TCRLA_Public/040914.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

         Tuesday, September 14, 2004, Vol. 5, Issue 182

                            Headlines

A R G E N T I N A

A MARCOS Y COMPANIA: General Report Due Today
ABRA ENTERTAINMENT: Trustee to Submit Individual Reports
ACHQUENAZI HNOS: Begins Liquidation Proceedings
CHACRAS DE PILARCHICO: Verification of Claims Ends Tomorrow
CLINICA PRIVADA: Pleas for Reorganization

DIAL THRU: Court Moves Verifications Deadline
EL PUERTO S.A.: Court Declares Company Bankrupt
EMPRESA DE TRANSPORTES: Enters Bankruptcy on Court Orders
ESTUDIO MARITIMO: Trustee to Close Claims Check
FRIGORIFICO MAXIMO: Proceeds to Liquidate Assets

GALA ROJA: Court Appoints Trustee for Reorganization
GOLD JUICE: Seeks Reorganization Approval From Court
HIDROELECTRICA PIEDRA: Fitch Assigns Junk Ratings to Bonds
RESTAURACIONES Y RECICLAJES: Court Grants Bankruptcy Request
SASSONE EXPORTACION: Trustee Begins Claims Verification

SAYI S.A.: Bankruptcy Process Begins
SIDERAR: Techint to Boost Production With $560M Investment


B E R M U D A

FOSTER WHEELER: Extends Exchange Offer to September 14
FOSTER WHEELER: Recalculates Interest Rate for New Notes
IVANHOE HOLDINGS (BERMUDA) LTD.: Member Consents to Wind-up
IVANHOLDINGS (BERMUDA) LTD.: To Hold Final General Meeting
KIRRIEMUIR LIMITED: Sole Member Opts for Voluntary Wind-up

SUEXMAX SHIPOWNING: Appoints Arthur Jones as Liquidator


B O L I V I A

UNAGRO: To Repay Debt Within Six Months


B R A Z I L

BANCO BRADESCO: Moody's Ups LTFC Debt, Deposit Ratings
BANCO DO BRASIL: Sovereign Upgrade Lifts Bank's Ratings
BANCO RURAL: Moody's Ups LTFC Debt, Deposit Ratings
BANCO SAFRA: Upgrade on Brazil Lifts Bank's Ratings
CELG: Goias to Sell 41% Stake

CVRD: Ratings Raised Following Sovereign Upgrade
GERDAU: Analysts See North Star Buy As Inexpensive
UNIBANCO: Moody's Ups Foreign Currency Debt, Deposit Ratings
VOTORANTIM GROUP: Moody's Ups Ratings on $300M Sr. Unsec. Notes


C O S T A   R I C A

ICE: Poised For Comptroller General's OK on Ericsson Deal


E L   S A L V A D O R

* El Salvador Planned $286.5M Bond Issue Assigned 'BB+' Rating


J A M A I C A

C&WJ: Increases Call Rate by 30%

     -  -  -  -  -  -  -  -

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

A MARCOS Y COMPANIA: General Report Due Today
---------------------------------------------
A general report on the A Marcos y Compania S.A. bankruptcy case
will be presented in court today. Court-appointed trustee,
accounting firm "Estudio Sastre, Lostao & Romano", will prepare
this report from the Company's accounting and business records.

Court No. 14 of Buenos Aires' civil and commercial tribunal
handles this case with the assistance of Clerk No. 27.

CONTACT:   Estudio Sastre, Lostao & Romano - Trustee
           Tucuman 1539
           Buenos Aires


ABRA ENTERTAINMENT: Trustee to Submit Individual Reports
--------------------------------------------------------
Ms. Sara Maria Rey de Lavolpe, the trustee overseeing the Abra
Entertainment S.A. bankruptcy, is scheduled to submit individual
reports from the case today.

The individual reports are culled from creditors' claims
submitted during the credit verification period. The list of
creditors qualified to receive post-liquidation payments will be
based on these reports.

Court No. 8 of Buenos Aires' civil and commercial tribunal
handles this case with the assistance of Clerk No. 16.

CONTACT: Abra Entertainment S.A.
         Virrey Loreto 2443
         Buenos Aires

         Ms. Sara Maria Rey de Lavolpe, Trustee
         Cerrito 1136
         Buenos Aires


ACHQUENAZI HNOS: Begins Liquidation Proceedings
-----------------------------------------------
Achquenazi Hnos S.R.L. of Mar del Plata will begin liquidating
its assets after court no. 9 of the City's civil and commercial
tribunal declared the company bankrupt. Infobae reveals that the
bankruptcy process will commence under the supervision of court-
appointed trustee, Ms. Nilda N Barbetti.

The trustee will review claims forwarded by the company's
creditors "por via incidental". Clerk no. 8 assists the court on
this case.

CONTACT: Achquenazi Hnos S.R.L.
         9 de Julio 2922
         Mar del Plata

         Ms. Nilda N Barbettim, Trustee
         Avda Luro 3894
         Mar del Plata


CHACRAS DE PILARCHICO: Verification of Claims Ends Tomorrow
-----------------------------------------------------------
Mr. Luis Hugo de Cesare, the trustee overseeing the Chacras de
Pilarchico S.A. reorganization, will close the verification of
creditors' claims tomorrow, September 15, 2004.

The Informative Assembly, the final stage of a reorganization
where the settlement proposal is presented to the company's
creditors for approval, is scheduled on May 13 next year.

CONTACT: Mr. Luis Hugo Di Cesare, Trustee
         Viamonte 1336
         Buenos Aires


CLINICA PRIVADA: Pleas for Reorganization
-----------------------------------------
Cl”nica Privada Libertad S.A., a clinic operating in Buenos
Aires, requested reorganization after failing to pay its
liabilities since May 31 says La Nacion.

The reorganization petition, once approved by the court, will
allow the company to negotiate a settlement with its creditors
in order to avoid a straight liquidation.

The case is pending before Judge Bargallo of the city's civil
and commercial tribunal court no. 11. Dr. Marino, clerk no. 22,
assists the court on this case.

CONTACT: Clinica Privada Libertad S.A.
         Teniente General J. D. Peron 1730
         Buenos Aires


DIAL THRU: Court Moves Verifications Deadline
---------------------------------------------
Court no. 24 of Buenos Aires' civil and commercial tribunal
moved key events relevant to the Dial Thru Internacional S.A.
reorganization proceedings to the these dates:

1. Verification of creditors' claims: October 18, 2004
2. Informative Assembly: August 2, 2005

Proofs of claims must be submitted to Mr. Jorge A Cosoli, the
court-appointed trustee, on or before the deadline.

Clerk no. 48 assists the court on this case.

CONTACT: Mr. Jorge A Cosoli, Trustee
         Marcelo T de Alvear 1364
         Buenos Aires


EL PUERTO S.A.: Court Declares Company Bankrupt
-----------------------------------------------
Court No. 18 of Buenos Aires' civil and commercial tribunal
declared local company El Puerto S.A. "Quiebra", relates La
Nacion. The court approved the bankruptcy petition filed by Mr.
Adolfo Fabregas.

The Company will undergo the bankruptcy process with Ms. Lea
Aljanati as trustee. Creditors are required to present their
proofs of claims to the trustee for verification before October
12, 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. Estevarena, Clerk No. 35, assists the court on the case.

CONTACT: El Puerto S.A.
         Avenida Santa Fe 1621
         Buenos Aires

         Ms. Lea Aljanati, Trustee
         Avenida Honorio Pueyrred¢n 1576
         Buenos Aires


EMPRESA DE TRANSPORTES: Enters Bankruptcy on Court Orders
---------------------------------------------------------
Court no. 3 of Mar del Plata's civil and commercial tribunal
declared local company Empresa de Transportes Martin Guemes S.A.
bankrupt after the company defaulted on its debt payments.

The order effectively places the company's assets under the
control of court-appointed trustee, the accounting firm "Moure y
Asociados."

CONTACT: Empresa de Transportes Martin Gemes S.A.
         Libertad 10110
         Mar del Plata

         Moure y Asociados - Trustee
         San Martin 4141
         Mar del Plata


ESTUDIO MARITIMO: Trustee to Close Claims Check
-----------------------------------------------
Creditors of Estudio Maritimo Internacional S.A. are required to
submit proofs of their claims by tomorrow, September 15, 2004,
to trustee Jorge Mencia. Failure to comply with the submission
deadline will mean disqualification from the list of creditors
eligible to receive post-liquidation payments.

Judge Dieuzeide, working for Court No. 1 of Buenos Aires' civil
and commercial tribunal, handles this case with the assistance
of Dr. Galli, clerk no. 2

CONTACT: Estudio Maritimo Internacional S.A.
         Avenida Cordoba 950
         Buenos Aires

         Mr. Jorge Mencia, Trustee
         Uruguay 328
         Buenos Aires


FRIGORIFICO MAXIMO: Proceeds to Liquidate Assets
------------------------------------------------
Frigorifico Maximo Paz S.A. enters bankruptcy protection after
court no. 19 of Buenos Aires' civil and commercial tribunal
ordered the company's liquidation. The order effectively
transfers control of the company's assets to the court-appointed
trustee who will supervise the liquidation proceedings.

Infobae reports that the court selected accounting firm "Lesta,
Calelo, De Chiara" as trustee. The firm will be verifying
creditors' proofs of claims until the end of the verification
phase on October 12, 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 November 23, 2004 followed by the general report, which is
due on February 7 next year.

CONTACT: Frigorifico Maximo Paz S.A.
         Moreno 970
         Buenos Aires

         Lesta, Calelo, De Chiara - Trustee
         Viamonte 783
         Buenos Aires


GALA ROJA: Court Appoints Trustee for Reorganization
----------------------------------------------------
Gala Roja S.R.L., a company operating in Buenos Aires, is ready
to start its reorganization after court no. 20 of the city's
civil and commercial tribunal appointed Ms. Nora Cristina Roger
to supervise the proceedings as trustee. Clerk No. 40 assists
the court on this case.

Infobae reports that the trustee will verify creditors claims
until October 27, 2004. Afterwards, she will present these
claims as individual reports for final review by the court on
November 25, 2004. The trustee will also provide the court with
a general report pertaining to the Company's reorganization on
February 8, 2005.

The court has scheduled the informative assembly on August 12
next year.

CONTACT: Ms. Nora Cristina Roger
         Hipolito Yrigoyen 1349
         Buenos Aires


GOLD JUICE: Seeks Reorganization Approval From Court
----------------------------------------------------
Judge Ballerini, serving for Court No. 24 of Buenos Aires' civil
and commercial tribunal is currently reviewing the merits of the
reorganization petition filed by Gold Juice S.A. Argentine daily
La Nacion reports that the company filed the request after
defaulting on its debt payments since August 11 this year.

The reorganization petition, if granted by the court, will allow
the Company to negotiate a settlement with its creditors in
order to avoid a straight liquidation.

Dr. Medina, Clerk No. 48 assists the court on this case.

CONTACT: Gold Juice S.A.
         Jose Hernandez 2480
         Buenos Aires


HIDROELECTRICA PIEDRA: Fitch Assigns Junk Ratings to Bonds
----------------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. assigned a `D(arg)'
rating to various corporate bonds issued by Hidroelectrica
Piedra del Aguila S.A., the CNV reveals.

The rating affects:

- US$35-million issue described as "Clase V subordinada dentro
del Programa de U$S 300 millones;"

- US$62.5-million issue described as "Clase IV dentro del
Programa de U$S 300 millones;"

- US$62.5-million issue described as "Clase III dentro del
Programa de U$S 300 millones;"

- US$97.3-million issue described as "Clase II dentro del
Programa de U$S 300 millones;"

- US$97.3-million issue described as "Clase I dentro del
Programa de U$S 300 millones"

Meanwhile, Fitch assigned a `B(arg)' rating to these bond
issues:

- ARS64.5-million described as "Obligaciones Negociables Serie
A"

- ARS35.6-million described as "Obligaciones Negociables Serie
B"

- ARS39.3-million described as "Obligaciones Negociables Serie
C"

- ARS22.0-million described as "Obligaciones Negociables Serie
D"

The ratings agency said a `B(arg)' rating means that the bond
issue has a significantly weak credit risk relative to other
issues in Argentina. Financial commitments are being met but a
limited margin of safety remains and capacity for timely
payments is contingent upon a sustained favorable business and
economic condition.

The maturity dates of all the bond issues mentioned above were
not disclosed. Fitch took the rating actions based on the
Company's financial status as of June 30, 2004.


RESTAURACIONES Y RECICLAJES: Court Grants Bankruptcy Request
------------------------------------------------------------
Ms. Ester Molina successfully sought the bankruptcy of
Restauraciones y Reciclajes en Altura S.R.L. after Judge
Herrera, serving for court no. 3 of Buenos Aires' civil and
commercial tribunal, declared the Company "Quiebra," reports La
Nacion.

As such, the construction company will now start the bankruptcy
process with Ms. Mar”a Adornetto as trustee. Creditors of the
Company must submit proofs of their claims to the trustee before
September 23, 2004 for authentication. Failure to do so will
mean disqualification from the payments that will be made after
the Company's assets are liquidated.

The creditor requested the Company's bankruptcy after the latter
failed to pay debts amounting to US$38,428.82. Dr. Villaroel,
clerk no. 6, assists the court on the case, which will end in
the liquidation of all Company assets.

CONTACT: Restauraciones y Reciclajes en Altura S.R.L.
         Mart”nez Rosas 1045
         Buenos Aires

         Ms. Maria Adornetto, Trustee
         Suipacha 670
         Buenos Aires


SASSONE EXPORTACION: Trustee Begins Claims Verification
-------------------------------------------------------
Court no. 14 of Buenos Aires' civil and commercial tribunal
ordered the liquidation of Sassone Exportacion S.A. after the
company defaulted on its debt obligations, Infobae reveals. The
liquidation pronouncement will effectively place the company's
affairs as well as its assets under the control of Ms. Ester
Alicia Ferraro, the court-appointed trustee.

The trustee will verify creditors' proofs of claims until
November 4, 2004. The verified claims will serve as basis for
the individual reports to be submitted in court on December 17,
2004. The submission of the general report follows on March 4
next year.

Clerk no. 28 assists the court on this case, which will end with
the disposal of the company's assets in favor of its creditors.

CONTACT: Ms. Ester Alicia Ferraro, Trustee
         Esmeralda 960
         Buenos Aires


SAYI S.A.: Bankruptcy Process Begins
------------------------------------
Buenos Aires-based Sayi S.A. will begin liquidating its assets
following the bankruptcy pronouncement issued by Court no. 14 of
the City's civil and commercial tribunal.

The bankruptcy ruling places the company under the supervision
of court-appointed trustee, Mr. Ruben Joaquin Toytoyndjian. The
trustee will verify creditors' proofs of claims until November
4, 2004. The validated claims will be presented in court as
individual reports on December 17, 2004.

The trustee will also submit a general report, containing a
summary of the company's financial status as well as relevant
events pertaining to the bankruptcy, on March 4 next year.

Clerk no. 28 assists the court on this case, that will end with
the sale of all company assets in order to repay its debts.

CONTACT: Mr. Ruben Joaquin Toytoyndjian, Trustee
         Presidente Roque Saenz Pena 1219
         Buenos Aires


SIDERAR: Techint to Boost Production With $560M Investment
----------------------------------------------------------
Argentine industrial conglomerate Techint (TCNT.YY) plans to
invest US$560 million over the next several years in its flat
steelmaking unit, Siderar (ERAR.BA), reports Dow Jones
Newswires.

However, the planned investment, which will boost Siderar's
annual production by 20%, will depend on a variety of factors,
including the continued recovery of the Argentine economy and
international demand from countries such as China, according to
Daniel Novegil, executive vice president of flat and long
products at Techint.

"We trust that we'll be able to concrete our ambitious program,
that will allow us to better supply the growing Argentine market
and maintain our positions in external markets," Novegil said.

Novegil has said the steelmaker will invest a total US$82
million this year, almost three times what it invested in 2003,
though that money is going toward clearing up production
bottlenecks rather than expanding capacity.

Siderar posted a net profit of ARS362.9 million in the second
quarter of 2004 - more than double from a year earlier.



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

FOSTER WHEELER: Extends Exchange Offer to September 14
------------------------------------------------------
Foster Wheeler Ltd. (OTCBB: FWLRF) announced Friday that a
minimum threshold related to its equity-for-debt exchange was
not met for one class of securities. Specifically, only 48.7% of
the revised minimum threshold of 60% has been tendered by
holders of the 9.00% Preferred Securities. Foster Wheeler is
extending its exchange offer until 5:00 p.m., New York City
time, on September 14, 2004.

"We need increased participation by holders of the Preferred
Securities to meet our minimum tender conditions," said Raymond
J. Milchovich, chairman, president and chief executive officer.

Legal Details:

The securities proposed for exchange include:

(1) Foster Wheeler's Common Shares and its Series B Convertible
Preferred Shares (the "Preferred Shares") and warrants to
purchase Common Shares for any and all outstanding 9.00%
Preferred Securities, Series I issued by FW Preferred Capital
Trust I (liquidation amount $25 per trust security) and
guaranteed by Foster Wheeler Ltd. and Foster Wheeler LLC,
including accrued dividends;

(2) Foster Wheeler's Common Shares and Preferred Shares for any
and all outstanding 6.50% Convertible Subordinated Notes due
2007 issued by Foster Wheeler Ltd. and guaranteed by Foster
Wheeler LLC;

(3) Foster Wheeler's Common Shares and Preferred Shares for any
and all outstanding Series 1999 C Bonds and Series 1999 D Bonds
(as defined in the Second Amended and Restated Mortgage,
Security Agreement, and Indenture of Trust dated as of October
15, 1999 from Village of Robbins, Cook County, Illinois, to
SunTrust Bank, Central Florida, National Association, as
Trustee); and

(4) Foster Wheeler's Common Shares and Preferred Shares and up
to $150,000,000 of Fixed Rate Senior Secured Notes due 2011 of
Foster Wheeler LLC guaranteed by Foster Wheeler Ltd. and certain
Subsidiary Guarantors for any and all outstanding 6.75% Senior
Notes due 2005 of Foster Wheeler LLC guaranteed by Foster
Wheeler Ltd. and certain Subsidiary Guarantors; and solicitation
of consents to proposed amendments to the indenture relating to
the 9.00% Junior Subordinated Deferrable Interest Debentures,
Series I of Foster Wheeler LLC, the indenture relating to the
6.50% Convertible Subordinated Notes due 2007 and the indenture
relating to the 6.75% Senior Notes due 2005.

As of 5:00 p.m. on September 10, 2004, holders have tendered the
following dollar amounts and percentages of the following
original securities:

(1) 9.00% Preferred Securities, $85,246,775 (48.7%);

(2) 6.50% Convertible Subordinated Notes, $209,930,000 (99.97%);

(3) Robbins Series C Bonds due 2024, $56,643,071 (73.4%),
Robbins Series C Bonds due 2009, $12,028,197 (99.2%), and
Robbins Series D Bonds, $35,489,277 based on the balance due at
maturity (99.1%); and
(4) 6.75% Senior Notes, $192,118,000 (96.1%).

A copy of the prospectus relating to the New Notes and other
related documents may be obtained from the information agent.
The information agent for the exchange offer and consent
solicitation is Georgeson Shareholder Communications Inc., 17
State Street, 10th Floor, New York, New York 10014. Georgeson's
telephone number for bankers and brokers is 212-440-9800 and for
all other security holders is 800-891-3214.

The dealer manager for the exchange offer and consent
solicitation is Rothschild Inc., 1251 Avenue of the Americas,
51st Floor, New York, New York 10020. Contact Rothschild at 212-
403-3784 with any questions on the exchange offer.

The exchange agent for the exchange offer is the Bank of New
York, London Branch.

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

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

(2) the Schedule TO (File No. 005-79124).

These and any other documents relating to the proposed exchange
offer, when they are filed with the SEC, may be obtained free at
the SEC's Web site at 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 Contact:
         Mr. Maureen Bingert
         Phone: 908-730-4444
             or
         Investor Contact:
         Mr. John Doyle
         Phone: 908-730-4270
             or
         Other Inquiries:
         Phone: 908-730-4000

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


FOSTER WHEELER: Recalculates Interest Rate for New Notes
--------------------------------------------------------
Foster Wheeler Ltd. (OTCBB: FWLRF) announced Friday 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 14, 2004, the New Notes will bear interest at a rate
of 10.409% 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. Georgeson's
telephone number for bankers and brokers is 212-440-9800 and for
all other security holders is 800-891-3214.

The dealer manager for the exchange offer and consent
solicitation is Rothschild Inc., 1251 Avenue of the Americas,
51st Floor, New York, New York 10020. Contact Rothschild at 212-
403-3784 with any questions on the exchange offer.

Investors and security holders are urged to read the following
documents filed with the SEC, as amended from time to time,
relating to the proposed exchange offer because they contain
important information: (1) the registration statement on Form S-
4 (File No. 333-107054) and (2) the Schedule TO (File No. 005-
79124). These and any other documents relating to the proposed
exchange offer, when they are filed with the SEC, may be
obtained free at the SEC's Web site at www.sec.gov, or from the
information agent as noted above.

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.


IVANHOE HOLDINGS (BERMUDA) LTD.: Member Consents to Wind-up
-----------------------------------------------------------
         IN THE MATTER OF THE COMPANIES ACT OF 1981

                          and

      IN THE MATTER OF Ivanholdings (Bermuda) Ltd.

By written consent of the Sole Member of Ivanholdings (Bermuda)
Ltd. the following resolutions were adopted on September 10,
2004.

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

2) Mr. Greg Shenton, acting on behalf of Global Mining
Management, be and is hereby appointed Liquidator for the
purposes of such winding-up.

The liquidator informs that:

- Notice is hereby given that the Creditors of Ivanholdings
(Bermuda) Ltd. which is being voluntarily wound-up are required
on or before the October 13, 2004 to send their full names,
their addresses and descriptions, full particulars of their
debts or claims, and the names and addresses of their solicitors
(if any) to the undersigned, the Liquidator of the said Company,
at Global Mining Management, Suite 654-999, Canada Place,
Vancouver, British Columbia, Canada and if so required by notice
in writing from the said Liquidator personally or by their
attorneys, to come in and prove their debts or claims at such
time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

CONTACT: Mr. Greg Shenton, Liquidator
         Global Mining Management
         Suite 654-999, Canada Place
         Vancouver, British Columbia
         Canada


IVANHOLDINGS (BERMUDA) LTD.: To Hold Final General Meeting
----------------------------------------------------------
        IN THE MATTER OF Ivanholdings (Bermuda) Ltd.

              IN MEMBER'S VOLUNTARY LIQUIDATION

Notice is hereby given that a final general meeting of the
Member of Ivanholdings (Bermuda) Ltd. will be held at Suite 654-
999 Canada Place, Vancouver, British Columbia, Canada, October
13, 2004 at 9:00 a.m. (PST) for the following purposes:

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

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

(3) by resolution dissolving the Company.


KIRRIEMUIR LIMITED: Sole Member Opts for Voluntary Wind-up
----------------------------------------------------------
        IN THE MATTER OF THE COMPANIES ACT OF 1981

                           and

           IN THE MATTER OF Kirriemuir Limited

By Written Resolutions of the Sole Member of Kirriemuir Limited
on September 7, 2004, these resolutions were passed:

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

(2) Mr Kim R. White, of "Milner House", 18 Parliament Street,
Hamilton, Bermuda be and is hereby appointed Liquidator for the
purposes of winding-up, such appointment to be effective
forthwith."

Mr. Kim R. White, acting as liquidator, informs that:

- Notice is hereby given that the Creditors of the Company are
required on or before September 27, 2004, to send their names
and addresses and the particulars of their debts or claims to
the Liquidator of the Company and, if so required by notice in
writing from the said Liquidator, to come in and prove their
said debts or claims at such time and place as shall be
specified in such notice or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- Notice is hereby given that the Final General Meeting of the
Sole Member of Kirriemuir Limited will be held at the offices of
Cox Hallett Wilkinson at Milner House, 18 Parliament Street,
Hamilton, Bermuda, on the 12th day of October, 2004 at 10
o'clock in the forenoon for the following purposes:

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

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

3) by resolution dissolving the Company.

CONTACT: Mr Kim R. White, Liquidator
         Milner House
         18 Parliament Street
         Hamilton, Bermuda


SUEXMAX SHIPOWNING: Appoints Arthur Jones as Liquidator
-------------------------------------------------------
        IN THE MATTER OF THE COMPANIES ACT 1981

                         and

      IN THE MATTER OF Suezmax Shipowning Limited

The Members of Suezmax Shipowning Limited, acting by written
consent without a meeting on September 8, 2004, passed the
following Resolutions:

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

2) THAT Mr. Arthur E.M. Jones be appointed Liquidator for the
purpose of such winding-up, such appointment to be effective
forthwith.

The liquidator informs that:

- The Creditors of Suezmax Shipowning Limited which is in
Members' Voluntary Liquidation, are required, on or before
September 27, 2004 to send their full Christian and Surnames,
their addresses and descriptions, full particulars of their
debts or claims, and the names and addresses of their solicitors
(if any) to the undersigned at 3rd Floor, Par La Ville Place, 14
Par La Ville Road, Hamilton, Bermuda, the Liquidator of the said
Company, and if so required by notice in writing from the said
Liquidator, and personally or by their solicitors, to come in
and prove their debts or claims at such time and place as shall
be specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

-  The Final General Meeting of the Members of the above-named
Company will be held at 3rd Floor, Par La Ville Place, 14 Par La
Ville Road, Hamilton, Bermuda on October 15, 2004 for the
purpose of having an account laid before them, showing the
manner in which the winding-up has been conducted, and the
property of the Company disposed of, and of hearing any
explanation that may be given by the Liquidator, and also of
determining by Resolution the manner in which the books,
accounts and documents of the Company and of the Liquidator
thereof, shall be disposed of.

CONTACT: Mr. Arthur E.M. Jones, Liquidator
         3rd Floor, Par La Ville Place
         14 Par La Ville Road
         Hamilton, Bermuda



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

UNAGRO: To Repay Debt Within Six Months
---------------------------------------
Sugarcane farmer and manufacturer Union Agroindustrial de
Caneros (Unagro) insists that its debt with the Bolivian
government amounts to only US$19.3 million and not the US$33
million the government demands. Comtex Business reports that the
Company plans to repay this debt within six months.

CONTACT: Corporacion UNAGRO S.A.
         Minero, Santa Cruz
         Republica de Bolivia
         Telefono/Fax: 591 3 924 6044



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

BANCO BRADESCO: Moody's Ups LTFC Debt, Deposit Ratings
------------------------------------------------------
Moody's Investors Service upgraded Brazilian bank Banco Bradesco
S.A.'s long-term foreign currency debt rating to Ba2 from Ba3
and long-term foreign currency deposit rating to B2 from B1.

The outlook on all ratings remains stable.

The rating action is the direct result of the upgrade by Moody's
on Brazil's country ceiling for foreign currency bonds and notes
to B1, from B2, as well as Brazil's country ceiling for foreign
currency bank deposits to B2, from B3. The local currency
government bond rating was also upgraded to Ba3, from B2. The
upgrade reflects Moody's view that a continued export expansion
combined with less reliance on foreign-currency borrowing, which
has sharply reduced the ratio of external debt to exports, is
sustainable.

Banco Bradesco is the largest private bank in Brazil with
BRL176.1 billion of total assets as of December 2003.


BANCO DO BRASIL: Sovereign Upgrade Lifts Bank's Ratings
-------------------------------------------------------
Moody's Investors Service upgraded Banco do Brasil S.A.'s long-
term foreign currency debt rating to Ba2 from Ba3 and long-term
foreign currency deposit rating to B2 from B1.

The outlook on all ratings remains stable.

The rating action is the direct result of the upgrade by Moody's
on Brazil's country ceiling for foreign currency bonds and notes
to B1, from B2, as well as Brazil's country ceiling for foreign
currency bank deposits to B2, from B3. The local currency
government bond rating was also upgraded to Ba3, from B2. The
upgrade reflects Moody's view that a continued export expansion
combined with less reliance on foreign-currency borrowing, which
has sharply reduced the ratio of external debt to exports, is
sustainable.

BB is Brazil's largest commercial bank. Based in Brasilia, it
operates through 13,220 outlets, including 3,241 domestic
branches at end-2003. BB holds a leading 29% market share in f/x
contracts closed for exports, is the largest funds manager in
the country with a market share of 19%, and holds about 20% of
the country's total deposits.


BANCO RURAL: Moody's Ups LTFC Debt, Deposit Ratings
---------------------------------------------------
Moody's Investors Service upgraded Banco Rural S.A.'s long-term
foreign currency debt rating to B1 from B2 and the bank's long-
term foreign currency deposit rating to B2 from B3.

The outlook on all ratings remains stable.

The rating action is the direct result of the upgrade by Moody's
on Brazil's country ceiling for foreign currency bonds and notes
to B1, from B2, as well as Brazil's country ceiling for foreign
currency bank deposits to B2, from B3. The local currency
government bond rating was also upgraded to Ba3, from B2. The
upgrade reflects Moody's view that a continued export expansion
combined with less reliance on foreign-currency borrowing, which
has sharply reduced the ratio of external debt to exports, is
sustainable.


BANCO SAFRA: Upgrade on Brazil Lifts Bank's Ratings
---------------------------------------------------
Moody's Investors Service upgraded Banco Safra S.A.'s long-term
foreign currency debt rating to Ba2 from Ba3 and long-term
foreign currency deposit rating to B2 from B1.

The outlook on all ratings remains stable.

The rating action is the direct result of the upgrade by Moody's
on Brazil's country ceiling for foreign currency bonds and notes
to B1, from B2, as well as Brazil's country ceiling for foreign
currency bank deposits to B2, from B3. The local currency
government bond rating was also upgraded to Ba3, from B2. The
upgrade reflects Moody's view that a continued export expansion
combined with less reliance on foreign-currency borrowing, which
has sharply reduced the ratio of external debt to exports, is
sustainable.


CELG: Goias to Sell 41% Stake
-----------------------------
The Goias state government has hired consulting firm Integral
Trust to manage its planned sale of a 41 percent non-controlling
stake in power distributor Celg, says Business News Americas.

The government expects to raise around BRL700 million from this
offering. The money raised will be used to repay the BRL375
million debt it owes to Celg.

Celg CFO Javahe de Lima says that the shares will carry voting
rights to make it eligible for listing with the Sao Paulo stock
exchange (Bovespa) under the Novo Mercado.

A Bovespa listing requires Celg to convert all non-voting shares
to voting right shares in addition to increasing transparency in
accounting and corporate governance. This process is complex and
could take between two and five years.

Celg has been at work negotiating its debt. The company has
secured an 18-year debt rollover agreement with federal
electricity holding company Eletrobras and last August it agreed
to pay BRL176.2 million in power bills owed to CDSA. Full
payment will be made over the next 36 months.


CVRD: Ratings Raised Following Sovereign Upgrade
------------------------------------------------
Moody's Investors Service upgraded Vale Overseas Ltd.'s senior
unsecured foreign currency debt ratings (to/from):

The ratings affected are:

- US$300 million 9% guaranteed notes due 2013   Ba1      Ba2
- US$500 million 8.25% guaranteed
     global notes due 2034                      Ba1      Ba2
- senior unsecured guaranteed shelf           (P)Ba1  (P) Ba2

All debt issues and any issuance under the shelf are guaranteed
by Rio de Janeiro-based Companhia Vale do Rio Doce (CVRD), whose
shelf rating for senior unsecured foreign currency issuance was
upgraded to (P)Ba1 from (P)Ba2.

All the rating actions were prompted by Moody's upgrade of
Brazil's long-term foreign currency ceiling to B1 from B2.

Moodys' said the Ba1 foreign currency rating of CVRD and its
guaranteed subsidiaries remains linked to Brazil's B1 long-term
foreign currency ceiling, but is also a function of the
company's Baa2 global local currency rating, which reflects the
underlying operating and cash generation strength of CVRD.


GERDAU: Analysts See North Star Buy As Inexpensive
--------------------------------------------------
Some analysts consider Gerdau Ameristeel's (TSX: GNA) announced
purchase of North Star Steel assets and facilities from US
company Cargill for US$266 million as inexpensive, reports
Business News Americas.

But these analysts admit it is difficult to make a proper
analysis of the acquisition, as Gerdau's management did not
disclose the liabilities of North Star they will assume with the
transaction.

The North American subsidiary of Brazilian long steelmaking
group Gerdau (NYSE: GGB) announced on Sep.9 that its US
operating unit has entered into definitive agreements with
Cargill to purchase the fixed assets and working capital of four
long steel product minimills in St. Paul, Minnesota; Wilton,
Iowa; Calvert City, Kentucky; and Beaumont, Texas; three wire
rod processing facilities in Beaumont, Texas; Carrollton, Texas;
and Memphis, Tennessee; and a grinding ball facility in Duluth,
Minnesota.

The transaction is likely to be completed by year-end.

CONTACT: Gerdau S.A.
         Avenida Farrapos 1811
         Porto Alerge
         RS 90220-005
         Brazil
         Phone: +55 3323 2000
         Web Site: http://www.gerdau.com.br/


UNIBANCO: Moody's Ups Foreign Currency Debt, Deposit Ratings
------------------------------------------------------------
Moody's Investors Service upgraded Brazilian bank Uniao de
Bancos Brasileiros S.A.'s (Unibanco) long-term foreign currency
debt rating to Ba2 from Ba3 and long-term foreign currency
deposit rating to B2 from B1.

The outlook on all ratings remains stable.

The rating action is the direct result of the upgrade by Moody's
on Brazil's country ceiling for foreign currency bonds and notes
to B1, from B2, as well as Brazil's country ceiling for foreign
currency bank deposits to B2, from B3. The local currency
government bond rating was also upgraded to Ba3, from B2. The
upgrade reflects Moody's view that a continued export expansion
combined with less reliance on foreign-currency borrowing, which
has sharply reduced the ratio of external debt to exports, is
sustainable.

Headquartered in Sao Paulo, Brazil, Unibanco registered total
assets of BRL71.5 billion as of March 2004.

CONTACT: Unibanco - Uniao de Bancos Brasileiros S.A.
         Ave. Eusebio Matoso, 891 - 15th floor
         Sao Paulo, SP 05423-901- Brazil
         Tel.: (55 11) 3097-1313
         Fax: (55 11) 3097-6182
         e-mail: investor.relations@unibanco.com.br
         Web Site: www.ir.unibanco.com


VOTORANTIM GROUP: Moody's Ups Ratings on $300M Sr. Unsec. Notes
---------------------------------------------------------------
Moody's Investors Service upgraded the foreign currency debt
ratings of Voto-Votorantim Overseas Trading Op. III Ltd. to Ba3
from B1.

The upgrade, which affects the group's US$300 million senior
unsecured long term notes, is concurrent with Moody's upgrade of
Brazil's long-term foreign currency ceiling to B1 from B2.

The rating agency said the Ba3 rating reflects the
creditworthiness of the Votorantim group and the operating
company guarantors and additionally incorporates convertibility
risk of the Brazilian Real. The outlook is stable, as the
outlook on the Brazilian government's B2 foreign currency bond
rating is stable.

Sao Paulo-based Votorantim group is one of the largest private
industrial conglomerates in Latin America, with large scale
production in cement, pulp and paper, and metals and mining
industries. The group is also actively engaged in the production
of chemicals and flexible packaging films, frozen concentrated
orange juice, energy, financial services and venture capital
investments.



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

ICE: Poised For Comptroller General's OK on Ericsson Deal
---------------------------------------------------------
Costa Rica's electricity and telecoms monopoly anticipates
approval from the country's comptroller general on a mobile
contract currently on hold with Sweden's Ericsson (Nasdaq:
ERICY), reports Business News Americas.

The controller general rescinded a contract ICE originally
awarded to Ericsson in June citing certain "inconsistencies" in
the bid. But now ICE and Ericsson believe they have enough
information to support their case.

"We are absolutely certain the contract is going to receive the
approval of the comptroller, we believe the specific instances
have been addressed and that the work the comptroller requested
has resolved these aspects," ICE president Pablo Cob Saborio
said.

"I am confident this purchase is of utmost importance for the
country and in general for the development of ICE. A contingency
plan would have been drawn up had there been doubts," Cob
Saborio added.



=====================
E L   S A L V A D O R
=====================

* El Salvador Planned $286.5M Bond Issue Assigned 'BB+' Rating
--------------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB+' rating to
the Republic of El Salvador's planned US$286.5 million bond
issue due 2034 with a put at 15 years. Standard & Poor's also
said that it affirmed its 'BB+' long-term and 'B' short-term
sovereign credit ratings on the republic. The outlook remains
stable.

"The rating is supported by El Salvador's long history of
prudent macroeconomic management, stable institutions, and
structural reform," said Standard & Poor's Ratings Services
credit analyst Richard Francis.
"El Salvador has a strong and well-regulated banking system,
moderate debt, and falling interest rates-although widespread
poverty, demands on fiscal policy, and limited economic growth
pressure the country's credit standing," he added.

Mr. Francis said that the stable outlook balances the risk
associated with El Salvador's still significant (albeit
improving) fiscal deficit for a fully dollarized economy against
the anticipated boost to economic growth and flexibility
supported by structural reform and monetary stability.

"The government has no monetary flexibility, and it is therefore
imperative that fiscal performance be prudent," he noted. "If
the deficit fails to decline and growth falters, the
government's credit standing could come under pressure. However,
if fiscal discipline is strengthened significantly (most likely
through further improvements in revenue generation) and economic
growth rises, El Salvador's ratings could improve," Mr. Francis
concluded.

ANALYST:  Richard Francis, New York (1)-212-438-7348
          E-mail: Richard_francis@standardandpoors.com



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

C&WJ: Increases Call Rate by 30%
--------------------------------
The Jamaican Observer reports that local telco Cable & Wireless
(C&WJ) implemented a 30% increase in the amount it charges its
mobile customers to dial into competitor telco Gotel's network.

The rate went from JMD10 (US$0.16) to JMD13 (US$0.21) per
minute. The company explained that the hike was a response to
the earlier increase in the rate at which Gotel itself charges
C&W for terminating calls into its network. Previously, C&W paid
Gotel about JMD0.50 per minute for each call made by its
customers into Gotel's network. The new rate is JMD7 a minute

In the statement announcing the rate increase, Ian Neita, C&WJ's
senior vice-president in charge of mobile services said the rate
increase was unavoidable, given the magnitude of the increase it
faced.

"Following a 1,400 per cent increase in incoming termination
rates for calls made to Gotel numbers (effective August 1),
Cable & Wireless Jamaica has reluctantly increased its call
charges to its prepaid mobile customers for calling Gotel
numbers," said Neita.

Neita said that C&WJ's rate hike was necessary to cover the new
termination rate and costs related to handling calls over its
network.




                            ***********


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
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Information contained herein is obtained from sources believed
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members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
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