TCRLA_Public/040909.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

         Thursday, September 9, 2004, Vol. 5, Issue 179

                            Headlines


A R G E N T I N A

BEBE A BORDO: Bankruptcy Proceedings Initiated
DI DONATO: Court Declares Company Bankrupt
GALASSI 2,000: Claims Verification Period Ends Tomorrow
INDUSTRIAS MBA: Court Approves Creditor's Bankruptcy Motion
KIRIOS: Trustee to Submit General Report

MASTER ARGENTINA: Individual Reports Due Tomorrow
MERCADOTEC: Court Affirms Bankruptcy Process Necessary
PC PLUS: Claims Review Closes Tomorrow
SOLVAY INDUPA: Gets Financial Support From Parent Company
TAXIS EL CATALAN: Liquidates Assets to Pay Debts

TELECOM ARGENTINA: ICSID to Review France Telecom's Claim
TELEFONICA DE ARGENTINA: Shelves ICSID Claim Against Government
TRAFIND S.A.I.C.: Files Petition to Reorganize
TRANSENER: President Quits, Dolphin Fund Head Takes Over


B E R M U D A

FOSTER WHEELER: Inks Multimillion-Dollar Engineering Contract
TYCO INTERNATIONAL: Updates Balance Sheet Strengthening Efforts


C H I L E

ENAMI: Recent Vote Will Determine Ventanas' Future


C O S T A   R I C A

BANCREDITO: Signs Alliance With BCR


J A M A I C A

PULSE INVESTMENTS: Seeks JSE Re-Listing Before Yearend


M E X I C O

AXTEL: Upgrades Network With Telecordia Technology
DENNY'S: Commences Tender Offers for Senior Notes
GRUPO TMM: S&P Ups Ratings to `CCC' From `D'; Outlook Stable
HYLSAMEX: Expects Up To $230M in 3Q04 EBITDA
IMSS: Union Seeks 10% Wage Raise


P U E R T O   R I C O

CENTENNIAL COMMUNICATIONS: Sells Puerto Rican Unit for $155M


T R I N I D A D   &   T O B A G O

BWIA: Balks at Imposing Fuel Tax on Passengers


U R U G U A Y

* URUGUAY: Begins Measured Debt Buyback Process


V E N E Z U E L A

TELCEL BELLSOUTH: Pro-Competencia OKs Telefonica Deal
* VENEZUELA: Moody's Raises Rating After Prompt Debt Payments


     - - - - - - - - - -

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

BEBE A BORDO: Bankruptcy Proceedings Initiated
----------------------------------------------
Mr. Fernando Guckenheimer successfully petitioned for the
liquidation of Bebe A Bordo S.R.L. after Court No. 24 of Buenos
Aires' civil and commercial tribunal opened the Company's
bankruptcy proceedings. Clarin reports that Clerk No. 47 assists
the court on this case.

CONTACT: Bebe A Bordo S.R.L.
         Avda. Pueyrredon 860
         Buenos Aires


DI DONATO: Court Declares Company Bankrupt
------------------------------------------
Judge Chomer, working for Court No. 10 of Buenos Aires' civil
and commercial tribunal, declared local company Di Donato S.A.
"Quiebra", relates La Nacion. The court approved the bankruptcy
petition filed by Ms. Marina Acuna, to whom the Company owes
debts amounting to US$31,026.77

The Company will undergo the bankruptcy process with Ms. Marta
Polistina as trustee. Creditors are required to present their
proofs of claims to the trustee for verification before October
14, 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. Gigglberger, Clerk No. 20, assists the court on the case.

CONTACT: Di Donato S.A.
         Avenida Pueyrredon 932
         Buenos Aires

         Ms. Marta Polistina, Trustee
         Avenida Corrientes 745
         Buenos Aires


GALASSI 2,000: Claims Verification Period Ends Tomorrow
-------------------------------------------------------
Creditors of Galasssi 2,000 S.A. must submit proofs of their
claims tomorrow, September 10, 2004 to qualify on the list of
verified creditors for the Company's reorganization. All
documents should be forwarded to Mr. Horacio Guillermo Escrina,
the court-appointed trustee, for verifications.

Court No. 5 of Bahia Blanca' civil and commercial tribunal
handles the reorganization proceedings.

CONTACT: Galassi 2,000 S.A.
         Camino Sesquicentenario y Ruta 35
         Bahia Blanca

         Mr. Horacio Guillermo Escrina, Trustee
         Zapiola 319
         Bahia Blanca


INDUSTRIAS MBA: Court Approves Creditor's Bankruptcy Motion
-----------------------------------------------------------
Judge Garibotto, serving for Court No. 2 of Buenos Aires' civil
and commercial tribunal declared Industrias MBA S.A. bankrupt,
says La Nacion. The ruling comes in approval of the bankruptcy
petition filed by the Company's creditor, Novello S.A., for
nonpayment of US$26,000 in debt.

The trustee, Ms. Andrea Cetlinas, will examine and authenticate
creditors' claims until November 5, 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. 4, Dr. Romero, assists the court on the case, which
will conclude with the liquidation of the Company's assets.

CONTACT: Industrias MBA S.A.
         Parana 552
         Buenos Aires

         Ms. Andrea Cetlinas, Trustee
         Lavalle 1678
         Buenos Aires


KIRIOS: Trustee to Submit General Report
----------------------------------------
A general report on the Kirios S.A. bankruptcy is due for court
submission tomorrow, September 10, 2004. Court-appointed trustee
Miguel Angel Marceesi will prepare the report from the Company's
accounting and business records.

Court No. 11 of Buenos Aires' civil and commercial tribunal
handles this case with assistance from Clerk No. 22.

CONTACT: Mr. Miguel Angel Marceesi, Trustee
         Avellaneda 1135
         Buenos Aires


MASTER ARGENTINA: Individual Reports Due Tomorrow
-------------------------------------------------
The presentation of the individual reports in connection with
the Master Argentina S.A. bankruptcy is scheduled tomorrow,
September 10, 2004. The general report submission follows on
October 25, 2004.

Mr. Angel Vello Vazquez acts as trustee for this case, which is
under the jurisdiction of Buenos Aires' civil and commercial
tribunal Court No. 14.

CONTACT: Mr. Angel Vello Vazquez, Trustee
         Viamonte 1592
         Buenos Aires


MERCADOTEC: Court Affirms Bankruptcy Process Necessary
------------------------------------------------------
Mercadotec S.R.L. will enter bankruptcy protection after Court
No. 22 of Buenos Aires' civil and commercial tribunal ordered
the company's liquidation. The bankruptcy order effectively
transfers control of the company's assets to the court-appointed
trustee who will supervise the liquidation proceedings.

Infobae reports that the court selected Ms. Alejandra E
Giacomini as trustee. She will be verifying creditors' proofs of
claims until the end of the verification phase on November 1,
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 December 14, 2004 followed by the general report, which is
due on February 25 next year.

CONTACT: Ms. Alejandra E Giacomini, Trustee
         Avda Carabobo 250
         Buenos Aires


PC PLUS: Claims Review Closes Tomorrow
--------------------------------------
Mr. Carlos Ireneo Lastoria, the court-appointed trustee for the
PC Plus S.R.L. bankruptcy, will close the verification of
creditors' claims tomorrow, September 10, 2004. The verified
claims will serve as basis for the individual reports to be
submitted in court on October 25, 2004. The submission of the
general report follows on December 6, 2004.

Court No. 3 of Buenos Aires' civil and commercial tribunal
handles this case with the assistance of Clerk No. 5

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


SOLVAY INDUPA: Gets Financial Support From Parent Company
---------------------------------------------------------
Argentine petrochemical and plastics company Solvay Indupa
S.A.I.C. got a vote of confidence from its Belgian parent Solvay
S.A. through by way of a move by its parent company to raise its
stake in the Company to approximately 60%. Dow Jones Newswires
reports that Solvay S.A. converted 65 million preferred shares
to ordinary shares to raise its 50% majority interest to 60%.
The conversion is effective as of September 30.

Local brokerage firm Argentine Research said the increased stake
shows the parent companies commitment in Solvay Indupa as it
continues to reduce debt. The Company has bought back peso-
denominated bonds and repaid about US$21.2 million in foreign
currency debt to Solvay SA.

Also, Solvay Indupa bought back a 69.6% interest in Solvay
Indupa de Brasil from Solvay Indupa Netherlands B.V., another
subsidiary of the Solvay group. Proceeds from this transaction
will be used to cancel part of the Dutch Unit's foreign currency
debt.


TAXIS EL CATALAN: Liquidates Assets to Pay Debts
------------------------------------------------
Buenos Aires-based Taxis El Catalan S.R.L. will begin
liquidating its assets following the bankruptcy pronouncement
issued by Court No. 9 of the city's civil and commercial
tribunal. Local news source Clarin reports that OSDE filed the
bankruptcy request after the company defaulted on a ARS1,472.31
debt. Clerk No. 37 assists the court on this case.

CONTACT: Taxis El Catalan S.R.L.
         Avda.  Juan Bautista Alberdi 4474
         Buenos Aires


TELECOM ARGENTINA: ICSID to Review France Telecom's Claim
---------------------------------------------------------
The International Center for Settlement of Investment Disputes
(ICSID) has agreed to hear an arbitration petition filed by
France Telecom against Argentina, reports Business News
Americas. The petition was filed based on the fact the telecom
operator considers that bilateral agreements between Argentina
and France on investment protection were breached.

The company is seeking compensation for the losses incurred as a
consequence of the financial and economic crisis that hit
Argentina in 2002, after the 1-for-1 peg of the peso with the US
dollar was dropped.

France Telecom filed its petition in 2003, but the ICSID has
only now registered it after allowing time for the parties to
consider other conciliation efforts.

Since filing the application, France Telecom has sold most of
its stake in fixed-line carrier Telecom Argentina and now has
only 2% of the company.

Telecom Argentina is seeking to restructure US$2.63 billion of
debt and has gained acceptance from creditors representing 94.4%
of the total amount.

CONTACT:  TELECOM ARGENTINA S.A.
          Alicia Moreau de Justo 50, 10th Floor
          Capital Federal (1107) Republica Argentina
          Phone: +54 11 4968 4000
          Home Page: http://www.telecom.com.ar
          Contacts:
          Alberto J. Ricciardi, Chief Financial Officer
          Elvira Lazzati, Finance Director
          Pedro Insussarry, Investor Relations Manager
          Phone: (5411) 4968-3626/3627
          Fax: (5411) 4313-5842/3109
          E-mail: inversores@intersrv.telecom.com.ar


TELEFONICA DE ARGENTINA: Shelves ICSID Claim Against Government
---------------------------------------------------------------
Spanish telecommunications company Telefonica SA (TEF) agreed to
put off until October an arbitration petition filed against
Argentina at the International Center for Settlement of
Investment Disputes (ICSID), a spokesman for Telefonica de
Argentina (TAR), Telefonica's local unit, confirmed Tuesday.
Dow Jones Newswires reports that the two sides will continue
negotiating a long-term concession.

The government is committed to renegotiating all 62 of the
country's public service contracts before the end of the year.
In May, officials signed a bridge accord with Telefonica de
Argentina that is in effect until the end of 2004, when a long-
term contract should be in place.

Unlike a temporary agreement that the government had signed
earlier with waterworks operator Aguas Argentinas, a unit of
French-owned Suez (SZE), the telecoms weren't required to
suspend their ICSID claims.

But Telefonica and the government agreed that the company would
halt the case anyway to smooth talks over a more permanent
contract.

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

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


TRAFIND S.A.I.C.: Files Petition to Reorganize
----------------------------------------------
Trafind S.A.I.C. filed a "Concurso Preventivo" motion, reports
La Nacion. The Company is seeking to reorganize its finances
following cessation of debt payments since October 29, 2003.

The Company's case is pending before Court No. 18 of Buenos
Aires' civil and commercial tribunal. Dr. Vivono, Clerk No. 36,
assists the court on this case.

CONTACT: Trafind S.A.I.C.
         Avenida Pueyrredon 524
         Buenos Aires


TRANSENER: President Quits, Dolphin Fund Head Takes Over
--------------------------------------------------------
Mr. Marcelo Mindlin, president of Argentine investment group
Dolphin Fund Management, will take over the helm of the board at
local electricity transporter Transener from Mr. Brian
Henderson. In a statement to the local stock exchange Tuesday,
Transener revealed that Henderson has resigned as president of
the Transener board. But according to a Transener
representative, Henderson will continue holding a position on
the board.

The board changes reflect Transener's new shareholding
structure. Dolphin Fund bought a 50% stake in Transener's
holding company in two phases - one in December 2003 and another
in March. Henderson was an official at British company National
Grid (NGG), which sold Dolphin its 42.493% stake in Transener's
holding company in March.

Meanwhile, Brazilian federal energy company Petrobras is
committed to selling its 50% stake in Transener. Petrobras owns
50% of the Citilec holding that owns 65% of Argentine
transmission company Transener.

Earlier, Troubled Company Reporter - Latin America reported that
Argentina's new state-owned energy company Energia Argentina SA
(Enarsa) may partner with the local Dolphin Group in buying
Petrobras' stake in Transener. Dolphin already 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.

Transener has about US$520 million in debt that it is trying to
restructure. The company is in talks with its creditors but
little progress has been seen so far.

CONTACT:  Carlos A. Gonzalez, Chief Financial Office
          Marcelo A. Fell. Treasurer
          Andres G. Colombo, General Accountant
                      OR
          Investor Relations Coordination
          Laura V. Varela

          Paseo Colon 728 6th Floor
          (1063) Buenos Aires, Republica Argentina
          Tel:(5411) 4342-6925 / 4342-7241
          Fax: (5411) 4342-7147
          Email: info-trans@transx.com.ar
          Web site: http://www.transener.com.ar



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

FOSTER WHEELER: Inks Multimillion-Dollar Engineering Contract
-------------------------------------------------------------
Foster Wheeler Ltd. (OTCBB: FWLRF) announced Tuesday that its UK
subsidiary Foster Wheeler Energy Limited has been awarded an
engineering contract by OAO Salavatnefteorgsintez (SNOS) for a
multimillion dollar fluidized catalytic cracking (FCC) complex
to be built at the Salavat Refinery, Salavat City, Russia. The
terms of the contract were not disclosed. The booking was
included in the second quarter.

"We are delighted to be awarded this contract by SNOS," said
Steve Davies, chairman and chief executive officer, Foster
Wheeler Energy Limited. "We are well-known for our unrivalled
FCC design and construction experience. I am confident that with
our track record, our Russian experience, the quality of our
team and our engineering, we will fully support SNOS in
achieving its business objectives. The Russian market is of
strategic importance to Foster Wheeler, and we will be building
on existing relationships with Russian engineering companies to
ensure maximum value is offered to SNOS."

Foster Wheeler will provide the first stage of design services,
involving general co-ordination of licensors, a project cost
estimate, advice on Russian design requirements, development of
the required Russian permitting documentation, and initial
detailed engineering and procurement to support an accelerated
overall project schedule. Russian engineering companies well
known to Foster Wheeler will provide specific expertise and
support during project execution.

The catalytic cracking complex will produce high-value gasoline
and liquefied petroleum gas (LPG) and will be comprised of a
fluidized catalytic cracker, gasoline hydrotreater, associated
gas treatment units, and a dedicated flare. Vacuum gas oil will
be supplied as feedstock from the existing refinery.

Shell will provide licensed technology for the fluidized
catalytic cracker, Merichem and Belco for the treatment units,
and Axens for the gasoline hydrotreater.

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,
petrochemical, chemicals, power, pharmaceuticals, biotechnology
and healthcare industries. The corporation is based in Hamilton,
Bermuda, and its operational headquarters are in Clinton, New
Jersey, USA.

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

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


TYCO INTERNATIONAL: Updates Balance Sheet Strengthening Efforts
---------------------------------------------------------------
Tyco International Ltd. (NYSE: TYC; BSX: TYC) has repurchased
$350 million of its 2.75 percent convertible bonds due in 2018
with $511 million of cash. The repurchase will result in a
charge to earnings of approximately $167 million in the fourth
quarter of fiscal 2004. As a result of this action, debt has
been reduced by $350 million and Tyco's underlying common shares
will be reduced by 15 million. Separately, as previously
disclosed, the company has repaid $350 million of its accounts
receivable securitization programs in July.

These actions are part of Tyco's previously announced plan to
use its strong liquidity position to further strengthen the
company's balance sheet, including reducing its off-balance
sheet debt, subsidiary debt and convertible debt securities and
making contributions to its defined benefit plans. The company
expects to retain a cash balance of at least $2 billion after
making these outlays. During the third quarter, the company used
$1.1 billion of cash to strengthen its balance sheet and these
most recent actions to date in the fourth quarter have used $861
million of cash. The company continues to execute this plan,
which could result in additional charges.

Tyco's Electronics segment experienced a 5 percent organic
increase in order rates in the month of August and a 9.5 percent
increase for the quarter through August, compared to the prior
year periods. The company continues to expect Electronics
organic revenue growth of 8 - 10 percent in the current quarter.

The company is confirming its previous EPS guidance of $0.41 to
$0.43 for the fourth quarter of 2004 and $1.61 to $1.63 for the
full year 2004. This EPS outlook excludes the impact from the
restructuring and divestiture programs announced in November
2003 and charges related to early retirement of debt. The
company is also confirming its full year guidance for cash flow
from operating activities of $5.2 billion and free cash flow of
$4.7 billion before voluntary pension contributions.

EPS excluding charges and cash flow before voluntary pension
contributions are non-GAAP measures and are described below.

Tyco International Ltd. is a global, diversified company that
provides vital products and services to customers in five
business segments: Fire & Security, Electronics, Healthcare,
Engineered Products & Services, and Plastics & Adhesives. With
2003 revenue of $37 billion, Tyco employs 260,000 people
worldwide. More information on Tyco can be found at
http://www.tyco.com.

CONTACTS:  News Media
           David Polk
           609-720-4387
           dpolk@tyco.com

           Investors
           Ed Arditte
           609-720-4621
           John Roselli
           609-720-4624



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

ENAMI: Recent Vote Will Determine Ventanas' Future
--------------------------------------------------
Chile's senate mining committee was scheduled to vote Wednesday
on the transfer of Ventanas smelter and refinery from the
national mining company Enami to state copper corporation
Codelco. According to Business News Americas, the committee
arranged to meet Wednesday with treasury minister Nicolas
Eyzaguirre and mining minister Alfonso Dulanto to confirm
whether the government will hold up to the commitment it
previously made.

On August 19, the members of the senate mining committee failed
to come to an agreement to approve the government bill, which
could lower Enami's debt to as much as US$30 million.

The disagreement was over the government supposedly not living
up to its promise to stop making withdrawals from Enami's
profits until completing the US$164 million in fiscal credit the
state has with the company.

But according to Minister Dulanto, the government has met all
the requirements and obligations mandated by congress.

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



===================
C O S T A   R I C A
===================

BANCREDITO: Signs Alliance With BCR
-----------------------------------
Costa Rican state bank Banco Credito Agrícola de Cartago
(Bancredito), whose liquidity situation is deteriorating, inked
an alliance with Banco de Costa Rica (BCR) last week. Citing
management from both entities, local daily Capital Financiero
reports that the measure is not to save Bancredito from its
present condition, but rather to refocus the state bank to
specialize in development banking.

The alliance will allow BCR to focus on commercial banking and
Bancredito to focus on micro, small- and medium-sized
businesses, the newspaper said.

The first phase of the alliance will see the two banks offering
each other's services in their branches. The second phase will
include exchanging credit portfolios, where some of Bancredito's
employees will transfer over to BCR.



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

PULSE INVESTMENTS: Seeks JSE Re-Listing Before Yearend
------------------------------------------------------
Pulse Investments Limited could re-enter the Jamaican Stock
Exchange before the year ends if the Company is able to comply
with the exchange's re-listing requirements, says the Observer
Business Reporter. Executive chairman Kingsley Cooper told the
paper that his company has established a re-listing agenda with
JSE. Ms. Marlene, Street, JSE general manager, has also
confirmed the report. The exchange delisted Pulse in 2001
because the Company had been delinquent in supplying audited
financial statements.

As part of this year's expected re-listing, Pulse has promised
to release audited results for the year ended June 30, 2003, and
the comparative performance in 2002. The results for the year to
June 30, 2004, will be submitted in September.

Financial problems pushed Pulse into a major reorganization
around 1998. To write down more expensive debt, the Company
secured funding from the National Investment Bank of Jamaica.

Apparently however, the Company's fortunes have turned. Mr.
Cooper announced earlier this week that Pulse has been in the
black for the last four years with revenues exceeding US$100
million in 2003.

The upcoming release, according to Mr. Cooper, would further
show robust performance with assets increasing from $91 million
in 2002 to $117.5 million and Net profit at $29 million in 2003
from $16.5 million the previous year. He adds: "Pulse
Investments Limited is debt-free."

Before the company returns to the exchange, it will be merged
with Mr. Cooper's privately held company, Pulse Entertainment
Group.



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

AXTEL: Upgrades Network With Telecordia Technology
--------------------------------------------------
Telcordia Technologies, Inc., a global provider of
telecommunications software and services, announced Tuesday that
AXTEL, the largest and fastest-growing competitive local
exchange carrier (CLEC) in Mexico, has recently upgraded its
Service Resource Management (SRM) solution in order to
accelerate service delivery and better manage network operations
across multiple markets.

The Telcordia SRM solution, recently acquired from Granite
Systems, will help speed the delivery of services over AXTEL's
fully digital fixed and fixed wireless network. The solution is
part of Telcordia's Elementive strategy, which is focused on
delivering expanded solutions, products and services to meet
customers' unique market needs.

Telcordia's solution manages a carrier's entire "network image"
of sites, equipment, configurations and services. It is designed
to enable intelligent automation of network design and assign
processes and service provisioning, reducing provisioning times
and operations costs by more than 30 percent. Its exhaustive
inventory management functionality and automated provisioning
capabilities will help enable AXTEL to deliver voice and data
services, including fixed wireless access and radio services, up
to 35 percent faster.

"Telcordia has significantly enhanced our ability to control
capital and operational expenses during a period of substantial
growth," said Andres Cordovez, IT Infrastructure Director of
AXTEL. "This solution is critical to enable us to automate time-
consuming processes so that we are able to deliver next-
generation services faster, cheaper and better than our
competitors."

AXTEL provides integrated local, long-distance, Internet and
value-added services to Mexico's eight largest metropolitan
areas, which represent more than 50 percent of all telephone
lines in Mexico. Having worked with the former Granite Systems
since 2001, AXTEL chose to migrate to the newer distributed
platform late last year in order to accelerate service delivery
and better manage network operations across multiple markets.
The upgrade was managed and integrated with other AXTEL OSSs and
systems by Hewlett-Packard, and the system went into production
last month. AXTEL is working with Telcordia to track its
network's physical and logical service resources, including its
switched and transport network infrastructure.

"Carriers around the world need to bring services to market
quickly and cost effectively in order to gain and retain a
competitive advantage in today's market," said John E. P.
Borden, President, Telcordia's Granite business unit. "Telcordia
is focused on empowering customers with the solutions and
services required to do just that. This is an essential part of
our Elementive strategy and underscores our continuing
commitment to meet the market's ever-evolving needs."

CONTACT: Mr. Jose Manuel Basave
         Corporate Communication Director
         e-mail: contacto@axtel.com.mx

         Web Site: http://www.axtel.com.mx/English/ourcompany/


DENNY'S: Commences Tender Offers for Senior Notes
-------------------------------------------------
Denny's Corporation (OTCBB:DNYY) announced Tuesday that it has
commenced a cash tender offer for any and all $111.7 million
aggregate principal amount of the outstanding 12 3/4% Senior
Notes due 2007 issued by it and its wholly owned subsidiary,
Denny's Holdings, Inc. (CUSIP No. 00763HAA7) (the "12 3/4%
Notes"), and that it has commenced a cash tender offer for any
and all of the $343.9 million aggregate principal amount of its
outstanding 11 1/4% Notes Due 2007 (CUSIP No. 00758BAA7) (the
"11 1/4% Notes"), in each case, subject to certain conditions
described below. Each tender offer is scheduled to expire at
12:00 midnight, New York City, time on October 4, 2004, unless
extended or earlier terminated (in each case, the "Expiration
Date"). Denny's is also soliciting consents from the holders of
the 12 3/4% Notes and the 11 1/4% Notes, respectively, to
approve certain amendments (the "Amendments") to the indentures
under which the 12 3/4% Notes and the 11 1/4% Notes were issued.
The consents being solicited will eliminate substantially all of
the restrictive covenants and related events of default, and
will reduce the minimum notice period for the redemption of the
12 3/4% Notes and the 11 1/4% Notes from 30 days to three days.
In each case, the tender of notes will include and constitute a
consent to the Amendments, and holders of notes may not consent
to the Amendments without tendering their notes. Consents from a
majority of the aggregate principal amount of the notes will be
required to effect the respective Amendments. Each solicitation
of consents is scheduled to expire at 5:00 p.m., New York City
time, on September 20, 2004, unless extended or earlier
terminated (in each case, the "Consent Date"). Holders will be
entitled to withdraw their tenders and revoke their consents
pursuant to either tender offer only up to 5:00 p.m., New York
City time, on the Consent Date.

Offer for 12 3/4% Notes

Subject to certain conditions, holders of 12 3/4% Notes who
tender their notes and deliver their consents prior to 5:00
p.m., New York City time, on the Consent Date, will receive
tender consideration of 106.375% of the principal amount of the
12 3/4% Notes (the "12 3/4% Tender Consideration"), plus a
consent fee of 0.25%. Holders who validly tender their 12 3/4%
Notes after 5:00 p.m., New York City time, on the Consent Date,
but prior to 12:00 midnight, New York City time, on the
Expiration Date, will receive only the 12 3/4% Tender
Consideration, and not the consent fee.

In either case, holders that validly tender their 12 3/4% Notes
shall receive accrued and unpaid interest up to, but not
including, the applicable payment date. It is expected that the
12 3/4% Notes validly tendered prior to the closing of the new
credit facilities referred to below (the "New Credit
Facilities") will be paid for upon the closing of those
facilities, which is expected to occur on or about September 21,
2004 (the "First Payment Date"). Any additional 12 3/4% Notes
validly tendered thereafter through the Expiration Date may be
accepted for payment and paid for at any time and from time to
time thereafter until promptly following the Expiration Date.

If the requisite consents to amend the indenture governing the
12 3/4% Notes have been obtained as of the Consent Date, the
Amendments to the indenture governing the 12 3/4% Notes will be
made operative on the First Payment Date. In that case, Denny's
currently intends, on or following the First Payment Date, to
call for redemption, in accordance with the terms of the
indenture governing the 12 3/4% Notes, and to redeem as soon as
three days thereafter (but not until promptly following the
Expiration Date), the 12 3/4% Notes not purchased on the First
Payment Date, subject to further tenders of 12 3/4% Notes
through the Expiration Date. If the requisite consents to amend
the indenture governing the 12 3/4% Notes have not been obtained
as of the Consent Date, Denny's currently intends, on the First
Payment Date, to discharge the indenture and call for
redemption, in accordance with the terms of the indenture, and
to redeem 30 days thereafter, all 12 3/4% Notes not then
accepted pursuant to the tender offer, subject to further
tenders of 12 3/4% Notes through the Expiration Date. In either
case, the applicable redemption price will be 106.375% of the
principal amount thereof, plus interest accrued to, but not
including, the applicable redemption date. This statement of
intent shall not constitute a notice of redemption under the
indenture. Such notice, if made, will only be made in accordance
with the applicable provisions of the indenture (as amended, if
applicable).

Denny's intends to finance the offer for the 12 3/4% Notes with
proceeds of a new senior secured credit facility (the "New First
Lien Facility") comprising a portion of the New Credit
Facilities. The New Credit Facilities are currently anticipated
to include up to approximately $345 million of term loans, as
well as provide a $75 million revolving credit facility for
Denny's working capital and general corporate purposes. The New
Credit Facilities would also repay amounts outstanding under
Denny's existing credit facility and provide funding for the
tender offer for up to $180 million principal amount of the 11
1/4% Notes described below.

The obligation to accept for purchase and to pay for the 12 3/4%
Notes pursuant to the tender offer, as well as the effectiveness
of the Amendments to the indenture governing the 12 3/4% Notes,
are conditioned on, among other things, the closing of the New
First Lien Facility.

Offer for 11 1/4% Notes

Subject to certain conditions, holders of 11 1/4% Notes who
tender their notes and deliver their consents prior to 5:00
p.m., New York City time, on the Consent Date, will receive
tender consideration of 103.75% of the principal amount of the
11 1/4% Notes (the "11 1/4% Tender Consideration"), plus a
consent fee of 0.25%. Holders who validly tender their 11 1/4%
Notes after 5:00 p.m., New York City time, on the Consent Date,
but prior to 12:00 midnight, New York City time, on the
Expiration Date, will receive only the 11 1/4% Tender
Consideration, and not the consent fee.

In either case, holders that validly tender their 11 1/4% Notes
shall receive accrued and unpaid interest, up to, but not
including, the payment date. It is expected that payment for the
11 1/4% Notes validly tendered through the Expiration Date will
be made only promptly following the Expiration Date.

If the requisite consents to amend the indenture governing the
11 1/4% Notes have been obtained as of the Consent Date, the
Amendments to the indenture governing the 11 1/4% Notes will be
made operative promptly following the Expiration Date, subject
to receipt of the additional financing for the tender offer
described below. In that case, Denny's currently intends, also
promptly following the Expiration Date, to call for redemption,
in accordance with the terms of the indenture governing the 11
1/4% Notes, and to redeem three days thereafter, the 11 1/4%
Notes not purchased pursuant to the tender offer. If the
requisite consents to amend the indenture governing the 11 1/4%
Notes are not obtained by the Consent Date, but the additional
financing has been received, Denny's currently intends, as of
the closing of the additional financing, to discharge and call
for redemption, in accordance with the terms of the indenture,
and to redeem 30 days thereafter, all 11 1/4% Notes not accepted
pursuant to the tender offer. In either case, the applicable
redemption price will be 103.75% of the principal amount
thereof, plus interest accrued to, but not including, the
applicable redemption date. This statement of intent shall not
constitute a notice of redemption under the indenture. Such
notice, if made, will only be made in accordance with the
applicable provisions of the indenture (as amended, if
applicable).

Denny's intends to finance the offer for the 11 1/4% Notes with
a portion of the proceeds of the New Credit Facilities (for up
to $180 million principal amount of the 11 1/4% Notes), together
with the net proceeds from an additional financing, as further
described in the Offer to Purchase and Consent Solicitation
Statement.

The obligations to purchase and to pay for the 11 1/4% Notes
pursuant to the tender offer are conditioned on, among other
things, the closing of the New Credit Facilities and the closing
of the additional financing. If Denny's effects the closing of
the New Credit Facilities, but does not complete the additional
financing, it currently intends to modify (and to extend as
necessary, without extension of withdrawal rights) the tender
offer for the 11 1/4% Notes in order to accept for payment and
pay for up to $180 million principal amount of the 11 1/4% Notes
validly tendered (on a pro rata basis to the extent valid
tenders of the 11 1/4% Notes exceed that amount). However, the
effectiveness of the Amendments to the indenture governing the
11 1/4% Notes will be conditioned upon the closing of both the
New Credit Facilities and the additional financing.

This press release shall not constitute an offer to purchase or
the solicitation of an offer to sell or a solicitation of
consents with respect to the notes. Each of the tender offers
and consent solicitations may only be made in accordance with
the terms of and subject to the conditions specified in the
respective Offer to Purchase and Consent Solicitation Statement,
dated September 7, 2004, and the related Consent and Letter of
Transmittal, which more fully set forth the terms and conditions
of the tender offer and consent solicitation.

UBS Securities LLC and Goldman, Sachs & Co. are acting as the
exclusive dealer managers and solicitation agents; MacKenzie
Partners, Inc. is acting as the information agent; and U.S. Bank
National Association is acting as depositary in connection with
each tender offer and the consent solicitation. Copies of each
Offer to Purchase and Consent Solicitation Statement, Consent
and Letter of Transmittal, and other related documents may be
obtained from the information agent at MacKenzie Partners, Inc.,
105 Madison Avenue, New York, New York 10016, 800-322-2885 (toll
free) or 212-929-5500 (collect). Additional information
concerning the terms of each Offer and Consent Solicitation may
be obtained by contacting UBS Securities LLC at 888-722-9555,
ext. 4210 (toll free) or 203-719-4210 (collect) or Goldman,
Sachs & Co. at 877-686-5059 (toll free) or 212-357-5680
(collect).

Denny's is America's largest full-service family restaurant
chain, consisting of 553 company-owned units and 1,059
franchised and licensed units, with operations in the United
States, Canada, Costa Rica, Guam, Mexico, New Zealand and Puerto
Rico. For further information on Denny's, including news
releases, links to SEC filings and other financial information,
please visit our website at www.dennys.com.


GRUPO TMM: S&P Ups Ratings to `CCC' From `D'; Outlook Stable
------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term
corporate credit rating on Grupo TMM SA (TMM) to 'CCC' from 'D,'
reflecting the company's completion of a debt restructure. The
outlook is stable.

"The rating on the company reflects its still-weak financial
profile, higher concentration in the railroad industry, low
liquidity, and minor cash-flow generation," said Standard &
Poor's credit analyst Juan P. Becerra.

TMM completed its exchange offer for its 9.5% notes due 2003 and
its 10.25% senior notes due 2006. The company issued new senior
secured notes due 2007 in exchange for the tendered 2003 notes
and 2006 notes. Standard & Poor's considers that the new debt
profile amortization schedule allows a little more financial
breathing room, allowing the company to focus on operational
improvements.

TMM's revenues and operating income are concentrated in the
railroad sector. During the first six months of 2004, the
contribution of this division to TMM's revenues and operating
income decreased to 74.9% and 85.7% from 75.6% and 91.0%,
respectively. Nevertheless, TMM cannot access any cash from the
railroad division or declare a dividend to upstream cash.

The stable outlook reflects TMM's debt restructure completion.
The rating could be raised if TMM's operations improve its
current cash-flow generation. On the other hand, the rating
could be lowered if TMM's cash-flow generation turns negative in
two consecutive quarters.

ANALYSTS:  Juan P Becerra, Mexico City (52) 55-5081-4416
           Santiago Carniado, Mexico City (52) 55-5081-4413


HYLSAMEX: Expects Up To $230M in 3Q04 EBITDA
--------------------------------------------
Mexican steel maker Hylsamex SA (HYLSAMX.MX) is forecasting
EBITDA of between US$222 million and US$230 million for the
third quarter, according to a company filing with the Mexico
City's bourse. Such a performance would be similar to the US$222
million in EBITDA it reported in the second quarter, and above
the US$44 million in the third quarter of 2003, the company
said.

July and August 2004 sales remained strong throughout the
company, while steel prices stayed at "excellent" levels. The
company has maintained stable production costs despite higher
prices for input materials thanks to vertical integration and
sponge steel production capacity.

"We attribute our solid operating results to our unique position
as a mini-mill with vertical integration, with production
capacity and steel processing capabilities," Business News
Americas quoted general director Alejandro Elizondo as saying.

The company remains "prudently optimistic" for the rest of 2004,
when economic growth in the US and China plus steel and energy
prices will help determine Hylsamex's financial health.

Hylsamex is 51% owned by conglomerate Alfa SA (ALFA.MX). The
parent company spun off 39% of Hylsamex in February and plans to
spin off its remaining 51% in the first quarter of 2005.

CONTACT:  HYLSAMEX S.A. DE C.V.
          Munich 101
          San Nicolas de los Garza
          Nuevo Leon
          66452
          Mexico
          Phone: 52-8-328-2828


IMSS: Union Seeks 10% Wage Raise
--------------------------------
Calls from Mexican Social Security Institute (IMSS) workers for
a 10% wage increase could end up on the streets. Mr. Roberto
Vega Galinda, leader of the Union of Social Security Workers
(SNTSS), said that his group would stage a protest on October 15
if no agreement is reached with the authorities.

In a report from El Economista, Mr. Galinda said that the Union
is ready to discuss its terms with the government in the
presence of an intermediary from the Labor Secretariat.

IMSS had been recently hit with a strike when the National
Workers Union (UNT) led a protest against changes on the IMSS
law. UNT intends to go to the Palace of Justice to submit a writ
of habeas corpus against preventing the changes from being
enacted.



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

CENTENNIAL COMMUNICATIONS: Sells Puerto Rican Unit for $155M
------------------------------------------------------------
Centennial Communications Corp. (NASDAQ:CYCL) announced Tuesday
that it has entered into a definitive agreement to sell its
wholly owned subsidiary, Centennial Puerto Rico Cable TV Corp.
("Centennial Cable TV"), to Hicks, Muse, Tate & Furst
Incorporated for approximately US$155 million in cash.
Completion of the transaction is subject to customary closing
conditions, including regulatory approval of the transfer of
Centennial Cable TV's cable franchises, and is expected to occur
in early 2005.

Centennial Cable TV operates a digital cable television system
that serves approximately 73,000 subscribers and passes over
300,000 contiguous homes in southern and western Puerto Rico.
For the fiscal year ended May 31, 2004, Centennial Cable TV's
"Adjusted Operating Income (AOI)" contribution represented less
than 5% of Centennial Communications' total consolidated AOI.
AOI is net income (loss) before income tax expense (benefit),
interest expense-net, loss on impairment or disposition of
equipment and depreciation and amortization.

"This has proven to be a good time to monetize our cable
television business and this transaction accelerates the de-
leveraging of the Company," said Michael J. Small, chief
executive officer of Centennial.

The Company expects this to be a tax-free transaction, the
proceeds of which would be used to fund the build out of the
Lansing and Grand Rapids, Michigan licenses the Company expects
to acquire from AT&T Wireless as well as other capital
requirements contemplated in the Company's fiscal year 2004
guidance of $160 million in capital expenditures. Waller Capital
Corporation represented Centennial in the transaction.

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.

CONTACT: Centennial Communications Corp.
         Mr. Eric S. Weinstein
         VP, Strategic Planning and Investor Relations
         732-556-2220
         Web Site: www.centennialwireless.com



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

BWIA: Balks at Imposing Fuel Tax on Passengers
----------------------------------------------
Trinidad flag carrier BWIA refuses to jump into the fuel tax
bandwagon and continues to resist imposing the additional levy
that could increase air rates US$7.50 to US$12. Ms. Dionne
Ligoure, the Company's corporate communications manager, told
the Trinidad Express that the airline is "...reviewing its
options on increases."

Skyrocketing fuel prices triggered the new fees since carriers
are banking on the expected travel boom to compensate for the
additional costs. US-based carriers American Airlines and
Continental Airlines have already adopted the taxes and others
are expected to follow.

CONTACT:  BRITISH WEST INDIES AIRWAYS
          Phone: + 868 627 2942
          E-mail: mailto:mail@bwee.com
          Home Page: http://www.bwee.com/
          Contacts:
          Conrad Aleong, President and CEO (Trinidad)
          Beatrix Carrington, VP Marketing and Sales (Barbados)
          Paul Schutz, CFO (Trinidad)


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

* URUGUAY: Begins Measured Debt Buyback Process
-----------------------------------------------
Uruguay's Economy Ministry spokesman Roberto Altieri confirmed
press reports that the government has started buying back debt
issued during the 2002 financial crisis, reports Dow Jones
Newswires. Funds to support the operation were taken from the
proceeds of the liquidation of assets from three closed banks,
namely, Banco Comercial, Banco de Credito and Banco Montevideo
Caja-Obrera.

Altieri said the government started buying back debts in August
and would continue doing so in coming months. The official would
not say how much debt Uruguay hopes to redeem. But a report in
Argentine business daily El Cronista suggested that the
government is seeking to reduce some US$225 million off its more
than US$11.2 billion in debt.

Media reports say that some US$160 million of the debt had
already been repurchased since August.



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

TELCEL BELLSOUTH: Pro-Competencia OKs Telefonica Deal
-----------------------------------------------------
Superintendencia para la Promocion y Proteccion de la Libre
Competencia (Pro-Competencia), Venezuela's anti-monopoly group,
gave U.S. telecommunications firm BellSouth Corp. (BLS) a go-
ahead signal to sell its local unit to Spanish mobile company
Telefonica Moviles (TEM), reports Dow Jones Newswires.

In a statement issued Monday, Pro-Competencia said the deal
"does not produce an increase in the concentration of the mobile
phone market or facilitate conduct, practices, agreements, or
contracts that impede, restrict, or fake free competition."

In March, TEM announced it had signed a deal to acquire Telcel
BellSouth, Venezuela's leading cellular provider, with more than
3 million clients at the end of 2003.

CONTACT: PRO-COMPETENCIA
         Torre Este, Piso 19, Parque Central
         Caracas, Venezuela
         Telefonos: (58 212) 509 0955
         Fax: 509 0952 - 509 0954


* VENEZUELA: Moody's Raises Rating After Prompt Debt Payments
-------------------------------------------------------------
Venezuelan authorities' determination to pay public debt in full
and on a timely basis despite severe stress prompted Moody's
Investors Service to raise Venezuela's country ceiling for
foreign currency bonds and notes to B2 from Caa1.

As a consequence, all Caa1-rated bonds of the Republic of
Venezuela and of the Banco Central de Venezuela, the central
bank, have been upgraded to B2. The country ceiling rating for
foreign currency bank deposits was upgraded to B3 from Caa1 and
the republic's local currency-denominated bonds have been
upgraded to B1 from Caa1.

The outlook remains stable for all of Venezuela's ratings.



                            ***********


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
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.


* * * End of Transmission * * *