mitigate the impact of a higher-than-expected tariff re-setting.

ANALYST:  Ivana Recalde, Buenos Aires (54) 114-891-2127



===============
C O L O M B I A
===============

FIBRATOLIMA: Liquidator Named
-----------------------------
The process to liquidate Colombian textile company Fibratolima
has started with the appointment of Mr. Alberto Valencia Ramirez
as liquidator.

Local daily Portafolio recalls that the Superintendencia de
Sociedades, the government agency in charge of liquidations,
ordered the liquidation after the Company failed to reach an
accord with its creditors over some changes in the conditions of
its debt-restructuring plan under Colombia's bankruptcy laws.

Fibratolima manufactures, mercerizes and processes all types of
textiles. It is also involved in wholesale and import/export
activities. Since its creation in 1988, the Company had
consistent working capital problems due to the high level of
debt it incurred with the purchase of equipment. These problems
eventually caused a lack of resources for the purchase of raw
materials and inventory.

Fibratolima closed its plants in March 2002 and entered into
bankruptcy restructuring proceedings.


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

BANINTER: Baez Reclaims Control of Listin Diario
------------------------------------------------
The Civil and Commercial Court of Appeals ordered the Dominican
government to hand back control of Listin Diario, the country's
largest daily newspaper, to the family of Ramon Baez Figueroa,
the AP Online reports.

The government seized control of Listin Diario from Figueroa
after the latter got implicated in the Banco Intercontinental
(Baninter) scandal that led to the bank's collapse in May last
year. Baez was Baninter's president at the time of the collapse.

When the government intervened, assuming Baninter's debts, it
seized Baez's assets, which included the newspaper and a handful
of radio and television stations.

But the appeals court ruled Thursday that the newspaper was
Baez's property and that it was not directly linked to the bank
scandal, and therefore should be returned to him.

The government will now appeal the latest ruling to the Supreme
Court, state lawyer Carlos Salcedo said.

"Until then, this order is nullified," Salcedo said.


MARPIN TELECOMS: Goes Into Receivership
---------------------------------------
The first Dominican telephone company to pose a challenge to the
forty-year monopoly in the country by Britain's Cable & Wireless
has entered receivership, just a few years after Dominica opened
its telecom market to competition, The Wall Street Journal
reports.

According to former receiver Gordon Moreau, Marpin Telecoms &
Broadcasting's troubles, debts amounting to EC$33 million,
started when creditor First Caribbean International Bank
attempted to collect on the company's EC$8 million debt.

The bank engaged Pricewaterhousecoopers last week to audit the
company, four months after the company's appointment of Mr.
Moreau. Mr. Moreau said the bank "decided not to accept my
business plan," which included EC$5 million in new debt for
improving equipment.

CONTACT:  MARPIN TELECOMS & BROADCASTING CO. LTD.
          Great Marlborough Street 5-7
          P.O. Box 2381
          Roseau, Dominica
          Telephone: 1 767 448 4107
          Fax: 1 767 448 2965
          Website: http://www.marpin.dm



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

TELECSA: Growth Rate Continues
------------------------------
In its monthly statement, Ecuador's telecom regulator Suptel
said that local mobile operator Telecsa has maintained the
growth rate it registered in February, nearly doubling its user
base by the end of March, BNamericas reports.

Telecsa, which launched service in 2003 and is operating under
the Alegro brand, ended last month with 35,858 users, almost
twice the 19,585 subscribers it had in February, the statement
said. Sixty percent of the client base are postpaid accounts,
down from 65% in February.



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

GRUPO SIMEC: 1Q04 Sees Increase in Net Sales
--------------------------------------------
Grupo Simec, S.A. de C.V. (Amex: SIM) ("Simec") announced
Thursday its results of operations for the three-month period
ended March 31, 2004. Net sales increased 58% to ARS964 million
in the three-month period ended March 31, 2004, compared to
ARS610 million in the same period of 2003 primarily due to
higher finished product prices and also resulting from higher
production levels. Primarily as a result of the foregoing, Simec
recorded net income of ARS266 million in the first quarter of
2004 versus net income of ARS79 million for the first quarter of
2003.

Simec sold 170,389 metric tons of basic steel products during
the three-month period ended March 31, 2004, as compared to
151,472 metric tons in the same period of 2003. Exports of basic
steel products were 25,698 metric tons in the first quarter of
2004 versus 17,623 metric tons in the same period of 2003.
Additionally Simec sold 19,505 tons of billet in the three-month
period ended March 31, 2004, as compared to 7,850 tons of billet
in the same period of 2003. Prices of finished products sold in
the first three months of 2004 increased 35% in real terms
versus the same period of 2003.

Simec's direct cost of sales was ARS638 million in the three-
month period ended March 31, 2004, or 66% of net sales, versus
ARS404 million, or 66% of net sales, for the 2003 period.
Indirect manufacturing, selling, general and administrative
expenses (including depreciation) was ARS116 million during the
three-month period ended March 31, 2004, compared to ARS120
million in the same period of 2003.

Simec's operating income increased 144% to ARS210 million during
the three-month period ended March 31, 2004, from ARS86 million
in the first quarter of 2003. Operating income was 22% of net
sales in the three-month period ended March 31, 2004, compared
to 14% of net sales in the same period of 2003.

Simec recorded other income, net, from other financial
operations of ARS9 million in the three-month period ended March
31, 2004, compared to other income, net, of ARS1 million in the
same period of 2003. In addition, Simec recorded a positive
provision for income tax and employee profit sharing of ARS62
million in the three-month period ended March 31, 2004, versus a
positive provision of ARS21 million in the same period of 2003.

Simec recorded financial expense of ARS15 million in the three-
month period ended March 31, 2004, compared to financial expense
of ARS29 million in the same period of 2003 as a result of (i)
net interest expense of ARS4 million in the three-month period
ended March 31, 2004, compared to net interest expense of ARS6
million in the same period of 2003; (ii) an exchange loss of
ARS0 million in the three-month period ended March 31, 2004,
compared to an exchange loss of ARS27 million in the same period
of 2003, reflecting lower debt levels in the three-month period
ended March 31, 2004, and an increase of 0.7% in the value of
the peso versus the dollar in the three-month period ended March
31, 2004, compared to a decrease of 4.4% in the value of the
peso versus the dollar in 2003 period; and (iii) a loss from
monetary position of ARS11 million in the three-month period
ended March 31, 2004, compared to a gain from monetary position
of ARS4 million in the same period of 2003, reflecting the
domestic inflation rate of 1.6% in the three-month period ended
March 31, 2004, compared to the domestic inflation rate of 1.3%
in the same period in 2003 and lower debt levels during the 2004
period.

At March 31, 2004, Simec's total consolidated debt consisted of
US$302,000 of 8 7/8% MTN's due 1998 (accrued interest at March
31, 2004 was $261,984), which were issued in 1993 as part of a
$68 million issuance. At December 31, 2003, Simec had
outstanding approximately $2 million of U.S. dollar- denominated
debt. Simec's lower debt level at March 31, 2004 reflected the
prepayment of $1.7 million of bank debt in March 2004.

All figures were prepared in accordance with Mexican generally
accepted accounting principles and are stated in constant Pesos
at March 31, 2004.

Simec is a mini-mill steel producer in Mexico and manufactures a
broad range of non-flat structural steel products.

CONTACT:  Grupo Simec, S.A. de C.V.
          Adolfo Luna Luna or Jose Flores Flores, in Mexico
          Tel: +011-52-33-1057-5740



=======
P E R U
=======

AERO CONTINENTE: Banned In the USA
----------------------------------
Citing a decision by the U.S. Federal Aviation Administration,
Peru's Transport Ministry announced in a statement Thursday that
flights of the country's largest airline, Aero Continente, to
and from the United States are temporarily prohibited, Reuters
relates.

U.S. Embassy spokesman Michael Stanton said Aero Continente,
which flies four times a week to its only U.S. destination in
Miami, lost permission to enter U.S. airspace following an
inspection last week by Federal Aviation Administration
officials.

However, the airline insists it met all FAA requirements to fly
in the United States and would continue to fly by hiring U.S.-
registered planes. "Aero Continente's operations to all national
and international destinations will continue at their normal
rate ... our service will not face any stoppages," Aero
Continente Director Carlos Morales said.

No reason for the ban was given by the FAA or the ministry,
although a U.S. aviation source said the FAA decision arose from
safety concerns.



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

UTE: Now Getting Brazilian Power
--------------------------------
In accordance with a triangular agreement with Argentina to
import 300MW of power until April 30, Uruguay's state power
company UTE began receiving power from Brazil Tuesday,
BNamericas reports. The deal, which makes up for an energy
shortfall due to Argentina's suspension of export contracts for
338MW last month, is designed to lower generation costs in
Uruguay.

At US$38-48/MWh, the Uruguayan firm will be paying more for
Brazilian power than what it was paying under the Argentine
contracts at US$10/MWh. However, buying Brazilian power will be
much cheaper than the US$90/MWh operating cost of its diesel-
fired thermoelectric plant at La Tablada. Overall, the power
imports up to April 30 will cost UTE some US$3-4 million, but
the contract will give it time to save water in its Negro river
reservoirs and reduce La Tablada output.



=================
V E N E Z U E L A
=================

PDVSA: To Limit Orimulsion Output
---------------------------------
For the 2004-2009 period, Venezuelan state oil company Petroleos
de Venezuela (Pdvsa) will be limiting its production of cheap
fuel mix Orimulsion to 13 million tons per year, according to a
report by local daily El Nacional.

With the cancellation of two further projects by Pdvsa
subsidiary Bitumenes del Orinooco (Bitor), Venezuela will now
depend on only one more Orimulsion plant to be constructed by
Orifuels Sinven, which may require an investment of nearly
US$400 million and is expected to be operational by 2006. Each
plant--the one in operation and the soon-to-be built--has the
capacity to produce 6.5 million tons of bitumen, which, when
mixed with water, produces Orimulsion.

In 2002, the cheap water and bitumen mix generated
profits of US$60 million out of US$200 million in sales from
exports alone.


PDVSA: To Sign Deal With Ypergas
--------------------------------
A natural gas trade agreement between Venezuelan state-owned
petroleum company Petroleos de Venezuela (PDVSA) and Ypergas
will soon be signed, local daily El Universal reports.

The deal is for Ypergas to deliver natural gas from the Yucal
Placer in Guarico state, which is under the control of Total,
Spanish company Repsol YPF, and Venezuelan firms Inepetrol and
Otepi. The natural gas is intended to supply the Venezuelan
Center-West region through a 42km pipeline by the end of April,
then provide the west region through the gas pipeline project
Interconexion Centro Occidente (ICO).

Natural gas reserves in the Yucal Placer are estimated at 2
billion cubic feet.


                            ***********


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
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Information contained herein is obtained from sources believed
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