TCRLA_Public/040615.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, June 15, 2004, Vol. 5, Issue 117

                            Headlines



A R G E N T I N A

BALUMA: Launches Debt Restructuring Plan
CODPE: Court Orders Liquidation
COOPERATIVA DEL ESTE: Court Assigns Trustee for Reorganization
CORREO ARGENTINO: Pres. Kirchner Formalizes State's Ownership
COVIASA: Debt Repayment Demands Liquidation

ESTABLECIMIENTOS OPTICOS: Court Rules Liquidation Required
EUROMAYOR: Fitch Reaffirms Junk Ratings on Bonds
GRISDA: Court Orders Bankruptcy, Liquidation to Follow
GUSTUS S.A.: Bankruptcy Process Initiated
HARROD'S: Faces Lawsuits From Creditors

IRSA: Details Plans to Build Shopping Center in Rosario
LIBERIUS: Bankruptcy Process Officially Starts
MARIANCRYL: Judge Issues Bankruptcy Order
MINERA AGROSUD: Seeks Court's Approval to Reorganize
MONTAESCALERAS: Claims Deadline Approaches

PACK MAGAZINE: Court Declares Company Bankrupt
PREMIUN BIOINDUSTRIAS: Court Grants Reorganization Plea
OESTE FABRIL: Reports Submission Deadline Set
STREAM: Court Issues Liquidation Ruling
TED SAM: Prepares for Reorganization

* ARGENTINA: Final Debt Proposal Presented to SEC


B R A Z I L

CEMIG: Details $127M 10-Yr Debenture Offer
MRS LOGISTICA: Fitch Upgrades Ratings to `BB'
SINGER: Enters Agreement With KSIN for Sewing Business Sale


C O L O M B I A

CHIQUITA BRANDS: Sells Colombian Operations


M E X I C O

CLUB MED: Accor Buys 29% Stake in Company
GRUPO IUSACELL: Debt Accord With Creditors Proves Elusive
MAXCOM TELECOMUNICACIONES: BofA Fund to Assume Majority Control


T R I N I D A D   &   T O B A G O

NUCOR IRON/CAL: Talking With Government To Reopen Closed Plants



U R U G U A Y

UTE: Probing Options to Combat Energy Crisis


   - - - - - - - - - - -


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

BALUMA: Launches Debt Restructuring Plan
----------------------------------------
Baluma, the Argentine firm that owns the Conrad hotel and Casino
in Punta del Este has launched an offer to restructure US$50
million in bonds. The Company wants to persuade bondholders to
extend the term of the notes that are expiring next month.

The proposal contemplates a change in the hotel's share
ownership. If accepted, US company Caesars Entertainment
(formerly Park Place) will raise its stake in the hotel from 46%
to 87% by capitalizing the US$109 million that Baluma owes it.

For the almost 2,000 bondholders, the Company proposes a
refinancing of maturities until 2010, maintaining the amount of
debt and interest payments (Libor plus 4.5%), and allocating 40%
of its incomes to make an annual principal payment as of 2005.


CODPE: Court Orders Liquidation
-------------------------------
Codpe S.A. prepares to wind-up its operations following the
bankruptcy pronouncement issued by Buenos Aires Court No. 8. The
declaration effectively prohibits the Company from administering
its assets, control of which will be transferred to a court-
appointed trustee.

Infobae reports that the court appointed Mr. Juan Carlos Rama as
trustee. He will be reviewing creditors' proofs of claims until
August 6, 2004.

The verified claims will be the basis for the individual reports
to be presented for court approval on September 20, 2004.
Afterwards, the trustee will also submit a general report on
November 2, 2004. Clerk No. 15 assists the court on this case,
which will end with the disposal of the Company's assets to
cover its liabilities.

CONTACT:  Codpe S.A.
          Mariano Moreno 4434
          Sarandi (Pdo de Avellaneda)
          Buenos Aires

          Mr. Juan Carlos Rama, Trustee
          Viamonte 1453
          Buenos Aires


COOPERATIVA DEL ESTE: Court Assigns Trustee for Reorganization
--------------------------------------------------------------
Cooperativa del Este de Credito Consumo y Vivienda Ltda, a
company operating in Buenos Aires, will start its reorganization
after the city's Court No. 7 appointed Mr. Carlos Manuel
Carrescia to supervise the proceedings as trustee. Clerk No. 14
assists the court on this case.

An Infobae report states that the trustee will verify creditors
claims until August 6, 2004. Afterwards, He will present these
claims as individual reports for final review by the court on
October 1, 2004.

Mr. Carrescia will also provide the court with a general report
pertaining to the cooperative's reorganization on November 12,
2004. The court has scheduled the informative assembly on May 24
next year.

CONTACT: Mr. Carlos Manuel Carrescia, Trustee
         Tucuman 1621
         Buenos Aires


CORREO ARGENTINO: Pres. Kirchner Formalizes State's Ownership
-------------------------------------------------------------
Contrary to original plans announced in November last year,
Argentina's postal company will not be sold to a private owner.
Argentina's Planning Minister Julio De Vido revealed Friday that
President Nestor Kirchner signed a decree officially making the
government the owner of the postal company and changing its name
to Correo Oficial de la Republica Argentina SA from Correo
Argentino SA.

Correo Argentino became the world's first fully privatized
postal service in 1997 with Sideco Americana, a consortium in
the hands of local businessman Francisco Macri, as the owner.
However, on November 19 last year, the government annulled the
postal-service concession held by Marci for "successive failures
to comply" with the contract signed in 1997.

The contract was cancelled three days after Correo Argentino was
declared bankrupt when the government sued for ARS450 million
(some US$152 million) in unpaid concession fees.

Once the concession was cancelled, the government set a 180-day
deadline for normalizing company finances and initiating the
privatization process. That six-month period expired in May with
the postal service still in state hands.

In the meantime, officials, according to De Vido, are working to
find a new concessionaire, though no new re-privatization
deadline has been set.

All of Correo Oficial's workers, who kept their jobs when the
postal service passed into state control, will continue in their
positions. Eduardo Di Cola, the state-appointed administrator
who heads the postal service, will be president of the new
company.


COVIASA: Debt Repayment Demands Liquidation
-------------------------------------------
Buenos Aires-based Coviasa S.A. will begin liquidating its
assets following the pronouncement of the city's Court No. 18
that the Company is bankrupt, reports Infobae. The bankruptcy
process will end with the disposal of the Company's assets to
pay its creditors.

The bankruptcy ruling places the Company under the supervision
of court-appointed trustee, Ms. Lea Beatriz Alejanati. The
trustee will verify creditors' proofs of claims until July 12,
2004. Afterwards, The validated claims will be presented in
court as individual reports on September 7, 2004.

Ms. Alejanati will also submit a general report, containing a
summary of the Company's financial status as well as relevant
events pertaining to the bankruptcy, on October 20, 2004.

CONTACT: Ms. Lea Beatriz Alejanati, Trustee
         Pueyrredon 1576
         Buenos Aires


ESTABLECIMIENTOS OPTICOS: Court Rules Liquidation Required
----------------------------------------------------------
Buenos Aires Court No. 18 ordered the liquidation of
Establecimientos Opticos Constelacion S.A.I.C.I.F. after the
Company defaulted on its obligations, Infobae reveals. The
liquidation pronouncement will effectively place the Company's
affairs as well as its assets under the control of Ms. Elba
Bengoechea, the court-appointed trustee.

Ms. Bengoechea will verify creditors' proofs of claims until
July 7, 2004. The verified claims will serve as basis for the
individual reports to be submitted in court on September 3, 2004
followed by the general report on Octoebr 18, 2004.

Clerk No. 35 assists the court on this case, which will end with
the disposal of the company's assets in favor of its creditors.

CONTACT: Ms. Elba Bengoechea, Trustee
         Jose Evaristo Uriburu 1010
         Buenos Aires


EUROMAYOR: Fitch Reaffirms Junk Ratings on Bonds
------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. reaffirms the
`D(arg)' rating assigned to US$10 million worth of corporate
bonds issued by Euromayor S.A. de Inversiones.

Argentina's securities regulator, the Comision Nacional de
Valores (CNV), described the affected bonds as "Primera Serie
por 10 millones de U$S dentro de un Programa Global". These
bonds, which matured in April 28, 2003, are classified under
"Series and/or Class".

Fitch said that a `D(arg)' rating is assigned to bonds that are
in payment default.

At the same time, Fitch maintains a `CCC(arg)' rating to the
following bonds.

-- US$3.07 million of "Serie I Clase dolares," whose maturity
was not disclosed;

-- US$3.07 million of "Serie II Clase dolares", which matured in
June 10, 2003;

-- US$6.80 million of "Serie I Clase pesos," whose maturity was
not disclosed; and

-- US$4.42 million of "Serie II Clase pesos", which matured in
June 10, 2003.

Fitch said that a `CCC(arg)' rating denotes an extremely weak
credit risk relative to other issues in the same country.
Capacity for meeting financial commitments is solely reliant
upon sustained, favorable business or economic developments.

The rating actions were based on the Euromayor's finances as of
January 31, 2004.


GRISDA: Court Orders Bankruptcy, Liquidation to Follow
------------------------------------------------------
Buenos Aires Court No. 12 declared Grisda S.A. bankrupt after
the Company defaulted on its debt payments. The bankruptcy order
effectively places the Company's affairs as well as its assets
under the control of court-appointed trustee, Ms. Norma Alicia
Balmes.

As Trustee, Ms. Balmes is tasked with verifying the authenticity
of claims presented by the Company's creditors. The verification
phase is ongoing until August 10, 2004.

Following claims verification, the trustee will submit the
individual reports based on the forwarded claims for final
approval by the court on September 21, 2004. A general report
will also be submitted on November 2, 2004.

Infobae reports that Clerk No. 23 assists the court on this
case, which will end with the disposal of the Company's assets
in favor of its creditors.

CONTACT: Ms. Norma Alicia Balmes, Trustee
         Avda Roque Saenz Pea 1185
         Buenos Aires


GUSTUS S.A.: Bankruptcy Process Initiated
-----------------------------------------
Gustus S.A. of Beunos Aires will begin liquidating its assets
after the city's Court No. 5 declared the Company bankrupt.
Infobae reveals that the bankruptcy process will commence under
the supervision of court-appointed trustee, Ms. Edith Ghiglione.

The trustee will review claims forwarded by the company's
creditors until August 25, 2004. After claims verification, Ms.
Ghiglione will submit the individual reports for court approval
on October 6, 2004. The submission of the general report will
follow on December 3, 2004. Clerk No. 10 assists the court on
this case.

CONTACT: Ms. Edith Ghiglione, Trustee
         Paraguay 1225
         Buenos Aires


HARROD'S: Faces Lawsuits From Creditors
---------------------------------------
Buenos Aires-based department store Harrod's is in talks with
Banco Mariva, one of its creditors, in order to avoid being sold
thru an auction scheduled for June 29. Banco Mariva filed a
lawsuit against the department store to request the repayment of
a debt of around ARS145,000. As a result of this action, it was
decided that Harrod's would be sold by public auction in order
to secure the collection of the debt.

But the owners of the store have deposited ARS145,000 to pay
down the debt and now they will be meeting with Banco Mariva
representatives to discuss the situation and decide on whether
to suspend the auction. It seems that the auction will be
cancelled if Harrod's promises to pay the court cost.

But this is just one of the numerous legal actions against the
traditional department store. The Company accrues around 70
seizures totaling at least US$16.2 million. Unless it repays all
these debts, more auctions are expected to be called.

The base price for the auction had been set for US$20 million,
since this 51,546-square-meter property is worth around US$29
million. With this scenario, the planned reopening of the
department store is seen as unlikely.

The possibility of reopening Harrod's started to be handled in
2002. Last year, a group of Italian investors, Besknet, said
they wanted to be part of the project with a US$3 million
contribution.

Real estate development firm CNC planned to reopen the building
in September 2004 and hired Deloitte Touche to work on the
creation of a US$15 million trust fund for this purpose.


IRSA: Details Plans to Build Shopping Center in Rosario
-------------------------------------------------------
IRSA Inversiones y Representaciones Sociedad Anonima (NYSE: IRS)
(BCBA: IRSA) intends to invest a total of ARS60 million to build
a new shopping center in Scalabrini Ortiz Park in the city of
Rosario this year, says El Cronista. The Company hopes to take
advantage of Rosario's promising consumer market as the city
continues to recover from the Argentine economic crisis.
According to the report, IRSA expects to complete the initial
phase of the project by November 2004. Showcase Cinemas, Coto
Hypermarket and retailers will raise another ARS60 million for
the project.

IRSA is Argentina's largest, most well-diversified real estate
company, and it is the only company within the industry whose
shares are 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
          E-mail: finanzas@irsa.com.ar
          Web site: http://www.irsa.com.ar


LIBERIUS: Bankruptcy Process Officially Starts
----------------------------------------------
Buenos Aires Court No. 26 declared Liberius S.A. bankrupt
reports Infobae. Clerk No. 52 assists the court on the case,
which will close with the liquidation of the Company's assets to
repay creditors.

Mr. Carlos Rapetti, who has been appointed as trustee, will
verify creditors' claims until August 24, 2004 and then prepare
the individual reports based on the results of the verification
process.

The individual reports will then be submitted to court on
October 5, 2004, followed by the general report on November 17,
2004.

CONTACT: Mr. Carlos Rapetti, Trustee
         Echeverria 2670
         Buenos Aires


MARIANCRYL: Judge Issues Bankruptcy Order
-----------------------------------------
Buenos Aires-based textile company Mariancryl S.A. was declared
bankrupt after Judge Ferrario of the city's Court No. 6 endorsed
the petition of Cooperativa Concred Ltda. for the Company's
liquidation. Argentine daily La Nacion reports that Cooperativa
Concred has claims totaling US$40,160 against the troubled
company.

The court assigned Mr. Juan Vilanova to supervise the
liquidation process as trustee. He will validate creditors'
proofs of claims until August 31, 2004.

CONTACT: Mariancryl S.A.
         Bernardo de Irigoyen 308
         Buenos Aires

         Mr. Juan Vilanova, Trustee
         Hipolito Yrigoyen 1349
         Buenos Aires


MINERA AGROSUD: Seeks Court's Approval to Reorganize
----------------------------------------------------
Minera Agrosud S.A., a mining company operating in Buenos Aires,
filed a petition for reorganization after failing to pay its
liabilities since September 7, 2003, reports Infobae. The
reorganization petition, once approved by the court, will allow
the Company to negotiate a settlement with its creditors in
order to avoid a straight liquidation.

The case is pending before Judge del Chomer of the city's
Commercial and Civil Court No. 10. Dr. Gigglberger, Clerk of
Court No. 20, assists on this case.

CONTACT: Minera Agrosud S.A.
         Plaza 1475
         Buenos Aires


MONTAESCALERAS: Claims Deadline Approaches
------------------------------------------
The verification of claims for the Montaescaleras S.A.
bankruptcy will end on August 12, 2004 according to local daily
Infobae. Creditors with claims against the bankrupt company must
present proof of the liabilities to Mr. Claudio Jorge Haimovici,
the court-appointed trustee, before the stated deadline.

The individual reports based on the verified claims will be
submitted in court on October 7, 2004 followed by the general
report on November 18, 2004.

Court No. 2 handles the Company's case with the assistance of
Clerk No. 4. The bankruptcy will conclude with the liquidation
of the Company's assets to pay its creditors.

CONTACT: Mr. Claudio Jorge Haimovici, Trustee
         Sarmiento 3843
         Buenos Aires


PACK MAGAZINE: Court Declares Company Bankrupt
----------------------------------------------
Pack Magazine is now "Quiebra" - meaning bankrupt, says Infobae.
Court No. 16 of the Buenos Aires Commercial and Civil Tribunal
decreed the Company's bankruptcy and appointed Mr. Bartolome
Horacio Bavio, as trustee.

Mr. Bavio will be reviewing creditors' claims until August 31,
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. 31, will conclude the
bankruptcy process by liquidating its assets to repay creditors.

CONTACT: Mr. Bartolome Horacio Bavio, Trustee
         Avda de Mayo 1324
         Buenos Aires


PREMIUN BIOINDUSTRIAS: Court Grants Reorganization Plea
-------------------------------------------------------
Premiun Bioindustrias S.A. successfully petitioned for
reorganization after Court No. 6 of Rosario issued a resolution
opening the Company's insolvency proceedings. During the
process, the Company will continue to manage its assets subject
to certain conditions imposed by Argentine law and the oversight
of a court-appointed trustee.

Infobae relates that Ms. Marta Graciela Castellarin will serve
as trustee during the course of the reorganization. She will be
accepting creditors' proofs of claim for verification until June
4, 2004.

After the verification deadline, Ms. Castellarin will prepare
the individual reports and submit it in court on July 30, 2004.
The trustee will also present a general report for court review
on September 13, 2004.

Premiun Bioindustrias will endorse the settlement proposal for
approval by the creditors during the informative assembly
scheduled on March 4, 2005.

CONTACT: Premiun Bioindustrias S.A.
         Ruta 9 y Santa Rosa
         Roldan
         Santa Fe

         Ms. Marta Graciela Castellarin
         Brown 1666
         Rosario
         Santa Fe


OESTE FABRIL: Reports Submission Deadline Set
---------------------------------------------
Ms. Norma Alicia Balmes, the trustee assigned to supervise the
liquidation of Oeste Fabril S.A., will submit on September 21,
2004 the validated individual claims for court approval. These
reports explain the basis for the accepted and rejected claims.
Ms. Balmes will also submit a general report pertaining to the
bankruptcy case on November 2, 2004.

Infobae reports that Buenos Aires Court No. 12, assisted by
Clerk No. 12, has jurisdiction over this case.

CONTACT: Ms. Norma Alicia Balmes, Trustee
         Avda Roque Saenz Pea 1185
         Buenos Aires


STREAM: Court Issues Liquidation Ruling
---------------------------------------
Judge Villanueva of Buenos Aires Court No. 23 declared Stream
S.A. bankrupt, says La Nacion. The ruling comes in approval of
the bankruptcy petition filed by the Company's creditor, Nuevo
Banco Industrial de Azul S.A.

Clerk No. 45, Dr. Timpanelli, assists the court on the case,
which will conclude with the liquidation of the Company's
assets. The Company's trustee, Ms. Isabel de Francesco will
examine and authenticate creditors' claims until August 9, 2004.
This is done to determine the nature and amount of the Company's
debts. Creditors must have their claims authenticated by the
trustee by the said date in order to qualify for the payments
that will be made after the Company's assets are liquidated.

CONTACT:  Stream S.A.
          Avenida Forest 5160
          Buenos Aires

          Ms. Isabel de Francesco, Trustee
          Pasteur 154
          Buenos Aires


TED SAM: Prepares for Reorganization
------------------------------------
Buenos Aires Judge No. 7, with assistance from Clerk No. 13,
issued a resolution opening the reorganization of Ted Sam S.A.
This pronouncement authorizes the Company to begin drafting a
settlement proposal with its creditors in order to prevent a
liquidation. The reorganization also allows Ted Sam S.A. to
retain control of its assets subject to certain conditions
imposed by Argentine law and the oversight of the court
appointed trustee.

Mr. Carlos Manuel Carrescia, who will serve as trustee during
the course of the reorganization, will be validating creditors'
proofs of claims until September 6, 2004.

The results of the verification will be presented in court as
individual reports on October 20, 2004. The trustee is also
obligated to provide a general report for court submission on
November 30, 2004. The general report summarizes events relevant
to the reorganization and provides an audit of the Company's
accounting and business records.

Ted Sam S.A. will present the completed settlement proposal to
its creditors during the informative assembly scheduled on May
9, 2005.

CONTACT: Mr. Carlos Manuel Carrescia, Trustee
         Tucuman 1621
         Buenos Aires


* ARGENTINA: Final Debt Proposal Presented to SEC
-------------------------------------------------
Annex A1
Par Scenario 1

Final Proposed Terms and Conditions of New Par Bonds if
Bondholder Participation is 70% or Less

- Issuer: Republic of Argentina

- Aggregate amount to be issued: Under Scenario 1, Par Bonds
will be issued in a maximum aggregate principal amount of
approximately U.S.$10.0 billion.

- GDP-linked unit: A detachable GDP-linked unit will be issued
with the new debt security, entitling holders to annual payments
contingent upon Argentina's achievement of levels of gross
domestic product in excess of pre-determined levels. See Annex
D.

- Currency: Existing debt securities denominated in U.S.
dollars, euros or yen may be exchanged for new debt securities
denominated in original debt security currency, U.S. dollars or
pesos. Existing debt securities denominated in currencies other
than U.S. dollars, euros, yen or pesos may be exchanged for new
debt securities denominated in U.S. dollars, euros or pesos.
Existing pesodenominated debt securities will be exchangeable
only for new pesodenominated debt securities.

- Indexation of peso-denominated debt securities: Coeficiente de
Estabilizacion de Referencia (Reference Stabilization
Coefficient, or CER)

- Maturity: 35 years from date of issue

- Amortization schedule: Equal semi-annual payments from year 25

- Average term: 30.25 years

- Interest rate: For bonds denominated in U.S. dollars (interest
rates will be financially comparable for bonds denominated in
currencies other than U.S. dollars):

Step-up

Years: 1 to 5 1.35%
       6 to 15 2.50%
       16 to 25 3.75%
       26 to 35 5.25%

- Interest period: Semi-annual

- Exchange listings: Luxembourg and certain other jurisdictions

- Governing law: New York (peso and U.S. dollar), U.K. (euro),
Japan (yen) or Argentina (peso and U.S. dollar)

Annex A2
Par Scenario 2

Final Proposed Terms and Conditions of New Par Bonds if
Bondholder Participation Exceeds 70%

- Issuer: Republic of Argentina

- Aggregate amount to be issued: Under Scenario 2, Par Bonds
will be issued in a maximum aggregate principal amount of
approximately U.S.$15.0 billion.

- GDP-linked unit: A detachable GDP-linked unit will be issued
with the new debt security, entitling holders to annual payments
contingent upon Argentina's achievement of levels of gross
domestic product in excess of pre-determined levels. See Annex
D.

- Currency: Existing debt securities denominated in U.S.
dollars, euros or yen may be exchanged for new debt securities
denominated in original debt security currency, U.S. dollars or
pesos. Existing debt securities denominated in currencies other
than U.S. dollars, euros, yen or pesos may be exchanged for new
debt securities denominated in U.S. dollars, euros or pesos.
Existing pesodenominated debt securities will be exchangeable
only for new pesodenominated debt securities.

- Indexation of peso-denominated debt securities: Coeficiente de
Estabilizacion de Referencia (Reference Stabilization
Coefficient, or CER)

- Maturity: 35 years from date of issue

- Amortization schedule: Equal semi-annual payments from year 25

- Average term: 30.25 years

- Interest rate: For bonds denominated in U.S. dollars (interest
rates will be financially comparable for bonds denominated in
currencies other than U.S. dollars):

Step-up

Years: 1 to 5 2.08%
       6 to 15 2.50%
       16 to 25 3.75%
       26 to 35 5.25%

- Interest period: Semi-annual

- Exchange listings: Luxembourg and certain other jurisdictions

- Governing law: New York (peso and U.S. dollar), U.K. (euro),
Japan (yen) or Argentina (peso and U.S. dollar)

Annex B1
Discount Scenario 1

Final Proposed Terms and Conditions of New Discount Bonds if
Bondholder Participation is 70% or Less

- Issuer: Republic of Argentina

- Aggregate amount to be issued: Under Scenario 1, Discount
Bonds will be issued in a maximum aggregate principal amount of
approximately U.S.$20.17 billion.

- Discount to nominal amount: Equal to approximately 66% of the
outstanding principal amount of the tendered debt securities

- GDP-linked unit: A detachable GDP-linked unit will be issued
with the new debt security, entitling holders to annual payments
contingent upon Argentina's achievement of levels of gross
domestic product in excess of pre-determined levels. See Annex
D.

- Currency: Existing debt securities denominated in U.S.
dollars, euros or yen may be exchanged for new debt securities
denominated in original debt security currency, U.S. dollars or
pesos. Existing debt securities denominated in currencies other
than U.S. dollars, euros, yen or pesos may be exchanged for new
debt securities denominated in U.S. dollars, euros or pesos.
Existing pesodenominated debt securities will be exchangeable
only for new pesodenominated debt securities.

- Indexation of peso-denominated debt securities: Coeficiente de
Estabilizacion de Referencia (Reference Stabilization
Coefficient, or CER)

- Maturity: 30 years from date of issue

- Amortization schedule: Equal semi-annual payments from year 20

- Average term: 25.25 years

- Interest rate: For bonds denominated in U.S. dollars (interest
rates will be financially comparable for bonds denominated in
currencies other than U.S. dollars):

Step-up            Cash        Capitalized
Years: 1 to 5      3.97%          4.35%
       6 to 10     5.77%          2.55%
       11 to 30    8.32%          0.00%

- Interest period: Semi-annual

- Exchange listings: Luxembourg and certain other jurisdictions

- Governing law: New York (peso and U.S. dollar), U.K. (euro),
Japan (yen) or Argentina (peso and U.S. dollar)

Annex B2
Discount Scenario 2

Final Proposed Terms and Conditions of New Discount Bonds if
Bondholder Participation Exceeds 70%

- Issuer: Republic of Argentina

- Aggregate amount to be issued: Under Scenario 2, Discount
Bonds will be issued in a maximum aggregate principal amount of
approximately U.S.$19.87 billion.

- Discount to nominal amount: Equal to approximately 63% of the
outstanding principal amount of the tendered debt securities

- GDP-linked unit: A detachable GDP-linked unit will be issued
with the new debt security, entitling holders to annual payments
contingent upon Argentina's achievement of levels of gross
domestic product in excess of pre-determined levels. See Annex
D.

- Currency: Existing debt securities denominated in U.S.
dollars, euros or yen may be exchanged for new debt securities
denominated in original debt security currency, U.S. dollars or
pesos. Existing debt securities denominated in currencies other
than U.S. dollars, euros, yen or pesos may be exchanged for new
debt securities denominated in U.S. dollars, euros or pesos.
Existing pesodenominated debt securities will be exchangeable
only for new pesodenominated debt securities.

- Indexation of peso-denominated debt securities: Coeficiente de
Estabilizacion de Referencia
(Reference Stabilization Coefficient, or CER)

- Maturity: 30 years from date of issue

- Amortization schedule: Equal semi-annual payments from year 20

- Average term: 25.25 years

- Interest rate: For bonds denominated in U.S. dollars (interest
rates will be financially comparable for bonds denominated in
currencies other than U.S. dollars):

Step-up             Cash         Capitalized
Years:   1 to 5     4.15%          4.36%
         6 to 10    4.88%          3.63%
         11 to 30   8.51%          0.00%

- Interest period: Semi-annual

- Exchange listings: Luxembourg and certain other jurisdictions

- Governing law: New York (peso and U.S. dollar), U.K. (euro),
Japan (yen) or Argentina (peso and U.S. dollar)

Annex C1
Quasi-par Scenario 1

Final Proposed Terms and Conditions of New Quasi-par Bonds if
Bondholder Participation is 70% or Less

- Issuer: Republic of Argentina

- Aggregate amount to be issued: Peso equivalent of
approximately U.S.$8.33 billion

- Convertibility ratio: Approximately 30.6% as of December 31,
2003 (equal to the difference between the appreciation of the
U.S.$1 and Ps.1.4/U.S.$1 x CER (2.0395/2.938)). Comparables for
other currencies will be derived using this ratio of
convertibility.

- Indexation: Coeficiente de Estabilizacion de Referencia
(Reference Stabilization Coefficient, or CER)

- GDP-linked unit: A detachable GDP-linked unit will be issued
with the new debt security, entitling holders to annual payments
contingent upon Argentina's achievement of levels of gross
domestic product in excess of pre-determined levels. See Annex
D.

- Currency: Peso

- Maturity: 42 years

- Amortization schedule: Equal semi-annual payments from year 32

- Average term: 37.25 years

- Interest rate: Peso interest rate comparable to U.S. dollar
interest rate of 5.57% coupon (capitalized through year 10; cash
payment thereafter)

- Interest period: Semi-annual

- Exchange listings: Buenos Aires

- Governing law: Argentina

Annex C2
Quasi-par Scenario 2

Final Proposed Terms and Conditions of New Quasi-par Bonds if
Bondholder Participation Exceeds 70%

- Issuer: Republic of Argentina

- Aggregate amount to be issued: Peso equivalent of
approximately U.S.$8.33 billion

- Convertibility ratio: Approximately 29.5% as of June 30, 2004
(equal to the difference between the appreciation of the U.S.$1
and Ps.1.4/U.S.$1 x CER (2.0976/2.975)). Comparables for other
currencies will be derived using this ratio of convertibility.

- Indexation: Coeficiente de Estabilizacion de Referencia
(Reference Stabilization Coefficient, or CER)

- GDP-linked unit: A detachable GDP-linked unit will be issued
with the new debt security, entitling holders to annual payments
contingent upon Argentina's achievement of levels of gross
domestic product in excess of pre-determined levels. See Annex
D.

- Currency: Peso

- Maturity: 42 years

- Amortization schedule: Equal semi-annual payments from year 32

- Average term: 37.25 years

- Interest rate: Peso interest rate comparable to U.S. dollar
interest rate of 5.96% coupon (capitalized through year 10; cash
payment thereafter)

- Interest period: Semi-annual

- Exchange listings: Buenos Aires

- Governing law: Argentina

Annex D

Final Proposed Terms and Conditions of New GDP-linked Units

- Issuer: Republic of Argentina

- Reference Amount: GDP-linked units will be issued in respect
of the principal amount of bonds tendered for exchange or
amendment.

- Calculation currency: Peso

- Payment currency: U.S. dollar, euro or yen

- Maturity: 30 years

- Calculation date: Annually on November 1, commencing in 2006

- Payment date: Annually on December 15, commencing in 2006

- Reference date: December 31 of the year preceding the
calculation date, commencing in 2005

- Payment amount: 5% of excess gross domestic product (GDP)
divided by the average free market exchange rate of pesos per
U.S. dollar, euro or yen, during the 15 days preceding the
payment date

- Payment trigger: Actual GDP (expressed in constant pesos) as
of the reference date exceeds the base case GDP, and the annual
growth rate exceeds 3%

- Excess GDP: The difference between actual GDP and base case
GDP (expressed in current pesos) as of the reference date

- Base case GDP: Projected real GDP from December 31, 2004, at
an annual growth rate of 3%

- Governing law: Argentina



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

CEMIG: Details $127M 10-Yr Debenture Offer
------------------------------------------
Brazilian integrated power company Cemig (NYSE: CIG) is offering
BRL400 million (US$127mn) in 10-year debentures as part of the
BRL1.5-billion debenture sale program that has already been
registered at Brazil's securities and exchange commission CVM,
Business News Americas.

In a meeting with investors held June 8-9, the Company decided
to hold a book-building auction when the interest rates and
other details will be determined on June 23.

Cemig's debt sale program is designed to lengthen the Company's
BRL3.8-billion debt and reduce its exposure to foreign exchange
rate risk. Brazilian bank Unibanco is the lead manager.

Last week, Moody's America Latina upgraded its national scale
ratings for Cemig to Baa2.br from Baa3.br and affirmed the
Company's global local currency scale ratings at B1. The rating
outlook was changed to stable from negative. The ratings agency
attributed the National Scale Rating upgrade and the change in
outlook to an improvement in Cemig's financial performance since
year-end 2002.

CONTACT: CEMIG
         Av.Barbacena, 1200
         Santo Agostinho - CEP 30190-131
         Brasil
         Fax (0XX31)299-4691
         Tel.: (0XX31)349-2111


MRS LOGISTICA: Fitch Upgrades Ratings to `BB'
---------------------------------------------
Fitch Ratings upgraded its local currency rating of MRS
Logistica (MRS) to 'BB' from 'BB-'. Fitch has also upgraded the
company's national scale rating that applies to its first
debenture issue to 'A-(bra)' from 'BBB+(bra)' and the national
scale rating that applies to its second debenture issue to
'A(bra)' from 'A-(bra)'. Fitch has affirmed MRS's 'B+' foreign
currency rating. The foreign currency rating of MRS applies to
the series A and series B notes due 2005 issued by MRS in 1997.
The foreign currency rating is constrained by the Federative of
Brazil's 'B+' foreign currency rating. The Rating Outlook for
all the ratings is Stable.

The rating action reflects MRS's improved financial performance.
After many years of negative free cash flow, MRS generated
positive free cash flow in 2003 of about BRL500 million despite
its large fixed-payment burden. Due to greater cargo volumes,
higher average tariffs and operational improvements, MRS's
EBITDAR, which is defined as EBITDA plus MRS's concession and
lease payments, increased 28% to BRL709 million in 2003 from
BRL556 million in 2002. As a result of expected higher cargo
volumes to be transported in 2004, MRS should generate EBITDAR
of about BRL800 million. In 2003, EBITDAR covered fixed
expenses, defined as interest expense plus concession and lease
payments, by 2.6 times (x), an improvement from 2.1x in 2002 and
from slightly more than 1.0x during prior years.

The ratings for MRS continue to reflect the company's position
as the sole provider of railway transportation services for its
major customers and limited competitive threats. An ownership
structure composed of industry-leading companies with strong
credit profiles, along with MRS's improved financial
performance, further supports the ratings. The local currency
and national scale ratings are constrained by the company's
leveraged capital structure resulting from the large fixed
payment of approximately BRL160 million per year to the
Brazilian government under its railway concession and lease
agreements.

Companhia Siderurgica Nacional (CSN), one of the leading
integrated steel producers in Latin America, is MRS's largest
shareholder with a 32.2% stake in MRS total equity. CSN is rated
'BBB-' by Fitch Ratings on a local currency basis. MRS's next-
most important shareholder is Brazil's second-largest iron ore
producer, Mineracoes Brasileiras Reunidas (MBR). MBR owns 31.6%
of MRS's equity and in turn, is indirectly owned by Companhia
Vale do Rio Doce (CVRD). CVRD, located in Brazil, is the world's
largest iron ore producer and exporter and has significant
interests in Brazil's railway sector. CVRD's secured debt is
rated 'BBB' by Fitch. Both MBR's and CSN's operations are
entirely dependent upon the ability of MRS to transport iron ore
(which MBR mines and exports and CSN mines and uses to produce
steel). As a result, the 'BB' local currency rating of MRS is
strongly supported by the ability and willingness of its captive
shareholder customers to inject capital into the company as
needed.

This support was explicitly demonstrated in 1998 when the
shareholders of MRS established a tariff model to determine
annual per-ton delivery prices for captive customers. Under this
tariff agreement all costs incurred by MRS are passed on to its
captive customers, and a targeted return on equity was
established. In 2003, the average tariff was BRL15.6 per ton, or
about 30% higher than in 2002. Although the tariffs for captive
customers are typically set annually, operating costs are
reviewed by board members and MRS management on a quarterly
basis. If MRS's costs are lower or higher than a predetermined
limit due to changes in the exchange rate or fuel costs, the
tariff rate for captive customers can be adjusted at that time.
MRS can also be reimbursed retroactively for costs incurred. For
example, in the last quarter of 2002, MRS recorded additional
revenues of BRL184 million from captive customers for foreign-
exchange losses that occurred in 1999 and 2001.

Over the last several years, total volumes transported by MRS
have steadily increased to 86 million tons in 2003 from 52
million tons in 1998 due to the capacity and port expansion
efforts of some of MRS's customers, such as MBR and CVRD
(formally Ferteco). An increase to 95 million tons is forecasted
for 2004. MRS continues to remain well poised for growth as a
result of CSN's mine expansion. In 2004, CSN will begin to
expand the production capacity of its Casa de Pedra iron ore
mine to 40 million metric tons from 14 million tons. The
expansion is expected to be completed by mid-2006. MRS is
planning to invest about US$100 million over the 2005-2006
period to purchase about 60 locomotives and 2000 wagons to
support the CSN mine expansion. Such expansion efforts by MRS's
shareholders increase their dependence on the railway, and as a
consequence, the strategic importance of MRS to its
shareholders.

Excluding BRL1.2 billion for the capitalization of MRS's future
concession and lease payments, a large portion of the company's
debt obligations of BRL801 million as of year-end 2003 consists
of reais-denominated debentures (2nd issuance) totaling BRL328
million (under a BRL450 million local debenture program
established in 2001). This issuance is secured by a partial
pledge of future receivables from MRS's three main captive
customers, MBR, CSN and CVRD. The transaction benefits from a
collection trust that requires a minimum balance of BRL19.0
million in receivables. In August 2000, MRS also issued
debentures of BRL100 million (1st issuance) which were redeemed
in August 2002 to be held in treasury by the company. U.S.
dollar obligations consist primarily of US$101 million (about
BRL292 million) of the company's series A and B notes due in
2005.

MRS is a railway that provides freight transportation of iron
ore, steel and other industrial products in Brazil. Three
principal rail lines of 1,700 kilometers serve as key
transportation links connecting Rio de Janeiro, Belo Horizonte,
Sao Paulo and the region's main ports. MRS was incorporated in
1996 by a consortium of iron ore and steel companies that now
includes CVRD, MBR, and CSN. These companies are captive
customers and accounted for about 65% of MRS' cargo volumes and
60% of revenues in 2003.


SINGER: Enters Agreement With KSIN for Sewing Business Sale
-----------------------------------------------------------
Singer N.V. ("Singer" or the "Company") announced Friday that it
has entered into a definitive agreement pursuant to which KSIN
Holdings, Ltd. ("KSIN"), an affiliate of funds managed by
Kohlberg & Co., LLC, will acquire the Singer worldwide Sewing
business and the ownership of the SINGER(R) trademark for a
total consideration of approximately $125 million, consisting of
cash, assumption of debt and a $15 million subordinated
promissory note.

Following the closing of the transaction, which is expected to
occur in the third quarter of 2004, Singer will continue to own
56.8% of the equity of Singer Asia and 100% of the equity of
Singer Jamaica, the Company's Retail and trading businesses in
Asia (presently operating primarily in Bangladesh, India,
Pakistan, the Philippines, Sri Lanka and Thailand) and in
Jamaica. Pursuant to agreements with KSIN, the Retail businesses
will continue to have the right to use the SINGER(R) name in
their markets and will continue to be the exclusive distributor
in these markets for SINGER(R) branded sewing machines and
related sewing products.

The Sewing business that is being sold includes Company-owned
marketing operations in Brazil, Canada, China, the Czech
Republic and Hungary, Denmark and Sweden, Italy, Mexico, the
Middle East and Africa, South America and the Caribbean, Turkey,
and the United States, as well as a network of independent
distributors and dealers in over one hundred additional markets.
The business also includes manufacturing facilities in Brazil
and China. The Sewing marketing and manufacturing operations
accounted for about 51% of Singer's 2003 revenue, and 57% of
Singer's 2003 operating earnings before Corporate expenses and
eliminations.

At the closing of the transaction, Singer will receive
approximately $71 million in cash, subject to certain closing
price adjustments. The Company expects to use a portion of the
cash proceeds received in the transaction to repay certain
outstanding Corporate debt. Plans for utilization of the balance
of the proceeds have not been finalized, but possible uses may
include investing in existing and new businesses, dividends on
the Company's Common Stock and share buybacks of the Company's
Common Stock. Singer expects to realize an accounting loss of
approximately $15 million on the transaction.

Closing of the transaction is subject to a number of customary
conditions for a transaction of this type, including the receipt
of requisite government and third-party approvals, finalization
of arrangements between KSIN and its lenders to fund the
acquisition debt financing, no material adverse change in the
Sewing business and accuracy of representations and warranties.

Chairman's comments

In commenting on the transaction, Stephen H. Goodman, Singer's
Chairman, President and CEO noted, "The sale of the Sewing
business and of the SINGER(R) trademark represents a fundamental
shift in Singer's strategy and structure. The cash received from
the sale will enable Singer to repay the Corporate debt
remaining from the Company's successful Chapter 11
reorganization in September 2000, and be in an improved
liquidity position to help fund the growth of the Singer Asia
business, explore other new business opportunities and possibly
return cash to the shareholders through dividends and/or a share
buyback program."

"Singer management has consistently believed that the Company
would realize its potential and that this realization would
ultimately be reflected in the Company's market value. I believe
that the successful completion of this transaction will
accelerate this realization. Singer will be evaluating over the
next several months alternative legal and administrative
structures and arrangements that may better reflect the
Company's enhanced liquidity, more concentrated business and
smaller aggregate size."

About Singer N.V.

Singer N.V. was incorporated under the laws of the Netherlands
Antilles on December 21, 1999. Effective September 2000, as a
result of a successful Chapter 11 reorganization, Singer became
the parent company of several Operating Companies formerly owned
by The Singer Company N.V., as well as acquiring ownership of
the SINGER(R) brand name, one of the most widely recognized and
respected trademarks in the world. Through its Operating
Companies, Singer is engaged in two principal businesses, Retail
and Sewing. The SINGER(R) trademark ties the two businesses
together and also stands on its own with licensing and
wholesaling potential.

The Retail business consists primarily of the distribution
through company-owned retail stores and direct selling of a wide
variety of consumer durable products for the home in selected
emerging markets, primarily in Asia and Jamaica. Retail sales
activities in these markets are strengthened by the offer of
consumer credit services provided by the Company to its
customers. In some of the markets where it operates, Singer is
recognized as a leading retailer of products for the home.

The Sewing business consists primarily of the distribution of
consumer and artisan sewing machines and accessories, produced
by Singer and certain third-party manufacturers, through
distribution channels operated by its Sewing Operating Companies
and through third-party distributors and dealers, as well as
through the Operating Companies which operate Singer's Retail
business.



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

CHIQUITA BRANDS: Sells Colombian Operations
-------------------------------------------
Chiquita Brands International, Inc. (NYSE: CQB) announced Friday
that it has entered into definitive agreements for the sale of
its banana-producing and port operations in Colombia to Invesmar
Ltd., the holding company of C.I. Banacol S.A. Banacol is a
Colombia-based producer and exporter of bananas and other fruit
products.

In exchange for these operations, the agreement provides for
Chiquita to receive, subject to certain post-closing
adjustments, approximately $28.5 million in cash; approximately
$15 million face amount of notes and deferred payments (of which
$3 million is due within 90 days of closing); and the assumption
by the buyer of approximately $8 million of pension liabilities.

The transaction also includes two separate eight-year agreements
for Chiquita's purchase from the buyer's affiliates of
approximately 11 million boxes of Colombian bananas per year and
approximately 2.5 million boxes of Costa Rican golden pineapples
per year. Chiquita produces approximately 11 million boxes of
bananas a year in its Colombian operations, representing about 9
percent of its worldwide banana volume.

Unions representing the current Chiquita workers in Colombia
have been consulted regarding the sale agreement, and the
existing collective bargaining agreement will remain in full
force for the acquired operations. The buyer has also agreed to
maintain certifications to the social, environmental and food
safety standards that Chiquita introduced on these farms,
including Social Accountability 8000, Rainforest Alliance and
EUREPGAP.

As of March 31, 2004, the net book value of the assets and
liabilities to be transferred in the transaction approximated
$37 million. Chiquita expects to recognize an after-tax loss on
the transaction of approximately $5 million, which takes into
account the two long-term fruit purchase agreements. The
estimated loss may increase somewhat as a result of the recent
industrywide strike of banana workers in the Uraba region of
Colombia, which was settled on June 10. The additional costs
cannot be estimated until the farms have been inspected.

Chiquita Brands International is a leading international
marketer, producer and distributor of high-quality bananas and
other fresh produce, which are sold primarily under the premium
Chiquitar brand. The company is one of the largest banana
producers in the world and a major supplier of bananas in Europe
and North America. The company also distributes and markets
fresh-cut fruit and other branded, value-added fruit products.

CONTACT: Mr. Michael Mitchell
         513-784-8959
         mmitchell@chiquita.com

         Web Site: www.chiquita.com



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

CLUB MED: Accor Buys 29% Stake in Company
-----------------------------------------
Mr. Jean-Marc Espalioux, CEO of French hotel and leisure company
Accor S.A., revealed Saturday that his company is poised to
acquire 29 per cent of troubled Club Mediterranee S.A. The
Jamaican Observer reports that Accor will purchase the 7.7 per
cent stake controlled by CDC, a French state-owned bank and
another 21.2 per cent owned by Italy's Agnelli family in order
to become Club Med's largest shareholder.

BBC news, however, states that the EUR252 mln deal, to be
financed by a convertible bond issuance, will not give Accor
control of Club Med. Analyst interviewed by the network have
also expressed that Accor is paying too much for the shares.

Accor's entry into Club Med could bid well for the Carribbean
company, which had reeled from the global travel slump following
the September 11 terror attacks. Club Med has since been
disposing its unprofitable operations while striving to improve
its bottom line by attracting a more affluent class of tourist.


GRUPO IUSACELL: Debt Accord With Creditors Proves Elusive
---------------------------------------------------------
Grupo Iusacell, S.A. de C.V. (NYSE: CEL; BMV) is struggling to
get creditors' approval to renegotiate a US$150 million bond,
which matures next month. However, Reuters relates that the
ailing Mexican mobile phone company said that it continues to
work to restructure its debts.

"The company has not arrived yet at an agreement with the
holders of the bond," Iusacell said in a statement on the debt,
adding, "The company continues working on the process of
restructuring its debt."

Iusacell is facing debts amounting to more than US$800 million -
including a $350-million bond that matures in 2006, a syndicated
loan of US$266 million and the US$150 million in bonds - and has
been fighting numerous lawsuits lodged against it by creditors
in U.S. courts.

PricewaterhouseCoopers, in an external audit in May, cast doubt
on Iusacell's ability to keep operating due to its deep debt
troubles. Just recently, it defaulted on a US$24.9 million
interest payment of the $350 million bond. It has also failed to
pay $33.2 million in interest on the syndicated loan.

Grupo Iusacell is a wireless cellular and PCS service provider
in seven of Mexico's nine regions, including Mexico City,
Guadalajara, Monterrey, Tijuana, Acapulco, Puebla, Leon and
Merida. The Company's service regions encompass a total of
approximately 92 million POPs, representing approximately 90% of
the countr
y's total population.


MAXCOM TELECOMUNICACIONES: BofA Fund to Assume Majority Control
---------------------------------------------------------------
An investment fund controlled by Bank of America is poised to
become Mexican telco Maxcom Telecomunicaciones' controller,
Business News Americas indicates. Maxcom chief financial officer
Jose Antonio Solbes told Business News Americas that the said
investment fund has started the process of converting US$126
million of senior notes issued by Maxcom into shares equivalent
to 95% of the Company's total capital.

When the transaction wraps up by July or August, the Maxcom
founding family Aguirre Gomez will end up with around 2% of the
Company, management will own 1%, while other shareholders will
own the remaining shares. Furthermore, Maxcom's total debt will
be reduced to US$52 million and its debt to equity ratio will go
from 10.4 to 0.4

Bank of America Equity Partners acquired 75% of Maxcom's US$167
million senior notes in 2003 after a debt restructuring.

Maxcom Telecomunicaciones, S.A. de C.V., headquartered in Mexico
City, Mexico, is a facilities-based telecommunications provider
using a "smart-build" approach to deliver last-mile connectivity
to micro, small and medium-sized businesses and residential
customers in the Mexican territory.

Maxcom launched commercial operations in May 1999 and is
currently offering Local, Long Distance and Internet & Data
services in greater metropolitan Mexico City, Puebla and
Queretaro.

CONTACT:  MAXCOM TELECOMUNICACIONES S.A. DE C.V.
          Magdalena 211
          Col. del Valle 03100
          Mexico, D.F.
          Telephone: 52 55 5147 1111
          investor.relations@maxcom.com



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

NUCOR IRON/CAL: Talking With Government To Reopen Closed Plants
---------------------------------------------------------------
The Trinidad and Tobago government and two foreign investors are
close to wrapping up multi-million-dollar deals, which could
lead to the reopening of two failed iron plants at Pt Lisas.
The Trinidad Express reports that Ohio-based International Steel
Group (ISG) is negotiating with the Government and suppliers
like the National Gas Company (NGC) and WASA to buy Cliffs and
Associates Ltd (CAL), which was taken out of service in October
2001. Financial problems at CAL's parent company, Cleveland
Cliffs, prevented start-up of the facility again.

Energy Minister Eric Williams said Friday that it is expected to
start production by mid-August. The plant has a capacity of
500,000 tonnes a year and ISG is willing to expand capacity up
to 1.5 million tonnes a year.

Meanwhile, Nucor Iron Carbide, which also closed its facility
after its iron carbide gamble did not pay off, has also
expressed interest in returning to Trinidad.

In conjunction with CVRD, a Brazilian mining company, Nucor has
submitted a proposal involving the relocation of a 1.5 million
tonne/year hot briquetted iron plant at a cost of US$180 million
to Trinidad.

Government will also bring to bear to the deal assets of its own
since the NGC bought the old Nucor plant for its pier, real
estate and infrastructure.

The new plant will be relocated from Louisiana, USA. During the
construction phase, 500 people will be employed and direct
employment at the plant will be about 100, Williams told
reporters.

Neither investor will be given tax holidays but negotiations are
continuing to explore good prices for natural gas and
electricity.



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

UTE: Probing Options to Combat Energy Crisis
--------------------------------------------
As part of an effort to ease Uruguay's energy crisis, state
power UTE seeks an agreement with Argentine electricity
wholesaler Cemsa to import an additional 220MW from Argentina,
reports Business News Americas.Uruguayan utilities regulator
Ursea manager Beno Ruchansky said that exports could start up as
soon as the agreement is signed. UTE had been planning to sign
the agreement on June 12.

One of the components of the new agreement is that Uruguay's
banks will lend Argentine generators US$13 million to finance
their purchase of Bolivian gas to generate power for export to
Uruguay.

"The government had considered issuing bonds but this didn't
happen, and in the end it opted for bank loans," Ruchansky said.
Argentina has recently started importing 4 million cubic meters
of gas a day (mcm/d) from Bolivia.

Meanwhile, UTE has agreed with Argentine generator Guemes,
through Cemsa, to increase its existing 150MW export contract by
about 20MW, Ruchansky said.

The Guemes contract is Uruguay's only remaining contract with
Argentina after the Argentine wholesale power market Cammesa
decided to cut exports in March to save domestic power supplies.

Combined with more rainfall, the Argentine imports might be
enough to get Uruguay through the southern hemisphere winter
without more price hikes or power rationing, Ruchansky said.



                            ***********


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
Lucilo Junior M. Pinili, 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 * * *