TCRLA_Public/040726.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, July 26, 2004, Vol. 5, Issue 146

                            Headlines


A R G E N T I N A

AUTOMOTORES MILANESI: Court Orders Company to Liquidate
BELL’S GROUP: Initiates Bankruptcy Proceedings
BONITO: Liquidates Assets to Pay Debts
CARLOS DULCE: Bankruptcy Initiated by Court Order
CONTENEDORES: Court Elevates Bankruptcy to Reorganization

DON GUMERSINDO: Court Order Makes Bankruptcy Official
ESPRESSO BAR: Court Replaces Trustee
LA ESPIGA: Court Rules for Liquidation
LOGICA EMPRESARIA: Liquidation Proceedings to Commence
LUBRISAN S.A.: Receives Bankruptcy Ruling

MERITAR S.A.: Liquidation Result of Court Order
NII HOLDINGS: Records 163% Subscriber Growth In 2Q03
SIAGRO: Bankruptcy Process Begins By Court Order
TERAPIA INTEGRAL: Court Issues Bankruptcy Ruling
YOSHIMOTO: Court Declares Company Bankrupt

* Argentina Likely to Face Bondholders in Court


B E R M U D A

FOSTER WHEELER: New Director Tapped
GLOBAL CROSSING: Inks Bilateral Voice Agreement With Telmex
LORAL SPACE: Forecasts Units’ Chapter 11 Emergence by Year End


B R A Z I L

BRASKEM: Boosts Aromatics Plant’s Output
KLABIN: S&P Raises Local Currency Rating to 'BB'


C H I L E

ENAMI: Senate Committee Authorizes Ventanas Transfer
ENERSIS/ENDESA-CHILE: UBS Ups Equity Recommendation


C O L O M B I A

MILLONARIOS: Seeks New Plan to Stay in the Game


M E X I C O

AEROMEXICO: Expands Sales, Marketing to New Zealand, Paraguay
BANORTE: S&P Raises Ratings To 'BB+/B'
GRUPO MEXICO: Labor Authority Declares Strike Illegal


P E R U

AERO CONTINENTE: Secures New Policy, Resumes Domestic Flights


T R I N I D A D   &   T O B A G O

NWRHA: Health Ministry Seeks Probe Into Debt Scandal


U R U G U A Y

ANCAP: Upgraded to 'B' Following Uruguay Upgrade
* Fitch Assigns Expected 'B' to Uruguay's UI, DPN Bonds

V E N E Z U E L A

PDVSA: Oil Tankers Headed to Argentina for Maintenance Repairs
PDVSA: Standard & Poor’s Downgrade Warning Angers Company
PDVSA: OPIC Seeks Formal Response to SAIC Dispute


     - - - - - - - - - -

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

AUTOMOTORES MILANESI: Court Orders Company to Liquidate
-------------------------------------------------------
Automotores Milanesi S.A. prepares to wind-up its operations
following the bankruptcy pronouncement issued by Salta Court No.
1. 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. Carlos Musaime as
trustee. He will be reviewing creditors’ proofs of claims until
August 3, 2004. The verified claims will be the basis for the
individual reports to be presented for court approval on
September 16, 2004. Afterwards, the trustee will also submit a
general report on November 1, 2004.

CONTACT: Automotores Milanesi S.A.
         San Martin y 20 de Febrero Tartagal (Salta)

         Mr. Carlos Musaime, Trustee
         San Martin y 20 de Febrero Tartagal (Salta)


BELL’S GROUP: Initiates Bankruptcy Proceedings
----------------------------------------------
Court No. 1 of the Buenos Aires Civil and Commercial Tribunal
declared local company Bell’s Group S.R.L. "Quiebra," reports
Infobae. Clerk No. 2 assists the court on this case, which will
close with the liquidation of the Company's assets to repay
creditors.

Mr. Ruben H. Faure, who has been appointed as trustee, will
verify creditors' claims until October 15, 2004. Failure to
present claims within the verification deadline will mean
disqualification from the payments to be made once the Company’s
assets are liquidated.

CONTACT: Mr. Ruben H. Faure, Trustee
         Avda Rivadavia 1227
         Buenos Aires


BONITO: Liquidates Assets to Pay Debts
--------------------------------------
Bonito S.A.C.I.I.F. of Buenos Aires will begin liquidating its
assets following the bankruptcy order placed by city’s Court No.
11. Accounting firm "Pappalardo, Cardenes y Asociados" will
supervise the company’s liquidation as trustee. The firm will
verify creditors’ proofs of claims until September 22, 2004. The
validated claims will then be presented in court as individual
reports on November 4, 2004.

The trustee 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 December 17, 2004.

CONTACT: "Pappalardo, Cardenes y Asociados", Trustee
          Tacuari 119
          Buenos Aires


CARLOS DULCE: Bankruptcy Initiated by Court Order
-------------------------------------------------
Buenos Aires based Carlos Dulce S.R.L. 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, Mr.
Gustavo Vignale.

The trustee will review claims forwarded by the company’s
creditors until September 24, 2004. After claims verification,
the trustee will submit the individual reports for court
approval on November 8, 2004. The presentation of the general
report will follow on December 21, 2004.

Clerk No. 9 assists the court on this case.

CONTACT: Carlos Dulce S.R.L.
         Deán Funes 1750
         (1244) Buenos Aires
         Tel.: 4941-1229

         Mr. Gustavo Vignale, Trustee
         Vuelta de Obligado 2717
         Buenos Aires


CONTENEDORES: Court Elevates Bankruptcy to Reorganization
---------------------------------------------------------
Mar del Plata Civil and Commercial Court No. 2 informs that the
bankruptcy of Contenedores Transportes y Servicios S.A. has been
converted to reorganization. Infobae reports that the court
selected Mr. Ruben Raul Bega to supervise the reorganization as
trustee.

CONTACT: Contenedores Transportes y Servicios S.A.
         Catamarca 1444
         Mar del Plata

         Mr. Ruben Raul Bega, Trustee
         Rawson 2272
         Mar del Plata


DON GUMERSINDO: Court Order Makes Bankruptcy Official
-----------------------------------------------------
Buenos Aires Court No. 15 declared Don Gumersindo 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. Mabel
Lopez.

As trustee, Ms. Lopez is tasked with verifying the authenticity
of claims presented by the company’s creditors. The verification
phase is ongoing until October 6, 2004.

Infobae reports that Clerk No. 10 assists the court on this
case, which will end with the disposal of the company’s assets
in favor of its creditors.

CONTACT: Don Gumersindo S.A.
         25 de Mayo 586
         Buenos Aires
         Phone: 4893-2630

         Ms. Mabel Lopez, Trustee
         Avda Cordoba 817
         Buenos Aires


ESPRESSO BAR: Court Replaces Trustee
------------------------------------
Ms. Silvia J. Kohan will replace Mr. Daniel Alfredo Erdosia as
trustee in the liquidation of Buenos Aires based company
Espresso Bar S.A., states Infobae. The change in trustees will
not affect the verification of creditors’ claims, which will
continue until September 9, 2004.

Buenos Aires Court No. 5, assisted by Clerk No. 10, has
jurisdiction over this case.

CONTACT: Espresso Bar S.A.
         Viamonte 1454
         Buenos Aires

         Ms. Silvia J. Kohan, Trustee
         Francisco Bilbao 2875
         Buenos Aires


LA ESPIGA: Court Rules for Liquidation
--------------------------------------
Buenos Aires Court No. 24 ordered the liquidation of La Espiga
de Oro S.A. 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 Mr. Jorge Emilio Basile, the court-appointed trustee.

Mr. Basile will verify creditors’ proofs of claims until
September 23, 2004. These claims will serve as basis for the
individual reports to be submitted in court on November 5, 2004.
The submission of the general report follows on December 20,
2004.

Clerk No. 47 assists the court on this case, which will end with
the disposal of the company’s assets in favor of its creditors.

CONTACT: La Espiga de Oro S.A.
         Rivadavia 1157
         Buenos Aires

         Mr. Jorge Emilio Basile, Trustee
         Parana 774
         Buenos Aires


LOGICA EMPRESARIA: Liquidation Proceedings to Commence
------------------------------------------------------
Argentine news source Infobae reports that Logica Empresaria
S.R.L. has been placed under “concurso mercantil liquidatorio".
The Company’s case is under the jurisdiction of Buenos Aires’
Civil and Commercial Tribunal Court No. 8

Ms. Sara Maria Rey de Lavolpe serves as trustee on this case.
She will be accepting creditor’s claims for validation until
September 20, 2004. The validated claims will be used as basis
for the individual reports due for submission on November 2,
2004. The trustee will also prepare a general report and submit
it in court on Decemer 15, 2004.

CONTACT: Ms. Sara Maria Rey de Lavolpe, Trustee
         Cerrito 1136
         Buenos Aires


LUBRISAN S.A.: Receives Bankruptcy Ruling
-----------------------------------------
Lubrisan S.A., a company operating in Buenos Aires, will begin
liquidating its assets following the pronouncement of the city’s
Court No. 3 that the company is bankrupt, reports Infobae.

The bankruptcy ruling places the company under the supervision
of court-appointed trustee, Mr. Juan Lewin. The trustee will
verify creditors’ proofs of claims until August 27, 2004. After
verification, the claims will be presented in court as
individual reports on October 8, 2004.

The trustee 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 November 22, 2004.

CONTACT: Lubrisan S.A.
         Lima 1031
         Buenos Aires

         Mr. Juan Lewin, Trustee
         Quirno 353
         Buenos Aires


MERITAR S.A.: Liquidation Result of Court Order
-----------------------------------------------
Meritar S.A. will enter bankruptcy protection after Buenos Aires
Court No. 9, with the assistance of Clerk No. 17, ordered the
company’s liquidation. Infobae reports that the court appointed
Mr. Javier Marcelo Espineira to serve as trustee. She will be
verifying creditors’ proofs of claims until the end of the
verification phase on September 20, 2004.

Argentine bankruptcy law requires the trustee to provide the
court with individual reports on the forwarded claims and a
general report containing an audit of the company’s accounting
and business records. The individual reports will be submitted
on November 10, 2004 followed by the general report, which is
due on February 5 next year.

CONTACT: Mr. Javier Marcelo Espineira, Trustee
         Viamonte 783
         Buenos Aires


NII HOLDINGS: Records 163% Subscriber Growth In 2Q03
----------------------------------------------------
HIGHLIGHTS:

- subscriber additions of 111,200, a 163% increase over second
quarter 2003, resulting in quarter end subscribers over 1.66
million.
- consolidated operating revenues of $304 million, a 35%
increase over the second quarter of 2003.
- consolidated operating income before depreciation and
amortization (OIBDA) of $81 million, a 29% increase over the
second quarter of 2003.
- Quarter end consolidated cash and short-term investments of
$401 million.
- Launched International Direct ConnectSM in all markets.
- Raising full year 2004 guidance for net subscriber additions
by 40% to 400,000 and full year 2004 OIBDA guidance to $330
million.

NII Holdings, Inc. [NASDAQ: NIHD] announced on Thursday its
consolidated financial results for the second quarter of 2004.
The Company reported consolidated operating revenues of $304
million, a 35% increase as compared to the second quarter of
2003, and consolidated operating income before depreciation and
amortization (OIBDA) of $81 million, a 29% increase compared to
the same period last year.

The Company added about 111,200 net subscribers to its network
during the quarter, an increase of 163% over the second quarter
of 2003, resulting in approximately 1.66 million subscribers as
of June 30, 2004. The Company generated consolidated operating
income of $51 million during the quarter, a 19% increase over
the second quarter of 2003. The Company reported consolidated
net income of $25 million, or $0.36 per basic share. The Company
ended the second quarter of 2004 with $401 million in
consolidated cash, cash equivalents and short-term investments.

"During the first half of the year, we have significantly
accelerated the growth in our business while remaining true to
our focus on profitability," said Steve Shindler, NII Holdings'
Chairman and CEO.  "Our differentiated wireless service and
customer-focused approach have allowed us to attract and retain
a growing base of high quality post-paid subscribers, generate
strong cash flow, and position us to deliver long-term value to
all of our stakeholders."

NII Holdings' average monthly revenue per subscriber (ARPU) was
approximately $56 for the quarter, up from $53 for the same
period last year. The Company also announced its tenth
consecutive quarter of churn reduction, reporting average
consolidated churn of 1.8% in the quarter, a 70 basis point
improvement from the 2.5% churn level reported in the second
quarter of 2003.

During the second quarter, the Company launched its
International Direct Connect(SM) (IDC) service in each of its
markets in cooperation with Nextel Communications, Nextel
Partners, Telus Mobility in Canada and Motorola. Using
International Direct Connect, the Company's subscribers can
communicate instantly across national borders with other NII
Holdings subscribers in Mexico, Argentina, Brazil and Peru and
with over 15 million combined Nextel Communications and Nextel
Partners subscribers in the U.S.  The Company also expects that
its customers will have the ability to Direct Connect with Telus
Mobility subscribers in Canada beginning in the fourth quarter
of 2004.

"International Direct Connect, an industry first, further
differentiates NII Holdings in the market by offering the
convenience of communicating across borders at the touch of a
button," said Steve Shindler. "The launch of International
Direct Connect, the fruit of a shared commitment and a high
degree of cooperation among the partners who have joined forces
to develop, test and release the service, is the natural
progression of our continuous commitment to deliver the most
efficient communications solution to our customers. With IDC,
NII Holdings customers will have access to an enhanced
communications tool that provides them with instant access
across national borders in Latin America and to the vast
majority of the over 15 million iDEN subscribers in the United
States and Canada.”

The Company ended the quarter with approximately $640 million in
long-term debt, which includes $480 million in convertible
notes, $53 million in vendor debt and $107 million in tower
financing obligations.  With quarter-end consolidated cash, cash
equivalents and short term investments balance of $401 million,
the Company's net debt at the end of the quarter was $239
million, resulting in a net debt to 2004 operating income before
depreciation and amortization guidance of about 0.7 times.

On July 12, 2004, subsequent to the second quarter, the Company
retired the remaining $53 million balance of its senior secured
credit facility. "With the retirement of this credit facility,
NII Holdings continues to strengthen the quality of its balance
sheet by improving operational flexibility and reducing exposure
to foreign exchange risks," said Byron Siliezar, Vice President
and CFO. Consolidated capital expenditures, including
capitalized interest, were $51 million during the second quarter
of 2004.

Raising 2004 Guidance

Because of the positive sales trends in the business through the
first half of the year, NII Holdings is raising its net
subscriber additions guidance for 2004 from 285,000 to 400,000,
a 40% increase over its previous guidance.  Despite the 40%
increase in subscriber growth and weaker local currency, the
Company is also raising its 2004 OIBDA guidance for the full
year to $330 million.

This guidance is forward looking and is based upon management's
current beliefs, as well as a number of assumptions concerning
future events and, as such, should be taken in the context of
the risks and uncertainties outlined in the SEC filings of NII
Holdings, Inc., including NII's annual report on Form 10-K for
the year ended December 31, 2003 and its subsequent quarterly
report on Form 10-Q for the quarter ended March 31, 2004.

In addition to the results prepared in accordance with
accounting principles generally accepted in the United States
(GAAP) provided throughout this press release, NII has presented
consolidated [operating income before depreciation and
amortization, ARPU, adjusted net income, net debt and cost per
gross add (CPGA)], which are non-GAAP financial measures and
should be considered in addition to, but not as substitutes for,
the information prepared in accordance with GAAP.
Reconciliations from GAAP results to these non-GAAP financial
measures are provided in the notes to the attached financial
table.

NII Holdings, Inc., a publicly held company based in Reston,
Va., is a leading provider of mobile communications for business
customers in Latin America.  NII Holdings, Inc. has operations
in Argentina, Brazil, Mexico and Peru, offering a fully
integrated wireless communications tool with digital cellular
service, text/numeric paging, wireless Internet access and
International Direct ConnectSM , an extension of Direct
ConnectSM, a radio feature that allows Nextel subscribers to
communicate instantly and across national borders. NII Holdings,
Inc. trades on the NASDAQ market under the symbol NIHD.

Nextel, the Nextel logo, Nextel Online, Nextel Business Networks
and Nextel Direct Connect are trademarks and/or service marks of
Nextel Communications, Inc.

To review financial statements visit:
http://bankrupt.com/misc/NIIFS_2Q04.doc

CONTACTS: NII Holdings, Inc.
          10700 Parkridge Blvd., Suite 600
          Reston, Va.  20191
          (703) 390-5100

          Investor Relations:
          Mr. Tim Perrott
          (703) 390-5113
          tim.perrott@nii.com

          Media Relations
          Ms. Claudia E. Restrepo
          (786) 251-7020
          claudia.restrepo@nii.com

          Web Site: www.nii.com


SIAGRO: Bankruptcy Process Begins By Court Order
------------------------------------------------
Buenos Aires Court No. 17 declared local company Siagro S.R.L.
“Quiebra,” reports Infobae. The declaration signals the Company
to proceed with the bankruptcy process, which will close with
the liquidation of its assets.

The court, assisted by Clerk No. 33, appointed Mr. Gustavo
Horacio Manay, as trustee who will authenticate proofs of claim
until October 27, 2004. Afterwards, the trustee will prepare
individual reports based on the results of the authentication
and then submit these reports in court on November 25, 2004.
After these results are processed in court, the trustee will
then submit the general report on December 27, 2004.

CONTACT: Siagro S.R.L.
         Avda Diaz Velez 4192
         Buenos Aires

         Mr. Gustavo Horacio Manay, Trustee
         Montevideo 666
         Buenos Aires


TERAPIA INTEGRAL: Court Issues Bankruptcy Ruling
------------------------------------------------
Terapia Integral S.A.C. will now enter bankruptcy after Court
No. 10 of Buenos Aires ordered its liquidation, says Infobae.
With assistance from Clerk No. 19, the court named Mr. Manuel
Gonzalez as trustee. He will verify creditors' claims until
September 3, 2004. Following claims verification, the trustee
will submit the individual reports, which were prepared based on
the verification results, to the court on October 18, 2004. A
general report is also due for submission on November 29, 2004.

CONTACT: Terapia Integral S.A.C.
         Avenida Santa Fe 136
         Buenos Aires

         Mr. Manuel Gonzalez, Trustee
         Deheza 2357
         Buenos Aires


YOSHIMOTO: Court Declares Company Bankrupt
------------------------------------------
Yoshimoto S.A.C.I.F.I.A. entered bankruptcy on orders from Court
No. 15 of the Buenos Aires Civil and Commercial Tribunal,
reveals Infobae. Working with Clerk No. 29, the court assigned
Ms. Marta Susana Serra as trustee. She is to verify creditors'
claims until October 15, 2004.

Creditors who fail to have their claims validated before the
deadline will be disqualified from receiving any payments to be
made after the Company’s assets are liquidated.

CONTACT: Ms. Marta Susana Serra, Trustee
         Donato Alvarez 862
         Buenos Aires


* Argentina Likely to Face Bondholders in Court
-----------------------------------------------
An adviser to the Global Committee of Argentine Bondholders
(GCAB), the biggest group of Argentine creditors, said Wednesday
that the bondholders are ready to go to court if Argentina fails
to come up with better repayment terms.

Reuters says the GCAB was anxious to negotiate terms but the
group said Argentina's offer to repay roughly 34 cents in the
dollar on its US$100 billion in defaulted sovereign debt
amounted to an "egregious proposal".

"If this process does not work ... all these bondholders will be
very open to the idea, very vocal about the idea, of
litigation," said Daniel Celentano, head of global financial
restructuring at Bear Stearns, which represents GCAB.



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

FOSTER WHEELER: New Director Tapped
-----------------------------------
Foster Wheeler Ltd. (OTCBB:FWLRF) announced Thursday that
Giuseppe Bonadies has been appointed managing director, global
sales, marketing and strategic planning, Foster Wheeler
International Corporation, effective July 1, 2004. Mr. Bonadies
succeeds Stephen J. Davies, who has been appointed to the
position of chairman and chief executive officer of Foster
Wheeler Energy Limited, headquartered in the UK.

"In July 2003, Giuseppe was appointed executive vice president
for worldwide sales of our E&C (Engineering & Construction)
business. His appointment has already contributed to
significantly improving our sales results. He has provided
excellent leadership and is very deserving of this promotion,"
said Raymond J. Milchovich, chairman, president and chief
executive officer, Foster Wheeler Ltd.

Mr. Bonadies has been with Foster Wheeler for 39 years. During
his career, he has been responsible for both sales and operating
units. His sales responsibilities have included many years in
international sales, most recently as executive vice president;
his operational experience includes the positions of chief
executive officer of Atlas Foster Wheeler (Mexico), president &
chief executive officer of Foster Wheeler France and chairman of
Foster Wheeler Italiana S.p.A.

Mr. Bonadies is a chemical engineer and holds the title of
Doctor in Chemical Engineering from Naples, Italy, Polytechnic
University.

Foster Wheeler Ltd. is a global company offering, through its
subsidiaries, a broad range of design, engineering,
construction, manufacturing, project development and management,
research and plant operation services. Foster Wheeler serves the
refining, upstream oil and gas, LNG and gas-to-liquids,
petrochemical, chemicals, power, pharmaceuticals, biotechnology
and healthcare industries. The corporation is based in Hamilton,
Bermuda, and its operational headquarters are in Clinton, New
Jersey, USA.

CONTACT: Foster Wheeler Ltd.
         Media:
         Ms. Maureen Bingert: 908 730 4444
         Ms. Anne Chong: +44 (0)118 913 2106
         or
         Other Inquiries: 908 730 4000

         Web Site: www.fwc.com


GLOBAL CROSSING: Inks Bilateral Voice Agreement With Telmex
-----------------------------------------------------------
Global Crossing (NASDAQ: GLBCE) and Telefonos de Mexico,
Mexico's largest telecommunications company, announced Thursday
a commercial agreement for bilateral voice interconnection. The
agreement allows Global Crossing to send traffic to Mexico and
TELMEX to transport long distance voice traffic to the United
States. The deal affords both companies consistently high
quality services, allowing them to better serve their customers
while leveraging their individual strengths and creating
significant advantages in terms of network reach and
opportunities for increased market share.

Voice traffic exchange has commenced in Los Angeles, where
Global Crossing and TELMEX have collocated points of presence
(POPs).

"This agreement effectively leverages the opportunities between
our companies to continue providing best-of-class service to our
customers in the US, Mexico and around the world," said John
Legere, chief executive officer of Global Crossing.

Today's announcement expands an existing business relationship
between the two companies: TELMEX has been Global Crossing's
primary local access provider for data services in Mexico since
2001, and Global Crossing also has interconnection and renders
services in Latin America to a number of TELMEX affiliates.

Global Crossing's significant Mexican operations are
headquartered in Mexico City, and the company has a redundant,
terrestrial network connecting Mexico City, Monterrey,
Guadalajara and Mazatlan. Through its subsea cable, Global
Crossing connects facilities in Tijuana and the rest of its
global network, delivering services to 500 cities in 50
countries around the world.

This Mexican connectivity agreement further enhances Global
Crossing's growing list of more than 50 bilateral and direct
interconnect agreements to countries around the world.

Global Crossing is committed to being a full service provider of
voice, data and collaboration services over the world's largest
commercially deployed SONUS network, providing unparalleled
connectivity to fixed and mobile carriers and enterprise
customers.

Global Crossing (NASDAQ: GLBCE) provides telecommunications
solutions over the world's first integrated global IP-based
network. Its core network connects more than 300 cities and 30
countries worldwide, and delivers services to more than 500
major cities, 50 countries and 6 continents around the globe.
The company's global sales and support model matches the network
footprint and, like the network, delivers a consistent customer
experience worldwide.

Global Crossing IP services are global in scale, linking the
world's enterprises, governments and carriers with customers,
employees and partners worldwide in a secure environment that is
ideally suited for IP-based business applications, allowing e-
commerce to thrive. The company offers a full range of managed
data and voice products including Global Crossing IP VPN
Service, Global Crossing Managed Services and Global Crossing
VoIP services, to more than 40 percent of the Fortune 500, as
well as 700 carriers, mobile operators and ISPs.

CONTACTS: Press Contacts:
          Ms. Becky Yeamans
          + 1 973-937-0155
          PR@globalcrossing.com

          Ms. Fernanda Marques
          Latin America
          + 55 21-3820-4712
          LatAmPR@globalcrossing.com

          Mr. Mish Desmidt
          Europe
          +44 (0) 7771-668438
          EuropePR@globalcrossing.com

          Investors Contact:
          Mr. Mitch Burd
          +1 800-836-0342
          glbc@globalcrossing.com


LORAL SPACE: Forecasts Units’ Chapter 11 Emergence by Year End
--------------------------------------------------------------
Loral Space & Communications Ltd. announced Thursday that it has
reached an agreement with the Official Committee of Unsecured
Creditors in its chapter 11 reorganization on the principal
terms of a plan of reorganization that will lead to the early
filing of a consensual plan for Loral and an exit from chapter
11 proceedings by the end of the year.

The agreement provides for a reorganization that will leave
Loral under current management, with its two businesses, Space
Systems/Loral and Loral Skynet, intact and substantially debt-
free. Loral will be a public company upon emergence and expects
to be listed on a major exchange in due course.

Space Systems/Loral is a world-class leader in the design and
manufacture of satellites and satellite systems for commercial
and government applications. It is one of only five such
manufacturers in the world.

Loral Skynet operates a global integrated fixed satellite and
network/professional services business using its fleet of four
telecommunications satellites.

Under the proposed consensual plan of reorganization, all pre-
petition institutional debt will be exchanged for substantially
all of the equity of the reorganized company. It is contemplated
that under the plan of reorganization, all other pre-petition
general unsecured creditors will be offered an option to elect
either a discounted cash payment or a payout over time.

Loral is highly confident, given the support from the Official
Creditors' Committee, that the plan will receive the required
favorable vote from creditors and confirmation by the court. The
plan does not provide for any recovery or participation in
reorganized Loral by the holders of Loral's existing common or
preferred stock.

Bernard L. Schwartz, chairman and chief executive officer, said:
"This agreement enables us to fulfill most of the core
objectives we established one year ago at the start of the
chapter 11 process. Space Systems/Loral and Loral Skynet have
continued to serve customers and generate cash flow throughout
the year. Further, relieved of the burden of debt, Loral will
have the financial strength necessary to capitalize on an
improving industry environment and expand its leadership role in
the satellite services and manufacturing businesses. We deeply
regret the unavoidable exclusion of the present equity holders.
We believe that the plan that has been negotiated presents the
best opportunity to maintain Loral's industry position over the
long term. We are grateful to our employees, customers,
suppliers and business partners for their loyalty and support
during the chapter 11 process."

Loral Space & Communications is a satellite communications
company. It owns and operates a fleet of telecommunications
satellites used to broadcast video entertainment programming,
distribute broadband data, and provide access to Internet
services and other value-added communications services.

Loral also is a world-class leader in the design and manufacture
of satellites and satellite systems for commercial and
government applications including direct-to-home television,
broadband communications, wireless telephony, weather monitoring
and air traffic management.

CONTACT: Ms. Jeanette Clonan
         Loral Space and Communications
        (212) 697-1105



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

BRASKEM: Boosts Aromatics Plant’s Output
----------------------------------------
Brazilian petrochemical company Braskem expanded the output at
its aromatics plant by 30% to 203,000 tonnes a year, reports
Business News Americas. The recently concluded US$25-million
expansion will also see Braskem supplying a significant part of
the national demand for para-xylene, one of the components used
in the production of PET.

Braskem will use 50,000t/y, but most of production will supply
the Brazilian unit of Italian chemical company Rhodia-Ster in
Sao Paulo state, Latin America's largest PET manufacturer. As a
result, PET supply in Brazil will increase to 11,500tonnes/month
from 7,500t/m.

Braskem, a world-class petrochemical company, is a leader in the
thermoplastic resins segment in Latin America, and is among the
five largest Brazilian privately-owned industrial companies. The
Company operates 13 manufacturing plants located throughout
Brazil, and it has a yearly production capacity of 5.0 million
of tons of petrochemical products.

CONTACT:  Vasco Barcellos
          Investor Relations - Manager
          Phone: (55 11) 3443 9178
          E-mail: vasco.barcellos@braskem.com.br

          Jose Marcos Treiger
          Investor Relations - Director
          Phone: (55 11) 3443 9529
          E-mail: jm.treiger@braskem.com.br

          Luiz Henrique Valverde
          Investor Relations - Manager
          Phone: (55 11) 3443 9744
          E-mail: luiz.valverde@braskem.com.br


KLABIN: S&P Raises Local Currency Rating to 'BB'
------------------------------------------------
Standard & Poor's Ratings Services raised its local currency
global scale corporate credit ratings on Brazilian paper goods
company Klabin S.A. (Klabin) to 'BB' from 'BB-'. The foreign
currency rating was affirmed at `B+´. The outlook on the local
currency rating is stable, and the outlook on the foreign
currency rating is positive.

"The rating action reflects Klabin's commitment to maintaining a
prudent financial policy, even when considering the feasibility
of a more robust capital expenditure program to increase its
paper and board production capacity from 2 million to 1.5
million tons/year," said Standard & Poor's credit analyst Milena
Zaniboni. "However, the decision on the expansion project will
depend on the arrangement of proper long-term financing. As a
consequence, Standard & Poor's does not expect deterioration of
the company's capital structure or an increase of refinancing
risks."

The local currency rating on Klabin reflects the company's
increased focus on packaging products, and the strong
correlation of sales to the performance of the volatile
Brazilian economy, as well as a still-fragmented market for
corrugated boxes that does not allow for rational pricing
policies. These risks are partially offset by Klabin's very
competitive cost position, which derives from high forest yields
and full integration of forest and production plants, together
with its more comfortable debt profile going forward.

The positive outlook on the foreign currency rating mirrors that
of the Republic of Brazil. The stable outlook on the local
currency rating reflects Standard & Poor's expectation that
Klabin will continue to present low debt position and strong
operating margins despite uncertainties on the level of local
consumption and a relatively more aggressive capital expenditure
and dividends distribution programs.

The ratings could go under downward pressure if the company
decides to implement its capital program without proper long-
term funding or if it fails to maintain its conservative
financial, which would translate into ratios of net debt to
EBITDA higher than 1.5x, and EBITDA to interest lower than 4x.
On the other hand, the outlook of the local currency rating
could be changed to positive if the current conservative
financial measures are maintained throughout the implementation
of the expansion project and after further testing of Klabin's
capacity to deal successfully with the volatilities of the
Brazilian market.



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

ENAMI: Senate Committee Authorizes Ventanas Transfer
----------------------------------------------------
Chile obtained green light from the senate mining committee on
its plans to transfer ownership of the Ventanas copper smelter-
refinery from state minerals company Enami to state copper
corporation Codelco. Business News Americas reports that the
senate committee’s approval came after the executive branch
improved the financial conditions of the switch.

The improvements include a reduction in Enami’s post-sale debt
to US$27 million from the originally proposed US$79 million and
an increase in sale price from US$373 million to US$393 million.

The Chilean government had proposed the ownership transfer in
order to cut Enami's US$500 million debt, which had began to
cripple the Company's finances.

CONTACT:  ENAMI (Empresa Nacional de Mineria)
          MacIver 459,
          Santiago, Chile
          Phone: 637 52 78
                 637 50 00
          Fax:   637 54 52
          Email: webmaster@enami.cl
          Home Page: www.enami.cl/
          Contact:
          Jorge Rodriguez Grossi, President


ENERSIS/ENDESA-CHILE: UBS Ups Equity Recommendation
---------------------------------------------------
Investment bank UBS raised its recommendations on shares of
Chilean electricity company Enersis and its local unit Endesa
Chile, reports Dow Jones Newswires. UBS raised Enersis to
neutral from reduce and Endesa Chile to buy from neutral.

The move came after the investment bank increased its 2004-2006
node price forecasts for gas rates by 12% to $39/MWh and its
2007 forecast by 7.6% to $35.5/MWh. UBS recently met with
Chilean utilities and their regulators to discuss the
uncertainty of natural gas supply from neighboring Argentina.

"While the situation still is fluid, we are now more confident
that Chile will try to stick to gas as the primary source of
expansion and we adjusted our forecasts to that effect," UBS
said in a research note.

UBS also said that its medium-term forecast reflects its view
that the regulator will continue to consider gas supply
restrictions in 2005 and that its long-term forecast assumes
higher gas prices but no restrictions.

Enersis S.A. is an electricity utility company primarily
engaged, through its principal subsidiaries and related
companies, in the generation, transmission and distribution of
electricity in Chile, Argentina, Brazil, Colombia and Peru.
Endesa Spain acquired control of Enersis in April 1999, and
owned 60.6% of Enersis' outstanding shares at December 31, 2003.
The Company operates its electricity generation business through
Endesa Chile. Enersis remained focused on the electricity
sector, although it also has small operations in other
businesses, such as real estate, electrical parts procurement,
computer services and infrastructure projects.



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

MILLONARIOS: Seeks New Plan to Stay in the Game
-----------------------------------------------
Key Officers at Bogota soccer club Millonarios met on Thursday
to draw-up a battle plan that would save Bogota’s ailing soccer
club from mounting debt. The Associated Press reports that the
refusal from Colombia’s anti-narcotics agency, DNE, to surrender
its stake in Millonarios prompted the emergency conference. The
club’s management had earlier proposed to raise much needed
funding by issuing company stock, including those owned by the
state through DNE.

"We have information that there is still dirty money in the
club," DNE Chief Col. Luis Alfonso Plazas said while defending
DNE’s decision to hold on to its Millonarios stocks. The agency,
he added, needs to stay with the club to ensure that it does not
revert to drug lords. He also suggested bankruptcy as one avenue
that the club could take in order to gain time to come up with
new funding.

Contact with the cocaine underworld turned the tides for the
one-time Colombian soccer powerhouse. DNE gained control of
Millonarios in 1999 through a confiscated 30 percent share that
had belonged to notorious cocaine cartel boss Gonzalo Rodriguez
Gacha. Mr. Gacha had used the club to launder his drug money.

Under DNE’s stewardship however, the club accumulated US$3
million in debt. It has since been unable to pay many of its
staff, players and coaches.



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

AEROMEXICO: Expands Sales, Marketing to New Zealand, Paraguay
-------------------------------------------------------------
Aeromexico, the largest airline in Mexico, obtained its first
sales and marketing representation in New Zealand and Paraguay
through Discover the World Marketing, the world's largest travel
trade representation company. Discover now handles the sales and
marketing for Aeromexico in 25 countries, including eight in
Latin America.

"New Zealand and Paraguay represents revenue growth
opportunities for Aeromexico and a means to enhance the
awareness of our product and services," said Flor Gomez,
director international market sales for Aeromexico. "In
Paraguay, the main focus will be to help feed our service from
Sao Paulo to Mexico City. It's our partnership with Discover the
World Marketing that plays an important role in our efforts to
expand our sales and marketing worldwide."

"We have a strong relationship with Aeromexico that continues to
be successful," said Jenny Adams, CEO of Discover the World
Marketing. "Aeromexico will receive the same quality service and
excellent understanding of the marketplace in New Zealand and
Paraguay that is the hallmark of all Discover's operations
throughout the world."

About Discover the World Marketing

Established in 1981, Discover the World Marketing has 74 offices
in 52 countries. Headquartered in Scottsdale, Ariz., Discover is
the world's largest travel representation company with annual
client revenues approaching one-half billion dollars. The
company represents 46 major travel corporations.

About Aeromexico

Aeromexico serves 43 cities in Mexico, more than any other
airline; and the 16 U.S. gateway cities of Atlanta, Chicago,
Dallas/Ft. Worth, El Paso, Houston, Las Vegas, Los Angeles,
Miami, New York City, Ontario, Orlando, Phoenix, Salt Lake City,
San Antonio, San Diego and Tucson -- and six countries in Europe
and South America.

Web site: http://www.aeromexico.com


BANORTE: S&P Raises Ratings To 'BB+/B'
--------------------------------------
Standard & Poor's Ratings Services raised its foreign and local
currency counterparty credit, senior unsecured debt, and CD
ratings on Banco Mercantil del Norte (Banorte) to 'BB+/B' from
'BB/B'. The outlook is stable.

"The upgrade reflects improvements in Banorte's business profile
including a higher market share in retail lending, improved
cross-selling ratios, and increased client base," said Standard
& Poor's credit analyst Ursula M. Wilhelm. "The bank's financial
profile has also been strengthened through a better asset mix
with maintenance of good asset quality indicators and
improvements on revenues and operating efficiencies."

The stable outlook is based on the expectation that the bank
will maintain its market position while maintaining good
profitability and asset quality. Should the bank be unsuccessful
in maintaining its positive performance trend, good asset
quality indicators, and adequate capitalization, its
creditworthiness could be negatively affected. On the other
hand, improvement in financial standing, mainly in
profitability, funding, and operating costs with no detriment on
asset quality indicators, should improve Banorte's
creditworthiness.


GRUPO MEXICO: Labor Authority Declares Strike Illegal
-----------------------------------------------------
Mexican labor officials on Thursday declared illegal a strike,
which started July 12 at Grupo Mexico’s La Caridad copper mine.
With the declaration, Grupo Mexico, the world's third- biggest
copper producer, hopes to resume operations at the mine that
produces 140,000 tons a year of copper in concentrates and about
250,000 metric tons of refined copper.

Mr. Juan Rebolledo, Grupo Mexico’s vice president for
international affairs, said the union was informed of the court
decision at 1900 GMT Thursday. He said workers had 24 hours to
comply with the ruling.

According to Bloomberg, the ruling also blocked a possible
strike by another 1,200 workers at the Cananea mine. The strike
scheduled for Friday would have halted output of an additional
180,000 metric tons of annual production at the Cananea mine,
temporarily cutting the Company's global output in half.

The union's workers were scheduled to meet Friday to vote on
whether to respect the ruling, Consuelo Aguilar, a union
spokeswoman, said.

Bloomberg reports that the union has said in an emailed release
that it “condemns the submissive and subservient attitude of the
labor authority to favor Grupo Mexico.”

CONTACT:  Mr. German Larrea Mota Velasco
          Chairman & CEO
          GRUPO MEXICO
          Av. Baja California No. 200
          Colonia Roma Sur
          06760 Mexico, D.F.
          Tel. Conm. 52 (55) 5080-0050



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

AERO CONTINENTE: Secures New Policy, Resumes Domestic Flights
-------------------------------------------------------------
Peruvian airline Aero Continente was able to secure a new
insurance policy, allowing it to resume domestic flights under
its new name Nuevo Continente. The new policy was secured with
British insurer Holders Insurance Services. Flights will be
insured for US$15 million with coverage for damages and third
parties as required by the Peruvian government.

The new policy is in addition to one for US$50 million already
in effect for loss of baggage, legal assistance for passengers
and search and rescue operations in case of accidents.

The airline was originally suspended because its policy only
covered the crew and passengers and not third parties, carry-on
luggage, check-in luggage, cargo or search and rescue operations
as are stipulated under industry regulations.



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

NWRHA: Health Ministry Seeks Probe Into Debt Scandal
----------------------------------------------------
Health Minister John Rahael ordered a probe into the more than
$100 million arrears owed by the North-West Regional Health
Authority (NWRHA) to the Board of Inland Revenue, The Trinidad
Express says. NWRHA, which is responsible for the Eric Williams
Medical Sciences Complex, Port of Spain General Hospital, St
Ann's Hospital, Arima District Hospital, Caura Chest Hospital
and 36 health centres, reportedly failed to pay the BIR of
$103,727,262 for PAYE and health surcharge of $3,520,114 for the
period May 2002 to June 2004.

The money has been deducted from the pay of some 1,600 employees
but has not been paid to the BIR. PAYE (pay as you earn) and
health surcharge are to be paid by the 15th of every month. Non-
payment attracts 15% interest.

Now, Mr. Rahael is demanding to know why the deductions were not
paid to the BIR, who was responsible for not remitting it,
whether the board was aware of the situation and why was the
Ministry not advised of the matter. The NWRHA is asking money
from the Ministry to bail it out of that debt.

But the Health Ministry was not prepared to bail out the NWRHA
and "something has to be done with its management which is going
to be held responsible for the debt," Mr. Rahael said.

The Express quoted a source at the Ministry of Health as saying,
"The Ministry gave them (NWRHAs) more than $89 million last year
to assist in paying its creditors and the allocation for this
year was increased by $40 million. In addition, they were given
$32 million to finance another shortfall."



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

ANCAP: Upgraded to 'B' Following Uruguay Upgrade
------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Uruguay's 100% state-owned fuel, alcohol, and cement
company, Administracion Nacional de Combustibles Alcohol y
Portland (ANCAP), to 'B' from 'B-'. The outlook is stable.

The rating action is in line with the recent upgrade of the
Republic of Uruguay to 'B' from 'B-'. As of March. 31, 2004,
ANCAP had approximately US$133 million in financial debt that
represented about 25% of total capitalization.

"ANCAP's credit quality continues to be conditioned by that of
the Republic of Uruguay, its 100% owner. Therefore, an improved
fiscal situation for the Republic within the context of an
improving economy and policy continuity should positively affect
ANCAP," said Standard Z& poor's credit analyst Marta Castelli.
"The stable outlook indicates the linkage of ANCAP's credit
quality to the sovereign's financial health and incorporates a
successful extension of the company's maturity profile that will
alleviate its financial profile," Ms. Castelli said.

The upgrade on Uruguay reflects ongoing expenditure restraint
that, coupled with an improving economy, will underpin a further
reduction in the fiscal deficit and debt stock. The new ratings
also incorporate the expectation that sufficient policy
continuity under the next government (presidential elections
will be held in October/November 2004) will keep Uruguay's
fiscal trajectory on an improving trend in 2005 and beyond.

The ratings on ANCAP reflects the risks inherent in operating as
a single-asset refiner, the challenging economic environment of
Uruguay, the ownership by the Republic of Uruguay, and the
potential effects of the deregulation of the Uruguayan fuels
market. The rating also incorporates Standard & Poor's
expectations that ANCAP will maintain its dominant market
position.

The stable outlook indicates the linkage of ANCAP's credit
quality to the sovereign's financial health. The outlook also
incorporates a successful extension of the company's maturity
profile that will alleviate its financial profile.

ANALYSTS:  Marta Castelli, Buenos Aires (54) 114-891-2128
           Luciano Gremone, Buenos Aires (54) 11-4891-2143
           Pablo Lutereau, Buenos Aires (54) 114-891-2125


* Fitch Assigns Expected 'B' to Uruguay's UI, DPN Bonds
-------------------------------------------------------
Fitch Ratings assigned Uruguay's forthcoming UI Bond payable in
2007 and its DPNs due in 2006 expected long-term foreign
currency ratings of 'B' with Stable Rating Outlooks. Principal
and interest payments on both bonds are payable in US dollars.
For UI Bonds, payments will be adjusted for Uruguayan inflation.
Payments on the DPN bonds may be adjusted for movements in the
USD/UYU exchange rate. The ratings are equal to the long-term
foreign currency ratings of Uruguay's senior unsecured debt. The
Rating Outlook is Stable.

The Uruguayan economy has rebounded smartly since its deep
recession in 2002 that precipitated a sovereign debt
restructuring in June, 2003. Against a low base, first quarter
GDP expanded by 14% on a sharp increase in beef production and a
pickup in tourism-related services. Whether recent growth can be
sustained will hinge critically on expectations about the
continuity of policy related to the October presidential and
parliamentary elections. The Frente Amplio, which leads in
recent polls, has indicated that it will reverse certain market-
oriented reforms and has questioned recent policies of fiscal
austerity. On the other hand, certain of its representatives
have also recently indicated that it would honor the terms of
last year's debt restructuring, a commitment that had not been
clear at the time of the transaction.

As the balance of payments and local confidence have continued
to improve, resident bank deposits have likewise risen, reaching
US$7 billion at May 31 from US$6.5 billion at year-end. These
continue to be held largely (89%) in foreign currency, however,
leaving the system more vulnerable to shocks than would be the
case if the central bank were not limited in its ability to
provide emergency liquidity. International reserves reached
US$2.36 billion at May 31, versus US$2.1 billion at year-end,
including US$646 million in disbursements from the IMF during
the last year's banking crisis and US$1.2 billion in voluntary
deposits from the banking system. The increase in international
reserves this year has boosted its coverage of the monetary base
to 5.3 in May from 4.3 at year-end and 1.8 and end-2002.

The public sector generated an overall deficit of 3.2% of GDP
last year and a primary surplus of 2.9%, significant
improvements on performance the prior year. This year, the
government has targeted a slightly lower overall deficit of 3.0%
of GDP and a somewhat higher primary surplus equal to 3.2%,
goals that appear achievable in light of strong economic growth.
Meeting these targets will help to stabilize public debt, which
reached about 110% of GDP at end-2003, one of the highest in the
'B' category. Low average coupon rates on bond debt help to
contain debt service costs, but bringing debt levels into line
with peers will take many years of fiscal prudence and
consistent economic growth. The amortization schedule on bond
debt is quite light through 2010 as a result of last year's
rescheduling, implying that it could be sustainable assuming
multilateral lenders maintain level of positive net positions
and that modest market issuance continues both locally and
abroad.

CONTACT: Morgan C. Harting +1-212-908-0820
         Roger M. Scher +1-212-908-0240, New York

MEDIA RELATIONS: James Jockle +1-212-908-0547, New York



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

PDVSA: Oil Tankers Headed to Argentina for Maintenance Repairs
--------------------------------------------------------------
Petroleos de Venezuela (PDVSA) President Ali Rodriguez announced
Wednesday that the state oil monopoly will send two large oil
tankers to Argentina for maintenance work this year. According
to a Dow Jones Newswires report, the move is part of a new
alliance between PDVSA and Argentina's energy company ENARSA
designed to help each country's energy needs.

PDVSA will send the first tanker to Argentina's Rio Santiago
shipyard in September, Rodriguez told Dow Jones Newswires. He
declined to specify how much the repair work would cost, but
according to him, maintenance contracts usually amount to
"various millions of dollars."

Venezuela and Argentina are looking to create a South American
oil company called Petrosur.


PDVSA: Standard & Poor’s Downgrade Warning Angers Company
---------------------------------------------------------
PDVSA President Ali Rodriguez condemned a warning by Standard &
Poor’s Ratings that it could downgrade the oil company’s
outstanding debt, says Dow Jones Newswires. On Wednesday, S&P
said that it may cut PDVSA Finance Ltd.'s outstanding debt to
'B' from 'B+' pending completion of the tender and consent offer
that was proposed by PDVSA in late June.

“The expected downgrade stems from S&P's view that amendments to
be made to the transaction upon completion of the tender will
reduce the structural protection afforded to investors who
continue to hold PDVSA Finance debt," the rating agency had said
in a statement.

But Rodriguez criticized the rating agency's move, saying it is
out of touch with reality.

"It's curious to see how when you pay (your debts) and you meet
your obligations they decide to bring down your rating. The
decision to downgrade is not based on real (fundamental)
reasons," Rodriguez told Dow Jones Newswires late Wednesday.

"We're paying our debt because we have the ability to pay it,"
Rodriguez said.

PDVSA decided to buy back US$2.6 billion in bonds, a move that
will free up cash flow and lower the Company's foreign debt to
around US$3 billion.


PDVSA: OPIC Seeks Formal Response to SAIC Dispute
-------------------------------------------------
The Overseas Private Investment Corporation (OPIC) is anxious to
get a formal response from PDVSA on the former’s decision to
award US tech firm SAIC US$6 million in an insurance claim
against the state oil company. OPIC spokesperson Larry Spinelli
told Business News Americas that under the memorandum of
determination which OPIC published on July 12, PDVSA must
express its willingness either to negotiate with OPIC directly
or go to neutral arbitration in the Hague to resolve the case.

PDVSA has done neither.

Instead, PDVSA has publicly criticized the decision and said
that it will not pay "one cent" of the claim because the OPIC
decision is "unfounded" and "politically motivated."

If PDVSA does not respond to OPIC's ruling, OPIC will no longer
insure investments in Venezuela, and the dispute could impact
bilateral relations between the two countries, Spinelli said.

However, according to Oil and Gas Journal, Tom Wilner, outside
counsel for PDVSA in the dispute, said PDVSA still is studying
OPIC's decision and will respond to the agency shortly.



                            ***********


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 * * *