TCRLA_Public/040908.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                    L A T I N   A M E R I C A
  
         Wednesday, September 8, 2004, Vol. 5, Issue 178

                            Headlines


A R G E N T I N A

ADSUM: Trustee to Submit Individual Reports
ALARMAS DEL INTERIOR: Enters Bankruptcy on Court Orders
BANCO BISEL: Moody's Latin America Leaves Bonds Unchanged
BANCO MACRO: Bonds Gets `BB' Rating From Moody's  
BHN III: Local S&P Reaffirms Debt Ratings

BHN IV: Local S&P Maintains Junk Ratings on Financial Trusts
CABLEVISION: Section 304 Petition Summary
CENTRO MAYORISTA: Credit Verification to Close Tomorrow  
GARDONE: Verification Deadline Nears
IEBA: $230M of Corporate Bonds Remain at Junk Level  

MANICORD: General Report Due Tomorrow
PIRAMIDE CORP: Gets Court OK for Reorganization
ROPAR: Trustee To Close Claims Check
ROW CONSTRUCCIONES: General Report Submission Set
TARJETA NARANJA: US$200Mln in Bonds Maintain `D' Rating

* ARGENTINA: Market Sees Hope In New Debt Tactic


B A R B A D O S

C&W BARBADOS: Reports Loss for the 2nd Straight Year


B E R M U D A

AUGUST TRADING: Appoints Malcolm Butterfield as liquidator  
GRN REINSURANCE: Presents Wind-Up Petition in Court
MEADOW LANE: Members Appoint Ernest Morrison as Liquidator
PVM OIL: Winds-up Voluntarily
SCHRODER ASTRA: Appoints Robin J. Mayor as Liquidator

SHIELD INSURANCE: Asks to Wind-Up Operations
STEEL TRADE: Members Resolve to Liquidate  
STERLING INSURANCE: Claims Submission Deadline Set


B R A Z I L

AOL LATIN AMERICA: Instant Messenger Overtaken by MSN
CEMIG: To Sell 444MW On September 9 & 14
CLFCL: 7-Month Revenue Rises 31% From 2003           


M E X I C O

APAST: Financial Woes Affecting Tultitlan's Rating Says Fitch
GRUPO MEXICO: To Invest $600M in SPCC


T R I N I D A D   &   T O B A G O

FNCU VENTURE CAPITAL: Trading Suspended Amid SEC Probe

     -  -  -  -  -  -  -  -  -  

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

ADSUM: Trustee to Submit Individual Reports
-------------------------------------------
Court No. 3 of Buenos Aires' civil and commercial tribunal  
expects to receive individual reports pertaining to the Adsum  
S.R.L. bankruptcy case tomorrow, September 9, 2004.

Mr. Santiago Manuel Quiben, the court-appointed trustee, will  
prepare these reports from creditors' claims submitted during  
the verification period. The court will use the reports to  
finalize the list of creditors eligible for post-liquidation  
payments.

CONTACT: Adsum S.R.L.
         Malabia 2174
         Buenos Aires

         Mr. Santiago Manuel Quiben, Trustee
         Esmeralda 783
         Buenos Aires


ALARMAS DEL INTERIOR: Enters Bankruptcy on Court Orders
-------------------------------------------------------
Alarmas del Interior S.R.L. enters bankruptcy protection after  
Court No. 20 of La Plata's civil and commercial tribunal ordered  
the Company's liquidation. The order effectively transfers  
control of the company's assets to the court-appointed trustee  
who will supervise the liquidation proceedings.

Infobae reports that the court selected Mr. Hector Ismael Busti  
as trustee. He will be verifying creditors' proofs of claims  
until the end of the verification phase on September 6, 2004.

Argentine bankruptcy law requires the trustee to provide the  
court with individual reports on the forwarded claims and a  
general report containing an audit of the company's accounting  
and business records. The individual reports will be submitted  
on October 19, 2004 followed by the general report, which is due  
on November 30. 2004.

CONTACT: Alarmas del Interior S.R.L.  
         Calle 40 Nro. 900
         La Plata  

         Mr. Hector Ismael Busti, Trustee  
         Calle 14 Nro. 862
         La Plata  


BANCO BISEL: Moody's Latin America Leaves Bonds Unchanged
---------------------------------------------------------  
The National Securities Commission of Argentina reports that the  
local branch of Moody's Ratings Agency maintains a 'D' rating on  
various corporate bonds issued by local bank, Banco Bisel S.A.  
The rating, which denotes payment default, refers to these  
bonds:

- US$54 million worth of "Obligaciones Negociables Subordinadas"  
classified under "Series and/or Class." The bonds matured on  
July 20, 2000.

- US$100 million worth of "Programa Global de Obligaciones  
Negociables" classified under "Program." These bonds also  
matured on July 20, 2000.

- US$300 million worth of "Programa de Emision de Titulos de  
Deuda a Mediano Plazo" classified under "Program." These bonds
matured on July 20, 2000.

- US$200 million worth of "Programa Global de Emision de  
Obligaciones" classified under "Program." The maturity date of  
the bonds was not indicated.

The Company's financial status as of June 30, 2004 determined  
the ratings given by Moody's.

CONTACT:  Banco Bisel S.A.
          Mitre 602 Rosario
          2000 Santa Fe
          Argentina
          Phone: 0341-4200300
          Home Page: http://www.bancobisel.com.ar/
          Officers:
          Mr. Guillermo Harteneck, President
          Mr. Jean Luc Perron, Vice President
          Mr. Bernard Brousse, Vice President


BANCO MACRO: Bonds Gets `BB' Rating From Moody's  
------------------------------------------------
Moody's Latin America Calificadora de Riesgo S.A. assigned a  
`BB' rating to corporate bonds issued by Banco Macro S.A, says  
Comision Nacional de Valores (CNV). The affected bonds are:

- US$5 million worth of bonds described as "Obligaciones  
Negociables Subordinadas - Serie 4" maturing on December 31,  
2005; and

- US$18 million worth of bonds described as "Obligaciones  
Negociables Subordinadas - Serie V" maturing on December 29,  
2006.

A `BB' rating indicates that the future of these bonds cannot be  
well assured. Moody's took the action based on the bank's  
financial status as of June 30, 2004.

CONTACT: Banco Macro S.A.
         Sarmiento 735  
        (1041) Buenos Aires  
         Argentina  
         Tel. (54-11) 4323-6300  
         Fax  (54-11) 4325-6935  
         Telex 18343 MacroAr -  4260 Macro Ar  
  
         Web Site: http://www.grupomacro.com.ar/


BHN III: Local S&P Reaffirms Debt Ratings
-----------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal Argentina  
reaffirmed the `raD' rating assigned to various Fideicomiso  
Hipotecario BHN III Financial Trusts.

The affected securities are:

- US$14.896 million worth of "Clase A1" financial trusts due on  
May 31, 2017

- US$82.09 million worth of "Clase A2" financial trusts coming  
due on May 31, 2017

- US$5.06 million worth of "Clase B" financial trusts coming due  
on May 31, 2018

Also, the local S&P also reaffirmed the `raC' rating assigned to  
Fideicomiso Hipotecario BHN III's "Certificados de  
Participacion" worth US$3.374 million due on May 31, 2018.

An 'raC' rating may be used to cover a situation where a  
bankruptcy petition has been filed or similar action has been  
taken, but payments on the obligation are being continued, says  
S&P.


BHN IV: Local S&P Maintains Junk Ratings on Financial Trusts
------------------------------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal Argentina  
Affirms junk ratings to various BHN IV financial trusts. The  
Comision Nacional de Valores reveals that the local S&P assigned  
an `raD' rating to the following financial trust issues:

- US$24,375,000 worth of "Serie B" financial trusts with  
undisclosed maturity date; and

- US$156,000,000 worth of "Serie AV/AF" financial trusts that  
expired on April 27, 2000

Moreover, the local Standard & Poor's assigned an `raC' rating  
to US$14,625,505 worth of "Certificado de Participacion" with  
undisclosed maturity date.


CABLEVISION: Section 304 Petition Summary
-----------------------------------------
Petitioner: Board of Directors of the Debtor

Debtor: Cablevision SA
        Cuba 2370
        C1428AEL
        Buenos Aires
        Argentina

Case No.: 04-15697

Type of Business: The Debtor provides cable television and
                  internet access services throughout
                  Argentina.

Section 304 Petition Date: September 1, 2004

Court: Southern District of New York (Manhattan)

Judge: Stuart M. Bernstein

Petitioner's Counsel: Madlyn Gleich Primoff, Esq.
                      Clifford Chance US LLP
                      31 West 52 Street
                      New York, NY 10019
                      Tel: 212-878-8187
                      Fax: 212-878-8375

Estimated Assets: $10 Million to $100 Million

Estimated Debts:  $10 Million to $100 Million

(Troubled Company Reporter, Monday, Sep. 6, 2004, Vol. 8, Issue  
No. 190)


CENTRO MAYORISTA: Credit Verification to Close Tomorrow  
-------------------------------------------------------
The validation of claims for the Centro Mayorista de Repuestos  
para Automotores S.A. bankruptcy case is set to end tomorrow,  
September 9, 2004. Trustee Mario Cabriosi will examine the  
claims to determine the nature and amount of the Company's  
debts.

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

Court No. 19 of Buenos Aires' civil and commercial tribunal has  
jurisdiction over this case.

CONTACT:  Centro Mayorista de Repuestos para Automotores S.A.
          Avenida Warnes 1305
          Buenos Aires

          Mr. Mario Cabrosi, Trustee
          Uruguay 390
          Buenos Aires


GARDONE: Verification Deadline Nears
------------------------------------
Creditors with claims against bankrupt Gardone S.A. must submit  
proofs of their claims by tomorrow, September 9, 2004. All  
documents should be forwarded to Mr. Carlos Alberto Lausi, the  
trustee, for verification. The Company's assets will be disposed  
at the end of the proceedings to repay its debts.

CONTACT: Mr. Carlos Alberto Lausi, Trustee
         Avda Cordoba 456
         Buenos Aires


IEBA: $230M of Corporate Bonds Remain at Junk Level  
---------------------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal Argentina  
maintains an `raD' on a total of US$230 million of corporate  
bonds issued by Inversora Electrica de Buenos Aires S.A. (IEBA)

According to the CNV, the rating applies to US$130 million of  
bonds described as" Obligaciones Negociables Simples no  
convertibles en acciones", which will come due Sep. 16 this  
year.

The rating also affects US$100 million of " Obligaciones  
Negociables Simples no convertibles en acciones", which expired  
on Sep. 16, 2002.  

The rating action is based on IEBA's financial status as of June  
30, 2004.

S&P said that an `raD' rating is assigned when it is in payment  
default or if the obligor has filed for bankruptcy. The rating  
may also be used when principal payments are not made on the due  
date even if the applicable grace period has not expired, unless  
the ratings agency believes that such payments will be made  
during such grace period.


MANICORD: General Report Due Tomorrow
-------------------------------------
Mr. Daniel Ernesto Altman, the trustee overseeing the  
liquidation of Manicord S.A., is scheduled to submit a general  
report of the case tomorrow, September 9, 2004. The general  
report is essentially an audit of the Company's accounting and  
business records. The report also details relevant events during  
the bankruptcy proceedings.

Court No. 2 of Buenos Aires' civil and commercial tribunal  
handles this case with assistance from Clerk No. 3.

CONTACT: Manicord S.A.
         Cerrito 774
         Buenos Aires

         Mr. Daniel Ernesto Altman, Trustee
         Parana 774
         Buenos Aires


PIRAMIDE CORP: Gets Court OK for Reorganization
-----------------------------------------------  
Piramide Corp S.R.L. will begin reorganization following the  
approval of its petition by Court No. 21 of Buenos Aires' civil  
and commercial tribunal. The opening of the reorganization will  
allow the company to negotiate a settlement with its creditors  
in order to avoid a straight liquidation.

Ms. Patricia M. Narduzzi will oversee the reorganization  
proceedings as the court-appointed trustee. She will verify  
creditors' claims until October 22, 2004. The validated claims  
will be presented in court as individual reports on December 13,  
2004.

The trustee is also required by the court to submit a general  
report essentially auditing the company's accounting and  
business records as well as summarizing important events  
pertaining to the reorganization. This report will be presented  
in court on March 8, 2005.

The Informative Assembly, the final stage of a reorganization  
where the settlement proposal is presented to the company's  
creditors for approval, is scheduled on September 6 next year.

CONTACT: Piramide Corp S.R.L.  
         Avda Olleros 1775  
         Buenos Aires

         Patricia M. Narduzzi, Trustee  
         Lavalle 1675  
         Buenos Aires


ROPAR: Trustee To Close Claims Check
------------------------------------
The verification of claims for the Ropar S.R.L. bankruptcy will  
end tomorrow, September 9, 2004. Creditors with claims against  
the company must present proof of the liabilities to Mr. Marcos  
Livszyc, the court-appointed trustee, before the deadline.

After the verification phase, the trustee will prepare the  
individual reports and submit them in court on October 7, 2004.  
The court presentation of the general report follows on November  
8, 2004.

CONTACT: Ropar S.R.L.
         Belgrano 2072
         Buenos Aires

         Mr. Marcos Livszyc, Trustee
         Nunez 6387
         Buenos Aires


ROW CONSTRUCCIONES: General Report Submission Set
-------------------------------------------------
Ms. Bertha Amparo Pacheco Perez, the trustee serving in the Row  
Construcciones S.R.L. bankruptcy, is scheduled to submit a  
general report of the case on December 12, 2004, says Infobae.

The general report will provide Court No. 14 of Lomas de  
Zamora's civil and commercial tribunal with an audit of the  
Company's accounting and business records.

CONTACT: Row Construcciones S.R.L.  
         Cardeza 22 Monte Grande  
         Lomas de Zamora

         Ms. Bertha Amparo Pacheco Perez, Trustee  
         Boedo 543  
         Lomas de Zamora  


TARJETA NARANJA: US$200Mln in Bonds Maintain `D' Rating
-------------------------------------------------------
Moody's Latin America Calificadora de Riesgo S.A. maintains a  
`D' rating on some US$200 million worth of bonds issued by  
Tarjeta Naranja S.A., the CNV revealed on its web site.

The CNV described the affected bonds as "Programa de  
Obligaciones Negociables de Corto y Mediano Plazo," without  
indicating the maturity date of the issue.  

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


* ARGENTINA: Market Sees Hope In New Debt Tactic
------------------------------------------------
Investors saw a glimmer of hope in Argentina's drawn out US$100  
billion debt restructuring on Thursday after the government took  
a new tack to lure private creditors.  

Economy Minister Roberto Lavagna told reporters late Wednesday  
that those who accept the government's offer will receive 100%  
of funds set aside for the US$100 billion debt restructuring,  
leaving no money for holdouts.  

"All we have allocated...will be available to those who enter in  
the swap, while those who don't enter will have to go to  
courts," he said.  

A ministry source confirmed that funds available to repay debt  
would all go to those bondholders who participated in the  
restructuring offer and said Lavagna's comments "imply an  
incentive."  

"It has changed the terms of the deal quite a bit. It is  
positive to getting the deal done," said Jim Barrineau, vice  
president in emerging markets research at Alliance Capital  
Management.  

Alberto Bernal, head of Latin American research at IDEAglobal in  
New York, said Lavagna's offer could increase the potential of  
bondholders participating in the deal to between 65% to 70% from  
current estimates of 55 percent.  

Argentina's 2008 Global Bond rose more than a full point, then  
fell off its session high to stand at 0.3 of a point higher at a  
bid 29.3 points on Thursday afternoon. The Buenos Aires stock  
market benchmark Merval index rose 0.9 percent to 971.73 on  
optimism generated by the government's statements on the debt.  

The Economy Ministry source emphasized that each holder could  
receive more new bonds if not all bondholders accept. Lavagna  
was not offering a cash sweetener, he said.  

The government expects to offer in September the swap of $40  
billion in new bonds for the $100 billion in default for over 2-
1/2 years. Lavagna said the process should be completed by  
January, despite deep opposition from the main creditor groups.  

Argentina's 152 types of defaulted bonds are held by over  
500,000 creditors from Wall Street funds to Italian pensioners  
to German dentists to Argentine pension funds.  

The local funds' acceptance is crucial to the deal and so far  
reactions in Buenos Aires were positive.  

"Lavagna is attempting to increase the initial attractiveness of  
the offer, but also maintain a strategy of terror for those who  
don't accept the offer, saying they will be stuck with illiquid  
bonds," said Hernan Fardi, analyst at local bond specialists  
Maxinver.  

"I don't know what they are going to do but I think it is just  
talk," said George Estes, sovereign credit analyst with  
Grantham, Mayo, Van Otterloo & Co., a firm that manages $1.25  
billion in emerging market debt.  

"Every day we hear a different version and usually the same day  
or the next we hear 'no, it's not true'," he added.  

The biggest opposition since Argentina launched its  
restructuring plans a year ago in Dubai has come from the Global  
Committee of Argentina Bondholders (GCAB), which represents $37  
billion in defaulted debt.



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

C&W BARBADOS: Reports Loss for the 2nd Straight Year
----------------------------------------------------
Cable & Wireless Barbados (C&W) is still in the red but less so  
than last year, the Barbados Nation reports.

For its financial year ending March 31, 2004, the company posted  
a loss of $19.2 million, down from a loss of $26 million last  
year.

Nevertheless, in his first Chairman's report, Senator Allan  
Fields said that despite the after-tax loss of $19.2 million,  
the overall performance was still "creditable with gross  
revenues of $372.9 million".  

The chairman said operating expenditure had increased by $37.7  
million during the period and the company had invested $51  
million in capital projects with its GSM network accounting for  
$37.1 million of that amount.  

C&W said its operating expenditure increased by 13% with the  
main contributor being the $26.1 million increase in the cost of  
sales "driven by the various promotional initiatives".  



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

AUGUST TRADING: Appoints Malcolm Butterfield as liquidator  
----------------------------------------------------------
August Trading supplied this notice following ita recent special  
meeting:

            IN THE SUPREME COURT OF BERMUDA COMPANIES  

             IN THE MATTER OF August Trading Limited

                         and            
    
            IN THE MATTER OF THE COMPANIES ACT 1981  

The Members of August Trading Limited passed these resolutions  
at a special meeting on August 22, 2004:

1. THAT the Company be wound up voluntarily, pursuant to the  
provisions of the Companies Act 1981;  

2. THAT Malcolm Butterfield be and is hereby appointed  
Liquidator for the purposes of such winding-up, such appointment  
to be effective forthwith; and Chairman  

Mr. Butterfield, acting as Liquidator, gives this notice:     

The Creditors of the Company, which is being voluntarily wound  
up, are required, on or before the October 04, 2004 to send  
their full Christian and Surnames, their addresses and  
descriptions, full particulars of their debts or claims, and the  
names and addresses of their solicitors (if any) to Malcolm  
Butterfield at KPMG Financial Advisory Services Limited, Crown  
House, 4 Par-La-Ville Road, Hamilton, HM 08, Bermuda, the  
Liquidator of the said Company.

If so required by notice in writing from the said Liquidator,  
and personally or by their solicitors, to come in and prove  
their debts or claims at such time as shall be specified in such  
notice, or in default thereof they will be excluded from the  
benefit of any distribution made before such debts are proved.  

Further, Mr. Butterfield submitted this memorandum to the  
registrar of Companies:  

I, Malcolm Butterfield of KPMG Financial Advisory Services  
Limited, Crown House, 4 Par-La-Ville Road, Hamilton in the  
Islands of Bermuda, hereby give you notice that I have been  
appointed Liquidator of August Trading Limited by a Resolution  
of the Company dated August 22, 2004.

CONTACT: Mr. Malcolm Butterfield
         Liquidator
         KPMG Financial Advisory Services Limited
         Crown House, 4 Par-La-Ville Road
         Hamilton, Bermuda   


GRN REINSURANCE: Presents Wind-Up Petition in Court
---------------------------------------------------
GRN Reinsurance filed this Petition:

         IN THE SUPREME COURT OF BERMUDA COMPANIES  

     IN THE MATTER OF GRN Reinsurance International Ltd.  

                         and            

         IN THE MATTER OF THE COMPANIES ACT 1981  

Notice is hereby given that a Petition for the winding-up of GRN  
Reinsurance International Ltd. by the Supreme Court of Bermuda  
was presented to the said Court by the Company on August 24,  
2004. The Petition is directed to be heard before the Court on  
Friday, September 24, 2004 at 9:30 a.m. Any creditor or  
contributory desirous to support or oppose the making of an  
order on the said Petition may appear at the time of hearing by  
himself or his counsel for that purpose and a copy of the  
Petition will be furnished to any creditor or contributory of  
the said Company requiring the same by the undersigned on  
payment of the regulated charge for the same.  

NOTE: Any person who intends to appear at the hearing of the  
said Petition must serve on or send by post to the above-named  
notice in writing of his intention to do so. The notice must  
state the name and address of the person or the name and address  
of the firm, and must be signed by the person or firm, or his or  
their attorneys (if any) and must be served (or if posted) must  
be sent by post in sufficient time to reach the above-named not  
later than 4:00 p.m. on September23, 2004.  

CONYERS DILL & PEARMAN  
Attorneys for the Petitioner

CONTACT: Conyers Dill & Pearman
         Attorneys for the Petitioner
         Clarendon House  
         2 Church Street  
         Hamilton HM 11  
         Bermuda  


MEADOW LANE: Members Appoint Ernest Morrison as Liquidator
----------------------------------------------------------
Meadow Lane released this notice:

       IN THE MATTER OF THE COMPANIES ACT OF 1981

                          and   

      IN THE MATTER OF Meadow Lane Investments Ltd.

Members of Meadow Lane Investments Ltd. (The Company) resolved  
on August 20, 2004 that:

(1) the Company be wound up voluntarily pursuant to the  
provisions of the Companies Act, 1981; and  

(2) Mr. Ernest A. Morrison, of "Milner House", 18 Parliament  
Street, Hamilton, Bermuda be and is hereby appointed Liquidator  
for the purposes of winding-up.

In his capacity as Liquidator, Mr. Morrison gives notice for  
these relevant events:  

- Creditors of the Company are required on or before the  
September 9, 2004, to send their names and addresses and the  
particulars of their debts or claims to the Liquidator of the  
Company and, if so required by notice in writing from the said  
Liquidator, to come in and prove their said debts or claims at  
such time and place as shall be specified in such notice or in  
default thereof they will be excluded from the benefit of any  
distribution made before such debts are proved.  

- the Final General Meeting of the Members of the Company will  
be held at the offices of Cox Hallett Wilkinson at Milner House,  
18 Parliament Street, Hamilton, Bermuda, on the 27th day of  
September, 2004 at 10 o'clock in the forenoon for the following  
purposes:

1) receiving an account showing the manner in which the winding-
up of the Company has been conducted and its property disposed  
of and hearing any explanation that may be given by the  
Liquidator;

(2) by resolution determining the manner in which the books,  
accounts and documents of the Company and of the Liquidator  
shall be disposed of; and

(3) by resolution dissolving the Company.  

CONTACT: Mr. Ernest A .Morrison, Liquidator
         Milner House  
         18 Parliament Street  
         Hamilton HM 12  
         Bermuda  


PVM OIL: Winds-up Voluntarily
-----------------------------
            IN THE MATTER OF THE COMPANIES ACT 1981

                             and

         IN THE MATTER OF PVM Oil Eastern Services Ltd.

Members of PVM Oil Eastern Services Ltd. passed these resolutions on
August 20, 2004:

(1) the Company be wound up voluntarily pursuant to the provisions of
the Companies Act, 1981; and

(2) Mr Ernest A. Morrison, of "Milner House", 18 Parliament Street,
Hamilton, Bermuda be and is hereby appointed Liquidator for the
purposes of winding-up.

Also, the provisional liquidator informs that the Creditors of the
Company are required to send their names and addresses and the
particulars of their debts or claims to the Liquidator of the Company
on or before September 9, 2004. If so required by notice in writing
from the said Liquidator, creditors are asked to come in and prove
their said debts or claims at such time and place as shall be specified
in such notice or in default thereof they will be excluded from the
benefit of any distribution made before such debts are proved.

Further, the Final General Meeting of the Members of the above-named
Company will be held at the offices of Cox Hallett Wilkinson at Milner
House, 18 Parliament Street, Hamilton, Bermuda, on September 27, 2004
at 10:00 p.m.

The members will meet to discuss:

(1) receiving an account showing the manner in which the winding-up of
the Company has been conducted and its property disposed of and hearing
any explanation that may be given by the Liquidator;

(2) by resolution determining the manner in which the books, accounts
and documents of the Company and of the Liquidator shall be disposed
of; and

(3) by resolution dissolving the Company.

Mr. Ernest A. Morrison
Liquidator
August 25, 2004

CONTACT: Mr. Ernest A. Morrison, Liquidator
         Milner House
         18 Parliament Street
         Hamilton HM 12
         Bermuda

NOTE: Yesterday's description of the event as a bankruptcy filing was
erroneous. According to Mr. William Emmitt, Director of PVM Oil
(Eastern Services) Ltd, "the company is solvent and is being closed
voluntarily by corporate resolution. There is no bankruptcy."


SCHRODER ASTRA: Appoints Robin J. Mayor as Liquidator
-----------------------------------------------------
Schroder Astra decided by written consent:           

       IN THE MATTER OF THE COMPANIES ACT 1981
  
                        and         
  
      IN THE MATTER OF Schroeder Astra Fund, Ltd.

The Members of Schroeder Astra Fund, Ltd., acting by written  
consent without a meeting on August 23, 2004 passed the  
following resolutions:  

(1) That the Company be wound up voluntarily, pursuant to the  
provisions of the Companies Act 1981; and

(2) That Robin J Mayor be and is hereby appointed Liquidator for  
the purposes of such winding-up.

Mr. Robin J. Mayor, acting as Liquidator, informs that:

- Creditors of the Company, which is being voluntarily wound up,  
are required, on or before September 17, 2004 to send their full  
Christian and Surnames, their addresses and descriptions, full  
particulars of their debts or claims, and the names and  
addresses of their lawyers (if any) to Robin J Mayor, the  
undersigned, at Messrs. Conyers Dill & Pearman, Clarendon House,  
Church Street, Hamilton, HM DX, Bermuda, the Liquidator of the  
said Company.

If so required by notice in writing from the said Liquidator,  
and personally or by their lawyers, to come in and prove their  
debts or claims at such time and place as shall be specified in  
such notice, or in default thereof they will be excluded from  
the benefit of any distribution made before such debts are  
proved.  

- A final general meeting of the Members of the Company will be  
held at the offices of Messrs. Conyers Dill & Pearman, Clarendon  
House, Church Street, Hamilton, Bermuda on 5 October, 2004 at  
9.30am, or as soon as possible thereafter, for the purposes of:  

(1) receiving an account laid before them showing the manner in  
which the winding-up of the Company has been conducted and its  
property disposed of and of hearing any explanation that may be  
given by the Liquidator;   

(2) by resolution determining the manner in which the books,  
accounts and documents of the Company and of the Liquidator  
shall be disposed of; and  

(3) by resolution dissolving the Company.  

Further, Mr. Mayor submitted this memorandum to the registrar of  
Companies:

I, Robin J Mayor of Clarendon House, Church Street, Hamilton in  
the Islands of Bermuda, hereby give you notice that I have been  
appointed Liquidator of SCHRODER ASTRA FUND, LTD (the "Company")  
by a resolution of the Company dated 23 August 2004.  

CONTACT: Mr. Robin J. Mayor, Liquidator
         Conyers Dill & Pearman, Clarendon House
         Church Street, Hamilton, HM DX
         Bermuda


SHIELD INSURANCE: Asks to Wind-Up Operations
-----------------------------------------------
Shield Insurance filed this winding up Petition:

         IN THE SUPREME COURT OF BERMUDA COMPANIES  

       IN THE MATTER OF Shield Insurance Company Ltd.  

                         and            

         IN THE MATTER OF THE COMPANIES ACT 1981  

Notice is hereby given that a Petition for the winding-up of  
Shield Insurance Company Ltd. by the Supreme Court of Bermuda  
was presented to the said Court by the Company on August 18,  
2004 and the said Petition is directed to be heard before the  
Court on Friday September 17, 2004 at 9:30 a.m. Any creditor or  
contributory desirous to support or oppose the making of an  
order on the said Petition may appear at the time of hearing by  
himself or his counsel for that purpose and a copy of the  
Petition will be furnished to any creditor or contributory of  
the said Company requiring the same by the undersigned on  
payment of the regulated charge for the same.  

NOTE: Any person who intends to appear at the hearing of the  
said Petition must serve on or send by post to the above-named  
notice in writing of his intention to do so. The notice must  
state the name and address of the person or the name and address  
of the firm, and must be signed by the person or firm, or his or  
their attorneys (if any) and must be served (or if posted) must  
be sent by post in sufficient time to reach the Company not  
later than 4:00 p.m. on 16th September 16, 2004.

CONYERS DILL & PEARMAN  
Attorneys for the Petitioner  


CONTACT: Conyers Dill & Pearlman
         Attorneys for the Petitioner  
         Clarendon House, 2 Church Street  
         Hamilton, HM 11, Bermuda  


STEEL TRADE: Members Resolve to Liquidate  
-----------------------------------------
Steel Trade's members consented, without meeting, to:

          IN THE MATTER OF THE COMPANIES ACT 1981  

                          and      

            IN THE MATTER OF Steel Trade Ltd.  

The Members of Steel Trade Ltd., acting by written consent  
without a meeting on August 31, 2004, passed these resolutions:  

(1) That the Company be wound up voluntarily, pursuant to the  
provisions of the Companies Act 1981; and  

(2) That Robin J Mayor be and is hereby appointed Liquidator for  
the purposes of such winding-up.

Mr. Robin J. Mayor, acting as Liquidator, give these notices:   

- That the Creditors of the Company, which is being voluntarily  
wound up, are required, on or before September 17, 2004, to send  
their full Christian and Surnames, their addresses and  
descriptions, full particulars of their debts or claims, and the  
names and addresses of their solicitors (if any) to Robin J  
Mayor at Messrs. Conyers Dill & Pearman, Clarendon House, Church  
Street, Hamilton, HM DX, Bermuda, the Liquidator of the said  
Company.

If so required by notice in writing from the said Liquidator,  
and personally or by their solicitors, to come in and prove  
their debts or claims at such time and place as shall be  
specified in such notice, or in default thereof they will be  
excluded from the benefit of any distribution made before such  
debts are proved.  

- That a final general meeting of the Member(s) of the Company  
will be held at the offices of Messrs. Conyers Dill & Pearman,  
Clarendon House, Church Street, Hamilton, Bermuda on October 8,  
2004 at 9:30 a.m., or as soon as possible thereafter, for the  
purposes of:  

(1) receiving an account laid before them showing the manner in  
which the winding-up of the Company has been conducted and its  
property disposed of and of hearing any explanation that may be  
given by the Liquidator;   

(2) by resolution determining the manner in which the books,  
accounts and documents of the Company and of the Liquidator  
shall be disposed of; and  

(3) by resolution dissolving the Company.  

Further, Mr. Mayor submitted this memorandum to the Registrar of  
Companies.

I, Robin J Mayor of Clarendon House, Church Street, Hamilton in  
the Islands of Bermuda, hereby give you notice that I have been  
appointed Liquidator of Steel Trade Ltd. (the "Company") by a  
resolution of the Company dated August 31, 2004.  


CONTACT: Mr. Robin J. Mayor, Liquidator
         Conyers Dill & Pearman
         Clarendon House,  
         Church Street,
         Hamilton, HM DX,  
         Bermuda


STERLING INSURANCE: Claims Submission Deadline Set
--------------------------------------------------
Sterling Insurance filed this notice:           

     IN THE MATTER OF THE COMPANIES ACT 1981
      
                         and
              
   IN THE MATTER OF Sterling Insurance Company Limited

Notice is hereby given that the Creditors of Sterling Insurance  
Company Limited are required on or before September 18, 2004 to  
send their names and addresses and the particulars of their  
debts or claims to the Liquidator of the Company.  

If so required by notice in writing from the said Liquidator, to  
come in and prove their said debts or claims at such time and  
place as shall be specified in such notice or in default thereof  
they will be excluded from the benefit of any distribution made  
before such debts are proved.  

In addition, notice is hereby given that the Final General  
Meeting of the Sole Member of the Company will be held at the  
offices of Cox Hallett Wilkinson at Milner House, 18 Parliament  
Street, Hamilton, Bermuda, on October 4, 2004 at 10:00 a.m. for  
the following purposes:  

(1) receiving an account showing the manner in which the  
winding-up of the Company has been conducted and its property  
disposed of and hearing any explanation that may be given by the  
Liquidator;

(2) by resolution determining the manner in which the books,  
accounts and documents of the Company and of the Liquidator  
shall be disposed of; and

(3) by resolution dissolving the Company.  

Mr. Ernest A. Morrison  
Liquidator
September 3, 2004  



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

AOL LATIN AMERICA: Instant Messenger Overtaken by MSN
-----------------------------------------------------
Microsoft Windows MSN messenger snatched AOL's instant  
messenger's position as market leader in Brazil, Business News  
Americas reports, citing daily Estado de Sao Paulo.

But it doesn't concern AOL that much.  

"We didn't really market this product," AOL Brasil sales  
director Marise Barroso was quoted as saying.  

Despite having lost ground in Brazil, AOL's service, known as  
AIM, is the most popular instant messenger in the US.  

AOL will launch a new software version at the end of September  
at www.aol.com.br/aim.


CEMIG: To Sell 444MW On September 9 & 14
----------------------------------------
Brazil's Minas Gerais state integrated power company Cemig  
(NYSE: CIG) announced Friday that it will sell as much as 444MW  
at auctions on September 9 and September 14, relates Business  
News Americas.

On September 9, Cemig plans to sell 44MW at a minimum price of  
BRL30.17 (US$10.37) per MWh to be delivered between September  
and end-2005. On September 14, it plans to sell 400MW in 1MW  
blocks for different periods varying from January 2005 through  
the end of 2011.  

The company said the long-term contracts can be extended through  
2014.  

CONTACT: Companhia Energetica de Minas Gerais
         Avenida Barbacena, 1.200 - Terreo
         Belo Horizonte,  30190
         Phone: (877) 248-4237
         e-mail: rv@cemig.com.br
         Web Site: http://www.cemig.com.br/


CLFCL: 7-Month Revenue Rises 31% From 2003           
------------------------------------------
The consolidated gross operating revenue of the Sistema  
Cataguazes Leopoldina in the first seven months of 2004 rose by  
31% as compared to the same period in 2003, amounting to R$911.0  
million.  

Consolidated physical energy sales amounted to 3,801 GWh, rising  
by 4.6% as compared to the same period last year. However, only  
the retail market, sales fell by 2.7% (4.8% in the operating  
area of holding company CFLCL), during the same period.

This reduction in energy sales was mainly caused by the loss of  
four free consumers in the concession area of the Sistema  
Cataguazes-Leopoldina, one of which was lost by CFLCL and three  
by subsidiary Energipe, which reflected a 11% fall in  
consolidated physical sales to the industrial sector.

However, the distributors billed these consumers for charges for  
using the distribution system, which substantially cushioned the  
financial impacts resulting from this reduction.

To view table: http://bankrupt.com/misc/CFLCLSistema.htm

CONTACT: Sistema Cataguazes
         Phone: +55 32 3429-6000
         Fax: +55 32 3429-6317 / 3429-6480

         In Rio de Janeiro  
         Phone: +55 21 2122-6900  
         Fax: (021) 2122-6931 / 2122-6980
         Web Site: http://www.cataguazes.com.br



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

APAST: Financial Woes Affecting Tultitlan's Rating Says Fitch
-------------------------------------------------------------
Apast, the water utility serving Tultitlan in Mexico state  
(Edomex), has been in the red for years and is facing debt with  
service providers, Business News Americas reports, citing Fitch  
Ratings.

The ratings agency, in its report on Tultitlan, said: "The  
Tultitlan municipal rating is limited by Apast's operating and  
financial situation... exemplified by the non-bank debt it  
maintains with principal suppliers, representing a possible  
contingency for municipal finances."  

Fitch Ratings confirmed a 'BBB(mex)' domestic-scale rating on  
the municipality, which has roughly 498,000 residents.  


GRUPO MEXICO: To Invest $600M in SPCC
-------------------------------------
Grupo Mexico, the third largest copper producer in the world,  
said it will invest up to US$600 million in its Peruvian  
subsidiary Southern Peru Copper Corporation (SPCC) (NYSE: PCU),  
relates local news source El Economista.

The company said that the resources would be used for the  
modernization of foundry facilities, as well as the construction  
of ore deposits.

Workers at SPCC's Toquepala and Cuajone mines have been in  
strike for more than a week now. Under Peruvian law, workers  
will be forced to return to work on Friday or face losing their  
jobs after the labor ministry declared the strike illegal  
September 3, according to analysts Barclays Capital.  

Losses from both strikes are estimated at some US$1mn/d.  

SPCC is 54.2%-owned by Grupo Mexico, 14.2% by Cerro Trading, 14%  
by Phoenix-based Phelps Dodge and 17.6% by other shareholders.

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



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

FNCU VENTURE CAPITAL: Trading Suspended Amid SEC Probe
------------------------------------------------------
The Trinidad and Tobago Stock Exchange has suspended trading of  
FNCU Venture Capital Company's shares, leaving major  
shareholders jittery about the status of their investments,  
reports the Trinidad Express.

The suspension immediately follows an investigation by the  
Securities Exchange Commission (SEC) into a number of financial  
irregularities at the company.

In a statement released Thursday, the Exchange said the company,  
which is listed on the second tier market of the Exchange, had  
been suspended by the Venture Capital Incentive Programme  
(VCIP), in accordance with section seven of the Venture Capital  
Act "and as such, is not permitted to conduct any operations".  

A $2 million investment in a project linked to the brother of a  
Government Minister, off-the-floor share sales and breaches of  
legislation are some of the alleged incidents at the company,  
which are now under the microscope of the VCIP and the SEC.  

Key shareholders, which include First National Credit Union  
(FNCU), the Credit Union Stabilisation Fund, Tateco Credit Union  
and Venture Credit Union, are now demanding answers from the  
remaining board members after two key directors - businessman  
Anthony Elias and David Pierre - were dismissed at a recent,  
heated annual general meeting.  

Some are even calling for fund manager and director Daniel  
Lambert, whose company, Financial Concepts Ltd (FCL), piloted  
FNCU Venture Capital's Initial Public Offer (IPO) back in 2001,  
raising some $4.4 million in one-dollar ordinary shares mainly  
in the credit union movement.  

Lambert's company almost entirely manages the venture capital  
company, whose operating office is at 42, Dundonald Street, Port  
of Spain, the registered office of FCL.   

CONTACT:  First National Credit Union  
          8-10 Techier Road  
          Point Fortin, Trinidad and Tobago  
          Phone 1-868-648-2484  
          Fax 1-868-648-2451  
          Email: fncu@trinidad.net
          URL: http://www.1national.com



                            ***********


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

Troubled Company Reporter - Latin America is a daily newsletter  
co-published by Bankruptcy Creditors' Service, Inc., Fairless  
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,  
Maryland USA. John D. Resnick, Edem Psamathe P. Alfeche and  
Lucilo Junior M. Pinili, Editors.

Copyright 2004.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or  
publication in any form (including e-mail forwarding, electronic  
re-mailing and photocopying) is strictly prohibited without  
prior written permission of the publishers.

Information contained herein is obtained from sources believed  
to be reliable, but is not guaranteed.

The TCR Latin America subscription rate is $575 per half-year,  
delivered via e-mail.  Additional e-mail subscriptions for  
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subscription or balance thereof are $25 each.  For subscription  
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