TCRLA_Public/040930.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

         Thursday, September 30, 2004, Vol. 5, Issue 194

                            Headlines


A R G E N T I N A

AUTOSISTEMAS SGA: Asset Liquidation Process Begins
BALUARTE S.A.: Seeks Court's Reorganization Approval
CAR & MEL: Court Approves Creditor's Bankruptcy Motion
CLALCIN S.A.: Creditor's Bankruptcy Petition Gets Court OK
CLUB DE GIMNASIA: Reorganization Authorized; Process Begins

CRESUD: Plans to Issue $30M Debt
DECANO INDUSTRIAL: Court Moves Claims Verification Deadline
DISI-NET S.A.: Court-Required Reports Deadlines Set
ESTABLECIMIENTOS DON VILLA: Seeks Bankruptcy Protection
IRSA: Board Summons Shareholders to Meeting

NII HOLDINGS: Nextel Proposes Share Sale In Public Offering
PAN AMERICAN ENERGY: Moody's Affirms, Assigns Ratings
PROTAMEX S.A.: Court Orders Liquidation
SYCON ARGENTINA: Files Petition to Reorganize
TELECOM ARGENTINA: Shareholder Meeting Set for Exchange Details


B E R M U D A

GLOBAL CROSSING: NASDAQ Grants Extension Request


B R A Z I L

ALCOA ALUMINIO: Fitch Raises Rating Following Sovereign Upgrade
ARACRUZ CELULOSE: Foreign Currency Rating Upgraded to BB-
CERJ: Anti-Theft Measures Prove Effective; Power Stealing Drops
COMPANHIA PETROLIFERA: Fitch Ups FC Rating In Line With Brazil's
CSN: Fitch Ups LTFC Rating After Raising Sovereign Rating

CST: Sovereign Upgrade Floats Individual Ratings
GERDAU ACOMINAS: FC Rating Now In Line With Sovereign Rating
MRS LOGISTICA: Fitch Raises Rating Following Sovereign Upgrade
RIPASA: Foreign Currency Rating Upgraded to BB-
SADIA S.A. Fitch Ups FC Rating In Line With Brazil's

SAMARCO: Fitch Ups LTFC Rating After Raising Sovereign Rating
SINGER: Extends Tender Offer for Brazil Secured Notes
TELEMAR: Fitch Raises Rating Following Sovereign Upgrade
* Fitch Upgrades Brazil Sovereign To 'BB-'


C O L O M B I A

AVIANCA: Restructuring Gets Creditor Support
TERMOEMCALI: Default Prompts `D' Rating From Fitch


J A M A I C A

JPSCo: To Remain Part of Mirant After Chapter 11 Emergence


M E X I C O

AMERICAN TOWER: Moody's Assigns Caa1 Rating to $300M Sr. Notes
TV AZTECA: Report on Controversial Debt Deal Expected End-Oct.
VITRO: New Issue Will Not Affect S&P Ratings


     - - - - - - - - - -

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

AUTOSISTEMAS SGA: Asset Liquidation Process Begins
--------------------------------------------------
Autosistemas SGA S.R.L. entered bankruptcy after Judge Carrega
of Buenos Aires' civil and commercial tribunal court no. 4
approved a bankruptcy motion filed by Robert Bosch Argentina
S.A., reports La Nacion. The Company's failure to pay
US$13,631.02 in debt prompted the creditor to file the petition.

Working with Dr. Juarez, the city's clerk no. 7, the court
assigned Ms. Silvia Ferrandina 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 December 1, 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: Autosistemas SGA S.R.L.
         Cabrera 3815
         Buenos Aires

         Ms. Silvia Ferrandina, Trustee
         Asuncion 4642
         Buenos Aires


BALUARTE S.A.: Seeks Court's Reorganization Approval
----------------------------------------------------
Judge Fernandez, serving for court no. 19 of Buenos Aires' civil
and commercial tribunal, is currently reviewing the merits of
the reorganization petition filed by local company Baluarte
S.A., reports La Nacion.

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. Durao, clerk no. 37, assists the court on this case.

CONTACT: Baluarte S.A.
         Salta 1275
         Buenos Aires


CAR & MEL: Court Approves Creditor's Bankruptcy Motion
------------------------------------------------------
Judge Dieuzeide of Buenos Aires' civil and commercial tribunal
court no. 1 declared Car & Mel S.R.L. bankrupt, says La Nacion.
The ruling comes in approval of the bankruptcy petition filed by
the Company's creditor, Banca Nazionale del Lavoro S.A., for
nonpayment of US$17,748.30 in debt.

The Company's trustee, Mr. Daniel Macri, will examine and
authenticate creditors' claims until November 23, 2004. This is
done to determine the nature and amount of the Company's debts.
Creditors must have their claims authenticated by the trustee by
the said date in order to qualify for the payments that will be
made after the Company's assets are liquidated.

Clerk no. 1, Dr. Fernandez Garello, assists the court on the
case that which will conclude with the liquidation of the
Company's assets.

CONTACT: Car & Mel S.R.L.
         Lope de Vega 3215
         Buenos Aires

         Mr. Daniel Macri, Trustee
         Simbron 5742
         Buenos Aires


CLALCIN S.A.: Creditor's Bankruptcy Petition Gets Court OK
----------------------------------------------------------
Banco RĄo de la Plata S.A. successfully sought for the
bankruptcy of Clalcin S.A. after Judge Gutierrez Cabello of
Buenos Aires' civil and commercial tribunal court no. 7 declared
the Company "Quiebra," reports La Nacion. Based on the ruling,
the data processing equipment supplier will now start the
bankruptcy process with Mr. Carlos Carrescia as trustee.
Creditors of the Company must submit their proofs of claim to
the trustee before December 6, 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.

The creditor sought to have the Company declared bankrupt after
the it failed to pay debts amounting to US$3,368.26. Dr.
O'Reilly, clerk no. 13, assists the court on the case, which
will culminate in the liquidation of all of its assets.

CONTACT: Clalcin S.A.
         Avenida de los Incas 3732
         Buenos Aires

         Mr. Carlos Carrescia, Trustee
         Tucuman 1621
         Buenos Aires


CLUB DE GIMNASIA: Reorganization Authorized; Process Begins
-----------------------------------------------------------
Judge Vassallo, working for court no. 5 of Buenos Aires' civil
and commercial tribunal, approved the "Concurso Preventivo"
petition filed by Club de Gimnasia y Esgrima, reports La Nacion.

The sports company will undergo a reorganization process under
the supervision of accounting firm "Estudio Fern ndez RodrĄguez
y Asociados." The firm will verify creditors' proofs of claim
until December 20, 2004. Verifications are done to ascertain the
nature and amount of the Company's debts. The firm will also
prepare the individual and general reports on the case.

Clerk no. 10, Dr. Djivaris, assists the court on the case.

CONTACT: Club de Gimnasia y Esgrima
         Bartolome Mitre 1142
         Buenos Aires

         Estudio Fernandez RodrĄguez y Asociados - Trustee
         Sarmiento 1452
         Buenos Aires


CRESUD: Plans to Issue $30M Debt
--------------------------------
Argentine agricultural producer Cresud SACIF (CRESY) informed
the Buenos Aires bourse of its intention to issue up to US$30
million worth of new bonds.

According to Dow Jones Newswires, the company will formally
propose the bond sale to shareholders on October 22. If approved
by shareholders, this would be Cresud's first bond sale since
late 2002, when the company issued US$50 million in debt.

Proceeds of the planned issue will be used to finance new
investment projects over the next five years.

CONTACT: Cresud S.A.C.I.F. y A
         Av. Roque Saenz Pena 832
         8th Fl.
         Buenos Aires
         Phone: 001-54-1-3287808


DECANO INDUSTRIAL: Court Moves Claims Verification Deadline
-----------------------------------------------------------
Court no. 1 of Buenos Aires' civil and commercial tribunal
rescheduled key events in the Decano Industrial S.A. insolvency
proceedings to these dates:

1. Deadline for the verification of claims - November 17, 2004
2. Submission of Individual Reports - December 30, 2004
3. Submission of General Report - March 11, 2005
4. Informative Assembly - August 25, 2005

Mr. Tito Gargaglione serves as trustee on this case.

CONTACT: Mr. Tito Gargaglione, Trustee
         Medrano 833
         Buenos Aires


DISI-NET S.A.: Court-Required Reports Deadlines Set
---------------------------------------------------
Mr. Luis Maria Guastavino, the trustee assigned to supervise the
liquidation of Disi-Net S.A., will submit the validated
individual claims for court approval on December 22, 2004. These
reports explain the basis for the accepted and rejected claims.
He will also submit a general report on March 7, 2005.

Infobae reports that court no. 18 of Buenos Aires' civil and
commercial tribunal has jurisdiction over this bankruptcy case.
Clerk no. 35 assists the court with the proceedings.

CONTACT: Mr. Luis Maria Guastavino
         Nicolas Repetto 1115
         Buenos Aires


ESTABLECIMIENTOS DON VILLA: Seeks Bankruptcy Protection
-------------------------------------------------------
Court no. 7 of Buenos Aires' civil and commercial tribunal,
under Judge Gutierrez Cabello, is now analyzing whether to grant
Establecimientos Don Villa S.A. approval for its voluntary
bankruptcy motion.

Local daily La Nacion recalls that the company filed the
petition following cessation of debt payments since July 12,
2004. The company reports assets valued at US$77,738.68 and
liabilities totaling US$440,439.93.

Clerk of court Dr. O'reilly assists on this case.

CONTACT: Establecimientos Don Villa S.A.
         Avenida Belgrano 1235
         Buenos Aires


IRSA: Board Summons Shareholders to Meeting
-------------------------------------------
The board of directors of Argentina real estate company IRSA
Inversiones Y Representaciones Sociedad Anonima (NYSE: IRS),
(BCBA: IRSA) scheduled an ordinary and extraordinary
shareholders meeting for October 22, 2004 at 9:45 hrs. at its
headquarters located in Bolivar 108, 1§ floor, Buenos Aires
city. The shareholders meeting will consider, among other
topics, a report regarding the constitution of an Audit
Committee; the steps taken by the Board of Directors as
substitute responsible, in relation to the shareholders personal
property tax; and a report over the execution of an agreement
for the exchange of corporate services.

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/


NII HOLDINGS: Nextel Proposes Share Sale In Public Offering
-----------------------------------------------------------
NII Holdings, Inc. (Nasdaq: NIHD - News) announced Tuesday that
Nextel Communications, Inc. (Nasdaq: NXTL - News), the owner of
approximately 18% of its shares, proposes to sell 6,200,000 NII
Holdings' shares in a secondary public offering. Bear, Stearns &
Co. Inc. is the sole underwriter in this offering. NII will not
receive any proceeds from the offering. The offering is by
prospectus only. Prospectuses can be obtained from Bear, Stearns
& Co. Inc. at 383 Madison Avenue, New York, NY 10179.

The shelf registration statement relating to these securities
has been filed with and declared effective by the Securities and
Exchange Commission. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy nor shall
there be any sale of these securities in any state in which such
offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any
such state.

About NII Holdings, Inc.

NII Holdings, Inc., a publicly held company based in Reston,
Va., is a leading provider of mobile communications for business
customers in Latin America. NII Holdings, Inc. has operations in
Argentina, Brazil, Mexico and Peru, offering a fully integrated
wireless communications tool with digital cellular service,
text/numeric paging, wireless Internet access and International
Direct Connect(SM), an extension of Direct Connect(SM), a radio
feature that allows Nextel subscribers to communicate instantly
and across national borders. NII Holdings, Inc. trades on the
Nasdaq market under the symbol NIHD. Visit the Company's website
at http://www.nii.com.

Nextel, the Nextel logo, Nextel Online, Nextel Business Networks
and Nextel Direct Connect are trademarks and/or service marks of
Nextel Communications, Inc.

     CONTACTS:

     Investor Relations: Tim Perrott
     (703) 390-5113
     tim.perrott@nii.com

     Media Relations: Claudia E. Restrepo
     (786) 251-7020
     claudia.restrepo@nii.com


PAN AMERICAN ENERGY: Moody's Affirms, Assigns Ratings
-----------------------------------------------------
Moody's Investors Service affirmed the Ba2 global local currency
issuer rating and B1 foreign currency issuer rating of Pan
American Energy LLC (PAE). At the same time, the ratings agency
assigned a B1 foreign currency rating to the proposed issuance
of medium-term notes by Pan American Energy LLC, Argentine
Branch. The notes will be issued under the company's US$1
billion medium-term note program. The notes issued under the
program are guaranteed by Pan American Energy LLC. The outlook
for the ratings is stable.

Moody's said PAE's Ba2 global local currency rating is supported
by the company's substantial oil and gas reserves and strong
market share in Argentina; its position as a net exporter of oil
and gas; its fairly long reserve life on proven developed
reserves and favorable oil production growth outlook; its
efficient cost structure; the benefits derived from its
relationship with its majority owner, BP plc (rated Aa1); and
its appropriately conservative financial leverage.

However, the Ba2 rating also considers PAE's geographic
concentration; its small contribution to BP's worldwide
hydrocarbon reserves and production; economic instability and
political risk in Argentina and Bolivia, including the risk of
government interference through price controls and taxation,
with negative implications for natural gas reserve replacement;
PAE's high proportion of proved undeveloped reserves; recent
increases in and the potential for continued upward pressure on
its full-cycle costs; and the company's significant near-term
debt maturities.

PAE's B1 foreign currency rating reflects all of the factors
discussed above, as well as PAE's strong track record in
servicing its foreign currency debt obligations during the
Argentine financial crisis, its ability as an oil and gas
company operating in Argentina to keep up to 70% of its export
proceeds offshore, and the fact that it has a strong majority
owner that operates outside of Argentina.

PAE's B1 foreign currency rating takes into account Argentina's
Caa1 long-term foreign currency ceiling, which reflects a high
degree of foreign currency convertibility and transfer risk.

Moody's said its stable outlook for PAE's ratings assumes the
company will continue to maintain appropriately conservative
financial leverage (below US$2/boe proven developed reserves) as
it seeks to grow its oil reserves and production. The stable
outlook for PAE's foreign currency ratings is consistent with
Moody's stable outlook for Argentina's Caa1 sovereign ceiling.


PROTAMEX S.A.: Court Orders Liquidation
---------------------------------------
Protamex S.A. prepares to wind-up its operations following the
bankruptcy pronouncement issued by court no. 22 of Buenos Aires'
civil and commercial tribunal. The declaration effectively
prohibits the company from administering its assets, control of
which will be transferred to a court-appointed trustee.

Infobae reports that the court appointed Ms. Marta Estela Acuna
as trustee. She will be reviewing creditors' proofs of claims
until November 2, 2004. The verified claims will be the basis
for the individual reports to be presented for court approval on
December 15, 2004. Afterwards, the trustee will also submit a
general report on February 28, 2004.

Clerk no. 43 assists the court on this case, which will end with
the disposal of the company's assets to cover its liabilities.

CONTACT: Ms. Marta Estela Acuna, Trustee
         Combate de los Pozos 129
         Buenos Aires


SYCON ARGENTINA: Files Petition to Reorganize
---------------------------------------------
Sycon Argentina S.A. filed a "Concurso Preventivo" motion,
reports La Nacion. The Company is seeking to reorganize its
finances following cessation of debt payments since April this
year.

The Company's case is pending before court no. 15 of Buenos
Aires' civil and commercial tribunal, under judge Di Noto. Dr.
Vitale, clerk no. 30, assists the court in the proceedings.

Sycon is a gas network installation and maintenance firm
operating in the city of Buenos Aires.

CONTACT: Sycon Argentina S.A.
         Cosquin 4876
         Buenos Aires


TELECOM ARGENTINA: Shareholder Meeting Set for Exchange Details
---------------------------------------------------------------
The board of Telecom Argentina (NYSE: TEO) elected to summon
shareholders to an Ordinary General Meeting scheduled for
November 2, 2004 to deal with the issuance of Notes ("
Obligaciones Negociables ") to be delivered in exchanged of
currently existing debt, in the context to the debt
restructuring process.

As reported earlier, the controlled subsidiary Telecom Personal
S.A. launched a proposal to restructure its debt. Telecom
Argentina, as creditor to Telecom Personal for an amount of
ARS78,209,225, has had the opportunity to elect one of the three
options offered to all creditors (options A, B and C), by which
the transaction can be considered under normal and ordinary
market conditions.

In the meeting held September 24, the Board of Directors of
Telecom Argentina, with the participation of the members of the
Audit Committee, has ratified the decision of the officers of
the Company, in relation to the debt restructuring proposal of
Telecom Personal, that have elected Option A denominated in US
Dollars.

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



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

GLOBAL CROSSING: NASDAQ Grants Extension Request
------------------------------------------------
Global Crossing (NASDAQ: GLBCE) announced Tuesday that the
NASDAQ Listing Qualifications Panel granted the company's
request for an extension until October 8, 2004 to return to full
compliance with NASDAQ listing and Securities Exchange
Commission (SEC) filing requirements. As previously announced,
Global Crossing expects to return to compliance with SEC filing
requirements by Friday, October 8, 2004.

Global Crossing provides telecommunications solutions over the
world's first integrated global IP-based network. Its core
network connects more than 300 cities and 30 countries
worldwide, and delivers services to more than 500 major cities,
50 countries and 6 continents around the globe. The company's
global sales and support model matches the network footprint
and, like the network, delivers a consistent customer experience
worldwide.

Global Crossing IP services are global in scale, linking the
world's enterprises, governments and carriers with customers,
employees and partners worldwide in a secure environment that is
ideally suited for IP-based business applications, allowing e-
commerce to thrive. The company offers a full range of managed
data and voice products including Global Crossing IP VPN
Service, Global Crossing Managed Services and Global Crossing
VoIP services, to more than 40 percent of the Fortune 500, as
well as 700 carriers, mobile operators and ISPs.

CONTACTS: Global Crossing
          Press Contacts
          Ms. Becky Yeamans
          Phone: + 1 973-937-0155
          e-mail: PR@globalcrossing.com

          Ms. Fernanda Marques
          Phone: + 55 21-3820-4712
          e-mail: LatAmPR@globalcrossing.com

          Ms. Kirstie Phimister
          Europe
          Phone: + 44 (0) 1256-734063
          e-mail: EuropePR@globalcrossing.com

          Analysts/Investors Contact
          Mr. Mitch Burd
          Phone: +1 800-836-0342
          e-mail: glbc@globalcrossing.com

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



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

ALCOA ALUMINIO: Fitch Raises Rating Following Sovereign Upgrade
---------------------------------------------------------------
Fitch Ratings upgraded the long-term foreign currency rating of
Brazilian company Alcoa Aluminio S.A. to 'BB-' from 'B+'. The
outlook on the rating remains Stable. The rating action follows
the recent upgrade of the foreign currency rating of the
Federative Republic of Brazil to 'BB-' from 'B+'.


ARACRUZ CELULOSE: Foreign Currency Rating Upgraded to BB-
---------------------------------------------------------
Fitch Ratings has upgraded the long-term foreign currency rating
of Brazilian company Aracruz Celulose S.A. to 'BB-' from 'B+'.
The outlook on the rating remains Stable. The rating action
follows the recent upgrade of the foreign currency rating of the
Federative Republic of Brazil to 'BB-' from 'B+'.


CERJ: Anti-Theft Measures Prove Effective; Power Stealing Drops
---------------------------------------------------------------
Cerj, Rio de Janiero's state power distributor, expects to
recover 15 million reals in revenue for each percentage point
reduction in power theft with the recent upgrading of its power
distribution system. Business News Americas says the company has
spent $40 million in new equipment in its fight against power
pilferage. The upgrade includes raising power distribution
cables 10 meters above ground to make it less accessible for
illegal tapping. Public lighting systems have also been
reconfigured to discourage robbers.

The report adds that power theft in the cities of Duque de
Caxias, Sao Goncalo, Mage and Itaborai fell from 53 percent to 9
percent after the system was installed.


COMPANHIA PETROLIFERA: Fitch Ups FC Rating In Line With Brazil's
----------------------------------------------------------------
Fitch Ratings has upgraded the long-term foreign currency rating
of Brazilian company Companhia Petrolifera Marlim to 'BB-' from
'B+'. The outlook on the rating remains Stable. The rating
action follows the recent upgrade of the foreign currency rating
of the Federative Republic of Brazil to 'BB-' from 'B+'.


CSN: Fitch Ups LTFC Rating After Raising Sovereign Rating
---------------------------------------------------------
Fitch Ratings has upgraded the long-term foreign currency rating
of Brazilian company Companhia Siderurgica Nacional S.A. (CSN)
to 'BB-' from 'B+'. The outlook on the rating remains Stable.
The rating action follows the recent upgrade of the foreign
currency rating of the Federative Republic of Brazil to 'BB-'
from 'B+'.


CST: Sovereign Upgrade Floats Individual Ratings
------------------------------------------------
Fitch Ratings has upgraded the long-term foreign currency rating
of Brazilian company Companhia Siderurgica de Turbarao S.A.
(CST) to 'BB-' from 'B+'. The outlook on the rating remains
Stable. The rating action follows the recent upgrade of the
foreign currency rating of the Federative Republic of Brazil to
'BB-' from 'B+'.


GERDAU ACOMINAS: FC Rating Now In Line With Sovereign Rating
------------------------------------------------------------
Fitch Ratings has upgraded the long-term foreign currency rating
of Brazilian company Gerdau Acominas S.A. to 'BB-' from 'B+'.
The outlook on the rating remains Stable. The rating action
follows the recent upgrade of the foreign currency rating of the
Federative Republic of Brazil to 'BB-' from 'B+'.


MRS LOGISTICA: Fitch Raises Rating Following Sovereign Upgrade
--------------------------------------------------------------
Fitch Ratings upgraded the long-term foreign currency rating of
Brazilian company MRS Logistica S.A. (MRS) to 'BB-' from 'B+'.
The outlook on the rating remains Stable. The rating action
follows the recent upgrade of the foreign currency rating of the
Federative Republic of Brazil to 'BB-' from 'B+'.


RIPASA: Foreign Currency Rating Upgraded to BB-
-----------------------------------------------
Fitch Ratings has upgraded the long-term foreign currency rating
of Brazilian company Ripasa Celulose e Papel S.A. to 'BB-' from
'B+'. The outlook on the rating remains Stable. The rating
action follows the recent upgrade of the foreign currency rating
of the Federative Republic of Brazil to 'BB-' from 'B+'.


SADIA S.A. Fitch Ups FC Rating In Line With Brazil's
----------------------------------------------------
Fitch Ratings has upgraded the long-term foreign currency rating
of Brazilian company Sadia S.A. to 'BB-' from 'B+'. The outlook
on the rating remains Stable. The rating action follows the
recent upgrade of the foreign currency rating of the Federative
Republic of Brazil to 'BB-' from 'B+'.


SAMARCO: Fitch Ups LTFC Rating After Raising Sovereign Rating
-------------------------------------------------------------
Fitch Ratings has upgraded the long-term foreign currency rating
of Brazilian company Samarco Mineracao S.A. (Samarco) to 'BB-'
from 'B+'. The outlook on the rating remains Stable. The rating
action follows the recent upgrade of the foreign currency rating
of the Federative Republic of Brazil to 'BB-' from 'B+'.


SINGER: Extends Tender Offer for Brazil Secured Notes
-----------------------------------------------------
Singer N.V. (Symbol: SNGR) -- Singer N.V. ("Singer" or the
"Company") announced Tuesday 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 28, 2004 to 5:00 p.m., London
time, on September 29, 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 28, 2004, BFL received tenders from
holders of approximately $20,531,149 aggregate principal amount
of the Series A Notes, representing approximately 90% of the
outstanding principal amount of the Series A Notes and from
holders of approximately $27,525,747 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.

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.  Additional financial and other
information about the Company may be found at the investor
section of the Company's website http://www.singer.com.


TELEMAR: Fitch Raises Rating Following Sovereign Upgrade
--------------------------------------------------------
Fitch Ratings upgraded the long-term foreign currency ratings of
Tele Norte Leste Participacoes S.A. and Telemar Norte Leste S.A.
to 'BB-' from 'B+'. The outlook on the ratings remains Stable.
The rating actions follow the recent upgrade of the foreign
currency rating of the Federative Republic of Brazil to 'BB-'
from 'B+'.


* Fitch Upgrades Brazil Sovereign To 'BB-'
------------------------------------------
Fitch Ratings, the international rating agency, has upgraded
Brazil's long-term foreign and local currency ratings to 'BB-'
from 'B+'. The short-term rating is affirmed at 'B'. The Rating
Outlook is Stable. Fitch's rating action reflects a marked
turnaround in international trade performance, declining public
and external debt burdens, and a demonstrated commitment to
sound macroeconomic policies.

'The 25 basis point hike in the Selic policy rate earlier this
month and the fact that the authorities chose not to ramp up
spending ahead of Sunday's municipal elections, even in light of
strong tax performance so far this year, are further signals of
the determination to run sound macro policies in Brazil,' said
Roger Scher, Managing Director, Latin American Sovereigns, Fitch
Ratings.

Exports have expanded 34.8% in the January-August 2004 period
over the same period last year, reflecting both price and volume
increases and growth in a broad array of manufactured and
primary exports to diverse destinations. Fitch expects the trade
surplus to finish the year at US$33 billion, yielding a current
account surplus of 1.3% of gross domestic product (GDP).
Economic growth has proceeded apace, with Fitch forecasting a
4.7% expansion this year, moving imports up markedly, but not
creating substantive balance of payments pressures.

'It is a break with the past in Brazil, having strong GDP growth
without balance of payments pressures,' said Scher.

Brazil's external financing needs, which Fitch forecasts at
nearly US$33 billion next year, essentially unchanged from 2004,
remain heavy due to the legacy of past borrowing. Nevertheless,
current account surpluses, equity inflows and strong export
growth have yielded a declining net external debt burden,
forecast at under 140% of broad exports this year, down from a
high of 308% in 1999. Although this ratio still compares
unfavorably with the 'B' category median, forecast at 92% this
year, it is projected to fall below 100% in two years time.

The fiscal authorities continue to outperform their targets,
with the public sector primary surplus totaling 4.95% of GDP in
the 12 months to August. The authorities raised the full-year
2004 target to 4.5% of GDP this month, though the 2005 target
remains at 4.25%, still 0.5% of GDP higher than the previous
government's target. Exceptional tax performance has been
underpinned by the economic upturn as well as by the reform of
the Cofins (social security) tax last year. Domestic debt
reprofiling has reduced risks to the government, resulting in
only 27% of general government debt linked to or denominated in
foreign currencies, versus over 40% in 2002 before President
Lula took office. The monetary authorities, after bringing
interest rates down from a high of 26.5% in 2003, raised the
policy rate 25 basis points to 16.25% to counter rising
inflation expectations. Nevertheless, Fitch expects inflation to
finish 2004 at about 7.5%, within the central bank's target
range.

With this as a backdrop, Brazil's public and external debt
burdens have moved down, with gross general government debt down
4.7% of GDP in August 2004 from year-end 2003. Fitch expects
gross general government debt to finish the year at around 78%
of GDP, versus 'B' and 'BB' rating category medians of 67% and
47% respectively. Thus, Brazil's ratings remain constrained by
its heavy public and external debt burdens, though both are on a
declining trend.

'Another constraint to the ratings,' said Scher, 'is the limited
progress so far in implementing major microeconomic reforms.'

Fitch points out that such structural reforms as bankruptcy
legislation (which stands a good chance of passage after
October's municipal elections), central bank autonomy
legislation, labor reform, regulatory reform, second-stage
social security and tax reforms, and privatization could ensure
that Brazil moves beyond this current cyclical upswing toward
high, sustainable economic and export growth rates. Political
scandals and reform fatigue slowed the pace of reform this year,
and Fitch emphasizes that sovereign creditworthiness would be
served if reform efforts were redoubled after the municipal
elections.

CONTACT:  Roger M. Scher +1-212-908-0240, New York
          Richard Fox +44 (0)20 7417 4357, London



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

AVIANCA: Restructuring Gets Creditor Support
--------------------------------------------
Avianca's restructuring gains ground after a committee of
creditors approved a plan that would transfer a 75 percent
ownership in the troubled carrier to Brazil's Grupo Sinergy.
Dow Jones Newswires reports that Grupo Sinergy offered to carry
US$300 million of Avianca's debt in exchange for the stake. The
deal also involves a US$64 million capital infusion from the
Brazilian group.

The Company has until November 4 to seek creditor support for
the restructuring plan. After the exclusive period, creditors
will vote to confirm the plan on November 16.

Avianca, jointly owned by Valores Bavaria and the National
Federation of Coffee Growers, filed for bankruptcy protection in
March of 2003. Rising fuel prices and low demand has hurt the
Company's bottom line in recent years although the Company
posted a net profit of $18.9 million in the first seven months
of 2004.


TERMOEMCALI: Default Prompts `D' Rating From Fitch
--------------------------------------------------
Fitch Ratings downgraded the debt of TermoEmcali Funding Corp.
(TermoEmcali Funding) to 'D' from 'C' upon receipt of notice of
default from TermoEmcali management pursuant to Section
5.1(b)(vi) of the common agreement. The default affects holders
of 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 'D' rating indicates a probability of capital recovery
estimated below 50%. As highlighted in the Fitch Ratings press
release dated Sept. 9, 2004, TermoEmcali continues to face the
challenges of successfully renegotiating the formal terms of the
new power purchase agreement (PPA) with Empresas Municipales de
Cali (Emcali) (implied Fitch rating of 'D'), which will be
central to the successful restructuring of the TermoEmcali
10.125% bonds. Although discussions remain in progress with the
various relevant parties that include TermoEmcali, Emcali, the
Superintendencia de Servicios Publicos (SSP), InterGen, and
Ecopetrol/Ecogas, the timing and content of a final resolution
remains highly uncertain. Fitch will continue to monitor the
debt restructuring progress and follow up with any additional
rating comments.



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

JPSCo: To Remain Part of Mirant After Chapter 11 Emergence
----------------------------------------------------------
Jamaica Public Service Company (JPS) will continue to be under
the control of Mirant Corporation when the Atlanta-based energy
producer emerges from bankruptcy by June next year, reports the
Jamaica Observer. Mirant spokesperson, James Peters, says the
Company plans to retain JPS and its other non-US subsidiaries
when it emerges from Chapter 11, saying that JPS will not be
sold to help pay its debt. Mr. Peters adds: "JPS is a valuable
and strategic part of Mirant's global operations."

Meanwhile, JPS, 80 percent owned by Mirant, needs US$100 million
to fund its expansion plans. Mr. Peters remains confident that
the Jamaican company will continue to have sufficient resources
and access to the financial markets to raise this amount.

Mirant's bankruptcy filing is one of the largest in U.S.
history. The company fell into financial trouble after rising
operating costs and low power prices hurt its ability to
refinance around US$4.9 billion in bank and bond debt. The
Company's assets are valued at US$20.6 billion while its
liabilities are placed at US$11.4 billion.



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

AMERICAN TOWER: Moody's Assigns Caa1 Rating to $300M Sr. Notes
--------------------------------------------------------------
Moody's Investors Service assigned a Caa1 rating to the US$300
million 7 1/8% senior notes offering by American Tower
Corporation. American Tower is offering the notes in order to
raise funds to reduce its outstandings on the 9.375% senior
unsecured notes due 2009. This issuance will provide the company
with lower interest expense and extend maturities by
approximately 4 years.

Concurrently, Moody's affirmed American Tower's other debt
ratings as outlined below:

American Tower Corporation (American Tower)

- Senior Implied -- B2
- Speculative Grade Liquidity -- SGL-2
- US$225 million of 7.5% Senior Notes due 2012 -- Caa1
- US$636 million of 9.375% Senior Notes due 2009 -- Caa1
- US$298 million of 5.0% Convertible Notes due 2010 -- Caa1

American Towers, Inc. (ATI)

- US$808 million (face value) of 12.25% Senior Subordinated
  Discount Notes due 2008 -- B3
- US$400 million of 7.25% Senior Subordinated Notes
  due 2011 -- B3

American Tower, LP and American Towers, Inc. (co-borrowers)

- US$400 million senior secured revolving credit facility
  expiring 2011 -- B1
- US$300 million senior secured term loan A maturing
  2011 -- B1
- $400 million senior secured term loan B maturing 2011 -- B1

The outlook for all ratings is positive.

According to Moody's, the B2 senior implied rating reflects the
company's steadily improving free cash flow profile.

The Caa1 rating on the new and existing senior unsecured debt at
the ultimate parent holding company reflects their junior
position in the capital structure behind the higher rated
obligations at subsidiaries closer to the assets and cash flows
of the company.

The B1 rating on the senior secured credit facilities reflects
their priority position in the company's capital structure, and
their relatively modest proportion of the company's total debt
capital (21% at 2Q04).

The B3 rating for the unsecured debt at the intermediate ATI
level reflects the effective subordination of these securities
to the secured bank borrowings and other liabilities of the
company's operating subsidiaries.

The SGL-2 liquidity rating continues to reflect the good
liquidity profile of the company with healthy cash balances,
good free cash flows, and significant covenant cushion under its
credit facilities.

The positive rating outlook reflects Moody's opinion that should
the company continue to generate higher levels of free cash flow
the ratings are likely to be upgraded in the next 12 to 18
months.

Headquartered in Boston, American Tower Corporation is an
independent owner and operator of wireless communications and
broadcast towers in the U.S., Mexico, and Brazil.


TV AZTECA: Report on Controversial Debt Deal Expected End-Oct.
--------------------------------------------------------------
Ricardo Salinas, owner of Mexican broadcaster TV Azteca, told
reporters Tuesday that his company will file a report on a
controversial debt deal to U.S. and Mexico authorities by the
end of October, says Reuters.

"We are working on the final details. We are going to make a
public presentation and put it on the Internet so that everyone
can look at it," Mr. Salinas said.

The U.S. Securities and Exchange Commission and Mexican
authorities are investigating TV Azteca's failure to disclose
that Mr. Salinas and business partner Moises Saba had profited
about US$218 million by buying debt in unit Unefon SA
(UNEFON.MX) and then selling it back to the wireless service
provider.

Mr. Saba is chairman of Unefon, and Mr. Salinas is president of
the wireless carrier. At the time of the questioned debt
transaction, TV Azteca had a 46.5% stake in Unefon, which it
spun off last December.

CONTACT: Investor Relations
         Mr. Bruno Rangel
         5255 3099 9167
         jrangelk@tvazteca.com.mx

         Mr. Omar Avila
         5255 3099 004
         1oavila@tvazteca.com.mx

         Web Site: www.irtvazteca.com


VITRO: New Issue Will Not Affect S&P Ratings
--------------------------------------------
Standard & Poor's Ratings Services said that the announcement by
Vitro S.A. de C.V. (Vitro, B+/Negative/--) that it has issued
$230 million through its subsidiary Vitro Envases Norteamerica
S.A. de C.V. (Vena; B+/Negative/--) does not affect Vitro's
rating. Standard & Poor's was not asked to rate the new issue.
Standard & Poor's comments reflect Vitro's indications that the
announced issue will not lead to increased leverage given that
it will ultimately be used to refinance debt at the holding
company in the short term and that it intends to refinance the
new issue in more favorable terms with a new credit facility to
be provided by the International Finance Corp. Furthermore,
Vitro's announcement illustrates Standard & Poor's rationale
behind the equalization of Vena's ratings with those of its
parent company. The company's announcement that it has agreed to
sell its 50% interest in Vitro American National Can S.A. de
C.V. (Vancan, not rated) will not affect Vitro's rating or
outlook, given that it will not have a significant impact on
Vitro's consolidated business and financial profile. Vancan's
sales during 2003 represented about 2% of Vitro's consolidated
sales.

ANALYSTS:  Jose Coballasi, Mexico City (52) 55-5081-4414
           Santiago Carniado, Mexico City (52) 55-5081-4413





                            ***********


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

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

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