TCRLA_Public/041008.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, October 8, 2004, Vol. 5, Issue 200

                         Headlines

A R G E N T I N A

AGROGANADERA GONZALEZ: Court Grants Restructuring Plea
ASOCIACIONES CATOLICAS: Reorganization Concluded
CABLEVISION: Federal Court to Hear Debt Case
CALED VIA: Begins Liquidation Process
CAS Y CAS: Debt Payments Halted, Set To Reorganize

CLUB DE GIMNASIA: Reports Submission Set
CMS S.R.L.: Court Declares Company Bankrupt
COARGEN S.A.: Court Sets Verification Schedule
CRESUD: Convertible Note Holders Exercise Conversion Rights
DISTRIBUIDORA GENERAL: Verification Deadline Set

DROGUERIA SAN IGNACIO: Court Dates Verification Deadline
HUECA S.A.: Court Approves Concurso Motion
IRSA: Convertible Note Holders Exercise Warrant Rights
KRAVE S.A.: Credit Verifications to End November 5
NII HOLDINGS: Announces Conversion Period for Notes

NITRA S.A.: Court Declares Company Bankrupt
RADIODIFUSORA PAMPEANA: Ends Concurso Proceedings
SECURITY CONSULTING: Files Petition to Reorganize
SOL ES S.R.L.: Court Favors Creditor's Bankruptcy Petition
TALLERES GRAFICOS: Court OKs Creditor's Bankruptcy Call

TELEFONICA DE ARGENTINA: Plans ARS200 Mln Bond Issuance


B E R M U D A

FLAGSHIP REINSURANCE: Appoints Kehinde George as Liquidator
GALLEON REINSURANCE: Proceeds With Voluntary Wind-Up
MERCATOR: Members Appoint Robin Mayor as Liquidator
REUS LTD.: Proceeds With Wind-Up
THYBO SECURITIES: Members Resolve to Wind-Up

UTAR HOLDINGS: Claims Submission Deadline Set


B R A Z I L

GERDAU: S&P Upgrades Unit's Corporate Credit Rating
RBS PARTICIPACOES: S&P Revises Outlook To Stable
VASP: Bourse Suspends Trading Following Bankruptcy Request
* BRAZIL: Sells $1B of Bonds at 9.15%


C H I L E

EDELNOR: S&P Issues Update on Rating


C O L O M B I A

EDASABA: Liquidation Planned


J A M A I C A

KAISER ALUMINUM: Signs Settlement Agreement with Creditors
NATIVE FOOD: To Cut Half of Workforce


M E X I C O

GRUPO TMM: FIC Approves KCS' Purchase of TFM Stake
TV AZTECA: Shares Fall on Impending SEC Action


P E R U

* PERU: Fitch Assigns 'BB-' Rating To Euro Issue
* S&P Rates Peru's EUR650M Bond Issue 'BB'; Affirms Ratings


V E N E Z U E L A

CITGO: Reaches $320M Clear-Air Settlement With EPA
* Venezuela Yet to Determine Payment Due Oct. 15

     -  -  -  -  -  -  -  -


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

AGROGANADERA GONZALEZ: Court Grants Restructuring Plea
------------------------------------------------------
Mar del Plata-based Agroganadera Gonzalez Chaves S.A. proceeds
with reorganization after the city's civil and commercial
tribunal issued a resolution opening the Company's "concurso
preventivo."

The Court appointed Mr. Alfredo Casemayor as trustee for the
proceedings. He will validate creditors' claims until October
21, 2004. After the verifications, the trustee will submit
individual reports on the case on November 18, 2004. A general
report is also due for court submission on March 16 next year.

CONTACT: Mr. Alfredo Casemayor, Trustee
         25 de Mayo 2980
         Mar del Plata


ASOCIACIONES CATOLICAS: Reorganization Concluded
------------------------------------------------
The settlement plan proposed by Federacion de Asociaciones
Catolicas de Empleadas (Obra de Monsenor Andrea) for its
creditors acquired the number of votes necessary for
confirmation. As such, the plan has been endorsed by the Buenos
Aires civil and commercial tribunal and will now be implemented
by the company.


CABLEVISION: Federal Court to Hear Debt Case
--------------------------------------------
A U.S. judge on Wednesday decided to move a case involving
Argentine cable operator Cablevision SA (CBV.YY) and SHL Co. to
federal district court from bankruptcy court, reports Dow Jones
Newswires.

The decision by Judge Shirley Wohl Kram of the Southern District
of New York grants a petition filed by SHL, a group of U.S.
bondholders.

In her ruling, Judge Kram said the nature of the dispute
requires the court to "substantially and materially consider
non-bankruptcy code federal statutes."

The conflict between Cablevision, which is trying to restructure
US$725 million in debt, and SHL began in August when the latter
sued the company in district court accusing it of violating U.S.
laws by selling the bonds in the U.S. but pursuing a debt work-
out in Argentina. Cablevision then filed a Section 304 petition
in bankruptcy court in September. A Section 304 allows a court
to prohibit and stay actions against both a company and its
property.

The court issued a temporary restraining order on SHL's suit and
the case was moved into bankruptcy court. The judge's decision
on Wednesday withdraws the dispute from bankruptcy court and
puts it back into federal district court.

Cablevision, which is owned by Liberty Media Corp. (L) and
private equity fund Hicks Muse Tate & Furst (HIX.XX), both of
the U.S., has sought an out-of-court debt restructuring under
Argentine law, known as an APE. The initial offering was
rejected in late 2003, but after terms were changed, Cablevision
said it had the two-thirds majority needed to move ahead with
the offer.

CONTACT:  Santiago Pena
          (5411) 4778-6520
          E-mail: spena@cablevision.com.ar

          Martin Pigretti
          (5411) 4778-6546
          E-mail: mpigretti@cablevision.com.ar

          Web site: http://www.cablevision.com.ar


CALED VIA: Begins Liquidation Process
-------------------------------------
Court no. 19 of Buenos Aires' civil and commercial tribunal
declared Caled Via Publica S.R.L. bankrupt, says La Nacion. The
ruling comes in approval of the bankruptcy petition filed by the
Company's creditor, Cemavi S.A., for nonpayment of US$10,311.81
in debt.

Trustee Jose Cueli, will examine and authenticate creditors'
claims until February 2 next year. 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. 37, Dr. Mazzoni, assists the court on the case, which
will conclude with the liquidation of the Company's assets.

CONTACT: Caled Via Publica S.R.L.
         Emilio Ravignani 1732
         Buenos Aires


CAS Y CAS: Debt Payments Halted, Set To Reorganize
--------------------------------------------------
Judge Sala, serving for court no. 14 of Buenos Aires' civil and
commercial tribunal, is now analyzing whether to grant local
fuel distributor Cas y Cas S.R.L. approval for its petition to
reorganize. La Nacion recalls that the company filed a "Concurso
Preventivo" petition following cessation of debt payments since
February 2003. The Company indicated liabilities amounting to
US$32,000.

Dr. Aleman, clerk no. 27, assists the court on the Company's
case.

CONTACT: Cas y Cas S.R.L.
         Emilio Castro 5701
         Buenos Aires


CLUB DE GIMNASIA: Reports Submission Set
----------------------------------------
The validated individual claims from the Club de Gimnasia y
Esgrima reorganization case are due for court approval on March
1, 2005. A general report will also be submitted on April 12,
2005. Infobae says that local accounting firm "Estudio
Fernandez, Rodriguez y Asociados" supervises the Company's
insolvency proceedings as the court-appointed trustee. This case
is under the jurisdiction Buenos Aires' civil and commercial
tribunal.

CONTACT: "Estudio Fernandez, Rodriguez y Asociados"
          Trustee
          Sarmiento 1452
          Buenos Aires


CMS S.R.L.: Court Declares Company Bankrupt
-------------------------------------------
Court no. 18 of Buenos Aires' civil and commercial tribunal
declared local company CMS S.R.L. "Quiebra" upon the request of
creditor Jas Jet Air Services Argentina S.A.

La Nacion reports that the Company will undergo the bankruptcy
process with Mr. Walter Callejas as trustee. Creditors are
required to present their proofs of claims to the trustee for
verification before November 11. 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. Cufari, clerk no. 36, assists the court on the case.

CONTACT: CMS S.R.L.
         Maipu 474
         Buenos Aires

         Mr. Walter Callejas, Trustee
         Lambare 1140
         Buenos Aires


COARGEN S.A.: Court Sets Verification Schedule
----------------------------------------------
Accounting firm "Estudio Carrillo, Esnaola, Pronsky," the
trustee supervising the liquidation of Coargen S.A., will verify
creditors' proof of claims "por via incidental," says Infobae.
This case is under the jurisdiction of La Plata's civil and
commercial tribunal.

CONTACT: Coargen S.A.
         Calle 2 Nro. 5161
         Berisso

         "Estudio Carrillo, Esnaola, Pronsky"
          Trustee
          Calle 37 Nro. 375
          La Plata


CRESUD: Convertible Note Holders Exercise Conversion Rights
-----------------------------------------------------------
Cresud S.A.C.I.F. y A. informs the Bolsa de Comercio de Buenos
Aires and the Comision Nacional de Valores that on September 30,
2004 holders of Company's Convertible Notes that already had
exercised their conversion right exercised their warrant rights.

Hence, a reduction of 130,139 warrants and an increase of
256,279 ordinary shares face value pesos 1 (V$N 1) each was
made. As a result, the amount of shares of the Company goes from
151,029,098 to 151,285,377.

The exercised of the warrant was performed according to terms
and conditions established in the prospectus of issuance. The
amount of shares acquired is equal to the amount of shares into
which it was converted the convertible note at a price of US$
0.6093 for each share face value pesos 1. Therefore US$
156,150.79 entered into the Company.

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


DISTRIBUIDORA GENERAL: Verification Deadline Set
------------------------------------------------
Mr. Mario Suez, the trustee overseeing the liquidation of
Distribuidora General de Sellos Editorial S.A., will close the
verification of creditors' claims on November 19, 2004.
Creditors are required to present all relevant documents by the
said date to qualify for any post-liquidation distributions that
will be made.

CONTACT: Mr. Mario Suez, Trustee
         Rodriguez Pena 454
         Buenos Aires


DROGUERIA SAN IGNACIO: Court Dates Verification Deadline
--------------------------------------------------------
Creditors of bankrupt Drogueria San Ignacio S.R.L. have until
November 8, 2004 to present proof of their claims against the
Company. All proof of claims must be forwarded to trustee
Gustavo C. Larrus for verification by the said date.

The civil and commercial tribunal of Mecedes has jurisdiction
over this bankruptcy case.

CONTACT: Mr. Gustavo C. Larrus, Trustee
         Calle 22 Nro. 924
         Mercedes


HUECA S.A.: Court Approves Concurso Motion
------------------------------------------
Court no. 18 of Buenos Aires' civil and commercial tribunal
approved a petition for reorganization filed by Hueca S.A.,
according to a report from Argentine daily La Nacion.

Trustee Nestor Iribe will verify creditors' claims until
November 24, 2004. After verifying the claims, the trustee will
then submit the individual and general reports in court. Dates
for submission of these reports are yet to be disclosed.

The informative assembly will be held on August 24 next year.
This is one of the last parts of the reorganization process.

Dr. Estevarena, clerk no. 35, assists the court on the case.

CONTACT: Hueca S.A.
         Treinta y Tres Orientales 1326
         Buenos Aires

         Mr. Nestor Iribe, Trustee
         Avenida Corrientes 1250
         Buenos Aires


IRSA: Convertible Note Holders Exercise Warrant Rights
------------------------------------------------------
Irsa Inversiones y Representaciones S.A. (IRSA) reported to the
Bolsa de Comercio de Buenos Aires and the Comision Nacional de
Valores that on September 30, 2004 holders of Company's
Convertible Notes that already had exercised their conversion
right exercised their warrant rights.

Hence, a reduction of 5,150,000 warrants and an increase of
9,449,540 ordinary shares face value pesos 1 (V$N 1) each was
made. As a result, the amount of shares of the Company goes from
248,802,993 to 258,252,533.

The exercised of the warrant was performed according to terms
and conditions established in the prospectus of issuance. The
amount of shares acquired is equal to the amount of shares into
which it was converted the convertible note at a price of US$
0.6541 for each share face value pesos 1. Therefore US$
6,180,944.11 entered into the Company.

CONTACT: IRS Inversiones y Representaciones S.A.
         1066
         Bolivar 108
         Buenos Aires, Argentina
         Phone: 541-342-7555


KRAVE S.A.: Credit Verifications to End November 5
--------------------------------------------------
Buenos Aires-based Krave S.A. will cross a significant part in
its liquidation proceedings with the closing of the claims
verification period on November 5, 2004. Creditors of the
company must submit proof of their claims to trustee Agustin
Cueli Gomez before the deadline to qualify for the post-
liquidation distributions to be made.

CONTACT: Mr. Agustin Cueli Gomez, Trustee
         Avda Corrientes 915
         Buenos Aires


NII HOLDINGS: Announces Conversion Period for Notes
---------------------------------------------------
NII Holdings, Inc. (Nasdaq: NIHD) announced Wednesday that its 3
1/2% Convertible Notes due 2033 (the "Notes") issued pursuant to
an indenture between the Company and Wilmington Trust Company,
as Trustee, dated September 16, 2003 (the "Indenture"), will be
convertible pursuant to section 14.01(a)(i) of the Indenture for
the fiscal quarter beginning October 1, 2004 and ending December
31, 2004. Therefore, holders of the Notes may convert the Notes
into shares of the Company's common stock during this period at
the conversion rate then in effect.

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.

CONTACTS: Investor Relations:
          Mr. Tim Perrott
          Phone:(703) 390-5113
          e-mail: tim.perrott@nii.com

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

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


NITRA S.A.: Court Declares Company Bankrupt
-------------------------------------------
Buenos Aires' civil and commercial tribunal declared local
company Nitra S.A. "Quiebra", relates Infobae.

The Company will undergo the bankruptcy process with Ms. Silvana
Cirigliano as its trustee. Creditors are required to present
their proofs of claims to the trustee for verification before
November 25. The validated claims will be submitted as
individual reports on February 8, 2005 followed by the general
report on March 29, 2005.

CONTACT: Mr. Anibal Diego Carrillo, Trustee
         Juncal 615
         Buenos Aires


RADIODIFUSORA PAMPEANA: Ends Concurso Proceedings
-------------------------------------------------
Local Radiodifusora Pampeana S.A. is set to conclude its
reorganization after the settlement plan prepared for its
creditors acquired the number of votes necessary for
confirmation. As such, the plan has been endorsed Buenos Aires'
civil and commercial tribunal and will now be implemented by the
company.

CONTACT: Radiodifusora Pampeana S.A.
         Lisandro de la Torre
         Buenos Aires


SECURITY CONSULTING: Files Petition to Reorganize
-------------------------------------------------
Security Consulting S.R.L. filed a "Concurso Preventivo" motion,
reports La Nacion. The Company is seeking to reorganize its
finances following cessation of debt payments since May 2, 2001.

The Company's case is pending before Judge Astorga of Buenos
Aires' civil and commercial tribunal court no. 25. Dr. Pennacca,
clerk no. 49, assists the court on this case.

CONTACT: Security Consulting S.R.L.
         Tres Sargentos 463
         Buenos Aires


SOL ES S.R.L.: Court Favors Creditor's Bankruptcy Petition
----------------------------------------------------------
Mr. Gabriel D'Alconzo successfully sought for the bankruptcy of
Sol Es S.R.L. after Buenos Aires' civil and commercial declared
the Company "Quiebra," reports La Nacion.

As such, the tour company will now start the bankruptcy process
with Mr. Jose Kahane as trustee. Creditors of the Company must
submit their proofs of claim to the trustee before November 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.

The creditor sought the Company's bankruptcy after the latter
failed to pay debts amounting to US$33,000. Dr. Cardama, clerk
no. 26, assists the court on the case.

CONTACT: Sol Es S.R.L.
         Uruguay 688
         Buenos Aires

         Mr. Jose Kahane, Trustee
         Reconquista 715
         Buenos Aires


TALLERES GRAFICOS: Court OKs Creditor's Bankruptcy Call
-------------------------------------------------------
Talleres Graficos Cordoba S.R.L. entered bankruptcy after judge
Ojea Quintana of Buenos Aires' civil and commercial tribunal
court no. 12 approved a bankruptcy motion filed by Mr. Pedro
Moran. La Nacion says that the Company's failure to pay US$4,779
in debt prompted the creditor to file the petition.

Working with Dr. Medici Garrot, the city's clerk no. 24, the
court assigned Mr. Jose Gonzalez 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.

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: Talleres Graficos Cordoba S.R.L.
         Zelarrayan 1350
         Buenos Aires

         Mr. Jose Gonzalez, Trustee
         Avenida Cordoba 2444
         Buenos Aires


TELEFONICA DE ARGENTINA: Plans ARS200 Mln Bond Issuance
-------------------------------------------------------
Fixed-line carrier Telefonica de Argentina SA (TAR) plans to
issue ARS200 million ($1=ARS2.9725) in bonds, the local unit of
Spain's Telefonica SA (TEF) said without giving any details of
the offering.

Citing a filing with the bourse, Dow Jones Newswires reports
that the planned issue will be the second placement under an
ARS1.5-billion program approved last year.

In May, the company placed the first series under this program,
selling ARS163 million of one-year, zero-coupon notes with a
yield of 8.05%.

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

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



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

FLAGSHIP REINSURANCE: Appoints Kehinde George as Liquidator
-----------------------------------------------------------
          IN THE MATTER OF THE COMPANIES ACT 1981

                            and

         IN THE MATTER OF Flagship Reinsurance Ltd.

The Members of Flagship Reinsurance Ltd., acting by written
consent without a meeting on, September 23, 2004, passed the
following resolutions:

1) THAT the Company be wound up voluntarily; and

2) THAT Kehinde A. L. George, a partner of the firm of Attride-
Stirling & Woloniecki, be and is hereby appointed liquidator of
the Company.

Mr. George informs that:

- Creditors of the above-named Company, which is being
voluntarily wound up, are required, on or before Friday,
November 5, 2004, to send their full names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their attorneys (if any) to Kehinde A. L.
George, at Attride-Stirling & Woloniecki of Crawford House, 4th
Floor, 50 Cedar Avenue, Hamilton HM 11, Bermuda, the Liquidator
of the said Company, and if so required by notice in writing
from the said Liquidator, and personally or by their attorneys,
to come in and prove their debts or claims at such time and
place as shall be specified in such notice, or in default
thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

- A Final General Meeting of the Members of Flagship Reinsurance
Ltd., will be held at the offices of Attride-Stirling &
Woloniecki, Crawford House, 4th Floor, 50 Cedar Avenue, Hamilton
HM 11, Bermuda on Thursday, 16th December, 2004 at 3:00 p.m., or
as soon as possible thereafter, 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; and

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

3) by resolution dissolving the Company.

CONTACT: Mr. Kehinde A. L. George
         Liquidator
         Attride-Stirling & Woloniecki
         Crawford House, 4th Floor
         50 Cedar Avenue
         Hamilton HM 11
         Bermuda


GALLEON REINSURANCE: Proceeds With Voluntary Wind-Up
---------------------------------------------------
        IN THE MATTER OF THE COMPANIES ACT 1981

                       and

        IN THE MATTER OF Galleon Reinsurance Ltd.

The Members of Galleon Reinsurance Ltd. acting by written
consent without a meeting on September 23, 2004 passed the
following resolutions:

1) THAT the Company be wound up voluntarily; and

2) THAT Kehinde A. L. George, a partner of the firm of Attride-
Stirling & Woloniecki, be and is hereby appointed liquidator of
the Company.

The Liquidator notifies that:

- Creditors of Galleon Reinsurance Ltd., which is being
voluntarily wound up, are required, on or before Friday,
November 5, 2004, to send their full names, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their attorneys (if any) to Kehinde A. L.
George, the undersigned, at Attride-Stirling & Woloniecki of
Crawford House, 4th Floor, 50 Cedar Avenue, Hamilton HM 11,
Bermuda, the Liquidator of the said Company, and if so required
by notice in writing from the said Liquidator, and personally or
by their attorneys, to come in and prove their debts or claims
at such time and place as shall be specified in such notice, or
in default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

- A Final General Meeting of the Members of the above-named
Company, will be held at the offices of Attride-Stirling &
Woloniecki, Crawford House, 4th Floor, 50 Cedar Avenue, Hamilton
HM 11, Bermuda on Thursday, 16th December, 2004 at 3:30 p.m., or
as soon as possible thereafter, 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; and

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

3) by resolution dissolving the Company.

CONTACT: Mr. Kehinde A. L. George
         Liquidator
         Attride-Stirling & Woloniecki
         Crawford House, 4th Floor
         50 Cedar Avenue
         Hamilton HM 11
         Bermuda


MERCATOR: Members Appoint Robin Mayor as Liquidator
---------------------------------------------------
     IN THE MATTER OF THE COMPANIES ACT 1981

                       and

IN THE MATTER OF Mercator International Investments Ltd.

The Members of Mercator International Investments Ltd., acting
by written consent without a meeting on September 13, 2004
passed these resolutions:

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

2) That Robin J. Mayor be and is hereby appointed Liquidator for
the purposes of such winding-up, such appointment to be
effective forthwith.

Mr. Mayor, in his capacity as liquidator, notifies that:

- Creditors of the above named Company, which is being
voluntarily wound up, are required, on or before October 20,
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 Robin J.
Mayor, the undersigned, at Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, HM DX, Bermuda, the
Liquidator of the said Company, and if so required by notice in
writing from the said Liquidator, and personally or by their
lawyers, 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.

- Final general meeting of the Members of the above named
Company will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
November 9, 2004, at 9.30am, or as soon as possible thereafter,
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; and

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.


REUS LTD.: Proceeds With Wind-Up
--------------------------------
        IN THE MATTER OF THE COMPANIES ACT 1981

                         and

               IN THE MATTER OF Reus Ltd.

The Members of Reus Ltd., acting by written consent without a
meeting on October 4, 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 Alberto Carrizosa be and is hereby appointed Liquidator
for the purposes of such winding-up, such appointment to be
effective forthwith.

Mr. Carrizosa, acting as liquidator, informs that:

- Creditors of Reus Ltd., which is being voluntarily wound up,
are required, on or before October 20, 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 Alberto Carrizosa c/o
Messrs. Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, HM DX, Bermuda, the Liquidator of the said Company,
and if so required by notice in writing from the said
Liquidator, and personally or by their lawyers, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

CONTACT: Mr. Alberto Carrizosa, Liquidator
         Carrera 13 #76-47
         Bogota, Columbia


THYBO SECURITIES: Members Resolve to Wind-Up
--------------------------------------------
     IN THE MATTER OF THE COMPANIES ACT 1981

                      and

     IN THE MATTER OF Thybo Securities Limited

The Members of Thybo Securities Limited, acting by written
consent without a meeting on the October 1, 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 Ms. Jennifer M. Kelly be appointed Liquidator for the
purpose of such winding-up, such appointment to be effective
forthwith.

Ms. Kelly notifies that:

- Creditors of Thybo Securities Limited, which is in Members'
Voluntary Liquidation, are required, on or before the October
20, 2004 to send to the Liquidator their full Christian and
Surnames, their addresses and descriptions, full particulars of
their debts or claims, and the names and addresses of their
solicitors (if any) at 3rd Floor, Par La Ville Place, 14 Par La
Ville Road, Hamilton, Bermuda. If required by the Liquidator,
creditors are asked to, personally or by their solicitors, 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 Members of the above-named
Company will be held at 3rd Floor, Par La Ville Place, 14 Par La
Ville Road, Hamilton, Bermuda on the 10th day of November, 2004
for the purpose of having an account laid before them, showing
the manner in which the winding-up has been conducted, and the
property of the Company disposed of, and of hearing any
explanation that may be given by the Liquidator, and also of
determining by Resolution the manner in which the books,
accounts and documents of the Company and of the Liquidator
thereof, shall be disposed of.

CONTACT: Ms. Jennifer M. Kelly, Liquidator
         3rd Floor, Par La Ville Place
         14 Par La Ville Road
         Hamilton, Bermuda


UTAR HOLDINGS: Claims Submission Deadline Set
--------------------------------------------
IN THE SUPREME COURT OF BERMUDA COMPANIES
           (WINDING-UP)

                 and

IN THE MATTER OF Utar (Holdings) Limited
            in Liquidation

                  and

IN THE MATTER OF THE COMPANIES ACT 1981

NOTICE IS HEREBY GIVEN that the creditors of Utar (Holdings)
Limited are required on or before November 30, 2004, to send
their names, addresses and descriptions, full particulars of
their debts or claims, to:

The Liquidator
UTAR (Holdings) Limited - in Liquidation
c/o PricewaterhouseCoopers
P.O. Box HM 1171, Hamilton HM EX
Bermuda.

Creditors are required to return their sworn Proof of Debt to
the Liquidator by 5:00 p.m., November 30, 2004, or in default
thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

Forms of Proof of Debt are available from the Liquidator of UTAR
(Holdings) Limited - in Liquidation (Tel: 441-295-2000 Fax: 441-
295-1242).

CONTACT: Mr. Peter C.B. Mitchell
         Liquidator
         UTAR (Holdings) Limited - In Liquidation
         c/o PricewaterhouseCoopers
         Dorchester House
         P.O. Box HM 1171
         Hamilton HM EX
         Bermuda



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

GERDAU: S&P Upgrades Unit's Corporate Credit Rating
---------------------------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Gerdau Ameristeel Corp. to 'BB-' from 'B+'.

In addition, Standard & Poor's raised its rating on Gerdau
Ameristeel's $350 million senior secured revolving credit
facility to 'BB' from 'BB-'. The bank loan rating is rated one
notch higher than the corporate credit rating indicating a high
expectation of full recovery of principal in the event of a
default. Standard & Poor's also raised the company's senior
unsecured debt rating to 'B+' from 'B'. The outlook is stable.

Total debt for the Tampa, Fla.-based company was about $585
million (including capitalized operating leases) at June 30,
2004.

These actions follow the company's recent announcement that it
plans to raise an estimated $295 million to $330 million in net
proceeds from a secondary common stock offering. Proceeds will
be used to finance Gerdau Ameristeel's $278 million (subject to
an adjustment for working capital levels at closing) acquisition
of the North Star Steel assets from Cargill Inc. and for general
corporate purposes.

"The upgrades reflect the expected improvement in Gerdau
Ameristeel's business and financial profiles to be realized with
its planned equity offering and acquisition of the North Star
Steel assets," said Standard & Poor's credit analyst Paul
Vastola. "With the additional cash flows from the North Star
Steel assets without a corresponding increase in debt, Gerdau
Ameristeel will be better positioned to weather the volatility
associated with its markets."

The ratings reflect the company's fair business position in the
highly cyclical and intensely competitive commodity steel
products and its aggressive growth strategy. These factors are
partly offset by a broad product mix, numerous manufacturing
facilities providing geographic diversification, and the
implicit support of 72%-owner Gerdau S.A. (67% pro forma for the
equity offering).

As a result of the North Star Steel acquisition, Gerdau
Ameristeel will bolster its position as the second-largest
minimill steel producer in North America, increasing its total
annual manufacturing capacity by 2 million tons to 8.4 million
tons of mill finished steel product. Gerdau Ameristeel is also
somewhat vertically integrated and including the North Star
assets will operate a total of 15 minimills, 15 scrap recycling
facilities, which meet about 30% of its internal scrap needs,
and 36 downstream manufacturing facilities.

ANALYST:  Paul Vastola, New York
          Tel: (1) 212-438-7816
          E-mail: paul_vastola@standardandpoors.com


RBS PARTICIPACOES: S&P Revises Outlook To Stable
------------------------------------------------
Standard & Poor's Ratings Services changed its outlook on the
ratings assigned to RBS Participacoes S.A. to stable from
negative. At the same time, it affirmed its 'B-' local and
foreign currency corporate credit ratings on RBS. The rating on
the company's MTNs due 2007 was also affirmed at 'B-'.

Brazil-based RBS Participacoes is part of the RBS Group (RBS),
which operates in television and radio broadcasting, newspaper
publishing, and other media businesses in the southern states of
the country. Total gross debt for the combined RBS entities as
of August 2004 was $170 million.

"The change in outlook reflects our expectation that the group
will manage to sustain the positive operating results achieved
in past quarters, benefiting from stronger advertising spending
in Brazil and from cost savings it has been implementing since
last year," said Standard & Poor's credit analyst Milena
Zaniboni. Going forward, the group is expected to generate
positive free cash flow-though not enough to cover all
maturities in the next years-which, together with the completion
of the Exchange Offer on 53% of the company's MTNs, have reduced
refinancing risks in 2007.

The ratings on RBS Group reflect the Group's susceptibility to
the volatile results of the media industry in Brazil, its
leveraged financial profile, and still-insufficient free
operating cash generation to cover debt amortization
requirements. While the profile of the Group's bank debt and
senior notes has improved considerably since 2003, it is
expected that RBS will have to resort to its cash reserves to
meet all amortizations until 2006, and will still run some
refinancing risk in 2007. These vulnerabilities are partially
offset by the group's dominant share of audience and advertising
in its service area, good quality programming and the
distribution of TV Globo's high-quality content, the sustained
recovery of the Brazilian media industry at least during 2004
and 2005, and its track record of financial support from
shareholders.

With the completion of the $125 million MTN Exchange Offer, the
company also completed its plan to smooth debt maturities and
reduce refinancing risk. The company was successful in
exchanging $66.8 million of the total issue for notes maturing
in 2010, with a $10 million cash down payment. The new notes,
issued by RBS - Zero Hora Editora Jornalistica S.A. - the
newspaper publishing division of the group, will have the same
coupon as the 2007 notes, and will be guaranteed by TV Gaucha
S.A., RBS TV Florianopolis S.A., and Radio Gaucha S.A. The
successful outcome of the exchange offer was important to reduce
the company's vulnerability to the significant debt maturity in
2007, and to enhance its financial flexibility.

The analysis is based on a combined view of RBS Group companies
to reflect the group's commitments and financial flexibility in
a more comprehensive way. Financial information includes the
combined figures of all media entities (Media Companies, which
also includes the cash collection company RBS Administracao e
Cobrancas), RBS Participacoes, and offshore RBS Par Ltd. RBS
Administracao e Cobrancas is not part of the group of companies
that guarantee the notes.

The stable outlook indicates that Standard & Poor's expects RBS
to be able to sustain the operating profitability it has been
posting in past quarters, including positive free cash flow to
cover part of its debt maturities in the next years.
Nevertheless, earnings volatility and some refinancing risk
continue to constrain the rating. If RBS is able to sustain
current stronger results, represented by FFO to debt at 15% and
total debt to EBITDA lower than 4x in the next two to three
quarters, the outlook in the ratings could be changed to
positive. The upgrade to 'B' would depend on a clearer picture
of how the company can resolve the bond maturity in 2007. On the
other hand, as leverage is still high and financial results are
linked to the local economy, a deceleration or downturn in
advertising or economic prospects for Brazil would lead to a
stabilization of the ratings at 'B-', or even a change in
outlook to negative.


VASP: Bourse Suspends Trading Following Bankruptcy Request
----------------------------------------------------------
The Sao Paulo Stock Exchange on Wednesday suspended trade in
Vasp (VASP3.SA), Brazil's fourth-largest airline, after two
local subsidiaries of General Electric Co. petitioned a local
bankruptcy judge to declare the airline insolvent.

GE Celma and GE Varig Engine Service, which provide maintenance
services to the financially troubled airline, filed the petition
because of unpaid debts. According to the two companies, Vasp
owes them US$3.2 million.

A court ruling in favor of the two GE subsidiaries would
effectively lead to liquidation of Vasp, with any assets
distributed to creditors.

Also on Wednesday, Brazil's Defense Minister said Vasp must
present a debt payment plan to the government's Civil Aviation
Department by Friday or its planes risk being grounded.

Minister Jose Viegas said that without a debt plan it would not
be able to renew its airline concession, which expires on
Sunday. But should it fail to renew the concession, it would
take some time before its planes would be grounded, he added.


* BRAZIL: Sells $1B of Bonds at 9.15%
-------------------------------------
Brazil on Wednesday sold US$1 billion of bonds maturing 2019
with Citigroup and JP Morgan managing the issue.

The coupon on these bonds was 8.875% and the yield 9.15%. The
bonds were placed at 97.78% of face value, at a spread of 4.92%
over U.S. Treasuries.

The money raised by this issue will enter Brazil's reserves on
October 14 to finance the country's debt in 2005.

Brazil, having already sold the US$4 billion of foreign bonds it
planned for this year, is starting to sell the US$6 billion of
foreign bonds it says it needs for 2005. The government has
US$6.1 billion of principal and US$6.2 billion of interest
maturing on foreign debt next year.



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

EDELNOR: S&P Issues Update on Rating
------------------------------------
RATIONALE

The ratings on Empresa Electrica del Norte Grande S.A. (Edelnor)
(B/Stable/--) reflect a still-weak financial profile and the
cash flow volatility derived from projected volatile spot prices
in the Chile's Northern Interconnected System (SING) system.
These weaknesses are offset by Edelnor's diversified generation
base, ownership of transmission assets (a competitive
advantage), and its 21% equity stake in the Gasoducto Norandino
pipeline, which provides a stable cash flow stream.

Edelnor operates in the SING, where about 40% of the nearly
2,600 MW of generation installed depends on natural gas
(considering dispatch restrictions to natural gas-fired units).
The need to burn coal or fuel oil as a result of natural gas
supply shortages to gas-fired power plants and the system's
oversupply when natural gas is available (peak demand reached
1,428 MW in 2003) subjects Edelnor to spot-price volatility,
which affects about 50% to 60% of its revenues.

The Chilean electric system faces high natural gas supply risk
from Argentina, where a rate freeze in peso terms for regulated
gas customers has distorted prices and caused a mismatch between
gas supply and demand. This situation has already resulted in
supply interruptions to both Argentine and Chilean customers
during 2004. Natural gas shortages in the SING reached levels of
about 3.5 million cubic meters per day (m3 per day) in May 2004
from a total consumption of about 6.5 million m3 per day
(including about 1.2 million m3 per day consumed by Termoandes'
power plant in Argentina and exported to Chile as power).
Standard & Poor's expects that in the event of large natural gas
shortages in the SING, Edelnor's relatively large, coal-fired
power generation capacity (341 MW) will allow it to meet its
relatively low level of contracted sales (to 250 MW from 150 MW)
and sell about 100 MW to 200 MW at high prices in the spot
market. However, in that scenario, Edelnor will have to serve
its "ship-or-pay" agreements for natural gas transportation with
the Norandino pipeline and will face lower margins from its
sales under contracts. The company should be able to offset
those costs by selling part of its coal-fired capacity at high
prices in the spot market. The overall effect will depend on the
levels of electricity prices in the spot market--the higher, the
better for Edelnor. In this case, Standard & Poor's considers
Edelnor's diverse power generation base (47% coal and 35%
natural gas and marginally diesel oil, fuel oil, and hydro) a
competitive advantage, because it grants a higher supply
reliability than its highly gas-fired peers.

Edelnor's financial profile remains weak even after the debt
reorganization in 2002 that substantially improved its debt and
maturity profile. Interest coverage increased during 2003, as
Edelnor's adjusted funds from operations (FFO; including cash
flows from its 21%-owned Norandino pipeline) covered 3.4x
interest. However, at 8.7% of average debt, adjusted FFO debt
coverage remains relatively weak in light of Edelnor's volatile
cash generation. Standard & Poor's expects a positive trend (for
the 12 months ended June 2004, these ratios reached 3.8x and
11%) until 2006, when interest burden will increase according to
the terms of the 2002 debt renegotiation. The financing cost of
the $217 million Novation Loan Agreement will gradually increase
to 8.5% in November 2012 from 4% in November 2005, and Edelnor
will have to amortize about $22 million in capital per year from
2008. Thus, adjusted FFO interest coverage should decrease to
levels of about 2.5x, while adjusted FFO to total average debt
should remain at about 10% from 2006 to 2009.

Edelnor is a partially integrated utility, mainly operating in
power generation and, to a lesser extent, transmission in
northern Chile. The company owns and operates generation
facilities that have a total capacity of 688 MW, leases another
29 MW of diesel units, and commercializes 3 MW of a hydraulic
plant. Edelnor also owns about 1,056 kilometers (km) of
transmission lines. The company is 82.34%-owned by Inversiones
Mejillones S.A., a holding company owned by Belgium's Suez -
Tractebel S.A. and Chilean copper producer Corporacion Nacional
del Cobre de Chile (foreign currency A/Stable/--; local currency
A+/Stable/--).

LIQUIDITY

Edelnor has an adequate liquidity position due to its long-term
and smooth debt-maturity profile and low investment needs, but
has a weak financial flexibility. As of June 30, 2004, the
company had $20 million in cash and short-term investments, and
$3 million in short-term financial debt.

Edelnor completed a Chapter 11 reorganization on Nov. 5, 2002,
which replaced $340 million in bank debt with $217 million, 15-
year debt certificates, and a $46 million subordinated
shareholder loan. The new debt certificates carry a 4% coupon
during the first three years (with step-up rates from November
2005 and reaching levels of 8.5% from November 2012) and
amortize in 20 semiannual $10.9 million equal installments
starting May 5, 2008.

Edelnor's limited financial flexibility results from its weak,
but improved, financial profile and certain restrictions on
incurring additional debt according to the terms of the
company's preexisting debt. Edelnor is also obliged to maintain
a minimum liquidity level of $15 million, although this amount
decreases to $4 million when considering a $11 million credit
line granted by parent Inversiones Mejillones.

Standard & Poor's does not expect Edelnor to carry out
significant capital expenditures or distribute dividends in the
next five years. The company is in compliance with its financial
covenants.

OUTLOOK

The stable outlook incorporates Standard & Poor's expectations
that Edelnor will be able to offset the effect of potential
natural gas shortages to its natural gas-fired units by selling
its noncontracted, coal-fired capacity at high prices in the
spot market. Therefore, projected debt and interest coverage
ratios should not be affected by natural gas supply shortages in
the SING. If the effect of the crisis is significant, Standard &
Poor''s could revise its ratings. However, ratings could be
revised upward if the company's financial ratios improve despite
natural gas shortages and if the company recovers access to the
financial markets before its financial debt starts coming due in
May 2008.

ANALYST:  Sergio Fuentes, Buenos Aires (54) 114-891-2131



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

EDASABA: Liquidation Planned
----------------------------
Edasaba, the water utility serving Barrancabermeja in Colombia's
north-central Santander department, must be liquidated.

This was the recommendation made by Leal Ingenieros Asociados,
which regulator Superservicios retained to conduct an external
audit of Edasaba's management, says Business News Americas.

Despite being the only water company serving the city of 300,000
people, the company is burdened with liabilities totaling COP28
billion pesos (US$10 million).

City mayor Edgar Cote has a year to liquidate the company and
form a new municipal public service company to serve the city.
The municipality is to assume and pay all debts relating to
labor, pensions and other elements from its own budget.



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

KAISER ALUMINUM: Signs Settlement Agreement with Creditors
----------------------------------------------------------
Kaiser Aluminum said Wednesday that the company and its Debtor
subsidiaries and the Unsecured Creditors Committee (UCC) have
executed an Intercompany Settlement Agreement (ISA). The ISA
will be the subject of a motion to be filed shortly with the
U.S. Bankruptcy Court for the District of Delaware seeking its
approval.

As previously disclosed, the company has been in discussion with
the UCC for the last nine months concerning such an agreement,
which is intended to accomplish two main objectives:

1) to resolve intercompany claims among the Kaiser debtor
entities arising from pre-petition and post-petition
intercompany transactions among the various entities, and

2) to provide the framework for proceeding with Kaiser's planned
reorganization as a fabricated products company while enabling
expedited liquidation of certain commodity-related and/or non-
operating subsidiaries.

Kaiser's President and Chief Executive Officer Jack A. Hockema,
said, "For a number of months, our restructuring efforts have
focused on resolving a series of inter-related issues,
specifically the ISA; issues relating to termination of certain
pension plans by the PBGC and implementation of replacement
plans; and negotiation of modifications to the 1113 and 1114
agreement addressing retiree health care and pension benefits
previously reached with the USWA. Each of these was partially
dependent upon resolution of the other."

Hockema said, "The ISA provides for stipulated cash flows
related to the commodity asset dispositions that will be
available to Kaiser that we would expect to use in funding a
portion of the exit costs we'll bear upon emergence from Chapter
11. We're also working to finalize an amendment to the DIP
credit agreement that will allow us to implement the ISA's
provisions regarding the commodity-related asset dispositions
and liquidating plans."

Hockema added, "Clearly, now that we have reached agreement on
the interrelated issues cited above, we have approached a
significant milestone in the company's progress toward
emergence. We expect the ISA settlement with the UCC and its
members to serve as a catalyst for resolution of the remaining
issues, especially asbestos and other tort claims, and we will
make the resolution of these issues our focus now as we move
closer to emergence."

The company expects to ask the Court to set a special
evidentiary hearing to rule on the ISA as soon as practicable.

Kaiser Aluminum is a leading producer of fabricated aluminum
products and owns interests in alumina and primary aluminum
assets.

Company press releases may contain statements that constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. The company cautions
that any such forward-looking statements are not guarantees of
future performance and involve significant risks and
uncertainties, and that actual results may vary materially from
those expressed or implied in the forward-looking statements as
a result of various factors.

CONTACT: Kaiser Aluminum
         Mr. Scott Lamb
         Phone: 713-332-4751


NATIVE FOOD: To Cut Half of Workforce
-------------------------------------
Agro-processor Native Food Packers Ltd, producer of the
Chippies' brand of banana chips, is poised to send home 100
workers, or half of its workforce, to keep the company's
operations viable after Hurricane Ivan hit the country.

The Jamaica Observer reports that the recent hurricane has
caused a severe reduction in the company's banana supplies. Mr.
Alant Grant, the company's marketing manager, said that the
current processing was being done from fallen banana trees, and
according to estimates, the supply would be exhausted within a
few weeks.

"We are about to lay-off and put redundancies in place," Grant
told the Business Observer. "That is the first step we are doing
to try to salvage the operations...If we do not have any bananas
(our workers) will not have any work."

The company says it now faces a $60 million reduction in sales.

In the meantime, Native Food is seeking to import bananas
without having to pay the over 200% import duty that was slapped
on the product a few years ago. The company said it has sought
the intervention of the Ministry of Agriculture for a drastic
reduction in the tariff on imported bananas, but said it was yet
to get a response.



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

GRUPO TMM: FIC Approves KCS' Purchase of TFM Stake
------------------------------------------------
Kansas City Southern (NYSE: KSU) ("KCS") and Grupo TMM, S.A.
(NYSE: TMM) (BMV: TMM A) ("TMM") announced Wednesday that
Mexico's Foreign Investment Commission ("FIC") has notified KCS
of its approval of KCS' new application for authority to acquire
TMM's interest in TFM, S.A. de C.V. ("TFM"). TFM is a major
freight rail carrier in Mexico. The approval of the FIC is
necessary for a foreign company to become a majority owner of a
Mexican railway company and will remain valid until October 5,
2005.

"We are pleased by this decision and believe it is consistent
with previous decisions by the FIC," said Michael R. Haverty,
Chairman, President and CEO of Kansas City Southern. "This is an
important step forward, as authorization of the FIC is critical
for the completion of a transaction."

On September 16, 2004, KCS and TMM announced that they had
agreed to extend the previous deadline under the April 20, 2003,
acquisition agreement until June 15, 2005, to provide additional
time to complete a transaction.

"We too are pleased by the decision, which is another important
step in our efforts to complete a transaction with KCS," said
Jose F. Serrano, Chairman of TMM.

KCS is a transportation holding company that has railroad
investments in the United States, Mexico and Panama. Its primary
holding in the United States is The Kansas City Southern Railway
Company. Headquartered in Kansas City, Missouri, KCS serves
customers in the central and south central regions of the United
States. KCS's rail holdings and investments are primary
components of a NAFTA Railway system that links the commercial
and industrial centers of the United States, Canada, and Mexico.

Headquartered in Mexico City, Grupo TMM is Latin America's
largest multimodal transportation company. Through its branch
offices and network of subsidiary companies, Grupo TMM provides
a dynamic combination of ocean and land transportation services.
Grupo TMM also has a significant interest in TFM, which operates
Mexico's Northeast railway and carries over 40 percent of the
country's rail cargo. Grupo TMM's Web site address is
www.grupotmm.com and TFM's Web site is www.tfm.com.mx.

CONTACT:     Kansas City Southern
             Media:
             Warren K. Erdman, 816-983-1454
             warren.k.erdman@kcsr.com
                          or
             Gabriel Guerra, 011-525-55-273-5359
             gguerra@gcya.net
                          or
             Investors:
             William H. Galligan, 816-983-1551
             william.h.galligan@kcsr.com
                          or
             Grupo TMM
             Brad Skinner
             011-525-55-629-8725 or 203-247-2420
             brad.skinner@tmm.com.mx
                          or
             Marco Provencio
             011-525-55-629-8708 and 011-525-55-442-4948
             mp@proa.structura.com.mx
                          or
             At Dresner Corporate Services
             Kristine Walczak, 312-726-3600
             kwalczak@dresnerco.com


TV AZTECA: Shares Fall on Impending SEC Action
----------------------------------------------
Mexican broadcaster TV Azteca SA (TZA) saw its shares fall
Wednesday after the company said it and four company officials
would likely face civil litigation on alleged violations of
securities laws.

According to Dow Jones Newswires, TV Azteca CPO shares trading
on the Mexican Stock Exchange fell 2% to MXN7.23 ($1=MXN11.291),
and its American Depositary Receipts dropped 2.6% to US$10.28.

TV Azteca revealed that some of its executives, including
chairman Ricardo Salinas Pliego, are likely to face civil
litigation over the debt deal involving wireless phone company
Unefon SA (UNEFON.MX), private concern Codisco Investments LLC,
and Canadian equipment supplier Nortel Networks Corp. (NT).

TV Azteca said the SEC "may impose fines or penalties that could
have a material adverse effect on our financial condition and
result of operations."

TV Azteca is one of the two largest producers of Spanish
language television programming in the world, operating two
national television networks in Mexico, Azteca 13 and Azteca 7,
through more than 300 owned and operated stations across the
country. TV Azteca affiliates include Azteca America Network, a
broadcast television network focused on the rapidly growing US
Hispanic market; and Todito.com, an Internet portal for North
American Spanish speakers.

CONTACT: TV Azteca S.A. de C.V.
         Periferico Sur
         No. 4121
         Col., Fuentes del Pedregal
         14141 D.F.
         Mexico
         Phone: 52-5-420-1313



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

* PERU: Fitch Assigns 'BB-' Rating To Euro Issue
------------------------------------------------
Fitch Ratings, the international rating agency, assigned a long-
term foreign currency rating of 'BB-' to the Republic of Peru's
EUR650 million 10-year bond issue. The Rating Outlook is
Positive. This issuance serves to pre-finance a portion of 2005
general government financing needs estimated at 5% of GDP.

Fitch assigned a Positive Outlook to the long-term foreign
currency rating in June 2004 based on progress in improving
public and external finances and in reducing public financing
vulnerabilities. Real GDP growth of 4.1% (year-over-year)
through July and efforts to reduce evasion have sustained real
tax revenue gains of 10.7% against 2.7% real spending growth
that has been constrained in part by bottlenecks, since
resolved, in regional transfers. Fitch estimates Peru could
further narrow its general government deficit to 1.3% of GDP in
2004 from 1.7% of GDP in 2003, stabilizing high public
indebtedness and enhancing fiscal credibility.

Strong metals pricing and sound global demand is also supporting
solid export growth, which is helping to narrow Peru's gross
external financing requirement to an estimated 26% of reserves.
This year, net foreign direct investment inflows have more than
covered the current account deficit of less than 1% of GDP,
supporting an ongoing reduction in net external debt. Continued
international reserve accumulation helps offset vulnerabilities
arising from high dollarization and potential political shocks.

Economic growth and fiscal consolidation has proceeded in spite
of the challenging political environment, while policy settings
remain prudent. Fitch believes that President Alejandro Toledo
will serve out the remainder of his term, though a scenario
involving impeachment cannot be ruled out. Nevertheless,
political risk remains a credit constraint, with the spring 2006
presidential election increasingly weighing on sovereign risk
perceptions.

Constraints on Peru's rating include high net external debt
(151% of external receipts at the end of 2003) relative to peer
sovereigns, high public external indebtedness of 37% of GDP, and
a narrow export base. General government debt to revenue of 269%
is also comparatively high. Sustained economic momentum, as
supported by stronger investment, plus benign political
developments and further fiscal consolidation will underpin
improved creditworthiness. This would also be supported by final
approval of constitutional reform of the public pension system,
which would help improve near-term public finances and the
actuarial deficit of the pension system. However, political
shocks still have the potential to have a negative impact on the
conduct of economic policy and overall creditworthiness.


* S&P Rates Peru's EUR650M Bond Issue 'BB'; Affirms Ratings
-----------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'BB' foreign
currency rating to the Republic of Peru's EUR650 million senior
unsecured bond issue, which is due in 2014.

Standard & Poor's also said that it affirmed its 'BB+' long-term
local currency and 'BB' long-term foreign currency sovereign
credit ratings on Peru as well as its 'B' short-term ratings.

The outlook on Peru is stable.

With the government financing needs from international capital
markets for 2004 already completed early this year, the EUR650
million issued Wednesday (equivalent to about US$800 million)
completes most of the financing required from international
capital markets for 2005. (The government's program incorporated
a total estimate of US$1 billion.) Nonetheless, additional bond
issuance in international capital markets might occur next year
if the Peruvian government advances on debt negotiations with
the Paris Club.

According to Standard & Poor's credit analyst Sebastian Briozzo,
the ratings on Peru take into account the recent strengthening
of the country's economic fundamentals and the expectation that
prudent macroeconomic policies will be sustained in the future,
despite the ongoing problems in Peru's political environment.

"The continuation of the current fiscal consolidation strategy
is essential in providing flexibility to an economy that is
still severely constrained by a high external indebtedness, an
only limited margin for implementing monetary policy due to
dollarization, and characterized by significant social needs,"
Mr. Briozzo said.

The combination of decreasing financing needs derived from lower
fiscal deficits, rapidly growing exports, and increasing
issuance of debt denominated in local currency have mitigated
Peru's still-high external vulnerability. Peru's net external
public-sector debt is expected to be a high 108% of the
country's current account receipts in 2004. In this regard, a
high level of international reserves also reduces the country's
economic vulnerability to external shocks over the short run.

Peru's creditworthiness continues to be limited by a weak
political environment consistent with a 'BB' rating. Relatively
high economic growth rates since 2002, averaging 4.4%, have not
improved the political and social climate in Peru. "Despite
relatively strong growth prospects over the medium term, the
need to make this growth pattern sustainable and job-creating
will continue to challenge Peruvian governments," noted Mr.
Briozzo.

The stable outlook reflects Standard & Poor's expectation that
the ongoing process of consolidating Peru's sound macroeconomic
framework will continue to be constrained by a still-evolving
political system and a high external debt burden. In this
context, Standard & Poor's expects only moderate progress on the
government's economic reform agenda over the medium term. A more
predictable political environment and a more dynamic reform
agenda, leading to increasing levels of investment to support
higher economic growth rates and including sizeable job
generation, would enhance Peru's creditworthiness. Conversely,
increasing political polarization that affects implementation of
policy, disrupts the economy, and puts current stability at risk
would put downward pressure on the ratings.

ANALYSTS:  Sebastian Briozzo, New York
           Tel: 212-438-7342
           E-mail: Sebastian_Briozzo@standardandpoors.com

           Lisa M Schineller, New York
           Tel: (1) 212-438-7352
           E-mail: Lisa_Schineller@standardandpoors.com



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

CITGO: Reaches $320M Clear-Air Settlement With EPA
--------------------------------------------------
CITGO Petroleum Corporation is implementing several
environmental improvement projects at its three fuels refineries
and two asphalt refineries primarily over the next four years
that will reduce emissions of SO2 (sulfur dioxides) and NOx
(nitrous oxides) by an estimated 23,000 and 7,000 tons-per-year,
respectively. The capital cost of the state-of-the-art control
equipment could range up to $320-million.

These projects are part of a recent settlement with the U.S.
Environmental Protection Agency (EPA) under the Clean Air Act.
While CITGO has not admitted to any violations, the company
elected to settle the case and move forward with the
environmental projects beginning in 2005.

"CITGO has an unwavering commitment to operating our facilities
in full compliance with environmental regulations," stated Luis
Marín, CITGO's President and CEO. "These additional improvements
will ensure that the corporation reaches its goal of becoming an
exceptional environmental steward. We have been diligently
working with EPA towards this settlement because we want to
proceed with the implementation of the projects."

CITGO's settlement relates primarily to EPA's New Source Review
(NSR) regulations, which are a set of regulations under the
Clean Air Act that require entities such as factories,
processing plants, refineries and utilities to obtain
specialized permits and install state-of-the-art controls when
new plants are built and when certain major changes are made to
existing plants.

CITGO, based in Houston, Texas, is a refiner, transporter and
marketer of transportation fuels, lubricants, petrochemicals,
refined waxes, asphalt and other industrial products. The
company is owned by PDV America, Inc., an indirect wholly owned
subsidiary of Petroleos de Venezuela, S.A., the national oil
company of the Bolivarian  Republic of Venezuela.


* Venezuela Yet to Determine Payment Due Oct. 15
------------------------------------------------
The Bolivarian Republic of Venezuela announced Wednesday that
the amount of any payment due on October 15, 2004 in respect to
its Oil-Indexed Payment Obligations has not yet been finally
determined due to delays in the delivery of information to its
calculation agent. The Republic has now delivered the necessary
information to the calculation agent and, promptly upon the
final determination of any amount payable, the Republic will
publish the required information in the Financial Times and will
remit any such amount to the Fiscal Agent for payment to the
holders of the Oil Obligations. In the event that any such
amounts are due to be paid on October 15, 2004 and such payments
are not made on that date, the Republic will pay to the holders
of the Oil Obligations interest on any past- due amounts at
LIBOR plus 13/16% per annum as provided for in the Oil
Obligations.

The Oil Obligations were issued by Venezuela in 1990 in
connection with its Brady Plan restructuring to holders of its
Par and Discount Bonds due 2020. Venezuela is required to make
certain payments under the Oil Obligations in the event that the
average price per barrel of crude oil exported from Venezuela
over the applicable determination period exceeds a strike price
set forth in the Oil Obligations, up to a maximum of U.S.$3.00
per Oil Obligation per determination period. The current
determination period for the Oil Obligations covers the period
from September 1, 2003 to August 31, 2004, and any payment due
in respect of the Oil Obligations for that period is scheduled
to be made on October 15, 2004. There are approximately 20
million Oil Obligations outstanding.

CONTACT:  BARCLAYS CAPITAL
          Karina Byrne
          Tel: +1-212-412-7561
          E-mail: karina.byrne@barcap.com
          URL: http://www.barcap.com




                            ***********


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 * * *