TCRLA_Public/041026.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Tuesday, October 26, 2004, Vol. 5, Issue 212

                            Headlines

A R G E N T I N A

ALIMENTOS DEL NORTE: Court Declares Company Bankrupt
AYUDA EXPRESS: Court Converts Bankruptcy to Reorganization
CARTEX S.A.: Reports Submission Set
CELCORR S.A.: Bankruptcy Process Begins By Court Order
CIMO S.A.: Enters Bankruptcy on Court Orders

DALY EXPRESS: Court OKs Creditor's Bankruptcy Call
EDITORIAL PERFIL: $25M of Bonds Remain in Default
ESTABLECIMIENTO METALURGICO: Liquidates Assets to Pay Debts
FERRUM: Debt Restructuring Accord Gets Court Approval
GERONTO PSIQUIATRICO: Court Rules for Liquidation

HAVANNA: APE Approved By Court
INFOSUR NET: Liquidates Assets to Pay Debts
OPEN TRADING: Enters Bankruptcy on Court Orders
PERCO S.A.: Court Favors Creditor's Bankruptcy Petition
REMIFA S.R.L.: Begins Liquidation on Court Orders

TALLER METALURGICO: Begins Bankruptcy Process
TECNICA INTECSA: Liquidates Assets to Pay Debts
TRANSENER: Judge Blocks $278,813 Payment From Cammesa
TRANSPORTE ALPINO: Court Allows Reorganization Request


B E R M U D A

AE HOLDING: Appoints Robin Mayor as Liquidator
LORAL SPACE: Files Revised Plan of Reorganization
REBAR LIMITED: Members Vote for Wind-Up
STRUCTURAL ENGINEERS: Members Resolve to Wind-Up
STRUCTURAL ENGINEERS INSURANCE: Names Liquidator for Wind-up


B R A Z I L

GERDAU: To Pay Dividends in 3Q04
VARIG: Talks With Ashmore Over Pluna Stake Underway
VASP: Government Seen Abandoning Hope for Airline


M E X I C O

GRUPO IUSACELL: Reports Increase in Revenues for 3Q04
GRUPO MEXICO: Cananea Strike Continues
INNOVA: Moody's Affirms Debt Ratings Following DirecTV Deal
SATMEX: Likely to Lose Contracts With Cable Companies
TV AZTECA: Upcoming Bond Offering Won't Raise Net Debt -- Exec


P E R U

MINERA VOLCAN: Ends 3Q04 With $9.7M Net Profit

     -  -  -  -  -  -  -  -


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

ALIMENTOS DEL NORTE: Court Declares Company Bankrupt
----------------------------------------------------
Judge Hualde, serving for Court no. 9 of Buenos Aires' civil and
commercial tribunal, declared local Alimentos del Norte S.R.L.
"Quiebra", relates La Nacion. The Court approved the bankruptcy
petition filed by Mr. Hernan Di Cocco, to whom the Company
failed to pay debts amounting to US$19,201.83

The Company will undergo the bankruptcy process with Ms. Silvia
Tauschek as trustee. Creditors are required to present their
proofs of claims to the trustee for verification before February
18 next year. 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. Raisberg de Merenzon, the city's clerk no. 17 assists the
Court on the case.

CONTACTS: Alimentos del Norte S.R.L.
          Manzanares 3205
          Buenos Aires

          Mr. Silvia Tauschek, Trustee
          Viamonte 658
          Buenos Aires


AYUDA EXPRESS: Court Converts Bankruptcy to Reorganization
----------------------------------------------------------
Ayuda Express S.A. will proceed with reorganization after Court
no. 1 of Buenos Aires' civil and commercial tribunal converted
the Company's ongoing bankruptcy case into a "concurso
preventivo", states Infobae.

Under Insolvency protection, the Company will be able to draft a
proposal designed to settle its debts with creditors. The
reorganization also prevents Agromeat's outright liquidation.

Mr. Tito Jorge Gargaglione, the Court-appointed trustee, will
verify creditors' proofs of claims until December 20. Creditors
with unverified claims cannot participate in the Company's
settlement plan.

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


CARTEX S.A.: Reports Submission Set
-----------------------------------
Accounting firm Estudio Aguilar Pinedo, Rascado, Fernandez y
Asoc., the trustee assigned to supervise the liquidation of
Cartex S.A., will submit the validated individual claims for
Court approval on February 15, 2005. These reports explain the
basis for the accepted and rejected claims. The trustee will
also submit a general report on March 25, 2005.

Infobae reports Court no. 7 of Buenos Aires' civil and
commercial tribunal has jurisdiction over this bankruptcy case.
Clerk no. 14 assists the Court with the proceedings.

CONTACT: "Estudio Aguilar Pinedo, Rascado, Fernandez y Asoc."
         Montevideo 373
         Buenos Aires


CELCORR S.A.: Bankruptcy Process Begins By Court Order
------------------------------------------------------
Court no. 9,under Buenos Aires' civil and commercial, tribunal
declared local lumber supplier Celcorr S.A. "Quiebra." The
declaration signals the Company to proceed with the bankruptcy
process that will close with the liquidation of its assets.

Infobae reports the bankruptcy order was issued upon the request
of Cooperativa de Vivienda y Consumo Unicred Ltda.  

CONTACT: Celcorr S.A.
         Manuel Ugarte 2164
         Buenos Aires


CIMO S.A.: Enters Bankruptcy on Court Orders
--------------------------------------------
Cimo S.A. is entering bankruptcy protection after Buenos Aires'
civil and commercial Court no. 14, with the assistance of Clerk
no. 27, ordered the Company's liquidation. The bankruptcy order
effectively transfers control of the Company's assets to the
Court-appointed trustee who will supervise the liquidation
proceedings.

Infobae reports that the Court selected Ms. Silvia Beatriz Cusel
as trustee. She will be verifying creditors' proofs of claims
until the end of the verification phase on December 21.

Argentine bankruptcy law requires the trustee to provide the
Court with individual reports on the forwarded claims and a
general report containing an audit of the Company's accounting
and business records. The individual reports will be submitted
on March 4, 2005, followed by the general report that is due on
April 15, 2005.

CONTACT: Ms. Silvia Beatriz Cusel, Trustee
         Manuel Ricardo Trelles 2350
         Buenos Aires


DALY EXPRESS: Court OKs Creditor's Bankruptcy Call
--------------------------------------------------
Daly Express S.A. of Buenos Aires entered bankruptcy after Judge
Santachitta of the city's civil and commercial tribunal Court
no. 18 approved a bankruptcy motion filed by Banca Nazionale del
Lavoro S.A. reports La Nacion. The Company's failure to pay
US$26,938.39 in debt prompted the creditor to file the petition.

The trustee assigned on this case will verify creditors' proofs
of claims until 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.

Dr. Estevarena, clerk no. 35, assists the Court on this case.

CONTACT: Daly Express S.A.
         Lavalle 1672
         Buenos Aires

         
EDITORIAL PERFIL: $25M of Bonds Remain in Default
-------------------------------------------------
Some US$25 million worth of corporate bonds issued by Editorial
Perfil S.A. remain in default, says Argentine securities
regulator Comision Nacional de Valores.

Fitch Argentina Calificadora de Riesgo reaffirmed the `D(arg)'
rating assigned to bonds described as "Primera serie de
obligaciones Negociables." The maturity of such issue was not
disclosed.

The rating action is based on the Company's finances as of June
30, 2004.


ESTABLECIMIENTO METALURGICO: Liquidates Assets to Pay Debts
-----------------------------------------------------------
Buenos Aires-based Establecimiento Metalurgico J.G. S.R.L. will
begin liquidating its assets following the bankruptcy
pronouncement issued by the city's civil and commercial Court
no. 26 that the Company is bankrupt, reports Infobae.

The bankruptcy ruling places the Company under the supervision
of Court-appointed trustee Clara Susana Auerhan. The trustee
will verify creditors' proofs of claims until December 10. The
validated claims will be presented in Court as individual
reports on February 24, 2005.

The trustee will also submit a general report, containing a
summary of the Company's financial status as well as relevant
events pertaining to the bankruptcy, on April 7, 2005.

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

CONTACT: Establecimiento Metalurgico J.G. S.R.L.
         General Martinez 1350
         Buenos Aires

         Ms. Clara Susana Auerhan, Trustee
         Uruguay 872
         Buenos Aires


FERRUM: Debt Restructuring Accord Gets Court Approval
-----------------------------------------------------
A commercial judge has approved the formal restructuring accord
subscribed between Argentine construction materials firm Ferrum
and its creditors.

Ferrum had first proposed to apply an 82% discount in the amount
of debt, but the judge considered this haircut excessive and
suggested Ferrum should improve the offer.

The Company then agreed to apply a 75% discount and 73% of
creditors accepted the proposal.


GERONTO PSIQUIATRICO: Court Rules for Liquidation
-------------------------------------------------
Court no. 24 of Buenos Aires' civil and commercial tribunal
ordered the liquidation of Geronto Psiquiatrico Monte Grande
S.R.L. after the Company defaulted on its obligations, Infobae
reveals. The liquidation pronouncement will effectively place
the Company's affairs as well as its assets under the control of
Mr. Eduardo Echaide, the Court-appointed trustee.

The trustee will verify creditors' proofs of claims until
November 15. The verified claims will serve as basis for the
individual reports to be submitted in Court on February 2, 2005.
The submission of the general report follows on March 16, 2005.

The city's Clerk no. 47 assists the Court on this case that will
end with the disposal of the Company's assets in favor of its
creditors.

CONTACT: Mr. Eduardo Echaide, Trustee
         Sanchez de Loria 155
         Buenos Aires


HAVANNA: APE Approved By Court
------------------------------
Argentine traditional confectionery products firm Havanna has
obtained Court approval for its US$38 million out-of-Court debt
restructuring settlement, or APE. Havanna had applied for a
formal restructuring proceeding in March 2002.


INFOSUR NET: Liquidates Assets to Pay Debts
-------------------------------------------
Buenos Aires-based Infosur Net S.R.L. entered bankruptcy after
Judge Hualde, serving for Court no. 9 of the city's civil and
commercial tribunal, approved a bankruptcy motion filed by Acron
S.A., reports La Nacion.

Working with Dr. Raisberg de Merenzon, the city's Clerk no. 17,
the Court assigned Mr. Javier Espineira 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 by February 23,
2005.

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: Infosur Net S.R.L.
         Rivadavia 755
         Buenos Aires
   
         Mr. Javier Espineira, Trustee
         Viamonte 783
         Buenos Aires


OPEN TRADING: Enters Bankruptcy on Court Orders
-----------------------------------------------
Court no. 14 of Buenos Aires' civil and commercial tribunal
declared local Company Open Trading S.A. bankrupt after the
Company defaulted on its debt payments. The order effectively
places the Company's affairs as well as its assets under the
control of Court-appointed trustee, Mr. Angel Vello Vazquez.

As trustee, Mr. Vazquez, is tasked with verifying the
authenticity of claims presented by the Company's creditors. The
verification phase is ongoing until December 22.

Following claims verification, the trustee will submit the
individual reports based on the forwarded claims for final
approval by the Court on March 7, 2005. A general report will
also be submitted on April 18, 2005.

Infobae reports that Clerk no. 27 assists the Court on this case
that will end with the disposal of the Company's assets in favor
of its creditors.

CONTACT: Mr. Angel Vello Vazquez, Trustee
         Viamonte 1592
         Buenos Aires


PERCO S.A.: Court Favors Creditor's Bankruptcy Petition
-------------------------------------------------------
Banco de la Ciudad de Buenos Aires successfully sought for the
bankruptcy of Perco S.A. after Judge Gonzalez of Buenos Aires'
civil and commercial tribunal Court no. 8 declared the Company
"Quiebra," reports La Nacion. The creditor sought for the
Company's bankruptcy after the latter failed to pay debts
amounting to US$ 20,767.42.

As such, the Company will now start the bankruptcy process with
Ms. Silvia Susana Perez Leon as trustee. Creditors of the
Company must submit their proofs of claim to the trustee before
December 29 for authentication. Failure to do so will mean a
disqualification from the payments that will be made after the
Company's assets are liquidated.

Dr. Saravia, Clerk no. 16, assists the Court on the case that
will culminate in the liquidation of all of its assets.

CONTACT: Perco S.A.
         Tucuman 1455
         Buenos Aires

         Ms. Silvia Susana Perez Leon, Trustee
         Avenida Cordoba 850
         Buenos Aires


REMIFA S.R.L.: Begins Liquidation on Court Orders
-------------------------------------------------
Remifa S.R.L., a Company operating in the province of Olavarria,
will begin liquidating its assets after Court no. 1 of Azul's
civil and commercial tribunal declared the Company bankrupt.
Infobae reveals that the bankruptcy process will commence under
the supervision of Court-appointed trustee, Ms. Maria Patricia
Gamba.

The trustee will review claims forwarded by the Company's
creditors until November 22. After claims verification, the
trustee will submit the individual reports for Court approval on
February 7, 2005. The general report will follow on March 22,
2005.

CONTACT: Remifa S.R.L.
         General Paz 2678
         Olavarria
  
         Ms. Maria Patricia Gamba, Trustee
         Fassina 3157
         Olavarria


TALLER METALURGICO: Begins Bankruptcy Process
---------------------------------------------
Mr. Juan Epifanio Prieto successfully petitioned for the
liquidation of Taller Metalurgico M.J.M. S.R.L. after Court no.
20 of Buenos Aires' civil and commercial tribunal issued a
pronouncement commencing the Company's bankruptcy. The city's
Clerk no. 40 assists the Court on this case.

CONTACT: Taller Metalurgico MJM S.R.L.
         Emilio Muniz 1760
         Buenos Aires


TECNICA INTECSA: Liquidates Assets to Pay Debts
-----------------------------------------------
Tecnica Intecsa S.R.L. will begin liquidation proceedings
following the bankruptcy pronouncement issued by Court no. 19 of
Buenos Aires' civil and commercial tribunal.

The ruling places the Company under the supervision of Court-
appointed trustee, Mr. Jorge Alberto Arias. The trustee will
verify creditors' proofs of claims until November 26.

The bankruptcy process will end with the disposal Company assets
to repay its creditors.

CONTACT: Tecnica Intecsa S.R.L.
         Belgrano 634
         Buenos Aires

         Mr. Jorge Alberto Arias, Trustee
         Avda Rivadavia 1227
         Buenos Aires


TRANSENER: Judge Blocks $278,813 Payment From Cammesa
-----------------------------------------------------
Argentine high-voltage power transporter Transener (TRAN.BA)
won't be receiving a US$278,812.50 payment from the national
grid operator Cammesa.

According to Dow Jones Newswires, a commercial Court judge
blocked the payment following a lawsuit filed by Issac
Aisenberg.

Court documents show that the judge ordered the embargo Oct. 13.
Of the amount, $188.812.50 is capital payments, with the
remaining $90,000 from interest and other expenses.

But Transener, in a statement filed to the local stock exchange
Friday, said: "The present event doesn't affect the normal
provision of service that the Company provides."

Transener, which is owned 50:50 by local investment group
Dolphin Fund Management and oil and gas Company Petrobras
Energia (PECO.BA), controls all of the high-voltage power lines
in Argentina.

The Company has about US$520 million in debt but hasn't made any
significant advances with its creditors on a debt restructuring
deal, leaving it vulnerable to lawsuits and bankruptcy petitions
from disgruntled creditors.

CONTACT:  Paseo Colon 728 6th Floor
          (1063) Buenos Aires
          Republica Argentina
          Tel: (54-11) 4342-6925
          Fax: (54-11) 4342-7147
          Email: info-trans@transx.com.ar
          Web site: http://www.transener.com.ar


TRANSPORTE ALPINO: Court Allows Reorganization Request
------------------------------------------------------
Transporte Alpino S.A., which was undergoing bankruptcy, was
allowed to proceed with a reorganization on orders from Court
no. 1 of Azul's civil and commercial tribunal.

Infobae states that the Court assigned accounting firm "Estudio
Frias, Lorenzo y Ruiz Asociados" as trustee. The trustee will
conduct the credit verification process "por via incidental",
adds the report.

CONTACTS: Transporte Alpino S.A.
          Avda Marconi 1653
          Tandil

          "Estudio Frias, Lorenzo y Ruiz Asociados"
          Trustee
          14 de Julio 627
          Tandil



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B E R M U D A
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AE HOLDING: Appoints Robin Mayor as Liquidator
----------------------------------------------
        IN THE MATTER OF THE COMPANIES ACT 1981

                       and

           IN THE MATTER OF AE Holding Ltd.

The Member of AE Holding Ltd., acting by written consent without
a meeting on October 20, 2004 passed the following resolutions:

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

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

- The Liquidator informs that the Creditors of AE Holding Ltd.,
which is being voluntarily wound up, are required, on or before
November 5, 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 Member of AE Holding Ltd. will
be held at the offices of Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, Bermuda on November
26, 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


LORAL SPACE: Files Revised Plan of Reorganization
-------------------------------------------------
Loral Space & Communications Ltd. (OTC Bulletin Board: LRLSQ)
filed Friday a revised plan of reorganization (the "Plan") and a
Disclosure Statement with the Bankruptcy Court. The Company
expects to exit chapter 11 under current management in the first
quarter of 2005.

The Plan, which revises the terms of a Plan previously filed on
August 19, 2004, reflects a consensual agreement on financial
terms between the Company and the Creditors' Committee appointed
in the chapter 11 cases of Loral and certain of its
subsidiaries. It is subject to final documentation and the
resolution of certain other issues between the Company and the
Creditors' Committee and to confirmation by the bankruptcy
Court. It provides, among other things, that:

  * Loral's two businesses, Space Systems/Loral and Loral
    Skynet, will emerge intact as separate subsidiaries of
    reorganized Loral (New Loral). The Disclosure Statement
    establishes the enterprise value of New Loral at between
    approximately $650 million and approximately $800 million.

  * Space Systems/Loral, the satellite design and manufacturing
    business, will emerge debt-free.

  * The common stock of New Loral will be owned by Loral
    bondholders, Loral Orion bondholders and certain other
    unsecured creditors, as follows:

     -- Loral bondholders and certain other unsecured creditors
        will receive approximately 19.4 percent of the common
        stock of New Loral.

     -- Loral Orion unsecured creditors, including Loral Orion
        bondholders, will receive approximately 79.0 percent of
        New Loral's common stock plus $200 million in new senior
        secured notes to be issued by reorganized Loral Skynet.
        These creditors also will be offered the right to
        subscribe to purchase their pro-rata share of an
        additional $30 million in new senior secured notes to be
        issued by reorganized Loral Skynet. This rights offering
        will be backstopped by certain creditors who will
        receive a fee payable in the notes.

     -- All other general unsecured creditors will have an
        option to elect to receive their pro rata share of
        approximately 1.6 percent of New Loral common stock or
        their pro rata share of $30 million in cash, subject to
        adjustment for over-subscription or under-subscription.

  * Existing common and preferred stock will be cancelled and no
    distribution will be made to current shareholders.

  * New Loral will emerge as a public Company and will seek
    listing on a major stock exchange.

Loral Space & Communications is a satellite communications
Company. It owns and operates a fleet of telecommunications
satellites used to broadcast video entertainment programming,
distribute broadband data, and provide access to Internet
services and other value-added communications services. Loral
also is a world-class leader in the design and manufacture of
satellites and satellite systems for commercial and government
applications including direct- to-home television, broadband
communications, wireless telephony, weather monitoring and air
traffic management.


REBAR LIMITED: Members Vote for Wind-Up
---------------------------------------
         IN THE MATTER OF THE COMPANIES ACT 1981

                         and

             IN THE MATTER OF Rebar Limited

By Written Resolutions of the Sole Member of Rebar Limited, on
October 13, 2004, the following resolutions were duly passed:

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

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

Mr. Morrison notifies that:

- Creditors of the Company are required on or before November 5,
2004, to send their names and addresses and the particulars of
their debts or claims to the Liquidator of the Company and, if
so required by notice in writing from the said Liquidator, to
come in and prove their said debts or claims at such time and
place as shall be specified in such notice or in default thereof
they will be excluded from the benefit of any distribution made
before such debts are proved.

- A Final General Meeting of the Sole Member of Rebar Limited
will be held at the offices of Cox Hallett Wilkinson at Milner
House, 18 Parliament Street, Hamilton, Bermuda, on November 22,
2004 at 10:00 a.m. for the following purposes:

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

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

3) By resolution dissolving the Company.

CONTACT: Mr. Ernest A. Morrison, Liquidator
         Milner House
         18 Parliament Street
         Hamilton HM 12
         Bermuda


STRUCTURAL ENGINEERS: Members Resolve to Wind-Up
------------------------------------------------
         IN THE MATTER OF THE COMPANIES ACT 1981

                         and

     IN THE MATTER OF Structural Engineers Holdings, Ltd.

By Written Resolutions of the Members of Structural Engineers
Holdings, Ltd., on October 18, 2004, the following resolutions
were duly passed:

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

2) Mr. David Ezekiel, of 44 Church Street, Hamilton, Bermuda be
and is hereby appointed Liquidator for the purposes of winding-
up, such appointment to be effective forthwith.

The Liquidator informs that:

- Creditors of the Company are required on or before November 8,
2004, to send their names and addresses and the particulars of
their debts or claims to the Liquidator of the Company and, if
so required by notice in writing from the said Liquidator, to
come in and prove their said debts or claims at such time and
place as shall be specified in such notice or in default thereof
they will be excluded from the benefit of any distribution made
before such debts are proved.

- The Final General Meeting of the Members of Structural
Engineers Holdings, Ltd. will be held at 44 Church Street,
Hamilton, Bermuda on November 24, 2004 at 10:00 a.m. for the
following purposes:

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

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

3) by resolution dissolving the Company.

CONTACT: Structural Engineers Holdings, Ltd.
         Milner House
         18 Parliament Street
         Hamilton HM 12
         Bermuda

         Mr. David Ezekiel, Liquidator
         44 Church Street
         Hamilton HM 12
         Bermuda


STRUCTURAL ENGINEERS INSURANCE: Names Liquidator for Wind-up
-----------------------------------------------------------
        IN THE MATTER OF THE COMPANIES ACT 1981

                        and

   IN THE MATTER OF Structural Engineers Insurance, Ltd.


By Written Resolutions of the Sole Member of Structural
Engineers Insurance, Ltd., on the October 14, 2004, the
following RESOLUTIONS were duly passed:

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

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

Mr. Morrison Notifies that:

- Creditors of the Company are required on or before November 8,
2004, to send their names and addresses and the particulars of
their debts or claims to the Liquidator of the Company and, if
so required by notice in writing from the said Liquidator, to
come in and prove their said debts or claims at such time and
place as shall be specified in such notice or in default thereof
they will be excluded from the benefit of any distribution made
before such debts are proved.

- Final General Meeting of the Sole Member of Structural
Engineers Insurance, Ltd. will be held at the offices of Cox
Hallett Wilkinson at Milner House, 18 Parliament Street,
Hamilton, Bermuda, on November 23, 2004 at 10:00 a.m. in the for
the following purposes:

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

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

3) By resolution dissolving the Company.

CONTACTS: Mr. Ernest A. Morrison, Liquidator
          Milner House
          18 Parliament Street
          Hamilton HM 12
          Bermuda



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B R A Z I L
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GERDAU: To Pay Dividends in 3Q04
--------------------------------
Mr. Osvaldo Burgos Schirmer, Investor Relations Director,
informs the Shareholders of Metalurgica Gerdau S.A. and  Gerdau
S.A. that the Boards of the companies (in meetings to be held on
November 3, 2004) will deliberate about the proposals presented
by management regarding the complementary payment of dividends
for the third quarter of the current fiscal year.

The amounts will be calculated and paid based on the position
held by shareholders on November 3, 2004. The payment date will
be November 17, 2004, and constitute an anticipation of the
annual minimum dividend as stated in the by-laws, as follows:

                                   Amount per share
                             (Common and Preferred Shares)

1. METALURGICA GERDAU S.A.              R$ 0.91
2. GERDAU S.A.                          R$ 0.53

The total dividend and interest on capital stock stated for the
third quarter of the current fiscal year is:

- Metalurgica Gerdau S.A. - R$ 141.0 million, equivalent to R$
1.71 per share;

- Gerdau S.A. - R$ 292.2 million, equivalent to R$ 0.99 per
share.

Shareholders are advised that shares acquired on November 4,
2004, inclusive, in the Stock Market will be Ex-Dividend.


VARIG: Talks With Ashmore Over Pluna Stake Underway
---------------------------------------------------
Embattled Brazilian airline Varig is now negotiating the sale of
its stake in Uruguayan carrier Pluna to British investment fund
Ashmore, according to a Business Latin America report.

Ashmore said talks for transferring Varig's 50% to the British
investment fund are moving along smoothly.

Earlier this year, Argentina-based Aerolineas Argentinas
negotiated the purchase of a stake in Pluna. But the Uruguayan
government, which owns the other half of the local carrier,
refused to let Aerolineas obtain information about Pluna's
finances and sales.

Now, they are allowing Ashmore's representatives to audit
Pluna's accounts informally, as the government believes that
having an extra-regional partner may be useful in advancing
their carrier's possible expansion plans.

Currently, Pluna owns seven planes that fly to Madrid, Santiago,
Buenos Aires, Asuncion, Rio de Janeiro, Sao Paulo and Porto
Alegre. The carrier is considering adding service to Mexico in
order to attract Mexican tourists and take advantage of the
increased volume of business travel that a recently signed free-
trade agreement between Uruguay and Mexico is expected to
generate.

Pluna's financial accounts are nearly balanced, with its flights
to Madrid boasting an especially high occupancy rate.

Varig, on the other hand, is battling with debts of more than
US$2 billion, owed mostly to government-run firms.


VASP: Government Seen Abandoning Hope for Airline
-------------------------------------------------
Brazil's federal government has virtually given up hope for the
recovery of financially troubled domestic airline Vasp,
according to government sources quoted in Friday's edition of
financial daily Valor Economico.

Officials responsible for management of civil aviation affairs
in Brazil were quoted as saying the government is confident that
two other domestic carriers, TAM and Gol, could take up the
slack on domestic routes even if Vasp were to cease operations
abruptly.

Privately held Vasp is Brazil's fourth-largest airline. It has
suffered from a drop in passenger demand since 2001. It has also
lost market share to Gol, which has moved into the number three
slot among Brazilian airlines.

Currently, Vasp has a market share of 10%, while Gol has reached
more than 20% of market share. In June, Gol went public with a
highly successful initial public offering.

TAM and traditional flag carrier Varig remain, respectively,
number one and number two in the Brazilian market.

Vasp has just reached an agreement to pay BRL11.7 million
(US$1=BRL2.85) of its debts owed to the Federal Airport
Authority. The agreement covers payment of airport charges for
three months between mid-July and mid-October.

Vasp's total debt with the authority, known as Infraero, is
BRL760 million relating to airport charges not paid since the
1990s.

Vasp will pay the debt in three installments over the next three
months. The first, for BRL1.15 million, must be paid by October
30. A second payment of BRL3.5 million is due by November 30 and
a third payment, for the remaining BRL7 million, is due by
December 22.

Since October 13, Infraero has demanded Vasp make the payments
at the end of every day.

The Company is currently operating on a six-month "emergency"
license granted by the government pending a presentation of a
comprehensive restructuring plan.



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

GRUPO IUSACELL: Reports Increase in Revenues for 3Q04
-----------------------------------------------------
Grupo Iusacell, S.A. de C.V. (NYSE: CEL) (BMV: CEL) (Iusacell or
the Company) reported Friday results for the third quarter of
2004(1).

Third Quarter Results

A 17% increase in revenues, combined with lower operating
expenses, allowed an increase in operating income before
depreciation and amortization of Ps$179 million, representing
13.7% of total revenues, reversing the negative operating income
before depreciation and amortization of Ps$414 million obtained
in the same period last year.

    Highlights:

    In millions of pesos (2), except percentages

          3Q 2004   3Q 2003 Change %  9M 2004   9M 2003  Change

  Revenue   1,307     1,117     17%    3,940     3,571     10%

  Total
    Cost      712       956    -26%    2,293     1,756     31%

  Operating
    Expenses  416       575    -28%    1,047     1,356    -23%

  Operating Income
    before
    depreciation
    &
    amorti-
    zation    179     (414)      --      600       458     31%

  Net income
   (loss)    (288)   (2,631)     --   (1,598)   (3,497)     --

(1) Unless otherwise noted, all monetary figures are expressed
in Mexican pesos as of September 30, 2004, in accordance to
Mexican GAAP. The symbols "Ps$" and "US$" refer to Mexican pesos
and U.S. dollars, respectively.

(2) Constant September 30, 2004 pesos. Revenues: Revenues in the
quarter increased 17% to Ps$1,307 million, from Ps$1,117 million
in the same period of 2003, reflecting an increase in service
revenue due mainly to an increase in air-time sales, a larger
subscriber base and a higher consumption per user. At September
30, 2004, the Company had approximately 1.4 million subscribers.

Costs and Expenses: Total costs and operating expenses decreased
by 26% and 28% to Ps$712 million and Ps$416 million,
respectively, compared to Ps$956 million and Ps$575 million for
the same quarter last year. The decrease in costs is mainly due
to less acquisitions of terminals, and the decrease in expenses
is primarily the result of strict budgetary controls.

Operating income before depreciation and amortization and Net
Profit: The Company reported positive net operating income
before depreciation and amortization of Ps$179 million in
comparison with negative operating income before depreciation
and amortization of Ps$414 million for the third quarter of
2003. Net loss for the quarter fell to Ps $288 million compared
to net loss of Ps$2,631 million during the same period last
year.

CAPEX: Investments during the quarter were in the order of US$12
million, and went mainly toward expanding the coverage and
capacity of the Iusacell 3-G network.

    Recent Events
    Launch of Push to Talk (PTT) in Region 8
Iusacell once again was at the forefront of communications
services during the third quarter of this year, reinforcing its
commitment to its clients by launching its RADIO PLUS service,
better known as Push to Talk, or PTT, in the cities of Cancun
and Merida. This new form of communications provides immediate,
unlimited connections to all areas of Iusacell coverage under
the radio modality, giving the user the ability to communicate
directly with up to five people at a time at the touch of a
button, and with no long distance or roaming charges. This
service will soon be launched nationwide.

Iusacell signs agreement with Lucent to expand 3G Network

In September 2004, Iusacell announced an agreement with Lucent
Technologies, for the expansion of its third generation network,
3G CDMA. This extension of coverage and capacity will allow
Iusacell to support an increase in traffic on its network,
stemming from future growth of its subscriber base as well as an
increase in data transmission generated by the introduction of
its new high-speed "3-G Iusacell" services.

Extraordinary Meeting of Shareholders

On September 23, 2004, the Company held an extraordinary
shareholders' meeting, during which (i) the stock purchase plan
for executive employees, approved by the Shareholders' Meeting
on December 18, 1996, was cancelled and terminated; (ii) the
creation of an option plan for corporate executives was
approved; and (iii) an increase in the capital stock of the
Company by means of an issuance of up to 6,517,086 shares was
approved.

Towers sale and-lease-back

During the third quarter of 2004, the Company sold and leased
back 22 towers to MATC for approximately Ps$47 million. This
amount was completely reinvested in the operation of the
Company.

Debt restructuring

The Company continues to negotiate with several creditors in an
attempt to reach an integral restructuring agreement in the
shortest time possible.

About Iusacell

Grupo Iusacell, S.A. de C.V. (Iusacell, NYSE and BMV: CEL) is a
wireless cellular and PCS service provider in Mexico
encompassing a total of approximately 92 million POPs,
representing approximately 90% of the country's total
population.

Independent of the negotiations towards the restructuring of its
debt, Iusacell reinforces its commitment with customers,
employees and suppliers and guarantees the highest quality
standards in its daily operations, offering more and better
voice communication and data services through state-of-the-art
technology, such as its new 3G network, throughout all of the
regions in which it operates.

To view financial statements:
http://bankrupt.com/misc/GRUPO_IUSACELL.htm


GRUPO MEXICO: Cananea Strike Continues
--------------------------------------
Workers at Grupo Mexico's Cananea copper mine entered their
eighth day of strike on Friday while awaiting a decision from
the labor tribunal.

"We are waiting for the decision and hope it turns out well,"
said Company international relations VP Juan Rebolledo.

If the labor tribunal declares the strike illegal, workers will
have 24 hours to return to work, he added.

The workers lodged the strike on Oct. 15, accusing Group Mexico
of not paying them the equivalent of 5% of its equity promised
15 years ago. The payment is related to the privatization of
Cananea and Grupo Mexico's other major Mexican mine, La Caridad.

The union said Grupo Mexico is offering to make the payment at
the value the shares had 15 years ago, while the union is
demanding payment at the current value.

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



INNOVA: Moody's Affirms Debt Ratings Following DirecTV Deal
-----------------------------------------------------------
Moody's Investor Service affirmed the ratings of the following
debt securities issued by Innova S. de R.L. de C.V., a Mexican
provider of satellite TV services:

- Senior Implied Rating -- B2

- Senior Unsecured Issuer Rating -- B2

- US$88 million of Senior Unsecured Notes due 2007 -- B2

- US$300 million of Senior Unsecured Notes due 2013 -- B2

The rating outlook on the ratings has been changed to positive
from stable.

The rating affirmations and outlook revision follow the recent
announcement that Innova (60% owned by Grupo Televisa, 30% by
NewsCorp. and 10% by Liberty Media) has reached an agreement to
buy the subscriber base of its competitor DirecTV (controlled by
NewsCorp).

Innova will pay for this acquisition with an option of up to a
15% equity stake.

As part of the agreement, Innova will be able to provide
satellite services in various Central American countries, and
Grupo Televisa and NewsCorp. will buy out Liberty Media's equity
stake in Innova.


SATMEX: Likely to Lose Contracts With Cable Companies
-----------------------------------------------------
Mexico's Satelites Mexicanos (Satmex) is in danger of losing
contracts with local cable companies following a series of
problems that have hit the Company's satellites, Business News
Americas indicates.

Two of Satmex's propulsion systems are currently not working,
while the Solidaridad 1 satellite was lost in space in 1999
seven years before the end of its expected useful life.

And on October 13, Satmex 5 communications satellite strayed
temporarily from position and lost its signal to millions of
homes and businesses. This recent event is driving cable
companies to cancel contracts with the Company.

"At least 2 million subscribers were without a signal from 6am-
8pm and we did not receive a satisfactory explanation,"
Megacable head Enrique Yamuni was reported as saying.

Financial problems have prevented the Company from launching a
new satellite, Satmex 6.

Satmex is currently trying to reach a debt restructuring
agreement with creditors. In August, a group of investors
proposed buying the Company, which is currently carrying over
US$715 million in debt. A US$188-million debt payment to the
Mexican government is due in December.


TV AZTECA: Upcoming Bond Offering Won't Raise Net Debt -- Exec
--------------------------------------------------------------
Mexican broadcaster TV Azteca's (TZA) upcoming local currency
bond offering won't increase the Company's net debt, Dow Jones
Newswires reports, citing a Company executive.

Last week, the Company revealed plans to sell as much as US$393
million in peso-denominated bonds with maturities of one to 10
years. TV Azteca's director of investor relations, Bruno Rangel,
indicated that the proceeds of the offering could be used to
prepay a US$300-million 10.5% coupon bond due in 2007.

Yet, the Company has already secured a US$300-million peso-
equivalent credit line from Banco Inbursa, a unit of Grupo
Financiero Inbursa SA (GFINBUR.MX), for that very purpose.

Resources to redeem the 2007 bond, which TV Azteca plans to
redeem this quarter, are "to come either from the secure credit
line - from the Inbursa loan - or from the (pending) bond, or
with both," Rangel said.

The new MXN4.5 billion ($1=MXN11.443) debt, he added, "could
also be used to exchange high-liability debt for low-liability
debt, but not really to give dividends or give distributions."

He stressed thought that the offering is for liability
management and will not result in a net debt increase. The
Company is aiming to reduce its interest expense and currency
risk.

The Company's net debt as of Sept. 30 was US$407 million.

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
=======

MINERA VOLCAN: Ends 3Q04 With $9.7M Net Profit
----------------------------------------------
Peruvian zinc miner Volcan Compania Minera SAA (VCN.VL) returned
to black in the third quarter of the year with a net profit of
PEN32.1 million (US$9.71mn) from a loss of PEN13.1 million in
the same quarter in the previous year, reports Business News
Americas.

In a report submitted to the Peruvian securities regulatory
agency Conasev, the Company revealed that revenue came in at
PEN217 million (US$65.1mn) in the third quarter compared to
PEN148 million year-on-year.

In the first nine months of the year, Volcan posted a net profit
of PEN66.8 million on sales of PEN602 million compared to a loss
of PEN42.5 million on revenue of PEN423 million in the 2003
comparative period, the figures show.

The Company, Peru's second largest zinc producer, is owned by
Peruvian businessman Roberto Letts Colmenares (35%) and West
Merchant Bank (10%).

CONTACT:  Volcan Compania Minera S.A.A.
          Av Gregorio Escobedo 710 Jesus Maria
          Lima, Peru
          Phone: (51-1) 219-4000
          Fax: (51-1)261-9716
          E-mail: contact@volcan.com.pe



                            ***********


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
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