TCRLA_Public/040903.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

          Friday, September 3, 2004, Vol. 5, Issue 175

                            Headlines

A R G E N T I N A

BANCO NACION: Government Considering $638Mln Infusion
CONSTRUCCIONES EDILICIAS: Trustee to Submit General Report
El MAGO: General Report Deadline Nears
JUNIN 1721: Court Allows Reorganization
PRINDAL S.R.L.: Reorganization Concluded

QUIMETIL: Trustee Prepares General Report for Submission
STOCK INDUSTRIAL: Individual Reports Due Monday
TED SAM: Claims Check Ends Monday
TELEMONITOREO: Court Orders Liquidation
TRANSENER: Enarsa, Dolphin May Purchase Petrobras' Interest


B E R M U D A

FOSTER WHEELER: Secures Power Plant Deal in Italy


B O L I V I A

COMIBOL: To Complete Restructuring in October


B R A Z I L

COPEL: Reveals 4-Yr, $547M Investment Plan
CSN: To Retire BRL540Mln of Debt Early
PARMALAT: EBITDA Improves 8.4% From Last Year
TAM: Launches e-TAM Website
TAM/TRANSBRASIL/VARIG/VASP: To Face Fines Pending Final Review

TELESP CELULAR: Launches Voluntary Cash Tender Offer
UNIBANCO: BOVESPA Includes Units in IBrX-50 Index
USIMINAS: Reveals $600Mln Investment for Mill Expansion


C H I L E

ENAMI: Codelco Board OKs $500M Bond Issuance


D O M I N I C A N   R E P U B L I C

TRICOM: Fails to Make Principal Payment on Senior Notes


M E X I C O

AHMSA: Turns to Russians for Funds
CYDSA: To Propose $169M Capital Increase
PEMEX: Issues Another $44M in Short-Term Bonds


P U E R T O   R I C O

CENTENNIAL COMMUNICATIONS: Lowers Net Loss to $22.8M for FY 2004


T R I N I D A D   &   T O B A G O

WASA: Wants Government To Write Off $500M Debt


U R U G U A Y

* URUGUAY: IMF Director Challenges Government to Sustain Growth

     -  -  -  -  -  -  -  -

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

BANCO NACION: Government Considering $638Mln Infusion
-----------------------------------------------------
As part of an effort to bolster Argentine bank Banco Nacion's
finances, the government plans to inject ARS1.9 billion (US$638
million) into the country's largest federally run bank, local
daily Ambito Financiero reports, citing central bank sources.

The move follows a recent meeting between IMF's managing
director Rodrigo de Rato and central bank chief Alfonso Prat-Gay
regarding Argentina's state bank reform.

The local daily suggested that the IMF is irritated with the
slow progress and many delays in Argentina's attempts to reform
its largest state banks.

Specifically, Banco Nacion is making little progress in its
reform as the local authorities have called for a new selection
process after the first round of bids were deemed
unsatisfactory.

The problem of the current state bank reform in Argentina is not
technical but political because any recommended changes that may
imply, for example, staff reductions, would be highly unpopular
in today's dire unemployment situation, Rafael Ber, managing
director of local consultancy Argentine Research told Business
News Americas.


CONSTRUCCIONES EDILICIAS: Trustee to Submit General Report
----------------------------------------------------------
Mr. Daniel Alberto Del Castillo, the trustee serving in the
Construcciones Edilicias S.R.L. bankruptcy, will submit a
general report of the case on Monday, September 6, 2004. The
general report provides the court with an audit of the Company's
accounting and business records.

Court No. 22 of Buenos Aires' civil and commercial tribunal has
jurisdiction over the proceedings. Clerk No. 44 assists the
court on this case.

CONTACT:  Ms. Daniel Alberto Del Castillo, Trustee
          Presidente Peron 1558
          Buenos Aires


El MAGO: General Report Deadline Nears
--------------------------------------
A general report on the EL Mago S.A. bankruptcy case will be
presented in Court No. 6 of Buenos Aires' civil and commercial
tribunal on Monday, September 6, 2004.

Court-appointed trustee, Mr. Luis Traverso, will consolidate the
Company's accounting and business records to come up with the
general report. The report will also provide information
regarding events relevant to the ongoing bankruptcy.

CONTACT:  El Mago SA
          Azcuenaga 668
          Buenos Aires

          Mr. Luis Traverso, Trustee
          Avenida Corrientes 1820, piso 10 "B"
          Buenos Aires


JUNIN 1721: Court Allows Reorganization
---------------------------------------
Court No. 17 of Buenos Aires' civil and commercial tribunal
issued a resolution opening the reorganization of Junin 1721
S.R.L. 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. Dina Leonor Lorenzon will serve as trustee during the course
of the reorganization. She will be validating creditors' proofs
of claims until October 14, 2004. The results of the
verification will be presented in court as individual reports on
November 25, 2004.

The trustee is also obligated to give the court a general report
of the case on February 8 next year. The general report
summarizes events relevant to the reorganization and provides an
audit of the Company's accounting and business records.

Junin will present the completed settlement proposal to its
creditors during the informative assembly scheduled on June 3
next year.

CONTACT: Ms. Dina Leonor Lorenzon, Trustee
         Viamonte 749
         Buenos Aires


PRINDAL S.R.L.: Reorganization Concluded
----------------------------------------
The settlement plan proposed by Prindal S.R.L. 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: Prindal S.R.L.
         Buenos Aires


QUIMETIL: Trustee Prepares General Report for Submission
--------------------------------------------------------
Buenos Aires-based Quimetil S.A. nears the completion of its
reorganization with the submission of the general report on
Monday, September 6, 2004.

Mr. Pedro Luis Santa Maria, overseeing the reorganization
proceedings as trustee, will prepare and submit this report for
Court No. 9 of the city's civil and commercial tribunal.

The informative assembly, the last stage of the reorganization,
is scheduled on November 9.

CONTACT: Pedro Luis Santa Maria, Receiver
         Lavalle 1430
         Buenos Aires


STOCK INDUSTRIAL: Individual Reports Due Monday
-----------------------------------------------
Court No. 7 of Buenos Aires' civil and commercial tribunal will
finalize the list of Stock Industrial S.R.L. creditors eligible
for post-liquidation payment after reviewing the individual
reports due for submission on Monday, September 6, 2004.

Court Appointed trustee, Mr. Luciano Arturo Melagari, will
prepare these report from the claims submitted by the Company's
creditors during the credit verification period.

CONTACT: Stock Industrial S.R.L.
         Guemes 4338
         Buenos Aires

         Mr. Luciano Arturo Melagari, Trustee
         Bartolome Mitre 1131
         Buenos Aires


TED SAM: Claims Check Ends Monday
---------------------------------
Trustee Carlos Manuel Carrescia will validate creditors' proofs
of claims until Monday, September 6, 2004. After Verifications,
the results will be presented in court as individual reports on
October 20, 2004.

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

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


TELEMONITOREO: Court Orders Liquidation
---------------------------------------
Telemonitoreo Internacional S.A. prepares to wind up its
operations following the bankruptcy pronouncement issued by
Court No. 14 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. Adriana Beatriz
Elisii as trustee. She will be reviewing creditors' proofs of
claims until September 10, 2004. The verified claims will be the
basis for the individual reports to be presented for court
approval on October 26, 2004. Afterwards, the trustee will also
submit a general report on December 9, 2004.

Clerk No. 28 assists the court on this case, which will end with
the disposal of the company's assets to cover its liabilities.

CONTACT: Ms. Adriana Beatriz Elisii, Trustee
         Avda Cabildo 2040
         Buenos Aires


TRANSENER: Enarsa, Dolphin May Purchase Petrobras' Interest
-----------------------------------------------------------
Argentina's new state-owned energy company Energia Argentina SA
(Enarsa) may partner with the local Dolphin Group in buying
Brazilian federal energy company Petrobras' stake in Transener,
Business News Americas reports, citing Argentine newspaper
Ambito Financiero.

Petrobras owns 50% of the Citilec holding that owns 65% of
Argentine transmission company Transener.

Earlier, Dolphin, which is headed by businessman Marcelo
Mindlin, offered US$16 million for the 50% stake while also
assuming all debt. But Petrobras, which is seeking US$40 million
for the stake, turned down Dolphin's offer.

The newspaper indicated that Dolphin and Enarsa would each put
up US$16 million.

Dolphin already owns 50% of Citilec. In December 2003, Dolphin
bought a 7.52% stake from another private equity fund, The
Argentine Investment Company. It then purchased another 42.5%
from British company National Grid (NGG) in March.

If the latest plan to buy Petrobras' stake goes thru, Dolphin
would end up with 75% of Citilec.

CONTACT:  Paseo Colon 728 6th Floor
          (1063) Buenos Aires
          Republica Argentina
          Tel: (54-11) 4342-6925
          Fax: (54-11) 4342-7147
          Email: info-trans@transx.com.ar
          Web site: http://www.transener.com.ar



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

FOSTER WHEELER: Secures Power Plant Deal in Italy
-------------------------------------------------
Foster Wheeler Ltd. (OTCBB: FWLRF) announced Wednesday that its
subsidiary Foster Wheeler Italiana S.p.A. has been awarded a
lump-sum turnkey contract by SET S.r.l. for the engineering,
procurement, and construction (EPC) of a 400 MW grassroots
combined-cycle plant to be built at Teverola, Italy.

SET is a project company. Its majority shareholder is Ratia
Energie AG, a Swiss utility company, and its minority
shareholder is Merloni S.p.A.

The terms of the contract were not disclosed, and the booking is
included in the second-quarter.

"This award is a major win for Foster Wheeler and confirms our
leading position in executing major EPC projects in the power-
generation sector," said Umberto della Sala, president and CEO,
Foster Wheeler Italiana.

"This new facility will be built in an area where Foster Wheeler
Italiana, in partnership with Merloni, already owns and operates
a 150 MW combined-cycle cogeneration plant," added Gianfranco
Brustia, Director of Foster Wheeler Italiana's Power Division,
"which reconfirms Foster Wheeler's position as one of the major
players in this strategic market."

The plant is a natural gas-fired power station and will produce
electricity to be delivered to the Italian National Grid.

The power island includes a multi-shaft arrangement consisting
of a gas turbine, a heat recovery steam generator (HRSG), and a
steam turbine, connected to an air-cooled condenser.

Foster Wheeler Italiana will provide engineering, materials
supply, erection, construction supervision, pre-commissioning,
commissioning, start-up, and testing, up to commercial
operation. Foster Wheeler Italiana's Equipment Division will
design and supply the HRSG. General Electric will supply the
power package, which includes the gas turbine, the steam
turbine, the associated generators, and auxiliary equipment.

The plant is expected to be fully operational by the end of
2006.

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.

CONTACT: Foster Wheeler Ltd.
         Media Contact:
         Ms. Maureen Bingert
         Phone: 908-730-4444
              or
         Other Inquiries:
         Phone: 908-730-4000

         Web Site: http://www.corporate-ir.net



=============
B O L I V I A
=============

COMIBOL: To Complete Restructuring in October
---------------------------------------------
Bolivian mining firm Comibol will once again operate as a
production company when it emerges from a restructuring this
October, says Business News Americas.

Although Comibol will continue as a mining project managing
company, its recent control of the Huanuni and Caracoles mines
enlarges its scope to include production.

The Company assumed control of the Huanuni after its joint
venture partner in the operation filed for bankruptcy. Last
June, Comibol took control of the Caracoles mines after the
Embas concession contract was revoked.

Comibol's entry into the metals production market coincides with
rising prices in the international markets.



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

COPEL: Reveals 4-Yr, $547M Investment Plan
------------------------------------------
Brazil's Parana state integrated power company Copel (NYSE: ELP)
plans to invest up to BRL1.6 billion (US$547mn) through 2007 to
expand generation, transmission and distribution operations,
reports Business News Americas.

The company plans to invest BRL390 million this year, BRL400
million in 2005, BRL420 million in 2006 and BRL425 million in
2007.

The investment program includes the conclusion of the 250MW
Elejor hydroelectric project, which requires an estimated BRL400
million investment. Original plans included the national
development bank BNDES providing the funds for the project.

Recently, however, Aneel and state legislators allowed Copel to
raise its stake in the Elejor project to 70% from 30%. Since
Copel is state-controlled, the higher stake in the project means
that the financing from BNDES is no longer available because an
agreement between Brazil and the International Monetary Fund
(IMF) limits financing to state-controlled companies.

According to a Gazeta Mercantil report, Governor Requiao is in
talks with the federal government to ease financing rules to
allow Copel to sell debt to finance the conclusion of the
project.

CONTACT: Companhia Paranaense de Energia - Copel
         Investor Relations Department
         Mr. Ricardo Portugal
         (55-41) 331-4311

         Mr. Alves Solange Maueler Gomide
         (55-41) 331-4359

         E-Mail: ri@copel.com
         Web Site: www.copel.com


CSN: To Retire BRL540Mln of Debt Early
--------------------------------------
Brazil's Companhia Siderurgica Nacional (CSN), Latin America's
largest integrated steel maker, plans to make early payments on
BRL540 million ($1=BRL2.93) of debt due February 2005, Dow Jones
Newswires reports.

In a statement sent to Brazil's stock exchange Wednesday, the
company revealed it will pay a premium of 1% of the principal on
the debt it plans to retire, as well as all interest payments,
through Oct. 4.

Dow Jones recalls that CSN sold two series of bonds in January
2002, raising BRL690 million. The first series, which will be
retired early, pays interest of 2.75% a year on top of the
interbank overnight interest rate, the CDI. The second series of
BRL150 million, which comes due in February 2006, pays interest
of 13.25% a year on top of the IGP-M inflation index.

In related news, the company confirmed plans unveiled last month
to sell new five-year debentures not convertible into shares.
CSN had originally proposed to issue BRL750 million but has
reduced the minimum offering to BRL625 million. The company,
however, said it may eventually raise the total to the higher
amount.

CONTACT: CSN
         Luciana Paulo Ferreira, Investor Relations
         Tel: 5511 3049-7591
         E-mail: luferreira@csn.com.br
         Web site: http://www.csn.com.br


PARMALAT: EBITDA Improves 8.4% From Last Year
---------------------------------------------
Parmalat Finanziaria S.p.A. in Extraordinary Administration
communicates the financial and economic results for the Parmalat
Group as at 31 July 2004:

A number of the non-Italian operations of the Group identified
in previous months as being subject to "Special Proceedings"
(for example USA Dairy, Brazil, Chile, EVH) and some financial
companies (for example Parmalat Capital Finance) are currently
subject to certain restrictions on their management as a result
of the same local proceedings with the result that these
operations are effectively outside of the control of Parmalat
Finanziaria S.p.A. in Extraordinary Administration.

It has for this reason been decided to remove these businesses
from the total consolidation area of the Group and to record
them according to a net equity methodology. This will be the
case while any eventual obligations Parmalat Finanziaria S.p.A.
in Extraordinary Administration may be found to have on the
basis of legislation in force in the countries in which these
businesses are headquartered, together with any guarantees to
those that financed these companies, have been examined in
greater detail and checked.

More specifically:

- USA Dairy (Parmalat USA Corp., Farmland Dairies, Milk Products
of Alabama) is the American business operating in the milk and
milk related products sector and which is subject to Chapter 11
protection;

- for two Brazilian companies (Parmalat Brasil and Parmalat
Partecipa‡oes) a local Concordata procedure has been agreed that
also covers their subsidiary companies;

- the Chilean business is also subject to a local concordat
procedure;

- EVH, a company incorporated in Canada, has been laced into
liquidation;

- Parmalat Capital Finance has been placed into a procedure
granting protection by the local court. This group of compamies
includes Eurofood IFSC, which is currently subject to a dispute
with the Irish judicial authorities who contend that the Italian
Extraordinary Administration proceedings do not apply to this
company.

As a consequence of taking account of the above, pro forma
results for the revised consolidation relating to the previous
financial year have been drawn up. It is these figures that are
comparable with the relevant results for the current year.

HIGHLIGHTS:

Core Activities

Parmalat's Core Activity revenues have generally held up well
when compared to the same period in the previous year (?2.110,6
million compared to ?2,168.9 million), while Ebitda improved by
8.4% to ?146.8 million compared to ?135.4 million for the same
period in 2003.

This improvement in operating results is largely due to
initiatives of a commercial nature and thanks to operating and
structural cost reduction measures.

These results do not take account of the extraordinary costs
relating to the Administration procedure of some ?34 million for
the period to date, since these relate only to the 2004
financial year.

Revenues for the last month (the difference between the revenue
figure reported for the end of July 2004 and that to the end of
June 2004) were ?325.8 million, while EBITDA was ?22.2 million
(6.8% of revenues), substantially maintained the improving trend
of previous months.

Specifically, looking at the Group's main geographical areas of
operation, the following is evident:

Italy

Revenues for the period to the end of July reached ?806.3
million, down 7.8% compared to the ?874.1 million recorded in
the same period in 2003. However, Ebitda improved by 11.5%
moving from ?50.4 million at 31 July 2003 to ?56.2 million as at
31 July 2004. Revenues for the month of July were ?114.3 million
while EBITDA was ?6.7 million (5.9% of revenues).

The trend remains a positive one even if reduced in magnitude
compared to the previous months as a result of a lower
contribution from fruit juices compared to the same period of
last year. This is as a result of the different weather
conditions and to the seasonality of pasteurized milk, the level
of whose sales falls in the summer months, all of which has
translated into a lower contribution to results.

It should also be noted that there has been an increase in the
cost of some raw materials and an increased impact in percentage
terms of fixed business costs (which remain unchanged in
absolute terms compared to the previous year). Steps are under
way in the second half of the year in order to reduce the level
of these costs.

Spain

Revenues for the period were ?136.7 million compared to the
?139.5 million achieved as at 31 July 2003. Ebitda for the same
period was down from ?14.3 million to ?10.3 million. Revenues
for the month of July 2004 were ?22.4 million while Ebitda
reached ?2.4 million (10.7% of revenues), an improvement on the
trend of recent months.

The factors underlying the decrease in Ebitda were an increase
in the cost of milk, a lower contribution from the seasonally
influenced Royne branded ice creams given the less clement
weather conditions than were seen in the same period last year,
as well as increased price competition and the launch of new
products by competitors.

South Africa

Revenues as at 31 July 2004 of ?135.2 million grew of 31.1%
compared to the ?103.2 million of the same period in 2003.
Ebitda also grew significantly from ?8.1 million to ?10.6
million (+30.7%). This increase in profitability was principally
due to the acquisition of new brands (Simonsberg) as well as to
the appreciation of the South African Rand against the Euro
(+8.2% compared to the same period of last year).

Revenues for the month of July 2004 were ?22.1 million and
Ebitda for the month was ?1.6 million (7.2% of revenues). The
month was characterised particularly by a marked increase in
sales volumes of low margin products.

Venezuela

Relative to the same period in 2003, the Venezuelan Bolivar has
undergone a significant depreciation against the Euro (-25.2%),
in part following to domestic political uncertainty. This, along
with the absence of sufficient credit lines for the import of
raw materials (powdered milk) and reduced sales volumes in fruit
juices, led to a reduction in revenues which fell from ? 116
million as at 31 July 2003 to ?87.2 million as the end of July
2004 (-24.8%) and, above all, the strong decrease in operating
profitability which fell from ?15.5 million to ?2.4 million as a
result of increased local raw material costs that were not
balanced by a rise in retail pricing, and higher relative
structural costs.

Revenues for the month of July 2004 were ?12.4 million and
Ebitda was ?0.3 million, without any issues of specific note for
the period.

Canada

As seen in previous months the Canadian market maintained the
slight growth trend of the previous months at the revenue level
moving from ?659.6 million to ?668.4 million offsetting the
slight depreciation of the Canadian dollar relative to the Euro
(-2.5%).

Ebitda of ?42.9 million at the end of July 2004 improved of 4.2%
compared to the same period in 2003 (?41.1 million).

July 2004 volumes increased compared to the average volumes seen
in the first half of 2004, with profitability remaining stable.
Revenues for the month were ?110.8 million while Ebitda was ?7.3
million (6.6% of revenues).

Australia

In a context of a reduced average unit selling price, a
favorable trend in the Australian dollar exchange rate (+6.3%)
and an increase in volumes, revenues reached ?220 million, up
4.4% compared to the ?210.7 million of the same period in 2003.

These same factors, together with a reduction in general and
promotional expenses and improved raw materials purchasing,
contributed to an improvement in Ebitda (?17.3 million for the
period) compared to the ?16.2 million in the same period in the
previous year (+6.5%).

Revenues for the month of July were ?37.4 million, a strong
increase on the average revenues of the first six months, while
Ebitda of ?3.5 million (9.4% of revenues), was also up on the
previous month.

Non-Core Activities

Non-Core Activities registered a significant fall in revenues as
at 31 July 2004 compared to the same period last year (?357.8
million compared to ?502.5 million, down 28.8%) although Ebitda
for the same businesses, while still heavily negative, showed an
improvement at a negative ?15.2 million compared to a negative
?29.7 million for the same period in 2003.

In July 2004 total sales were ?49.5 million and Ebitda was a
negative ?2.7 million (a negative 5.5% of revenues).

The strong reduction in losses compared to 2003 is principally
linked to actions undertaken in Italy and at the US bakery
operations.

Italy

The Non-Core activities of Parmalat Spa (consisting principally
of businesses in the bakery, juice and tomato sectors) more than
halved their losses for the period (from a negative ? 9.5
million to a negative ?4,1 million) thanks principally to the
suspension of the activities in the mineral water sector and a
drastic reduction in promotional and advertising activities
related to bakery and juices.

In the same way greater attention to commercial expenses and
reduced structural costs led to a reduction in losses at other
Non-Core Italian businesses, falling from a negative ?7 million
in 2003 to a negative ?2.7 million as at the end of July 2004.

USA Bakery

The US bakery activities, whilst experiencing a fall in revenues
have seen a marked improvement in operating profitability (even
if this still remains in negative territory, moving as it has
from a negative ?13 million in 2003 to a negative ?5.4 million
at the end of July 2004), this thanks to the reorganization and
repositioning under way in the business.

Heavily negative results have been recorded in Mexico where
operations have been badly hit by the Group's financial crisis
and the resulting impact on their operating performance.

Ebitda has worsened from ?0.5 million at 31 July 2003 to a
negative ?2.4 million as at 31 July 2004. The assets of the
Mexican business have, moreover, been divested during the month
of July.

Net Financial Position:

Compared to the situation at 31 December 2003, the Group's net
financial position as at 31 July 2004 shows the following
characteristics: increased levels of liquidity, thanks largely
to the attention paid to the management of available resources
and to the disposal of Parmalat S.p.A.'s holdings in MCC S.p.A.
and Banca di Roma S.p.A. and of Parmalat Finanziaria S.p.A.'s
disposal of its holding in Fondo Alfieri.

On the liability side there has been a small increase almost
entirely resulting from a change in the rates of exchange
between the Euro and currencies in countries outside Europe
where the Group operates, from an increase in accruals for
liabilities for interest and from an increase in the
indebtedness of the Group's Canadian businesses as noted below.

No use has been made until now of the line of credit of ?105.8
million provided by a pool of banks on 4 March 2004.

With reference to those companies that have been consolidated in
their entirety, the net financial debt with third parties is
divided as follows:

                              Situation   Situation   Situation
                           Pro-Forma as at   as at       as at
                             31 December    30 June     31 July
                                2003          2004       2004

Values in millions of Euro

Companies in
extraordinary administration
subject to proposed
composition with creditors       10.055,3   10.058,2  10.048,6

Other companies in
extraordinary administration         56,9       40,6      41,4

Other companies                   1.329,3    1.354,5   1.386,9
   ------------------------------------------------------------
Financial indebtedness/Total     11.441,5   11.453,3  11.476,9

Companies in Extraordinary Administration

The net indebtedness of these companies towards third parties,
incurred prior to their entry into Extraordinary Administration,
should be considered as being largely short-term in nature,
given the current situation of default on the covenants
underlying the financial contracts.

Of particular note is the increased levels of liquidity at the
companies subject to proposed Composition with Creditors, this
having increased from ?24 million as at 31 December 2003 to
?68.5 million as at 31 July 2004; ?19.4 million of this amount
is subject to a restriction by a credit institution with regard
to its use.

Other Companies

The remaining operating and financial companies not subject to
the Procedure and totally consolidated, have net financial
indebtedness towards third parties as at 31 December 2003 of
?1,329.3 million, at 30 June 2004 of ?1,354.5 million and at 31
July 2004 of ?1,386.9 million.

Of this amount ?710.3 million is represented by debt of a medium
or long term nature. A number of companies are currently in
talks to renegotiate their debt in order to consolidate it.
Amongst the companies which have already closed such agreements
it should be noted that the Group's Canadian operating companies
have finalized during the course of July the refinancing of
their debt.

This entailed a ?43.7 million penalty for the early redemption
of the previous debt as a result of the default situation.
Following payment of this penalty new financing was put in place
that will be repaid by 2012 and that has been included in the
calculation of the Group's financial position as at 30 June of
this year.

The further increase in debt during the month of July also
relates to the Canadian operations and derives from the
repayment of a securitization of commercial credits and to the
financing costs linked to the transaction, for a total amount of
?32 million.

Principal Companies in Extraordinary Administration

The net financial position of the company is substantially
unchanged. The increase of ?1.5 million in intercompany
financial debt in the month of July 2004 compared to the month
of June 2004 (which under financial assets can be seen in an
increase in liquidity) relates to the granting of a loan by
Parmalat S.p.A.

The net financial position of Parmalat S.p.A. is substantially
unchanged. More specifically, compared to 31 December 2003, the
financial resources of the company were positively effected by
the divestment of the holdings in MCC S.p.A. and Banca di Roma
S.p.A.

These divestments along with the performance of the operating
business, generated new cash that permitted, above and beyond
covering the ongoing requirements of the business, an increase
in the total available liquidity (up from ?6.6 million to ?19.7
million) and the granting of inter-company credits of ?22.4
million, principally in favour of units in North America (?10.7
million), Parmalat Finanziaria (?4.6 million), Parmalat Uruguay
(?1.7 million) and units in Germany (?1.6 million) Finally it
should be noted that during the course of July 2004 liquid
resources decreased (from ?22.7 million to ?19.7 million)
principally as a result of financing granted to other Group
companies (?2.3 million).

Eurolat S.p.A.

This company also saw its debt position consolidated compared to
the month of December 2003 having not had to seek new financing.
The cash position at the end of the month of July produced a
level of liquidity that was lower compared to the previous month
as a result of having had to make supplier payments that were
higher than the running average of previous months.

Lactis S.p.A.

Available liquidity grew from ?0.4 million to ?3.7 million,
while financial liabilities remained unchanged compared to 31
December 2003.

Significant Events during July and August

The events listed in the following summary that occurred during
the course of July and in the month of August are already
covered by specific press releases available to view in their
entirety on the website www.parmalat.com.

12 July
Completion of the refinancing of the Group's Canadian
subsidiaries

14 July
Announcement of the recovery ratios in the proposed Composition
with Creditors and publication of sections of the non-final
version of the Group's Restructuring Plan.

19 July
Publication of the economic and balance sheet positions of
Parmalat S.p.A. in Extraordinary Administration, Parmalat
Finanziaria S.p.A. in Extraordinary Administration and the
consolidated figures for the Parmalat Group. With regard to the
latter a brief report was also published covering the management
of the Group as well as a report by the external auditors.

19 July
Sale of the Assets of Parmalat De Mexico S.A. De CV and signing
of licensing contracts for Parmalat brands.

21 July
Establishment of the Parmalat Creditors Foundation by those
Parmalat companies in Extraordinary Administration that are
subject to the proposed Composition with Creditors.

22 July
Initiation by the Competition Authorities in Italy of two cases
against Parmalat relating to the failure to comply with
conditions set out in 1999 relating to the authorisation to
require Eurolat from the Cirio Group (specifically the disposal
of Newlat) and for the failure to communicate in advance the
acquisition of a controlling position in Carnini. The actions
that are the subject of the investigation are entirely
attributable to the previous management of Parmalat.

23 July
Authorisation of the Parmalat Restructuring Plan by the Minister
of Production Activities, Antonio Marzano, in agreement with the
Minister for Agricultural and Forestry Affairs Gianni Alemanno.

26 July
The acquisition by the Parmalat Creditors Foundation of the
entire share capital of Parmalat S.p.A. (formerly Cimabue
S.r.l.). This company will become the third party Assumptor for
the Composition with Creditors.

27 July
The recognition of the legal validity of the Parmalat Creditors
Foundation by the Prefecture of Parma.

29 July
The announcement of an agreement, without the payment of any
fine, by Parmalat Finanziaria S.p.A. in Extraordinary
Administration to settle the case bought before the New York
Court by the Securities and Exchange Commission of the United
States.

29 July
The filing by the Extraordinary Commissioner of a complaint with
the uperior ourt of Bergen County in the State of New Jersey
requesting hat Citigroup Inc. and a number of its subsidiaries
be required to pay damages. The Extraordinary Commissioner
contends that the companies named in the action played an active
part over an extended period of time in bringing about damages
to the Parmalat Group which as at today are estimated to be a
value of approximately US$10 billion.

30 July
The admission into Extraordinary Administration, by decree of
the Minister of Production Activities, of Streglio S.p.A. and
the appointment of Dr. Enrico Bondi as Extraordinary
Commissioner of the above mentioned company. On 27 July 2004
Streglio S.p.A. had requested insolvency status with the Civil
Court of Parma.

6 August
Request to the Court of Parma that UBS Limited be subject to a
claw-back action following bankruptcy for an amount of ?290
million plus interest.

9 August
Request to the Court of Parma that Deutsche Bank S.p.A be
subject to a clawback action following bankruptcy for an amount
of ?17 million plus interest.

10 August
Publication on a number of European daily newspapers of the
decrees of the delegated Judge dated 3 August 2004 and 6 August
2004 relative to the proposed Composition with Creditors and the
summary Restructuring Plan for the Parmalat Group. The relevant
press release was not distributed into the United States of
America or other restricted territories.

11 August
Notification to bond holders of the procedure to unblock their
securities. As a consequence of this holders of such bonds are
able to trade their securities.

13 August
Approval by the local court in Brazil of the request for
protection from creditors of Parmalat Brasil and Parmalat
Partecipa‡oes as presented by Felsberg & Associates.

17 August
Publication of a Notice relating to the registration as credits
of Private Placements. This Notice makes clear that holders of
Private Placements are required to request inclusion amongst the
issuing company's creditors in order to have their status as
creditors confirmed.

18 August
The filing by the Extraordinary Commissioner of a complaint with
the Circuit Court of Cook County in the State of Illinois
requesting that the former external auditors of Parmalat, Grant
Thornton International and Deloitte Touche Tohmatsu and their US
and Italian subsidiaries be required to pay damages relating a
series of accusations. The Extraordinary Commissioner asserts
that the former external auditors played an absolutely central
role in the causing of damages that overcame the Parmalat Group
and in relation to this is requesting that the firms in
questions be condemned to pay damages of no less than US$10
billion.

19 August
Request to the Court of Parma that Credit Suisse First Boston
International be subject to a claw-back action following
bankruptcy for an amount of ?248.3 million plus interest.


TAM: Launches e-TAM Website
---------------------------
The e-TAM website, local airline TAM's alternative to the
expensive Global Distribution System (GDS), is expected to lure
more travel agents into using the network to book seats and sell
tickets, Valor Economico reports.

The project, according to commercial logistics director Mr.
Ubiratan Motta, will save the company US$40 million per year. In
2003, overall expenses with sales amounted to BRL700 million.

TAM has invested over BRL30 million to implement the scheme. To
date, e-tam has already conquered 70 percent of the 1,500 travel
agents composing the GDS market.


TAM/TRANSBRASIL/VARIG/VASP: To Face Fines Pending Final Review
--------------------------------------------------------------
Four leading Brazilian airlines could pay fines equivalent to 1%
of their 1999 gross revenues if Brazil's antitrust watchdog
upholds its decision, says Reuters.

On Wednesday, four councilors of the antitrust body Cade
(Administrative Council for Economic Defense) voted to impose
the fines on Varig, TAM, VASP and the defunct Transbrasil.

The decision, however, is not yet final as the head of the
watchdog body asked for a suspension of the process to give her
more time to decide. Technically, that means the agency's four
councilors who voted in favor of the fines could still change
their minds, although they rarely do.

The fines apply to 1999 revenues because that is the year
preceding 2000, when the complaint against the companies was
lodged.

A rough calculation of the companies' results in 1999 indicated
Varig's fine would come to about BRL45 million (US$15.4
million), Vasp BRL14.3 million, TAM BRL8.2 million and
Transbrasil BRL7.8 million.


TELESP CELULAR: Launches Voluntary Cash Tender Offer
----------------------------------------------------
Telesp Celular Participacoes S.A. (NYSE: TCP; BOVESPA: TSPP3
(common shares), TSPP4 (preferred shares))("TCP" or "the
Company") and Tele Centro Oeste Celular Participacoes S.A.
(NYSE: TRO; BOVESPA: TCOC3 (common shares), TCOC4 (preferred
shares))"TCO" inform their respective shareholders that TCP, the
controlling shareholder of TCO, commenced Wednesday a Voluntary
Public Tender Offer ("VTO") for the acquisition of up to
84,252,534,000 preferred shares issued by TCO ("Maximum Number
of Shares") in an auction to occur on the Sao Paulo Stock
Exchange (the "BOVESPA"). In no event will TCP purchase more
than the Maximum Number of Shares. In the event of excess of
demand in the auction, a pro rata adjustment will be made among
the shareholders participating in the VTO.

The VTO price is R$10.70 (ten Brazilian reals and seventy cents)
per lot of thousand shares ("price"), which represents a premium
of 20% (twenty percent) over the weighted average closing price
of the preferred shares of TCO over the 30 (thirty) trading days
on the BOVESPA up to and including the date of the initial
announcement of the VTO on August 24, 2004. Unless otherwise
extended or terminated, the acquisition of any shares tendered
in the VTO will occur on October 8, 2004. The price will be paid
upon delivery of the shares, in Brazilian reals, pursuant to the
rules issued by the Companhia Brasileira de Liquidacao e
Custodia -- CBLC (the Brazilian Settlement and Custody Company)
and the terms that will be set forth in the public notice
(Edital) for the VTO.

The other terms and conditions of the VTO have been published by
means of an Edital in Brazil and a summary advertisement in the
New York Times in the United states, in each case dated
September 1, 2004. The Company has filed, with the Securities
and Exchange Commission ("SEC"), a tender offer statement on
Schedule TO dated September 1, 2004, which contains the complete
terms of the offer.

The number of shares that TCP is offering to acquire was
determined to allow TCP to increase its participation in the
share capital of TCO without suppressing the liquidity of the
remaining preferred shares for purposes of applicable
regulations (specifically Instruction no. 361 of the Brazilian
Comissao de Valores Mobiliarios ("CVM") of March 5, 2002).

In accordance with the terms and conditions of the Announcement
to the Shareholders published in the newspaper Gazeta Mercantil
on August 17, 2004, relating to the exercise of appraisal rights
in the context of the mergers of shares of Telegoias Celular
S.A., Telems Celular S.A., Telemat Celular S.A., Teleacre
Celular S.A. and Teleron Celular S.A. by TCO, the shareholders
of such companies which, by August 24, 2004, have exercised
their appraisal rights will be entitled to the positive
difference between the (i) reimbursement amount under the
appraisal rights, and (ii) the amount they would have been
entitled to receive if they had participated fully in the VTO
(taking into account pro rata adjustments).

Any shareholder who has exercised the appraisal rights, as
provided in the paragraph above, will receive the payment to
which it is entitled, as mentioned in the paragraph above,
through BANCO ABN AMRO REAL S.A. according to the same procedure
contemplated for the payment of the reimbursement amount under
the appraisal rights.

This press release does not constitute an offer to purchase or a
solicitation of an offer to sell securities of TCO. TCO
shareholders are strongly advised to read carefully the Edital
and other relevant documents related to the VTO that have been
published by TCP or filed with the CVM or the SEC, including the
tender offer statement on Schedule TO (and, in the case of the
English-language documents filed with the SEC, shareholders may
read the Portuguese translations, which will be filed with the
CVM) because they contain important information.

TCP intends to fund the tender offer with debt, and, taking into
account the outcome of the tender offer, among other factors,
the Company will evaluate a potential capital increase if it
considers a reduction of its level of indebtedness to be
advisable.

CONTACT: Telesp Celular Participacoes SA
         Rua Abilio Soares 409, - 10o andar
         Sao Paulo, 04005
         Phone: (212) 889-4350


UNIBANCO: BOVESPA Includes Units in IBrX-50 Index
-------------------------------------------------
Unibanco reports that Sao Paulo Stock Exchange (BOVESPA)
announced Wednesday the new composition of the IBrX-50 index,
comprising the 50-best classified stocks according to a
negotiability index, calculated by BOVESPA, and that have a
trading floor presence of at least 80%, measured in the last
twelve months.

The UNITs (BOVESPA: UBBR11), certificates consisting of one
preferred share of Unibanco and one preferred share of Unibanco
Holdings, are now index members with 2.724% weight as of
September 1st.

This weight represents the 11th position in the index portfolio.
The new index portfolio will be effective from September 1st to
December 31st, 2004. The inclusion of the UNITs in the IBrX-50
portfolio is another step to increase their liquidity in the
Brazilian market.

CONTACT: Unibanco - Uniao de Bancos Brasileiros S.A.
         Av. Eusebio Matoso 891, 15th Floor
         Sao Paulo,  05423
         e-mail: investor.relations@unibanco.com.br
         Web Site: http://www.unibanco.com.br/


USIMINAS: Reveals $600Mln Investment for Mill Expansion
-------------------------------------------------------
Brazil's Minas Gerais state government announced on its Web site
that flat steelmaker Usiminas will invest about US$600 million
in the coming months to increase output capacity at its Ipatinga
mill, relates Business News Americas.

The announcement follows a meeting in Tokyo between Minas Gerais
state governor Aecio Neves, Usiminas CEO Rinaldo Campos Soares
and executives at Japan's Nippon Steel, one of Usiminas'
shareholders.

Nippon Steel has approved the investments in the construction of
a coke plant, a blast furnace and a thermoelectric unit, Minas
Gerais state said.


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

ENAMI: Codelco Board OKs $500M Bond Issuance
---------------------------------------------
Chile's state copper company Codelco has gained approval from
its board to issue of up to US$500 million in bonds on local and
international markets, reports Business News Americas.

In a brief filing to the Santiago stock exchange Wednesday, the
company said that the decision to authorize the issue was
adopted in a board meeting on August 30.

Earlier, Chile's Mining Minister Alfonso Dulanto, who is also
Codelco's president, indicated that the proceeds will be used to
finance the transfer of the Ventanas refinery from state
minerals company Enami.

Dulanto said that Codelco needs at least US$400 million to take
over Ventanas.

The transfer of Ventanas to Codelco is part of a government
strategy to pay off Enami's debts but requires congressional
approval.

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


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

TRICOM: Fails to Make Principal Payment on Senior Notes
-------------------------------------------------------
Tricom, S.A. (OTC: TRICY) announced Wednesday that it will not
be making the $200 million principal payment on its 11-3/8%
Senior Notes due Wednesday. The Company suspended principal and
interest payments on its unsecured indebtedness and principal
payments on its secured indebtedness, including the 11-3/8%
Senior Notes, in October 2003.

About Tricom

Tricom, S.A. is a full-service communications services provider
in the Dominican Republic. It offers local, long-distance,
mobile, cable television and broadband data transmission and
Internet services. Through Tricom USA, it is one of the few
Latin American-based long-distance carriers licensed by the U.S.
Federal Communications Commission to own and operate switching
facilities in the United States. Through its subsidiary, TCN
Dominicana, S.A., it is the largest cable television operator in
the Dominican Republic based on its number of subscribers and
homes passed. It also offers digital mobile integrated services
including two-way radio and paging services in Panama using
iDEN(R) technology.

CONTACT:  Investor Relations
          Tel: (809) 476-4044 / 4012
          E-mail: investor.relations@tricom.net
          Web site: http://www.tricom.net



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

AHMSA: Turns to Russians for Funds
----------------------------------
Iron and steel manufacturer Altos Hornos de Mexico (AHMSA)
intends to get fresh capital from Russian investors in its bid
to regain financial health.

Comtex Business reports that the strategic alliance will allow
current Company investors to retain the majority of stocks.
Monclava Mayor Jorge Williamson Bosque added that the deal will
not constitute a sale of assets.

AHMSA, in debt default since April 1999, has debts exceeding
US$1.8 billion.


CYDSA: To Propose $169M Capital Increase
----------------------------------------
Troubled textile firm Cydsa hopes to firm up its finances with a
planned capital increase worth US$169 million coupled with
US$29.5 million in new debt, says Reuters.

Cydsa has been struggling to regain financial health since
December 2002 when it defaulted on interest payments for a $159
million debt. In June this year, the company inked a
restructuring plan with creditors exchanging this debt for new
stocks and bonds. This deal effectively gives the creditors a
majority stake on the company.

The company plans to carry the restructuring proposal through
three peso denominated issues totaling US$169 million:

1. a US$27.4 series A shares for a total 270 million pesos;
2. a 136.8 million C series shares - no voting rights shares -
for 1.5 billion pesos.
3. a 360.4 million A series shares for 300 million pesos to back
the floating rate bonds.

Cydsa will present the restructuring deal at the shareholders'
meeting on September 15. new debt to restructure its ailing
balance sheet.


PEMEX: Issues Another $44M in Short-Term Bonds
----------------------------------------------
Mexico's state oil company Pemex will sell MXN500 million
(US$43.9mn) worth of short-term bonds on the Mexico City stock
exchange BMV on September 2, Business News Americas reports

According to BMV registration documents, the 28-day, fixed
interest bonds are priced at MXN100 pesos each.

JP Morgan will act as fiduciary and Scotia Inverlat and
Santander Serfin will act as placing agents.

This is the third 28-day local bond issue for Pemex in the last
two weeks. It sold MXN500 million short-term bonds on August 18
and another set of short-term bonds of the same size in August
26. In both cases the issues were heavily oversubscribed.


=====================
P U E R T O   R I C O
=====================

CENTENNIAL COMMUNICATIONS: Lowers Net Loss to $22.8M for FY 2004
----------------------------------------------------------------
Centennial Communications Corp. (Nasdaq:CYCL) announced
Wednesday results for the quarter and fiscal year ended May 31,
2004.

Consolidated revenues for fiscal year 2004 increased 11% from
the prior year to $828.8 million. Net loss was $22.8 million for
fiscal year 2004, as compared to a $111.6 million loss in the
prior year. "Adjusted Operating Income" ("AOI") was $330.5
million, an 11% increase from the prior year. AOI is net income
(loss) before minority interest in income of subsidiaries,
income tax (expense) benefit, other income (expense), loss on
extinguishment of debt, interest expense-net, income from equity
investments, loss (gain) on disposition of assets, loss on
impairment of assets, depreciation and amortization, and other
non-cash charges. Please refer to Exhibit A -- "Non-GAAP
Financial Measures."

During the fiscal fourth quarter ended May 31, 2004, the Company
reported consolidated revenues of $214.8 million. Net income for
the fourth quarter was $3.2 million, a decrease of $55.3 million
from the same quarter last year. The Company reported AOI of
$88.8 million for the fourth quarter, an increase of 8% from the
same quarter last year.

Other significant events reported during and after fiscal 2004
include:

- The Company launched its global system for mobile
communications ("GSM") network in every cell site in its Midwest
cluster ahead of schedule and within budget. The Company began
receiving GSM roaming traffic in late November and has gradually
introduced GSM service features and phones in all of its Midwest
markets. Over 80% of the Company's gross subscriber additions in
its Midwest cluster are now subscribing to GSM services. The
Company expects to launch GSM service in its Southeast cluster
by the end of calendar year 2004.

- The Company's consolidated free cash flow (AOI minus capital
expenditures) reached a record $198 million for fiscal 2004 up
from $164 million in fiscal 2003, with contributions from
Caribbean Wireless and Caribbean Broadband now approaching that
of U.S. Wireless. Caribbean Wireless and Caribbean Broadband AOI
for Fiscal 2004 exceeded that of U.S. Wireless for the first
time in the Company's history.

- The Company consummated a series of refinancing transactions
aggregating $1.6 billion during fiscal 2004 that significantly
improved the Company's balance sheet. The new financings
extended the weighted average maturities of the Company's long-
term debt and eliminated approximately $600 million in scheduled
amortization payments over the next four years. In addition,
these transactions resulted in greater financial and operating
flexibility through a reduced number of financial covenants and
simplified capital structure. The Company also significantly
improved the liquidity of its common stock through a 10-
million-share equity offering in November 2003.

- In August 2004, the Company announced that it had exercised
its options to purchase 10 MHz of PCS spectrum from AT&T
Wireless covering an aggregate of approximately 4.1 million
population equivalents (POPs) contiguous to the Company's
existing footprint in Michigan and Indiana. The aggregate
exercise price of the spectrum is $19.5 million. At the same
time, the Company also announced that it entered into a
definitive agreement to sell to Verizon Wireless for $24 million
in cash the Indianapolis and Lafayette, Indiana licenses that it
expects to acquire from AT&T Wireless. If consummated, the net
result of these transactions will be that the Company will
obtain licenses covering approximately 2.2 million incremental
POPS, and receive $4.5 million of cash. Both transactions are
subject to customary closing conditions, including regulatory
approvals and are expected to close before calendar year-end
2004.

- In May 2004, the Company announced its intention to seek
strategic options for its Puerto Rico cable operations. The
Company is currently in advanced negotiations regarding a
potential sale of the cable operations. There can be no
assurance that the Company will consummate any transaction with
respect to its cable operations.

"I am delighted by the strength of our operating results for the
quarter and fiscal year ended May 31, 2004. The results
demonstrate the power of the Centennial brand and the positive
customer experience it has come to signify. Centennial's focus
on providing an outstanding customer experience is clearly
paying dividends and bodes well for our prospects in fiscal 2005
and beyond", said Michael J. Small, Chief Executive Officer.

The Company's wireless subscribers at May 31, 2004 were
1,051,200, an increase of 12% over fiscal 2003. In the fourth
quarter, Caribbean Wireless subscribers increased 21,600 as
compared to the prior quarter, due to strong subscriber growth
in both Puerto Rico and the Dominican Republic. In the fourth
quarter, U.S. Wireless subscribers increased 2,900 from the
prior quarter, aided by GSM and national rate plans. Postpaid
churn for the quarter was 1.8% in U.S. Wireless and 2.4% in
Caribbean Wireless. During fiscal year 2004, Caribbean Wireless
subscribers increased by 97,600 as compared to 62,300 in fiscal
2003 and in U.S. Wireless by 16,500 as compared to no subscriber
growth in fiscal 2003. Caribbean Broadband switched access lines
reached 50,210 and dedicated access line equivalents were
213,920 at May 31, 2004, up 24% and 18%, respectively from May
31, 2003. Cable TV subscribers were 73,400 at May 31, 2004, down
4,800 from the prior year.

For the year, total Caribbean revenues (consisting of the
Caribbean Wireless and Caribbean Broadband segments) were $458.6
million and AOI was $181.0 million. AOI for the year was up 33%
from the prior year. Caribbean Wireless revenues for the year
reached $306.2 million, an increase of 17% from the prior year.
Caribbean Wireless AOI for the year was $121.6 million, an
increase of 26% from the prior year. Caribbean Broadband
revenues for the year were $164.7 million and AOI reached $59.4
million, up 16% and 51% respectively, from the prior year.

U.S. Wireless revenues were $370.2 million for the year ended
May 31, 2004 and AOI was $149.5 million. Revenue increased 4%
from the prior year due to a 13% increase in service revenue,
partially offset by a 30% reduction in roaming revenue. Roaming
revenue was $54.3 million in fiscal 2004, or 7% of consolidated
revenue, as compared to $77.6 million or 10% of consolidated
revenues in fiscal 2003. U.S. Wireless AOI decreased by 7% from
the prior year due to the reduction in roaming revenue,
partially offset by an increase in service revenue and improved
margins on retail revenue. Service revenue per subscriber
increased to $45 from $40 in the prior year, primarily due to
the introduction of national rate plans.

Consolidated capital expenditures for the year ended May 31,
2004 were $132.9 million or 16% of revenue. Net debt at May 31,
2004 was $1,655.8 million as compared to $1,691.6 million at May
31, 2003.

The Company projects AOI growth for fiscal 2005 of 5-10% as
compared to $330.5 million in fiscal 2004. The Company projects
capital expenditures of approximately $160 million in fiscal
2005, which includes approximately $25 million associated with
the build out of the Lansing and Grand Rapids, Michigan licenses
we expect to acquire from AT&T Wireless. A reconciliation of
projected AOI is not included as it is not possible to project
certain components of such reconciliation at this time.

In preparation for complying with the provisions of the
Sarbanes-Oxley Act of 2002 relating to internal control over
financial reporting that will be effective for the Company for
its fiscal year ending May 31, 2005, and recent guidance
surrounding such legislation, the Company has restated its
financial statements as of May 31, 2003 and for the years ended
May 31, 2003 and 2002. Such restatements primarily relate to
adjustments that were identified in the ordinary course of prior
audits of the Company's financial statements, but not recorded
at the time due to their immateriality. All comparisons to the
fiscal year ended May 31, 2003 made in this release give effect
to this restatement. Revised financial statements for the first
through third quarters of fiscal 2004 are included in the
attached tables. Additional information regarding the
restatement is contained in the Company's Form 10-K filed on
August 31, 2004.

In addition to the financial results determined in accordance
with Generally Accepted Accounting Principles ("GAAP"), this
press release contains non-GAAP financial measures such as AOI
and free cash flow. The non-GAAP financial measures should be
considered in addition to, but not as a substitute for, the
information prepared in accordance with GAAP. Reconciliations
from GAAP to these non-GAAP financial measures are provided in
Exhibit A to this press release.

Centennial is one of the largest independent wireless
telecommunications service providers in the United States and
the Caribbean with approximately 17.3 million Net Pops and
approximately 1,051,200 wireless subscribers. Centennial's U.S.
operations have approximately 6.1 million Net Pops in small
cities and rural areas. Centennial's Caribbean integrated
communications operation owns and operates wireless licenses for
approximately 11.2 million Net Pops in Puerto Rico, the
Dominican Republic and the U.S. Virgin Islands, and provides
voice, data, video and Internet services on broadband networks
in the region. Welsh, Carson Anderson & Stowe and an affiliate
of the Blackstone Group are controlling shareholders of
Centennial.

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

CONTACT: Centennial Communications Corp.
         Mr. Eric S. Weinstein
         Phone: 732-556-2220

         Web Site: www.centennialwireless.com



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

WASA: Wants Government To Write Off $500M Debt
----------------------------------------------
Trinidad and Tobago's Water and Sewerage Authority (WASA) has
appealed to the government to consider writing off the almost
US$500 million debt it has accumulated, a WASA spokesperson told
Business News Americas reports.

The spokesperson said a strategic plan is already in place for
the 2004 to 2006 period that should solve WASA's financial
problems.

"WASA has in effect produced a strategic plan which we are
certain can turn the authority around, turn around the financial
viability of the organization and also improve service output,"
Business News Americas quoted the spokesperson as saying.

Plan recommendations include the introduction of water metering,
as well as an increase in rates to more accurately reflect water
production costs.

A Joint Select Committee of Parliament at the Red House recently
obtained information that WASA piled up debts amounting to
TT$3.2 billion (US$448 million) between 1994 and 2003. And that
figure is climbing, according to information gathered.

Committee Chairperson Senator Parvatee Anmolsingh-Mahabir
revealed between 1998 and 2001, WASA borrowed over TT$1.1
billion to finance various projects, and that as of March 29
this year, WASA was owed TT$507 million by customers and wanted
to write off TT$300 million of this as doubtful or bad debts.


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

* URUGUAY: IMF Director Challenges Government to Sustain Growth
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Mr. Rodrigo de Rato, the Managing Director of the International
Monetary Fund (IMF), made the following statement Wednesday at
the conclusion of his visit to Uruguay:

"This is my first visit to Uruguay as Managing Director of the
IMF. My meetings with President Batlle's senior economic team
and other political leaders have provided me with a welcome
opportunity to obtain a closer understanding of economic and
social developments and the key policy issues in Uruguay and the
region.

"I would like to commend President Batlle and his government for
the sound management of the economy which has delivered
impressive results over the past two years. Prudent fiscal and
monetary policies have been maintained; last year's landmark
debt exchange has improved the medium-term debt profile; and
important steps have been taken to strengthen the banking
system. As a result of these policies, and supported by the
favorable external environment, the economy's recovery from its
long recession has been stronger than expected; financial
indicators have improved steadily; and confidence is increasing.
Achieving the program's fiscal objectives will be critical to
laying the basis for ensuring Uruguay's debt sustainability, and
sustaining the reform momentum in the banking sector is crucial
for restoring a sound financial system that can support
investment and growth.

"The challenge for Uruguay now is to build on these achievements
and sustain the recovery of growth and employment. In this
context, I have had very productive discussions with the
presidential candidates on the broad framework and direction of
economic policies in the coming years. I have come away from
these discussions with a strong sense that there is a basic
consensus in Uruguay on the need to continue with prudent
macroeconomic policies and to move ahead with key structural
reforms that would bolster the environment for private
investment, which is crucial for Uruguay to compete successfully
in the global market place.

"Raising the long-term growth potential of the country will also
require improving the efficiency of public investment. Toward
this end, and in reflection of our concern that public
investment has been low or declining in Latin America, the Fund
has initiated pilot programs in several countries aimed at
strengthening the performance of public investment. One of the
lessons we have learned from our involvement in Latin America is
that any public investment program must be seen within a sound
debt sustainability framework or it will not contribute to
growth and social development, and that this generally requires
more flexible budget structures, well-designed projects, and
appropriate financing.

"As Uruguay heads toward its fifth general election since
democracy was restored in the 1980s, I would like to commend the
Uruguayan people for their long democratic tradition and strong
civil society. These foundations have enabled Uruguay's
citizenry and government to make the difficult choices needed to
return the economy to a path of rapid growth.

"The Fund looks forward to continuing the close dialogue with
the next government that will take office early next year. The
Fund has provided substantial financial support to Uruguay, and
we stand ready to continue our joint efforts in support of
sustained rapid growth and improved living standards for all
Uruguayans."

CONTACT: International Monetary Fund
         External Relations Department
         700 19th Street, NW
         Washington, D.C. 20431
         USA

         Public Affairs:
         Phone: 202-623-7300
         Fax: 202-623-6278

         Media Relations:
         Phone: 202-623-7100
         Fax: 202-623-6772




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S U B S C R I P T I O N   I N F O R M A T I O N

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