TCRLA_Public/041005.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, October 5, 2004, Vol. 5, Issue 197

                            Headlines


A R G E N T I N A

APSA: Acquires Additional Stake in Perez Cuesta
APSA: October 22 Shareholders Meeting Announced
CAMISUR S.A.: Debt Payments Halted, Set To Reorganize
CLINICA PRIVADA ALBERTI: Liquidation Initiated
CORTINAS HERMANOS: Creditor's Bankruptcy Petition Approved

DISCO: Cencosud Head Condemns Federal Court Rulings
EARA S.A.: Files Petition to Reorganize
EDESUR: Issues ARS120 Million Worth of Bonds
FRIGORIFICO ALCARAZ: Bankruptcy Initiated After Court Ruling
MERAK S.A.: Court Moves Informative Assembly

NII HOLDINGS: Terminates Previously Announced Sale
PAPELERA MOSCON: Liquidates Assets to Pay Debts
PLAN MEDICO: Court Declares Company Bankrupt
TERAPIA INTEGRAL: Gets Court Approval to Reorganize
TGS: Launches $1.02B Debt Restructuring Offer

WINE CONSULTING: Report Submission Schedule Set
VALI S.A.: Court Grants Motion to Reorganize
* ARGENTINA: Citibank Announces Interest on Bonds
* ARGENTINA: Deutsche Bank Economist Deems Debt Offer "Sound"


B E R M U D A

FOSTER WHEELER: Elects New Directors
FOSTER WHEELER: S&P Affirms Chilean Unit's Rating
GLOBAL REINSURANCE: Appoints Robin Mayor as Liquidator


B R A Z I L

BRASKEM: Board of Directors Results Released
SINGER: Closes Sale of Sewing Business
SINGER: Reports 2Q04 Results After Unit Sale
UNIBANCO: Reports Improved Liquidity


C O L O M B I A

PAZ DEL RIO: Danieli Secures Rationalization Contract



D O M I N I C A N   R E P U B L I C

* Details Dominican Republic Bondholders' Committee Formation


J A M A I C A

JPSCo: Month's Suspension Allowed to Comply With Standards


M E X I C O

GRUPO DESC: Proposes to Delist From NYSE


P E R U

* PERU: IMF Concludes First Review of SDR287Mln SBA



V E N E Z U E L A

EDC: JP Morgan Pegs Interest for 2006 Floating Rate Bonds
PDVSA: Denies Talks to Buy Shell's Argentine Unit


     - - - - - - - - - -


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

APSA: Acquires Additional Stake in Perez Cuesta
-----------------------------------------------
Alto Palermo SA (APSA), the shopping center unit of Argentine
real estate developer IRSA-Inversiones y Representaciones SA
(IRS), said it has executed an agreement for the acquisition of
49.9% of the shares of Perez Cuesta S.A.C. e I.

With the acquisition, the Company will increase its holding in
Perez Cuesta from 18.9% to 68.8%. No price was given for the
transaction, which still needs approval from Argentina's
antitrust authorities.

Perez Cuesta operates the shopping center Mendoza Plaza
Shopping, a mall in the provincial capital of Mendoza. APSA said
the increased stake allows the company to expand its reach into
the western province, a region that draws heavy domestic and
foreign tourist traffic because of its mountains, wineries and
proximity to Chile.

CONTACT:  Alto Palermo S.A. (APSA)
          2/F
          476 Hipolito Yrigoyen
          Buenos Aires
          Argentina
          Phone: +54 11 4344 4600
          Home Page: http://www.altopalermo.com.ar
          Contacts:
          Eduardo Sergio Elsztain, Chairman
          Marcos Marcelo Mindlin , Vice Chairman
          Aaron Gabriel Juejati, Vice Chairman


APSA: October 22 Shareholders Meeting Announced
-----------------------------------------------
The Board of Directors of Alto Palermo S.A. (APSA) called for an
ordinary and extraordinary shareholders meeting to be held next
October 22, 2004 at 9:00 am hours, outside it headquarters, in
Bolivar 108 1ø floor, Buenos Aires city, Argentina. The
shareholders meeting will consider, among other items which are
usual in an ordinary shareholders meeting, the action taken by
the Company as substitute responsible, in relation to the
shareholders personal property tax, a report over the action
taken by the Company in relation to the mergers proceedings, the
execution of an agreement for the exchange of corporate services
with Irsa Inversiones y Representaciones Sociedad Anonima and
Cresud S.A.C.I.F y A, and the implementation of the Audit
Committee.


CAMISUR S.A.: Debt Payments Halted, Set To Reorganize
-----------------------------------------------------
Judge Carrega, serving under court no. 4 of Buenos Aires' civil
and commercial tribunal, is now analyzing whether to grant
Camisur S.A. approval for its petition to reorganize.

Local daily La Nacion reports that the textile company operates
in the province of Tierra del Fuego in Rio Grande and in
Antartida e Islas del Atlantico.

Dr. Anta, clerk no. 8, assists the court on this case.

CONTACT: Camisur S.A.
         Avenida Corrientes 2621
         Buenos Aires


CLINICA PRIVADA ALBERTI: Liquidation Initiated
----------------------------------------------
Clinica Privada Alberti S.A. of Mar del Plata will begin
liquidating its assets after court no. 3 of Buenos Aires' civil
and commercial tribunal declared the company bankrupt. Infobae
reveals that the bankruptcy process will commence under the
supervision of court-appointed trustee Maria del Carmen Alfano.

CONTACT: Clinica Privada Alberti S.A.
         Rawson 1415
         Mar del Plata

         Ms. Maria del Carmen Alfano, Trustee
         Alberti 3065
         Mar del Plata


CORTINAS HERMANOS: Creditor's Bankruptcy Petition Approved
----------------------------------------------------------
Mr. Ignacio Sosa successfully sought a bankruptcy judgement
against Cortinas Hermanos y Cia S.R.L. after Judge Gonzalez of
Buenos Aires' civil and commercial tribunal court no. 8 declared
the Company "Quiebra," reports La Nacion.

As such, the electronics shop will now start the bankruptcy
process with Ms. Sara Maria Rey de Lavolpe as trustee. Creditors
of the Company must submit their proofs of claim to the trustee
before December 22, 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.

Mr. Sosa sought for the Company's bankruptcy after the latter
failed to pay debts amounting to US$41,505.44.

Dr. Lezaeta, clerk no. 15, assists the court on the case, which
will close with the liquidation of all the Company's assets.

CONTACT: Cortinas Hermanos y Cia S.R.L.
         Avenida Entre Rios 472
         Buenos Aires

         Ms. Sara Maria Rey de Lavolpe, Trustee
         Avenida Independencia 2251
         Buenos Aires


DISCO: Cencosud Head Condemns Federal Court Rulings
---------------------------------------------------
Mr. Horst Paulmann, Chief Executive Officer of Chilean retail
chain Cencosud, slammed provincial Argentine courts for causing
delays in Cencosud's purchase of Argentine supermarket chain
Disco SA from Dutch Royal Ahold N.V., reports Dow Jones
Newswires.

Two federal judges in separate cities in the province of Mendoza
have issued rulings blocking Cencosud's acquisition of Disco,
and these rulings have prevented Argentina's National Commission
for Defense of Competition from reviewing the acquisition.

"It is absurd, and we hope that the courts lift the measure and
let the government fulfill the law," said Paulmann in comments
made Thursday at a business seminar.

Mr. Ismael Malis, who heads the Commission, said his office has
appealed the Mendoza court decisions.

Cencosud said in early March that it was buying Disco from Ahold
for US$315 million. Consumer groups and some lawmakers are
opposed to the deal, as it will lead to over-concentration in
Argentina's retail sector. A required stage of the antitrust
process that invites interested parties to present their views
on the transaction hasn't yet taken place because of the court
rulings.

CONTACT:  DISCO S.A.
          Larrea 847, Piso 1
          1117 Buenos Aires, Argentina
          Phone: +54-11-4964-8000
          Fax: +54-11-4964-8076
          Home Page: http://www.disco.com.ar


EARA S.A.: Files Petition to Reorganize
---------------------------------------
Agricultural equipment distributor Emporio Argentino de
Repuestos Agr¡colas S.A.(EARA)filed a "Concurso Preventivo"
motion, reports La Nacion. The Company is seeking to reorganize
its finances following cessation of debt payments since May this
year. In its filing, the Company indicated assets valued at
US$2,632,400.11 and liabilities totaling US$882,787.48.

The Company's case is pending before court no. 11 of Buenos
Aires' civil and commercial tribunal, under Judge Bargallo. Dr.
Marino, clerk no. 22, assists the court with the proceedings.

CONTACT: Emporio Argentino de Repuestos Agricolas S.A.
         Joaqu¡n V. Gonzalez 2250
         Buenos Aires


EDESUR: Issues ARS120 Million Worth of Bonds
--------------------------------------------
Argentine power distributor Edesur (DSUR.BA) revealed late
Thursday that it has placed two corporate bond issues worth
ARS120 million ($1=ARS2.9825) under a US$450 million program,
reports Dow Jones Newswires. The bonds were issued in two
tranches: one was ARS40 million for 18 months with 10.45% annual
interest and the other was ARS80 million for three years at a
variable interest rate. Both tranches received offers above the
amount placed, Edesur said, adding that it will use the proceeds
from the bond sale to pay off debts.

"With this current issuance, Edesur returns to the capital
markets, making it the first company to issue (debt) in pesos at
a maturity of three years, even when the company hasn't finished
reversing the effects generated by one of the most significant
crises experienced in Argentina, highlighting the confidence
demonstrated by investors ... in the future of Edesur," the
company said in a statement.

The banks that worked on the issue were ABN Amro, Comafi and
Macro Bansud.

Edesur reported net losses of US$2.3 million for the first half
of 2004 and Net Equity of ARS2.1 billion as of June 30, 2004.
Like the rest of the country's utility sector, the company is
battling uncertainty over future rate increases and contract
renegotiations. Talks with the government have been slow-going
and the Planning Ministry is expected to extend its deadline for
reworking concessions from the end of 2004 into next year.

Edesur holds an exclusive license to provide electricity
distribution services in the central and southern areas of
Buenos Aires as well as the southeastern portion of the Greater
Buenos Aires area. It serves a population of over 6 million
people making it the largest electric distribution outfit in
Argentina in terms of volume distributed.

CONTACT: Edesur S.A.
         San Jos, 140
         Buenos Aires
         Tel: 4383-0200
              4381-1313


FRIGORIFICO ALCARAZ: Bankruptcy Initiated After Court Ruling
------------------------------------------------------------
Frigorifico Alcaraz S.A. enters bankruptcy protection after
court no. 10 of Lomas de Zamora's civil and commercial tribunal
ordered the company's liquidation. The order effectively
transfers control of the company's assets to the court-appointed
trustee who will supervise the liquidation proceedings.

Infobae reports that the court selected Mr. Carlos Horacio
Machiavello as trustee. He will be verifying creditors' proofs
of claims until the end of the verification phase on October 22,
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 10, 2004 followed by the general report, which is
due on February 25, 2005.

CONTACT: Frigorifico Alcaraz S.A.
         Humberto Primo 2848
         Lanus

         Mr. Carlos Horacio Machiavello, Trustee
         Loria 92
         Lomas de Zamora


MERAK S.A.: Court Moves Informative Assembly
--------------------------------------------
Court no. 7 of Buenos Aires' civil and commercial tribunal moved
the scheduled informative assembly for the Merak S.A.
reorganization case to August 31, next year. The company's
creditors will vote to ratify the completed settlement plan
during the assembly.

Clerk no. 13 assists the court on this case.

CONTACT: Merak s.a.
         Merlo 366
         Moreno
         Phone: (54)-(237) 4630009


NII HOLDINGS: Terminates Previously Announced Sale
--------------------------------------------------
NII Holdings, Inc. (Nasdaq: NIHD) announced Friday, after
consultation with Bear, Stearns & Co. Inc., the termination of
the previously announced sale by Nextel Communications, Inc. of
6,200,000 shares of NII Holdings common stock in a secondary
underwritten public offering. Nextel Communications owns
approximately 18% of NII Holdings Common Stock.

The termination of the sale has occurred following the
identification by NII Holdings that certain liability accounts
at its Nextel Mexico subsidiary do not have the proper
reconciliation with the books and records of the subsidiary. The
company does not believe that this matter has any impact on its
revenues or cash accounts. This identification occurred as part
of NII Holdings' ongoing review of all of its internal accounts
and records in order to comply with the requirements of Section
404 of the Sarbanes-Oxley Act of 2002. At the present time, NII
Holdings expects that this matter reflects a cumulative net
understatement of the income of Nextel Mexico and a
corresponding net overstatement of its liabilities for the
fiscal years ended December 31, 2002 and December 31, 2003 and
the first eight months of 2004. NII Holdings estimates that the
maximum cumulative effect of the understatement of income is
$9.0 million over this period.

NII Holdings will continue to investigate this matter in order
to reach a final determination on the exact impact of this
matter on the company's financial statements. NII Holdings is
evaluating the effect on particular quarters, but believes that
there may be understatements of income for certain quarters and
overstatements of income for other quarters. Management believes
that the fundamental operations of the business are sound.

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.


PAPELERA MOSCON: Liquidates Assets to Pay Debts
-----------------------------------------------
Buenos Aires-based Papelera Moscon S.A.I.C. will begin
liquidating its assets following the bankruptcy pronouncement
issued by court no. 11 of Buenos Aires' civil and commercial
tribunal, says Infobae. The bankruptcy ruling places the company
under the supervision of court-appointed trustee Orlando Omar
Vegega. Mr. Vegega will verify creditors' proofs of claims until
November 16, 2004. Afterwards, the validated claims will be
presented in court as individual reports on February 2, 2005.

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 17, 2005.

The bankruptcy process will end with the disposal company assets
in favor of its creditors.

CONTACT: Mr. Orlando Omar Vegega, Trustee
         Aguirre 666
         Buenos Aires


PLAN MEDICO: Court Declares Company Bankrupt
--------------------------------------------
Judge Gonzalez, serving under court no. 8 of Buenos Aires' civil
and commercial tribunal, declared local company Plan Medico San
Martin de Porres S.A. "Quiebra", relates La Nacion. The court
approved the bankruptcy petition filed by Imagen Test S.A. for
unpaid debt amounting to US$579.79.

The Company will undergo the bankruptcy process with Mr. Pedro
Mazzola as its trustee. Creditors are required to present their
proofs of claims to the trustee for verification before December
1, 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: Plan Medico San Martin de Porres S.A.
         Malabia 342
         Buenos Aires

         Mr. Pedro Mazzola, Trustee
         Cramer 1859
         Buenos Aires


TERAPIA INTEGRAL: Gets Court Approval to Reorganize
---------------------------------------------------
Terapia Integral S.A.C. will begin reorganization following the
approval of its petition by court no. 10 of Buenos Aires' civil
and commercial tribunal. The opening of the reorganization will
allow the company to negotiate a settlement with its creditors
in order to avoid a straight liquidation.

Accounting firm "Estudio Kullahian, Diaz y Asociados" will
oversee the reorganization proceedings as the court-appointed
trustee. The firm will verify creditors' claims until November
17, 2004. The validated claims will be presented in court as
individual reports on February 1, 2005.

The trustee is also required by the court to submit a general
report essentially auditing the company's accounting and
business records as well as summarizing important events
pertaining to the reorganization. This report will be presented
in court on March 15, 2005.

The Informative Assembly, the final stage of a reorganization
where the settlement proposal is presented to the company's
creditors for approval, is scheduled on September 7, 2005.

CONTACT: "Estudio Kullahian, Diaz y Asociados"
          Trustee
          Uruguay 750
          Buenos Aires


TGS: Launches $1.02B Debt Restructuring Offer
---------------------------------------------
Transportadora de Gas del Sur (TGS), an Argentine natural gas
pipeline operator, launched late Friday a proposal to
restructure US$1.02 billion in debt, reports Dow Jones
Newswires.

A filing with the local stock exchange revealed that TGS is
offering a combination of a cash payment and two new bonds for
four old tranches worth US$600 million, short-term debt worth
$92.6 million and a $326 million loan from the Inter-American
Development Bank.

The offer expires on Nov. 5 and needs 96% creditor participation
- about $98 billion - to be successful. If the agreement rate
comes in below 96%, TGS will seek an out-of-court restructuring
deal known in Spanish as an APE, though the repayment terms
would see some modifications under an APE.

The gas transporter is offering a cash payment worth 11% of the
nominal value of the debt, as well as two bonds.

The first is a six-year note with an interest rate that begins
at 5.3% and goes up to 7.5%. Capital payments start in the first
year at 9% and climb to 27% by the sixth installment.

The second note has a nine-year maturity with an interest rate
ascending from 7% to 10%, with capital payments beginning in the
seventh year at 41% and coming down to 15% by the third payment.

Dow Jones adds that TGS is also offering to pay past-due
interest. The company said it will pay the amount accrued on the
old obligations to Dec. 31, 2003, as well as a rate of 6.18% on
the debt between Jan. 1, 2004 and the date of the exchange.

If the agreement rate is more than 85% but below the desired
96%, the proposed terms stay the same. If acceptance falls short
of 85%, the cash component of the deal will be split up into two
installments - one after the initial court approval and another
after the final legal clearance. If the agreement rate is below
75%, TGS will not make any cash payment until the final court
approval.

CONTACT:  Don Bosco 3672, 6th Fl.
          C1206ABD Buenos Aires, Argentina
          Phone: +54-11-4865-9050
          Fax: +54-11-4865-7154
          E-mail: eduardo_pawluszek@tgs.com.ar
          Web Site: http://www.tgs.com.ar/


WINE CONSULTING: Report Submission Schedule Set
-----------------------------------------------
Ms. Liliana Mabel Oliveros Peralta, the trustee assigned to
supervise the reorganization of Wine Consulting S.R.L., will
submit the validated individual claims for court approval on
December 14, 2004. These reports explain the basis for the
accepted and rejected claims. She will also submit a general
report on February 23, 2005.

Infobae reports that court no. 2 of Buenos Aires' civil and
commercial tribunal has jurisdiction over this bankruptcy case.
Clerk no. 4 assists the court with the proceedings.

CONTACT: Ms. Liliana Mabel Oliveros Peralta, Trustee
         Viamonte 1337
         Buenos Aires


VALI S.A.: Court Grants Motion to Reorganize
--------------------------------------------
Vali S.A. successfully petitioned for reorganization after court
no. 7 of Buenos Aires' civil and commercial tribunal issued a
resolution opening the company's insolvency proceedings.

During insolvency, the company will continue to manage its
assets subject to certain conditions imposed by Argentine law
and the oversight of a court-appointed trustee.

Infobae relates that Mr. Jorge Stanislavsky will serve as
trustee during the course of the reorganization. The firm will
be accepting creditors' proofs of claims for verification until
November 12, 2004.

After the verification deadline, the trustee will prepare the
individual reports and submit it in court on December 27, 2004.
The firm will also present a general report for court review on
March 8, 2005.

The company will endorse the settlement proposal, drafted from
the submitted claims, for approval by the creditors during the
informative assembly scheduled on August 31, 2005.

CONTACT: Mr. Jorge Stanislavsky, Trustee
         Talcahuano 768
         Buenos Aires


* ARGENTINA: Citibank Announces Interest on Bonds
-------------------------------------------------
                 THE REPUBLIC OF ARGENTINA

                 Floating Rate Bond Due 2005

In accordance with the provisions of the Fiscal Agency
Agreement, notice is hereby given that for the six-month
interest period from September 30, 2004 to March 29, 2005 the
Bonds will carry an Interest Rate of 3.0% p.a. and the Coupon
Amount per US$1,000 originally issued face amount of the Notes
will be US$1.20

CONTACT: Citibank Agency & Trust
         Ms. Karen Montbach
         Citibank
         111 Wall St., 14th Floor
         New York, NY 10043
         USA
         Phone: 212.657.4696


* ARGENTINA: Deutsche Bank Economist Deems Debt Offer "Sound"
-------------------------------------------------------------
Argentina's plan to restructure its US$100-billion debt "sound"
and therefore "acceptable" to creditors, Agence France-Presse
cited Deutsche Bank's chief economist for Latin America as
saying.

"The interest rate is much lower (now), that is why I believe
this helps make the offer, which is sound, acceptable to
bondholders," the German bank's economist for Latin America,
Gustavo Canonero, told Argentina's DyN news agency.

Canonero's comments came shortly after the US Securities and
Exchange Commission approved Argentina's proposed debt
restructuring plan. Argentina has offered to pay creditors 25
cents per dollar of defaulted debt, as measured by the
discounted present value of the bonds' payments.



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

FOSTER WHEELER: Elects New Directors
------------------------------------
Foster Wheeler Ltd. (OTCBB: FWLRF) announced Friday that Diane
C. Creel, Roger L. Heffernan, Harry P. Rekas, and David M. Sloan
have been elected to its board of directors. On the same date,
John Clancey, Martha Clark Goss, and John Stuart have resigned
from the board, bringing the total number of current directors
to eight.

"We are very excited about being able to access the depth of
experience and expertise the new directors bring to our board as
we continue to move forward to complete our balance sheet
restructuring and re-energize our business," said Raymond J.
Milchovich, chairman, president and CEO. "We also extend our
sincere appreciation to John, Martha, and John for their many
contributions to Foster Wheeler during their years of service."

Ms. Diane C. Creel

Diane Creel is the chairman, chief executive officer and
president of Ecovation, Inc., a waste stream technology company.
Ms. Creel's previous experience includes service as chief
executive officer and president of Earth Tech, where she was the
first woman to hold the chief executive position of a publicly
held engineering firm in the United States.

Ms. Creel currently serves on the board of directors of
Allegheny Technologies Inc., Teledyne Technologies, Inc., the
American Funds of Capital Research Management, and Goodrich
Corporation. She holds BA and MA degrees in journalism from the
University of South Carolina, and she has done post-graduate
work at the University of Pennsylvania's Wharton School and at
Harvard University.

Mr. Roger L. Heffernan

Roger Heffernan has garnered almost 40 years of operations
experience at a number of private equity firms and Fortune 500
companies. He co-founded CRM Partners following several years as
an executive with a private equity firm. Prior to that, Mr.
Heffernan served as vice president of manufacturing at General
Instrument Corporation, and as a manufacturing executive at IBM
Corporation and ITT Corporation. He has particularly strong
experience in turnaround and restructuring activities,
management process redesign, diverse manufacturing operations,
and lean manufacturing disciplines.

Mr. Heffernan holds a BBA in Accounting from Manhattan College,
an MBA in Management from Pace University, and he has completed
the Executive Manufacturing Program at the Harvard Graduate
School of Business.

Mr. Harry P. Rekas

Harry Rekas has successfully managed a variety of equity
portfolios ranging in size from a few million dollars to in
excess of one billion dollars. Over the past 20 years he has
been associated with Bessemer Trust, AIG Global Investment,
Citibank Global Asset Management, and Oppenheimer Capital Corp.,
among others. Prior to his investment management work, Mr. Rekas
was an officer with Computer Sciences Corporation and Fidelity
Bank.

Mr. Rekas served as a Captain in the U.S. Air Force. He holds a
BS in Economics from the University of Pennsylvania's Wharton
School, and an MBA from Pepperdine University.

Mr. David M. Sloan

David Sloan is an international business consultant who has been
deeply involved in multinational financial and commercial
matters for almost 30 years. He currently serves as president of
Corporate Strategies International, Inc. and is a senior
consultant to The Scowcroft Group. Previously, he was an
executive vice president with Charles Percy & Associates and
held a number of positions of increasing responsibility in the
U.S. State Department.

Mr. Sloan is currently a member of the board of directors of
Counterpart International. He holds a Master of Arts in Law and
Diplomacy from The Fletcher School of Law & Diplomacy, Tufts
University, and he graduated cum laude with a BA in Political
Science from Tufts University.

Foster Wheeler Ltd. is a global company offering, through its
subsidiaries, a broad range of design, engineering,
construction, manufacturing, project development and management,
research and plant operation services. Foster Wheeler serves the
refining, upstream oil and gas, LNG and gas-to-liquids,
petrochemical, chemicals, power, pharmaceuticals, biotechnology
and healthcare industries. The corporation is based in Hamilton,
Bermuda, and its operational headquarters are in Clinton, New
Jersey, USA.

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

         Web Site: www.fwc.com


FOSTER WHEELER: S&P Affirms Chilean Unit's Rating
-------------------------------------------------
Standard & Poor's Rating Services affirmed its 'BBB/Stable'
rating on the senior secured debt of Chilean delayed coker,
hydrotreater, and net 59-MW cogeneration facility, Petropower
Energia Ltda. (Petropower), after its 85% owner Foster Wheeler
Ltd. (FWC) went through an equity-for-debt exchange which
Standard & Poor's considers tantamount to a default. Standard &
Poor's placed FWC on Selective Default on Sept. 22, 2004.

Petropower financing documents include events of default related
to the credit quality of FWC, particularly the case of FWC
defaulting in any of its financial obligations. Although
according Standard & Poor's criteria, FWC's equity-for-debt
exchange offer was tantamount to a default, the transaction does
not constitute a legal default and therefore does not trigger
any event of default at Petropower's level. Petropower's
financing structure also incorporates extensive participation
from FWC in the form of different guarantees, particularly
performance guarantees. Should FWC not fulfill those guarantees
in a timely manner, a situation rendered more likely by the
current challenging situation of the sponsor, bondholders would
have the opportunity to accelerate the notes. Given the strong
operational performance of the project, however, Standard &
Poor's expects that there are sufficient economic incentives for
the noteholders to elect not to accelerate Petropower's debt or
to waive an automatic acceleration, if triggered.

The rating on Petropower reflects the risks that the project
must maintain high operating standards in order to receive full
revenue payments; the project must rely on one large contract
with the host refinery; and the increasing likelihood of FWC not
being able to provide certain project shortfall guaranties.

Strengths underlying the rating include, among other things, the
project's strategic importance to its offtaker and its
consistently strong operating and financial record.

Petrox, Petropower's host refinery and offtaker, and Petrox
parent company Empresa Nacional del Petr¢leo (ENAP; A/Stable/--)
formed Petropower as a special-purpose entity to develop,
design, construct, and operate the project, which is located
about 500 kilometers south of Santiago, Chile. Petropower allows
Petrox to optimize its refinery assets to take advantage of less
expensive, heavier crude oil feedstocks to serve the growing and
more environmentally sensitive Chilean market.

Petropower services its debt largely with revenues from its
Petrox contract, which provides fixed fees for refinery
processing services, electricity, and attendant steam
production. The project structure has demonstrated resilience to
a variety of adverse conditions, including some degree of
inflation in Chile, currency devaluation, and reduced
availability, while ensuring sufficient cash flow to provide
adequate debt service coverage.

ANALYSTS: Pablo Lutereau, Buenos Aires (54) 114-891-2125
          Marta Castelli, Buenos Aires (54) 114-891-2128
          Luciano Gremone, Buenos Aires (54) 11-4891-2143


GLOBAL REINSURANCE: Appoints Robin Mayor as Liquidator
------------------------------------------------------

         IN THE MATTER OF: The Companies Act 1981

                        and

      IN THE MATTER OF: Global Reinsurance Capital Ltd.

The Member of Global Reinsurance Capital Ltd., acting by written
consent without a meeting on September 30, 2004 passed the
following resolutions:

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

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

Mr. Robin J. Mayor, in his capacity as Liquidator, informs that:

- Creditors of Global Reinsurance Capital Ltd., which is being
voluntarily wound up, are required, on or before October 15,
2004 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their lawyers (if any) to:

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

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

- A final general meeting of the Member of Global Reinsurance
Capital Ltd. will be held at the offices of Messrs. Conyers Dill
& Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
November 2, 2004 at 9:30 a.m., for the purposes of:

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

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

3) by resolution dissolving the Company.



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

BRASKEM: Board of Directors Results Released
--------------------------------------------
On September 27, 2004, at 2:00 p.m., at the Company's
headquarters located at Avenida das Nacoes Unidas, No. 4,777, in
the City of Sao Paulo, State of Sao Paulo, 05477-000, the Board
of Directors of BRASKEM S.A. held its 493rd (four hundred and
ninety-third) meeting. The undersigned Board Members were
present:

The Director, Carlos Alberto de Meira Fontes, was absent, who
was replaced by his alternate, Mr. Edmundo Jose Correia Aires.
Executive Officer Mauricio Roberto de Carvalho Ferro, Ms. Marta
Pinto Lima Pacheco and the Secretary of the Board, Mr. Nelson
Raso, were also present. The Chairman of the Board, Pedro
Augusto Ribeiro Novis, chaired the meeting, and Ms. Marta Pinto
Lima Pacheco acted as Secretary.

AGENDA: I) Deliberation Proposals: upon review of the respective
           subjects, the Company's Board of Directors
           unanimously decided:

           1) Conversion of Shares - pursuant to article 6,
              paragraph 2, of the Company's By-laws, and
              pursuant to the deliberations taken in the
              Extraordinary General Shareholders' Meeting held
              on September 17, 2004, at 10:00 a.m., to approve
              the homologation of the conversion of 390,000,000
              (three hundred and ninety million) class "A"
              preferred shares in the same number of common
              shares issued by the Company, in such a manner as
              to ensure the issue of class "A" preferred shares
              in the form of American Depositary Shares, due to
              the exercise in full of the over-allotment option
              granted by the Company to Credit Suisse First
              Boston LLC in the public offering of primary
              distribution of class "A" preferred shares (the
              "Global Offering"), as approved by the 492nd
              Meeting of the Board of Directors, held on
              September 22, 2004, at 8:00 p.m., within the limit
              of shares without voting rights, or with
              restricted voting rights, pursuant to article 4,
              paragraph 1, of the Company's By-laws. The Annex
              to this resolution contains a list of those
              shareholders whose conversion requests were
              granted, and the number of class "A" preferred
              shares effectively converted into common shares.
              Banco Itau S.A., as the custodian for the shares
              issued by the Company, is hereby authorized to
              take all actions necessary to perform the
              conversion of shares approved herein;

           2) Issue of Shares - to approve, within the limit of
              the authorized capital of the Company, excluding
              the right of first refusal of the current
              shareholders pursuant to Article 166, Item II,
              Article 168 and Article 172 of Law No. 6,404/76,
              and pursuant to the sole paragraph of Article 7 of
              the Company's By-laws, the issuance of
              1,170,000,000 (one billion, one hundred and
              seventy million) class "A" preferred Shares, at
              the price of R$90.00 (ninety reais) per lot of one
              thousand class A preferred shares, amounting to a
              total of R$105,300,000.00 (one hundred and five
              million, three hundred thousand reais), to be
              distributed in the Global Offering, according to
              the characteristics and procedures already
              approved by the Board of Directors in the 492nd
              Meeting referred to above;

           3) Increase of Share Capital - pursuant to Article 4,
              paragraph 1, of the Company's By-laws, and in
              accordance with the deliberations set forth above,
              to approve the increase of the share capital of
              the Company, within the limit of the authorized
              capital, in the amount of R$105,300,000.00 (one
              hundred and five million, three hundred thousand
              reais), thus increasing the capital from
              R$3,297,668,293.84 (three billion, two hundred and
              ninety seven million, six hundred and sixty-eight
              thousand, two hundred and ninety three reais and
              eighty four centavos) to R$3,402,968,293.84 (three
              billion, four hundred and two million, nine
              hundred and sixty-eight thousand, two hundred and
              ninety-three reais and eighty-four centavos),
              through the issuance of 1,170,000,000 (one
              billion, one hundred and seventy million) class
              "A" preferred shares, without par value, at the
              price of R$90.00 (ninety reais) per lot of one
              thousand class A preferred shares. The class A
              preferred shares hereby issued will be entitled to
              dividends and all other rights inherent in the
              ownership of the shares that have been declared by
              the Company as of the date of their issuance. Due
              to the increase hereby approved, the share capital
              of the Company is now represented by
              90,645,074,544 (ninety billion six hundred and
              forty-five million seventy-four thousand five
              hundred and forty-four) shares without par value,
              of which 30,215,024,848 (thirty billion two
              hundred and fifteen million twenty-four thousand
              eight hundred and forty-eight) are common shares,
              60,200,894,896 are class "A" preferred Shares
              (sixty billion two hundred million eight hundred
              and ninety-four thousand eight hundred and ninety-
              six) and 229,154,800 (two hundred and twenty-nine
              million one hundred and fifty-four thousand eight
              hundred) are class "B" preferred shares; and

           4) Other Authorizations - to authorize the Board of
              Directors to enter into and execute all documents
              necessary to the primary public distribution of
              additional shares in the International Offering,
              as well as to take all actions necessary to effect
              the conversion of class "A" preferred shares into
              common shares and the issuance of the Additional
              Shares of the International Offering in the Global
              Offering;

        II) Matters for Acknowledgement: None to be recorded;

        III) Matters of Company Interest: None to be recorded;

        IV) Closing: Having no further items on the agenda, this
            resolution was drafted, read, discussed and signed
            by all of those members of the Board of Directors
            present, by the Chairman of the Board and the
            Secretary of the Meeting. Sao Paulo/SP, September
            27, 2004. (Signed by: Pedro Augusto Ribeiro Novis,
            Chairman of the Board; Marta Pinto Lima Pacheco,
            Secretary; Alvaro Fernandes da Cunha Filho, Vice-
            Chairman; Alvaro Pereira Novis; Andre Tapajos Cunha;
            Edmundo Jose Correia Aires; Fernando de Castro Sa;
            Francisco Teixeira de Sa; Jose de Freitas
            Mascarenhas; Luiz Fernando Cirne Lima; Margareth
            Feijo Brunnet; Newton Sergio de Souza).


SINGER: Closes Sale of Sewing Business
--------------------------------------
Singer N.V. (Symbol: SNGR) -- Singer N.V. ("Singer" the
"Company") announced Friday that it had completed the sale of
the Singer worldwide Sewing business and of the ownership of the
SINGER(R) trademark to KSIN Holdings, Ltd. ("KSIN"), an
affiliate of funds managed by Kohlberg & Co., LLC. The total
consideration received by Singer was approximately $134.6
million, consisting of approximately $65.1 million of cash,
$22.5 million in unsecured subordinated promissory notes and the
pay-off or assumption by KSIN of approximately $47.0 million of
Sewing-related debt, subject to post-closing price adjustments.
The Company will retain certain continuing rights in the
trademark and for the distribution of sewing machines in
connection with its Retail businesses although it is obligated
to change its corporate name to a name not including the word
"Singer" on or prior to September 29, 2005.

Singer will continue to own 56.8% of the equity of Singer Asia
Limited and 100% of the equity of Singer Jamaica Limited, the
Company's subsidiaries which operate the Retail businesses in
Asia and Jamaica. Singer Asia Limited presently operates in
Bangladesh, India, Indonesia, Pakistan, the Philippines, Sri
Lanka, Thailand and Vietnam, with operating rights in an
additional 14 Asian markets. The Company will continue to have
the right to use the SINGER(R) trademark and to be the exclusive
distributor for SINGER(R) branded sewing machines and sewing
related products in connection with its Retail businesses. All
existing license and distribution agreements in these markets
will remain outstanding and unchanged. The Retail operations
accounted for approximately 49% of Singer's 2003 revenues, and
43% of its operating earnings before corporate expenses and
eliminations.

Of the approximately $65.1 million in cash received by the
Company, $26.3 million has been used to repay in full the Bank
of Nova Scotia debt, the only corporate-level debt remaining
from the Company's successful Chapter 11 reorganization in
September 2000. A balance of approximately $36.9 million cash
from the sale remains uncommitted after payment of expenses
related to the sale. Plans for utilization of these funds have
not been finalized, but possible uses may include investing in
the Company's Retail businesses in Asia and Jamaica, a partial
buy-back of the shares of Singer N.V.'s Common Stock, cash
dividends on the shares of the Common Stock and investing in one
or more new businesses.

The $22.5 million in unsecured subordinated promissory notes
have a final maturity of seven years and an interest rate of 10%
per annum, of which amount 70% is required to be paid in cash
and 30% may be either capitalized by increasing the outstanding
principal amount or paid in cash at the option of KSIN. Payment
of the principal and interest on the unsecured subordinated
notes is subject to various risks, including the future
performance of the business under its new ownership and the
prior payment of senior indebtedness incurred in connection with
the purchase. The notes are also subject to set- off with
respect to amounts which could become payable by the Company
under certain indemnification obligations undertaken in
connection with the transaction.

The Sewing business that is being sold includes Company-owned
marketing operations in the United States, Brazil, Canada,
China, The Czech Republic and Hungary, Denmark and Sweden,
Italy, Mexico, the Middle East and Africa, South America and the
Caribbean, and Turkey, as well as a network of independent
distributors and dealers in over one hundred additional markets.
The business also includes manufacturing facilities in Brazil
and China. The Sewing marketing and manufacturing operations
accounted for about 51% of Singer's 2003 revenue, and 57% of its
2003 operating earnings before corporate expenses and
eliminations.

Singer expects to realize an accounting loss of approximately
$34.5 million on the sale, reflecting the difference between the
book value of the assets being sold (primarily goodwill
associated with the trademark) and the aggregate of the
liabilities being transferred and the consideration received.

Chairman's Comments

In commenting on the closing of the transaction, Stephen H.
Goodman, Singer's Chairman, President and CEO noted, "Management
has consistently believed that the Company would achieve it's
potential and that this realization would ultimately be
reflected in the Company's market value. I believe that the
successful completion of this sale will accelerate this process.
The cash received from the sale will enable Singer to pay-off
all of the corporate-level debt remaining from the Company's
Chapter 11 reorganization and to be in an improved liquidity
position to help fund the growth of the Asian and Jamaican
Retail businesses. We will also be better able to focus
management resources in these areas to realize their significant
growth potential.

"Singer will be considering over the next several months
alternative uses for the funds that have been generated. Among
other alternatives, we will consider returning cash to the
shareholders through a share buy-back program and/or through
cash dividends. The Company also will be evaluating alternative
legal and administrative structures and arrangements that may
better reflect the Company's enhanced liquidity, more
concentrated business and smaller aggregate size."

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.

The Singer Retail business, the only operating business
remaining following the completion of the KSIN sale, consists
primarily of the distribution, through Company-owned retail
stores and direct selling, of a wide variety of consumer durable
products for the home in selected emerging markets in Asia and
Jamaica. Retail sales activities in these markets are
strengthened by the offer of consumer credit services provided
by the Company to its customers. In some markets where it
operates, Singer is recognized as a leading retailer of products
for the home.


SINGER: Reports 2Q04 Results After Unit Sale
--------------------------------------------
Singer N.V. (Symbol: SNGR) -- Singer N.V. ("Singer" or "the
Company") announced Friday its results for the second quarter of
2004 and for the first six months ended June 30, 2004.

2004 Second Quarter Results

The Company's results of operations, as presented, are impacted
significantly by the Company's sale of the worldwide Sewing
business and ownership of the SINGER(R) trademark. On June 11,
2004, Singer announced that it had entered into a definitive
agreement pursuant to which KSIN Holdings, Ltd. ("KSIN"), an
affiliate of funds managed by Kohlberg & Co., LLC, would acquire
the Singer worldwide Sewing business and the ownership of the
SINGER(R) trademark for a total consideration of approximately
$134.6 million (the "KSIN Transaction"). The KSIN Transaction
was completed on September 30, 2004. The total consideration
consists of approximately $65.1 million of cash, $22.5 million
in unsecured subordinated promissory notes and the pay-off or
assumption by KSIN of approximately $47.0 million of sewing-
related debt, subject to post-closing price adjustments.
Accordingly:

     * The results of operations for the Sewing segment are
       reported separately as discontinued operations, shifting
       $6.1 million and $10.5 million in net income for the
       second quarter ended June 30, 2004 and for the six months
       ended June 30, 2004, respectively, from continuing
       operations to discontinued operations.

     * An impairment charge of $34.5 million is recorded to
       reflect the difference between the book value of the
       assets being sold - primarily goodwill associated with
       the trademark -- and the aggregate of liabilities being
       transferred and consideration received.

The completion of the KSIN Transaction on September 30, 2004
also has had a significant impact on the Company's liquidity
position. Of the approximately $65.1 million cash received by
the Company, $26.3 million has been used by the Company to repay
in full the Nova Scotia Financing Agreement. A balance of
approximately $36.9 million remains uncommitted after payment of
expenses related to the KSIN Transaction.

For the second quarter ended June 30, 2004, the Company reported
consolidated revenues (excluding the worldwide Sewing segment
and revenue derived from certain licensing of the SINGER(R)
trademark) of $69.6 million as compared to $39.7 million for the
second quarter of 2003, an increase of $29.9 million or 75.3%.
The increase in revenues was primarily due to the inclusion of
Thailand's results, totaling $25.4 million, in the Company's
consolidated results for the 2004 second quarter. This was
coupled with a strong retail sales performance in Sri Lanka.
This sales increase was partially offset by weaker retail sales
in India and the Philippines.

The Company's revenues for the second quarter of 2004 included
$10.6 million of finance charges on consumer credit sales
compared to $3.6 million in the second quarter of 2003. The
increase in finance charges is primarily due to the inclusion of
Thailand's finance charges for the 2004 second quarter along
with increased finance charges in Sri Lanka due to strong retail
sales.

Gross profit for the three months ended June 30, 2004 was $25.3
million, representing a gross margin of 36.3%, as compared to
$12.9 million and a gross margin of 32.5% for the same period in
2003. The improvement in the gross margin is due to the
inclusion of Thailand's gross margin for the 2004 second quarter
as Thailand's gross margin is higher than the average of the
other Retail operating units. Also impacting the gross margin
percentage were lower gross margins, as compared to the prior
period, in India and the Philippines and a higher gross margin
in Sri Lanka.

Selling and administrative expenses for the three months ended
June 30, 2004 were $23.8 million, representing 34.3% of
revenues, as compared to $11.6 million and 29.1% of revenues for
the same period in 2003. The increase in selling and
administrative expenses as a percent of revenue is due to the
inclusion of Thailand's selling and administrative expenses for
the second quarter of the year as Thailand's selling and
administrative expenses as a percentage of revenue are higher
than the average of the other Retail operating units. Also
contributing to the increase was higher selling and
administrative expenses as a percentage of revenue, in India and
the Philippines due to their decline in revenue without a
corresponding decrease in their fixed selling and0administrative
expenses.

Operating income for the 2004 and 2003 quarters was $1.4 million
and $1.3 million, respectively, while EBITDA (net income before
interest expense, taxes, depreciation and amortization) from
continuing operations was $1.2 million and $7.5 million,
respectively. The increase in operating income that was due to
the inclusion in the 2004 second quarter results of Thailand's
operating income was largely offset by a decline in operating
income in India and the Philippines. The $6.3 million decrease
in EBITDA from continuing operations reflects the drop in total
other income (expense) in the second quarter of 2004 as compared
to the second quarter of 2003.

Interest expense for the three-month period ended June 30, 2004
was $1.8 million, as compared to $1.7 million for the three-
month period ended June 30, 2003.

Equity in loss from Operating Affiliates totaled $0.5 million
during the three-month period ended June 30, 2004 as compared to
income of $1.7 million for the same period in 2003. The $2.2
million decrease was primarily due to lower profitability at an
operating affiliate in Sri Lanka. Also contributing to the
decrease was the fact that Singer Thailand was accounted for as
an equity investment in the second quarter of 2003 while in the
2004 second quarter Thailand was included in the Company's
consolidated results.

Royalty expense for the three months ended June 30, 2004 was
$0.6 million compared to nil for the same period in 2003. The
royalty expense is for the use of the SINGER(R) trademark by the
Retail Operating Companies in Asia and became effective July 31,
2003.

Miscellaneous other income was $0.6 million for the three-month
period ended June 30, 2004 as compared to other income of $4.5
million for the same period in 2003. The $0.6 million of other
income in the 2004 second quarter was primarily due to gains on
sale of property, plant and equipment. The corresponding income
in the second quarter of 2003 was primarily due to an increase
in the estimated recovery on receivables from a former
subsidiary that is in liquidation.

Provision for income taxes amounted to $0.8 million against a
pre-tax, pre-minority interest loss of $0.9 million in the
three-month period ended June 30, 2004, as compared to a $0.9
million tax provision for the same period in 2003. The much
higher tax provision in 2004 relative to pre-tax income is
primarily due to the losses incurred in India and the
Philippines with no corresponding tax benefit, and the equity
loss from operating affiliates which is net of tax.

Minority interest share in income was $0.5 million for both the
2004 and 2003 second quarter. The increase due to the sale of a
43.2% minority equity interest in the Company's Asia Retail
operations effective July 2003 and to Singer Thailand being
included in the Company's consolidated results rather than being
accounted for as an equity investment as in the first half of
2003, was offset by higher losses from Singer India and lower
profits in Sri Lanka as compared to the 2003 second quarter.

The Company's loss from continuing operations for the three
months ended June 30, 2004 was $2.2 million as compared to $4.5
million income for the same period in 2003. The income decrease
of $6.7 million is largely due to a $2.2 million decline in
equity earnings from operating affiliates, the $0.6 million of
royalty expense and the $3.9 million decline in other income.

The Company's net loss for the 2004 second quarter, including
income from the discontinued operations of the Sewing segment
and trademark, and the impairment charge, net of tax benefit,
was $30.6 million as compared to a net income of $1.4 million
for the same period in 2003. The $32.0 million additional loss
from prior year was primarily due to the $6.5 million decrease
in the Company's income from continuing operations and the $25.3
million higher loss from discontinued operations including the
impairment charge.

Dividends on the Preferred A Shares amounted to nil for the
three-month period ended June 30, 2004 and $0.2 million for the
three-month period ended June 30, 2003. This dividend was
cumulative and was accrued but not paid. An additional amount of
nil and $0.1 million for the 2004 and 2003 three-month periods,
respectively, was accrued representing the accretion in the
value of the Preferred A Shares. On January 9, 2003, a
subsidiary of the Company entered into an agreement with the
Pension Benefit Guaranty Corporation to purchase all 40 issued
and outstanding Preferred A Shares of the Company for $3.8
million. The terms of the purchase agreement required the
Company to pay $0.4 million or 10% upon execution of the
agreement with the balance of $3.4 million being settled through
a promissory note bearing interest at 12.5% per annum. As of
December 31, 2003 the promissory note was paid in full and the
Preferred A Shares have been classified as Preferred Treasury
Shares.

The net loss available to Common Shares was $30.6 million for
the three months ended June 30, 2004 as compared to the net
income available to Common Shares of $1.1 million for the same
period in 2003. This is equivalent to basic loss per Common
Share of $3.86 and basic income per Common Share of $0.14,
respectively.

2004 Six Months' Results

For the first six months ended June 30, 2004, the Company
reported consolidated revenues (excluding the worldwide Sewing
segment and revenue derived from certain licensing of the
SINGER(R) trademark) of $141.6 million as compared to $80.3
million for the first half of 2003, an increase of $61.3 million
or 76.3%. The increase in revenues was primarily due to the
inclusion of Thailand's results, totaling $53.5 million, in the
Company's consolidated results for the 2004 first half. This was
coupled with a strong retail sales performance in Sri Lanka.
This sales increase was partially offset by weaker retail sales
in India and the Philippines.

The Company's revenues for the first half of 2004 included $20.8
million of finance charges on consumer credit sales compared to
$7.2 million in the first half of 2003. The increase in finance
charges is primarily due to the inclusion of Thailand's finance
charges for the first half of the year along with increased
finance charges in Sri Lanka due to strong retail sales.

Gross profit for the six months ended June 30, 2004 was $51.9
million, representing a gross margin of 36.7%, as compared to
$26.7 million and a gross margin of 33.2% for the same period in
2003. The improvement in the gross margins is due to the
inclusion of Thailand's gross margin for the first half of the
year as Thailand's gross margins are higher than the average of
the other retail operating units. Partially offsetting this
improvement were lower gross margins, as compared to the prior
period, in India and the Philippines.

Selling and administrative expenses for the six months ended
June 30, 2004 were $46.1 million, representing 32.6% of
revenues, as compared to $23.3 million and 29.1% of revenues for
the same period in 2003. The increase in selling and
administrative expenses as a percent of revenue is due to the
inclusion of Thailand's selling and administrative expenses for
the first half of the year as Thailand's selling and
administrative expenses as a percentage of revenue are higher
than the average of the other Retail operating units. Also
contributing to the increase was higher selling and
administrative expenses as a percentage of revenue, in India and
the Philippines due to their decline in revenue without a
corresponding decrease in their fixed selling and administrative
expenses.

Operating income for the 2004 and 2003 first half was $5.8
million and $3.4 million, respectively, while EBITDA from
continuing operations was $4.3 million and $10.4 million,
respectively. The increase in operating income was due to the
inclusion in the 2004 first half results of Thailand's operating
income of $4.1 million. Partially offsetting this was a decline
in operating income in India and the Philippines in the first
half of the year. The $6.1 million decrease in EBITDA from
continuing operations reflects the decrease in total other
income (expense), and the increase in minority interest share in
income. These were partially offset by the increase in operating
income.

Interest expense for both the six-month periods ended June 30,
2004 and 2003 was $3.4 million.

Equity in loss from Operating Affiliates totaled $0.8 million
during the six-month period ended June 30, 2004 as compared to
income of $2.6 million for the same period in 2003. The $3.4
million decrease was primarily due to lower profitability at an
operating affiliate in Sri Lanka. Also contributing to the
decrease was the fact that Singer Thailand was accounted for as
an equity investment in the first half of 2003 while in the 2004
first half Thailand was included in the Company's consolidated
results.

Royalty expense for the six months ended June 30, 2004 was $1.3
million compared to nil for the same period in 2003. The royalty
expense is for the use of the SINGER(R) trademark by the Retail
Operating Companies in Asia and became effective July 31, 2003.

Miscellaneous other income was $1.4 million for the six-month
period ended June 30, 2004 as compared to other income of $4.5
million for the same period in 2003. The $1.4 million of other
income in the 2004 first half was primarily due to gains on sale
of property, plant and equipment and a write- off of old
accounts payable which were determined to be no longer valid
liabilities. The other income in the first half of 2003 was
primarily due to an increase in the estimated recovery on
receivables from a former subsidiary that is in liquidation.

Provision for income taxes amounted to $2.6 million in the six-
month period ended June 30, 2004, as compared to a $1.6 million
tax provision for the same period in 2003. The much higher tax
provision in 2004 is primarily due to the losses incurred in
India and the Philippines with no corresponding tax benefit, and
the equity loss from operating affiliates which is net of tax.

Minority interest share in income was $2.3 million for the 2004
first half compared to $0.9 million for the same period in 2003.
This increase reflects the 43.2% minority equity interest in the
Company's Asia Retail operations effective July 2003 and that
Singer Thailand was included in the Company's consolidated
results rather than being accounted for as an equity investment
as was the case in the first half of 2003.

The Company's loss from continuing operations for the first half
of 2004 was $3.2 million as compared to a $4.5 million income
for the same period in 2003. The income decrease of $7.7 million
is due to a $3.4 million decline in equity earnings from
operating affiliates, the $1.3 million of royalty expense, the
$3.1 million decline in other income, the $1.0 million increase
in income taxes and the $1.4 million increase in minority
interest share in income. These were partially offset by the
$2.5 million increase in operating income.

The Company's net loss for the first half of 2004 was $27.3
million including income from the discontinued operations of the
Sewing segment and trademark, and the impairment charge, net of
tax benefit, as compared to a net loss of $12.6 million for the
same period in 2003. The $14.7 million additional loss from
prior year was primarily due to the $7.7 million decrease in the
Company's income from continuing operations and the $6.9 million
higher loss from discontinued operations including the
impairment charge.

Dividends on the Preferred A Shares amounted to nil for the six-
month period ended June 30, 2004 and $0.4 million for the six-
month period ended June 30, 2003. This dividend was cumulative
and was accrued but not paid. An additional amount of nil and
$0.2 million for the 2004 and 2003 six-month periods,
respectively, was accrued representing the accretion in the
value of the Preferred A Shares. As of December 31, 2003 the
promissory note was paid in full and the Preferred A Shares have
been classified as Preferred Treasury Shares.

The net loss available to Common Shares was $27.2 million for
the six months ended June 30, 2004 as compared to the net loss
available to Common Shares of $13.1 million for the same period
in 2003. This is equivalent to basic loss per Common Share of
$3.46 and basic loss per Common Share of $1.64, respectively.

Chairman's Comments

In commenting on the second quarter and first half results,
Stephen H. Goodman, Singer's Chairman, President & CEO noted,
"The Company reported a loss from continuing operations for the
three months and six months ended June 30, 2004. This loss
largely reflects three factors:

      * Weakness in the Company's Retail operations in selected
        Asian markets, primarily India and the Philippines.

      * Reduction in equity earnings from operating affiliates,
        primarily First Capital, the Company's affiliate in Sri
        Lanka.

      * A level of corporate overhead and expense intended to
        support a larger business, including the worldwide
        Sewing operations sold in the KSIN transaction."

"To restore the Company's continuing operations to
profitability," he continued, "Singer's management intends to
aggressively address these issues over the next several months.
A very significant corporate cost reduction program is being
implemented that will reduce the level of corporate expense to
better reflect the Company's reduced size and scope. Additional
management attention will be directed at restructuring the
Singer's Retail businesses, particularly in India and the
Philippines, and at providing additional support to the
Company's operating affiliates. Going forward, Singer will also
benefit from a shift from interest as an expense to interest
earnings, reflecting the Company's now significant cash holdings
and the interest on the KSIN unsecured subordinated promissory
notes. As a consequence of these activities and developments, I
would expect to see the Company achieve near break-even
performance for the second half of the year, and we are
expecting the Company to be profitable again for the year 2005."

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.

To see financial statements: http://bankrupt.com/misc/SINGER.htm


UNIBANCO: Reports Improved Liquidity
------------------------------------
Greater Liquidity:

At the beginning of September, the Unit (UBBR11), which
represents one preferred Unibanco share and one preferred
Unibanco Holdings share, joined IBrX-50, the Sao Paulo Stock
Exchange (Bovespa) index based on the 50 securities with the
highest negotiability in the market.

In September 2004, the number of daily Unit trades increased by
158.3% vs. the September 2003 figure, and by 3.4% vs. the 2004
average, whereas Bovespa posted growth of 9.2% and a drop of
2.8% in the daily number of trades for these periods,
respectively. Furthermore, the daily financial volume of Unit
trading increased by 6.1% when compared to September, 2003.

Acquisition of Banco BNL do Brasil S.A.:

On September 29, the Central Bank of Brazil authorized the
acquisition of the controlling stake of Banco BNL do Brasil S.A.
through a swap of Banco BNL shares representing 99.98% of its
capital for 10,000,000 Units (ten million Units), which will be
delivered to Banca Nazionale Del Lavoro S.p.A. on October 1,
2004.

CONTACT: Investor Relations Area
         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



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

PAZ DEL RIO: Danieli Secures Rationalization Contract
-----------------------------------------------------
Italian equipment maker Danieli won a contract to carry out the
majority of the rationalization plan of Colombian iron and steel
company Acerias Paz del R¡o (APR), says Business News Americas.
Contract signing will take place this month, according to an APR
official.

"Manufacturing the equipment will take 18 months," the official
added.

This will not be a turnkey project, the official said. Danieli
will only supply the equipment and APR will call for bidding on
assembly and project start-up, which could be done by local
companies.

The US$35-million industrial rationalization project is designed
to allow APR to reduce production costs by US$32/t and increase
steel production capacity from the current 260,000t/y to
500,000t/y in 10 years.

The company's sales are expected to exceed US$157 million this
year, while profits by the end of September is projected to
reach US$31.5 million.



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

* Details Dominican Republic Bondholders' Committee Formation
-------------------------------------------------------------
A group of holders of the US Dollar-denominated bonds issued by
the Dominican Republic have formed a committee to organize and
to coordinate bondholders' efforts in light of recent
developments. The Committee's membership includes Grantham Mayo,
Fiduciary Trust International Limited and other significant
institutional holders of the bonds. The Committee has engaged
Bingham McCutchen LLP as its legal counsel. Interested holders
of US Dollar-denominated bonds (of any issue) issued by the
Dominican Republic are encouraged to contact the Committee
through counsel. Counsel contact details are as follows:

Timothy B. DeSieno
Bingham McCutchen LLP
399 Park Avenue
New York NY 10022
Tel: +1 212 705 7426
Fax: +1 212 508 1458
Email: tim.desieno@bingham.com

or

William F. Govier
Bingham McCutchen LLP
One State Street
Hartford, CT 06103
Tel: +1 860 240 2777
Fax: +1 860 240 2800
Email: william.govier@bingham.com

CONTACT:  HANK SHAFRAN
          617.951.8193
          hank.shafran@bingham.com



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

JPSCo: Month's Suspension Allowed to Comply With Standards
----------------------------------------------------------
Jamaica Public Service Company (JPSCo) obtained a month's
reprieve from the Office of the Utilities Regulation (OUR) to
comply with the standards for service delivery to its customers,
reports The Jamaica Observer. This means that JPSCo is allowed a
more relaxed stance on billing and service response until
October 31.

"They have been freed from complying with all standards," says
OUR deputy director general with responsibility for the
electricity sector Raymond Silvera. "We know that the company
will have a cash flow problem and ask consumers to be patient,"
he added.

But while the utility has been allowed some degree of freedom,
it is still required to place before the OUR by early this week,
new time frames for service delivery within the period of
suspension, said Silvera.

The power utility sought for the suspension of the 'Guaranteed
Service Standards 2004-2009' and 'Overall Standards 2004-2009'
so that it could concentrate its people and other resources on
its hurricane recovery efforts. So far, it has brought
approximately 90% of the system back on line.



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

GRUPO DESC: Proposes to Delist From NYSE
----------------------------------------
Pursuant to articles 183, 187 and 195 of the General
Corporations Law, clauses Fourteen, Fifteen and Sixteen of the
Corporate By-laws and to the resolution of the Board of
Directors of the Company, the Series "B" shareholders of DESC,
S.A. de C.V. are hereby called to the SPECIAL SHAREHOLDERS
MEETING, to be held at 12:00 p.m. on October 19, 2004, in the
Auditorium located in the Ground Floor of the Arco Torre I
building, at the Arcos Bosques Corporativo business center,
situated at Paseo de Tamarindos No. 400-B, Col. Bosques de las
Lomas, Mexico, D.F. 05120, to consider these items:

1. Presentation and approval, if appropriate, of

   1)

    a) a proposal to voluntarily delist from the New York stock
       exchange the American Depositary Shares ("ADSS") issued
       by DESC, A.A. de C.V.;

    b) terminate the registration of the ADSS and the series "b"
       shares under the securities and exchange act of 1934; and

    c) terminate the amended and restated deposit agreement
       dated as of June 29, 1994, as amended, among the company,
       Citibank, N.A. and the holders of American Depositary
       Receipts evidencing the ADSS; and

    d) cancel the registration of the series "b" shares in the
       special section of the Mexican securities market
       registry.

   2) the resolutions to carry out the foregoing.

2. Designation of delegates to formalize the resolutions adopted
   at the meeting.

3. Reading and approval of the minutes of this meeting.

The shareholders are reminded that in order to attend the
Meeting, they must deposit in the Secretariat of the
Corporation, located at Paseo de los Tamarindos, No. 400-B,
30th. floor, Col. Bosques de las Lomas, Mexico, D.F. 05120, at
least one day prior the date set for the Meeting, their stock
certificates or a certificate issued by a credit institution or
a brokerage house, evidencing deposit of their stock
certificates.

The admission cards shall be delivered against the delivery of
said stock or deposit certificates. The shareholders may attend
personally or be represented by an attorney-in-fact, appointed
by a simple letter proxy.

The letter proxy forms will be available in such Secretariat of
the Corporation from October 1st 2004 to the day before the date
of the Meeting.

CONTACT: Unibanco - Uniao de Bancos Brasileiros S.A.
         Unibanco Holdings
         Phone: 55-3789-8000
         Avenida Eusebio Matoso 891
         Sao Paulo, 05423-901
         Brazil

         Web Site: http://www.unibanco.com.br/



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

* PERU: IMF Concludes First Review of SDR287Mln SBA
---------------------------------------------------
A mission of the International Monetary Fund (IMF) visited Lima
during the last two weeks for discussions in the context of the
first review under Peru's 26-month Stand-By Arrangement (SBA).
The SDR 287 million SBA, which the authorities are treating as
precautionary, was approved by the Executive Board of the IMF on
June 9, 2004.

The mission welcomed the favorable performance of the Peruvian
economy in 2004. With continued implementation of the
authorities' macroeconomic program, output growth has picked up
led by exports, private investment, and a greater dynamism of
employment and consumption. Notwithstanding recent increases in
some prices owing to supply problems, the monetary authorities
reiterated their commitment to keep the annual rate of inflation
in December 2004 within the target range of one percent above
and below 2.5 percent.

The mission commended the authorities for their continued
commitment to fiscal consolidation. Also, it stressed the
importance of implementing the programmed structural and
institutional reforms to boost sustainable output and employment
growth over the medium term. In this context, the mission
supported the authorities' intention to lower the fiscal deficit
to 1 percent of GDP in 2005, with the aim of reducing the
economy's vulnerabilities. The mission and the authorities
agreed on the importance of implementing in the remainder of
2004 and 2005 the growth enhancing structural reforms included
in the program.

The mission has returned to IMF headquarters in Washington and
is working toward the conclusion of the review.

To view the staff report to the Executive Board requesting the
SBA: www.imf.org/external/pubs/ft/scr/2004/cr04226.pdf

CONTACT: International Monetary Fund
         700 19th Street, NW
         Washington, D.C. 20431 USA

         Public Affairs
         Phone: 202-623-7300
         Fax: 202-623-6278

         Media Relations
         Phone: 202-623-7100
         Fax: 202-623-6772



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

EDC: JP Morgan Pegs Interest for 2006 Floating Rate Bonds
---------------------------------------------------------
         C.A. La Electricidad de Caracas SAICA-SACA
US$39,836,000 Collateralized Floating Rate Bonds Due 2006

In accordance with the provisions of the Bonds, notice is hereby
given that for the Interest period from September 30, 2004 to
December 31, 2004 the Bonds will carry an Interest Rate of 2.0%
per annum. The Interest payable on the relevant interest payment
date, December 31, 2004 will be US$5.11 per US$1,0000 principal
amount.

CONTACT: JP Morgan Chase Bank
         London, Agent Bank
         270 Park Ave
         New York, NY 10017
         Phone: 212-270-6000
         USA

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


PDVSA: Denies Talks to Buy Shell's Argentine Unit
-------------------------------------------------
There's no truth to the rumors that Venezuela's state oil
company PDVSA is negotiating to buy British-Dutch company Royal
Shell's Argentine affiliate, valued at US$1 billion, Europe
Intelligence Wire reports, citing a PDVSA executive.

"We have had no contact, as often occurs, the rumors do not
coincide with reality," PDVSA chief Ali Rodriguez said in a
press conference after inaugurating his company's offices in
Argentina. "If there is an offer (from Shell) and it is
interesting, attractive, we could reach at an agreement," he
added.

Mr. Rodriguez, who met with Argentine President Nestor Kirchner
Thursday night, said PDVSA's main goal in Argentina is to do
business with Enarsa, the state-owned energy company that
Kirchner plans to start up in the next few months.

The PDVSA-Enarsa "alliance" is part of a plan by the Argentine
and Venezuelan governments to create "Petrosur," a state-owned
regional oil company that Brazil's Petrobras and Bolivia's
Yacimientos Petroliferos de Bolivia (YPFB) have been invited to
join.

The creation of Enarsa, 65% of which will be owned by Argentina,
was approved by the Senate in late August and is now being
studied by the Chamber of Deputies.

Business News Americas reported last month that PDVSA director
Victor Alvarez confirmed PDVSA is keen on acquiring Shell's
Argentine unit.


                            ***********


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

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

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

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

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

The TCR Latin America subscription rate is $575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.


* * * End of Transmission * * *