TCRLA_Public/040825.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

             Wednesday, August 25, 2004, Vol. 5, Issue 168

                            Headlines

A R G E N T I N A

BAPRO: Buenos Aires Seeks Congress' Approval to Use Public Funds
CARTEX S.A.: Asks to Restructure Debt
CLUB DE GIMNASIA: Seeks Reorganization Approval from Court
COINDEL: Verification Deadline Approaches
EDENOR: Investigates Cause of Power Cut

EL RAITAN: Court Gives Green Light to Restructuring
EUROMAYOR: Fitch Maintains Default Ratings on Bonds
G. CACERES Y CIA: Trustee to Close Claims Check
GARAVAGLIA HNOS: Gears for Reorganization
GRAFIBORD S.A.: Court Favors Creditor's Bankruptcy Petition

KITARIA S.A.: Liquidates Assets to Pay Debts
LINEAS LEON: Court Appoints Trustee for Reorganization
MARINKA S.A.: Begins Liquidation Proceedings
MASTELLONE HERMANOS: S&P Affirms `raD' Rating on Bonds
N.Y M. GARAVAGLIA: Court Grants Reorganization Plea

OVOMAX S.A.: Enters Bankruptcy on Court Orders
PC PLUS: Court Orders Liquidation
PUERTO CONCORDIA: Reorganization Concluded
SOLDATI: Agrees to Parque and Tren Split
TELEFONICA DE ARGENTINA: Strikes Concession Accord With Govt.

TEODORO J: Liquidating Assets to Pay Debts
TERMOGLASS S.R.L.: Court Declares Company Bankrupt
TIPEI S.A.: Enters Bankruptcy on Court Orders
TRANSPORTES GARCIA: Verification Deadline Set
WELMAR: Credit Validation to End Friday

* ARGENTINA: White & Case to Represent Bondholders


B E L I Z E

* BELIZE: S&P Lowers Long-Term Ratings; Outlook Negative


B E R M U D A

FOSTER WHEELER: Stresses Importance of Exchange Offer
LINES OVERSEAS: Managing Director Ordered to Appear Before Court
LORAL SPACE: Telstar 18 Completes In-Orbit Testing


B R A Z I L

BRASKEM: Develops New Technology for Polypropylene Use
ELETROPAULO METROPOLITANA: May Bid in November Power Auction


C H I L E

ENERSIS: Exchange Offer Expires September 3


C O L O M B I A

PAZ DEL RIO: To Name Company to Carry Out Rationalization Plan


J A M A I C A

KAISER ALUMINUM: Court Extends Exclusivity Agreement

     -  -  -  -  -  -  -  -

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A R G E N T I N A
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BAPRO: Buenos Aires Seeks Congress' Approval to Use Public Funds
----------------------------------------------------------------
The Argentine province of Buenos Aires is seeking approval from
congress to use future public funds to support Banco de la
Provincia de Buenos Aires (Bapro), the country's second-largest
bank in terms of assets.

Dow Jones Newswires reports that a bill, which would establish a
12-year flow of periodic disbursements to Bapro from the
provincial government, the bank's sole shareholder, was sent to
the Province of Buenos Aires Senate last week.

The "Fund to Sustain the Value of Guaranteed Bonds" is intended
as a backup to the bank's ARS8 billion ($1=ARS3.0075) portfolio
of "guaranteed loans," a category of federal government debt
bought by numerous banks in a debt swap that formed part of pre-
default sovereign restructuring in December 2001.

Without these funds, Bapro would find it hard to comply with an
Argentine Central Bank regulation requiring banks to gradually
write down the value of their government debt holdings over
time.

According to an earlier report in El Cronista newspaper, a total
amount of ARS1.5 billion will be disbursed over 12 years.

Bapro is one of two public banks cited by the International
Monetary Fund as needing restructuring after the crisis. The
other is the Banco de la Nacion, Argentina's largest bank, which
is owned by the federal government.


CARTEX S.A.: Asks to Restructure Debt
-------------------------------------
Cartex S.A., a sports token manufacturer in Buenos Aires,
requested for reorganization after failing to pay its
liabilities since May 31, 2004.

The reorganization petition, once approved by the court, will
allow the company to negotiate a settlement with its creditors
in order to avoid a straight liquidation.

The case is pending before Judge Gutierrez Cabello of Buenos
Aries' Civil and Commercial Tribunal Court No. 7. Dr.
Giardinieri, Clerk of Court No. 14, assists on this case.

CONTACT: Cartex S.A.
         Marcos Sastre 4994
         Buenos Aires


CLUB DE GIMNASIA: Seeks Reorganization Approval from Court
----------------------------------------------------------
Judge Vasallo of Buenos Aires' Civil and Commercial Tribunal
Court No. 5 is currently reviewing the merits of the
reorganization petition filed by Club de Gimnasia y Esgrima.
Argentine daily La Nacion reports that the company filed the
request after defaulting on its debt payments since June 30 this
year.

The reorganization petition, if granted by the court, will allow
the sports company to negotiate a settlement with its creditors
in order to avoid a straight liquidation. Dr. Djivaris, Clerk
No. 10 assists the court on this case.

CONTACT: Club de Gimnasia y Esgrima
         Bartolome Mitre 1142
         Buenos Aires


COINDEL: Verification Deadline Approaches
-----------------------------------------
Creditors of bankrupt Coindel S.A.I.C.F.I. y A.G. have until
Friday, August 27, 2004, to submit proofs of their claims for
verifications. All pertinent documents should be submitted to
accounting firm "Estudio Soto, Torresin". Failure to comply with
the verification deadline will mean disqualification from the
payments to be made once the Company's assets are liquidated.

CONTACT: Coindel S.A.I.C.F.I. y A.G.
         Talcahuano 439
         Buenos Aires

         Estudio Soto, Torresin, Trustee
         French 2394
         Buenos Aires


EDENOR: Investigates Cause of Power Cut
---------------------------------------
Argentine power distributor Edenor SA is now investigating the
cause of a fire in one of its transformers that led to a power
cut for about half an hour on Monday morning, reports Business
News Americas.

Edenor spokesperson Alberto Lippi related the incident affected
service in 12 of Edenor's substations and affected 455,000 of
the company's clients for a period of 15-34 minutes. Some
clients of fellow distributor Edesur were also affected due to a
"knock-on" effect, Lippi added.

"We have started to carry out the necessary studies to determine
the causes of the incident," Lippi said, adding: "The first
priority was to re-establish service as soon as possible."

Last week, members of Argentina's electricity workers union
threw rocks and Molotov cocktails at Edenor's administrative
headquarters, breaking windows on three floors and destroying
the ground-level customer service center.

Power distributor representatives and union leaders are in talks
over new contracts and have asked the Labor Ministry to help
mediate the process.


EL RAITAN: Court Gives Green Light to Restructuring
---------------------------------------------------
Judge Ojea Quintana, serving at Court No. 12 of Buenos Aires'
Civil and Commercial Tribunal, approved the "Concurso
Preventivo" petition filed by El Raitan S.R.L., reports local
news source La Nacion.

The Company will undergo a reorganization process, with Ms.
Susana Santarsola as trustee. She will verify creditors' proofs
of claim until September 27, 2004. Verifications are done to
ascertain the nature and amount of the Company's debts. The
receiver will also prepare the individual and general reports on
the case.

During the Informative Assembly on June 15 next year, the
company will present a completed settlement plan for the
approval of its creditors.

Clerk No. 23, Dr. Perez, assists the court on the case.

CONTACT: El Raitan S.R.L.
         Avenida La Plata 293
         Buenos Aires

         Ms. Susana Santarsola, Trustee
         Marcelo Torcuato de Alvear 1364, piso 3ø "C"
         Buenos Aires


EUROMAYOR: Fitch Maintains Default Ratings on Bonds
---------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. maintained the
`D(arg)' rating assigned to a total of US$10 million of
corporate bonds issued by Argentine company Euromayor S.A. de
Inversiones. The Company's finances as of April 30, 2004 were
used as basis for the issued rating.

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

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

In addition, Fitch maintained the `CCC(arg)' rating assigned to
the following corporate bonds from Euromayor based on the
Company's financial standing as of April 30, 2004:

- ARP4.4 million of bonds called "Serie II Clase pesos"
- US$3 million of "Serie II Clase dolares",

The rating also applied to:

- US$3 million of "Serie I Clase dolares"
- ARS6.8 million of "Serie I Clase pesos"

The `CCC(arg)' rating denotes that the obligations have
extremely weak credit risk relative to other issues in
Argentina. Fitch said that the Company's capacity to meet its
financial obligations ion this debt is solely reliant on
favorable business and economic conditions.


G. CACERES Y CIA: Trustee to Close Claims Check
-----------------------------------------------
Mr. Gustavo Vignale, trustee for the G. Caceres y Cia S.R.L.
bankruptcy case, will examine and authenticate creditors' claims
until Friday, August 27, 2004. This is done to determine the
nature and amount of the Company's debts.

Creditors must have their claims authenticated by the trustee by
the said date in order to qualify for the payments that will be
made after the Company's assets are liquidated.

CONTACT: G. Caceres y Cia S.R.L.
         Avenida Forest 5160
         Buenos Aires

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


GARAVAGLIA HNOS: Gears for Reorganization
-----------------------------------------
Court No. 17 of La Plata's Civil and Commercial Tribunal issued
a resolution opening the reorganization of Garavaglia Hnos S.H.,
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. German Daniel Mancebo will serve as trustee during the
course of the reorganization. He will be validating creditors'
proofs of claims until October 4, 2004. The results of the
verification will be presented in court as individual reports on
November 16, 2004.

The trustee is also required to give the court a general report
of the case on December 30, 2004. The general report summarizes
events relevant to the reorganization and provides an audit of
the Company's accounting and business records.

Garavaglia Hnos will present the completed settlement proposal
to its creditors during the informative assembly scheduled on
June 15, 2005.

CONTACT: Garavaglia Hnos S.H.
         Del Carmen 1001
         Ca¤uelas

         Mr. German Daniel Mancebo, Trustee
         Calle 35 Nro. 824
         La Plata


GRAFIBORD S.A.: Court Favors Creditor's Bankruptcy Petition
-----------------------------------------------------------
Cooperativa Concred Ltda successfully sought the bankruptcy of
Grafibord S.A. after Judge Ottolenghi of Buenos Aires' Court No.
4 declared the Company "Quiebra," reports La Nacion. The
creditor sought for the Company's bankruptcy after the latter
failed to pay debts amounting to US$5,150.

As such, the graphics company will now start the bankruptcy
process with Mr. Omar Lares as trustee. Creditors of the Company
must submit their proofs of claim to the trustee before October
6, 2004 for authentication. Failure to do so will mean a
disqualification from the payments that will be made after the
Company's assets are liquidated.

Dr. Juarez, Clerk No. 7, assists the court on the case, which
will culminate in the liquidation of all of its assets.

CONTACT: Grafibord S.A.
         Avenida Santa Fe 1385, Piso 2
         Buenos Aires

         Mr. Omar Lares. Trustee
         Viamonte 749, Piso 7 "C"
         Buenos Aires


KITARIA S.A.: Liquidates Assets to Pay Debts
--------------------------------------------
Kitaria S.A. will begin liquidating its assets following the
bankruptcy order issued by Court No. 4 of Buenos Aires' Civil
and Commercial Tribunal, says Infobae.

The bankruptcy ruling places the company under the supervision
of court-appointed trustee, Ms. Silvia Amanda Ferrandina. The
trustee will verify creditors' proofs of claims until September
13, 2004.

Clerk No. 7 assists the court on this case.

CONTACT: Ms. Silvia Amanda Ferrandina, Trustee
         Asuncion 4642
         Buenos Aires


LINEAS LEON: Court Appoints Trustee for Reorganization
------------------------------------------------------
Lineas Leon S.A., a company operating in Buenos Aires, is ready
to start its reorganization after Court No. 15 of the city's
Civil and Commercial Tribunal appointed Ms. Eva Malvina Gorsd to
supervise the proceedings as trustee. Clerk No. 29 assists the
court on this case.

An Infobae report states that the trustee will verify creditors
claims until October 5, 2004. Afterwards, Ms. Gorsd will present
these claims as individual reports for final review by the court
on November 17, 2004. She will also provide the court with a
general report pertaining to the Company's reorganization on
December 30, 2004.

The court has scheduled the informative assembly on April 7 next
year.

CONTACT: Lineas Leon S.A.
         Avda Corrientes 2565
         Buenos Aires

         Ms. Eva Malvina Gorsd, Trustee
         Paraguay 1225
         Buenos Aires


MARINKA S.A.: Begins Liquidation Proceedings
--------------------------------------------
Marinka S.A., a company operating in Buenos Aires, will begin
liquidating its assets after Court No. 14 of the city's Civil
and Commercial Tribunal declared the company bankrupt. Infobae
reveals that the bankruptcy process will commence under the
supervision of court-appointed trustee, Ms. Susana Graciela
Marino.

The trustee will review claims forwarded by the company's
creditors until October 21, 2004. After claims verification, the
trustee will submit the individual reports for court approval on
December 2, 2004. The submission of the general report will
follow on February 16 next year.

Clerk No. 27 assists the court on this case.

CONTACT: Ms. Susana Graciela Marino, Trustee
         Uruguay 560
         Buenos Aires


MASTELLONE HERMANOS: S&P Affirms `raD' Rating on Bonds
------------------------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal Argentina
maintained the `raD' rating given to US$150 million worth of
corporate bonds issued by Mastellone Hermanos S.A., the CNV
reveals in its Web site.

The bonds were classified as `Program' and described as
"Programa de Obligaciones Negociables autorizado por AGE de
fechas 11 y 23.6.99."

Also, S&P assigned an `raD' rating to another US$225 million
worth of bonds from the Company. The affected bonds are
described as "Obligaciones Negociables, autorizadas por AGE de
fecha 28.8.97." with final maturity on April 1, 2004.

S&P gives the `raD' rating to financial obligations that are
currently in default. The ratings agency said that the same
rating may be issued if interest or principal payments are not
made on the due even if the applicable grace period has not
expired.

The ratings given were based on the Company's finances as of
June 30, 2004.


N. Y M. GARAVAGLIA: Court Grants Reorganization Plea
----------------------------------------------------
N. y M. Garavaglia Hnos S.R.L. successfully petitioned for
reorganization after Court No. 17 of La Plata's Civil and
Commercial Tribunal issued a resolution opening the company's
insolvency proceedings.

During insolvency, the company will continue to manage its
assets subject to certain conditions imposed by Argentine law
and the oversight of a court-appointed trustee.

Infobae relates that Mr. German Daniel Mancebo will serve as
trustee during the course of the reorganization. He will be
accepting creditors' proofs of claims for verification until
October 4, 2004.

After the verification deadline, the trustee will prepare the
individual reports and submit it in court on November 16, 2004.
The firm will also present a general report for court review on
December 30, 2004.

The company will endorse the settlement proposal, drafted from
the submitted claims, for approval by the creditors during the
informative assembly scheduled on June 15 next year.

CONTACT: Mr. German Daniel Mancebo, Trustee
         Calle 35 Nro. 824
         La Plata


OVOMAX S.A.: Enters Bankruptcy on Court Orders
----------------------------------------------
Court No. 4 of Buenos Aires' Civil and Commercial Tribunal
declared local company Ovomax S.A. bankrupt due to a default in
debt payments. The bankruptcy order effectively places the
company's assets under the control of court-appointed trustee,
Mr. Mario Leizerow.

As trustee, Mr. Leizerow is tasked with verifying the
authenticity of claims presented by the company's creditors. The
verification phase is ongoing until September 13, 2004.

Infobae reports that Clerk No. 7 assists the court on this case,
which will end with the disposal of the company's assets in
favor of its creditors.

CONTACT: Mr. Mario Leizerow, Trustee
         Avda Corrientes 1250
         Buenos Aires


PC PLUS: Court Orders Liquidation
---------------------------------
Court No. 3 of Buenos Aires' Civil and Commercial Tribunal
ordered the liquidation of PC Plus S.R.L. 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. Carlos Ireneo
Lastoria, the court-appointed trustee.

Mr. Lastoria will verify creditors' proofs of claims until
September 10, 2004. The verified claims will serve as basis for
the individual reports to be submitted in court on October 25,
2004. The submission of the general report follows on December
6, 2004.

Clerk No. 5 assists the court on this case, which will end with
the disposal of the company's assets in favor of its creditors.

CONTACT: Mr. Carlos Ireneo Lastoria, Trustee
         Viamonte 1785
         Buenos Aires


PUERTO CONCORDIA: Reorganization Concluded
-------------------------------------------
The settlement plan proposed by Puerto Concordia S.A. for its
creditors acquired the number of votes necessary for
confirmation. As such, the plan has been endorsed by the court
and will now be implemented by the company.

CONTACT: Puerto Concordia S.A.
         Buenos Aires


SOLDATI: Agrees to Parque and Tren Split
----------------------------------------
Soldati and its creditors have agreed to separate the group's
entertainment park concern, Parque de la Costa from Tren de la
Costa, the railway operator.

El Cronista reports that upon approval by Argentina's legal
authorities, the restructuring deal will see Soldati
surrendering its 67% stake in Parque de la Costa to creditors
HSBC and Dresdner Bank. The two creditors will take over the
control of Parque through a trust fund.

However, Soldati will retain 98 percent ownership of Nuevo Tren
de la Costa, the sub-holding company created for Tren de la
Costa, after the split.


TELEFONICA DE ARGENTINA: Strikes Concession Accord With Govt.
-------------------------------------------------------------
Argentine fixed-telephony operator Telefonica de Argentina SA
has renegotiated its concession contract with the government,
says Europe Intelligence Wire.

Under the deal, Telefonica will withdraw its complaint to the
ICSID, the World Bank's organization dedicated to settling
investment disputes, over the telephone tariff freeze that has
been operational in Argentina since January 2002.

Telefonica de Argentina reported a US$31 million net loss for
the six-month period ended June 30, 2004.

CONTACT:  TELEFONICA DE ARGENTINA
          Tucuman 1, 18th Floor, 1049
          Buenos Aires, Argentina
          Phone: (212) 688-6840
          Home Page: http://www.telefonica.com.ar


TEODORO J: Liquidating Assets to Pay Debts
------------------------------------------
Buenos Aires-based Teodoro J Szczipny S.A. will begin
liquidation proceedings after Court No. 4 of the city's Civil
and Commercial Tribunal pronounced the Company bankrupt.

Infobae reports that the ruling places the Company under the
supervision of court-appointed trustee, Ms. Mariana A Nadales.
The trustee will verify creditors' proofs of claims until
September 17, 2004.

Clerk No. 7 assists the court on this case, which will end with
the disposal company assets in order to repay its debt
obligations.

CONTACT: Ms. Mariana A Nadales, Trustee
         Hipolito Yrigoyen 1349
         Buenos Aires


TERMOGLASS S.R.L.: Court Declares Company Bankrupt
--------------------------------------------------
Judge Villanueva of Buenos Aires' Civil and Commercial Tribunal
Court No. 23 declared local company Termoglass S.A. "Quiebra",
relates La Nacion. The order comes in approval of the bankruptcy
petition filed by Compania Industrial Sao Paulo.

The Company will undergo the bankruptcy process under the
direction of court-appointed trustee Mr. Anibal Osuna. Creditors
are required to present their proofs of claims to the trustee
for verification before November 1, 2004. Creditors who fail to
have their claims authenticated by the said date will be
disqualified from the payments that will be made after the
Company's assets are liquidated at the end of the bankruptcy
process.

Dr. Robledo, Clerk No. 46, assists the court on the case.

CONTACT: Termoglass S.R.L.
         Juan Agustin Garcia 5121
         Beunos Aires

         Mr. Anibal Osuna, Trustee
         Mercedes 3250
         Buenos Aires


TIPEI S.A.: Enters Bankruptcy on Court Orders
---------------------------------------------
Tipei S.A. of Buenos Aires will enter bankruptcy protection
after Court No. 3 of the city's Civil and Commercial Tribunal,
assisted by Clerk No. 6, ordered the company's liquidation.

The bankruptcy 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 Mr. Oscar Luis Serventich as trustee. He will be
verifying creditors' proofs of claims until the end of the
verification phase on September 3, 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 October 18, 2004 followed by the general report, which is due
on November 29, 2004.

CONTACT: Mr. Oscar Luis Serventich, Trustee
         Piedras 1319
         Buenos Aires


TRANSPORTES GARCIA: Verification Deadline Set
---------------------------------------------
The verification of claims for the Transportes Garcia S.R.L.
bankruptcy case will end on September 20, 2004 according to
local news source Infobae. Creditors with claims against the
bankrupt company must present proof of the liabilities to Mr.
Gustavo A. Pagliere, the court-appointed trustee, before the
deadline.

Court No. 4 of Buenos Aires' Civil and Commercial Tribunal
handles the case with assistance from Clerk No. 7. The
bankruptcy will conclude with the liquidation of the company's
assets to pay its creditors.

CONTACT: Mr. Gustavo A. Pagliere, Trustee
         Tucuman 1424
         Buenos Aires


WELMAR: Credit Validation to End Friday
---------------------------------------
The verification of creditors' claims fro the Welmar S.A.
liquidation will close on Friday, August 27, 2004. Creditors are
required to submit proofs of the Company's indebtedness to
court-appointed trustee, Mr. Eduardo Hector Vasini. Buenos Aires
Court No. 10 will base the final list of creditors eligible for
post-liquidation payments on the verified claims.

CONTACT: Mr. Eduardo Hector Vasini, Trustee
         Avda Rivadavia 4783
         Buenos Aires


* ARGENTINA: White & Case to Represent Bondholders
--------------------------------------------------
White & Case has been retained by the Global Committee of
Argentina Bondholders (GCAB) as legal advisor on the
restructuring of more than $81 billion in total bond principal
claims of the Republic of Argentina. GCAB represents more than
500,000 retail investors and 100 institutional investors who
hold approximately 45 percent or $37 billion in total bond
principal claims owed by Argentina.

GCAB selected White & Case for its proven ability to handle
large sovereign restructurings and its global network of
lawyers, who possess a deep understanding of local and
international restructuring practices in countries where many of
the largest number of GCAB members are based. The Firm will work
in concert with GCAB's financial advisor Bear, Stearns & Co.
Inc. to expeditiously negotiate a consensual and equitable
restructuring with Argentina.

"Good faith negotiations between sovereign debtors and creditors
are the best way to resolve crises like that facing Argentina.
Negotiations lead to compromises that allow sovereign debtors
justifiable relief without alienating foreign private
investment. We're hopeful that Argentina will soon respond to
GCAB's open invitation to commence negotiations and that such
negotiations will lead to a consensual and mutually beneficial
solution," says Wendell Maddrey, head of White & Case's
sovereign practice who, together with partner Mark Richards,
will lead the team representing GCAB.

In addition to Argentina's debt being among the largest ever
defaulted by a sovereign, the restructuring poses unique
challenges because so many of the holders involved are retail
investors.

"The nature of debt and the nature of creditors has changed
dramatically since the 1980s, when the last big sovereign
restructurings were handled. In this changed landscape, GCAB has
succeeded in bringing together bondholders of all types
throughout the world and is the largest cohesive group of
creditors of Argentina," says Richards. "We encourage Argentina
to seize this opportunity to reach out to all creditors through
negotiations with GCAB."

White & Case has more than 30 years experience in sovereign debt
restructuring matters, representing both creditors and
sovereigns. The Firm has advised on sovereign restructuring
matters in a number of Latin American countries, including Costa
Rica, Honduras, Panama and Peru.

In addition to Maddrey and Richards, the other key members of
the White & Case team are partners John Riggs, Martin Hughes and
Howard Kleinman.

About White & Case

White & Case LLP is a leading global law firm with nearly 1800
lawyers practicing in 38 offices in 25 countries. Global Counsel
consistently ranks White & Case among the top global law firms.

CONTACT: Ms. Sandi Sonnenfeld
         Media Relations Manager
         White & Case LLP
         1 212 819 8299
         E-Mail: ssonnenfeld@whitecase.com



===========
B E L I Z E
===========

* BELIZE: S&P Lowers Long-Term Ratings; Outlook Negative
--------------------------------------------------------
Standard & Poor's Ratings Services lowered its long-term foreign
currency sovereign credit rating on Belize to 'B' from 'B+'.
Standard & Poor's also lowered its long-term local currency
sovereign credit rating on Belize to 'B+' from 'BB-'. The
outlook on the ratings remains negative. At the same time,
Standard & Poor's lowered its short-term foreign currency
sovereign credit rating on Belize to 'C' from 'B' and affirmed
its 'B' short-term local currency sovereign credit rating.

According to Standard & Poor's credit analyst Olga Kalinina, the
downgrades and negative outlook signal both the continuously
worsening external liquidity situation and the increasing
challenge to institute budgeted fiscal tightening.

"The liquidity situation remains precarious; the government has
high financing needs and has had no success, to date, in
securing needed funds (as evidenced by the ongoing delay in its
placement of an international bond)," said Mrs. Kalinina.
"Moreover, recent political friction and the disclosure of an
alleged misuse of social security funds, which highlight
problems with transparency in public finances, have further
damaged investor confidence and led to a further deferral of the
debt sale," she added.

Standard & Poor's estimates the country's financing needs
(current account deficit + principal amortization + short-term
debt) at over US$200 million between August 2004 and the end of
the year. Specifically, estimated financing requirements for the
remainder of the year include coverage of the current account
deficit (US$60 million); amortization payments on government
debt (US$36 million) and on Development Finance Corporation's
(DFC) debt and mortgage-backed securities transactions (US$10
million); and private sector financing needs (US$100 million).
The country's total financing requirement compares poorly with
foreign exchange reserves of US$72 million at end-July 2004,
underscoring a strained liquidity situation. Rising oil prices
and the risk of imminent sugar price cuts (as a result of the
European Union's recently announced proposal to eliminate
subsidies to African-Caribbean-Pacific countries) will put
further strain on the current account of the balance of
payments, which was already a high 19% of GDP at year-end 2003.

Mrs. Kalinina explained that, while fiscal first-quarter results
showed improvement over those of the previous fiscal year,
ongoing problems in DFC's loan portfolio and the slower-than-
expected pace of real-estate divestments may lead to further
onlending from the government, putting a strain on government
finances. In addition, the ongoing investigations into the state
of social security's finances and a heated political situation
constrain the government's ability to maintain a strong focus on
the planned fiscal consolidation.

"Belize's ratings could fall further if the country's external
liquidity position becomes more stretched, or if the government
falters in effecting its fiscal tightening," Mrs. Kalinina
noted. "Firm government resolve on the fiscal front, with an aim
to stabilize and reduce the looming public debt stock (estimated
at 95% of GDP at end 2003), and adept debt management on the
external side will be required to avert a liquidity crisis and
maintain the ratings at their current levels," she concluded.

ANALYSTS:  Olga Kalinina, CFA, New York (1) 212-438-7350
           Helena Hessel, New York (1) 212-438-7349



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B E R M U D A
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FOSTER WHEELER: Stresses Importance of Exchange Offer
-----------------------------------------------------
Foster Wheeler Ltd. (OTCBB: FWLRF) announced Monday that it is
currently well below the 75% minimum participation threshold on
the company's 9.00% Trust Preferred Securities as it relates to
the exchange offer that the company launched on June 11, 2004.

"Once again, 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.

"In our business, financial strength is an important factor when
potential clients make their hiring decisions. Unfortunately for
Foster Wheeler, we have over $1 billion of debt - which provides
our competition with a distinct advantage. The exchange offer
would allow us to reduce our debt levels - which I believe is a
key to Foster Wheeler's ongoing success."

If Foster Wheeler is unable to complete this exchange offer or
otherwise reduce its debt levels, the company would continue to
be faced with $630 million of obligations coming due prior to
the end of the second quarter of 2007, $315 million of which is
debt maturing in 2005.

The expiration of the exchange offer remains Monday, August 30,
2004.

To summarize, for each trust preferred security (liquidation
amount $25) that is held, a holder that elects to tender into
the exchange offer would receive the following:

1) Common and Preferred Shares

   - 0.76 common shares of Foster Wheeler Ltd.

   - 0.0123 preferred shares of Foster Wheeler Ltd. Each
preferred share offered would be convertible at the holder's
option into 1,300 common shares of Foster Wheeler Ltd. if and
when the company's shareholders vote to increase the number of
authorized shares at a shareholder meeting to be held later in
2004. The company expects both the common and preferred shares
to be traded Over-the-Counter after they have been issued.

   - On an as-converted basis, then, holders would receive 16.75
common shares for each trust preferred security.

    AND

2) A warrant

- 1 warrant, exercisable into a to-be-determined number of
preferred or common shares. This number of shares is dependent
upon the ultimate participation level in the exchange offer of
the trust preferred securities.

- At the minimum participation level of 75%, a holder would
receive 1 warrant exercisable into approximately 30.5 common
shares at a strike price of approximately 47 cents per common
share.

Additional points of clarification include the following:

- The debentures issued by Foster Wheeler LLC that underlie the
trust preferred securities are junior subordinated debentures.
The trust preferred securities are junior to all other debt
securities of Foster Wheeler and, as such, are junior to
approximately $850 million of existing debt.

- Under the terms of the documents that govern the 9.00% Trust
Preferred Securities, the company began deferring distributions
to holders of these securities in January 2002. The documents
allow for up to a 60 month deferral period. Foster Wheeler's
current senior credit agreement prohibits it from resuming
distributions while this credit agreement is in place. The
company expects to defer these distributions until January 2007
which would be the full 60 months allowed. Once the accrued
distributions are paid, the company can then elect to defer
distributions for up to another 60 months.

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
trust preferred security (liquidation amount $25) which the
registered broker/dealers tender on behalf of their customers
and which Foster Wheeler accepts for exchange.

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

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 All other security holders is: 800-891-3214.

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
Phone: 212-403-3784

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.

CONTACTS: Foster Wheeler Ltd.
          Media Contact:
          Maureen Bingert, 908-730-4444
          or
          Investor Contact:
          John Doyle, 908-730-4270
          or
          Other Inquiries:
          908-730-4000

          Web Site: www.fwc.com


LINES OVERSEAS: Managing Director Ordered to Appear Before Court
----------------------------------------------------------------
The Securities and Exchange Commission announced that, on August
17, 2004, Magistrate Judge Alan Kay of the U.S. District Court
for the District of Columbia ordered Lines Overseas Management,
Ltd. ("LOM"), a Bermuda-based holding company with broker-dealer
subsidiaries, and its Managing Director, Scott Lines, to
demonstrate why they should not be ordered to comply with four
subpoenas lawfully issued and validly served by the Commission
in connection with two separate investigations. LOM and Lines, a
Bermuda resident, refused to appear for testimony and produce
documents as directed by the four subpoenas. On June 10, 2004,
the Commission filed the above-mentioned subpoena enforcement
action seeking a court order requiring LOM and Lines to comply
with the subpoenas.

The Commission issued the subpoenas in connection with two
separate investigations into possible fraud, market
manipulation, and reporting violations in the securities of
three U.S. public companies: Hienergy Technologies, Inc.
("Hienergy"), Sedona Software Solutions, Inc. ("Sedona"), and
SHEP Technologies, Inc. ("SHEP"). The Commission's
investigations have revealed that certain individuals engaged in
extensive trading in the securities of Hienergy, Sedona, and
SHEP through accounts at LOM in Bermuda, the Bahamas, and the
Cayman Islands.

The Commission has alleged that the subpoenaed documents and
testimony are relevant to matters under investigation and are
within the scope of the Commission's investigative authority.
The Commission has requested that the Court order LOM and Lines
to comply fully with the terms of the subpoenas by producing
documents and appearing for testimony.


LORAL SPACE: Telstar 18 Completes In-Orbit Testing
--------------------------------------------------
Loral Space & Communications announced Monday that Telstar 18, a
powerful and flexible satellite designed to provide
communication services across Asia, has completed its in-orbit
testing and is now fully operational.

"With Telstar 18 joining Telstar 10 over Asia, Loral now
operates two of the most powerful and strategically placed
satellites in that region," said Patrick Brant, president, Loral
Skynet. "Telstar 18 covers a large area that stretches from
Central Asia, through the Indian sub-continent, China, Korea,
Japan, South East Asia, Australia and Hawaii. It offers our
customers a strong footprint for intra-regional applications, as
well as the ability to directly connect with the US."

Built by Space Systems/Loral (SS/L) and operated by Loral
Skynet, Telstar 18 was launched June 28, 2004 aboard a Sea
Launch Zenit-3SL rocket. During the launch, the rocket's upper
stage shut down early and placed the satellite in a lower than
expected orbit. Engineers from SS/L, however, were able to raise
the satellite to its proper orbital position at 138 degrees East
longitude. The satellite still has sufficient on-board fuel to
exceed its specified 13-year life.

Telstar 18's users include well-known regional video and data
providers, such as Smart Digital Communications Bhd, of Kuala
Lumpur, Malaysia, and PSVN, Inc., which is based at the Hawaii
Pacific Teleport. Loral's other satellite over Asia, Telstar
10/APSTAR-IIR, hosts one of the largest video communities in
Asia at 76.5 degrees East longitude.

In addition to transmitting innovative new applications, cable
programming and direct-to-home broadcasting services, Telstar 18
is scheduled to begin hosting Skynet's SkyReach(SM) two-way IP-
based networking solution in 2005. SkyReach is already available
and in use by customers throughout the Americas, allowing
organizations to create an instant infrastructure using a VSAT
network, connecting offices between cities or around the globe.

Telstar 18 carries a total of 54 active transponders, of which
sixteen are high-power Ku-band transponders and thirty-eight are
C-band transponders. In consideration for funding a portion of
the satellite project's cost, APT Satellite Company Limited,
Hong Kong, will initially use 68.5 percent of Telstar 18's
transponder capacity for APSTAR-V services. The number of
transponders used by APT will be reduced over time, ultimately
to 54 percent of the satellite's capacity. For more information
on APT, visit www.apstar.com.

Telstar 18 is a version of SS/L's space-proven 1300 satellite
platform, which has an excellent record of reliable operation.
The geostationary 1300 has a specified service life of 13 years
and maintains station-keeping and orbital stability by using
bipropellant propulsion and momentum-bias systems. In all, SS/L
satellites have amassed more than 1,100 years of on-orbit
service.

A pioneer in the satellite industry, Loral Skynet continues to
deliver the superior service quality and range of satellite
solutions that have made it an industry leader for more than 40
years. Through the broad coverage of the Telstar satellite fleet
in combination with its hybrid VSAT/fiber global network
infrastructure, Skynet is a source for all broadcast, data
network, Internet access, IP and systems integration needs.
Headquartered in Bedminster, New Jersey, Loral Skynet is
dedicated to providing secure, high-quality connectivity and
communications. For more information, visit the Loral Skynet web
site at www.loralskynet.com.

Space Systems/Loral is a premier designer, manufacturer, and
integrator of powerful satellites and satellite systems. SS/L
also provides a range of related services that include mission
control operations and procurement of launch services. Based in
Palo Alto, Calif., the company has an international base of
commercial and government customers whose applications include
broadband digital communications, direct-to-home broadcast,
defense communications, environmental monitoring, and air
traffic control. SS/L is ISO 9001:2000 certified. For more
information, visit the Space Systems/Loral web site at
www.ssloral.com.

Loral Skynet and Space Systems/Loral are both subsidiaries of
Loral Space & Communications (OTCBB: LRLSQ).

CONTACT: Mr. John McCarthy
         Loral Space & Communications
         212/338-5345



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

BRASKEM: Develops New Technology for Polypropylene Use
------------------------------------------------------
Braskem is launching a brand new solution in polypropylene in
the regional petrochemical market. The company identified a
market opportunity for replacing polystyrene by polypropylene in
disposable glasses production.

In partnership with one of its customers, Zanatta industry, the
company developed an innovative technology of application based
on thermoshaping. This development, in which Braskem is
investing about R$ 30 million, includes more crystallyne and
rigid polypropylene, a technological system and new machinery
for production with polypropylene.

Its an integrated solution that aims at offering more
competitiveness for disposable glasses producers and it has
attracted the most important leaders of this segment in Brazil.
Three of them have already tested the process of replacing
polystyrene by polypropylene, including Zanatta that has already
started to produce with new technology in its Unit in Crici£ma
(SC).

The use of Polypropylene helps the producers to follow the
specifications for the product - specifications that establish
the minimum quantity of resin by glass with a better result and
higher resistance.

"It is another opportunity taken by Braskem to expand its
performance in the market. An expansion based on technological
development and strategic innovation", states the vice
president, responsible for Braskem Polyolefin Unit, Luiz de
Mendon‡a.

This solution offers Braskem exclusivity in the propylene supply
for a period pre-established in contract. Nowadays, the resin
demand for producing disposable glasses is estimated in around
60 thousand tons/year. Braskem estimates that half of this
potential will be supplied by Polypropylene until June next
year, when the 28 machines expected for the initial phase will
be in use.

The equipment fabrication is under NTS responsibility, a company
that produces with exclusivity for Braskem. The price of this
machinery corresponds to one third of the cost to import a
similar equipment from Europe or The USA, around US$ 1,3
million. The process and the machinery are patented. This
integrated solution launching demanded two years of work in a
partnership that involved Braskem Innovation and Technology
Center, located in Triunfo (RS), and Zanatta.

The support of the Innovation and Technology Center offered to
Braskem customers has guaranteed the implementation of a wide
program to replace traditional raw materials by thermoplastic
resins.

The polypropylene market was recently enhanced by the amianthus
replacement in tiles and water tanks of fibercement and by glass
in glasses, among other examples. This process has contributed
for an increase in polypropylene demand in the country, three
times higher than for other resins.

Braskem, a world-class Brazilian petrochemical, is a leader in
thermo-plastics in Latin America and it figures among the five
biggest Brazilian private industrial companies. Braskem's 13
industrial plants are located all over the country and they
produce 5 million tons of petrochemical products annually.

CONTACT: Ms. Claudia Bredarioli
         Communication
         Phone: 11 3443-9099
         claudia@prumocom.com.br


ELETROPAULO METROPOLITANA: May Bid in November Power Auction
------------------------------------------------------------
Brazilian power distributor Eletropaulo is analyzing the
possibility of bidding in the auction to buy power from already-
built power plants that the government is planning to hold in
November, Business News Americas reports, citing company vice
president Cyro Boccuzzi.

If the company decides to bid, it will be a lightweight bidder
because Eletropaulo has several contracts with suppliers,
Bocuzzi said without detailing the company's future power needs.

Business News Americas reports that the government wants to
auction up to 55,000MW in installed capacity that will be idle
in coming years, with the aim of allowing generators to rebuild
their portfolios to compensate for the laws that are ending
initial contracts at a rate of 25% a year.

The new power sector model determines that all power be
auctioned at the power trading chamber. Distributors will have
to buy power in one-, three- or five-year contracts.

Brazil's 64 distributors have until September to hand in their
projected long-term demand to the government. The mines and
energy ministry is still detailing the auction and the maximum
price.

"Eletropaulo is going through this transition quite well - we
have to improve our projections but we are quite comfortable,"
Boccuzzi said.

Controlled by US power company AES Corp., Eletropaulo sells
power to 5 million billed clients in the city of Sao Paulo and
23 surrounding municipalities in the metropolitan area.



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

ENERSIS: Exchange Offer Expires September 3
-------------------------------------------
ENERSIS S.A. (NYSE: ENI), announced on August 6, 2004 the
commencement of its offer to exchange (the "Exchange Offer") up
to $350,000,000 of its new 7.375% notes due 2014 (the "New
Notes"), registered under the Securities Act of 1933, as amended
(the "Securities Act"), for its outstanding, unregistered 7.375%
notes due 2014 (the "Old Notes").

The offer is valid for 20 business days and is set to expire at
midnight (New York time) on September 3, 2004, unless the
Company decides to extend it.

The terms of the New Notes are identical in all material
respects to the terms of the Old Notes, except that the New
Notes have been registered under the Securities Act, and the
transfer restrictions and registration rights relating to the
Old Notes do not apply to the New Notes.

Upon settlement of the Exchange Offer, which is expected to
occur on or about September 10, 2004, the tendering holders of
the Company's Old Notes Due 2014 will receive a like principal
amount of its New Notes.
The Company will not receive any proceeds from the issuance of
the New Notes in the Exchange Offer.

A copy of the prospectus may be obtained by contacting the
information agent:

D.F. King & Co., Inc.
48 Wall Street 22nd Floor
New York, NY 10005

Bankers and brokers call collect: (212) 269-5550
All others call toll free: (800) 714-3313.

Deutsche Bank Trust Company Americas is serving as the Exchange
Agent in connection with the Exchange Offer.

INVESTORS ARE URGED TO READ, BEFORE MAKING ANY DECISION, THE
REGISTRATION STATEMENT, PROSPECTUS AND ANY OTHER RELEVANT
DOCUMENTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION
("SEC") BY ENERSIS S.A. IN RESPECT OF THE EXCHANGE OFFER BECAUSE
THEY CONTAIN IMPORTANT INFORMATION.

INVESTORS CAN OBTAIN THESE DOCUMENTS FREE OF CHARGE AT THE SEC'S
WEBSITE (http://www.sec.gov)OR BY DIRECTING A REQUEST TO D.F.
KING & CO., INC. AT THE ADDRESS AND PHONE NUMBERS PROVIDED
ABOVE.

THIS PRESS RELEASE IS NEITHER AN OFFER TO PURCHASE NOR A
SOLICITATION OF AN OFFER TO SELL SECURITIES. THE EXCHANGE OFFER
IS MADE SOLELY BY THE PROSPECTUS AND THE RELATED LETTER OF
TRANSMITTAL AND IS NOT BEING MADE TO, NOR WILL TENDERS BE
ACCEPTED FROM OR ON BEHALF OF, HOLDERS OF NOTES IN ANY
JURISDICTION IN WHICH THE MAKING OF THE EXCHANGE OFFER OR
ACCEPTANCE THEREOF WOULD NOT BE IN COMPLIANCE WITH THE LAWS OF
SUCH JURISDICTION.

CONTACTS: Ms. Susana Rey
          Head of Investor Relations
          Enersis S.A.
          Santa Rosa 76
          Santiago, CHILE
          srm@e.enersis.cl
          Phone: 56 (2) 353 4554

          Web Site: www.enersis.cl



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

PAZ DEL RIO: To Name Company to Carry Out Rationalization Plan
--------------------------------------------------------------
Colombian iron and steel company Acerias Paz del Rio will
identify Thursday the firm to carry out its US$15-million
industrial rationalization plan, says Business News Americas.

The awarding of the contract to supply a continuous casting
machine, a furnace and other equipment has been held off for
months now, and according to APDR stockholder Myriam Cuadrado,
the delay "has caused a loss of confidence in the project and in
company administration."

The delay in making a decision shows "a lack of vision on behalf
of Paz del Rio's president, who has managed the company well, to
obtain even better operating margins," Cuadrado said.

Meanwhile, sector analyst Juan Pablo Gomez told Business News
Americas that once Paz del Rio makes the announcement,
"confidence in the company will recover."



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

KAISER ALUMINUM: Court Extends Exclusivity Agreement
----------------------------------------------------
Mr. Jack A. Hockema, President and Chief Executive Officer of
Kaiser Aluminum issued the following update, dated August 23,
2004, regarding the Company's debt restructuring:

While the company originally proposed an extension of
exclusivity through October 31, 2004, after receiving feedback
from various creditor constituencies, we reached a mutual
agreement to extend exclusivity for all the Kaiser debtor
entities to September 27, 2004. The court approved this
exclusivity agreement in Monday's hearing.

Discussions continue with the various creditor committees in
respect of, among other things, the Intercompany Settlement
Agreement, the possibility of accelerated emergence for certain
of the alumina subsidiaries, and the company's first half 2005
revised timeline for emergence for certain or all of the other
entities.

See the company's Quarterly Report on Form 10-Q for the quarter
ended June 30, 2004 for additional discussion of these matters.

Liquidity:

Liquidity continues to be adequate and to fluctuate within the
$150-$180 million range experienced in previous months

CONTACT: Kaiser Aluminum Corp.
         5847 San Felipe
         Suite 2500
         P.O. Box 572887
         Houston
         TX 77257-2887
         USA
         Phone: 713-267-3777
         Web Site: http://www.kaiseral.com




                            ***********


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
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Information contained herein is obtained from sources believed
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The TCR Latin America subscription rate is $575 per half-year,
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