TCRLA_Public/040910.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

         Friday, September 10, 2004, Vol. 5, Issue 180

                            Headlines


A R G E N T I N A

AUTOMONDO: General Report Due in Court Monday
CASAMEN S.A.: Court OKs Creditor's Bankruptcy Motion
CRESUD: Grain Sales Up Despite Lower Net Income FY 2004
EMPREYSER S.R.L.: Prepares for Reorganization
GALLO Y GARCIA: Court Rules Bankruptcy Now Official

INVESTIGACIONES DUQUE: Claims Verification Deadline Nears
IRSA: Net Income Grows 311% From FY 2003
MEDAGRO S.A.: Proofs of Claims Deadline Fixed
OBRA SOCIAL: Court Approves Reorganization Request
PREVIAL S.A.: Schedule for Required Reports Set

TELECOM ARGENTINA: $3.2B Worth of Bonds Remain in Default
TELECOM PERSONAL: Gets Overwhelming Support for APE
TGS: Management Discusses 1H04 Results
TRAFFIC PACK: Creditor's Bankruptcy Petition Approved
TRUCK WORLD: Court Declares Company Bankrupt

* ARGENTINA: IMF Mulls Extension of Debt Payment Deadline


B E R M U D A

FOSTER WHEELER: Recalculates Interest on New Notes
FOSTER WHEELER: Secures Merck, Sharp & Dohme EPC Contract
HOPE HOMES: Loses Government Funding


B R A Z I L

CEMIG: Stockholders' Meeting, Agenda Announced
SINGER: Extends Tender Offer for Brazil Secured Notes


C H I L E

ELECTROANDINA: Fitch Affirms Ratings at 'BB+'; Outlook-Negative


C O L O M B I A

BANCAFE: Secures $200,000 Loan From CAF to Strengthen Finances
TERMOEMCALI: Fitch Cuts Debt Rating To 'C'; Default Imminent


D O M I N I C A


* DOMINICA: Seeks Financial Support From IMF


D O M I N I C A N   R E P U B L I C

PARMALAT DOMINICANA: Ownership Heavily Contested
* DOMINICAN REPUBLIC: Regulator Moves to Fortify Banking System


J A M A I C A

AIR JAMAICA: Expands AT&T Agreement


M E X I C O

ISSSTE: JP Morgan Pressing for Debt Reduction Reform
MAXCOM TELECOMUNICACIONES: Launches Exchange Offer for Sr. Notes


N I C A R A G U A

* NICARAGUA: IMF Approves $20M Disbursement


P E R U

* PERU: Anticipates Debt Deal With Paris Club Next Year


P U E R T O   R I C O

CENTENNIAL COMMUNICATIONS: Names New Director


V E N E Z U E L A

BANCO DE VENEZUELA: Moody's Ups Foreign Currency Deposit Rating
BANCO DEL CARIBE: FC Deposit Rating Raised to B3 from Caa1
BANCO MERCANTIL: Ratings on FC Deposits Climb to B3
BBVA BANCO PROVINCIAL: FC Deposit Rating Upgraded by Moody's


     - - - - - - - - - -


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

AUTOMONDO: General Report Due in Court Monday
---------------------------------------------
The general report on the Automundo S.A. reorganization is
scheduled for court submission Monday, September 13, 2004.
Court-appointed trustee Susana Graciela Marino will prepare this
report from the Company's accounting and business records.

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

CONTACT: Susana Graciela Marino, Receiver
         Uruguay 560
         Buenos Aires


CASAMEN S.A.: Court OKs Creditor's Bankruptcy Motion
----------------------------------------------------
Casamen S.A. entered bankruptcy after Judge Vasallo of Buenos
Aires' civil and commercial tribunal approved a bankruptcy
motion filed by Adama S.A., reports La Nacion. The Company's
failure to pay US$15,639 in debt prompted the liquidation
request.

Working with Dr. Perez Casado, the city's Clerk No. 9, the
Company assigned Ms. Jose Sabuqui as trustee for the bankruptcy
process. The trustee's duties include the authentication of the
Company's debts and the preparation of the individual and
general reports. Creditors are required to present their proofs
of claims to the trustee before November 11, 2004.

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

CONTACT: Casamen S.A
         Teniente General J.D. Peron 1230
         Buenos Aires

         Mr. Jose Sabuqui, Trustee
         Bernardo of Yrigoyen 330
         Buenos Aires


CRESUD: Grain Sales Up Despite Lower Net Income FY 2004
-------------------------------------------------------
Cresud S.A.C.I.F. y A. (Nasdaq: CRESY) (BCBA: CRES), a leading
Argentine producer of agricultural products, announced Wednesday
results for fiscal year 2004 ended June 30, 2004:

For the twelve-month period ended June 30, 2004, net income
totaled Ps.32.1 million, compared to Ps.65.0 million for the
same period in 2003. Earnings for fiscal year 2003 were impacted
positively by such extraordinary events as the sale of grain
stocks, appreciation in the nominal price of livestock stocks,
and an appreciation in the nominal exchange rate, which had a
positive effect on financial results and investment in IRSA
Inversiones y Representaciones S.A. (NYSE: IRS) (BCBA: IRSA).

The Company was able to adapt its strategies to changing farm
market conditions during fiscal year 2004. A rebound in grain
prices was accompanied by disciplined cost control. In this way,
gross margin generated by the grain sales operation
significantly increased from 21.4% for Fiscal Year 2003 to 42.8%
for Fiscal Year 2004. Grain production increased 6%, reaching
74,612 tons.

HIGHLIGHTS

For the twelve-month period ended June 30, 2004, gross income
was Ps.23.3 million, 11.4% higher than the same period last
year. Key to this increase was an improved sales margin for
grain and milk, offset by a decline in the ranch sales margin.

The preparation of 6,000 hectares for farming at Los Pozos was
finalized during the Fiscal Year. In addition, the conversion of
1,185 hectares of Agro Riego San Luis into irrigated farming was
completed. Following the close of the fiscal year, bills of sale
were signed for two farms that will generate earnings of US$7.0
million, and an approximate return of 100% for the first farm
and a record margin of close to 750% for the second. Development
of an important dairy farm with top-of-the-line technology is
planned for the upcoming fiscal year. Such technology will
increase the farm's current milk production output to
approximately 36,000 liters per day. Average occupancy of Feed
Lot Cactus (controlled by the Corporation) increased 33% during
Fiscal Year 2004 in comparison to fiscal year 2003, reaching
24,000 heads per month.


    Financial Highlights
    Expressed in Argentine Pesos

                                  FY 2004        FY 2003

    Total Sales                62,270,986     71,949,839
    Gross Income               23,294,448     20,907,692
    Operating income           16,992,431     27,647,561
    Financial results, net        205,548   (10,940,327)
    Net Income                 32,103,022     65,024,961
    Earning per share                0.23           0.54
    Earning per share diluted        0.14           0.19
    Current Assets             73,098,688     58,429,226
    Non-current Assets        572,980,324    509,353,863
    Total Assets              646,079,012    567,783,089

    Current Liabilities        28,751,274     15,076,827
    Non-current Liabilities   152,094,091    160,700,428
    Total Liabilities         180,845,365    175,777,255
    Minority Interest              65,451        206,709
    Shareholder's Equity      465,168,196    391,799,125

Cresud is a leading Argentine producer of basic agricultural
products and the only such company with shares listed on the
Buenos Aires Stock Exchange and Nasdaq. The Company is currently
involved in various operations and activities, including crop
production, cattle raising and fattening, milk production and
certain forestry activities. Most of its farms are located in
Argentina's pampas, one of the largest temperate prairie zones
in the world and one of the richest areas of the world for
agricultural production.

CONTACT: Mr. Gabriel Blasi - CFO
         +54 11 4323 - 7449
         e-mail: finanzas@cresud.com.ar
         Web Site: http://www.cresud.com.ar/


EMPREYSER S.R.L.: Prepares for Reorganization
---------------------------------------------
Court No. 10 of Buenos Aires' civil and commercial tribunal,
assisted by Clerk No. 19, issued a resolution opening the
reorganization of Empreyser S.R.L. This pronouncement authorizes
the Company to begin drafting a settlement proposal with its
creditors in order to avoid liquidation. The reorganization
further allows the Company to retain control of its assets
subject to certain conditions imposed by Argentine law and the
oversight of the court appointed trustee.

Mr. Luis Horacio Stamati will serve as trustee during the course
of the reorganization. He will be validating creditors' proofs
of claims until November 19, 2004. The results of the
verification will be presented in court as individual reports on
February 1, 2005.

The trustee is also required to give the court a general report
of the case on March 15, 2005. The general report summarizes
events relevant to the reorganization and provides an audit of
the Company's accounting and business records.

The Company will present the completed settlement proposal to
its creditors during the informative assembly scheduled on
August 4, 2005.

CONTACT: Mr. Luis Horacio Stamati, Trustee
         Avda Rivadavia 3320
         Buenos Aires


GALLO Y GARCIA: Court Rules Bankruptcy Now Official
---------------------------------------------------
Gallo y Garcia S.R.L. enters bankruptcy protection after Court
No. 3 of Zarate-Campana's 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 Mr. Carlos Daniel Gandini as
trustee. He 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: Mr. Carlos Daniel Gandini, Trustee
         Bolivar 1039 Zarate
         Zarate-Campana


INVESTIGACIONES DUQUE: Claims Verification Deadline Nears
---------------------------------------------------------
Creditors of bankrupt security company Investigaciones Duque
S.A. must submit proof of their claims on Monday, September 13,
2004. All documents should be forwarded to court-appointed
trustee, Mr. Julio Torres, for verifications. The bankruptcy
motion was filed against the Company due to debts totaling
US$7,423.67.

Judge Vasallo of Buenos Aires' civil and commercial tribunal
court no. 5 handles the proceedings.

CONTACT: Investigaciones Duque S.A.
         Urquiza 340
         Buenos Aires

         Mr. Julio Torres, Trustee
         Avenida Corrientes 922
         Buenos Aires


IRSA: Net Income Grows 311% From FY 2003
----------------------------------------
IRSA Inversiones y Representaciones Sociedad Anonima (NYSE: IRS)
(BCBA: IRSA), the largest real estate company in Argentina,
announced Fiscal year 2004 results. Net income for the 12-month
period ending June 30, 2004, was Ps. 87.9 million, or Ps. 0.4
per share, while earnings per diluted share totaled Ps. 0.2,
compared with earnings of Ps. 286.4 million, or Ps. 1.4 per
share (Ps. 0.6 per diluted share) for the same period in 2003.

Consolidated net sales for the 12-month period totaled Ps. 260.8
million, compared with Ps. 236.5 million in the same period the
previous year.

The various segments' share in net sales was the following:
Sales and Development, Ps. 31.1 million; Office and Other Rental
Properties, Ps. 15.1 million; Shopping Centers, Ps. 143.3
million; and Hotels, Ps. 71.2 million.

Operating income recorded significant growth of 311%, from Ps.
25.5 million in FY 2003 to Ps. 104.7 million in FY 2004.

HIGHLIGHTS

- Net income for FY 2004 was Ps. 87.9 million. Operating income
grew 311%, from Ps. 25.5 million in FY 2003 to Ps. 104.7 million
in FY 2004. Earnings before Interest, Tax, Depreciation and
Amortization were Ps. 110.6 million, 6% higher than the previous
year.

- In fiscal year 2004, Irsa paid US$28.0 million in advance on
its $51 million Non-Guaranteed Loan, obtaining with this a
US$8.5 million discount equal to 30% of face value.

- During FY 2004, financial debt was reduced by US$12.9 million
as a result of Corporate Bond conversion. Also, US$8.5 million
worth of funds were deposited from the exercise of warrants.

- Following the close of the fiscal year, APSA reduced its debt
by Ps. 27.3 million by repurchasing debt that expires in 2005
and by the conversion of ONC by shareholders.

- APSA's operating income grew 487% in 2004 to Ps. 39.9 million.
EBITDA increased 28% to Ps. 94.1 million as of June 30, 2004.

- Shopping center occupancy reached 99%, while lessee sales
increased 26% in real terms.

- In November, the first phase of the new Alto Rosario Shopping
will open, with 88% of commercial space having been reserved as
of this date.

- Average occupancy of Class A buildings returned to normal
levels in the course of the year, reaching 87%, compared with
68% the previous fiscal year.

- The hotel sector consolidated its good performance during the
year. Althouth the average rate remained the same in relation to
the previous fiscal year, occupancy rose from 57% to 68%.
Operating income grew by 64%, from Ps. 6.2 million in 2003 to
Ps. 10.1 million in 2004.

- During this fiscal year, progress was made in firming up
several projects, including Benavidez, Edificios Cruceros 1 and
2, San Martin de Tours and Dique 3 (recently agreed). Approval
for Santa Maria del Plata is close. Irsa is involved in other
large-scale undertakings in Buenos Aires and in the country's
interior. Going forward, we are deeply committed to residential
developments.

                             Financial Highlights
                      (In thousands of Argentine Pesos)

                                   FY 2004        FY 2003

     Total sales                   260,805        236,495
     Operating Income              104,720         25,518
     Financial results, net         10,546        315,301
     Net Income                     87,862        286,445
     Net Income per GDS               3.90          13.65
     Net Income per GDS diluted       2.26           5.65
     Total Current Assets           261,651        297,476
     Non Current Assets           1,941,293      1,784,480
     Total Assets                 2,202,944      2,081,956
     Short-Term debt                135,127         87,434
     Total Current Liabilities      256,022        188,738
     Long-term debt                 468,807        592,104
     Total Non Current Liabilities  516,831        629,988
     Total Liabilities              772,853        818,726
     Minority interest               470,237        454,044

IRSA is Argentina's largest, most well-diversified real estate
company, and it is the only company in the industry whose shares
are listed on the Bolsa de Comercio de Buenos Aires and The New
York Stock Exchange. Through its subsidiaries, IRSA manages an
expanding top portfolio of shopping centers and office
buildings, primarily in Buenos Aires.

The company also develops residential subdivisions and
apartments (specializing in high-rises and loft-style
conversions) and owns three luxury hotels. Its solid,
diversified portfolio of properties has established the Company
as the leader in the sector in which it participates, making it
the best vehicle to access the Argentine real estate market.

CONTACT: Mr. Alejandro Elsztain - Director
         Mr. Gabriel Blasi - CFO
         Tel: +(5411) 4323 7449
         e-mail: finanzas@irsa.com.ar
         Web Site: http://www.irsa.com.ar/


MEDAGRO S.A.: Proofs of Claims Deadline Fixed
---------------------------------------------
The verification of claims for the Medagro S.A. bankruptcy will
end on November 8, 2004 according to local news source Infobae.
Creditors with claims against the bankrupt company must present
proof of the liabilities to Mr. Mario Leizerow, the court-
appointed trustee, before the deadline.

Court No. 4 of Buenos Aires' civil and commercial tribunal
handles the company's case with assistance from Clerk No. 8. The
bankruptcy will conclude with the liquidation of the company's
assets to pay its creditors.

CONTACT: Mr. Mario Leizerow, Trustee
         Avda Corrientes 1250
         Beunos Aires


OBRA SOCIAL: Court Approves Reorganization Request
--------------------------------------------------
Judge Carrega of Buenos Aires' civil and commercial tribunal
court no. 4 placed local company Obra Social del Personal de
Actividades Deportivas y Civiles(Ospedyc)under "Concurso
Preventivo", says La Nacion. In the filing, the Company reported
assets worth US$72,974.268.14 and liabilities 45,199,730.91.

The company's trustee, "Estudio Estevez Musante", will examine
and authenticate creditors' claims until November 24, 2004. This
is done to determine the nature and amount of the Company's
debts. An informative assembly with the Company's creditors is
scheduled on July 4, 2005.

Dr. Juarez, Clerk No. 7, assists the court on the case.

CONTACT: Obra Social del Personal de Actividades Deportivas y
Civiles
         Beruti 646
         Buenos Aires

         Estudio Estevez Musante - Trustee
         Sarmiento 1426, segundo cuerpo
         Buenos Aires


PREVIAL S.A.: Schedule for Required Reports Set
-----------------------------------------------
Mr. Eduardo Hector Vasini, the trustee assigned to supervise the
liquidation of Pervial S.A., will submit the validated
individual claims for court approval on February 1, 2005. These
reports explain the basis for the accepted and rejected claims.
The trustee will also submit a general report on March 15, 2005.

Infobae reports that Court No. 10 of Buenos Aires' civil and
commercial tribunal has jurisdiction over this bankruptcy case.
Clerk No. 20 assists the court on this case.

CONTACT: Mr. Eduardo Hector Vasini, Trustee
         Avda Rivadavia 4783
         Buenos Aires


TELECOM ARGENTINA: $3.2B Worth of Bonds Remain in Default
---------------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. maintains a `D(Arg)'
rating on a total of US$3.2 billion of corporate bonds issued by
Telecom Argentina S.A. (formerly Telecom Argentina STET-France
Telecom S.A.), the Comision Nacional de Valores (CNV) reports.

The bonds in default are:

-- US$200 million worth of "Programa de ON simples." Maturity
date was not indicated;

-- US$1.5 billion worth of "Programa Global de ONs autorizado
por Asamblea de fecha 16.3.99", due on August 2, 2004; and

-- US$1.5 billion of "Programa de obligaciones negociables",
with undisclosed maturity date.

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

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


TELECOM PERSONAL: Gets Overwhelming Support for APE
---------------------------------------------------
Telecom Personal S.A. (" Telecom Personal ") the wireless mobile
communications subsidiary of Telecom Argentina S.A. (" Telecom
"), announced that it has achieved more than 99% participation
in its Acuerdo Preventivo Extrajudicial (" APE ") solicitation
process. Given this strong participation and support from its
creditor base, Telecom Personal intends to pursue an out-of-
court restructuring without seeking court approval of the APE.

Under the terms of the APE, Telecom Personal reserved the right
to pursue an out-of-court restructuring without seeking court
approval of the APE in the event that it obtained support from
at least 95% of its outstanding debt.

The U.S. dollar equivalent amounts will be determined based on
the foreign exchange rates on the FX Reference Date of August
18, 2004 and the relevant CER adjustment, as defined in the
Telecom Personal APE Solicitation Statement. Based on the FX
reference rates in effect on August 18, 2004, Telecom Personal
will apply the following rates for purposes of determining the
U.S. dollar equivalent of amounts denominated in yen and pesos:

- For the principal amount of outstanding debt denominated in
Japanese yen, at 109.34 per US$ 1.00;

- For the principal amount of outstanding debt denominated in
Argentine pesos, at P$ 3.0120 per US$ 1.00, with a CER
adjustment factor of 1.5115.

Telecom Personal will communicate in the near term the final
results of its debt restructuring, including the allocation of
the participating holders under each option.

Telecom Personal expects to sign the APE agreement with its
creditors in the fourth quarter of 2004. The completion of
Telecom Personal's debt restructuring and the issuance of the
new debt are expected to follow soon thereafter.

Telecom Personal is a company incorporated under the laws of
Argentina. The Company is Argentina's leading cellular operator.
It also owns a subsidiary that operates a mobile license in
Paraguay.

CONTACT: Telecom Personal S.A.
         Alicia Moreau de Justo 50, C1107AAB
         Buenos Aires, Argentina.
         Mr. Pedro Insussarry
         Ms. Moira Colombo
         Mr. Gaston Urbina
        (54-11) 4968-3743
        (54-11) 4968-3627
        (54-11) 4968-3628


TGS: Management Discusses 1H04 Results
--------------------------------------
*The following discussion of the financial condition and results
of operations of the Company should be read in conjunction with
the Company ' s unaudited interim consolidated financial
statements as of June 30, 2004 and 2003, which have been
prepared in accordance with generally accepted accounting
principles in force in the Autonomous City of Buenos Aires
("Argentine GAAP"), (except for what is mentioned in notes 2.b),
c) and h) to the unaudited interim consolidated financial
statements), and the regulations of the Comision Nacional de
Valores (the Argentine National Securities Commission or "CNV")
and the Ente Nacional Regulador del Gas (the Argentine National
Gas Regulatory Agency or "ENARGAS").

The Company's unaudited interim consolidated financial
statements ended June 30, 2004, 2003 and 2002 have been
subjected to limited reviews performed by Price Waterhouse & Co,
Buenos Aires, Argentina ("Price"), independent auditors. With
respect to the periods ended June 30, 2001 and 2000, the Company
' s unaudited interim consolidated financial statements have
been subjected to limited reviews performed by Pistrelli Daz y
Asociados, Member Firm of Arthur Andersen, independent auditors.

1. Basis of Presentation of Financial Information

Effects of inflation:

The unaudited interim consolidated financial statements have
been prepared in constant Argentine pesos, recognizing the
overall effects of inflation up to August 31, 1995. As from that
date, in line with professional accounting standards and the
requirements of the control authorities, the Company
discontinued the restatement of its financial statements until
December 31, 2001.

As established by Resolution No. 3/2002 of the Professional
Council in Economic Sciences of the Autonomous City of Buenos
Aires ("CPCECABA") and Resolution No. 415 of the CNV, as from
January 1, 2002 the Company resumed the recognition of the
effects of inflation in these unaudited interim consolidated
financial statements, following the provisions of Technical
Resolution ("TR") No. 6, as amended by TR. No. 19, both issued
by the Argentine Federation of Professional Councils in Economic
Sciences ("Argentine Federation").

Accounting measurements restated due to the change in the
purchasing power of the currency up to August 31, 1995, as well
as those which have been originated between that date and
December 31, 2001, are stated in the currency value as of the
later date.

On March 25, 2003, the Argentine Executive Branch ("Executive
Branch") issued Decree No. 664, which provides that financial
statements for periods ending after such date shall be stated in
historical Argentine pesos. As a consequence and in accordance
with Resolution No. 441, issued by the CNV, the Company
suspended inflation accounting effective March 1, 2003. This
criterion is not in line with effective accounting standards,
which stipulate that financial statements should be restated as
of September 30, 2003.

The effect that financial statements should be restated as of
September 30, 2003. If the Company had applied inflation
accounting for the period from March 1 to September 30, 2003,
net assets as of June 30, 2004 would have decreased by Ps. 74
million, net income for the six-month period ended June 30, 2003
would have decreased by Ps. 92 million and the impact on the
result for the same period of 2004 would not be material.

Accounting for devaluation effects:

In accordance with resolutions No. 3/2002 and 87/03 issued by
the CPCECABA and Resolution No. 398 of the CNV established that
exchange losses arising from the devaluation of the peso from
January 6, 2002 to July 28, 2003, to the extent that they were
related to foreign currency liabilities existing at the first
date, are to be added to the cost basis of assets acquired or
constructed with direct financing by such foreign currency
liabilities.

Similar accounting treatment is permitted, but not required, for
exchange losses arising from indirect financing. It was assumed
that the proceeds from such financings were used, firstly, to
cover working capital requirements and, secondly, to finance the
acquisition or construction of assets that do not qualify for
capitalization. The remainder was assumed to relate to assets
for which capitalization is permitted.

New accounting standards:

On December 21, 2001, the CPCECABA approved new accounting
standards (TR 16 to 19 issued by the Argentine Federation, with
certain amendments). The new accounting standards have modified
the valuation principles for assets and liabilities, introduced
new valuation techniques for certain issues not addressed by the
previous accounting standards and also incorporated additional
disclosure requirements for the preparation of financial
statements. In addition, TR No. 20 "Valuation of Derivative
Financial Instruments and Hedging Operations" became effective
as from January 1, 2003. Also, CNV issued Resolution No. 434/03,
which adopted such new accounting standards with certain
amendments effective January 1, 2003.

The principal amendments introduced by the new accounting rules,
which have impacted on TGS's financial statements, are:

(i) the adoption of an accounting model which enhances the
utilization of the Company's intention as valuation principle
(such as the discounted value of receivables and liabilities);

(ii) the incorporation of strict standards to make comparisons
with fair values;

(iii) the creation of standards to account for labor costs,
derivative financial instruments and hedging operations;

(iv) the mandatory adoption of the deferred income tax method to
account for income taxes; and

(v) new disclosure requirements relating to, among other things,
segment and per share information and the information included
for comparative purposes.

2. Results of Operations

Overview

For the six-month period ended June 30, 2004 the Company has
reported a net income of Ps. 47.8 million, in contrast to the
Ps. 314.0 million reported in the same period of 2003. This
decrease basically reflects the positive effect in 2003 of the
application of the deferred tax method as a consequence of the
new accounting rules - effective January 1, 2003 - as well as a
higher impact in the first semester of 2003 of the decrease of
the exchange rate on TGS's outstanding dollar-denominated
indebtedness. Both effects were partially offset by higher
revenues related to NGL production and commercialization during
the six-month period ended June 30, 2004.

Net Revenues

Gas transportation

Gas transportation service represented approximately 45% and 48%
of total net revenues earned during the six-month periods ended
June 30, 2004 and 2003, respectively. Gas transportation service
revenues are derived principally from firm contracts, under
which pipeline capacity is reserved and paid for, regardless of
actual usage by the shipper. TGS also provides interruptible
transportation services subject to available pipeline capacity.

Net gas transportation revenues for the six-month period ended
June 30, 2004 increased by 2.3% as compared to the same period
of 2003. Gas transportation revenues increased mainly due to
higher revenues from interruptible services and the effect of
new firm transportation contracts that became effective as from
May 2004.

Higher firm contracted capacity is the consequence of the result
of the open biddings that TGS conducted in March 2004. The
additional firm contracted capacity is approximately 3.6 MMm3/d
(127.1 MMcf/d) and is related to available capacity from the gas
pipelines plus additional capacity obtained from enhancement
works made on the pipeline system during the first months of
2004. Most of these new contracts became effective as from May
2004. It is estimated that annual revenues from these contracts
will be approximately Ps. 10 million (based on current tariffs).

Since there has been an arrest in pipeline expansions over the
last years (as a consequence of the tariffs' "pesification" and
the fact that the renegotiation process of the transportation
license is still pending) and due to a rising demand of natural
gas in certain segments of the Argentine economy; the Argentine
Government through the Executive Branch Decree No. 180/04 and
Resolution No. 185/04 issued by the Ministry of Federal
Planning, Public Investment and Utilities, has decided to
constitute a trust fund with the objective of financing
infrastructure works in gas transportation.

In June 2004, TGS submitted to the Federal Energy Bureau a
project for an expansion of 2.9 MMm3/d (102.4 MMcf/d) of the San
Martn pipeline transportation capacity. The expansion involves
the construction of approximately 500 km (310.7 miles) of
looping pipeline and the increase of the compressor capacity by
27,700 HP through the construction of a compressor plant and the
revamping of some compressor units. The Company estimates that
the total cost of the expansion will amount to approximately US$
226 million and the works are scheduled to be completed by mid
2005. TGS launched an open bidding in order to receive offerings
for the subscription of the 2.9 MMm3/d (102.4 MMcf/d)
transportation capacity. As of the date of this unaudited
interim consolidated financial statements, no detailed structure
for the financing of the expansion has been determined. TGS
expects that it will be required to invest in this expansion,
together with the government and other parties.

Revenues related to the interruptible transport service might be
affected in the future due to the creation of the Gas Electronic
Market in line with the provisions of the Executive Branch
Decree No. 180/04

NGL production and commercialization

As opposed to the gas transportation segment, the Natural Gas
Liquid ("NGL") production and commercialization segment is not
subject to regulation by ENARGAS.

Net revenues from the NGL production and commercialization
segment represented approximately 50% and 47% of TGS's total net
revenues during the six-month periods ended June 30, 2004 and
2003, respectively.

NGL production and commercialization activities are conducted at
the Cerri Complex, located near Baha Blanca and connected to
each of the Company's main pipelines. At the Cerri Complex, TGS
recovers ethane, propane, butane and natural gasoline. TGS sells
its production to NGL marketers and refineries in the local
market and part of the production is exported to Petrobras at
current international market prices. Ethane is entirely sold in
the domestic market to PBB-Polisur at agreed prices.

NGL Production and Commercialization revenues increased by Ps.
31.8 million in the six-month period ended June 30, 2004 as
compared to the same period in 2003, as a consequence of a
higher volume of sales (approximately 14%) and, to a lesser
extent, an increase in international prices.

Other services

Other services segment is not subject to regulations by ENARGAS.
This segment includes midstream and telecommunications services.
Midstream services include gas conditioning, gathering and
compression services, which are generally rendered at wellhead,
as well as activities related to construction, operation and
maintenance of pipelines and compressor plants. These services
are rendered by TGS or through its subsidiaries Gas Link S.A.
and Transportes y Servicios de Gas en Uruguay S.A.

Other services revenues, which include revenues derived from
telecommunication services rendered by the controlled company
TELCOSUR S.A. increased by Ps. 4.5 million in 2004 first six-
month period as compared to the first six-month period of 2003,
mainly due to higher revenues related to midstream, construction
and telecommunication services together with the effect of
tariffs increases resulting from the renegotiation of some
telecommunication agreements.

Cost of Sales and Administrative and Selling Expenses

Cost of Sales and administrative and selling expenses for the
six-month period ended June 30, 2004 increased by approximately
Ps. 3.9 million as compared to same period in 2003. This
variation derives mainly from higher operation and maintenance
costs in the gas transportation service and the increase in
direct costs related to the NGL production and commercialization
segment caused by an increase in production.

Net Financial Expense

Net financial expense for the six-month period ended June 30,
2004 increased by Ps. 151.1 million as compared to the same
period in 2003. This negative variation arises from a greater
fall of the foreign exchange rate in the first semester of 2003
as compared to the same period of 2004, which generated a
foreign exchange gain related primarily to the US dollar-
denominated financial debt obligations which partially offset by
a reduction in the capitalization of the foreign exchange loss.

Income Tax

In the six-month period ended June 30, 2004, TGS reported a Ps.
12.5 million income tax expense, which compared to the Ps. 135.9
million gain reported in the same period of 2003 represents a
decrease of Ps 148.4 million. This variation derives from the
decrease in deferred tax liabilities in the first semester of
2003 due to the reduction of part of the capitalized exchange
loss.

3. Liquidity

Cash flows provided by operations during the six-month period
ended June 30, 2004 were 286.5 million, which represents an
increase of Ps. 93.4 million as compared to the period of 2003.

This increase is basically due to the fact that TGS did not pay
neither principal nor interest during the first semester of 2004
as a consequence of the Company's decision to postpone the
principal and interest payment as from May 14, 2003.

Additionally TGS obtained higher revenues in the NGL production
and commercialization segment. Such funds together with those
generated by financing activities were applied as follows: (i)
Ps 40.2 million to investment activities and (ii) Ps. 254.3
million to cash and cash equivalents increases.

4. SECOND QUARTER 2004 VS. SECOND QUARTER 2003

Total net revenues for the second quarter of 2004 increased by
7.6%. Gas transportation revenue for the second quarter of 2004
presented a Ps 3.1 million increase over the second quarter of
2003. This increase was due basically to higher firm (new
contracts effective as from May 2004) and interruptible
transportation service sales.

NGL production and commercialization revenues for the second
quarter of 2004 showed a Ps. 8.6 million increase over the
second quarter of 2003. This increase is the result of a rise in
the international reference prices and a slight increase in the
sold volumes. Other services revenues for the second quarter of
2004 displayed a Ps. 4.8 increase, as a consequence of higher
midstream, telecommunication and construction services rendered
in the second quarter of 2004, due to the coming into effect of
new agreements.

Cost of sales and administrative and selling expenses for the
second quarter of 2004 totaled Ps. 129.4 million, a Ps. 1.9
million increase compared to the second quarter of 2003. This
rise is basically attributable to increases in:

(i) depreciation expenses;

(ii) NGL production costs due to greater natural gas consumption
and

(iii) tax on exports from 5% to 20% as from May 2004. These
effects were partially offset by lower operation and maintenance
costs associated with the natural gas transportation service.

For the second quarter of 2004, TGS reported net financial
expense amounting to Ps. 148.8 million compared to a loss of Ps.
39.1 million in the same quarter in 2003. The negative variation
in Ps. 109.7 million was principally due to the increase in the
exchange rate in the second quarter of 2004 (approximately 10
cents of Argentine Peso per US dollar) and, on the other hand,
for the Argentine peso appreciation in the same quarter of 2003
for 20 cents of Argentine peso, partially offset by the
reduction in the capitalization of the foreign exchange loss.

For the second quarter of 2004, TGS reported a Ps. 8.1 million
income tax expense which was basically caused by the charge
corresponding to the deferral of the foreign exchange loss, as
provided by the Economic Emergency law and Decree No. 2,568/02.
The loss reported for the second quarter of 2004 compares to a
Ps. 41.5 million gain for the same quarter of 2003, reflecting a
decline in the deferred tax liability generated by a reduction
in the capitalization of the foreign exchange loss.

For the rest of the year, TGS still faces two major challenges:
(i) the restructuring of its financial indebtedness and (ii) the
recomposition of its tariffs.

TGS expects to conclude the restructuring of its indebtedness to
align it to fit its payment capacity and to obtain a capital
structure sustainable in time and compatible with the Company's
business strategy.

With regard to the tariff situation, based on the program
defined by the UNIREN, and trusting the Executive Branch is
aware of the situations that gas industry companies are
undergoing, TGS expects that in 2004  the renegotiation of the
regulatory framework applicable to the gas transportation
regulated segment will be achieved. The renegotiation comprises
both tariff adjustment and adjustment methodology, in order to
obtain a tariff that allows to recover operating and financial
costs, maintenance investments, and a reasonable rate of return
for the shareholders.  Given the present (and near future) lack
of access to credits, it is necessary to define with the
Government the financing methodology of the investments destined
to meet a higher demand of natural gas.

Buenos Aires, August 5, 2004.

Eduardo Ojea Quintana
Vice president
Interim Board of Directors' President

To view related financial statements:
http://bankrupt.com/misc/TGS.pdf

CONTACT: Transportadora de Gas del Sur S.A.
         3672 Don Bosco
         Buenos Aires
         Argentina
         Phone: 5411-4865-9050
         Web Site: http://www.tgs.com.ar/


TRAFFIC PACK: Creditor's Bankruptcy Petition Approved
-----------------------------------------------------
Mr. Victor Mendoza successfully sought the bankruptcy of Traffic
Pack S.R.L. after Judge Ballerini, serving for Court No. 24 of
Buenos Aires' civil and commercial tribunal, declared the
Company "Quiebra," reports La Nacion.

The Company will now start the bankruptcy process with Mr. Hugo
Borgert as trustee. Creditors of the Company must submit proofs
of their claim to the trustee before October 21, 2004 for
authentication. Failure to do so will mean a disqualification
from the payments that will be made after the Company's assets
are liquidated.

Dr. Medina, Clerk No. 47, assists the court on the case, which
will culminate in the liquidation of all of its assets.

CONTACT: Traffic Pack S.R.L.
         Cesar H. Bacle 3881
         Buenos Aires

         Mr. Hugo Borgert, Trustee
         Rodriguez Pena 736
         Buenos Aires


TRUCK WORLD: Court Declares Company Bankrupt
--------------------------------------------
Judge Gonzalez of Buenos Aires' civil and commercial tribunal
court no. 8 declared local company Truck World S.A. bankrupt,
relates La Nacion. The court approved the bankruptcy petition
filed by Industrias Baco S.A.I.C. to whom the Company failed to
pay debts amounting to US$1,243.73.

The Company will undergo the bankruptcy process with Mr. Sergio
Leonardo Novick as its trustee. Creditors are required to
present their proofs of claims to the trustee for verification
before November 9, 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. Saravia, Clerk No. 16, assists the court on the case.

CONTACT: Truck World S.A.
         Timoteo Gordillo 425
         Buenos Aires

         Mr. Sergio Leonardo Novick, Trustee
         Libertad 359
         Buenos Aires


* ARGENTINA: IMF Mulls Extension of Debt Payment Deadline
---------------------------------------------------------
The International Monetary Fund (IMF) may consider granting
Argentina's request to extend the deadline for the payment of
US$300 million scheduled for Sept. 20, Xinhuanet reports, citing
a statement from IMF Managing Director Rodrigo Rato.

Rato is urging the Argentine government to take important
budgetary decisions that will outline the future agenda for
talks with the IMF.

The IMF hopes Argentina will increase its primary fiscal surplus
in 2005 and set aside more money to pay public foreign debt and
overdue bondholders, Rato said.

Argentina, the IMF's third largest borrower, owes US$2.5 billion
just to the end of this year.



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B E R M U D A
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FOSTER WHEELER: Recalculates Interest on New Notes
--------------------------------------------------
Foster Wheeler Ltd. (OTCBB: FWLRF) announced Wednesday the
recalculated interest rate applicable to the Fixed Rate Senior
Secured Notes due 2011, Series A (the "New Notes"), to be issued
by Foster Wheeler LLC in the equity-for-debt exchange offer that
the company launched on June 11, 2004.

If the exchange offer expires as currently scheduled on
September 10, 2004, the New Notes will bear interest at a rate
of 10.495% per annum. This rate is equal to 6.65% plus the yield
on U.S. Treasury notes having a remaining maturity equal to the
maturity of the New Notes determined as of 2:00 p.m., New York
City time, on the second business day prior to the expiration of
the exchange offer. The terms of the New Notes are described in
the registration statement on Form S-4 (File No. 333-107054)
relating to the exchange offer.

The interest rate set forth above supersedes the rates
previously announced.

A copy of the prospectus relating to the New Notes and other
related documents may be obtained from the information agent.
The information agent for the exchange offer and consent
solicitation is:

Georgeson Shareholder Communications Inc.
17 State Street, 10th Floor
New York, New York 10014
Tel: 212-440-9800 - Bankers and brokers
Tel: 800-891-3214 - Other security holders

The dealer manager for the exchange offer and consent
solicitation is:

Rothschild Inc.
1251 Avenue of the Americas 51st Floor
New York, New York 10020.
Tel: 212-403-3784

Investors and security holders are urged to read the following
documents filed with the SEC, as amended from time to time,
relating to the proposed exchange offer because they contain
important information:

(1) the registration statement on Form S-4 (File No. 333-
107054); and

(2) the Schedule TO (File No. 005-79124). These and any other
documents relating to the proposed exchange offer, when they are
filed with the SEC, may be obtained free at the SEC's Web site
at http://www.sec.gov/

The foregoing reference to the exchange offer and any other
related transactions shall not constitute an offer to buy or
exchange securities or constitute the solicitation of an offer
to sell or exchange any securities in Foster Wheeler Ltd. or any
of its subsidiaries.

Foster Wheeler Ltd. is a global company offering, through its
subsidiaries, a broad range of design, engineering,
construction, manufacturing, project development and management,
research and plant operation services.

Foster Wheeler serves the refining, upstream oil and gas, LNG
and gas-to-liquids, petrochemicals, chemicals, power,
pharmaceuticals, biotechnology and healthcare industries. The
corporation is based in Hamilton, Bermuda, and its operational
headquarters are in Clinton, New Jersey, USA.

CONTACT: Foster Wheeler Ltd.
         Media:
         Ms. Maureen Bingert
         Tel: 908-730-4444

         Investors:
         Mr. John Doyle
         Tel: 908-730-4270

         Other Inquiries
         Tel: 908-730-4000

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


FOSTER WHEELER: Secures Merck, Sharp & Dohme EPC Contract
---------------------------------------------------------
Foster Wheeler Ltd. (OTCBB: FWLRF) announced Wednesday that a
subsidiary of Foster Wheeler International Corporation, Foster
Wheeler Eastern Private Ltd., was awarded an engineering,
procurement and construction (EPC) contract by Merck, Sharp &
Dohme (MSD) for work to be executed within MSD's existing
multipurpose primary production facility located within the
pharmaceutical zone at Tuas, Singapore. The terms of the
contract were not disclosed. The booking was included in the
first quarter.

"This award reflects our continued successful working
relationship with MSD and our outstanding pharmaceutical track
record in Singapore," said Clive Mullins, global business
development director, pharmaceuticals, Foster Wheeler
International Corporation. "It follows our successful handover
last year of MSD's new secondary facility in Singapore, on
schedule, under budget, and with an award-winning safety
performance."

Under the scope of the contract, Foster Wheeler will partially
fit out spare bays within the existing building that it
previously designed, constructed and completed for MSD in 2002.

Because the work will be carried out while the plant is still
operating, measures have been taken to isolate the work areas,
and a strict permit-to-work system will be necessary. System
tie-in works will be executed during preplanned shutdown
operations when manufacturing activities will have ceased or are
running at reduced levels.

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/



HOPE HOMES: Loses Government Funding
------------------------------------
A tough road lies ahead for Hope Homes after Bermuda's Health
and Family Services Ministry decided to end subsidies for the
privately run residence for the mentally handicapped. The
Bermuda Sun reports that the Association of the Mentally
Handicapped of Bermuda had been operating the residence with a
$160,000 a year Government grant and $980 monthly payment per
resident.

As a solution to the subsidy cut, Project 100, a group that
raises funds for the mentally handicapped, had proposed
transferring Hope Homes' operations under St. Brendan's
Hospital. The offer also called for the winding-up of Hope Homes
and the transfer of its premises to the Project 100 trust.

However, Hope Homes rejected the proposal and has even accused
the Ministry of forcing the Project 100 proposal. Mr. Benn Nunn,
Hope Homes spokesman, also said that parties interested in
acquiring the association's building because of its prime
location could be behind the dispute.



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===========

CEMIG: Stockholders' Meeting, Agenda Announced
----------------------------------------------
Stockholders of Cemig are hereby called to an Extraordinary
General Meeting, to be held on 16 September 2004 at 10:30 a.m.
local time (GMT-3), at the company's head office, Avenida
Barbacena 1200, 18th floor, Belo Horizonte, in the state of
Minas Gerais, Brazil, to decide on a proposal for appointment of
a specialized company to value the assets and carry out a
physical accounting reconciliation of the Company's assets, for
the purposes of the transfer of the assets of Cemig to the
wholly-owned subsidiaries to be constituted to make possible
stockholding restructuring.

Any stockholder who wishes to be represented by proxy in this
General Meeting should obey the terms of Article 126 of Law
6404/76, as amended, and the sole sub-paragraph of Article 9 of
the company's By- laws, by depositing, preferably by 14
September 2004, proofs of ownership of the shares, issued by a
depositary financial institution, and a power of attorney with
specific powers, at the management office of the General
Secretariat of Cemig at Av. Barbacena 1200 - 19th floor, B1
wing, Belo Horizonte, state of Minas Gerais, Brazil, or by
showing the said proofs of ownership at the time of the meeting.

Belo Horizonte, 26 August 2004.
Wilson Nelio Brumer
Chairman

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/


SINGER: Extends Tender Offer for Brazil Secured Notes
-----------------------------------------------------
Singer N.V. (Symbol: SNGR) -- Singer N.V. ("Singer" or the
"Company") announced Wednesday that Brazil Financing Ltd.
("BFL"), its direct, wholly-owned subsidiary is extending its
tender offer for the 10% Series A Secured Notes due 2005 and the
Series B Secured Notes due 2007 issued by Brazil Financing (II)
Ltd., an indirect, wholly-owned subsidiary of the Company.

The expiration time for the offer has been extended from 5:00
p.m., London time, on September 8, 2004 to 5:00 p.m., London
time, on September 14, 2004 (the "Offer Expiration Time"). The
closing remains subject to the satisfaction of certain
conditions including the consummation of the acquisition of BFL
and certain other subsidiaries of Singer by KSIN Holdings, Ltd.
("KSIN").

Series A Notes and Series B Notes validly tendered and not
validly withdrawn after 5:00 p.m., London time, on August 3,
2004 and at or prior to the Offer Expiration Time will receive
the offer consideration of $1,000 per $1,000 principal amount,
plus accrued and unpaid interest, and $230 per $1,000 of maximum
principal amount, respectively, if the tendered Series A Notes
and Series B Notes are accepted for purchase. As of 5:00 p.m.,
London time, on September 8, 2004, BFL received tenders from
holders of approximately $20,509,005 aggregate principal amount
of the Series A Notes, representing approximately 91% of the
outstanding principal amount of the Series A Notes and from
holders of approximately $27,495,925 aggregate maximum principal
amount of the Series B Notes, representing approximately 90% of
the outstanding maximum principal amount of the Series B Notes.

The terms and conditions of the offer, including the conditions
of BFL's obligation to accept the Series A Notes and the Series
B Notes tendered and pay the purchase price and, if applicable,
the consent payment for them are described in the Offer to
Purchase and Consent Solicitation Statement dated July 13, 2004,
copies of which may be obtained from D.F. King & Co., Inc., the
information agent for the offer, at 1-800-769-7666 (US toll
free) or, outside the United States, at (44 20) 7920 9700
(collect).

This announcement is not an offer to purchase, a solicitation of
an offer to purchase or a solicitation of consent with respect
to any securities. The offer is being made solely by the Offer
to Purchase and Consent Solicitation Statement dated July 13,
2004. All amounts are in U.S. dollars.

About Singer N.V.

Singer N.V. was incorporated under the laws of the Netherlands
Antilles on December 21, 1999. Effective September 2000, as a
result of a successful Chapter 11 reorganization, Singer became
the parent company of several Operating Companies formerly owned
by The Singer Company N.V., as well as acquiring ownership of
the SINGER(R) brand name, one of the most widely recognized and
respected trademarks in the world. Through its Operating
Companies, Singer is engaged in two principal businesses, Retail
and Sewing. The SINGER(R) trademark ties the two businesses
together and also stands on its own with licensing and
wholesaling potential.

CONTACT: John Cannon at (914) 220-5134

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



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

ELECTROANDINA: Fitch Affirms Ratings at 'BB+'; Outlook-Negative
---------------------------------------------------------------
Fitch Ratings has affirmed the senior unsecured local and
foreign currency ratings of ElectroAndina S.A. (ElectroAndina)
at 'BB+'. The ratings maintain a Negative Rating Outlook. The
ratings reflect ElectroAndina's business position, which
benefits from its long-term purchase power agreements with
financially strong, unregulated, industrial and mining
companies, its well diversified fuel generation mix, and sound
operating strategy.

The company's credit profile is strengthened by the inherent
support from its controlling shareholder, Tractebel, and
additional shareholder, Corporacion Nacional del Cobre de Chile
(CODELCO). Both of the shareholders have actively participated
in the capital structure of the company in the form of
subordinated debt guarantor and direct loans. The Negative
Rating Outlook reflects medium term liquidity concerns, and
credit fundamentals that are expected to face some seasonal
pressures related to the volatility of external variables.

The company's liquidity continues to benefit from low interest
rates and short-term debt of only $14.5 million, which can be
paid with cash on hand. In 2006 and 2007, when principal
amortization increases to US$41.5 million per year, the scenario
is expected to be tighter but should be manageable. Although
ElectroAndina's consolidating operating results are supported by
the company's long-term power supply agreements, the
profitability of the company is heavily dependent on external
variables such as: 1) the severity of natural gas restrictions
from Argentina, 2) the evolution of the energy fuel prices,
mainly coal prices, and 3) the support given to the company by
its customers, suppliers and owners if the natural gas situation
deteriorates.

During the first six months of 2004, ElectroAndina reported
revenues and EBITDA of US$106 million and US$13.6 million,
respectively. EBITDA covered interest by 3.0 times (x) with
total consolidated leverage as measured by debt-to-EBITDA of
7.0x, versus 2.9x and 6.3x respectively as of year-end 2003. The
effect of the natural gas disruptions and high fuel prices on
ElectroAndina was minimized by the strong operational and
commercial fundamentals of the company. During the disruptions,
ElectroAndina's market position changed from a net purchaser in
the spot market to a net seller in the spot market. The company
has been negotiating with its contracted customers to pass
through some of the increasing cost related to the natural gas
disruptions. ElectroAndina has also worked together with its
sister company, Edelnor, to maximize the efficiency of the
natural gas supplied to both generators via Norandino gas
pipeline.

In the last twelve months the company has reduced debt by US$41
million. Total debt outstanding as of June 2004 was US$190
million, primarily composed of a US$100 million foreign currency
denominated syndicated bank loan with an amortization schedule
of five equal semiannual installments of principal beginning in
July 2005; a US$22.6 million subordinated loan, with a July 2007
bullet maturity, and a US$9 million bank loan with a US$754,000
semiannual amortization. Other long term loans include a
shareholder loan with Codelco (66% owner of ElectroAndina) in an
amount of US$45.4 million under the same terms and conditions as
the subordinated loan, and other interest bearing liabilities of
US$11 million.

ElectroAndina is the largest generator in Chile's northern
interconnected transmission system and the third largest overall
with installed capacity of 1,028 MW, including the 400 MW
Tocopilla combined-cycle unit which began commercial operations
in February 2001. The company is owned by Inversiones Tocopilla
Ltda, which has control, and Codelco. Inversiones Tocopilla is
controlled by Tractebel Andino, which is 100%-owned by
Tractebel. Tractebel is an experienced operator and has a proven
track record of successfully operating private electric
utilities worldwide.



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

BANCAFE: Secures $200,000 Loan From CAF to Strengthen Finances
--------------------------------------------------------------
Colombian state-run bank Bancafe secured a US$200,000 loan from
the Andean Development Corp. (CAF) to help bolster its finances
ahead of plans to put the institution on the auction block,
reports Dow Jones. Bancafe, which was intervened by regulators
in 1999 due to its severe financial deterioration, is slated to
be sold in the first half of 2005, CAF said.

The government has tried to sell Bancafe on several occasions.
In its most recent attempt earlier this year, the government
received no bids for the 55% stake that was up for sale in
Bancafe.

CAF, which is also providing technical assistance on the bidding
process, will not charge interest on the funds provided to
Bancafe unless it is privatized.

Bancafe reported profits of COP54.79 billion in the first six
months of the year, compared with COP10.07 billion in the like
period in 2003.

Bancafe, founded in 1953 to support coffee growers, is the
third-largest financial institution in Colombia in terms of
assets, which total COP6.5 trillion ($1=COPCOP2.545). It is the
country's second-largest bank in terms of branches, with 248,
and it has about 4,000 employees.


TERMOEMCALI: Fitch Cuts Debt Rating To 'C'; Default Imminent
------------------------------------------------------------
Fitch Ratings lowers the credit rating assigned to the debt of
TermoEmcali Funding Corp. (TermoEmcali Funding) to 'C' from
'CC.' The rating applies to the US$165 million 10.125% senior
secured bonds due 2014 issued by TermoEmcali Funding in April
1997 to finance the construction of a 233.8 MW gas-fired
electric generating facility near the City of Cali, Colombia.
The 'C' rating signals that default is imminent on the upcoming
debt service payment of approximately US$5.4 million scheduled
for September 15, 2004.

Under the provisions of the Memorandum of Understanding (MOU)
entered into in late 2003 among TermoEmcali I S.C.A. E.S.P.
(TermoEmcali, the project), Empresas Municipales de Cali
(Emcali) and the Superintendencia de Servicios Publicos (SSP) as
the interim agreement prior to a formal resolution to
renegotiating the project's power purchase agreement (PPA) and
restructuring the TermoEmcali 10.125% bonds, Emcali agreed to
resume negotiated monthly tariff stabilization payments (TSP).
Up through June 2004, Emcali submitted TSPs to TermoEmcali that
totaled approximately US$8.7 million. Since the project relies
entirely on Emcali's contractual payments to generate cash flow,
any interruption or a reduction in Emcali's contractual PPA
payment stream directly hinders the project's ability to cover
fixed ongoing operating expenses and scheduled debt payments. As
of June 30, 2004, Emcali suspended all payments to the project
due to the agreed expiration of the MOU. Absent a resumption of
payments from Emcali and/or a firm agreement to restructure
TermoEmcali's debt, the project will not have sufficient
liquidity to cover future scheduled debt payments.

As of mid-year 2004, TermoEmcali's estimated senior financial
obligations totaled approximately US$161.4 million, which
consisted of approximately US$146.5 million of outstanding debt
on the 10.125% bonds and approximately US$14.9 million of other
financial obligations. Fitch will continue to monitor the
transaction, and follow-up with any additional rating action.
Emcali is the exclusive provider of electrical power services,
water and sewer services and local exchange telephone services
in the city of Cali. The company is wholly owned by the city of
Cali. TermoEmcali is owned 54% by InterGen, 43% by Emcali, and
3% by Inversiones INCA.



===============
D O M I N I C A
===============

* DOMINICA: Seeks Financial Support From IMF
--------------------------------------------
The following item is a Letter of Intent of the government of
Dominica, which describes the policies that Dominica intends to
implement in the context of its request for financial support
from the IMF.

Mr. Rodrigo de Rato
Managing Director
International Monetary Fund
Washington, D.C. 20431

Dear Mr. de Rato:

1. The letter of intent and memorandum of economic policies
(MEP) of December 10, 2003 outlines the government's strategy to
address the fiscal and public debt difficulties facing the
country while setting the basis for sustained growth and
reducing poverty.

2. Performance under the program supported under the Poverty
Reduction and Growth Facility (PRGF) has been quite strong
despite difficult conditions. All but one of the performance
criteria and benchmarks through end-March 2004 have been
observed. In the course of the debt reconciliation exercise we
have undertaken following the announcement of the debt exchange
offer in April 2004, we found out that an external supplier's
credit extended by IBM was in arrears from July 2001 to April
2004. This was due to a misclassification in our reporting
system which resulted in these claims being treated as domestic
arrears and were not identified as external payments which were
due. As a result, the continuous performance criterion on non-
accumulation of external payments arrears as defined in the TMU
was not met. Accordingly, we request completion of the second
review under the PRGF arrangement and a waiver of nonobservance
of the performance criterion on external payments arrears. We
continue to make best efforts to remain current on our debt
obligations under the program.

3. Regarding the external financing outlook and debt management,
the Government of Dominica wishes to reiterate its commitment to
the satisfactory completion of the ongoing debt restructuring
exercise. In this regard, it has sought to remain current in
servicing its debt obligations to all creditors, except in the
case of debts that are in dispute, including two sizable bonds
issued in 1999. The government has challenged the validity of
all claims from the issue of these bonds since May 2002, and
wishes to explain that our legal challenge is based on apparent
deceptive actions taken by the holders of these bonds when the
financing transaction was originally structured.

4. We continue negotiation in good faith with our creditors, and
hope to be able to secure agreement on a pre-emptive deal with
our creditors. In the last week significant progress has been
made with two of our major creditors, the Caribbean Development
Bank (which accounts for 23 percent of Dominica's total debt)
and Citigroup (the second largest commercial creditor) joining
the list of those who have participated in the debt
restructuring so far. We believe that this achievement will
serve to encourage those creditors who have not yet participated
in the offer.

5. We reiterate our commitment to the program, including the
adoption of additional fiscal measures equivalent to 2 percent
of GDP in the context of the 2004/05 budget, as described in the
attached supplement memorandum of economic policies (SMEP) and
continuation of existing policies. The 2004/05 budget in line
with the program was approved by Parliament on July 8.
Accordingly, the SMEP establishes performance criteria for the
second half of 2004.

6. The government will continue the usual close and productive
dialogue with the Fund and stands ready to adopt the necessary
measures to achieve the objectives of the program. During the
second year of the arrangement, the fourth and fifth reviews are
expected to be completed no later than mid-March 2005 and mid-
September 2005. We have authorized the Fund to publish this
letter to enhance transparency, facilitate a wider access to our
policies, and to continue signaling the seriousness of our
commitment to the program to civil society and the international
community.

Sincerely yours,

Honorable Roosevelt Skerrit
Prime Minister and Minister of Finance And Planning

To view Supplement Memorandum Of Economic Policies Of The
Government Of Dominica: http://bankrupt.com/misc/DomOutline.htm

CONTACT: CONTACT: International Monetary Fund
         External Relations Department
         700 19th Street, NW
         Washington, D.C. 20431 USA
         Public Affairs:
         Tel: 202-623-7300
         Fax: 202-623-6278
         Media Relations:
         Tel: 202-623-7100
         Fax: 202-623-6772

         Web Site: http://www.imf.org/



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

PARMALAT DOMINICANA: Ownership Heavily Contested
------------------------------------------------
The heads of two merchant organizations are protesting on a move
to transfer ownership of Parmalat Dominicana SA to cattle-
ranchers, says DR1 Daily News.

Messrs. Alberto Leroux and Julian Antonio Parra, the presidents
of the Consejo Nacional del Comercio en Provisiones and the
Asociacion Nacional de Comerciantes Mayoristas de los Mercados,
respectively, explained how a 1994 accord between the Dominican
government, represented by INESPRE, and the dairy producers,
benefited the Company.

Under the accord, dairy producers were given a lease on a milk
processing plant that had been donated by Sweden to produce milk
for school breakfast programs at a low cost. The dairy producers
accepted the lease of the land and buildings for a mere DOP100 a
year. Leroux and Parra explained that shortly after, these
properties were passed on to Parmalat International, which
immediately reduced the share participation of the local dairy
industrialists.

With the property now worth an estimated DOP500 million, Leroux
and Parra reminded that Parmalat International collapsed in
Italy and the rest of the world where it had subsidiaries. In
the DR, the dairy producers have announced that the Italians
would sell their shares to dairy producers backed by Venezuelan
investors.

Leroux and Parra feel the government should retake the plant to
produce the milk for the school breakfast program, as originally
intended. In their opinion, no one should sell to a third party
what is not one's own property to begin with. They further
stressed the fact that the dairy farmers have the right to a
lease only - not ownership of the plant.

CONTACT: PARMALAT DOMINICANA SA
         Street Calle Real 1, Via Duarte
         Santo Domingo, Dominican Republic


* DOMINICAN REPUBLIC: Regulator Moves to Fortify Banking System
---------------------------------------------------------------
Mr. Rafael Camilo, the head of the Dominican Republic's banking
regulator, met with representatives from a number of the
country's banks on Sep. 7 to discuss measures that would fend
off another system collapse, reports Business News Americas.

Camilo said the regulator is trying to create a cooperative
environment between banking association ABA, led by Jose Manuel
Lopez, and all of the financial intermediation institutions,
making risk analysis more viable for all entities in the
financial sector.

"You all know that the Dominican Republic's financial system is
coming out of a deep crisis arising from what happened to three
of the system's banks. One of the reasons given [for the crisis]
was weak supervision in previous years," he was quoted as
saying.

In April last year, the country's central bank intervened Banco
Intercontinental (BanInter), one of the largest and most widely
known banks in the country, after discovering that the bank was
involved in fraudulent operations that caused some US$657
million to "disappear." The scandal dealt a blow to the
Dominican Republic, which had been a stellar performer in Latin
America for the past decade.

The two other banks that collapsed last year are Banco Mercantil
and Bancredito, which changed its name to Banco Leon after its
acquisition by the powerful Leon Jimenes Group.



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

AIR JAMAICA: Expands AT&T Agreement
-----------------------------------
AT&T announced Wednesday a three-year, $1.1 million contract
expansion with Air Jamaica, the national airline of Jamaica, to
provide advanced networking capabilities that integrate more
than 30 Air Jamaica sites throughout the United States, Canada,
the United Kingdom and the Caribbean.

AT&T's network-based Internet Protocol Virtual Private Network
(IP VPN) will provide Air Jamaica airport, sales and marketing
offices with secure, high-speed access to proprietary online
systems and databases. It replaces a "hub-and-spoke" network in
which access to network applications was lost if headquarters or
the "hub" lost connectivity.

"At Air Jamaica, our technology infrastructure is used to
improve customer service and operating efficiency," said Keith
Smith, Vice President of IT Services of Air Jamaica. "With AT&T,
our North American and European offices are always online to our
Caribbean Headquarters, to facilitate our passenger handling and
airline operations.

AT&T has an excellent track record of network efficiencies and
low-cost solutions for growing our business. That is why we have
not only renewed, but also expanded our networking agreement
with them."

The contract expands a long-standing relationship under which
AT&T provides Air Jamaica with domestic and international long-
distance, teleconference, frame relay and Internet access
services.

Air Jamaica's services are integrated through AT&T OneNet(R)
Service, which consolidates networking services into a single
contract, with discounts across all services. In addition,
through the AT&T BusinessDirect(R) portal, Air Jamaica gains
online access to tools that provide near-real-time reports on
network performance and direct access to AT&T's ordering,
status, inventory and trouble management systems.

About AT&T

For more than 125 years, AT&T (NYSE "T") has been known for
unparalleled quality and reliability in communications. Backed
by the research and development capabilities of AT&T Labs, the
company is a global leader in local, long distance, Internet and
transaction-based voice and data services.

About Air Jamaica

With over 30 years of service and the most modern fleet
servicing the region, Air Jamaica has pursued a steady program
of expansion, opening up more areas of the U.S. and the United
Kingdom to the Caribbean. Air Jamaica has scheduled service with
330 direct flights a week from Atlanta, Baltimore/Washington,
Boston, Chicago, Ft. Lauderdale, Houston, Los Angeles, Miami,
Newark, New York (JFK), Orlando, and Philadelphia in the U.S.
and from London and Manchester, UK to Montego Bay and Kingston
in Jamaica, and to Antigua, Barbados, Bonaire, Curacao, Grand
Cayman, Grenada, Nassau, Providenciales, Santo Domingo and St.
Lucia. Air Jamaica provides more non-stop flights from its North
American gateways to the Caribbean than any other carrier
serving the region. In addition, the airline's code share
agreement with Delta Air Lines, and its joint fare arrangements
and compatible schedules with United, and other U.S. carriers,
extend its access to over 150 cities within the Continental U.S.



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

ISSSTE: JP Morgan Pressing for Debt Reduction Reform
----------------------------------------------------
The difference between carrying out a proposal to reform the
Social Security and Services Institute for State Workers
(ISSSTE), or allowing it to continue unchanged is around a fifth
of GDP, El Economista reports, citing a study by JP Morgan.

Alfredo E. Thorne, director of Economic Research for Latin
America at JP Morgan, said if there is no reform, the ISSSTE's
liabilities could reach as much as 45% of GDP, considering the
current value of pensions for current and retired workers.

On the other hand, if an agreement was hammered out before the
end of the current period of sessions in Congress, the debt
would be reduced to 23.3% of GDP, or some 20 percentage points
less.

If the reform is postponed, for each year of delay, the
contingent debts of the institution will increase by 2
percentage points, "mainly because the [past] governments
decided to guarantee the workers pension schemes that were
excessively generous," said Thorne.


MAXCOM TELECOMUNICACIONES: Launches Exchange Offer for Sr. Notes
----------------------------------------------------------------
Maxcom Telecomunicaciones, S.A. de C.V., a facilities-based
telecommunications provider (CLEC) using a "smart build"
approach to focus on small- and medium-sized businesses and
residential customers in the Mexican territory, announced that
beginning September 8, 2004 through October 6, 2004 at 17:00
EDT, the Company will be offering to exchange an aggregate
principal amount of U.S.$167,623,590 of its 0/10% Senior Notes
due 2007 ("Old Notes") for up to: (i) an aggregate of
U.S.$167,623,590 principal amount of Senior Step-up Notes due
2009 ("New Notes"); or (ii) an aggregate of 134,098,872 of
Series N-1 Shares with limited voting rights. The Company may
tion of the exchange offer is subject to certain conditions.

The New Notes will mature on October 15, 2009. Interest will
accrue on the New Notes at the annual rate of 4.00% from the
date of issuance through April 14, 2005, 5.75% from April 15,
2005 through October 14, 2005, 7.75% from October 15, 2005
through April 14, 2006, 8.25% from April 15, 2006 through
October 14, 2006, 9.25% from October 15, 2006 through October
14, 2007, 10.25% from October 15, 2007 through October 14, 2008
and 11.25% from October 15, 2008 through October 14, 2009.
Interest will be payable semi-annually in cash in arrears on
April 15 and October 15, starting on April 15, 2005.

In addition to the exchange offer, the Company is also
soliciting consents from holders of the Old Notes to amend
certain restrictive covenants contained in the indenture
governing the Old Notes. Holders of at least a majority in
aggregate principal amount of the Old Notes, other than Old
Notes held by the Company, or any affiliate of the Company, must
consent to the proposed amendments in order for them to be
adopted.

The Company has entered into an agreement with Nexus-Maxcom
Holdings I, LLC ("Bank of America/Nexus"), an affiliate of Banc
of America Equity Partners, pursuant to which it has agreed,
subject to certain conditions, to tender all of its Old Notes in
exchange for Series N-1 Shares. Bank of America/Nexus, an
affiliate of the Company, is the principal shareholder of the
Company and the holder of approximately U.S.$126.4 million
aggregate principal amount of our Old Notes (approximately 75%
of the outstanding Old Notes).

The purpose of the exchange offer is to improve the Company's
leverage and capital structure. After giving effect to the Bank
of America/Nexus exchange and the proposed modifications of the
covenants contained in the indenture, the Company should
position itself favorably to attract additional investments and
access future growth opportunities.

Offering materials are being mailed to holders of the Old Notes.
Holders may also obtain copies of the offering materials by
calling toll free 1 (877) 746-3583.

Bank of New York has been appointed as the Exchange Offer Agent.

For additional information, contact Jose-Antonio Solbes, Chief
Financial Officer of Maxcom, at (5255) 5147-1125, or Lucia
Domville of Citigate Financial Intelligence, the Information
Agent, at (201) 499-3548.

Maxcom Telecomunicaciones, S.A. de C.V., headquartered in Mexico
City, Mexico, is a facilities-based telecommunications provider
using a "smart- build" approach to deliver last-mile
connectivity to micro, small and medium- sized businesses and
residential customers in the Mexican territory. Maxcom launched
commercial operations in May 1999 and is currently offering
local, long distance and data services in greater metropolitan
Mexico City, Puebla and Queretaro. The securities and New Notes
described in this press release have not been registered with
the Securities Section of the National Registry of Securities
(Registro Nacional de Valores) held by the National Banking and
Securities Commission of Mexico (CNBV). Therefore, these
securities can not be publicly offered or traded in Mexico.



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

* NICARAGUA: IMF Approves $20M Disbursement
-------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
completed Wednesday the fifth and sixth reviews of Nicaragua's
performance under its Poverty Reduction and Growth (PRGF)
arrangement. In completing the reviews, the Executive Board
approved Nicaragua's request for waivers of the nonobservance of
performance criteria. In addition, the Executive Board completed
the financing assurances review under Nicaragua's PRGF
arrangement. These decisions enable the release of a further SDR
13.93 million (about US$20 million).

Nicaragua's three-year, SDR 97.5 million (about US$142 million)
PRGF arrangement was approved in principle on December 4, 2002
(see Press Release No. 02/53). Completion of the latest reviews
will bring total disbursements under the arrangement to SDR
55.72 million (about US$81 million).

After the Executive Board's discussion of Nicaragua, Mr. Agustin
Carstens, Deputy Managing Director and Acting Chair, issued the
following statement:

"Nicaragua's performance under the PRGF arrangement continues to
be favorable. Implementation of prudent macroeconomic policies
and structural reforms has contributed to a strengthening
economic recovery, financial stability, and a much improved
external position. Based on this solid track record, Nicaragua's
creditors have provided debt relief in the context of the
enhanced HIPC Initiative. Notwithstanding these achievements,
Nicaragua continues to face important economic vulnerabilities,
in particular from high public debt and widespread financial
dollarization. The favorable economic environment provides an
excellent opportunity to move ahead forcefully with the reform
agenda and further solidify the important gains achieved under
the program.

"The authorities have continued to strengthen their poverty-
reducing and growth-enhancing policy strategies, consistent with
their PRSP and the PRGF-supported program. The National
Development Plan, which sets forth the authorities' economic
strategy, emphasizes the private sector as the main engine of
growth, supported by targeted public investment, a strengthened
institutional framework, and improved governance.

"Despite a difficult political environment, the authorities have
kept the fiscal program broadly on track. Tax reform,
strengthened tax administration, spending restraint, and a more
focused public investment program have substantially improved
the public finances. Nonetheless, important challenges remain:
the public debt is high, and important fiscal reforms are still
to be implemented. In particular, the ongoing decentralization
process must ensure that revenue transfers to municipalities are
matched with the devolution of spending responsibilities. The
authorities are reassessing their pension reform strategy, in
close consultation with the World Bank, to ensure its
consistency with the medium-term fiscal program. The recently
approved civil service reform is being implemented carefully to
ensure sustained fiscal consolidation.

"The authorities are moving forward with reforms to strengthen
the financial sector. They participated in the IMF-World Bank
Financial Sector Assessment Program (FSAP), and are already
incorporating many of the FSAP recommendations into their
program. Important priorities in this regard are the ongoing
efforts to strengthen the legal protection of bank supervisors
for good faith actions taken in the course of their official
duties and to amend financial sector laws to bring them in line
with international best practices.

"Overall, performance under the PRGF-supported program has been
favorable. The authorities are to be commended for their strong
ownership of the program, which has contributed to a broader
understanding in Nicaragua that a stable macroeconomic
framework, structural reforms, and better governance are
essential to achieving strong and lasting growth and poverty
alleviation. Their efforts to fight corruption and strengthen
public sector institutions deserve the strong support of the
international community. In order to maintain this favorable
forward momentum, the authorities need to make every effort to
further strengthen the domestic consensus on the prudent
policies and structural reforms needed to sustain growth and
reduce poverty," Mr. Castens said.

The PRGF is the IMF's concessional facility for low-income
countries. It is intended that PRGF-supported programs are based
on country-owned poverty reduction strategies adopted in a
participatory process involving civil society and development
partners, and articulated in a Poverty Reduction Strategy Paper
(PRSP). This is intended to ensure that PRGF-supported programs
are consistent with a comprehensive framework for macroeconomic,
structural, and social policies to foster growth and reduce
poverty. PRGF loans carry an annual interest rate of 0.5
percent, and are repayable over 10 years with a 5-year grace
period on principal payments.

CONTACT: International Monetary Fund
         External Relations Department
         700 19th Street, NW
         Washington, D.C. 20431 USA
         Public Affairs:
         Tel: 202-623-7300
         Fax: 202-623-6278
         Media Relations:
         Tel: 202-623-7100
         Fax: 202-623-6772

         Web Site: http://www.imf.org/



=======
P E R U
=======

* PERU: Anticipates Debt Deal With Paris Club Next Year
-------------------------------------------------------
Peru's Finance Minister Pedro Pablo Kuczynski expects the
government to have a deal to renegotiate its debt with the Paris
Club of debtor nations by early next year, reports Dow Jones
Newswires. The Club includes Japan, the United States, Britain,
France, Germany and Italy. Peru is the ninth-biggest debtor to
the Paris Club, owing some US$8.543 billion. Of the debt,
US$1.09 billion is due in 2005.

"I spoke yesterday with the director of the Paris Club and he
told me things were going well. Now we have to make a concrete
proposal, which we'll do at the end of September, and then in
October, November and December we'll negotiate with the
different countries," Kuczynski said Tuesday.

"Hopefully in the course of the first few months of next year
we'll be able to make a bond issue and prepay part of these
amortizations and reduce the weight of debt servicing in the
next two or three years," he added.

Kuczynski did not say how much would be issued but he said in
Santiago, Chile last week that Peru was studying a bond program
for 2005 and 2006 of between US$500 million and US$1 billion.

Analysts say Peru has previously floated plans to issue US$1
billion in bonds to secure a breather from a looming Paris Club
debt repayment pile-up is innovative.

But some investors say President Alejandro Toledo's low
popularity could dampen investor interest in Peruvian paper.



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

CENTENNIAL COMMUNICATIONS: Names New Director
---------------------------------------------
Centennial Communications Corp. (NASDAQ: CYCL) ("Centennial")
announced Wednesday that Ellen C. Wolf has resigned from
Centennial's board of directors. Raymond A. Ranelli has been
named to serve the remainder of Ms. Wolf's term and will serve
on the Company's audit committee. Mr. Ranelli was formerly a
vice-chairman of PricewaterhouseCoopers where he spent over 25
years.

"On behalf of our management team, I would like to thank Ellen
for her many contributions to Centennial," said Michael J.
Small, chief executive officer. "I am very pleased to welcome
Ray to the Centennial board."

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
         Tel: 732-556-2220
         Web Site: http://www.centennialwireless.com/



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

BANCO DE VENEZUELA: Moody's Ups Foreign Currency Deposit Rating
---------------------------------------------------------------
Moody's Investors Service said it has upgraded to B3, from Caa1,
the rating on the foreign- currency deposits of Banco de
Venezuela, S.A. Grupo Santander. The outlook on the rating is
stable. The rating action follows the recently announced upgrade
of Venezuela's country ceiling for foreign currency bonds and
deposits to B2 and B3, respectively, from Caa1. Moody's states
that such action does not affect the bank's financial strength
ratings.

Banco de Venezuela is a subsidiary of Spain's Grupo Santander
Centro Hispano (SCH) (NYSE: STD). The bank offers individual and
corporate clients an online banking service, letting customers
make consultations, payments and other transactions
electronically.


BANCO DEL CARIBE: FC Deposit Rating Raised to B3 from Caa1
----------------------------------------------------------
The rating on Banco Del Caribe S.A. - Banco Universal's foreign
currency deposits has been raised to B3, from Caa1 by Moody's
Investors Service. The outlook on the rating is stable.

The rating action follows the recently announced upgrade of
Venezuela's country ceiling for foreign currency bonds and
deposits to B2 and B3, respectively, from Caa1.

Moody's states that such action does not affect the bank's
financial strength ratings.


BANCO MERCANTIL: Ratings on FC Deposits Climb to B3
---------------------------------------------------
The rating on Banco Mercantil, C.A., Banco Universal's foreign
currency deposits has been raised to B3, from Caa1 by Moody's
Investors Service. The outlook on the rating is stable.

The rating action follows the recently announced upgrade of
Venezuela's country ceiling for foreign currency bonds and
deposits to B2 and B3, respectively, from Caa1.

Moody's states that such action does not affect the bank's
financial strength ratings.

Banco Mercantil C.A. S.A.C.A. (Banco Universal) provides
commercial, corporate and consumer banking, international trade
and marketing services.


BBVA BANCO PROVINCIAL: FC Deposit Rating Upgraded by Moody's
------------------------------------------------------------
Moody's Investors Service said it has upgraded to B3, from Caa1,
the rating on the foreign- currency deposits of BBVA Banco
Provincial S.A.. The outlook on the rating is stable.

The rating action follows the recently announced upgrade of
Venezuela's country ceiling for foreign currency bonds and
deposits to B2 and B3, respectively, from Caa1.

Moody's states that such action does not affect the bank's
financial strength 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
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Copyright 2004.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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* * * End of Transmission * * *