TCRLA_Public/041013.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

          Wednesday, October 13, 2004, Vol. 5, Issue 203

                            Headlines

A R G E N T I N A

AUTOTINT: Trustee Submits General Report
BANCO FRANCES: Extraordinary Cost Hampers Profitability
CONCESION OESTE: Trustee to Close Verification of Claims
CONYLOT: Liquidation Moves Forward
DIRECTV LA: Consolidates LatAm Operations

DISTRIBUIDORA JUAREZ: General Report Due Today
JUNIN 1721: Validation Deadline Approaches
KAMET S.A.: To Hold Informative Assembly Today
MIRAMAX S.A.: Claims Check Nears End


B E R M U D A

GLOBAL CROSSING: Shares Plummet As Company Seeks New Financing
GLOBAL CROSSING: StandByVideo.com Adopts "iVideoconferencing"
GLOBAL CROSSING: Beefs Up Conferencing Technology
GRN REINSURANCE: To Hold First Meeting of Creditors  
LIFE REINSURANCE: To Proceed With Wind-Up

LIFE REINSURANCE (HOLDINGS): Appoints Robin Mayor as Liquidator
LIMA ALPHA: Members Agree to Voluntary Wind-Up


B R A Z I L

VARIG: BNDES Seen Taking Minority Stake


D O M I N I C A N   R E P U B L I C

PARMALAT DOMINICANA: Curcastle Sells 65.74% Holding


M E X I C O

GRUPO MEXICO: Endeavors to Improve Debt Profile


P E R U

MILPO: Board Dumps Penoles' Acquisition Offer


V E N E Z U E L A

CITGO: Fitch Upgrades Senior Unsecured Debt
CITGO: Moody's Ups Debt Rating to Ba2

     -  -  -  -  -  -  -  -  -  -

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

AUTOTINT: Trustee Submits General Report
----------------------------------------
Mr. Ricardo Sukiassian, the trustee supervising the liquidation
of Autotint S.R.L., is scheduled to submit a general report on
the case today. The general report provides the court with
information regarding the company's finances prior to
liquidation.

Court no. 8 of Buenos Aires' civil and commercial tribunal has
jurisdiction over this case. Clerk no. 15 assist the court in
the proceedings.

CONTACT: Autotint S.R.L.
         Av Libertador 6601
         Buenos Aires


BANCO FRANCES: Extraordinary Cost Hampers Profitability
-------------------------------------------------------
An executive of BBVA Banco Frances (NYSE: BFR) said that the
Argentine bank is unlikely to get out of the red this year,
relates Business News Americas.

The bank is struggling to return to profitability due to an
extraordinary cost of some ARS900 million related to lawsuits
filed by many of its clients trying to get access to their funds
after the deposit freeze which was imposed by the government
during the crisis and lifted last year.

BBVA Frances is paying the cost in quarterly installments in
accordance with a payment plan approved by the country's central
bank. This extraordinary cost "makes it very difficult" for the
bank to return to the black this year although it's not
impossible, the executive said.

On the lighter side, Banco Frances is increasingly posting
higher operating profits, improving efficiency and boosting
lending, the official said.

Banco Frances is a unit of Spanish financial holding company
Banco Bilbao Vizcaya Argentaria SA.

CONTACT:  Maria Elena Siburu de Lopez Oliva
          Investor Relations Manager
          Phone: (5411) 4341 5035
          E-mail: mesiburu@bancofrances.com.ar

          Maria Adriana Arbelbide
          Investor Relations
          Phone: (5411) 4341 5036
          E-mail: marbelbide@bancofrances.com.ar


CONCESION OESTE: Trustee to Close Verification of Claims
--------------------------------------------------------
Concesion Oeste S.R.L., a company operating in Buenos Aires,
moves forward in its liquidation with the closing of the
verification of claims tomorrow.

Creditors of the company must submit all required documents to
court appointed trustee Jorge Ceballos by the said deadline.
Failure to comply with the submission cut-off will mean
disqualification from the list of creditors qualified to receive
post-liquidation payments.

TCR Latin America previously reported that the Company was
declared bankrupt after it failed to pay US$11,377.20 in debt to
Mr. Walter Borghiani.

Judge Chomer of Buenos Aires' civil and commercial tribunal
court no. 10 works with the city's clerk no. 19, Dr.
D'Alesandri, in resolving this case.

CONTACT: Concesion Oeste S.R.L.
         Guamini 2131
         Buenos Aires

         Mr. Jorge Ceballos, Trustee
         Aguaribay 6736
         Buenos Aires


CONYLOT: Liquidation Moves Forward
----------------------------------
Trustee Humberto Enrique Zaina will review claims forwarded by
the creditors of bankrupt Conylot S.A.C.I.F.I.A until tomorrow.
Once these claims are verified, the trustee will submit the
individual reports for court approval on November 25, 2004. The
general report submission follows on February 4 next year.

Court no. 12 of Buenos Aires' civil and commercial tribunal
handles this case. Clerk no. 23 assists the court with the
proceedings.

CONTACT: Mr. Humberto Enrique Zaina, Trustee
         Esmeralda 320
         Buenos Aires


DIRECTV LA: Consolidates LatAm Operations
-----------------------------------------
The DIRECTV Group, Inc. and News Corporation announced Monday a
series of transactions with Grupo Televisa, Globopar and Liberty
Media that will result in the reorganization of the companies'
direct-to-home (DTH) satellite TV platforms in Latin America.
Highlights of the transactions include:

- Sky Brasil and DIRECTV Brasil will merge, and DIRECTV Brasil
customers will migrate to Sky Brasil. The DIRECTV Group will
acquire the interests of News Corp. and Liberty Media in Sky
Brasil.

- DIRECTV affiliate Galaxy Mexico will close its operations and
sell its subscriber list to Sky Mexico. DIRECTV customers in
Mexico will be offered the opportunity to migrate to Sky Mexico.
The DIRECTV Group will acquire the interest of News Corp and
jointly with Televisa, the interest of Liberty Media in Sky
Mexico.

- The DIRECTV Group will acquire the interests of Globo,
Televisa, News Corp. and Liberty Media in Sky Multi-Country
Partners, which has DTH platforms in Colombia and Chile. Sky
customers in Colombia and Chile will migrate to DIRECTV.

The transactions are designed to ensure the long-term success of
DIRECTV Latin America, which is 86 percent owned by The DIRECTV
Group, and Sky Latin America by consolidating the two DTH
platforms into a single platform in each of the major
territories served in the region. In aggregate, The DIRECTV
Group is paying $579 million in cash for the equity stakes in
the Sky platforms.

Brazil

DIRECTV, News Corp. and Globo have entered into an agreement to
merge DIRECTV Brasil and Sky Brasil, the Brazilian DTH provider
that is owned by Globo, News Corp. and Liberty Media. The merger
is subject to regulatory approval from the Brazilian government.
Upon receipt of the necessary government approval and close of
the transaction, DIRECTV customers will migrate to the Sky
Brasil platform. In addition, DIRECTV will be issued shares
representing 30 percent of the equity in the new merged entity.
DIRECTV will acquire News Corp.'s and Liberty Media's equity
stake in Sky Brasil and will own approximately 72 percent of the
Company, while Globo will own the remaining 28 percent of Sky
Brasil upon approval of the merger. DIRECTV will also have
principal management of Sky Brasil. Globo will continue in its
role as the lead supplier of Brazilian programming to the
platform. As of June 30, 2004, there were approximately 423,000
DIRECTV customers in Brazil. Sky Brasil had approximately
806,000 customers.

Mexico

DIRECTV will close the operations of Galaxy Mexico, its Mexican
affiliate, and Galaxy Mexico has sold its subscriber list to Sky
Mexico in exchange for a note, which is subject to adjustment
and is payable in approximately 18 months. This acquisition has
been filed with the Mexican government. Sky Mexico will offer to
DIRECTV subscribers the opportunity to move to the Sky Mexico
platform. In order to ensure that DIRECTV customers in Mexico
continue to receive uninterrupted service while they evaluate
the Sky offer, Galaxy Mexico will maintain its service for a
minimum of nine months. Shortly after the end of the nine
months, Galaxy Mexico will surrender its DTH license and cease
operations. Approximately six months after the completion of the
migration period, DIRECTV will surrender the note for 15 percent
of the equity in Sky Mexico and acquire the balance of News
Corp.'s equity stake in Sky Mexico for cash. At that time,
DIRECTV and Televisa will also acquire Liberty Media's interest
in Sky Mexico, also for cash. Upon completion of these
transactions, Televisa and DIRECTV will own approximately 57
percent and 43 percent of Sky Mexico respectively. As of June
30, 2004, there were approximately 266,000 DIRECTV subscribers
in Mexico and approximately 940,000 Sky Mexico subscribers.

Other Latin America Territories

Following the acquisition by DIRECTV of News Corp.'s, Globo's,
Televisa's and Liberty Media's interests in Sky Multi-Country
Partners, Sky Multi-Country's businesses will merge with DIRECTV
in Chile and Colombia. Upon completion of the acquisition,
DIRECTV will own 100 percent of Sky Multi-Country and Sky
customers in Colombia and Chile will migrate to DIRECTV, and
DIRECTV will service both countries from a single DTH platform.
This transaction is subject to regulatory approval in Colombia.
There are approximately 89,000 Sky subscribers in Chile and
Colombia. The DIRECTV Group will operate its DTH platforms in
Colombia and Chile, as well as in Argentina, Venezuela, Puerto
Rico, the Caribbean and the rest of Latin America, under the
newly-created "PanAmericana" platform. Following the acquisition
of the Sky Multi-Country business, the PanAmericana platform
will have approximately 938,000 subscribers.

The News Corporation Limited

(NYSE:NWS)(NYSE:NWS.A)(ASX:NCP)(ASX:NCPDP) had total assets as
of June 30, 2004 of approximately US$52 billion and total annual
revenues of approximately US$21 billion. News Corporation is a
diversified international media and entertainment company with
operations in eight industry segments: filmed entertainment;
television; cable network programming; direct broadcast
satellite television; magazines and inserts; newspapers; book
publishing; and other. The activities of News Corporation are
conducted principally in the United States, Continental Europe,
the United Kingdom, Australia, Asia and the Pacific Basin.
About The DIRECTV Group

The DIRECTV Group, Inc. (NYSE:DTV) is a world-leading provider
of digital multichannel television entertainment, broadband
satellite networks and services. The DIRECTV Group, Inc. is 34
percent owned by Fox Entertainment Group, which is approximately
82 percent owned by News Corporation Ltd.

CONTACT: The DIRECTV Group
         Mr. Bob Marsocci
         Phone: 310-726-4656
         Investor Relations
         Phone: 310-964-0808
              or
         News Corporation
         Andrew Butcher
         Phone: 212-852-7070

         Web Sites: www.newscorp.com
                    www.directv.com


DISTRIBUIDORA JUAREZ: General Report Due Today
----------------------------------------------
A general report on the liquidation of Buenos Aires-based
Distribuidora Juarez S.R.L. is due for court submission today.
The report, prepared by trustee Maria Inez Martinez, provides
the court with an audit of the company's accounting and business
records. It also details events relevant to the Company's
bankruptcy proceedings.

Court no. 14 of Buenos Aires' civil and commercial tribunal
handles this case with assistance from clerk no. 28.

CONTACT: Ms. Maria Ines Martinez, Trustee
         San Martin 793
         Buenos Aires


JUNIN 1721: Validation Deadline Approaches
------------------------------------------
Creditors of Junin 1721 S.R.L. have until tomorrow, October 14,
2004 to present proof of their claims to trustee Dina Leonor
Lorenzon for verification.

Failure to file the claims within the verification period will
mean disqualification from the official list of creditors who
will receiver post-liquidation distributions.

Court No. 17 of Buenos Aires' civil and commercial tribunal has
jurisdiction over this case.

CONTACT: Ms. Dina Leonor Lorenzon, Trustee
         Viamonte 749
         Buenos Aires


KAMET S.A.: To Hold Informative Assembly Today
----------------------------------------------
Kamet S.A. concludes its Reorganization process with the call
for an Informative Assembly today. All creditors with admissible
claims reviewed by the trustee will be eligible for voting
during the assembly in connection with the proposed plan of
reorganization.

The Company's case is under the jurisdiction of Buenos Aires
civil and commercial tribunal court no. 5. The city's clerk no.
10 assists the court with the proceedings.

CONTACT: Kamet S.A.
         12th Floor B
         Esquiu 937
         Buenos Aires


MIRAMAX S.A.: Claims Check Nears End
------------------------------------
Mr. Jorge Stanislavsky, the trustee supervising the liquidation
of Miramax S.A, will close the validation of creditors' claims
for the Company's bankruptcy proceedings tomorrow.

Creditors are required to submit proof of their claims before
the said deadline in order to qualify for any post-liquidation
distributions that will be made.

Banca Nazionale del Lavoro S.A. requested for the Company's
liquidation because of unpaid debts totaling US$22,344.33.   

Judge Gutierrez Cabello, working for court no. 7 of Buenos
Aires' civil and commercial tribunal, has jurisdiction over this
case.

CONTACT: Miramax S.A.
         Girardot 232
         Buenos Aires

         Mr. Jorge Stanislavsky, Trustee
         Talcahuano 768
         Buenos Aires



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

GLOBAL CROSSING: Shares Plummet As Company Seeks New Financing
--------------------------------------------------------------
The stock of Global Crossing Ltd. plunged 19% Monday after the
embattled telecommunications company said it needs as much as
US$40 million in new loans to avoid running out of money this
year.

Shares of the company fell US$3.09 to US$12.79 at 4:03 p.m. in
Nasdaq Stock Market composite trading. The shares have fallen
59% this year.

The company, which already has a US$100 million bridge loan from
its majority shareholder - Singapore Technologies Telemedia,
said it is pursuing several specific possible deals in an effort
to secure enough financing for this year and beyond.

But chief executive John Legere said Monday he is "very
confident" that the company will complete a public secured debt
offering for US$300 million or more this year. Also, Global
Crossing may receive a working capital facility of US$50 million
to US$100 million, executives said.

"The company has very little liquidity," said Jefferies & Co.
analyst Romeo Reyes in Stamford, Connecticut. "They have to get
a $300 million deal done in order to have enough cash to survive
the next year or so." Reyes rates the shares "underperform."


GLOBAL CROSSING: StandByVideo.com Adopts "iVideoconferencing"
-------------------------------------------------------------
iVideoconferencing, the award-winning videoconferencing offer
from Global Crossing (NASDAQ: GLBCE), is the backbone of
StandByVideo.com's Web reservation service for scheduling public
videoconference rooms to facilitate large group meetings, remote
depositions, executive interviews and distance learning for
their customers. StandByVideo.com, which opened for business
this February, utilizes iVideoconferencing to dramatically
improve the performance, reliability and quality of ISDN-
originated videoconferences, bridging public videoconferencing
rooms with other endpoints around the world.

"Global Crossing's iVideoconferencing service was instrumental
in helping our business get off the ground," said John
Harrington, president of StandByVideo.com. "The ability of
Global Crossing's network to leverage IP and ISDN for a superior
conferencing experience and cost-effective means of video
transport is what enabled us to come to market with our
videoconferencing reservation service."

Enterprises benefit from superior quality of service and better
reliability as well as saving on operation costs using
iVideoconferencing's unique service platform. Named Frost &
Sullivan's Best New Videoconferencing Service of 2004,
iVideoconferencing enables customers to capitalize on the
benefits of IP technology today without having to upgrade their
existing ISDN infrastructure. It places international ISDN calls
directly on Global Crossing's private global IP network to
backhaul video traffic, transported to service nodes around the
world.

Using iVideoconferencing, customers can save as much as 40 to 70
percent on current ISDN rates on international routes. Traffic
is provisioned through Global Crossing's videoconferencing
bridges and carried over Global Crossing's Voice-over-IP (VoIP)
network, terminating on the customer's existing ISDN
infrastructure. Global Crossing's robust and reliable network
provides seamless connectivity. StandByVideo.com uses Global
Crossing's Interactive Web Reservation tool to schedule the
videoconference. The call is arranged by Global Crossing's
reservations team, so the meeting chairperson simply walks into
a conference room and gets down to business.

"A number of companies in a variety of industries have adopted
the iVideoconferencing service, which leverages the company's
unique global IP network to deliver an unmatched customer
experience," said Neil Barua, global vice president of
collaboration services for Global Crossing.

StandByVideo.com's customer Unbridled Travel
(www.unbridledtravel.com), a subsidiary of Unbridled Solutions,
Inc., headquartered in Denver and with sales of approximately
$45 million in 2003, has been using the online service since
April. One of 67 travel agencies using StandByVideo.com,
Unbridled Travel's clients include law firms, oil and gas
companies, state and federal government agencies, as well as
hospitals.

"We were looking for another vehicle to drive increased
business, and public room videoconferencing is a value-added
service that we've recently introduced to our customers," says
Mark Zahringer, co-owner of Unbridled Travel. "StandByVideo.com
enables our reservation agents to transact business quickly. We
can go online, get a quote, obtain and send an e-mail
confirmation to the customer, and the check is in the mail."

Zahringer explained that videoconferencing is a viable option
for large meeting groups -- upwards of 10 people -- who need to
connect virtually. He also pointed out that there are times when
a videoconference is the best alternative when a critical
business meeting conflicts with a once-in-a-lifetime event such
as a birth, graduation, wedding or baptism. "We expect that
within the next 10 to 20 months, videoconferencing will account
for between 10 and 20 percent of our revenues," Zahringer noted.
"Customers who have tried videoconferencing for the first time
have told us that it as clear as watching television and that
they plan on doing more meetings by video."

Other fast growing uses for public room videoconferencing
include legal depositions and arbitration, as well as job
interviews. A growing number of law firms prefer to depose a
witness and determine their value in a pending law suit without
flying them across the country. Expert witnesses have identified
the trend and now insist on videoconferencing depositions. On
the employment side, executive recruiters and human resource
managers are able to screen a number of candidates quickly and
cost-effectively through public room videoconferencing.

"Global Crossing's iVideoconferencing provides reliable and
economical bandwidth to fuel meetings, depositions and
interviews," said Harrington.

CONTACTS: Press Contacts
          Mr. Scott Gardiner
          Phone: + 1 973-937-0430
          e-mail: PR@globalcrossing.com

          Ms. Kendra Langlie
          Phone: + 1 305-808-5912
          e-mail: LatAmPR@globalcrossing.com

          Mr. Mish Desmidt
          Europe
          Phone: + 44 (0) 7771-668438
          e-mail: EuropePR@globalcrossing.com

          Analysts/Investors Contact
          Ms. Laurinda Pang
          Phone: +1 800-836-0342
          e-mail: glbc@globalcrossing.com

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


GLOBAL CROSSING: Beefs Up Conferencing Technology
-------------------------------------------------
Global Crossing (NASDAQ: GLBCE) announced Monday it has made
significant investments in conferencing staffing, technology and
enhanced services to support a surge in new business, expanding
its leadership in IP Video, audio and Web collaboration.

As a result of rising demand for its conferencing services, the
company has increased by 30 percent the number of customer care
representatives in its call centers in the United States, Canada
and the United Kingdom since the beginning of 2004. Global
Crossing also invested more than $3 million in technology to
meet anticipated growth in usage from existing and new
customers.

"With our increased staff, new technology and unique MPLS
network, we are able to deliver a seamless, global user
experience and provide customers with superior quality of
service," said Neil Barua, global vice president of
collaboration services for Global Crossing. "By leveraging our
IP platform, we are also able to introduce offers like
iVideoconferencing, a converged IP service that interoperates
between an ISDN and IP environment. Introduced at last year's
PUG show, the award-winning iVideoconferencing continues to be
in great demand as enterprises and carriers covet the
performance benefits of IP."

Today, at the Polycom User Group (PUG) convention in Tampa,
Global Crossing is also showcasing enhancements to its video and
Web conferencing services. The company launched Ready-View
Instant Meeting(SM), a new productivity tool for Global
Crossing's IP videoconferencing and award-winning
iVideoconferencing service. The new feature enables a
chairperson to schedule and launch a videoconferencing call
without a prior reservation, connecting up to five multi-point
sites and two dial-out audio ports.

Global Crossing is also introducing its new iCalendar feature,
which simplifies meeting management by sending notices to
requested videoconferencing participants, populating their e-
mail clients like Outlook(R) and Lotus Notes with the date, time
and location of their call. The company also enhanced its
reservationless audio and Web conferencing service, Ready-Access
Web Meeting, by adding a cost-effective and private solution
that allows users to record and store sessions on their
desktops. In addition, the company offers customers a choice of
Web conferencing tools including eMeeting, a high-end
collaboration tool with advanced features such as white
boarding, and it recently announced, it will add Microsoft(R)
Office Live Meeting to its portfolio.

"The growing demand for integrated audio and Web collaboration
tools like Ready-Access Web Meeting are fueling instantaneous
global communications and improving productivity," said Barua.

Global Crossing also continues to deliver the benefits of IP
today with converged IP services such as iVideoconferencing and
IP video, which maximize a customer's investment in their
existing and legacy systems. iVideoconferencing leverages Global
Crossing's unique global IP network to dramatically improve the
performance, reliability and quality of ISDN-originated
videoconferences, while saving customers up to 70 percent on
current ISDN rates on international routes.

IP Video employs Global Crossing's IP VPN service to link
customer locations using managed gatekeepers to connect H.323 IP
video endpoints. Ready-Access Global 800 reservationless service
utilizes Global Crossing's VoIP network to backhaul audio
traffic. Along with Global Crossing's Event Call for attended
audioconferencing service and Ready-Access Web Meeting, these
services have attracted new customers and increased business
from existing enterprise and carrier customers.

By owning and operating its own network, Global Crossing enables
customers to realize more value from their existing data network
infrastructure by carrying voice and video traffic over the same
multi-protocol label switch (MPLS) network, giving enterprises a
competitive edge by pooling their resources.

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

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


GRN REINSURANCE: To Hold First Meeting of Creditors  
---------------------------------------------------
  IN THE SUPREME COURT OF BERMUDA COMPANIES (WINDING-UP)

                          and

       IN THE MATTER OF THE COMPANIES ACT 1981

  AND IN THE MATTER OF GRN Reinsurance International Ltd.

Notice is hereby given that the First Meeting of Creditors in
the above matter will be held at the offices of Ernst & Young,
Reid Hall, 3 Reid Street, Hamilton on October 22, 2004 at 9:00
a.m. Proxies to be used at the meeting must be lodged no later
than 5:00 p.m. on October 21, 2004.

To entitle you to vote, your Proof of Debt must be lodged with
the Provisional Liquidator at the offices of Ernst & Young, Reid
Hall, 3 Reid St, Hamilton, Bermuda, not later than 5:00 p.m. on
October 21, 2004.

Proxy and Proof of Debt forms may be obtained from Mr. D
Alexander, of Ernst & Young, Bermuda. Telephone no.: + 441 294
5389.


LIFE REINSURANCE: To Proceed With Wind-Up
-----------------------------------------
      IN THE MATTER OF THE COMPANIES ACT 1981

                      and

   IN THE MATTER OF Life Reinsurance Solutions, Ltd.

The Members of Life Reinsurance Solutions, Ltd. acting by
written consent without a meeting on September 17, 2004 passed
the following 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 Informs that:

- Creditors of the above named Company, which is being
voluntarily wound up, are required, on or before October 22,
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 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.

- The final general meeting of the Members of Life Reinsurance
Solutions, Ltd. will be held at the offices of Messrs. Conyers
Dill & Pearman, Clarendon House, Church Street, Hamilton,
Bermuda on 12 November 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.


LIFE REINSURANCE (HOLDINGS): Appoints Robin Mayor as Liquidator
---------------------------------------------------------------
         IN THE MATTER OF THE COMPANIES ACT 1981

                          and

IN THE MATTER OF Life Reinsurance Solutions Holdings, Ltd.

The Members of Life Reinsurance Solutions Holdings, Ltd., acting
by written consent without a meeting on September 17, 2004
passed the following 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.

The Liquidator notifies that:

- Creditors of Life Reinsurance Solutions Holdings, Ltd., which
is being voluntarily wound up, are required, on or before
October 22, 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 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.

- A final general meeting of the Members of Life Reinsurance
Solutions Holdings, Ltd. will be held at the offices of Messrs.
Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, Bermuda on November 12, 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;  

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. Robin J. Mayor, Liquidator
         Clarendon House
         Church Street, Hamilton
         Bermuda


LIMA ALPHA: Members Agree to Voluntary Wind-Up
----------------------------------------------
   IN THE MATTER OF THE COMPANIES ACT 1981

                    and

IN THE MATTER OF Lima Alpha Echo Finance, Ltd.

The Members of Lima Alpha Echo Finance, Ltd., acting by written
consent without a meeting on September 13, 2004 passed the
following 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.

The Liquidator notifies that:

- Creditors of Lima Alpha Echo Finance, Ltd., which is being
voluntarily wound up, are required, on or before 22 October 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
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.

- A final general meeting of the Members of Lima Alpha Echo
Finance, Ltd. will be held at the offices of Messrs. Conyers
Dill & Pearman, Clarendon House, Church Street, Hamilton,
Bermuda on November 12, 2004, at 9.30 a.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;

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. Robin J. Mayor, Liquidator
         Clarendon House
         Church Street, Hamilton
         Bermuda



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

VARIG: BNDES Seen Taking Minority Stake
---------------------------------------
The Brazilian Development Bank (BNDES) is considering taking a
minority stake in the cash-strapped airline Varig, according to
a business daily Valor Economico report.

Citing BNDES sources, the newspaper said the bank was
considering exchanging debts owed to it by Varig into equity in
the company. Varig owes various government agencies about BRL7
billion (US$1=BRL2.85).

A BNDES move to take an ownership stake in Varig would be part
of a broader government plan to save the company. Renegotiation
of Varig tax debts would be another part of such a plan,
according to market analysts.

CONTACT:  VARIG (Viacao Aerea Rio-Grandense, S.A.)
          Rua 18 de Novembro No. 800, Sao Joao
          90240-040 Porto Alegre,
          Rio Grande do Sul, Brazil
          Phone: (51) 358-7039/7040
                 (51) 358-7010/7042
          Fax: +55-51-358-7001
          Home Page: www.varig.com.br/english/
          Contacts:
              Dorival Ramos Schultz, EVP Finance and CFO
              E-mail: dorival.schultz@varig.com.br

              Investor Relations:
              Av. Almirante Silvio de Noronha,
              n  365-Bloco "B" - s/458 / Centro
              Rio de Janeiro, Brazil



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

PARMALAT DOMINICANA: Curcastle Sells 65.74% Holding
---------------------------------------------------
Parmalat Finanziaria S.p.A. in Extraordinary Administration
communicates that its subsidiary company Curcastle Corporation
NV has sold its holding of 65.74% in the share capital of
Parmalat Dominicana SA to the Dominican company PAR SA (the
minority shareholder of Parmalat Dominicana SA) and other buyers
represented by PAR SA. The consideration of EUR6.6 million has
already been received.

The agreement includes a commitment by the acquirers to pay-down
within two years debt of an amount of US$930,794 that Parmalat
Dominicana SA has with companies of the Parmalat Group.

Further, a licencing agreement for the use of the Parmalat
brands has been signed between Parmalat S.p.A. in Extraordinary
Administration and Parmalat Dominicana SA.

The transaction, approved by the Minister of Production
Activities, following consultation with the Surveillance
Committee, will result in a flow of payments to Parmalat S.p.A.
in Extraordinary Administration.

CONTACT: Parmalat Finanziaria SPA
         Piazza Erculea 9
         Milan, 20122
         Italy
         Phone: 3902-8068-801
         Web Site: http://www.parmalat.net/



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

GRUPO MEXICO: Endeavors to Improve Debt Profile
-----------------------------------------------
Mexican metals producer, mining firm and transporter, Grupo
Mexico SA (GMEXICO.MX) is looking to settle more debts this year
as it takes advantage of high copper prices to increase
earnings, reports El Economista.

Grupo Mexico, the world's third-biggest copper producer, expects
to obtain in the next few weeks a US$600-million syndicated loan
to be led by Banamex. The Company's Minera Mexico SA unit will
use the loan to pay off US$881 million it owes to creditors,
including 14 banks that participated in a previous syndicated
loan.

The Company has pledged to improve the financial profile of the
debt held by its subsidiaries. The miner cut US$650 million of
the debt held at its U.S. division, Asarco, to US$437 million
last year, and it hopes to soon reduce Minera Mexico's debt of
more than US$1 billion.

Grupo Mexico must improve its credit profile in order to
facilitate a merger of Minera Mexico and SPCC (Southern Peru
Copper Corporation).

Grupo Mexico announced in February this year that it had
presented a proposal to transfer 99% holdings in Minero Mexico
to SPCC in exchange for additional SPCC shares. Grupo Mexico
owns 54.2% of Lima-based SPCC.

If the merger comes off, Grupo Mexico would trade stocks in the
NYSE under the SPCC ticker, improving its financial stability
and the production profile of SPCC, says El Economista.

CONTACT:  GRUPO MEXICO S.A. DE C.V.
          Avenida Baja California 200,
          Colonia Roma Sur
          06760 Mexico, D.F., Mexico
          Phone: +52-55-5264-7775
          Fax: +52-55-5264-7769
          Home Page: http://www.gmexico.com
          Contacts:
          Germ n Larrea Mota-Velasco, Chairman and CEO
          Xavier Garca de Quevedo Topete, President and COO
          Alfredo Casar Perez, COO, Ferrocarril Mexicano
          Daniel Chavez Carren, COO, Industrial Minera Mexico
          Daniel Tellechea Salido, VP and Administration and
                                         Finance President



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

MILPO: Board Dumps Penoles' Acquisition Offer
---------------------------------------------
The Board of Minera Milpo rejected Mexican mining-metallurgic
company Industrias Penoles' (BMV: PENOLES) offer to buy 51% of
the Peruvian polymetallic company, reports Business News
Americas.

Penoles proposed buying 15.8 million Milpo shares for US$6.85 a
share, with BBVA Continental Bolsa as intermediary. But
according to Milpo, the offer "is not in the best interest of
Milpo stockholders."

"The price per stock offered is far from the fundamental value
of the company," Milpo said in a filing to the Lima stock
exchange.

Milpo has a good performance in its mining operations that
eventually could triple within 5 - 10 years, if it moves ahead
the mining projects on its portfolio, the board said.



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

CITGO: Fitch Upgrades Senior Unsecured Debt
-------------------------------------------
Fitch Ratings has upgraded the senior unsecured debt rating of
CITGO Petroleum Corporation to 'BB' from 'BB-' and removed the
rating from Rating Watch Positive. The upgrade reflects the
continued improvement in the credit quality of both CITGO and
CITGO's ultimate parent, the Bolivarian Republic of Venezuela
(Venezuela). CITGO is owned by PDV America, an indirect, wholly
owned subsidiary of Petroleos de Venezuela S.A. (PDVSA), the
state-owned oil company of Venezuela. The Rating Outlook for the
debt of CITGO is Stable.

CITGO recently announced a tender offer for all of its
outstanding $550 million of 11 3/8% notes, as well as a
solicitation of consents to remove certain restrictive covenants
from the notes' indentures. Fitch expects the company to pay for
the tender offer through cash on hand, which totaled nearly $400
million at June 30, 2004, proceeds from a new senior unsecured
note offering and the re-issuance of certain industrial revenue
bonds that were repurchased by CITGO in recent quarters. A
successful tender of the 11 3/8% notes will significantly
improve CITGO's credit protection metrics as the notes accounted
for approximately $62.6 million of the company's $145 million of
interest incurred over the 12 months ending June 30, 2004. Prior
to the tender, CITGO had also significantly reduced balance
sheet debt in recent quarters to under $1.3 billion at June 30,
2004, including repayment of the company's $200 million secured
term loan. Liquidity will remain strong following the tender as
CITGO currently has no cash borrowings under its $260 million
revolving credit facility (maturing in December 2005) or its
$275 million accounts receivable securitization program.

Fitch also notes that the solicitation of consents would remove
two of the most restrictive tests from the indentures that limit
distributions to PDVSA. If successful, distributions would be
limited to 50% of CITGO's consolidated net income accrued during
the period (treated as one accounting period) beginning Jan. 1,
2003. Currently, dividend payments are also limited by a post-
dividend liquidity requirement of $250 million and that the
aggregate amount of dividends during the most recent four
quarters cannot exceed free cash flow during the same period.

While the tender offer and other recent debt reduction efforts
continue to improve CITGO's credit profile, CITGO's debt rating
also remains closely linked to the Venezuelan sovereign rating.
On Sept. 20, 2004, Fitch upgraded Venezuela's long-term foreign
currency rating and long-term local currency rating to 'B+' from
'B-' and PDVSA's senior unsecured foreign currency to 'B+' from
'B-'. In the near term, the risk of interference to CITGO is
mitigated by the extraordinarily high crude price and strong
refining margin environment. However, a decline in the credit
profile of Venezuela could result in the sovereign placing
financial pressure on CITGO, as was seen in early 2003. Given
the strong performance by CITGO in recent quarters, Fitch
expects CITGO to continue to upstream distributions to PDVSA.
However, like other refiners, CITGO will also continue to direct
a significant portion of its cash flows over the next two to
three years into the required investments to meet the low sulfur
fuel regulations, as well as to comply with the New Source
Review standards under the Clean Air Act.

CITGO is one of the largest independent crude oil refiners in
the U.S. with three modern, highly complex crude oil refineries
and two asphalt refineries with a combined capacity of 756,000
barrels per day. The company also owns a 41.25% interest in
LYONDELL-CITGO Refining L.P. (LCR), a limited liability company
that owns and operates a 265,000-barrel per day (BPD) crude oil
refinery in Houston, Texas. CITGO branded fuels are marketed
through nearly 14,000 independently owned and operated retail
sites.


CITGO: Moody's Ups Debt Rating to Ba2
-------------------------------------
Moody's has upgraded the long-term debt ratings of CITGO to Ba2
from Ba3 and assigned a provisional Ba2 rating to the company's
proposed US$200 million senior note issue.

The rating action reflects the financial and liquidity benefits
from the proposed issue and, more generally, CITGO's improving
financial condition and operational flexibility, said Moody's.

The rating outlook is positive.

Moody's believes that CITGO's proposed US$200 million note
offering will refinance a portion of the US$550 million high
coupon debt it incurred during the height of the Venezuelan
strike and crude supply interruptions of 2002-2003. When
combined with more than $300 million of cash on the balance
sheet and other financing sources, the company will be able to
redeem the entire high-coupon note issue, leading to reduced
financial leverage.

While the call premium will be expensive, the refinancing and
debt reduction should reduce CITGO's annual fixed charges by
more than US$50 million pre-tax and will also eliminate
restrictive indenture cash flow and liquidity tests, according
to Moody's.



                            ***********


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

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
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Maryland USA. John D. Resnick, Edem Psamathe P. Alfeche and
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Copyright 2004.  All rights reserved.  ISSN 1529-2746.

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