TCRLA_Public/040819.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

             Thursday, August 19, 2004, Vol. 5, Issue 164

                            Headlines


A R G E N T I N A

ACEROS ZAPLA: Workers End 16-day Strike
AMOL S.R.L.: Enters Bankruptcy on Court Orders
AMOROSI Y CIA: Claims Verification Ends Friday
BAICOR COMERCIO: Trustee to Submit General Report
CABLEVISION: EBITDA Increases 17.9% in 1H04

CLAXSON INTERACTIVE: Records $2.3M Net Income in 2Q04
EDELAP: Concludes $31.8M Debt Restructuring
EMPORIO TEXTIL: Individual Reports Submission Nears
HOTEL INTERLAKEN: Debt Payments Halted, Set to Reorganize
LG EDICIONES: General Report Due Friday

REFRIGERACION BIMA: Court Opens Reorganization
RODOLFO SATURNINO: Verification Deadline Approaches
ROYAL SHELL: PDVSA Mulls Buying Local Gasoline Stations
SURYA S.A.: Trustee to Submit General Report
TELECOM ARGENTINA: S&P Maintains `raD' Rating on Bond Issues

TELECOM PERSONAL: Creditor Approval Sufficient for APE
TRANSPORTES AUTOMOTORES: Presents Restructuring Plea


B A R B A D O S

C&W: To Offer New Mobile Service in the Caribbean


B E R M U D A

FOSTER WHEELER: Updates Data on Exchange Offer
GLOBAL CROSSING: Forms VoIP Advisory Board


B R A Z I L

CFLCL: Losses Decline to BRL11.9M in 1H04
FERRONORTE: Fitch Maintains CCC(bra) Rating on Notes
NET SERVICOS: Concludes Shares Exchange


C H I L E

ENAMI: Finalizes Ventanas Purchase
MADECO: Selects New External Auditor


C O L O M B I A

AVIANCA: Seeks to Delay Hearing on Restructuring Plan


D O M I N I C A N   R E P U B L I C

EDENOR/EDESUR: New President Calling for Management Bids


J A M A I C A

AIR JAMAICA: Finances Continue to Deteriorate on High Fuel Costs
KAISER ALUMINUM: Revises Timeline for Chapter 11 Emergence


M E X I C O

ALESTRA: Selects MetaSolv for Activation of Voice, Data Services
GRUPO MEXICO: Asarco Still in Talks With Union
GRUPO MEXICO EXPORT: S&P Ups Ratings, Removes From CreditWatch

     -  -  -  -  -  -  -  -


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

ACEROS ZAPLA: Workers End 16-day Strike
---------------------------------------
Protesting workers from Argentine steel company Aceros Zapla
successfully reached a compromise with management regarding
their demands for salary increases and safety improvements at
the plant.

Business News Americas reports that the deal grants workers a
one-time payment of ARP100 (US$30) each at the end of the month
in addition to the ARP50 monthly payments to be given until
December. The company also agreed to upgrade machineries at the
plant within 20 days to raise workers' security and safety.

Further, a committee was created to explore solutions to the
workers demands for the implementation of the shared property
program. This committee is composed of representatives from
management, defense ministry and the workers.


AMOL S.R.L.: Enters Bankruptcy on Court Orders
----------------------------------------------
Buenos Aires-based Company Amol S.R.L. entered bankruptcy
protection after Court No. 17 of the city's Civil and Commercial
Tribunal ordered the company's liquidation. The order
effectively transfers control of the company's assets to the
court-appointed trustee who will supervise the liquidation
proceedings.

Infobae reports that the court selected Ms. Maria Cristina
Moccia as trustee. She will be verifying creditors' proofs of
claims until the end of the verification phase on September 23,
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 5, 2004 followed by the general report, which is due
on December 20, 2004.

CONTACT: Ms. Maria Cristina Moccia, Trustee
         Superi 1423
         Buenos Aires


AMOROSI Y CIA: Claims Verification Ends Friday
----------------------------------------------
The verification of creditors' claims for the Amorosi y Cia S.A.
bankruptcy will end Friday, August 20, 2004. All claims must be
forwarded to the court-appointed trustee before the deadline to
qualify for the payments that will be made after the Company's
assets are liquidated.

Court No. 2 of Bahia Blanca's Civil and Commercial Tribunal,
assisted by Clerk No. 3, has jurisdiction over this case.

CONTACT: Amorosi y Cia S.A.
         Reconquista 610
         Bahia Blanca


BAICOR COMERCIO: Trustee to Submit General Report
-------------------------------------------------
A general report on the Baicor Comercio Exterior S.R.L.
bankruptcy is due for court submission on Friday, August 20,
2004. Court-appointed trustee, Ms. Maria Marta Sonmariva, will
prepare this report from the company's accounting and business
records. The report also details relevant events in the
Company's bankruptcy proceedings.

Court No. 25 of Buenos Aires' Civil and Commercial Tribunal has
jurisdiction over this case, which will end with the liquidation
of all the Company's assets.

CONTACT: Ms. Maria Marta Sonmariva, Trustee
         Florida 930
         Buenos Aires


CABLEVISION: EBITDA Increases 17.9% in 1H04
-------------------------------------------
Cablevision S.A. ("Cablevision"), the largest multiple system
operator (MSO) in Argentina, reported for the first half of 2004
revenues from services of Argentine Pesos ("Ps.") 353.7 million
and earnings before interest, taxes, depreciation, amortization
and non-cash reserves ("EBITDA") of Ps. 138.0 million. When
compared to the first half of 2003, revenues increased in the
first half of 2004 by Ps. 34.3 million or 10.7%, and EBITDA
increased in the first half of 2004 by Ps. 21.0 million or 17.9%
in Peso terms.

In 2002, the Argentine Government issued a decree which, among
other things, provided for the restoration of inflation
accounting and instructed the Comision Nacional de Valores (the
"CNV") to issue specific procedures governing its application.
On July 25, 2002 the CNV issued Resolution NÝ415 which
established the application of inflation accounting procedures
starting January 1, 2002, to any financial statements filed
subsequent to the date of that resolution. With an effective
date of March 1, 2003, the CNV, through its Resolution NÝ441,
discontinued this methodology, thus eliminating the adjustment
for inflation.

As a result, amounts for the period from January 1, 2003 to
February 28, 2003, presented herein for comparative purposes,
have been restated in constant pesos as of February 28, 2003,
using the inflation rate measured by the domestic wholesale
price index.

Financial summary in millions, except as otherwise indicated

                     6/30/04  12/31/03  6/30/03   Variance %

Subscribers             (000)    1,253     1,188       5.5%
Revenues (Ps)           353.7              319.4      10.7%
Revenues (USD) (1)      121.8              106.6      14.3%
EBITDA (Ps) (1)         138.0              117.0      17.9%
EBITDA (USD) (1)         47.5               38.6      23.1%
Net Income (Loss) (Ps) (155.3)             361.1
Cash &
cash equivalents (Ps)   349.3    242.0
Cash &
cash equivalents
(USD)(1)                119.6     84.0
Receivables from
services (Ps)            32.2     35.0
Accounts payables (Ps)  127.9    120.3
Capex (Ps)               51.4     73.1
Capex (USD) (1)          17.7     25.1
Total
Principal Debt(Ps)    2,373.3  2,351.3
Total
Principal Debt (USD)(1) 802.3    802.5
Principal Debt/EBITDA
(annualized in USD)       8.4x

(1) These items are included for comparative purposes only and
have not been derived from Cablevision's Consolidated Financial
Statements.

First Half of 2004 vs. First Half of 2003

As discussed above, effective March 1, 2003, the CNV, through
Resolution NÝ441, discontinued inflation adjustment accounting.
As a result, amounts for the period from January 1, 2003 to
February 28, 2003, presented herein for comparative purposes,
have been restated in constant pesos as of February 28, 2003,
using the inflation rate measured by the applicable domestic
wholesale price index.

During the first half of 2004, Cablevision had revenues from
services provided of Ps. 353.7 million, an increase of 10.7%
compared to Ps. 319.4 million registered in the first half of
2003. The increase is attributable to the increase in the number
of subscribers in the first half of 2004.

Programming costs increased by 8.1% to Ps. 92.0 million in the
first half of 2004 from Ps. 85.1 million in the first half of
2003. This increase is principally attributable to the increase
in the subscribers base during the first half of 2004. However,
total programming costs as percentage of gross cable revenues
decreased to 30.6% in the first half of 2004, from 31.7% in the
first half of 2003.

Cablevision's salaries, social security taxes and other payroll
expenses increased by 20.2% to Ps. 47.0 million in the first
half of 2004, from Ps. 39.1 million in the first half of 2003.
Such increase is principally attributable to the incidence on
salaries of the increases regulated by the Argentine Government.

Depreciation expense decreased by 1.7% to Ps. 75.2 million in
the first half of 2004 from Ps. 76.5 million in the first half
of 2003. The decrease is principally attributable to the full
depreciation of certain equipment as of December 31, 2003.

Other costs decreased by 1.8% to Ps. 76.8 million in the first
half of 2004, maintaining almost the same level of cost which
amounted Ps. 78.2 million in the first half of 2003.

In the first half of 2004, the company registered a financial
loss of Ps. 211.7 million, compared to a financial gain of 325.5
million registered in the first half of 2003. The variation is
principally attributable to the impact of the exchange rate
differences in each period.

As a consequence of the factors described above, Cablevision's
EBITDA and net loss for the first half of 2004 were Ps. 138.0
million and Ps. 155.3 million respectively, compared to Ps.117.0
million and a gain of Ps. 361.1 million in the first half of
2003.

Cablevision is the largest cable company in Argentina, based on
the number of subscribers served, which, as of March 31, 2004,
was approximately 1.3 million. Cablevision believes that it has
the most technologically advanced distribution network in the
country. Its network passes approximately 3.5 million homes, of
which 89% are passed by cable plant with a bandwidth capacity of
at least 450 Mhz, including more than 50% that are passed by
cable plant with a bandwidth capacity of 750 Mhz.

Cablevision's shareholders are VLG Argentina LLC with a 50%
ownership interest, and companies affiliated with Hicks, Muse,
Tate & Furst, Incorporated with the remaining 50% ownership
interest in Cablevision, which jointly appoint management and
control Cablevision.

To view financial statements:
http://bankrupt.com/misc/Cabl_2Q04.pdf

CONTACTS: Mr. Santiago Pena
          (5411) 4778-6520
          spena@cablevision.com.ar

          Mr. Martin Pigretti
         (5411) 4778-6546
          mpigretti@cablevision.com.ar

          Web Site: www.cablevision.com.ar


CLAXSON INTERACTIVE: Records $2.3M Net Income in 2Q04
-----------------------------------------------------
Claxson Interactive Group Inc. (XSON.OB; "Claxson" or the
"Company"), announced Tuesday financial results for the three
and six-month periods ended June 30, 2004.

HIGHLIGHTS:

Second Quarter 2004

Net revenue for the second quarter of 2004 was $23.0 million, a
17% increase from net revenue of $19.7 million for the second
quarter of 2003. Operating expense for the three months ended
June 30, 2004 was $18.6 million, an 11% decrease from the $20.8
million for the second quarter of 2003. Operating income was
$4.3 million for the three-month period ended June 30, 2004
compared to an operating loss of $1.0 million for the three-
month period ended June 30, 2003. Foreign currency exchange loss
for the three-month period ended June 30, 2004 was $1.5 million,
a total $4.1 million negative effect compared to the $2.6
million gain in the same period of 2003. Net income for the
three months ended June 30, 2004 was $2.3 million ($0.12 per
common share), compared to $2.0 million ($0.11 per common share)
for the same period in 2003.

During the second quarter of 2004, the average exchange rate of
the Argentine and Chilean currencies compared to the U.S. dollar
depreciated 3% and appreciated 14%, respectively, versus the
same period in 2003.

First Six Months of 2004

Net revenue for the six-month period ended June 30, 2004 was
$43.3 million, a 13% increase compared to $38.2 million for same
period in 2003. Operating expense for the six-month period ended
June 30, 2004 was $39.2 million compared to $39.4 million in the
same period of 2003. Operating income was $4.1 million for the
six-month period ended June 30, 2004 compared to an operating
loss of $1.2 million for the same period in 2003. Foreign
currency exchange loss for the six-month period ended June 30,
2004 was $0.8 million, a total $10.7 million negative effect
compared to the $9.9 million gain in the same period of 2003.
Net income for the six-month period ended June 30, 2004 was $2.5
million ($0.13 per common share), compared to $7.7 million
($0.41 per common share) for the same period in 2003.

During the six-month period ended June 30, 2004, the average
exchange rate of the Argentine and Chilean currencies compared
to the U.S. dollar appreciated 2% and 17%, respectively, versus
the same period in 2003.

"We are very pleased with the overall results of the second
quarter and first six months of 2004. We continue to see growth
in our consolidated net revenues which resulted in significant
improvements both in operating and net income, in spite of the
foreign currency losses we experienced in 2004," said Roberto
Vivo, Chairman and CEO. "We're especially pleased with the
performance of the broadcasting and pay TV units, which
translated into solid growth in their operating income."

PAY TV

Net revenue for the second quarter of 2004 was $12.3 million, a
5% increase from net revenue of $11.8 million for the second
quarter of 2003. The increase in net revenue is principally
attributable to an increase in subscriber-based fees and
advertising, partially offset by a $0.6 million decrease in
production and other services as a result of the cancellation of
the payout and other services provided to the Locomotion
channel, previously an equity investment of Claxson. Net revenue
for the six-month period ended June 30, 2004 was $23.7 million
compared to $23.9 million for the same period of 2003. The
decrease is explained by a decrease of $1.3 million in
production and other services as a result of the cancellation of
services provided to the Locomotion Channel and other third
parties, partially offset by increased advertising and
subscriber-based fee revenues.

Operating expense (excluding depreciation and amortization) for
the second quarter of 2004 was $9.0 million compared to $11.1
million for the same period in 2003. The decrease is principally
attributable to the goodwill impairment charge taken in 2003 of
$2.5 million, and reduced marketing expenses, partially offset
by higher programming expenditures. Operating expense for the
six-month period ended June 30, 2004 was $18.9 million compared
to $20.6 million for the same period of 2003. Excluding the
goodwill impairment charge taken in 2003, operating expense
increased $0.8 million as a result of higher programming
expenditures.

Operating income for the second quarter of 2004 was $2.5 million
compared to an operating loss of $0.3 million for the same
period in 2003. Operating income for the six-month period ended
June 30, 2004 was $3.1 million compared to $1.5 million for the
same period of 2003.

As of June 30, 2004, the Company's owned basic and premium
channels reached 40.5 million aggregate subscribers, a 15%
growth compared to its subscriber base as of June 30, 2003. FTV
and Retro were the Company's owned channels that reported the
strongest growth.

BROADCAST

Net revenue for the second quarter of 2004 was $10.6 million, a
34% increase from net revenue of $7.9 million for the second
quarter of 2003. The increase is primarily attributable to
improved ratings of Chilevision that enabled the channel to
increase its advertising revenue, as well as a 13% appreciation
in the Chilean peso as compared to 2003. Net revenue for the
six- month period ended June 30, 2004 was $19.5 million compared
to $14.3 million for the same period of 2003. This increase is a
result of the increased audience share of Chilevision as well as
a 17% appreciation of the Chilean Peso as compared to same
period in 2003.

Operating expense (excluding depreciation and amortization) for
the second quarter of 2004 was $7.3 million compared to $6.1
million for the same period in 2003. The increase is due to the
appreciation of the Chilean peso, as well as the increase in
production costs as a result of the higher number of original
production hours incurred by Chilevision to achieve its ratings
growth. Operating expense for the six-month period ended June
30, 2004 was $14.8 million compared to $11.8 million for the
same period of 2003. As was the case in the second quarter, this
increase is explained by the appreciation of the Chilean Peso
and the increase in production expenditures at Chilevision.

Operating income for the second quarter of 2004 was $2.7 million
compared to $1.2 million for the same period in 2003. Operating
income for the six- month period ended June 30, 2004 was $3.3
million compared to $1.2 million for the same period of 2003.

During the second quarter of 2004, Chilevision reported an
average audience share of 15.0%, compared to 12.1% for the same
period in 2003. Chilevision's average audience share for the
six-month period ended June 30, 2004 was 15.4%, compared to
14.6% for the same period in 2003. Ibero American Radio Chile's
average audience share for the six-month period ended June 30,
2004 was 34.7%, compared to 35.7% for the same period in 2003.

BROADBAND & INTERNET

Net revenue for the second quarter of 2004 was $31.0 thousand
compared to $56.0 thousand for the second quarter of 2003. Net
revenue for the six-month period ended June 30, 2004 was $57
thousand compared to $84 thousand for the same period of 2003.

Operating expense (excluding depreciation and amortization) for
the second quarter of 2004 was $0.3 million compared to $0.9
million for the same period in 2003. Operating expense for the
six-month period ended June 30, 2004 was $0.5 million compared
to $1.4 million for the same period of 2003.

Operating loss for the second quarter of 2004 was $0.3 million
compared to a $0.9 million loss for the same period in 2003.
Operating income for the six-month period ended June 30, 2004
was $0.5 million compared to $1.3 million for the same period of
2003.

Director Fees

In June of 2004, certain directors waived their unpaid director
fees, and as a result, corporate expenses decreased by $0.6
million in the second quarter of 2004.

Statement of Cash Flows and Liquidity

As of June 30, 2004, Claxson had a balance of cash and cash
equivalents of $7.2 million and $85.0 million in debt, which
includes $18.5 million in future interest payments on the
Company's 8.75% Senior Notes due in 2010. For the six-month
period ended June 30, 2004, Claxson operating activities
generated cash flows of $3.5 million compared to $4.7 million
for the same period of 2003. The difference is primarily due to
the collection during the first quarter of 2003 of certain 2002
receivables. Cash generated from operating activities was
primarily used for the repayment of debt, the payment of fees
related to the Claxson formation transaction and for capital
expenditures. Net cash used for debt repayment was $2.4 million
as a result of the renegotiation of the Chilean syndicated
financing and the use of the escrowed amounts. During the six-
month period ended June 30, 2004, Claxson received $0.6 million
as the last installment from the sale of its investment in the
Locomotion Channel in 2002. For the six-month period ended June
30, 2004, Claxson had a net use of cash of $0.4 million.

On June 21, 2004, Claxson's audit committee and its
disinterested directors approved the issuance of convertible
debentures in an amount up to $5 million. On July 8, 2004, the
Company executed agreements with its Chairman and Chief
Executive Officer, its Pay Television Chief Operating Officer
and its Chief Financial Officer, for the purchase of $2.0
million of the debentures. These debentures may be converted to
Class A common shares at a conversion price of $3.24 per share,
mature on July 2006 and bear annual interest at 8.25%.
Additionally, in the event the Company prepays the debentures,
the investors have the right to receive warrants to purchase
shares of the Company's Class A common shares in an amount equal
to the principal amount of the debenture. Although there is no
formal commitment, the Company is in negotiations with the
Cisneros Group for the sale of the remaining amount of the
convertible debentures.

On June 25, 2004, Claxson's Chilean subsidiary, Radio Chile,
completed the restructuring of its syndicated credit facility.
Under the new syndicated credit facility, Radio Chile received
approximately $2.6 million in additional funds, after the
deduction of expenses and underwriting fees. As part of the
restructuring Radio Chile was able to extend the maturity of the
facility an additional three years, improve the amortization
schedule to bi-annual payments as compared to quarterly
payments, release the Chilevision and escrow account guarantees,
relax the covenant ratios and reduce the interest rate to the
local prime lending rate plus 2.50%. The total principal amount
of the new facility is approximately $14.7 million and matures
in 2009.

Claxson (XSON.OB) is a multimedia company providing branded
entertainment content targeted to Spanish and Portuguese
speakers around the world. Claxson has a portfolio of popular
entertainment brands that are distributed over multiple
platforms through its assets in pay television, broadcast
television, radio and the Internet. Headquartered in Buenos
Aires, Argentina, and Miami, Florida, Claxson has a presence in
all key Ibero-American countries, including without limitation,
Argentina, Mexico, Chile, Brazil, Spain, Portugal and the United
States. Claxson's principal shareholders are the Cisneros Group
of Companies and funds affiliated with Hicks, Muse, Tate & Furst
Inc.

To view financial statements:
http://bankrupt.com/misc/Clax_2Q04.htm

CONTACT: Press
         Mr. Alfredo Richard
         SVP - Communications
         +1-305-894-3588

         Investors
         Mr. Jose Antonio Ituarte
         Chief Financial Officer
         +011-5411-4339-3700

         Web Site: www.claxson.com


EDELAP: Concludes $31.8M Debt Restructuring
-------------------------------------------
Argentine electricity distributor Empresa Distribuidora La Plata
SA has completed a US$31.8 million debt restructuring, says Dow
Jones Newswires.

In a filing to the local stock exchange, the company revealed it
signed an agreement with its last remaining creditor, HSBC Bank
Plc., which held US$8.3 million or about 26% of the total debt
burden, on Friday. Under the terms of the agreement, Edelap will
pay past-due interest and 3.6% of the capital of its old
obligations, then pay off the rest in quarterly installments
between June 2005 and December 2010.

Edelap reached a debt accord with its other creditors, the local
subsidiary of Bank Boston NA and Banco de Galicia y Buenos
Aires, in late July. Those two banks held about 74% of Edelap's
debt. Under that agreement, the company agreed to pay past-due
interest and 4% of the capital up front, with the remaining
amount to be paid in two installments in June 2009 and December
2010. Furthermore, Edelap promised Bank Boston and Banco Galicia
"additional compensation" tied to its net sales

Both debt accords call for Edelap to make early payments if the
company's cash position allows it to do so.


EMPORIO TEXTIL: Individual Reports Submission Nears
---------------------------------------------------
Individual Reports from the Emporio Textil Panamericano S.A.
bankruptcy case are due for court submission on Friday, August
20, 2004. The reports will be prepared by trustee Lidia Roxana
Martin from all creditors' proofs of claims forwarded within the
credit verification period. Ms. Martin is also required to
submit a general report on the case on October 1, 2004.

Court No. 16 of Buenos Aires' Civil and Commercial Tribunal,
aided by Clerk No. 31, handles this case.

CONTACT: Ms. Lidia Roxana Martin, Trustee
         Av Cordoba 1352
         Buenos Aires


HOTEL INTERLAKEN: Debt Payments Halted, Set to Reorganize
---------------------------------------------------------
Court No. 25 of Buenos Aires' Civil and Commercial Tribunal is
currently reviewing the merits of the restructuring petition
filed by Hotel Interlaken S.A.

Infobae recalls that the company filed the petition following
cessation of debt payments. Reorganization will allow the
Company to avoid bankruptcy by negotiating a settlement with its
creditors.

Clerk No. 50 assists the court on this case.

CONTACT: Hotel Interlaken S.A.
         San Martin 323
         Buenos Aires


LG EDICIONES: General Report Due Friday
---------------------------------------
Mr. Jose Luis Cueli, court-appointed trustee for the LG
Ediciones S.A. bankruptcy case, will submit a general report on
the case on Friday, August 20, 2004. The general report
essentially provides the court with an audit of the Company's
accounting and business records.

Court No. 19 of Buenos Aires' Civil and Commercial Tribunal has
jurisdiction over the liquidation.

CONTACT:  LG Ediciones Buenos Aires S.A.
          Pena 2580
          Buenos Aires

          Mr. Jose Luis Cueli, Trustee
          Junin 55
          Buenos Aires


REFRIGERACION BIMA: Court Opens Reorganization
----------------------------------------------
Court No. 3 of Buenos Aires' Civil and Commercial Tribunal
issued a resolution opening the reorganization of Refrigeracion
Bima S.A., reports Infobae.

This pronouncement authorizes the Company to begin drafting a
settlement proposal with its creditors in order to avoid
liquidation. The reorganization further allows the Company to
retain control of its assets subject to certain conditions
imposed by Argentine law and the oversight of the court
appointed trustee.

Mr. Moises Gorelik will serve as trustee during the course of
the reorganization. He will be validating creditors' proofs of
claims until October 8, 2004. Afterwards, The results of the
verification will be presented in court as individual reports on
November 22, 2004.

The trustee is also required to give the court a general report
of the case on February 4, 2005. The general report summarizes
events relevant to the reorganization and provides an audit of
the Company's accounting and business records.

The Company will present the completed settlement proposal to
its creditors during the informative assembly scheduled on July
15 next year.

CONTACT: Mr. Moises Gorelik, Trustee
         Avda Cordoba 850
         Buenos Aires


RODOLFO SATURNINO: Verification Deadline Approaches
---------------------------------------------------
Creditors of bankrupt company Rodolfo Saturnino Rojas e Hijos
S.A. have until Friday, August 20, 2004 to present their claims
to trustee Griselda Isabel Eidelstein. Claims submitted after
the court deadline will not be eligible for any post-liquidation
payments.

The Company's bankruptcy case is under the jurisdiction of
Buenos Aires Court No. 16. Clerk No. 31 assists the court on
this case.

CONTACT: Ms. Griselda Isabel Eidelstein, Trustee
         Lambare 1140
         Buenos Aires


ROYAL SHELL: PDVSA Mulls Buying Local Gasoline Stations
-------------------------------------------------------
Venezuelan Energy and Mines Minister Rafael Ramirez said that
state oil company Petroleos de Venezuela SA (PDVSA) is mulling
the purchase of Royal Dutch/Shell Group's chain of Argentine
gasoline stations in a venture with that country's state oil
company.

Bloomberg recalls that Venezuela and Argentina last month agreed
to form new energy ventures in South America.

Shell revealed in its Web site that its unit in Argentina, Shell
CAPSA, has more than 900 service stations in the country and a
refinery in Buenos Aires province. The unit had 2,998 employees
at the end of 2002 and a fleet of 350 trucks and 5 tankers.

"It makes sense for Petroleos de Venezuela to do this, if
they're looking for a potential outlet for product," said Tom
Knight, director of trading for Truman Arnold Cos. in Texarkana,
Texas. "For political reasons, they may want to direct more
spending toward South America, rather than North America."

In May, Argentina's President Nestor Kirchner pledged to create
a state-owned oil company to help plan energy exploration,
production and distribution in the country.

The federal government will own 53% of the new company, with 12%
held by provinces and the rest sold on the stock market.
Argentina's senate has approved the creation of the company,
while the lower house is expected to approve it before the end
of the year.


SURYA S.A.: Trustee to Submit General Report
--------------------------------------------
Mr. Mario Norberto Aragon, the trustee supervising the Surya
S.A. liquidation, will submit a general report on the case on
Friday, August 20, 2004. The general report provides the court
with an audit of the Company's accounting and business records.

Court No. 2 of Buenos Aires' Civil and Commercial Tribunal
handles this case with assistance from Clerk No. 4.

CONTACT: Surya S.A.
         Pumacahua 1415
         Buenos Aires

         Mr. Mario Norberto Aragon, Trustee
         A Alsina 1535
         Buenos Aires


TELECOM ARGENTINA: S&P Maintains `raD' Rating on Bond Issues
------------------------------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal Argentina
affirmed the `raD' ratings previously assigned to a number of
corporate bonds issued by Telecom Argentina S.A. (ex Telecom
Argentina STET - France Telecom S.A).

The affected bonds, according to information from the official
Web site of the country's securities regulator, Comision
Nacional de Valores (CNV), include:

- US$1.5 billion worth of `Program' bonds described as "Programa
Global de Obligaciones Negociables (D)." This particular issue
will mature September 16, 2004;

- EUR250 million worth of `Series and/or Class' bonds described
as "Serie 1 bajo el Programa Global de ONS (D) vencimiento en
septiembre 2004." Maturity of the bonds was not disclosed;

- EUR190 million worth of `Series and/or Class' bonds described
as "Serie 2 bajo el Programa Global de ONS (D) vencimiento en
septiembre 2004." Maturity of the bonds was not disclosed;

- US$128 million worth of `Series and/or Class' bonds described
as "Serie C bajo el Programa Global de ONS vencido en agosto de
1999." Maturity of the bonds was not disclosed;

- US$100 million worth of `Series and/or Class' bonds described
as "Serie E bajo el Programa Global de ONS vencido en agosto de
1999." Maturity of the bonds was not disclosed;

- ITL40 billion worth of `Series and/or Class' bonds described
as "Serie F bajo el Programa Global de ONS vencido en agosto de
1999." Maturity of the bonds was not disclosed;

- ITL40 billion worth of `Series and/or Class' bonds described
as "Serie H bajo el Programa Global de ONS vencido en agosto de
1999." Maturity of the bonds was not disclosed; and

- EUR250 million worth of `Series and/or Class' bonds described
as "Serie K bajo el Programa Global de ONS vencido en agosto de
1999." Maturity of the bonds was not disclosed.

The action by S&P was based on Telecom Argentina's financial
health as of June 30, 2004. The ratings agency said that a `raD'
rating is assigned to financial obligations that are currently
in default or whose obligor has filed for bankruptcy protection.

The rating may also be issued when interest or principal
payments are not made on the date due, even if the applicable
grace period has not expired, unless S&P has reason to believe
that payments will be made during such grace period.

CONTACT:  TELECOM ARGENTINA S.A.
          Alicia Moreau de Justo 50, 10th Floor
          Capital Federal (1107) Republica Argentina
          Phone: +54 11 4968 4000
          Home Page: http://www.telecom.com.ar

          Contacts:

          Alberto J. Ricciardi, Chief Financial Officer
          Elvira Lazzati, Finance Director
          Pedro Insussarry, Investor Relations Manager
          Phone: (5411) 4968-3626/3627
          Fax: (5411) 4313-5842/3109
          E-mail: inversores@intersrv.telecom.com.ar


TELECOM PERSONAL: Creditor Approval Sufficient for APE
------------------------------------------------------
Telecom Personal, the mobile subsidiary of Argentine carrier
Telecom Argentina, revealed that its US$599 million out-of-court
debt restructuring offer, which expired Friday, obtained more
than the required approval rate.

But according to Dow Jones, the unit didn't reveal the
percentage of creditors that had agreed to the debt offer.

Under Argentine bankruptcy law for this kind of out-of-court
debt restructuring (APE), a company needs two-thirds approval
from creditors to allow it to submit its proposal for legal
clearance, which then makes the repayment terms binding on all
creditors.

Telecom Personal's proposal gives three alternatives. The first
is a cash payment and new bonds maturing in 2008, 2014 and 2017,
with no nominal haircut. The second is a cash payment and a 2009
bond with a nominal haircut of about 13%. The third alternative
is a cash payment between 65% and 75% and determined through a
Dutch auction.

Telecom Personal said it will continue accepting documentation
until Friday, Aug. 20.


TRANSPORTES AUTOMOTORES: Presents Restructuring Plea
----------------------------------------------------
Transportes Automotores Rio S.A. (TAR S.A.), a company operating
in Buenos Aires, requested for reorganization after failing to
pay its liabilities, 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 Court No. 25 of the city's Civil and
Commercial Tribunal. Clerk No. 50 assists the court on this
case.

CONTACT: Transportes Automotores Rio S.A. (TAR S.A.)
         Mitre 161
         Buenos Aires



===============
B A R B A D O S
===============

C&W: To Offer New Mobile Service in the Caribbean
-------------------------------------------------
The UK's Cable & Wireless (NYSE: CWP) will launch a new mobile
service in the Caribbean that would allow its customers in the
region to send pictures between cell phones and personal digital
assistants, reports Business News Americas.

According to C&W Caribbean Mobile CEO Stephen Brewer, Barbados
and Jamaica will be used as hubs for the service, called picture
messaging service.

The launch of such service is part of the Company's efforts to
stall competition.



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

FOSTER WHEELER: Updates Data on Exchange Offer
----------------------------------------------
Foster Wheeler Ltd. (OTCBB: FWLRF) announced Tuesday that it has
updated the financial data in its registration statement for its
equity-for-debt exchange offer to include the company's newly
released financial information for the second quarter of 2004,
and related disclosure, contained in its Quarterly Report on
Form 10-Q filed with the Securities and Exchange Commission on
August 9, 2004. The Commission declared effective the updated
registration statement on August 16, 2004. The company is in the
process of distributing the updated offering materials related
to the exchange offer, containing the new financial information
and disclosure.

There has been no change to the terms of the exchange offer as
previously announced, and as set forth in the prospectuses dated
August 2, 2004, and the expiration date of the exchange offer
remains August 30, 2004. Holders who have already tendered their
securities in the exchange offer do not need to take any further
action in order to participate.

"We want to emphasize the absolute importance of achieving the
debt reduction that results from meeting or exceeding the
minimum participation levels," said Raymond J. Milchovich,
chairman, president and chief executive officer. "As a reminder,
the minimum participation levels for the exchange offer are as
follows: 90% for the Senior Notes, the 2009 Series C and Series
D Robbins Bonds, and the Convertible Subordinated Notes; 20% for
the 2024 Robbins Series C Bonds; and 75% for the 9.00% Preferred
Securities, a significant portion of which we believe is held by
retail investors."

As previously announced, Foster Wheeler will pay a soliciting
brokers' fee to registered broker/dealers for soliciting
qualifying tenders of trust preferred securities pursuant to
this exchange offer. This fee will be equal to 50 cents per
9.00% Preferred Security (liquidation amount $25) which the
registered broker/dealers tender on behalf of their customers
and which Foster Wheeler accepts for exchange, subject to
certain limitations.

A copy of the prospectus relating to these securities and other
related documents may be obtained from the information agent.
The information agent for this exchange offer and consent
solicitation is Georgeson Shareholder Communications Inc., 17
State Street, 10th Floor, New York, New York 10014. Georgeson's
telephone number for bankers and brokers is 212-440-9800 and for
all other security holders is 800-891-3214.

Individuals holding their securities through brokers are urged
to contact their brokers to receive a copy of the prospectus and
to tender their securities.

The dealer manager for the exchange offer and consent
solicitation is Rothschild Inc., 1251 Avenue of the Americas,
51st floor, New York, New York 10020. Contact Rothschild at 212-
403-3784 with any questions on the exchange offer.

Investors and security holders are urged to read the following
documents filed with the SEC, as amended from time to time,
relating to the proposed exchange offer because they contain
important information: (1) the registration statement on Form S-
4 (File No. 333-107054) and

(2) the Schedule TO (File No. 005-79124).

These and any other documents relating to the proposed exchange
offer, when they are filed with the SEC, may be obtained free at
the SEC's Web site at www.sec.gov, or from the information agent
as noted above.

The foregoing reference to the exchange offer and any other
related transactions shall not constitute an offer to buy or
exchange securities or constitute the solicitation of an offer
to sell or exchange any securities in Foster Wheeler Ltd. or any
of its subsidiaries.

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, oil and gas, 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
               or
         Investors:
         Mr. John Doyle
         908-730-4270
               or
         Other Inquiries:
         908-730-4000

         Web Site: www.fwc.com


GLOBAL CROSSING: Forms VoIP Advisory Board
------------------------------------------
Global Crossing (NASDAQ: GLBCE) announced Tuesday the formation
of its Voice over Internet Protocol (VoIP) Customer Advisory
Board, designed to help shape the direction of Global Crossing's
comprehensive VoIP offering. The interactive group, composed of
senior-level executives from a wide range of customers, meets on
a quarterly basis.

"Staying close to customers is a key part of our success, and
it's especially important with a fast-moving, game-changing
offering like VoIP," said Anthony Christie, Global Crossing's
chief marketing officer. "We're a customer- and market-driven
company, and the Customer Advisory Board allows us to hear
first-hand what our customers' needs and ambitions are, enabling
us to better serve them."

Customer Advisory Board members have the opportunity to
interact, exchange information, and offer feedback on the
adoption of VoIP as part of the movement toward converged
communications. The panel explores a wide range of issues,
including regulation, total cost of ownership, and market
drivers.

Global Crossing deployed its private, global backbone four years
ago, and has firmly established its leadership role in the VoIP
arena. The company recently announced the decommissioning of its
first legacy switch in its network core, one of the first
providers to do so. Global Crossing is also active in the
regulatory environment, and has filed its REFORM agenda on the
proper regulation of IP telephony with the Federal
Communications Commission.

Global Crossing's fully interoperable suite of TDM and VoIP
solutions offers both wholesale and enterprise customers a
migration path toward a fully converged IP environment on their
own timetable without unnecessary capital expenditures. Global
Crossing carries more than two billion minutes of packetized
voice traffic per month, amounting to 40 percent of its total
voice traffic and its VoIP backbone operates at greater than
99.999 percent availability, the industry's highest standard.

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. Catherine Berthier
          +1 646-862-8514
          PR@globalcrossing.com

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

          Web Site: www.globalcrossing.com



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

CFLCL: Losses Decline to BRL11.9M in 1H04
-----------------------------------------
Minas Gerais-based power company CFLCL lowered losses in the
first half of 2004 to BRL11.9 million from last year's BRL24.7
million loss, says Business News Americas.

The 14-21 percent tariff increase implemented at the Company's
five distributors helped Gross Operating Revenue to reach BRL777
million in the six months ended June 30 from 592 million year on
year.

However, overall sales volume shrank 2.7 percent compared to
1H03's figure. Financial expenses also showed a moderate hike,
from BRL98 million in the first half of 2003 to BRL100 million
in 1H04.

Meanwhile, CFLC is facing BRL437 million worth of debts that
will mature in the next 12 months. The Company's debt totaled
BRL1.2 billion as of June 30, 2004.


FERRONORTE: Fitch Maintains CCC(bra) Rating on Notes
----------------------------------------------------
Fitch Atlantic Ratings reaffirmed its CCC(bra) national long
term rating on Brazilian rail operator Ferronorte's fifth
promissory notes issue worth BRL180 million (US$60mn).

Citing a Fitch statement, Business News Americas reports that
the rating, which has a stable outlook, reflects the swelling
debt of Ferronorte's controller, Brasil Ferrovias, which
prevents the group from wholly meeting its commitments.

Earlier, the credit ratings agency had suggested that Brasil
Ferrovias must constantly renegotiate.

Ferronorte was awarded a 90-year concession in 1989 to build and
operate 5,000km of rail cargo network to connect Cuiaba (Mato
Grosso), Uberlandia, Uberaba (Minas Gerais), Aparecida do
Taboado (Mato Grosso do Sul), Porto Velho (Rondonia) and
Santarem (Para).


NET SERVICOS: Concludes Shares Exchange
---------------------------------------
Net Servicos de Comunicacao S.A. (Nasdaq: NETC) (Bovespa:
PLIM4)(Bovespa: PLIM3) and (Latibex: XNET) the largest Pay-TV
multi-service operator in Latin America, an important provider
of bi-directional broadband Internet access (Virtua) and
multimedia and data communication services for corporate
networks a publicly held company, hereby reports, complementing
Relevant Notice released July 8, 2004, that on August 16, 2004
as registered at Net's custodian book, the exchange of
130,511,010 (one hundred and thirty million, five hundred and
eleven thousand and ten) preferred shares issued by Net and held
by Globo Comunicacoes and Participacoes S.A. ("Globopar"),
Distel Holding S.A. ("Distel") and Roma Participacoes Ltda.
("Roma") (Globopar, Distel and Roma, jointly referred to as,
"Globopar"), representing 6.4% of Net's total capital, for
130,511,010 (one hundred and thirty million, five hundred and
eleven thousand and ten) common shares issued by Net and held by
Bradesplan Participacoes S.A. ("Bradesplan"), representing 6.4%
of Net's total capital.

As a result of the conclusion of this transaction the rights of
Bradesplan and Bradespar, respectively as a party and an
intervening party to the Net Shareholders' Agreement currently
in force, are terminated.

CONTACT: Net Servicos de Comunicacao SA
         R. Verbo Divino, 1356 First Floor
         Sao Paulo - SP,
         Phone: (212) 688-6840
         Fax: (212) 437-5749

         Web Site: www.nettv.globo.com



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

ENAMI: Finalizes Ventanas Purchase
----------------------------------
Codelco, Chile's state copper corporation, moves to acquire the
Ventanas smelter-refinery from Enami for US$390-395 million,
reports Business News Americas.

Chile's senate approved the purchase in early August following a
US$20 million raise in Ventana's asking price. The adjustment is
intended to improve Enami's finances after the switch and take
into account future flows from the refinery until December 2004.

The purchase transfers Ventanas' land and installations as well
as associated assets like lab equipment, vehicles, patents and
rights to Codelco.

After the sale, Enami's debt will be reduced to around US&27
million from the present US$400 million mark.


MADECO: Selects New External Auditor
------------------------------------
Madeco S.A. ("Madeco") (NYSE ticker: MAD) announced that at the
Company's shareholders' meeting held on April 27, 2004, the
change of the External Auditors was approved. As of June 2004,
the Company's new external auditors are Ernst & Young Servicios
Profesionales de Auditoria y Asesor°a Limitada, a company member
of Ernest & Young Limitada.

Madeco, formerly Manufacturas de Cobre MADECO S.A., was
incorporated in 1944 as an open stock corporation under the laws
of the Republic of Chile and currently has operations in Chile,
Brazil, Peru and Argentina.

Madeco is a leading Latin American manufacturer of finished and
semi-finished non-ferrous products based on copper, copper
alloys and aluminum. Madeco is also a leading manufacturer of
flexible packaging products for use in the packaging of mass
consumer products such as food, snacks and cosmetics.

CONTACT: Ms. Marisol Fernandez
         Investor Relations
         Madeco S.A.
         Voice: (56 2) 520-1380
         Fax: (56 2) 520-1545
         E-mail: mfl@madeco.cl
         Web Site: www.madeco.cl



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

AVIANCA: Seeks to Delay Hearing on Restructuring Plan
-----------------------------------------------------
The management of Aerovias Nacionales de Colombia S.A. (Avianca)
asked Judge Allan L. Gropper, who oversees the airline's
bankruptcy proceedings, to delay a hearing on a restructuring
plan from Aug. 18 until Aug. 24.

Avianca submitted a debt-restructuring plan under Chapter 11 of
the US Bankruptcy Law in July. The plan is based on Brazil's
Grupo Sinergy's offer to inject US$64 million of capital into
Avianca and assume nearly US$300 million in debt in return for a
75% stake in the airline.

The airline, owned by the National Federation of Coffee Growers
and local conglomerate Valores Bavaria, said it plans to ask the
court next week to extend the disclosure period by 60 days to
collect creditors' votes to validate the bankruptcy
reorganization plan.

Avianca, one of the world's oldest airlines, operates 290
national and international flights a day. It has fallen on hard
times due to lagging demand and heightened fuel costs.

However, in the first half of the year, The airline reported a
consolidated profit of US$6.9 million in the first half of the
year, compared with a loss of US$23 million a year earlier.



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

EDENOR/EDESUR: New President Calling for Management Bids
--------------------------------------------------------
Dominican Republic's new leader, President Leonel Fernandez,
announced Monday that the government will call for international
bids for a concession to manage state-owned power distributors
Edenorte and Edesur, relates Business News Americas.

Spain's Union Fenosa bought Edesur and Edenorte from the
Dominican Republic in 1999. Last year, the Spanish company
handed back the two distributors following heavy losses incurred
by the structure of the power sector and a succession of
exogenous shocks such as a banking crisis, exchange rate
collapse and the knock-on effect of high oil prices on power
tariffs.

Just recently, Dominican Republic electricity regulator, Mr.
George Reinoso, said that the financial problems of the two
utilities are so severe, making them unfit for re-privatization.
The best alternative for President Fernandez would be to have a
private operator provide the distributors with capital and
manage them according to government-set objectives.



=============
J A M A I C A
=============

AIR JAMAICA: Finances Continue to Deteriorate on High Fuel Costs
----------------------------------------------------------------
Air Jamaica said that the record high oil prices exacerbated its
financial problems, the Jamaica Observer relates.

The airline, which has accumulated billions of dollars in
deficit following years of losses, revealed in a press statement
that the price of jet fuel - a major component in its operating
cost - had skyrocketed by 44% over the past several months, from
US$0.95 in November to US$1.37 a gallon.

Air Jamaica said it was putting conservation measures in place
to minimize the impact of the rise in its fuel bill. Among the
measures are:

- training pilots with in-flight procedures to save on fuel;

- utilizing ground electricity to run the plane's air
conditioning while passengers on-board, instead of using jet
engines (and hence fuel) to cool the planes; and

- refueling at cheap fuel jurisdictions.

But the airline said the measures "are not enough to cushion the
airline from the crippling effects of the fuel price increases."


KAISER ALUMINUM: Revises Timeline for Chapter 11 Emergence
----------------------------------------------------------
Mr. Jack A. Hockema, President and Chief Executive Officer for
Kaiser Aluminum Corporation, issued the following statement
(dated August 16, 2004) concerning the Company's restructuring:

In conjunction with today's filing of Kaiser's second-quarter
10-Q and the corresponding news release on our financial
results, we announced that it is unlikely we will emerge from
Chapter 11 until sometime in the first half of 2005.

The revised timeline is due to the complexity of our case
combined with the fact that our commodity asset sale process has
taken longer than previously anticipated.

I want to emphasize that we do not expect the revised timeline
to affect plant operations or our unwavering commitment to meet
the needs of our customers.

If you have any questions about our revised timeline or any
other aspect of our Chapter 11 case, please let us know - by way
of your Kaiser Aluminum contact person (in the case of customers
or other external constituents) or your supervisor (in the case
of employees).  We will do our best to respond promptly.

CONTACT: Kaiser Aluminum Corp.
         5847 San Felipe
         Suite 2500
         P.O. Box 572887
         Houston
         TX 77257-2887
         USA
         Phone: 713-267-3777

         Web Site: www.kaiseral.com



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

ALESTRA: Selects MetaSolv for Activation of Voice, Data Services
----------------------------------------------------------------
MetaSolv Software, Inc., a global leader in comprehensive
service fulfillment and communications management solutions,
announced Tuesday that Alestra, a leading Mexican service
provider, has selected MetaSolv's service activation solution as
its convergent platform for delivering voice and data services
throughout Mexico.

Alestra provides an array of voice, data, IP and broadband
services to residential and business customers in Mexico,
serving both local and long distance markets. Alestra's state of
the art telecommunications network interconnects the major
markets of Mexico City, Monterrey, and Guadalajara, as well as
three other cities in Mexico and four cities in the United
States. Alestra's long distance network is one of the most
advanced worldwide, offering transparent access to AT&T's global
network.

"The proven track record of MetaSolv's activation solution, its
flexibility, scalability, and ability to become Alestra's
convergent activation platform for our entire services portfolio
made it the logical choice over the competition," said Rogelio
Ancira, IT Director for Alestra. "In addition, three key factors
influencing our decision include MetaSolv's demonstrated
solution delivery expertise, ongoing commitment to product
innovation, and extensive support for numerous hardware vendors'
elements."

MetaSolv's service activation solution enables Alestra to
automate the delivery of numerous voice and data services over
multiple vendors' network equipment. MetaSolv's solution
provides flow-through activation of services, dramatically
decreasing customer response time and increasing customer
satisfaction, while at the same time reducing operating costs.

Alestra selected MetaSolv's activation solution to replace its
current system after intensive competitive evaluations and
comparisons with numerous vendors. Key considerations included
identifying a commercially proven, scaleable product that is
compatible with Alestra's architectural and service direction,
and provides fast return on investment.

MetaSolv's multi-vendor, multi-service activation capabilities
have been deployed by more than 65 operators in over 25
countries for an array of services including Voice, VoIP, DSL,
ATM, Frame Relay, Optical and IP. MetaSolv's solutions are
market-proven and deployed for high volume performance and
scalability. MetaSolv currently provisions numerous services
over multiple network technologies for approximately 200 million
subscribers globally.

"Alestra's selection of MetaSolv further validates our position
as a global leader in service activation and underscores our
long standing commitment to the Caribbean and Latin American
region," said David Sharpley, senior vice president of marketing
and product management at MetaSolv. "MetaSolv's powerful and
proven multi-service activation capabilities help leading
service providers such as Alestra automate and improve time to
service activation, achieve cost-savings, and enable faster
return on investment."

About MetaSolv

MetaSolv, Inc. (Nasdaq: MSLV) is a global leader in
comprehensive service fulfillment software solutions for
communications service providers. MetaSolv's multi-service order
management, inventory management, and service activation
capabilities automate the order-to-activate provisioning process
for traditional and next-generation IP-based wireline and mobile
service providers. More than 180 global service providers --
including Brasil Telecom, Bell Canada, BT, Cable & Wireless,
Nextel, O2, T-Mobile, Vodafone, and others -- use MetaSolv's
solutions to achieve increased revenues, reduced costs, and
enhanced customer service. MetaSolv is a global company,
headquartered in Plano, Texas.

MetaSolv is a registered trademark. The MetaSolv logo and
MetaSolv Solution are trademarks of MetaSolv Software, Inc. All
other trademarks are property of their respective owners.

     Media Relations:
     David Sharpley
     SVP Marketing
     MetaSolv Software, Inc.
     (613) 287-8200
     dsharpley@metasolv.com


GRUPO MEXICO: Asarco Still in Talks With Union
----------------------------------------------
Grupo Mexico's Phoenix, Arizona-based mining unit Asarco is
struggling to reach a contract agreement with its more than 800
unionized workers.

The current contract expired July 1, but the union agreed to
delay negotiations until this week to allow time for new
proposals to be brought to the table.

Asarco has proposed cutting wages by US$0.20 to US$5.00 per
hour, lowering pension benefits substantially and raising
employee contributions for health insurance. But the union
rejected this proposal.

The threat of a strike at Asarco would affect facilities in
Arizona and Texas, including mines at Mission, Silver Bell and
Ray, the Hayden smelter and the refinery at Amarillo.

Grupo Mexico recently settled a 17-day strike at La Caridad,
across the border from Arizona in the Mexican state of Sonora.
It also reached agreement with workers and averted strikes at
Cananea, its largest copper mine, and at its zinc refinery in
San Luis Potosi.

CONTACT:  GRUPO MEXICO S.A. DE C.V.
          Avenida Baja California 200,
          Colonia Roma Sur
          06760 Mexico, D.F., Mexico
          Phone: +52-55-5264-7775
          Fax: +52-55-5264-7769
          Home Page: http://www.gmexico.com
          Contacts:
          Germ n Larrea Mota-Velasco, Chairman and CEO
          Xavier Garca de Quevedo Topete, President and COO
          Alfredo Casar Perez, COO, Ferrocarril Mexicano
          Daniel Chavez Carren, COO, Industrial Minera Mexico
          Daniel Tellechea Salido, VP and Administration and
                                         Finance President


GRUPO MEXICO EXPORT: S&P Ups Ratings, Removes From CreditWatch
--------------------------------------------------------------
Standard & Poor's Ratings Services raised its ratings on Grupo
Mexico Export Master Trust No. 1's secured export notes series C
and D and Minera Mexico S.A. de C.V.'s guaranteed senior notes
series A and B to 'B-' from 'CCC+'. The ratings were removed
from CreditWatch, where they were placed June 23, 2004. In
addition, the 'AAA' rating on the Grupo Mexico Export Master
Trust No. 1 series E notes, insured by MBIA Insurance Corp.
('AAA' financial enhancement rating), was affirmed.

The rating actions follow the Aug. 16, 2004, upgrade to B-
/Positive/-- from CCC+/Watch Pos/-- of the long-term foreign and
local currency corporate credit of Minera Mexico, the world's
largest producer of refined silver. The upgrade of Minera
Mexico's corporate credit reflects the company's improved cash
flow and ability to significantly reduce leverage. This, in
turn, was due to higher-than-expected metal prices and the
dedication of excess cash flow to repay debt. The corporate
credit rating also reflects the company's still-aggressive debt
profile, volatile metal prices, average cost position, and lack
of product and geographic diversification.

The structured export notes securitize the proceeds of copper
and zinc export sales of Minera Mexico and its principal
operating subsidiaries. As is typical with a future flow
transaction, the proceeds of the sold export sales are captured
offshore in a segregated collection account under the control of
the trustee. All export sales are denominated and paid in U.S.
dollars.



                            ***********


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.


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