TCRLA_Public/041108.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

          Monday, November 8, 2004, Vol. 5, Issue 221

                            Headlines

A R G E N T I N A

AEROLINEAS ARGENTINAS: Adds Frequencies, Pays Off Debt
AEROVIP: Suspends Flights, Prepares For Sale
AVICOLA D.P.: Debt Payments Halted, Set To Reorganize
B. L. PUBLICIDAD: Debt Payments Halted, Set To Reorganize
BALUARTE S.A.: Gets Green Light to Proceed With Reorganization

BELCASTRO Y COZZANI: Initiates Bankruptcy Proceedings
BELFRUT S.R.L.: Court Rules for Bankruptcy
CAMPOS DORADOS S.A.: Court Resets Liquidation Schedule
CARNICERIAS OBEN: Enters Bankruptcy on Court Orders
CONTROL VIAL: Judge Approves Bankruptcy Plea

CURTIDURIA ALSINA: Liquidates Assets to Pay Debts
DAILY EXPRESS: Court Rules for Liquidation
FARMACIA Y PERFUMERIA: Proceeds With Reorganization
GATIC: Assets To Be Liquidated Before Yearend
GIACO MAROC: Judge Approves Bankruptcy

LAS ARGENTINAS: Court OKs Creditor's Bankruptcy Call
LOS CHAMICOS: Begins Liquidation Proceedings
METROGAS: Posts ARS28.3 Mln Net Loss for 1st 9 Mos. of 2004
RIED CORRUGADO: Court Favors Creditor's Bankruptcy Petition
SOCIETE GENERALE: Sells Argentine Subsidiary to Local Bank

TGS: Partners With Petrobras in San Martin Pipeline Expansion
TIO BONI: Liquidates Assets to Pay Debts
TRANSENER: 9-Month Results Show Poor Performance
WORLD IMPORT: Court Declares Company Bankrupt


B R A Z I L

BRASKEM: Records BRL496 Mln Net Income in 3Q04
GERDAU: Bear Stearns Ups Share Recommendation


C H I L E

CHIQUITA BRANDS: In the Red in 3Q04


C O S T A   R I C A

ALCATEL: Releases Update on Legal Battle in Costa Rica


D O M I N I C A N   R E P U B L I C

TRICOM: Delays Filing Form 20-F for Year Ended Dec. 31, 2003


J A M A I C A

AIR JAMAICA: Owes Government $68M in Unpaid Taxes


M E X I C O

GRUPO MEXICO: S&P Withdraws Ratings on Export Master Trust No. 1
HYLSAMEX: Consolidates Local Market
NII HOLDINGS: Revenues Rise 28% in 3Q04
PEMEX: Will Require $8.5B Financing Next Year


V E N E Z U E L A

PDVSA: Places Order With United Energy For KX-91 Chemicals

     -  -  -  -  -  -  -  -

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

AEROLINEAS ARGENTINAS: Adds Frequencies, Pays Off Debt
------------------------------------------------------
National flag carrier Aerolineas Argentinas announced plans to
increase the number of flights to different local destinations
and add new international destinations.

In addition, Aerolineas Argentinas also plans to float 30% of
its capital on the Buenos Aires stock market during the first
four months of 2005, following an earlier share issue of 15% of
its capital, targeted at large Argentine companies.

Prior to flotation, the airline plans to release itself from
temporary receivership, with a repayment in December of around
55% of the money owed to creditors, or around US$90 million.

Aerolineas Argentinas, is owned by Spanish airline group Air
Comet, itself part of Spanish travel group Marsans.

Aerolineas Argentinas forecasts profits of US$56 million in
2004, up 19% on 2003. The airline has been in temporary
receivership since June 2001.

The Argentine government, which owns 1.3% of Aerolineas
Argentinas, has taken the airline to Court over its 2003
accounts, alleging that the carrier fraudulently took on US$96
million of debt.

CONTACT:  AEROLINEAS ARGENTINAS
          Torre Bouchard 547, 1106 Buenos Aires, ARGENTINA
          Phone: (54-11) 4310-3000
          Fax: (54-11) 4310-3585
          E-mail: volar@aerolineas.com.ar
          Home Page: www.aerolineas.com.ar


AEROVIP: Suspends Flights, Prepares For Sale
--------------------------------------------
Troubled airline Aerovip has suspended flights and is analyzing
alternatives for its sale.

The use of rented aircraft caused big financial difficulties,
prompting its directors to halt operations while they negotiate
with potential investors.

Local business daily Infobae reported that the airline may
initiate formal restructuring proceedings soon to clean up the
bad debts caused by the rental agreement.

Aerovip's debt grew significantly as a result of the recent
increase in oil prices and the cost of aircraft rental it had to
face after British Aerospace (BAE) asked it to return the six
airplanes that belonged to the lessor.

Company sources said that the deficit resulted from the rental
of the new planes -three Metro III- reached US$10,000 a day.

Current shareholders -Eduardo Aulet, Sebastian Agote and Eduardo
Eurnekian- plan to sell a majority stake to a new investor, as a
way out to the crisis. The most likely buyer is said to be
investment fund Ashmore, which already owns a controlling stake
at Uruguay's Uair.

In the meantime, Aerovip is negotiating with BAE the possibility
of using the lessor's aircraft until March 2005 in order to
overcome the crisis phase and take advantage of the Summer
season.


AVICOLA D.P.: Debt Payments Halted, Set To Reorganize
-----------------------------------------------------
Judge Ballerini of Buenos Aires' civil and commercial Court no.
24 is analyzing whether to grant Avicola D.P. 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 September
25, 2002. Dr. Medina, Clerk no. 47, assists the Court on the
Company's case.

CONTACT: Avicola D.P. S.R.L.
         Aranguren 2591
         Buenos Aires


B. L. PUBLICIDAD: Debt Payments Halted, Set To Reorganize
---------------------------------------------------------
Judge Sala, serving under Court no. 14 of Buenos Aires' civil
and commercial tribunal, is reviewing the merits of the
reorganization petition filed by B. L. Publicidad S.R.L.

La Nacion reports the publishing company filed the petition
following cessation of debt payments since December 3, 2003.
Reorganization will allow the Company to avoid bankruptcy by
negotiating a settlement with its creditors.

Dr. Aleman, the city's Clerk no. 27, assists the Court with the
proceedings.

CONTACT: B.L. Publicidad S.R.L.
         Montevideo 765
         Buenos Aires


BALUARTE S.A.: Gets Green Light to Proceed With Reorganization
--------------------------------------------------------------
Judge Fernandez, serving for Court no. 19 of Buenos Aires' civil
and commercial tribunal, approved the "Concurso Preventivo"
petition filed by Baluarte SA, reports La Nacion.

The Company will undergo the reorganization process under the
supervision of Court-appointed trustee Mabel Herrera. The
trustee will verify creditors' proofs of claim until February 24
next year. Verifications are done to ascertain the nature and
amount of the Company's debts.

Creditors of the Company are expected to ratify the completed
settlement plan during the informative assembly on November 3,
2005.

Dr. Mazzoni, Clerk no. 37, assists the Court on the case.

CONTACT: Baluarte S.A.
         Salta 1275
         Buenos Aires

         Ms. Mabel Herrera, Trustee
         Rodr­guez Pena 694
         Buenos Aires


BELCASTRO Y COZZANI: Initiates Bankruptcy Proceedings
-----------------------------------------------------
Court no. 13 of Buenos Aires' civil and commercial tribunal
declared Belcastro y Cozzani S.A. "Quiebra," reports Infobae.

Mr. Ricardo J. Randrup, who has been appointed as trustee, will
verify creditors' claims until December 13

Clerk no. 26 assists the Court on the case that will close with
the liquidation of the Company's assets to repay creditors.

CONTACT: Mr. Ricardo J. Randrup, Trustee
         Avda Cordoba 1351
         Buenos Aires


BELFRUT S.R.L.: Court Rules for Bankruptcy
------------------------------------------
Court no. 19 of Buenos Aires' civil and commercial tribunal
decreed the bankruptcy of Belfrut S.R.L. reports Infobae. The
liquidation order was issued upon the request of its creditor
Mono Azul S.A. The creditor has claims totaling US$30,452.31
against the Company.

The city's Clerk no. 38 assists the Court on this case.

CONTACT: Belfrut S.R.L.
         Terrada 1237
         Buenos Aires


CAMPOS DORADOS S.A.: Court Resets Liquidation Schedule
------------------------------------------------------
Significant events in the Campos Dorados S.A. bankruptcy case
have been moved to these dates:

1. Claims Verification Deadline - December 21, 2004
2. Submission of Individual Reports - March 14, 2005
3. Submission of the General Report - April 27, 2005

All claims must be forwarded to trustee Sergio Novick by the
said deadline.

Court no. 8 of Buenos Aires' civil and commercial tribunal
handles this case with assistance from the city's Clerk no. 16.

CONTACT: Mr. Sergio Novick, Trustee
         Libertad 359
         Buenos Aires


CARNICERIAS OBEN: Enters Bankruptcy on Court Orders
---------------------------------------------------
Carnicerias Oben S.A. enters bankruptcy protection after Court
no. 10 of Buenos Aires' civil and commercial tribunal 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 Mr. Jorge David Jalfin
as trustee. She will be verifying creditors' proofs of claims
until the end of the verification phase on December 15.

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 February 28, 2005 followed by the general report, which is
due on April 13, 2005.

CONTACT: Mr. Jorge David Jalfin, Trustee
         Sarmiento 1452
         Buenos Aires


CONTROL VIAL: Judge Approves Bankruptcy Plea
--------------------------------------------
Control Vial S.A. was declared bankrupt after Court no. 4 of
Buenos Aires' civil and commercial tribunal endorsed the
petition of Jorge Pinamonti for the Company's liquidation.
Argentine daily La Nacion reports that the creditor has claims
totaling ARS2,706.79 against the Company.

The city's clerk no. 8 assists the Court on this case.

CONTACT: Control Vial S.A.
         San Martin 687
         Buenos Aires


CURTIDURIA ALSINA: Liquidates Assets to Pay Debts
-------------------------------------------------
Buenos Aires-based Curtiduria Alsina S.A. will begin liquidating
its assets following the bankruptcy pronouncement issued by the
city's civil and commercial Court no. 18.

Infobae reports that the bankruptcy ruling places the Company
under the supervision of Court-appointed trustee Luis Maria
Guastavino. The trustee will verify creditors' proofs of claims
until December 13. The validated claims will be presented in
Court as individual reports on February 24, 2005.

Mr. Guastavino 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 11, 2005.

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

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


DAILY EXPRESS: Court Rules for Liquidation
------------------------------------------
Court no. 18 of Buenos Aires' civil and commercial tribunal
ordered the liquidation of Daily Express S.A. 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. Baldomero Oscar
Gonzalez Herrera, the Court-appointed trustee.

The trustee will verify creditors' proofs of claims until
December 1. The verified claims will serve as basis for the
individual reports to be submitted in Court on February 15,
2005. The submission of the general report follows on March 31,
2005.

The city's Clerk no. 35 assists the Court on this case that will
end with the disposal of the Company's assets to repay its
debts.

CONTACT: Mr. Baldomero Oscar Gonzalez Herrera, Trustee
         Avda de Mayo 1260
         Buenos Aires


FARMACIA Y PERFUMERIA: Proceeds With Reorganization
---------------------------------------------------
Farmacia y Perfumeria Ferreyra S.C.S. will begin reorganization
following the approval of its petition by Court no. 3 of
Formosa's civil and commercial tribunal. The opening of the
reorganization will allow the Company to negotiate a settlement
with its creditors in order to avoid a straight liquidation.

Ms. Elsa Bianchini de Herrera will oversee the reorganization
proceedings as the Court-appointed Trustee. She will prepare
individual reports from the creditors claims validated until
October 15 and submit them in Court on November 26.

The trustee is also required by the Court to submit a general
report essentially auditing the Company's accounting and
business records as well as summarizing important events
pertaining to the reorganization. This report will be presented
in Court on February 9, 2005.

The Informative Assembly, the final stage of a reorganization
where the settlement proposal is presented to the Company's
creditors for approval, is scheduled on July 29, 2005.

CONTACT: Farmacia y Perfumeria Ferreyra S.C.S.
         Avda 9 de Julio 501
         Formosa

         Ms. Elsa Bianchini de Herrera, Trustee
         Mitre 654
         Formosa


GATIC: Assets To Be Liquidated Before Yearend
---------------------------------------------
Francisco Carrega, the judge in charge of Gatic's bankruptcy
proceedings, has ruled that all the assets of the textile group
will be liquidated before the end of the year.

According to an article published by paper Nuevo Dia from
Coronel Suarez, the judge announced this decision to the mayors
of Las Flores, Pigue and Pilar -places where the Company has
plants- and all the trade unions involved.

Carrega announced that the plants will be sold to the best
bidder through an international tender process in December.

The Coronel Suarez plant was set to be worth US$5 million, while
the ones in Las Flores and Pigue would be worth ARS11 million
each and the value of the Pilar factory has not been informed.

In September, after a two-year process that included a formal
restructuring proceeding, Gatic was declared bankrupt with
ARS500 million in debt.

The Company almost got out of its financial crisis when Indular,
a firm owned by Guillermo Gotelli, offered to rent the four
plants for an initial investment of US$20 million and a ARS12
million annual payment. The Company had planned to use the money
from the rent to pay off debt. But the deal was never concluded
as Judge Carrega went against the operation.


GIACO MAROC: Judge Approves Bankruptcy
--------------------------------------
Giaco Maroc Argentina S.A. was declared bankrupt after Court no.
2 of Buenos Aires' civil and commercial tribunal endorsed the
petition of Cosena Seguros S.A. for the Company's liquidation.
Argentine daily La Nacion reports that the creditor has claims
totaling US$7,350.35.

The city's Clerk no. 4 assists the Court on this case.

CONTACT: Giaco Maroc Argentina S.A.
         Chivilcoy 2067
         Buenos Aires


LAS ARGENTINAS: Court OKs Creditor's Bankruptcy Call
----------------------------------------------------
Las Argentinas S.A. entered bankruptcy after Judge Taillade of
Buenos Aires' civil and commercial Court no. 20 approved a
bankruptcy motion filed by Reuters Limited, reports La Nacion.
The Company's failure to pay US$19,256.12 in debt prompted the
creditor to file the petition.

Working with Dr. Amaya, the city's clerk no. 39, the Court
assigned Mr. Jorge Wilcke 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 February 11, 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: Las Argentinas S.A.
         Constitucion 3156
         Buenos Aires

         Mr. Jorge Wilcke, Trustee
         Roosevelt 1877
         Buenos Aires


LOS CHAMICOS: Begins Liquidation Proceedings
--------------------------------------------
Los Chamicos S.R.L. of Buenos Aires will begin liquidating its
assets after Court no. 15 of Buenos Aires' civil and commercial
tribunal declared the Company bankrupt. Infobae reveals that the
bankruptcy process will commence under the supervision of Court-
appointed trustee Ernesto Oscar Puerta.

The trustee will review claims forwarded by the Company's
creditors until November 30, 2004. After claims verification,
the trustee will submit the individual reports for Court
approval on February 10, 2005. The general report will follow on
March 24, 2005.

Clerk no. 30 assists the Court on this case.

CONTACT: Los Chamicos S.R.L.
         Salta 1685
         Buenos Aires

         Mr. Ernesto Oscar Puerta, Trustee
         Fragata Presidente Sarmiento 72
         Buenos Aires


METROGAS: Posts ARS28.3 Mln Net Loss for 1st 9 Mos. of 2004
-----------------------------------------------------------
Argentina's leading gas distributor Metrogas SA registered a net
loss of ARS28.3 million ($1=ARS2.9575) in the first nine months
of 2004, Dow Jones reports, citing a Company filing with the
Buenos Aires bourse.

The Company declined to disclose details in Thursday's filing
except to say that its net worth as of Sept. 30 was ARS747,446,
down slightly from ARS758,936 at the end of the second quarter.

Additional details are expected to be released in the coming
days. Losses during the first nine months are likely because of
peso depreciation. Metrogas has debts of around US$440 million
that it's trying to restructure. These debts increase in peso
terms as the local currency loses ground.

U.K. energy Company BG Group PLC (BG.LN) and Spain's Repsol-YPF
SA (REP) together control 70% of Metrogas. Company employees own
10% of Metrogas' shares, while the balance floats on the stock
exchange. BG has indicated that it's looking to reduce its stake
in the Company.

CONTACT:  MetroGAS S.A.
          Pablo Boselli, Financial Manager
          E-mail: pboselli@metrogas.com.ar
          Tel: 5411-4309-1511


RIED CORRUGADO: Court Favors Creditor's Bankruptcy Petition
-----------------------------------------------------------
Cooperativa Dielmar Ltda. successfully sought the bankruptcy of
Ried Corrugado S.R.L. after Judge Cirulli of Buenos Aires' civil
and commercial Court no. 6 declared the Company "Quiebra,"
reports La Nacion.

As such, the graphics company will now start the bankruptcy
process with Mr. Jorge Serrano as trustee. Creditors of the
Company must submit their proofs of claim to the trustee before
December 21, 2004 for authentication. Failure to do so will mean
disqualification from the payments that will be made after the
Company's assets are liquidated.

The creditor sought for the Company's bankruptcy after the
latter failed to pay debts amounting to US$10,620.

Dr. Mendez Sarmiento, Clerk no. 12, assists the Court on the
case that will culminate in the liquidation of all of its
assets.

CONTACT: Ried Corrugado S.R.L.
         Ferre 2225
         Buenos Aires

         Mr. Jorge Serrano, Trustee
         Uruguay 662
         Buenos Aires


SOCIETE GENERALE: Sells Argentine Subsidiary to Local Bank
----------------------------------------------------------
Societe Generale announced Wednesday the sale of its subsidiary
in Argentina, Banco Societe Generale Argentina, to the
Argentinean banking group Banco Banex. The transaction is
submitted for approval by the relevant regulatory authorities
and should be completed during the first quarter 2005.

This move is in line with Societe Generale's focus on developing
its retail banking activities in its strategic zones of which
Latin America is not a key component.

Banco Banex will pursue the development of its specialized
banking activities such as consumer credit, while Banco Societe
Generale Argentina will service its clients under the bank's
previous brand name Banco Supervielle.

Societe Generale Group

Societe Generale is one of the largest financial services groups
in the euro-zone. The Group employs 88,000 people worldwide in
three key businesses:

- Retail Banking & Financial Services: Societe Generale serves
more than 15 million retail customers worldwide.

- Asset Management, Private Banking & Securities Services :
Societe Generale is one of the largest banks in the euro-zone in
terms of assets under custody (approximately USD 1300 billion)
and under management (EUR 311 billion, June 2004).

- Corporate & Investment Banking: SG CIB ranks among the leading
banks worldwide in euro capital markets, derivatives and
structured finance.

Societe Generale is included in the four major socially
responsible investment indexes.

According to Argentine central bank data as of June 2004,
Societe Generale has 72 branches in the country, assets of
ARS1.2 billion ($1=ARS2.96) and liabilities of ARS1.1 billion.

CONTACTS:  Jerome Fourre
           Tel: +33(0)1 42 14 25 00

           Stephanie Carson-Parker
           +33(0)1 42 14 95 77

           Helene AGABRIEL
           +33(0)1 41 45 97 13
           URL: www.socgen.com


TGS: Partners With Petrobras in San Martin Pipeline Expansion
-------------------------------------------------------------
Transportadora de Gas del Sur S.A. informed the Argentine
Securities and Exchange Commission Wednesday that the Company
signed an agreement with Petrobras, the Argentine Government,
Nacion Fideicomisos S.A., among other parties, setting the
framework associated to the project of expanding the General San
Martin Pipeline, operated by TGS, in 2.9 million of cubic meters
per day (102.4 million of cubic feet per day).  Such expansion
will be in operations next winter 2005.

According to the terms and conditions of the agreement, TGS will
be the Project Manager and will be also in charge of the
operation and maintenance of the new facilities.

The General San Martin pipeline expansion project will demand an
investment of approximately US$ 285 million. TGS will contribute
with US$ 40 million, including a cash contribution and the
remainder in assets already in stock in TGS.

TGS has made a great effort to implement this project. In the
last months, the TGS's team has devoted to achieve to this goal.
This is a new signal of TGS's commitment with the country.  In
the twelve years of operations, TGS has invested more than US$ 1
billion in expanding its transportation system.


TIO BONI: Liquidates Assets to Pay Debts
----------------------------------------
Tio Boni S.A. will begin liquidating its assets following the
pronouncement of Buenos Aires' civil and commercial Court no. 14
that the Company is bankrupt, Infobae reports.

The ruling places the Company under the supervision of Court-
appointed trustee Ruben Joaquin Toytoyndjian. The trustee will
verify creditors' proofs of claims until December 27, 2004. The
validated claims will be presented in Court as individual
reports on March 11, 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 26, 2005.

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

CONTACT: Mr. Ruben Joaquin Toytoyndjian, Trustee
         Avda Pte. Roque Saenz Pena 1219
         Buenos Aires


TRANSENER: 9-Month Results Show Poor Performance
------------------------------------------------
Compania de Transporte de Energia Electrica en Alta Tension
(Transener), Argentina's largest electricity transmitter, ended
the first nine months of 2004 with a net loss of ARS85.6 million
($1=ARS2.9625).

The figure compares to a profit of ARS93.1 million at the end of
the comparable period last year, Dow Jones reports, citing an
earnings report filed with the Buenos Aires stock exchange.

The Company reported year-on-year net sales of ARS222.0 million
during the first nine months of this year, higher than the
ARS196.2 million posted during the same period of 2003. However,
operating costs also rose to ARS173.0 million from ARS142.7
million.

Transener blamed exchange movement for the poorer performance,
year-on-year. The Company reported exchange rate-generated
losses of ARS24.3 million during the first nine months of this
year, compared with gains of ARS153.7 million in 2003.

Total financial results produced a loss of ARS104.1 million
during the period, compared with a gain of ARS74.27 million in
2003.

Administrative costs increased slightly to ARS24.2 million from
ARS23.7 million on the year, bringing operating profits down to
ARS24.8 million, compared with ARS29.8 during the first nine
months of 2003.

Transener's finances have suffered immensely since 2002 because
of the pesification and a freeze on utility rates.

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


WORLD IMPORT: Court Declares Company Bankrupt
---------------------------------------------
Judge Cirulli, working for Court no. 6 of Buenos Aires' civil
and commercial tribunal, declared local Company World Import
S.A. "Quiebra", relates La Nacion. The Court approved the
bankruptcy petition filed by Mr. Sergio Saitta, whom the Company
failed to pay debts amounting to US$7765.18

The Company will undergo the bankruptcy process with Mr. Jorge
Podhorzer as trustee. Creditors are required to present their
proofs of claims to the trustee for verification by December 17.
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. Mendez Sarmiento, Clerk no. 12, assists the Court on the
case.

CONTACT: World Import S.A.
         Avenida D­az Velez 4440
         Buenos Aires

         Mr. Jorge Podhorzer, Trustee
         Pasaje Del Carmen 716
         Buenos Aires



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

BRASKEM: Records BRL496 Mln Net Income in 3Q04
----------------------------------------------
Braskem S.A. (NYSE:BAK; BOVESPA: BRKM5) (LATIBEX:XBRK), the
leader in the thermoplastic resins segment in Latin America and
one of the three largest Brazilian privately-owned industrial
companies, announced Thursday its results for the third quarter
of 2004.

HIGHLIGHTS

- In order to meet the consistently growing demand in the
domestic market, all of Braskem's business units operated at
utilization rates higher than 95%, resulting in the production
of 450 thousand tons of thermoplastic resins in the third
quarter of 2004, a 5.9% growth over the third quarter in 2003.
Following the same positive trend, the production of ethylene
and propylene increased by 7% in the third quarter of 2004,
reaching 453 thousand tons.

- The commercial performance also posted an important
improvement. In the domestic market, the volume of
thermoplastics resins sold by Braskem in the third quarter of
2004 amounted to 390 thousand tons, 21% higher than the volume
sold in the same period last year. In the nine-month period
ended September 30, 2004, the growth in the volume of resins
sold to the domestic market reached 22%, increasing from 878
thousand in the nine-month period ended September 30, 2003 to
1.08 million tons in the nine-month period ended September 30,
2004, confirming the elasticity of the demand for and
consumption of thermoplastic resins in relation to the Brazilian
GDP and reinforcing Braskem's leadership.

- Braskem's total net revenues in the third quarter of 2004 grew
by 53%, from R$2.2 billion in the third quarter of 2003 to R$
3.4 billion in the third quarter of 2004. Gross revenues
increased by 61%, reaching R$4.3 billion in the third quarter of
2004. In the nine-month period ended September 30, 2004, net
revenues amounted to R$8.2 billion, 24% higher when compared to
the nine-month period ended September 30, 2003. Similarly, gross
revenues increased by 29%, reaching R$10.6 billion in the nine-
month period ended September 30, 2004.

- Complying with its strategic goal of maintaining a structural
presence in the external market, Braskem exported US$259 million
in the third quarter of 2004, a 46% increase over the same
period in 2003. In the nine-month period ended September 30,
2004, export revenues increased by 24%, amounting to US$612
million.

- The record EBITDA of R$744 million reported by Braskem in the
third quarter of 2004 corresponds to a 61% increase over the
same period in 2003 and confirms the Company's growing cash
generation capacity. In the nine-month period ended September
30, 2004, EBITDA increased by 44%, amounting to R$1.89 billion,
which is higher than EBITDA recorded during the entire year of
2003. The EBITDA margin, which demonstrates the Company's solid
profitability, was 22.1% in the third quarter of 2004, compared
to a 20.9% margin reported during the same period in 2003. This
strong performance was possible even in a challenging scenario
in which naphtha prices, which accounts for most of the
Company's cost of goods sold, reached high levels during the
third quarter of 2004.

- Braskem's distinguished operating performance combined with
the appreciation of the value of the real against the U.S.
dollar during the third quarter of 2004 and the reduction in
interest and vendor expenses resulted in net income of R$ 496
million, reversing a net loss of R$58 million in the third
quarter of 2003.

- Braskem maintained its focus on reducing and extending its
debt profile, as well as, on reducing its cost of capital. In
the twelve-month period ended September 30, 2004, the level of
Braskem's financial leverage, as measured by its net debt/EBITDA
ratio, was 2.0x, anticipating a target established for the end
of 2004. Additionally, by September 30, 2004, Braskem's level of
cash and cash equivalents was above R$3 billion.

- In the twelve-month period ended Sept, 04, net revenues
reached R$10.8 billion and EBITDA amounted to R$ 2.35 billion.

To view financial statements:
http://bankrupt.com/misc/Braskem3Q04.pdf

CONTACT: Braskem S.A., Sao Paulo
         Investor Relations:
         Mr. Jose Marcos Treiger
         Phone: (+55 11) 3443 9529
         e-mail: jm.treiger@braskem.com.br
                 or
         Mr. Luiz Henrique Valverde
         Phone: (+55 11) 3443 9744
         e-mail: luiz.valverde@braskem.com.br
                 or
         Mr. Vasco Barcellos
         Phone:(+55 11) 3443 9178
         e-mail: vasco.barcellos@braskem.com.br

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


GERDAU: Bear Stearns Ups Share Recommendation
---------------------------------------------
Brazilian long steel maker Gerdau's better-than-expected
earnings in the third-quarter of 2004 prompted Bear Stearns to
up its recommendation on the Company's shares to peer perform
from underperform.

Dow Jones recalls that Gerdau posted a third-quarter net profit
of US$1.56 for each American Depositary Receipt under GAAP
accounting rules, easily topping Bear Stearns' forecast of
$1/ADR.

"While these results did not have the shock appeal of the 2Q
report (which trounced consensus by 40%), they are stellar in
virtually all respects, and the Company has continued to raise
the bar on its potential for future earnings/dividends," the
investment bank said in a report.

Bear Stearns raised its share price target on the stock to
US$16.50 from US$14 for the end of 2005.

To view Gerdau's 3Q04 financial statements in US GAAP:
http://bankrupt.com/misc/Gerdau3Q04.pdf

CONTACT: Gerdau S.A.
         Avenida Farrapos 1811
         Porto Alerge, RS 90220-005
         Brazil
         Phone: +55 3323 2000
         Web Site: http://www.gerdau.com.br



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

CHIQUITA BRANDS: In the Red in 3Q04
-----------------------------------
Chiquita Brands International, Inc. (NYSE: CQB) reported
Thursday quarter 2004 net loss of $20 million, or $0.49 per
diluted share, including a loss of $22 million, or $0.54 per
diluted share, from the premium to extinguish the Company's
10.56% Senior Notes. The Company reported net income of $10
million, or $0.25 per diluted share, in the same period a year
ago, including gains of $12 million, or $0.30 per diluted share,
from the sale of equity method investments, and charges of $6
million, or $0.14 per diluted share, for asset write-downs and
severance.

Excluding the bond premium and gains and charges noted above,
the Company had a profit of $2 million, or $0.05 per diluted
share, in the third quarter 2004, compared to a profit of $4
million, or $0.09 per diluted share, in the third quarter last
year.

"We achieved good operating performance in a difficult cost
environment in the third quarter, which is typically the most
challenging for us and the rest of the industry," said Fernando
Aguirre, chairman and chief executive officer. "Looking through
the $22 million senior note refinancing premium, we earned a
modest profit during a period of rising prices for fuel and
logistics services. While we are clearly experiencing pressure
from these rising costs, we continue to work diligently to
reduce costs and improve performance in areas that are within
our control.

"For example, we generated healthy year-over-year increases in
banana volumes in North America and Asia as we continue to focus
on profitable growth opportunities," Aguirre continued. "In
fact, our third quarter banana volume in North America grew by a
million boxes, or more than 8 percent year-over-year, as we
continued to capture new customers. Our share of the nation's
top 25 retailers is now 37 percent, up from 29 percent in 2002.

[1] See Exhibit E for a reconciliation of these financial
measures to the most comparable measures that accord with
generally accepted accounting principles (GAAP).

"We were particularly pleased with our recent bond refinancing,
in which we achieved a very attractive interest rate of 7®
percent for 10 years and reduced our annual interest expense by
more than $7 million," Aguirre said.

"We also benefited from favorable pricing and currency trends in
Europe during the quarter," Aguirre said. "If the current trends
in volume, pricing and currency continue, we expect to meet our
financial targets for the fourth quarter and full-year 2004,
even though industry costs are likely to continue to rise."

FINANCIAL HIGHLIGHTS

- Net sales were $662 million, up from $628 million in the third
quarter 2003. The increase resulted from favorable European
currency exchange rates, improved banana pricing in Europe and
higher banana volume in North America.

- Operating income from continuing operations was $10 million,
compared to $23 million in the year-ago period.

- The 2004 quarter included $2 million of restructuring charges
at Atlanta AG and severance.

- The 2003 quarter included $12 million of gains from the sale
of equity method investments, primarily from the sale of two-
thirds of the Company's investment in Chiquita Brands South
Pacific, Ltd., an Australian fresh produce distributor; and $6
million in charges, primarily for a write-down related to the
closure of poorly performing farms in Guatemala and severance at
Atlanta.

- Total debt at Sept. 30, 2004, was $408 million (including $41
million principal amount of the 10.56% Senior Notes outstanding
as of Sept. 30, 2004), and cash was $230 million. The Company
will use available cash to fund its recently announced
redemption of the remaining principal amount of 10.56% Senior
Notes. The redemption date will be Dec. 3, 2004.

BUSINESS SEGMENT RESULTS
(All comparisons below are to the third quarter 2003, unless
otherwise specified.)

Bananas

In the Company's Banana segment, net sales rose to $380 million,
up $32 million, and operating income was $14 million, compared
to $15 million.

Banana segment operating results were favorably affected by:

- $20 million European currency and pricing benefit, comprised
of a $15 million net increase from currency exchange rates and
$5 million from improved local European pricing (see Exhibit C
for details); and

- the absence of charges related to farm closures, compared to
$3 million of such charges in the 2003 third quarter.

These items were offset by:

- $10 million of cost increases, primarily due to rising fuel,
paper, ship charter and purchased fruit costs;

- $6 million adverse effect of banana pricing in North America
and Asia;

- $3 million of higher costs due to the timing of advertising
expenses in Europe (these costs will become a favorable
comparison in the fourth quarter);

- $2 million of additional selling, general and administrative
expenses associated with investment spending, primarily for
banana innovation;

- the absence of a $2 million gain recorded on the sale of
equity method investments in the 2003 third quarter; and

- $1 million of increased legal and other costs associated with
the U.S. Department of Justice investigation of the Company's
recently sold Colombian operations. These costs are included in
selling, general and administrative expenses.

Other Fresh Produce

In the Company's Other Fresh Produce segment, net sales were
$267 million, essentially flat compared to the year-ago quarter.

The operating loss in the 2004 third quarter was $4 million,
compared to operating income of $6 million in 2003. The decline
in operating results was primarily due to $1 million of
incremental losses associated with the start-up of Chiquita
Fresh Cut Fruit ($2 million of losses in the 2004 third quarter
vs. $1 million of losses last year), and a $10 million gain in
the prior year quarter on the sale of two-thirds of the
Company's investment in Chiquita Brands South Pacific.

Chiquita Brands International is a leading international
marketer, producer and distributor of high-quality bananas and
other fresh produce, which are sold primarily under  Chiquitar
premium brands and related trademarks. The Company is one of the
largest banana producers in the world and a major supplier of
bananas in Europe and North America. The Company also
distributes and markets fresh-cut fruit and other branded,
value-added fruit products.

To view financial statements:
http://bankrupt.com/misc/Chiquita3Q.htm

CONTACT: Mr. Michael Mitchell
         Phone: 513-784-8959
         e-mail: mmitchell@chiquita.com

         Web Site: www.chiquita.com



===================
C O S T A   R I C A
===================

ALCATEL: Releases Update on Legal Battle in Costa Rica
------------------------------------------------------
Beginning in early October, reports have been published,
primarily in the Costa Rican media, regarding payments alleged
to have been made by consultants on behalf of Alcatel de Costa
Rica to various state and local officials in Costa Rica, two
political parties in Costa Rica and representatives of ICE, the
state owned telephone Company, in connection with the
procurement of one or more contracts for network equipment and
services from ICE. Upon learning of these allegations, Alcatel
said it immediately commenced and is continuing an investigation
into this matter.

In Costa Rica and other countries, Alcatel said it retains
consultants to assist it with local operations and contracts.
The Company's contracts with persons through whom it deals
locally strictly prohibits the provision of any pecuniary or
other advantage in contravention of applicable laws.

Alcatel revealed it has a strict Statement of Business Practice
that imposes the highest standards of legal and ethical conduct
on its employees. The Company said it rigorously enforces this
Statement of Business Practice across the entire Company and,
when violations occur, it takes prompt and appropriate action
against the persons involved.

Alcatel has terminated the employment of the president of
Alcatel de Costa Rica and a vice president-Latin America of a
French subsidiary. The Company is also in the process of
pursuing criminal actions against the former president of
Alcatel de Costa Rica, the local consultants and the employee of
the French subsidiary based on the Company's suspicion of its
complicity in an improper payment scheme and misappropriation of
funds. The contracts with the local consultants were limited to
the specific projects involved and are no longer in effect or
are in the process of being terminated, and any payments due
under those contracts have been suspended. Alcatel's internal
investigation is continuing.

Alcatel said it has contacted the United States Securities and
Exchange Commission and the United States Department of Justice
and informed them that Alcatel will cooperate fully in any
inquiry or investigation into these matters. The SEC has
indicated that it will conduct an informal inquiry into the
allegations. If the Department of Justice or the SEC determines
that violations of law have occurred, it could seek civil or, in
the case of the Department of Justice, criminal sanctions,
including monetary penalties against Alcatel. Alcatel said
neither the Department of Justice nor the SEC has informed the
Company of what action, if any, they will take.

Several investigations have been launched in Costa Rica
concerning this matter by both the Costa Rican Attorney General
and the Costa Rican National Congress. The Company said it is
unable to predict the outcome of these investigations and their
effect on its business. If the Costa Rican authorities conclude
violations have occurred, Alcatel said it may be banned from
bidding on public contracts within Costa Rica for a certain
period and fines or penalties may be imposed on the Company, in
an amount, which Alcatel is not able to determine at this time.

The Company expects to generate approximately US$26 million in
revenue from Costa Rican contracts in 2004. Based on the amount
of revenue received from these contracts, Alcatel does not
believe a loss of business in Costa Rica would have a material
adverse effect on the Company as whole. However, these events
may have a negative impact on the Company's image in Latin
America.



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

TRICOM: Delays Filing Form 20-F for Year Ended Dec. 31, 2003
------------------------------------------------------------
Tricom, S.A. (OTC Pink Sheets: TRICY) announced Thursday that
KPMG Dominican Republic, Tricom's independent auditor, advised
the Board of Directors on October 28, 2004 that KPMG LLP (United
States) has decided to hold their consent for the filing of
Tricom's Form 20-F for the year ended December 31, 2003, pending
further clarification of the purchase, in December 2002, of
21,212,121 shares of Tricom's Class A common stock by a group of
investors for an aggregate purchase price of approximately US$70
million, with funds loaned to the investors by a bank formerly
affiliated with GFN Corp., Tricom's largest shareholder.

Tricom's Board of Directors has authorized an independent review
and evaluation of the above-mentioned transaction.

About TRICOM

Tricom, S.A. is a full service communications services provider
in the Dominican Republic. We offer local, long distance,
mobile, cable television and broadband data transmission and
Internet services. Through Tricom USA, we are one of the few
Latin American based long distance carriers that is licensed by
the U.S. Federal Communications Commission to own and operate
switching facilities in the United States. Through our
subsidiary, TCN Dominicana, S.A., we are the largest cable
television operator in the Dominican Republic based on our
number of subscribers and homes passed.

CONTACT:  Investor Relations
          Ph (809) 476-4044 / 4012
          E-mail: investor.relations@tricom.net
          Web Site: http://www.tricom.net



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

AIR JAMAICA: Owes Government $68M in Unpaid Taxes
-------------------------------------------------
Flagship airline Air Jamaica owes the government JMD4.2 billion
(US$68.04 million) in unpaid taxes, according to the
parliament's Public Accounts Committee (PAC).

The Asia Intelligence Wire reports that Financial Secretary
Shirley Tyndall has told the PAC that the P.J. Patterson
administration was intent on collecting the outstanding taxes.

Opposition Jamaica Labour Party (JLP) legislator Karl Samuda has
appealed for special consideration to be given to the cash-
strapped airline.

"We have had situations in the past when only Air Jamaica stood
between us and disaster," Samuda said pointing to the airline's
contribution to the vital tourism sector.

"If you keep Air Jamaica, it is costly, if you let it go under,
it is expensive," Samuda continued.

Air Jamaica, which has accumulated billions of dollars in
deficit following years of losses, last month outlined a
restructuring plan aimed at keeping its operations viable. The
new plan seeks a US$50 million reduction in costs and aims to
generate savings of US$15 million through staff givebacks.



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

GRUPO MEXICO: S&P Withdraws Ratings on Export Master Trust No. 1
----------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B-' rating on
Grupo Mexico Export Master Trust No. 1's secured export notes
series C and D, and its 'AAA' rating on series E (insured by
MBIA Insurance Corp.; 'AAA' financial enhancement rating).

The rating withdrawal follows the early and complete redemption
of the certificates issued by the master trust, which were
guaranteed by copper and zinc export sales of Minera Mexico S.A.
de C.V. and its principal operating subsidiaries to offshore
buyers. Minera Mexico is a subsidiary of Grupo Mexico S.A. de
C.V., the world's third-largest copper producer and as a
producer of other base metals, such as zinc, silver, lead, and
gold.

Primary Credit Analyst(s): Maria Tapia, Mexico City
(52) 55-5081-4415; maria_tapia@standardandpoors.com

Secondary Credit Analyst(s): Juan Pablo De Mollein, New York
(1) 212-438-2536; juan_demollein@standardandpoors.com


HYLSAMEX: Consolidates Local Market
-----------------------------------
Mexican steelmaker Hylsamex (BMV: HLYSAMXB) will be focusing its
efforts on consolidating its local market, where it doesn't have
clients with large orders but a lot of clients with small ones,
reports Business News Americas.

"For us, the domestic market is important. Hylsamex has a very
varied market, covering all the divisions with close to 5,000
different steel products," Business News Americas quoted Thomas
Scarnati, Hylsamex marketing manager, as saying.

Recently, the Company has been consolidating some expansions in
the galvanized division, painted products and construction and
is focusing its efforts on value-added products, which been
giving good results.

"These products are very competitive at the national and
international level and in some way protect us from certain
imports," said Scarnati.

Hylsamex is controlled by the Mexican conglomerate Alfa, which
is in the process of dividing its assets in the industry.

CONTACT:  Othon Diaz Del Guante
          (52-81) 8865-1240
          E-mail: odiaz@hylsamex.com.mx

          Ismael De La Garza
          (52-81) 8865-1224
          E-mail: idelagarza@hylsamex.com.mx


NII HOLDINGS: Revenues Rise 28% in 3Q04
---------------------------------------
HIGHLIGHTS:

- Subscriber additions of 118,700, a 102% increase over third
quarter 2003, resulting in quarter end subscribers over 1.78
million.

- Consolidated operating revenues of $316.1 million, a 28%
increase over the third quarter of 2003

- Consolidated operating income before depreciation and
amortization (OIBDA) of $82.3 million, a 23% increase over the
third quarter of 2003

- Retired remaining $52.6 million balance of senior secured
credit facility

- Quarter end consolidated cash and short-term investments of
$336.5 million

NII Holdings, Inc. (Nasdaq: NIHD) announced Thursday its
consolidated financial results for the third quarter of 2004.
The Company added about 118,700 net subscribers to its network
during the quarter, an increase of 102% over the third quarter
of 2003, resulting in approximately 1.78 million subscribers as
of September 30, 2004. The Company reported consolidated
operating revenues of $316.1 million, a 28% increase as compared
to the third quarter of 2003, and consolidated operating income
before depreciation and amortization (OIBDA) of $82.3 million,
resulting in a 23% increase in OIBDA over the third quarter of
2003. The Company generated consolidated operating income of
$52.4 million during the quarter, resulting in a 19% increase in
operating income over the third quarter of 2003. The Company
reported consolidated net income of $23.7 million, or $0.34 per
basic share. Consolidated capital expenditures, including
capitalized interest, were $61.6 million during the third
quarter of 2004. The Company ended the third quarter of 2004
with $336.5 million in consolidated cash, cash equivalents and
short-term investments.

NII Holdings' average monthly revenue per subscriber (ARPU) was
approximately $54 for the quarter. The Company also announced
its eleventh consecutive quarter of churn reduction, reporting
average consolidated churn of 1.7% in the quarter, a 70 basis
point improvement from the 2.4% churn level reported in the
third quarter of 2003.

"NII produced another successful quarter, balancing strong
growth with solid operating cash flow generation," said Steve
Shindler, NII Holdings' Chairman and CEO. "Looking forward to
the remainder of the year, I feel confident that we will meet
our previously announced 2004 full year guidance, including
400,000 net subscriber additions and $330 million in OIBDA."

During the third quarter, the Company retired the remaining
$52.6 million balance of its senior secured credit facility,
further reducing it's exposure to interest rate and foreign
exchange risks. The Company ended the quarter with approximately
$591.8 million in long-term debt, which includes $480.0 million
in convertible notes and $111.8 million in tower financing
obligations. With a combined quarter-end consolidated cash, cash
equivalents and short term investments balance of $336.5
million, the Company's net debt at the end of the quarter was
$255.3 million, resulting in a net debt to 2004 OIBDA guidance
of about 0.77 times.

As previously announced, the Company completed its review of
certain bookkeeping errors identified in two liability accounts
at its Mexican subsidiary. These errors, which did not impact
the Company's third quarter 2004 results, resulted in a
cumulative understatement of income and a cumulative
overstatement of operating income for the periods October 31,
2002 through June 30, 2004. Early this morning our auditors
advised us that they have reversed their position on the
reversal of the deferred tax asset valuation allowances recorded
in the fourth quarter of 2003 and the first quarter of 2004.
These non-cash adjustments will reduce our net income for those
periods and we will report and disclose any adjustments in our
third quarter Form 10-Q filing. The Company will amend its 2003
Annual Report on Form 10-K and its Quarterly Reports on Form 10-
Q for the first and second quarters of 2004 to restate its
financial statements as soon as practical.

On October 27, 2004, the Company closed on a $250 million, five
year syndicated loan facility in Mexico. The facility can be
drawn down, under certain conditions, within 180 days from the
date of closing. Of the total amount of the facility, $121
million will be denominated in Mexican pesos and the remaining
$129 million will be denominated in U.S. dollars. The Company
intends to hedge the currency and interest rate risks so that
the facility is an effective fixed rate Mexican peso credit
facility.

"This credit facility is consistent with our approach to source
capital in local markets when its available on attractive terms
and conditions and provides the financial flexibility to support
our participation in the upcoming Mexican spectrum auctions as
well as the related expansion of our network in Mexico," said
Byron Siliezar, NII's Chief Financial Officer.

The Company is pleased to announce that in October 2004, Nextel
Argentina received the National Quality Award, the highest award
for quality and excellence in entrepreneurial performance,
granted by the Argentine Nation and administered by the National
Quality Award Foundation, the prestigious not- for-profit
organization that evaluates the merits of the candidates.

"We are very proud to receive this award," said Jose Felipe, the
Company's President of Mercosur. "Our focus on delivering high-
quality products and exceptional customer service has been and
will continue to be a key differentiator for our business."

In addition to the results prepared in accordance with
accounting principles generally accepted in the United States
(GAAP) provided throughout this press release, NII has presented
consolidated operating income before depreciation and
amortization, ARPU, net debt and cost per gross add (CPGA),
which are non-GAAP financial measures and should be considered
in addition to, but not as substitutes for, the information
prepared in accordance with GAAP. Reconciliations from GAAP
results to these non-GAAP financial measures are provided in the
notes to the attached financial table.

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 ConnectSM , an extension of Direct ConnectSM, 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.

To view financial statements:
http://bankrupt.com/misc/NII3Q04.htm

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/


PEMEX: Will Require $8.5B Financing Next Year
----------------------------------------------
Mexican state oil monopoly Petroleos Mexicanos (PEM.YY) will
need financing of US$8.5 billion next year, of which US$6
billion is to refinance maturing debt, reports Dow Jones.

According to CFO Juan Jose Suarez, the Company expects to get
US$2 billion in international bond markets, US$3 billion on the
Mexican debt market, US$1.3 billion from export credit agencies
and US$2.2 billion in bank loans.

Pemex registered a net debt of US$31.6 billion at the end of
September, making it the world's most indebted oil Company.

Sales in the first nine months of this year rose 15% to US$48.7
billion, as the Company exported 1.84 million barrels a day of
its 3.4 million b/d crude oil production.

Higher oil prices contributed to an 18% increase in gains before
taxes and duties, but Pemex also paid more taxes to the
government and registered a net loss of US$1.3 billion in the
nine-month period.

The loss was 12% smaller than the net loss in the like 2003
period, the Company said.



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

PDVSA: Places Order With United Energy For KX-91 Chemicals
----------------------------------------------------------
PDVSA, the world's fourth largest oil Company, has placed an
order with United Energy for KX-91 chemicals approximating
$200,000.

United Energy's CEO, Brian F. King, stated, "An earlier order
had been placed by PDVSA for the KX-91 chemicals, which were
utilized for testing purposes. Extraordinary results have led to
this second order, which we believe will lead to additional
orders, accompanied by a continuing close relationship with one
of the world's premier oil companies. PDVSA, the Venezuelan oil
Company, utilizes literally millions of dollars of these types
of chemicals on a monthly basis.

"This purchase order, and the test results on which it is based,
dramatically validates the enormous potential of United Energy's
patented oil service chemicals, which can increase an aging oil
well's production by 46- 2100%. In a world of $50 a barrel of
oil, this value multiplies many times over. In an escalating
world energy crisis, we believe that United Energy has a unique
role to play."

CONTACT: Malcolm McGuire for C.C.R.I. Corp. 1 (800) 828-0406




                            ***********


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 * * *