TCRLA_Public/040901.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, September 1, 2004, Vol. 5, Issue 173

                            Headlines

A R G E N T I N A

CLINICA PRIVADA: Liquidating Assets to Pay Debts
CONCESION OESTE: Court OKs Creditor's Bankruptcy Call
CRESUD: Reduces Debt by $88,139
DECANO INDUSTRIAL: Initiates Bankruptcy Proceedings
GAS TRELEW: Asks Court to Grant Reorganization Petition

IANSON S.A.: Court Grants Reorganization Plea
INTERCARPA S.A.: Seeks Reorganization Approval From Court
MIGUEL GONZALEZ: Court Converts Bankruptcy to Reorganization
MULTICANAL: 30 Days to Fix Debt Deal Glitches, Says U.S. Judge
NUROGA S.A.: Court Declares Company Bankrupt

SCP: Bourse Resumes Trading After Getting Court Ruling Info
SIDERFER: Court Reschedules Insolvency Proceedings
SUIPACHA 732: Court Favors Creditor's Bankruptcy Petition
SUYMA S.A.: Court Orders Liquidation
TRESDE S.R.L.: Court Orders Liquidation

TRI-ECO S.A.: Gears for Reorganization


B E R M U D A

FOSTER WHEELER: Extends Debt Offer; Minimum Thresholds Not Met


B R A Z I L

BRASKEM: To Launch $306M Share Issue This Month
NET SERVICOS: Transfers Full Interest in Vicom to Comsat
TELEMAR: Trades Shares on a Grouped Basis
UNIBANCO: Creates Credit Company with Sonae
UNIBANCO: Ratings Unaffected By Partnership, Says S&P


C H I L E

ENERSIS: Exchange Offer to Expire Friday


C O L O M B I A

AVIANCA: Returns to Profitability in the Seven Months of 2004


M E X I C O

ALFA: Subsidiary Expands Latin American Presence
SATMEX: No More Pressure From SCT
UNITED RENTALS: SEC Opens Inquiry, S & P Changes Ratings


V E N E Z U E L A

EDC: Considers Paying Dividends
PDVSA: President Remains Silent Amid Shell Argentina Rumors

     -  -  -  -  -  -  -  -

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

CLINICA PRIVADA: Liquidating Assets to Pay Debts
------------------------------------------------
Clinica Privada Haedo S.A. will begin liquidating its assets
following the bankruptcy pronouncement issued by the Court No.
23 of Buenos Aires' civil and commercial tribunal, reports
Infobae.

The bankruptcy ruling places the company under the supervision
of court-appointed trustee, accounting firm "Estudio Adolfo
Cervantes y Asociados". The trustee will verify creditors'
proofs of claims until October 29, 2004. The validated claims
will be presented in court as individual reports on December 10,
2004.

The trustee will also submit a general report, containing a
summary of the company's financial status as well as relevant
events pertaining to the bankruptcy, on February 23 next year.

CONTACT: Clinica Privada Haedo S.A.
         Campana 2315
         Buenos Aires

         "Estudio Adolfo Cervantes y Asociados" - Trustee
         Avda Luis Maria Campos 1001
         Buenos Aires


CONCESION OESTE: Court OKs Creditor's Bankruptcy Call
-----------------------------------------------------
Concesion Oeste S.R.L. entered bankruptcy after Judge Chomer of
Buenos Aires' civil and commercial tribunal Court No. 10
approved a bankruptcy motion filed by Mr. Walter Borghiani. La
Nacion reports that the Company's failure to pay US$11,377.20 in
debt prompted the bankruptcy petition.

Working with Dr. D'Alesandri, Clerk No. 19, the court assigned
Mr. Jorge Ceballos as trustee for the bankruptcy process. The
trustee's duties include the authentication of the Company's
debts and the preparation of the individual and general reports.
Creditors are required to present their proofs of claims to the
trustee before October 14, 2004.

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

CONTACT: Concesion Oeste S.R.L.
         Guamini 2131
         Buenos Aires

         Mr. Jorge Ceballos, Trustee
         Aguaribay 6736
         Buenos Aires


CRESUD: Reduces Debt by $88,139
-------------------------------
By a letter dated August 27, 2004, Cresud S.A.C.I.F. y A
reported that a holder of the Company's Convertible Notes
exercised its conversion rights. Hence, the financial
indebtedness of the Company shall be reduced in US$ 88,139 and
an increase of 173,570 ordinary shares face value pesos 1 (V$N
1) each was made.

The conversion was performed according to terms and conditions
established in the prospectus of issuance at the conversion rate
of 1.96928 shares, face value pesos 1 per Convertible Note of
face value US$ 1.

As a result of that conversion the amount of shares of the
Company goes from 150,772,819 to 150,946,389. On the other hand,
the amount of registered Convertible Notes is US$ 43,045,014.

CONTACT: Cresud S.A.C.I.F. y A
         Av. Roque Saenz Pena 832
         8th Fl.
         Buenos Aires
         Argentina
         Phone: 001-54-1-3287808


DECANO INDUSTRIAL: Initiates Bankruptcy Proceedings
---------------------------------------------------
Court No. 1 of Buenos Aires' civil and commercial tribunal
declared local company Decano Industrial S.A. "Quiebra," reports
Infobae. The city's Clerk No. 1 assists the court on the case,
which will close with the liquidation of the Company's assets to
repay creditors.

Mr. Tito Jorge Gargaglione, who has been appointed as trustee,
will verify creditors' claims until October 27, 2004.

CONTACT: Mr. Tito Jorge Gargaglione, Trustee
         Medrano 833
         Buenos Aires


GAS TRELEW: Asks Court to Grant Reorganization Petition
-------------------------------------------------------
Gas Trelew S.A., a company operating in Buenos Aires, requested
for reorganization after failing to pay its liabilities, says
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. 21 of Buenos Aires' civil
and commercial tribunal. Clerk No. 41 assists the court on this
case.

CONTACT: Gas Trelew S.A.
         Buenos Aires


IANSON S.A.: Court Grants Reorganization Plea
---------------------------------------------
Ianson S.A. en Liquidacion, formerly Ianson S.R.L., successfully
petitioned for reorganization after Court No. 26 of Buenos
Aires' 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 the firm "Israelson, Kohan Consultores"
will serve as trustee during the course of the reorganization.
The firm 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 May 20 next year.

CONTACT: "Israelson, Kohan Consultores" - Trustee
         Lavalle 1672
         Buenos Aires


INTERCARPA S.A.: Seeks Reorganization Approval From Court
---------------------------------------------------------
Judge Sala, serving for Court No. 11 of Buenos Aries' Civil and
Commercial Tribunal is currently reviewing the merits of the
reorganization petition filed by Intercarpa S.A.

Argentine daily La Nacion reports that the company filed the
request after defaulting on its debt payments since April 11,
2002. The reorganization petition, if granted by the court, will
allow the Company to negotiate a settlement with its creditors
in order to avoid a straight liquidation.

Dr. Aleman, Clerk No. 27, assists the court on this case.

CONTACT: Intercarpa S.A.
         Avenida Corrientes 1642
         Buenos Aires


MIGUEL GONZALEZ: Court Converts Bankruptcy to Reorganization
------------------------------------------------------------
Miguel Gonzalez e Hijos S.A. will proceed with reorganization
after Court No. 5 of Quilmes' civil and commercial tribunal
converted the Company's ongoing bankruptcy case into a "concurso
preventivo", states Infobae.

Under Insolvency protection, the Company will be able to draft a
proposal designed to settle its debts with creditors. The
reorganization also prevents the Company's outright liquidation.

Ms. Rosa Del Carmen Irigoyen, the court-appointed trustee, will
verify creditors' proofs of claims "por via incidental".
Creditors with unverified claims cannot participate in the
Company's settlement plan.

CONTACT: Miguel Gonzalez e Hijos S.A.
         Sarmiento 1375
         Berazategui
         Quilmes

         Ms. Rosa Del Carmen Irigoyen, Trustee
         Moreno 525
         Quilmes


MULTICANAL: 30 Days to Fix Debt Deal Glitches, Says U.S. Judge
--------------------------------------------------------------
Argentine cable operator Multicanal SA must meet two conditions
within 30 days in order to have its Argentine out-of-court debt
restructuring (APE) recognized in the U.S., Judge Allan Gropper
of the U.S. District Court for the Southern District of New York
ruled Friday.

Dow Jones Newswires recalls that Multicanal had petitioned to
restructure US$509 million in debts under Section 304 of the US
Bankruptcy Code, which allows foreign debtors to ask a court to
stay actions against companies or assets in the U.S.

Subsequently, New Jersey investment fund W.R. Huff and two other
bondholders had filed an involuntary bankruptcy petition against
Multicanal. W.R. Huff is the main holdout creditor in
Multicanal's debt restructuring and had sought to dismiss the
Section 304 petition.

Judge Gropper ruled that Multicanal's APE could be recognized in
the U.S. and the involuntary bankruptcy petition dismissed if
the company meets two conditions within 30 days: "a proposed
cure for the discrimination against U.S. retail noteholders" and
justification of criminal proceedings filed in Argentina against
Huff representatives. Huff will then have 15 days to respond.

"A foreign proceeding cannot discriminate against U.S. creditors
and expect recognition under 304," the court ruling said.

Multicanal's bondholders approved the company's debt
restructuring offer at a December meeting and received legal
approval in April. Under APE rules, two-thirds agreement from
creditors allows a company to seek formal legal clearance, which
then would make the restructuring terms binding on all
creditors.

About 80% of Multicanal's creditors are based in the U.S. and at
least 5% were retail bondholders.

Multicanal's debt restructuring proposal, originally issued in
January 2003 and sweetened in July 2003, offered three
alternatives. One was a cash option and the other two involved
swapping old debt for new notes. Multicanal offered only the
cash alternative to U.S. retail bondholders, and didn't
significantly improve that option when it sweetened its
proposal.


NUROGA S.A.: Court Declares Company Bankrupt
--------------------------------------------
Judge Favier Dubois of Buenos Aires' civil and commercial
tribunal Court No. 9 declared local company Nuroga S.A.
"Quiebra", relates local daily La Nacion. The court approved the
bankruptcy petition filed by Mr. Ruben Acevedo, the Company's
creditor.

Nuroga will undergo the bankruptcy process with Mr. Abraham
Yalovetzky as its trustee. Creditors are required to present
their proofs of claims to the trustee for verification before
October 22, 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. Raisberg de Merenzon, Clerk No. 17, assists the court on the
case.

CONTACT: Nuroga S.A.
         Cervino 3701
         Buenos Aires

         Mr. Abraham Yalovetzky, Trustee
         Lavalle 1567
         Buenos Aires


SCP: Bourse Resumes Trading After Getting Court Ruling Info
-----------------------------------------------------------
In response to a request made by the Buenos Aires Stock Exchange
Monday, conglomerate Sociedad Comercial del Plata (COME.BA)
released more information about an appeals court ruling that
blocks its debt restructuring agreement, reports Dow Jones
Newswires.

On Friday, SCP issued a statement to the bourse, saying only
that the prosecutor in a federal appeals court has issued an
"adverse" ruling in its bankruptcy proceedings and that SCP's
legal advisors were taking "pertinent measures" to defend its
rights.

On Monday, before the market opened, stock exchange authorities
said they were suspending trading in SCP until they received
more information on the court decision.

SCP issued a response shortly before the opening bell on Monday
saying that it has knowledge of the court ruling but hasn't been
officially notified. SCP also said its legal team was in the
process of getting a copy of the ruling.

With the new statement from SCP, the bourse has decided to
resume trading effective Tuesday.

SCP received approval for its bankruptcy proceedings and debt
restructuring in March. But the appeals court has recommended
that the lower court overseeing the debt restructuring revoke
the approval of the offer. Among the reasons cited for
rescinding the approval was "discriminatory" creditor treatment
- particularly between holders of local currency and foreign
currency debt - and the voting methodology used.

In addition, the appeals court decision finds fault with the
debt restructuring of former SCP energy unit Compania General de
Combustibles, whose offer is moving through the courts in tandem
with that of its parent.

CONTACT: Sociedad Comercial del Plata
         Av. Davila 350
         Buenos Aires, Argentina
         Phone: 54 1 310-0490
         Fax: 54 1 310-0493


SIDERFER: Court Reschedules Insolvency Proceedings
--------------------------------------------------
Key dates in the Siderfer S.R.L. bankruptcy case have been moved
to these dates:

1. General Report Submission - August 27, 2004
2. Informative Assembly - February 25, 2005

Court No. 1 of Buenos Aires' civil and commercial tribunal,
assisted by Clerk No. 1, has jurisdiction over this case.

CONTACT: Siderfer S.R.L.
         Luis Vernet 4085 (1757)
         Laferrere - BUENOS AIRES
         Tel: (011) 4457-3154
         Fax:(011) 4457-8914


SUIPACHA 732: Court Favors Creditor's Bankruptcy Petition
---------------------------------------------------------
Mr. Juan Estrella successfully sought for the bankruptcy of
Suipacha 732 S.R.L. after Judge Ferrario of Buenos Aires' civil
and commercial tribunal Court No. 6 declared the Company
"Quiebra," reports La Nacion.

As such, the Company will now start the bankruptcy process under
the supervision of Mr. Ruben Suez, the court-appointed trustee.
Creditors of the Company must submit their proofs of claim to
the trustee before November 12, 2004 for authentication. Failure
to do so will mean disqualification from the payments that will
be made after the Company's assets are liquidated.

Mr. Estrella sought for the Company's bankruptcy after the
latter failed to pay debts amounting to US$1,436.00.

Dr. Sicoli, Clerk No. 11, assists the court on the case, which
will culminate in the liquidation of all of its assets.

CONTACT: Suipacha 732 S.R.L.
         Suipacha 732
         Buenos Aires

         Mr. Ruben Suez, Trustee
         Cesar Diaz 2324
         Buenos Aires


SUYMA S.A.: Court Orders Liquidation
------------------------------------
Suyma S.A. prepares to wind-up its operations following the
bankruptcy pronouncement issued by Court No. 5 of Buenos Aires'
civil and commercial tribunal. The declaration effectively
prohibits the company from administering its assets, control of
which will be transferred to a court-appointed trustee.

Infobae reports that the court appointed Ms. Monica Costa as
trustee. She will be reviewing creditors' proofs of claims until
October 29, 2004. The verified claims will be the basis for the
individual reports to be presented for court approval on
December 13, 2004. The trustee will also submit a general report
on March 6 next year.

Clerk No. 10 assists the court on this case, which will end with
the disposal of the company's assets to cover its liabilities.

CONTACT: Ms. Monica Costa, Trustee
         Reconquista 715
         Buenos Aires


TRESDE S.R.L.: Court Orders Liquidation
---------------------------------------
Judge Villar, serving for Court No. 13 of Buenos Aires' civil
and commercial tribunal, declared local company Tresde S.R.L.
bankrupt. La Nacion states that the ruling comes in approval of
the bankruptcy petition filed by the Company's creditor, YPF
S.A.

The trustee, Mr. Ruben Acosta, will examine and authenticate
creditors' claims until October 15, 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.

Clerk No. 25, Dr. Guerri, assists the court on the case, which
will conclude with the liquidation of the Company's assets.

CONTACT: Tresde S.R.L.
         Cramer 1715
         Buenos Aires

         Mr. Ruben Acosta, Trustee
         Tucuman 1545
         Buenos Aires


TRI-ECO S.A.: Gears for Reorganization
--------------------------------------
Judge Vasallo, working for Court No. 5 of Buenos Aires' civil
and commercial tribunal, issued a resolution opening the
reorganization of Tri-Eco S.A., says La Nacion. The Company has
assets totaling US$8,163,866 and liabilities totaling
US$7,610,173.

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.

Ms. Flora Pazos will serve as trustee during the course of the
reorganization. She will be validating creditors' proofs of
claims until Novemeber 3, 2004. The Company will present the
completed settlement proposal to its creditors during the
informative assembly scheduled on August 9 next year.

Dr. Perex Casado, Clerk No. 9, assists the court on this case.

CONTACT: Tri-Eco S.A.
         Lavalle 534
         Beunos Aires

         Ms. Flora Pazos, Trustee
         Montevideo 527
         Buenos Aires



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

FOSTER WHEELER: Extends Debt Offer; Minimum Thresholds Not Met
--------------------------------------------------------------
Foster Wheeler Ltd. (OTCBB: FWLRF) announced Monday that minimum
thresholds related to its equity-for-debt exchange were not met
for two classes of securities. Specifically, only 50.1% of the
minimum threshold of 75% has been tendered by holders of the
9.00% Preferred Securities, and 86.0% of the minimum threshold
of 90% has been tendered by holders of the 6.75% Senior Notes.
Foster Wheeler is extending its exchange offer until 5:00 p.m.,
New York City time, on September 2, 2004.

"We need increased participation by holders of the Preferred
Securities and Senior Notes to meet our minimum tender
conditions," said Raymond J. Milchovich, chairman, president and
chief executive officer.

Legal Details

The securities proposed to be exchanged are as follows: (1)
Foster Wheeler's Common Shares and its Series B Convertible
Preferred Shares (the "Preferred Shares") for any and all
outstanding 9.00% Preferred Securities, Series I issued by FW
Preferred Capital Trust I (liquidation amount $25 per trust
security) and guaranteed by Foster Wheeler Ltd. and Foster
Wheeler LLC, including accrued dividends; (2) Foster Wheeler's
Common Shares and Preferred Shares for any and all outstanding
6.50% Convertible Subordinated Notes due 2007 issued by Foster
Wheeler Ltd. and guaranteed by Foster Wheeler LLC; (3) Foster
Wheeler's Common Shares and Preferred Shares for any and all
outstanding Series 1999 C Bonds and Series 1999 D Bonds (as
defined in the Second Amended and Restated Mortgage, Security
Agreement, and Indenture of Trust dated as of October 15, 1999
from Village of Robbins, Cook County, Illinois, to SunTrust
Bank, Central Florida, National Association, as Trustee); and
(4) Foster Wheeler's Common Shares and Preferred Shares and up
to $150,000,000 of Fixed Rate Senior Secured Notes due 2011 of
Foster Wheeler LLC guaranteed by Foster Wheeler Ltd. and certain
Subsidiary Guarantors for any and all outstanding 6.75% Senior
Notes due 2005 of Foster Wheeler LLC guaranteed by Foster
Wheeler Ltd. and certain Subsidiary Guarantors; and solicitation
of consents to proposed amendments to the indenture relating to
the 9.00% Junior Subordinated Deferrable Interest Debentures,
Series I of Foster Wheeler LLC, the indenture relating to the
6.50% Convertible Subordinated Notes due 2007 and the indenture
relating to the 6.75% Notes due 2005.

As of 5:00 p.m. on August 30, 2004, holders have tendered the
following dollar amounts and percentages of the following
original securities: (1) 9.00% Preferred Securities, $87,599,400
(50.1%); (2) 6.50% Convertible Subordinated Notes, $208,296,000
(99.2%); (3) Robbins Series C Bonds due 2024, $56,640,249
(73.4%), Robbins Series C Bonds due 2009, $12,027,440 (99.2%),
and Robbins Series D Bonds, $35,488,159 based on the balance due
at maturity (99.1%); and (4) 6.75% Senior Notes, $172,091,000
(86.0%).

A copy of the prospectus relating to the New Notes and other
related documents may be obtained from the information agent.
The information agent for the 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.

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.

The exchange agent for the exchange offer is the Bank of New
York, London Branch.

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, upstream oil and gas, LNG and gas-to-liquids,
petrochemicals, 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.
          Perryville Corporate Park
          Service Rd. E. 173
          Clinton
          NJ 08809-4000
          USA
          Phone: 908-730-4000

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



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

BRASKEM: To Launch $306M Share Issue This Month
-----------------------------------------------
Executives of Brazil's Braskem (NYSE: BAK) decided at an August
27 meeting with analysts that the petrochemicals company will
launch a BRL900-million (US$306mn) share issue this month,
Business News Americas reports, citing newspaper Gazeta
Mercantil.

The paper reported that bookbuilding will run from Sep. 8 to
Sep. 24, when the price would be announced. Ten percent of the
shares will be issued on the Brazilian market and 90% on Wall
Street, and the shares would be sold Sep. 29, increasing the
company's free float to 45% from 36%.

Braskem revealed in its preliminary filing of the share issue
with the US securities and exchange commission that the proceeds
of the issue would go to general corporate affairs, including
working capital and paying down short-term debt.

Braskem, a world-class Brazilian petrochemical producer, 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


NET SERVICOS: Transfers Full Interest in Vicom to Comsat
--------------------------------------------------------
Net Servicos de Comunicacao S.A. (Nasdaq: NETC)(Bovespa:
PLIM4)(Bovespa: PLIM3)(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, announces, in compliance with CVM
Instruction # 358/02, the following relevant notice:

On November 4, 2003, the Company and Comsat International signed
a Purchase and Sale Agreement, referring to the transfer of its
total interest in Vicom Ltda. (Vicom), which was subject to
certain conditions. As informed in the Relevant Notice announced
on January 20, 2004, the Company, as of November 11, 2003,
submitted to the Brazilian Telecommunications Agency (Anatel) a
request for authorizing the transfer of its interests in Vicom
Ltda. Such request was approved through the issue of Act #
41,767, which was published in Diario Oficial da Uniao
(Brazilian Official Gazette) on January 21, 2004, satisfying one
of these conditions.

Upon the completion of all conditions implied in the Agreement
and the conclusion of certain adjustments, the Company concluded
this transaction Monday, resulting in the transfer of its full
interest in Vicom to Comsat Brasil Ltda. (Comsat), which is the
assignee of Comsat International's rights and obligations. Due
to this transaction, the Company will be entitled to receive the
following: 1) R$ 16.2 million, divided into 5 annual
installments, monetarily adjusted according to the IPCA
(Consumer Price Index); and 2) R$ 6.3 million divided into 5
annual installments. Such installments will be tied to Vicom's
net cash generation. The remaining balance will be fully settled
by the end of the fifth year.

Additionally, due to the completion of the transaction, the
Company assumed US$ 2.1 million debt currently held by Vicom;

The sale of Vicom will not have a significant impact on Net's
EBITDA (earnings before interest, taxes, depreciation and
amortization). Also, this transaction will not impact the
Company's cash flow, once Vicom's Capex was limited to its own
cash generation. Thus, the newly concluded transaction meets the
Company's goal to strengthen and focus on Pay TV and Broadband
segments.


TELEMAR: Trades Shares on a Grouped Basis
-----------------------------------------
Tele Norte Leste Participacoes S.A. and Telemar Norte Leste S.A.
confirm that the period for adjusting shareholding positions to
multiples of one thousand shares ended [Friday]. Effective
Monday, August 30, 2004, shares of both companies will only be
traded on a grouped basis and quoted per unit.

Fractional share resulting from the grouping will be detached,
grouped into whole numbers and sold on the Bovespa. The
corresponding proceeds will be made available to the respective
shareholders following the final financial settlement of the
auction sale, pursuant to the criteria set forth in our Notice
to Shareholders of May 24, 2004.

Also effective August 30, 2004, each Tele Norte Leste
Participacoes' ADR - American Deposit Receipt listed on NYSE
will represent one preferred share.

CONTACT: TNE - INVESTOR RELATIONS
         Mr. Roberto Terziani
        (terziani@telemar.com.br)
         55 21 3131 1208

         Mr. Carlos Lacerda
        (carlosl@telemar.com.br)
         55 21 3131 1314
         Fax: 55 21 3131 1155

         The Global Consulting
         Mr. Kevin Kirkeby
        (kkirkeby@hfgcg.com)
         Tel: 1 646.284.9416


UNIBANCO: Creates Credit Company with Sonae
-------------------------------------------
Unibanco Group ("Unibanco") and Sonae ("Sonae") have signed a
partnership for the establishment of a new credit company, thus
celebrating a new stage of a long lasting 14 year-old
relationship. The credit company will be equally controlled by
Unibanco and Sonae.

Unibanco has been working with Sonae's stores selling financial
products such as private label cards, consumer finance, personal
lending and insurance, among other consumer credit products.

Sonae has 21 thousand employees in Brazil and is present in the
hypermarket segment, under the BIG brand with 46 stores (in the
states of Sao Paulo, Rio Grande do Sul, Santa Catarina and
Paranc) and in the supermarket segment, with 24 stores under the
Mercadorama brand in Paranc and 67 "Nacional" stores in Rio
Grande do Sul. Sonae also controls the "Maxxi Atacado" chain,
with 11 stores in the South region, and owns 3 Distribution
Centers.

In 2003, Sonae had revenues in excess of R$ 3.8 billion in
Brazil, the third biggest of the sector, according to Abras -
Associa‡ao Brasileira de Supermercados (Brazilian Supermarkets
Association) ranking.

The partnership reinforces Unibanco's strategy of growth in the
retail consumer finance sector and consolidates Sonae's
expansion strategy in Brazil. The establishment of the credit
company is subject to the approval of the relevant authorities.

CONTACT: Unibanco - Uniao de Bancos Brasileiros S.A.
         Ave. Eusebio Matoso, 891 - 15th floor
         Sao Paulo, SP 05423-901- Brazil
         Tel.: (55 11) 3097-1313
         Fax: (55 11) 3097-6182
         e-mail: investor.relations@unibanco.com.br
         Web Site: www.ir.unibanco.com


UNIBANCO: Ratings Unaffected By Partnership, Says S&P
-----------------------------------------------------
Standard & Poor's Ratings Services said Monday that Uniao de
Bancos Brasileiros S.A.'s (Unibanco) announcement of the
creation of a financial company in partnership with the
Brazilian chain of supermarkets Sonae Distribuicao Brasil S/A
(Sonae) would not affect the ratings for or outlooks on Unibanco
(Foreign Currency: B+/Positive/B) or its related entities.
Unibanco was already a partner of Sonae (with a 14-year
relationship) in the consumer finance business. Unibanco already
had a presence in Sonae's stores through the bank's consumer
finance company Fininvest. Also, Unibanco serves as a
correspondent bank in the retail chain's stores--Sonae's clients
can utilize stores to pay water, light, credit card, and other
obligations. Unibanco will remain in charge of the credit
approval process and will provide funding for the operations,
while Sonae will serve as a distribution channel exclusively for
Unibanco. For Unibanco, the possibility of having access to
Sonae's base of clients may allow Unibanco to increase cross-
selling of Sonae's already established clients. With operations
in Sao Paulo and with 148 stores in the country and total
revenues of BrR3.8 billion in 2003, Sonae is a large supermarket
chain in the Brazilian South region (notably in Rio Grande do
Sul, Santa Catarina, and Parana).

ANALYSTS:  Claudio Gallina, Sao Paulo (55) 11-5501-8938
           Daniel Araujo, Sao Paulo (55) 11-5501-8939



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

ENERSIS: Exchange Offer to Expire Friday
----------------------------------------
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 Friday, Sep. 3, 2004. Enersis
does not currently intend to extend the exchange offer period.

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.

CONTACTS: Enersis S.A.
          Santa Rosa 76
          Santiago, Chile

          Ms. Susana Rey
          Head of Investor Relations
          Web Site: www.enersis.cl



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

AVIANCA: Returns to Profitability in the Seven Months of 2004
-------------------------------------------------------------
Colombian flagship airline Avianca, whose restructuring plan
gained approval from a U.S. bankruptcy judge last week, booked a
net profit in the first seven months of 2004.

Citing a company press release, Dow Jones Newswires reports that
Avianca posted a net profit of US$18.9 million between January
and July compared with a net loss of US$49.8 million in the
first seven months of 2003.

Earnings before interest, taxes, depreciation and amortization,
or Ebitda, totaled US$50.6 million, up from US$46.4 million
reported in the like period in 2003. Operating revenues at the
airline reached US$398.2 million, up 25.5% from the year-earlier
period.

The company's expenses grew 11% in the seven months due to
higher costs in jet oil, the press release added.

Avianca filed for Chapter 11 bankruptcy protection in March of
2003 and delivered its reorganization plan to a U.S. court in
July of this year. A week ago, a U.S. bankruptcy judge approved
the plan that would transfer control to Brazil's Grupo Sinergy
if creditors support the proposal.

Sinergy offered in March 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 world's second-oldest airline.


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

ALFA: Subsidiary Expands Latin American Presence
------------------------------------------------
Sigma Alimentos, S. A. de C. V. (Sigma), a subsidiary of the
Mexico-based conglomerate ALFA, announced it has made
significant progress in the execution of its business strategy,
which is designed to expand the company's presence in the
refrigerated foods businesses.

"Today, we have taken an important step for the future of our
company," said Mr. Mario Paez, Sigma's President. "First, we
have established an association with Grupo Chen that will allow
us to expand our dairy products operations in Mexico. Second, we
bought the Sosua business in the Dominican Republic, which makes
our presence there even stronger," he added.

Details of Monday's announcement follow:

Association with Grupo Chen

With more than 40 years of experience in the Mexican dairy
products market, Grupo Chen is one of the most successful
companies operating today in the sector. It produces and
commercializes cheese, yoghurt, cream and other dairy products
under the "Chen", "Normex", "Norteno", "Nortenita" and "Camelia"
brands, among others. In 2003, Grupo Chen reported sales of more
than US$ 100 million.

The association between Sigma and Chen will result in one of the
most important players in the Mexican dairy products market. To
that effect, a new company owned by Sigma and Chen will be
established, which will combine the business experience of both
partners in the dairy business, plus Sigma's excellent
distribution network.

Acquisition of Sosua

Sigma also announced it recently acquired the assets and brands
belonging to Sosua, one of the leading processed food companies
in the Dominican Republic. This acquisition joins another one
made by Sigma in the same country in 2003 (Productos Checo), and
allows it to gain market leadership in the cheese business and a
strong second place in the cold cuts market.

Sosua operates cold cuts and cheese plants in Puerto Plata,
Dominican Republic. It also has five distribution centers in the
country. The company markets its products under de "Sosua"
brand. In 2003, Sosua reported sales of more than US$ 40
million.

Sigma is the leader in the Mexican refrigerated foods market. It
has operations in Mexico, Central America, the Caribbean and the
US. Its product line includes cold cuts, dairy products and
prepared foods. In 2003, Sigma reported sales of about US$ 1,050
million and employed almost 16,000 people.

CONTACTS: Mr. Hector Acosta
          Phone: 011 52 81 8748-9012
          e-mail: hacosta@sigma-alimentos.com

          Mr. Javier Gonzalez
          Phone: 011 52 81 8748-9060
          e-mail: jgonzale@sigma-alimentos.com


SATMEX: No More Pressure From SCT
---------------------------------
Pedro Cerisola y Weber, Secretary of Mexico's Transportation and
Communications (SCT), assured that the secretariat "will not put
any more pressure" on Satelites Mexicanos (Satmex) regarding its
debt restructuring efforts, reports El Universal.

The official said that the State, which has a 23.75% stake in
Satmex, is prepared to safeguard the business in case Satmex,
headed by Lauro Gonzalez, is unable to reach an agreement with
its creditors.

Nevertheless, he warned that Satmex must clean up its financial
situation. Otherwise, private creditors and the government will
be forced to execute their guarantees.

Satmex officials stated that they are holding negotiations with
creditors to reach an agreement that will please all involved.
Creditors have demanded that, independent of Satmex's debt
restructuring, the firm make serious internal changes to lower
its administrative and operative costs because these account for
too much of the company's capital.

Satmex has a total liability of approximately US$800 million.


UNITED RENTALS: SEC Opens Inquiry, S & P Changes Ratings
--------------------------------------------------------
Standard & Poor's Ratings Services placed its 'BB' corporate
credit rating and its other ratings on United Rentals (North
America) Inc. (URI) on CreditWatch with negative implications.
The action followed the announcement by the company that it
received notice from the SEC of a non-public, fact-finding
inquiry of the company. Although no specific reason or scope has
been cited for the investigation, the notice was accompanied by
a subpoena requesting the production of documents relating to
certain of the company's accounting records.

"The lack of specific information reflected in the company's
announcement and the possibly broad parameters of the
investigation are a cause of concern," said Standard & Poor's
credit analyst John Sico. "We will review events as further
information becomes available and could lower the ratings if
events unfold that have a material effect on credit quality or
are detrimental to the company's liquidity."

Greenwich, Conn.-based URI offers a broad range of construction
and industrial equipment through a network of 730 locations in
the U.S., Canada, and Mexico with sales of about $3 billion in
2003 and total debt outstanding of $3 billion.

About United Rentals

United Rentals, Inc. is the largest equipment rental company in
North America, with an integrated network of more than 730
rental locations in 47 states, seven Canadian provinces and
Mexico. The company's 13,300 employees serve construction and
industrial customers, utilities, municipalities, homeowners and
others. The company offers for rent over 600 different types of
equipment with a total original cost of $3.7 billion. United
Rentals is a member of the Standard & Poor's MidCap 400 Index
and the Russell 2000 Index(R) and is headquartered in Greenwich,
CT.

CONTACTS:  UNITED RENTALS, INC.
           Chuck Wessendorf
           Tel: 203/618-7318
           E-mail: cwessendorf@ur.com
           Web site: http://www.unitedrentals.com



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

EDC: Considers Paying Dividends
-------------------------------
C.A. La Electricidad de Caracas revealed Friday that it will
consider approving a dividend and fresh financing at a Sep. 13
shareholders meeting, Dow Jones Newswires reports, citing a
company statement.

The dividend, if approved, will be VEB36.65 per share, EDC said,
adding that it could issue bonds in local or international
markets.

EDC further said it may bring its two subsidiaries, C.A. Luz
Electrica de Venezuela and C.A. Electricidad de Guarenas y
Guatire, under the EDC name through a merger.

EDC reported a profit of VEB13 billion in the second quarter of
the year, reversing a loss of VEB6.6 billion in the same period
a year ago. The improved performance was partly due to lower
interest rates and finance expenses.

EDC is a vertically integrated utility in Venezuela operating in
electricity distribution, transmission, and generation in the
capital city of Caracas and its metropolitan area. It is the
largest private electric utility in the country and is owned by
U.S.-based AES Corp.

CONTACT:  AES VENEZUELA
          Avenida Rio de Janeiro
          Qta. Tres Pinos
          Chuao, VE-1061 Caracas, Venezuela
          Phone: +58 14 929 2552
          Fax: +58 2 9937296
          E-mail: venezuela@aes.org
          Contact: Elmar Leal, Chairman
          Juan Font, Vice Chairman


PDVSA: President Remains Silent Amid Shell Argentina Rumors
-----------------------------------------------------------
The head of Venezuelan state oil company, Petroleos de Venezuela
SA, refuses to comment on speculation that the Company is
interested in the Argentine assets of Royal/Dutch Shell Group,
which include refining operations and service stations.

"We are not making comments until a deal is concrete. We are not
going to announce anything," PDVSA President Ali Rodriguez
Araque told Argentine business daily El Cronista in an
interview.

When asked to comment on remarks by Venezuelan Energy and Mines
Minister Rafael Ramirez, who was quoted two weeks ago by another
news service as saying that a PDVSA purchase of Shell's
Argentine service stations was a "possibility," Rodriguez said
Ramirez later denied making the statement. He went on to say,
however, that "there are many conversations on the issue of
refining and distribution (in Argentina). I don't have any
announcements to make."

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.

Shell has been looking to consolidate its operations and sell
non-core assets in the wake of an accounting scandal earlier
this year.


                            ***********


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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