TCRLA_Public/040906.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                    L A T I N   A M E R I C A

          Monday, September 6, 2004, Vol. 5, Issue 176

                            Headlines

A R G E N T I N A

ARDAM S.A.: Court Declares Company Bankrupt
CLINICA PRIVADA: Court Grants Reorganization Plea
DISCO: Cencosud Owner Travels to Buenos Aires to Discuss Sale
EL JUMILLANO: Proceeds With Reorganization
ESTABLECIMIENTO AGRICOLO: Court OKs Bankruptcy Motion

FLEXI CAMP: Liquidates Assets to Pay Debts
GERI CLUB: Enters Bankruptcy Protection
KAMESA ALUMINIOS: Initiates Bankruptcy Proceedings
LAPA ESTUDIANTIL: General Report Due Tomorrow
LAVANET: Court to Receive Individual Reports Tomorrow

MASTELLONE HERMANOS: Extends Debt Offer Deadline
MIAMI HOUSE: To Present Settlement Plan Tomorrow
MONLEM SERVICE: Prepares Individual Reports for Submission
SUAT S.R.L.: Court Orders Liquidation
SURTE S.A.: Verification Deadline Fixed

* ARGENTINA: Unctad Chief Backs Debt Efforts


B E R M U D A

FOSTER WHEELER: Lowers Threshold for 9.00% Preferred Securities


B R A Z I L

AOL LATIN AMERICA: Unveils Corporate Services in Brazil
KLABIN: Increases Production Capacity In Monte Alegre
NET SERVICOS: To Expand Broadband Network to Goiania
TELESP CELULAR: Clarifies Public VTO Notice
TUPY: Hard-Pressed to Satisfy Rising Demands


C H I L E

CURAUMA: Parent Inks Debt Accord With EuroAmerica
* CHILE: IMF Director Commends Government's Economic Initiatives


C O L O M B I A

* COLOMBIA: Could Seek IMF Standby Accord Renewal


M E X I C O

AHMSA: Vector to Present Debt Plan Soon
AHMSA: Completes $3M Facilities Repair
GRUPO ELEKTRA: Sets Eyes on Brazilian Retailer Says Source
PEMEX: Continues Gulf of Mexico Explorations


N I C A R A G U A

* NICARAGUA: Secures $15M World Bank Loan


T R I N I D A D   &   T O B A G O

MISSISSIPPI CHEMICAL: Files Amended Plan of Reorganization

     -  -  -  -  -  -  -  -

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

ARDAM S.A.: Court Declares Company Bankrupt
-------------------------------------------
Judge Villanueva of Buenos Aires' civil and commercial tribunal
Court No. 23 declared local company Ardam S.A. "Quiebra",
relates La Nacion. The court approved the bankruptcy petition
filed by Terlizzi SAIC, to whom the Company failed to pay debts
amounting to US$719.46.

The Company will undergo the bankruptcy process with Ms. Susana
Vacchelli as trustee. Creditors are required to present their
proofs of claims to the trustee for verification before November
10, 2004. Creditors who fail to have their claims authenticated
by the said date will be disqualified from the payments that
will be made after the Company's assets are liquidated at the
end of the bankruptcy process.

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

CONTACT: Ardam S.A.
         Tucuman 2133
         Buenos Aires

         Ms. Susana Vacchelli
         Montevideo 571
         Buenos Aires


CLINICA PRIVADA: Court Grants Reorganization Plea
-------------------------------------------------
Clinica Privada del Sol S.R.L. successfully petitioned for
reorganization after Court No. 3 of Cordoba's civil and
commercial tribunal issued a resolution opening the company's
insolvency proceedings.

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

Infobae relates that accounting firm "Alberto E Scaravaglieri,
Giambone Silvia B y Pereiro Felix" will serve as trustee during
the course of the reorganization. The firm will be accepting
creditors' proofs of claims for verification until October 1,
2004.

CONTACT: Clinica Privada del Sol S.R.L.
         Boulevard Chacabuco 709
         Cordoba

         "Alberto E. Scaravaglieri
         Giambone Silvia B y Pereiro Felix" - Trustee
         Alvear 81
         Cordoba


DISCO: Cencosud Owner Travels to Buenos Aires to Discuss Sale
-------------------------------------------------------------
Mr. Horst Paulmann, owner of Chilean retail holding company
Cencosud, is in Buenos Aires to negotiate the acquisition of
Disco supermarket chain from Dutch retailer Royal Ahold, reports
El Diario.

Ahold reached a preliminary accord with Cencosud in March this
year to sell its assets in Argentina as it struggled to get back
on its feet after an accounting scandal. The Chilean group
offered to pay US$315 million, in alliance with Capital
Internacional, AIG Capital Partners and the International
Finance Corporation.

However, the companies are having a hard time completing the
operation due to Argentina's political and legal issues. Now,
the parties concerned are hoping to obtain the go-ahead from
Argentina's antitrust authorities by November 2004.

CONTACT:  DISCO S.A.
          Larrea 847, Piso 1
          1117 Buenos Aires, Argentina
          Phone: +54-11-4964-8000
          Fax: +54-11-4964-8076
          Home Page: http://www.disco.com.ar


EL JUMILLANO: Proceeds With Reorganization
------------------------------------------
Judge Villar, serving for Court No. 13 of Buenos Aires' civil
and commercial tribunal approved the "Concurso Preventivo"
petition filed by El Jumillano S.A., reports local news source
La Nacion.

The court-appointed trustee, accounting firm "Estudio Juan Ulnik
& Asociados", will verify creditors' proofs of claim until
October 21, 2004. Verifications are done to ascertain the nature
and amount of the Company's debts.

The company is scheduled to present a completed settlement plan
to its creditors during the informative assembly on July 7 next
year.

Dr. Cardama, Clerk No. 26, assists the court on this case.

CONTACT: El Jumillano S.A.
         Almirante Francisco Segui 1547
         Buenos Aires

         "Estudio Juan Ulnik & Asociados" - Trustee
         Maipu 509
         Buenos Aires


ESTABLECIMIENTO AGRICOLO: Court OKs Bankruptcy Motion
-----------------------------------------------------
Judge Dieuzeide, serving for Court No. 1 of Buenos Aires' civil
and commercial tribunal, declared Establecimiento Agrícolo
Ganadero El Araucano SACI bankrupt, says La Nacion. The ruling
comes in approval of the bankruptcy petition filed by the
Company's creditor, Banco Mariva S.A., for nonpayment of
US$473,807.35 in debt.

The trustee, Mr. Jose Larrory, will examine and authenticate
creditors' claims until October 25, 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. 2, Dr. Galli, assists the court on the case, which
will conclude with the liquidation of the Company's assets.

CONTACT: Establecimiento Agrícolo Ganadero El Araucano SACI
         Maipu 859
         Buenos Aires

         Mr. Jose Larrory, Trustee
         Viamonte 1348
         Buenos Aires


FLEXI CAMP: Liquidates Assets to Pay Debts
------------------------------------------
Flexi Camp S.R.L. entered bankruptcy after Judge Fernandez of
Buenos Aires' civil and commercial tribunal Court No. 19
approved a bankruptcy motion filed by PVC Tecnocom S.A., reports
La Nacion. The Company's failure to pay US$4,721.31 in debt
prompted the creditor to file the petition.

Working with Dr. Mazzoni, the city's Clerk No. 37, the Company
assigned Mr. Jorge Arias 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 February 21 next year.

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: Flexi Camp S.R.L.
         Avenida Coronel Roca 2399
         Buenos Aires

         Mr. Jorge Arias, Trustee
         Av. Rivadavia 1227
         Buenos Aires


GERI CLUB: Enters Bankruptcy Protection
---------------------------------------
Ms. Patricia Arias de Trejo successfully sought for the
bankruptcy of Geri Club S.A. after Judge Paez Castaneda of
Buenos Aires' civil and commercial tribunal Court No. 21
declared the Company "Quiebra," reports La Nacion.

As such, the Company will now start the bankruptcy process with
Mr. Juan Facoltini as trustee. Creditors of the Company must
submit their proofs of claim to the trustee before November 26,
2004 for authentication. Failure to do so will mean
disqualification from the payments that will be made after the
Company's assets are liquidated.

Dr. Rey, Clerk No. 41, assists the court on the case, which will
culminate in the liquidation of all of its assets.

CONTACT: Geri Club S.A.
         Estados Unidos 1451
         Buenos Aires

         Mr. Juan Facoltini
         Bernardo de Irigoyen 330
         Buenos Aires


KAMESA ALUMINIOS: Initiates Bankruptcy Proceedings
--------------------------------------------------
Court No. 6 of Santa Isabel's (Cordoba) civil and commercial
tribunal declared local company Kamesa Aluminios S.A. "Quiebra,"
reports Infobae.

The verification of creditors' claims is ongoing until September
9, 2004. The trustee assigned on the case will then prepare
individual reports based on the results of the verification
process. These reports are due for court submission on November
1, 2004. A general report is also due for court submission on
December 23, 2004.

CONTACT: Kamesa Aluminios S.A.
         Filadelfia 417 Santa Isabel
         Cordoba


LAPA ESTUDIANTIL: General Report Due Tomorrow
---------------------------------------------
Mr. Abel Alexis Latendorf, the trustee supervising the
liquidation of Lapa Estudiantil S.A., is set to submit a general
report of the case tomorrow, September 7, 2004. The general
report provides the court with a background of the debtor and
any relevant activities during the course of the reorganization.

Court No. 14 of Buenos Aires' civil and commercial tribunal
handles this case with the assistance of Clerk No. 28.

CONTACT: Mr. Abel Alexis Latendorf, Trustee
         Piedras 153
         Buenos Aires


LAVANET: Court to Receive Individual Reports Tomorrow
-----------------------------------------------------
Lavanet S.A., a company operating in Buenos Aires, nears the
completion of its bankruptcy proceedings with the presentation
of the individual reports in court tomorrow, September 7, 2004.

Court-appointed trustee, Ms. Silvia Beatriz Cusel, prepared
these reports from the creditors' claims submitted during the
credit validation period. The final list of creditors eligible
to receive post-liquidation payments will be based on these
documents.

Court No. 14 of Buenos Aires' civil and commercial tribunal has
jurisdiction over this case.

CONTACT: Ms. Silvia Beatriz Cusel, Trustee
         Trelles 2350
         Buenos Aires


MASTELLONE HERMANOS: Extends Debt Offer Deadline
------------------------------------------------
Mastellone Hermanos, the Argentine company that owns the dairy
product brand La Serenisima, has extended its offer to
restructure US$330 million in defaulted notes, says El Cronista.

The offering, which was supposed to expire Aug. 30, will now
expire on Sep. 15.

The company decided to extend the deadline in order to have more
time to meet the requirements from the Chilean securities and
exchange commission, CNV, for the issuing of new bonds.

The new bonds will pay a coupon rate of 7% and expire in 2014.

CONTACT:  Mr. Pascual Mastellone, President
          MASTELLONE HERMANOS S.A.
          Av. Leandro N. Alem 720
          (1001) - Buenos Aires
          Argentina
          Phone: 54 1 318-5000
          Fax: 54 1 313-6822


MIAMI HOUSE: To Present Settlement Plan Tomorrow
------------------------------------------------
Buenos Aires-based Miami House S.R.L. is scheduled to present a
completed settlement plan to its creditors, tomorrow, September
7, 2004. Court No. 5 of Buenos Aires' civil and commercial
tribunal will confirm the plan if it acquires the requisite
majority vote from creditors.

Local accountant Maria del Carmen Amandule serves as trustee on
this case.

CONTACT:  Ms. Maria del Carmen Amandule, Trustee
          24 de Noveimbre 1226
          Buenos Aires


MONLEM SERVICE: Prepares Individual Reports for Submission
----------------------------------------------------------
Mr. Juan Carlos Sosa, the trustee supervising the liquidation of
Monlem Service S.R.L. (formerly Alpar Service S.R.L.) will
submit individual reports on the case tomorrow, September 7,
2004.

The reports, which were prepared based on the verification
results, will serve as basis for the final list of creditors who
will receive post-liquidation payments.

Court No. 24 of Buenos Aires' civil and commercial tribunal
handles this case with the assistance of Clerk No. 47.

CONTACT:  Mr. Juan Carlos Sosa, Trustee
          Viamonte 783
          Buenos Aires


SUAT S.R.L.: Court Orders Liquidation
-------------------------------------
Suat S.R.L. 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. Viviana Palopoli as
trustee. She will be reviewing creditors' proofs of claims until
October 26, 2004. The verified claims will serve as basis for
the individual reports to be presented for court approval on
December 7, 2004. Afterwards, the trustee will also submit a
general report on February 17, 2005.

Clerk No. 9 assists the court on this case, which will end with
the disposal of the company's assets to cover its liabilities.

CONTACT: Ms. Viviana Palopoli, Trustee
         Avda Cordoba 859
         Buenos Aires


SURTE S.A.: Verification Deadline Fixed
---------------------------------------
The verification of claims for the Surte S.A. bankruptcy will
end on October 20, 2004 according to local news source Infobae.
Creditors with claims against the bankrupt company must present
proof of the liabilities to Mr. Luciano Arturo Melegari, the
court-appointed trustee, before the deadline.

Court No. 7 of Buenos Aires' civil and commercial tribunal
handles the company's case with the assistance of Clerk No. 14.
The bankruptcy will conclude with the liquidation of the
company's assets to pay its creditors.

CONTACT: Mr. Luciano Arturo Melegari, Trustee
         Bartolome Mitre 1131
         Buenos Aires


* ARGENTINA: Unctad Chief Backs Debt Efforts
--------------------------------------------
Unlike other players in the international community, Rubens
Ricupero, secretary general of the United Nations Conference on
Trade and Development, seems to agree with Argentina's approach
to its US$100 billion debt-restructuring, says Dow Jones
Newswires.

On Thursday, the Unctad head said that his organization is in
agreement with Argentina's debt strategy.

"Our thinking with respect to the debt coincides with the policy
that (Argentine Economy Minister) Roberto Lavagna is
delivering," Ricupero, a Brazilian, said in a press conference
held jointly with Lavagna.

"There is a growing convergence between the creditors and
Argentina," he said. "The Argentine government has shown
flexibility, it has improved the offer, the two sides are
getting closer. I have the impression that the IMF appreciates
the quality of this effort."

"The attitude that the government has in relation to the
(fiscal) primary surplus is prudent," Ricupero added. "The
targeted level favors a continuation in the rhythm of the
economy and won't put it at risk."



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

FOSTER WHEELER: Lowers Threshold for 9.00% Preferred Securities
---------------------------------------------------------------
Foster Wheeler Ltd. (OTCBB: FWLRF) announced Thursday that the
minimum threshold related to its equity-for-debt exchange has
been waived for one class of securities. Specifically, Foster
Wheeler will close the exchange offer if it receives 60% of the
aggregate liquidation amount of the 9.00% Preferred Securities,
rather than 75% as originally contemplated. Foster Wheeler is
extending its exchange offer until 5:00 p.m., New York City
time, on September 10, 2004.

Legal Details:

The securities proposed to be exchanged are as follows:

(1) Foster Wheeler's Common Shares, its Series B Convertible
Preferred Shares (the "Preferred Shares"), and warrants to
purchase Common 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% Senior Notes due 2005.

As of 5:00 p.m. on September 2, 2004, holders have tendered the
following dollar amounts and percentages of the following
original securities:

(1) 9.00% Preferred Securities, $86,997,500 (49.7%);

(2) 6.50% Convertible Subordinated Notes, $209,828,000 (99.9%);

(3) Robbins Series C Bonds due 2024, $56,640,660 (73.4%),
Robbins Series C Bonds due 2009, $12,027,818 (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, $183,868,000 (91.9%).

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.

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.

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

         Web Site: http://www.fwc.com



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

AOL LATIN AMERICA: Unveils Corporate Services in Brazil
-------------------------------------------------------
Online news agency IDG Now! reported that AOL introduced
corporate services in Brazil last week, primarily targeting
small and medium-sized companies, relates Business News
Americas.

AOL Brasil president Milton Camargo said that the company aims
to continue the strategy of segmentation it started last year
when packages like AOL Executive and AOL Young were launched.

In addition, AOL seeks to capture a slice of the market for
micro and small companies with a low rate of Internet
penetration.

"The primary competitive advantages are product cost and an
easy-to-use interface. The network administrator does not need
to know programming to be able to manage package services,"
Camargo said.

Users can opt for company plans, which do not require American
Online Internet access.

"Users that already have web access from another provider,
broadband or dial-up can also buy the kits," according to
Camargo.

AOL will initially offer two packages, AOL Professional and
Advanced AOL. AOL Professional starts at BRL21.90/month
(US$7.45) and Advanced AOL starts at BRL29.90/month.

CONTACT:  AMERICA ONLINE LATIN AMERICA INC
          6600 N. Andrews Avenue, Suite 400
          Fort Lauderdale, FL 33309
          Phone: (954) 689-3000
          Fax: (954) 772-7089
          Web Site: http://www.aolamericas.com/


KLABIN: Increases Production Capacity In Monte Alegre
-----------------------------------------------------
Klabin S.A. is investing US$46 million in increasing production
in its Monte Alegre unit, in Parana.

This main purpose of this modernization project, which is also
called bottleneck removal, is that of increasing the production
of virgin fibers and paper production by 65,000 tons per year,
with investments being made in various stages of the productive
process.

The production capacity of Machine 6 will be increased to
150,000 tons of Kraftliner paper a year. Line 2 of the Cellulose
Plant will be increased by 1,700 tons a day. Besides these two
areas, investments will also be made in the Evaporation,
Recovery Boiler, Caustification and Wood Preparation plants. The
environmental treatment area will also be expanded in this
project.

The project will be complemented by the installation of a
cellulose cleansing plant with the objective of improving
process quality.

The term bottleneck removal means increasing the production
capacity in some stages of the process that are limiting final
production capacity - which in our case is paper. Improvements
are made in existing plants, in order to obtain maximum
performance from assets.

The project is in the final engineering development phase, and
the construction of equipment is underway, while the actual
civil works have started. Some of the most important contracted
suppliers include Metso, Voith, AP Equipamentos, Andritz,
Akerkvaerner, LPM Engenharia and JPT.

The projects are estimated to be accomplished by the end of
2004.

CONTACT: Mr. Ronald Seckelmann
         Financial and IR Director

         Mr. Luiz Marciano Candalaft
         IR Manager
         Ph: +55 (11) 3225-4045
         marciano@klabin.com.br

         Ms. Tatiana Milan
         IR Analyst
         Ph: +55 (11) 3225-4046
         tmilan@klabin.com.br

         Web Site: www.klabin.com.br


NET SERVICOS: To Expand Broadband Network to Goiania
----------------------------------------------------
Brazilian cable TV operator Net Servicos de Comunicacao (Sao
Paolo: PLIM4.SA - Nasdaq NM:NETC) will launch in Goiania, in the
central state of Goias, this month a broadband cable network
service, reports Reuters.

About BRL2 million will be spent on marketing.

Net, Brazil's largest cable television operator, has been
providing this type of service in the states of Sao Paulo and
Rio de Janeiro for four years now.

"The strategy is to increase the broadband network so we can
later sell voice over IP (Internet Protocol)," said Ciro
Kawamura, Net's marketing and products director. The company
intends to expand fast Internet access to other cities, he
added.

Net plans to launch a telephone service by mid 2005. The company
ended June with 131,000 broadband customers, of which 12% were
companies.

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

         Web Site: www.nettv.globo.com


TELESP CELULAR: Clarifies Public VTO Notice
-------------------------------------------
In regard to the Edital of Tender Offer to acquire preferred
shares issued by Tele Centro Oeste Celular Participacoes
("Edital"), published on Setember 1 st, 2004, the Offeror and
the Intermediary Institution clarify that:

- the item 2.5 of the Edital shall have the following wording:
"The sales order, registered under the terms of item 2.4, shall
indicate the respective sale price of the Preferred Shares. The
acceptance (or not) of the VTO shall occur in the Auction,
through the broker to which the shareholders has qualified"; and

- for the purposes of item 10.2 of the Edital, the nominative
list of shareholders shall not be available at the world wide
web. Said list might be obtained in hard copy or electronic
version, through a justification and receipt, at the head
offices mentioned in item 10.3 of the Edital.

NOTE:

BES INVESTIMENTO DO BRASIL S.A. - BANCO DE INVESTIMENTO
Intermediary Institution on account and behalf of

TELESP CELULAR PARTICIPACOES S.A. - OFFEROR
BRASILCEL N.V.
Offeror


TUPY: Hard-Pressed to Satisfy Rising Demands
--------------------------------------------
Brazil's Tupy, the largest foundry in Latin America, is having a
hard time meeting the sudden boom in demand by the automobile
industry, Valor Economico indicates.

The company, which is already operating at full capacity, had to
refuse new orders. It could not expand production capacity
because all of the resources available for investments have
already been utilized to reschedule its indebtedness.

This year the company has directed BRL139 million to refinance
its long-term debts. The resources equal to 18% of the total
indebtedness.

Tupy has closed 2003 with a total indebtedness of BRL768.4
million.

However, the company aims to up production by 18% this year,
hitting a record of 420,000 m tons. Its two plants are operating
24 hours/day and over the past 12 months hired 800 new employees
- totaling 7,200.

In 2003 Tupy produced 355,000 m tons of foundries and registered
a net income of BRL1.1 billion, 33.4% up 2002.



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

CURAUMA: Parent Inks Debt Accord With EuroAmerica
-------------------------------------------------
Chilean group Cruzat has signed an accord with life insurance
company EuroAmerica to restructure the debts of its property
development unit Curauma, reports El Mercurio.

Under the agreement, Curauma's 1 million UF (inflation-indexed
unit of account) (US$27.4mil) debt with Banco Santander Chile
will be transferred to the insurance company.

The operation involves a 2-year grace period and the payment of
the debt over the period of eight years. In exchange,
EuroAmerica signed a lease and sale contract with purchasing
options over a number of real estate in urban areas.

Curauma is currently carrying out 23 projects, including 14
residential projects, one industrial project, one commercial
project, one university project, three school projects and three
sports centers, reveals El Mercurio.


* CHILE: IMF Director Commends Government's Economic Initiatives
----------------------------------------------------------------
International Monetary Fund (IMF) Managing Director Rodrigo de
Rato made this statement in Chile Thursday:

"I am delighted to be here [today], as part of my tour through
Latin America. I also am pleased to have attended the eleventh
meeting of the APEC Finance Ministers. Chile is the host country
for the APEC meetings this year, which I believe reflects
Chile's growing, international ties that now stretch well beyond
the region. During my visit, I had the privilege to meet with
President of the Central Bank Vittorio Corbo, Finance Minister
Nicolas Eyzaguirre, Minister of the Interior Jose Miguel
Insulza, and other senior government officials. It was also my
pleasure to spend an informative and moving time with the people
of El Gomero in Maipu, who shared their stories of how Chile
Solidario has improved their lives.

"I congratulated the authorities on Chile's impressive track
record of fostering growth and a commitment to strong
institutions. The authorities have put in place a successful
inflation targeting framework to anchor monetary policy and a
credible structural balance rule to guide fiscal policy. These
two pillars have been essential for Chile's economic stability.
Financial markets are deep in Chile, helping to sustain economic
growth. The authorities have also put in place several free
trade arrangements in the past year, including those with the
United States and the EU, underscoring this country's commitment
to free trade.

"Sustained growth also requires an ongoing commitment to
investing in a nation's public infrastructure. I am pleased to
announce that the Fund is undertaking a pilot project that will
study ways of increasing public investment, while keeping costs
low by involving the private sector in public-private
partnerships (PPPs). Chile has agreed to participate in this
project, and we anticipate that Chile's long and successful
track record with PPPs will serve as a role model to other
countries that are struggling to boost public investment.

"In my discussions with the authorities, we agreed that a number
of challenges remain. I am encouraged by the ongoing debate in
Chile on policies to promote strong growth and to further reduce
poverty over the medium term. Central to these efforts will be
steps to enhance education and labor market flexibility. In
particular, one of the main challenges will also be to ensure
that the children of the poor have access to education. After
meeting the people of El Gomero, I have a better understanding
of how Chile Solidario is a promising program to comprehensively
address poverty.

"My visit underscores the importance that the IMF places on our
relationship with Chile. We believe that many countries, not
just in this region but around the world, can learn from the
lessons experienced here, including the importance of sound
institutions and a commitment to the rule of law. The IMF looks
forward to our continuing policy dialogue and providing analysis
on macroeconomic and financial sector issues, supplemented by
technical assistance in the Fund's areas of core expertise."

CONTACTS: International Monetary Fund
          External Relations Department
          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



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

* COLOMBIA: Could Seek IMF Standby Accord Renewal
-------------------------------------------------
Colombian Finance Minister Alberto Carrasquilla said that the
country could seek an extension of the US$2.2 billion IMF
standby loan agreement expiring in January.

Reuters reports that the announcement was made during IMF's
recent visit in Bogota to review quarterly targets related to
the existing accord. IMF has expressed willingness to continue
its relationship with Colombia.

The IMF standby loan accords give developing countries, such as
Colombia, access to funds needed for short-term balance of
payments problems.

Promising investment and consumption trends could pull up the
country's GDP 4 percent this year, according to IMF. Likewise,
strong exports could help the country reduce deficit to 1.1
percent of GDP for 2004. IMF expects that with reduced deficit,
Colombia could lower public debt load to 51 percent of GDP in
2005.



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

AHMSA: Vector to Present Debt Plan Soon
---------------------------------------
Vector Casa de Bolsa, which is representing Altos Hornos de
Mexico (AHMSA) in its restructuring agreements, will present its
plan in coming weeks to restructure US$1.8 billion in debt held
by the Mexican steelmaker, reports Business News Americas.

"Banks will have to capitalize part of the debt, in other words,
they will have to make themselves shareholders, meaning AHMSA
will have to change its capital structure," Local daily El Norte
quoted public affairs ministry (SFP) comptroller Fosendo
Villarreal as saying.

Mexico's federal government assigned the SFP to help restructure
AHMSA's debt.

Monclova, Mexico-based AHMSA, one of the country's biggest steel
producers, has been in debt default since April 1999. Villarreal
said companies from Russia, the UK and other countries have
expressed interest in acquiring AHMSA in light of a resurgence
in the global steel industry.

CONTACT:  AHMSA
          Prolongacion B. Juarez s/n,
          Monclova , Coahuila 25770
          Mexico
          http://www.AHMSA.com
          Phone: +52 86 33 81 72
          Fax: +52 86 33 65 66
          Contacts:
          Alonso Ancira Elizondo, CEO, Vice Chairman, Pres/CEO
          Jorge Ancira Elizondo, Chief Financial Officer
          Manuel Ancira Elizondo, Chief Operating Officer


AHMSA: Completes $3M Facilities Repair
--------------------------------------
With an investment of approximately US$3 million dollars, AHMSA
carried out the revamping of its Plate Mill in the Hot Rolling
Department. It took 12 days to make the repairs and the Mill
it's fully operational since last weekend.

The work centered on the refurbishing of the two reheating
furnaces. The wear plates were changed, the stands of mills #1
and #2 of the Plate Mill were revamped and the foundations of
the cooling beds were repaired.

Also, the 7,500 kw generator was relocated, the frames of the in
and out rolling tables were changed and the stands were inspect
using ultrasound.

The revamping of the Plate Mill will allow AHMSA to continue as
the Mexican leader in the production of Plate in order to supply
high quality products to its clients.

CONTACT: Alto Hornos de Mexico - AHMSA
         International Operations
         Prolongacion Juarez s/n
         Monclova, Coah., 25770
         Phone: + 52 (866) 649 34 00
         Fax: + 52 (866) 649 23 10
         e-mail: sales@ahmsa.com
         Web Site: http://www.ahmsa.com.mx


GRUPO ELEKTRA: Sets Eyes on Brazilian Retailer Says Source
----------------------------------------------------------
A source close to Mexican retailer Elektra indicated that the
company may bid for a stake in Lojas Colombo, a Brazilian
electrical appliance and furniture retailer that has 350 stores
in five southern Brazilian states.

"There was an approach and it's being analyzed," Reuters quoted
the unnamed source as saying.

On Wednesday, Mexican newspaper El Universal reported that Grupo
Elektra was negotiating to buy an unspecified stake in Lojas
Colombo after executives from the Mexican retailer visited
Brazil in late July.

The President of Lojas Colombo, Adelino Colombo, admitted that
the executives from the two companies had met socially recently.
But according to him, there are no talks about the sale.

"The Lojas Colombo chain is not for sale," Colombo, said,
adding, "There are no ongoing negotiations to that effect."

"I am friends with many executives from the (retail) sector, in
Brazil and abroad. The Mexicans (from Elektra) came to Brazil as
tourists and when they visited the south we went to dinner
together, in Caxias do Sul," he was quoted as saying.

"They didn't even visit the headquarters of our company."

Elektra is part of the retail and media empire of tycoon Ricardo
Salinas

CONTACT: Ms. Samantha Pescador
         Investor Relations
         Tel. (5255) 8582-7819
         Fax (5255) 8582-7822
         spescador@elektra.com.mx

         Web Site: www.grupoelektra.com.mx


PEMEX: Continues Gulf of Mexico Explorations
--------------------------------------------
PEMEX has continued and intensified its exploratory activities
in the coastal plain, continental shelf and deep waters of the
Gulf of Mexico through two- and three- dimensional seismic
surveys, magnetometric surveys and geological and geophysical
models that can predict hydrocarbon deposits.

To date, these activities have not led to new reserve
discoveries, since PEMEX has not drilled exploratory wells in
the geological formations that have been identified.  However,
they do allow for an important recognition of their potential.

Most of these prospective resources could be found in the waters
of the Gulf of Mexico.  This estimate arises from the
identification of various exploratory sites, as well as
inferences using different geological hypotheses based on the
information gathered.  These prospective resources do not
represent reserve additions or modify the proved hydrocarbon
reserves that have been disclosed in the Annual Report and the
Form 20-F of Petroleos Mexicanos filed at the Mexican Stock
Exchange and the U.S. Securities and Exchange Commission,
respectively.

The identification of these prospective resources highlights the
importance that the Gulf of Mexico could have as a world-class
basin for the production of hydrocarbons.  Nevertheless, the
discovery and development of these potential resources will
depend on sustained investment and access to the appropriate
technology.

CONTACT: Petroleos Mexicanos
         Phone:(52 55) 1944 9700
         Voicemail: (52 55) 1944 2500 ext. 59412

         Mr. Esteban Levin
         e-mail: elevin@dcf.pemex.com
                 or
         Ms. Celina Torres
         e-mail: ctorresu@dcf.pemex.com

         Web Site: www.pemex.com



=================
N I C A R A G U A
=================

* NICARAGUA: Secures $15M World Bank Loan
-----------------------------------------
The World Bank approved Thursday a $15 million, zero-interest
credit for Nicaragua to improve the effectiveness and efficiency
of the educational system in the country.

"This credit forms part of the World Bank's contribution to a
coordinated effort on the part of bilateral and multilateral
donors to help Nicaragua meet the Millennium Development Goal of
universal primary completion by the year 2015," said Jane
Armitage, the World Bank's Director for Central America.

The Nicaragua Education Project (PASEN) aims to strengthen the
stewardship of the Ministry of Education, and to improve the
framework of accountability for service delivery by supporting
school autonomy, and implementing student testing, classroom
observation studies and dissemination of results. The project
includes the following components:

- Improve the administration and accountability of the
educational system at the central, municipal, and school levels
by strengthening the management of the Ministry of Education;
supporting the creation of a legal framework for competitive
human resource management of public servants; and strengthening
the capacity of municipalities to provide administrative and
pedagogical support to schools.

- Strengthen monitoring, evaluation and dissemination functions
of the Ministry of Education by implementing a national
evaluation strategy that will include periodic testing of
students and teachers to ensure quality of education, as well as
the continuous auditing of student enrollment to improve the
allocation of resources based on demand.

- Assist in the implementation of the school autonomy program
that provides grants directly to schools managed by parent-led
school councils. World Bank assistance to the school autonomy
program will complement budgetary resources for school grants
with financing for incremental school enrollment in each year.

The $15 million, zero-interest credit from the International
Development Association is repayable in 40 years, including ten
years of grace.

This $15 million credit complements the recently approved $7
million grant drawn from the Catalytic Fund of the Education for
All - Fast Track Initiative (EFA-FTI), which also seeks to
increase primary school completion in Nicaragua.

CONTACTS: In Washington
          Mr. Lee Morrison
          Phone: (202) 458-8741
          e-mail: Lmorrison1@worldbank.org

          In Managua:
          Ms. Maria Teresa Norori
          Phone: (505) 265-0500, Ext. 436
          e-mail: Mnorori@worldbank.org



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

MISSISSIPPI CHEMICAL: Files Amended Plan of Reorganization
----------------------------------------------------------
Mississippi Chemical Corporation (OTC Bulletin Board: MSPIQ)
announced Thursday that it has filed an amended plan of
reorganization with the U.S. Bankruptcy Court for the Southern
District of Mississippi. Subject to court approval, the
company's amended plan implements the matters described in the
August 9, 2004, press release announcing the proposed
transaction for the sale of the company's nitrogen operations to
Terra Industries Inc. The amended plan also includes separate
treatment of the company's ongoing phosphate business and the
companies that formerly operated the company's potash business,
and facilitates the separation of those businesses from
Mississippi Chemical prior to the closing of the Terra
transaction.

The company intends to file the related disclosure statements
with the court by September 10, 2004.

Mississippi Chemical Corporation is a leading North American
producer of nitrogen and phosphorus products used as crop
nutrients and in industrial applications. Production facilities
are located in Mississippi, Louisiana, and through Point Lisas
Nitrogen Limited, in The Republic of Trinidad and Tobago. On May
15, 2003, Mississippi Chemical Corporation, together with its
domestic subsidiaries, filed voluntary petitions seeking
reorganization under Chapter 11 of the U.S. Bankruptcy Code.

CONTACT:  Mississippi Chemical Corporation
          Keith Johnson, Investor Relations
          Melinda Hood, Corp. Communications
          both of Mississippi Chemical Corporation,
          +1-662-746-4131
          Web site:  http://www.misschem.com




                            ***********


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

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
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Copyright 2004.  All rights reserved.  ISSN 1529-2746.

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* * * End of Transmission * * *