TCRLA_Public/041110.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

         Wednesday, November 10, 2004, Vol. 5, Issue 223

                            Headlines


A R G E N T I N A

BURMED S.A.: Court Orders Liquidation
CABLEVISION: Main Holdout Creditor Calls Off Lawsuit
COOPERATIVA DE VIVIENDA: Court Designates Trustee for Bankruptcy
DESDE 1890: Court Orders Liquidation
GANADERA BONAERENSE: Court Declares Company Bankrupt

IMPORTACIONES: Court Approves Creditor's Bankruptcy Motion
MATTULICH SAIC: Court Approves Concurso Motion
METROGAS: Extends Solicitation Of Consents To Restructure Debt
TGS: Extends Expiration Date for Exchange Offer to Nov. 12
TYBE S.A.: Initiates Bankruptcy Proceedings

VITARELLI E HIJOS: Begins Liquidation Proceedings


B E R M U D A

ANNUITY & LIFE: Posts Three-month $3.095M Net Loss Thru Sept. 30
EMERALD GENE: Members Appoint Robin Mayor as Liquidator
PSEG CHINA HOLDINGS: Proceeds to Wind-Up Operations
PSEG GLOBAL POWER: Robin Mayor to Serve as Liquidator
PSEG ZHOU KOU: To Hold Final Meeting December 9

MWD TECHNOLOGIES: Court Sets December 6 for General Meeting
SUNRI LIMITED: Robin Mayor to Serve as Liquidator in Wind-Up


B R A Z I L

BANCO ITAU: Ratings Not Affected by Acquisitions Says S&P
EMBRATEL: Commercial Paper Issuance Gets BR-2 Rating
LIGHT: Aneel Passes Lower Electric Rates Adjustment
TAM: Returns to Black in 3Q04
TCP: Resolves 3rd Issuance of Promissory Notes

UNIBANCO: Ratings Unaffected by Sale of Companies Says S&P
VASP: Sees Dramatic Decline in Market Share


C H I L E

COEUR D' ALENE: Reports $5.5M EBITDA in 3Q04
ENERSIS/ENDESA CHILE: Sign $600M New Loans To Refinance Debt


C O L O M B I A

AVIANCA: Order Granting Debtors' Motion For Approval
PAZ DEL RIO: Reconversion Plan Gains Ground
* COLOMBIA: Fitch Assigns Expected `BB' Rating To Global Bond


M E X I C O

GRUPO MEXICO: S&P Places `B+' Credit Rating On Watch Positive
MINERA MEXICO: Gets B1 Global Local Currency Issuer Rating


P E R U

SIMSA: Reports Losses of $540,000 in 3Q04


V E N E Z U E L A

CANTV: Removed From Merrill Lynch's LatAm Stock Portfolio
IBH: Assumes Control of Orinoco Iron
PDVSA: Back in Talks With Oil Unions

     -  -  -  -  -  -  -  -

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

BURMED S.A.: Court Orders Liquidation
-------------------------------------
Local clothing manufacturer Burmed S.A. entered bankruptcy after
Judge Vasallo, working for Court no. 5 of Buenos Aires' civil
and commercial tribunal, approved a bankruptcy motion filed by
TyC Entertainment S.A., reports La Nacion. The Company's failure
to pay US$81,234 in debt prompted the creditor to file the
petition.

Working with Dr. Perez Casado, the city's clerk no. 9, the
Company assigned Mr. Manuel Alfredo Erdosia 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 7,
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: Burmed S.A.
         11 de Febrero 2442
         Buenos Aires

         Mr. Manuel Alfredo Erdosia, Trustee
         Paraguay 610
         Buenos Aires


CABLEVISION: Main Holdout Creditor Calls Off Lawsuit
----------------------------------------------------
Argentine cable operator Cablevision SA (CBV.YY) disclosed
Monday that main holdout creditor SHL Co. dropped its lawsuit
over the Company's US$725 million debt restructuring on Nov. 5,
relates Dow Jones Newswires.

It's not clear why SHL, a group of U.S. bondholders whose
investment adviser is New Jersey-based W.R. Huff Asset
Management, dropped the case.

SHL sued Cablevision in May in New Jersey Court. The case was
transferred to the Southern District of New York in August, and
in October, a judge agreed to an SHL petition to move the
dispute from bankruptcy Court to federal district Court.

In its lawsuit, SHL accused the cable operator of violating U.S.
laws by selling securities in the U.S. and pursuing a debt
restructuring in Argentina. Cablevision had filed a Section 304
petition, which allows a Court to prohibit and stay actions
against a Company and its assets.

Cablevision's creditors are scheduled to meet in Buenos Aires on
Nov. 17 to vote on the Company's debt offer.

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

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

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


COOPERATIVA DE VIVIENDA: Court Designates Trustee for Bankruptcy
----------------------------------------------------------------
Buenos Aires accountant Anibal Daniel Osuna was assigned trustee
for the bankruptcy of local Company Cooperativa de Vivienda
Credito y Consumo Lider Ltda., relates Infobae.

The trustee will verify creditors' claims until February 7,
2005, the source adds. After that, he will prepare individual
reports, which are to be submitted in Court on March 21, 2005.
The general report should follow on May 4, 2005.

The city's civil and commercial Court no. 23 holds jurisdiction
over the Company's case. Clerk no. 46 assists the Court with the
proceedings.

CONTACT: Mr. Anibal Daniel Osuna, Trustee
         Mercedes 3259
         Buenos Aires


DESDE 1890: Court Orders Liquidation
------------------------------------
Desde 1890 S.C.S. prepares to wind-up its operations following
the bankruptcy pronouncement issued by Court no. 21 of Buenos
Aires' civil and commercial tribunal. The declaration
effectively prohibits the Company from administering its assets,
control of which will be transferred to a Court-appointed
trustee.

Infobae reports that the Court appointed Mr. Abraham Elias Gutt
as trustee. He will be reviewing creditors' proofs of claims
until March 15, 2005. The verified claims will be the basis for
the individual reports to be presented for Court approval on
April 16, 2005. Afterwards, the trustee will also submit a
general report on June 8, 2005.

Clerk no. 41 assists the Court on this case that will end with
the disposal of the Company's assets to cover its liabilities.

CONTACT: Mr. Abraham Elias Gutt, Trustee
         Tucuman 1484
         Buenos Aires


GANADERA BONAERENSE: Court Declares Company Bankrupt
----------------------------------------------------
Judge Gonzalez of Buenos Aires' civil and commercial Court no. 8
declared local Company Ganadera Bonaerense S.R.L. "Quiebra",
relates local daily La Nacion. The Court approved the bankruptcy
petition filed by Mr. Horacio Angel Raimondi whom the Company
failed to pay debts amounting to US$14,400.

The Company will undergo the bankruptcy process with Mr.
Norberto Jose Perrone as trustee. Creditors are required to
present their proofs of claims to the trustee for verification
before February 28, 2005.

Creditors who fail to have their claims authenticated by the
said date will be disqualified from the payments that will be
made after the Company's assets are liquidated at the end of the
bankruptcy process.

Dr. Saravia, clerk no. 15, assists the Court on the case.

CONTACT: Ganadera Bonaerense S.R.L.
         Lisandro de la Torre 2406
         Buenos Aires


IMPORTACIONES: Court Approves Creditor's Bankruptcy Motion
----------------------------------------------------------
Judge Villanueva, working for Court no. 23 of Buenos Aires'
civil and commercial tribunal, declared Importaciones, Servicios
y Accesorios UV-A S.R.L. bankrupt, says La Nacion. The ruling
comes in approval of the bankruptcy petition filed by the
Company's creditor, Ms. Elisa Salvatierra.

Trustee Ricardo Adrogue will examine and authenticate creditors'
claims until December 20. This is done to determine the nature
and amount of the Company's debts. Creditors must have their
claims authenticated by the said date in order to qualify for
the payments that will be made after the Company's assets are
liquidated.

Dr. Ovadia, clerk no. 45, assists the Court on the case that
will conclude with the liquidation of the Company's assets.

CONTACT: Importaciones, Servicios y Accesorios UV-A S.R.L.
         Carlos Pellegrini 1043
         Buenos Aires

         Mr. Ricardo Adrogue, Trustee
         Bouchard 468
         Buenos Aires


MATTULICH SAIC: Court Approves Concurso Motion
----------------------------------------------
Court no. 5 of Buenos Aires' civil and commercial tribunal,
under Judge Vassallo, approved a petition for reorganization
filed by Mattulich S.A.I.C. La Nacion reports that the Company
has assets valued at US$40,1223 and debts totaling
US$280,480.77.

The Company is entrusted to Ms. Zulma Gloria Ghigliano, who will
verify claims until February 7, 2005. After verifying the
claims, Ms. Ghigliano will then submit the individual and
general reports to Court. Dates for submission of these reports
are yet to be disclosed.

The informative assembly will be held on September 27, 2005.
This is one of the last parts of the reorganization process.

Dr. Perez Casado, Clerk no. 9, assists the Court on the case.

CONTACT: Mattulich S.A.I.C.
         Fernando de Montalvo 158
         Buenos Aires

         Ms. Zulma Gloria Ghigliano, Trustee
         Pasaje Cipoletti 514
         Buenos Aires


METROGAS: Extends Solicitation Of Consents To Restructure Debt
--------------------------------------------------------------
MetroGAS S.A. (the "Company") announced Monday, Nov. 8, that it
is further extending its solicitation (the "APE Solicitation")
from holders of its 9-7/8% Series A Notes due 2003 (the "Series
A Notes"), its 7.375% Series B Notes due 2002 (the "Series B
Notes") and its Floating Rate Series C Notes due 2004 (the
"Series C Notes" and, together with the Series A Notes and the
Series B Notes, the "Existing Notes") and its other unsecured
financial indebtedness (the "Existing Bank Debt" and, together
with the Existing Notes, the "Existing Debt"), subject to
certain eligibility requirements, of powers of attorney
authorizing the execution on behalf of the holders of its
Existing Notes of, and support agreements committing holders of
its Existing Bank Debt, to execute an acuerdo preventivo
extrajudicial (the "APE") until 5:00 p.m., New York City time,
on December 15, 2004, unless further extended by the Company.

APE Solicitation

As of 5:00 p.m., New York City time, on November 5, 2004, powers
of attorney and support agreements had been received with
respect to approximately U.S.$91,594,728 principal amount of
Existing Debt.

The APE Solicitation will remain in all respects subject to all
terms and conditions described in the Company's Solicitation
Statement dated November 7, 2003.

THIS PRESS RELEASE IS NOT AN OFFER IN ANY JURISDICTION,
INCLUDING THE UNITED STATES AND ITALY, OF THE RIGHTS OR THE
INTERESTS IN THE APE ARISING FROM THE EXECUTION OF THE APE OR
ANY OF THE SECURITIES THAT MAY BE ISSUED IF THE APE IS APPROVED
BY THE REVIEWING COURT. NEITHER THE RIGHTS NOR THE INTERESTS IN
THE APE ARISING FROM THE EXECUTION OF THE APE NOR ANY OF THE
SECURITIES THAT MAY BE ISSUED IF THE APE IS APPROVED BY THE
REVIEWING COURT MAY BE SOLD (A) IN THE UNITED STATES ABSENT
REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"), OR (B) IN ANY OTHER JURISDICTION IN WHICH SUCH SALE IS
PROHIBITED. THE COMPANY HAS NOT REGISTERED AND WILL NOT REGISTER
UNDER THE SECURITIES ACT THE RIGHTS OR THE INTERESTS IN THE APE
ARISING FROM THE EXECUTION OF THE APE OR ANY OF THE SECURITIES
THAT MAY BE ISSUED IF THE APE IS APPROVED BY THE REVIEWING
COURT. THE APE SOLICITATION IS NOT BEING AND WILL NOT BE MADE TO
HOLDERS OF EXISTING DEBT LOCATED IN ITALY AND WILL BE MADE TO
THEM, IF AT ALL, AT A LATER DATE AND IN FULL COMPLIANCE WITH
ITALIAN LAWS AND REGULATIONS.

The Information Agent for the APE Solicitation outside Argentina
is GBR Information Services and its telephone number is (212)
644-1772. The Information Agent within Argentina is JP Morgan
Chase Bank Buenos Aires Branch and its telephone number is 5411-
4348-3475/4325-8046.

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

         CITIGATE FINANCIAL INTELLIGENCE
         Lucia Domville
         E-mail: Lucia.Domville@citigatefi.com
         Tel: (201) 499-3548


TGS: Extends Expiration Date for Exchange Offer to Nov. 12
----------------------------------------------------------
Transportadora de Gas del Sur S.A. ("TGS" or "the Company")
(NYSE: TGS, MERVAL:TGSU2) announced Friday that it is extending
until 5:00 p.m., New York City time, on November 12, 2004, the
expiration date of its exchange offer in connection with its
proposal to restructure substantially all of its outstanding
unsecured indebtedness (the "Restructuring Proposal").  The
exchange offer had been scheduled to expire on November 5, 2004.
All other terms of the exchange offer remain unchanged.  TGS
does not currently intend to extend the exchange offer beyond
such date.

Pursuant to the Restructuring Proposal, TGS is offering to
exchange (i) Series No. 1 Floating Rate Notes due 2003, (ii)
Series No. 2 10.375% Notes due 2003, (iii) Series No. 3 Floating
Rate Notes originally due 2002 and extended until 2003, and (iv)
the Floating Rate Note due 2006 (the "Existing Notes,"
collectively amounting to US$600 million), for a combination of
a cash payment and new notes described in the Information
Memorandum dated October 1, 2004 (the "Information Memorandum").
Holders of other debt obligations TGS is proposing to
restructure ("Other Debt Obligations") have been offered a
combination of cash and new or amended and restated debt
obligations having the same economic terms and substantially the
same restrictive covenants as those offered to holders of the
Existing Notes.

TGS will accept for exchange any and all Existing Notes validly
tendered and not withdrawn prior to 5:00 p.m., New York City
time, on November 12, 2004 (the "expiration date").  Tenders of
Existing Notes may be withdrawn at any time prior to 5:00 p.m.,
New York City time, on the expiration date.

The amount of indebtedness held by holders of Existing Notes who
have either tendered their notes or indicated their written
intention to do so and by holders of Other Debt Obligations who
have consented to the Restructuring Proposal, amounts to
approximately $ 1,011.8 million, or approximately 99.3 %, of
TGS's total outstanding indebtedness with respect to which the
Restructuring Proposal has been made.

As of 5:00 p.m., New York City time, on November 5, 2004,
approximately $ 393.2 million in aggregate outstanding principal
amount of Existing Notes (excluding Floating Rate Notes due
2006) had been tendered to the tender agent in connection with
the exchange offer.  As of such time, TGS had also received
written indications from beneficial owners of all $200 million
in aggregate principal amount of its Floating Rate Notes due
2006 of their intention to tender such notes following receipt
by such holders of certificates representing their notes.  In
addition, the Inter-American Development Bank and other lenders
under bilateral loan agreements with TGS that are included in
the Restructuring Proposal, holding $ 418.6 million in aggregate
outstanding principal amount of Other Debt Obligations,
consented to the Restructuring Proposal, subject to the rights
of withdrawal as described in the Company's Information
Memorandum.

The terms of the Restructuring Proposal, including the exchange
offer and the two APE restructuring alternatives and other
information relating to TGS, are set forth in the Information
Memorandum.  Copies of the Information Memorandum and the
Electronic Letter of Transmittal and Authorization may be
obtained from Bondholder Communications Group, the tender agent
and information agent for Restructuring Proposal and the
exchange offer.  Bondholder Communications Group's addresses,
telephone numbers and facsimile numbers are as follows:

       Bondholder Communications Group

       New York
       Attn:  Tracy Southwell
       30 Broad Street, 46 th Floor
       New York, New York  10004
       Tel:  +1 888 385-BOND
       (+1 888 385-2663)
       Fax:  +1 212 437 9827
       E-mail: tsouthwell@bondcom.com

       London
       Attn:  Tracy Southwell
       3 rd Floor
       Prince Rupert House
       64 Queen Street
       London EC4R 1AD
       Tel:  + 44 020 7236 0788
       Fax:  +  44 020 7067 9239
       E-mail: tsouthwell@bondcom.com

       Hong Kong
       Attn:  Tracy Southwell
       Suite 2807, 28/F
       The Center
       99 Queen's Road Central
       Hong Kong
       Tel:  + 852 3527 0955
       Fax:  + 852 3527 0955
       E-mail: tsouthwell@bondcom.com


CONTACTS: Buenos Aires
          Investor Relations:
          Eduardo Pawluszek, Finance & Investor Relations Mgr.
                  or
          Gonzalo Castro Olivera, Investor Relations
          E-mail: gonzalo_olivera@tgs.com.ar

          Maria Victoria Quade, Investor Relations
          E-mail: victoria_quade@tgs.com.ar
          Tel: (54-11) 4865-9077
                  Or
          Media Relations: Rafael Rodriguez Roda
          Tel: (54-11) 4865-9050 ext. 1238


TYBE S.A.: Initiates Bankruptcy Proceedings
-------------------------------------------
Court no. 12 of Buenos Aires' civil and commercial tribunal
declared Tybe S.A. "Quiebra," reports Infobae.

Ms. Norma Alicia Balmes, who has been appointed as trustee, will
verify creditors' claims until December 29 and then prepare the
individual reports based on the results of the verification
process. The individual reports will then be submitted to Court
on March 10, 2005, followed by the general report on April 21,
2005.

The city's clerk no. 23 assists the Court on the case that will
close with the liquidation of the Company's assets to repay
creditors.

CONTACT: Ms. Norma Alicia Balmes, Trustee
         Avda Roque Saenz Pena 1185
         Buenos Aires


VITARELLI E HIJOS: Begins Liquidation Proceedings
-------------------------------------------------
Vitarelli e Hijos S.R.L. of Buenos Aires will begin liquidating
its assets after Court no. 12 of the city's civil and commercial
tribunal declared the Company bankrupt. Infobae reveals that the
bankruptcy process will commence under the supervision of Court-
appointed trustee Humberto Enrique Zaina.

The trustee will review claims forwarded by the Company's
creditors until December 21. After claims verification, Mr.
Zaina will submit individual reports for Court approval on March
14, 2005. The general report submission will follow on April 25,
2005.

Clerk no. 23 assists the Court on this case.

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



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

ANNUITY & LIFE: Posts Three-month $3.095M Net Loss Thru Sept. 30
----------------------------------------------------------------
Annuity and Life Re (Holdings), Ltd. (OTC Bulletin Board:
ANNRF.OB) today reported financial results for the three-month
period ended September 30, 2004. The Company reported a net loss
of $(3,095,705) or $(0.12) per fully diluted share for the
three-month period ended September 30, 2004, as compared to a
net loss of $(3,786,905) or $(0.15) per fully diluted share for
the three month period ended September 30, 2003. The third
quarter 2004 loss includes a $2.4 million charge related to the
recapture of the Company's GMDB/GMIB agreement with GIGNA, a net
loss of $2.1 million from the Company's annuity reinsurance
agreement with Transamerica, a loss of $0.7 million from the
Company's second largest life reinsurance agreement and a loss
of $0.3 million from the Company's second largest annuity
reinsurance agreement. These losses were partially offset by
income from some of the Company's other remaining life
reinsurance agreements, including income of approximately $2.1
million from the Company's largest life reinsurance agreement.

Net realized investment losses for the three-month period ended
September 30, 2004 were $(84,868), as compared with net realized
investment losses of $(52,025) for the three-month period ended
September 30, 2003.

Unrealized gains on the Company's investments were $1,038,094 as
of September 30, 2004, as compared to gains of $1,840,849 at
December 31, 2003. The Company's investment portfolio currently
maintains an average credit quality of AA. Cash used by
operations for the nine months ended September 30, 2004 was
$57,327,851 as compared to cash used by operations of
$97,859,548 for the nine-month period ended September 30, 2003.
The cash used by operations in the nine months ended September
30, 2004, includes payments made in connection with the
settlement of the Met Life recapture, payments made to
Transamerica under an annuity reinsurance agreement and payments
made to CIGNA related to the recapture of the Company's
GMDB/GMIB reinsurance agreement with CIGNA.

Book value per share at September 30, 2004, was $4.78, as
compared to $5.11 at December 31, 2003. The Company adopted SOP
03-1 effective as of January 1, 2004, which required it to
increase its liabilities by approximately $36.6 million and its
deferred acquisition costs by approximately $36.2 million. As a
result, the Company's tangible book value, which is GAAP book
value less deferred acquisition costs, declined from $2.50 per
share at December 31, 2003, to $1.12 as of January 1, 2004.
Tangible book value per share has increased to $1.15 at
September 30, 2004.

Jay Burke, the Company's Chief Executive Officer, commented: "We
are very pleased that the Company and CIGNA were able to work
together to resolve the long-standing problems with the
GMDB/GMIB agreement. We still have the Transamerica annuity
reinsurance agreement, which continues to negatively impact the
Company's operating results and cash position, but we are
seeking to work with Transamerica to find a mutually acceptable
resolution to the problems created by that agreement."

Annuity and Life Re (Holdings), Ltd. provides annuity and life
reinsurance to insurers through its wholly owned subsidiaries,
Annuity and Life Reassurance, Ltd. and Annuity and Life
Reassurance America, Inc.

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

CONTACT: Mr. John Lockwood
         Annuity & Life Re (Holdings), Ltd.
         Cumberland House
         1 Victoria Street
         Hamilton HM 11
         P.O. Box HM 98
         Hamilton HM AX
         Bermuda
         Phone: 441-298-9902
         Fax: (441) 296-7665


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

                         and

       IN THE MATTER OF Emerald Gene Systems, Ltd.

The Members of the Emerald Gene Systems, Ltd., acting by written
consent without a meeting on November 2, 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 notifies that:

- Creditors of the Emerald Gene Systems, Ltd., which is being
voluntarily wound up, are required, on or before November 19,
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 general meeting of the Members of the Emerald Gene Systems,
Ltd. will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
December 9, 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; and

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

3) by resolution dissolving the Company.

CONTACT: Mr. Robin J. Mayor, Trustee
         Clarendon House
         Church Street
         Hamilton, Bermuda


PSEG CHINA HOLDINGS: Proceeds to Wind-Up Operations
---------------------------------------------------
            IN THE MATTER OF THE COMPANIES ACT 1981

                         and

           IN THE MATTER OF PSEG China Holdings Ltd.

The Members of PSEG China Holdings Ltd., acting by written
consent without a meeting on November 2, 2004 passed the
following resolutions:

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

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

The Liquidator informs that:

- Creditors of the PSEG China Holdings Ltd., which is being
voluntarily wound up, are required, on or before November 19,
2004 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their lawyers (if any) to Robin J.
Mayor at Messrs. Conyers Dill & Pearman, Clarendon House, Church
Street, Hamilton, HM DX, Bermuda, the Liquidator of the said
Company, and if so required by notice in writing from the said
Liquidator, and personally or by their lawyers, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- A final general meeting of the Members of PSEG China Holdings
Ltd. will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
December 9, 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; and

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

3) by resolution dissolving the Company.

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


PSEG GLOBAL POWER: Robin Mayor to Serve as Liquidator
-----------------------------------------------------
     CONTACT: IN THE MATTER OF THE COMPANIES ACT 1981

                         and

     IN THE MATTER OF PSEG Global Power Holdings Ltd.

The Members of PSEG Global Power Holdings Ltd., acting by
written consent without a meeting on November 2, 2004 passed the
following resolutions:

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

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

The Liquidator informs that:

- Creditors of PSEG Global Power Holdings Ltd., which is being
voluntarily wound up, are required, on or before November 19,
2004 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their lawyers (if any) to Robin J
Mayor at Messrs. Conyers Dill & Pearman, Clarendon House, Church
Street, Hamilton, HM DX, Bermuda, the Liquidator of the said
Company, and if so required by notice in writing from the said
Liquidator, and personally or by their lawyers, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- A final general meeting of the Members of PSEG Global Power
Holdings Ltd. will be held at the offices of Messrs. Conyers
Dill & Pearman, Clarendon House, Church Street, Hamilton,
Bermuda on December 9, 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


PSEG ZHOU KOU: To Hold Final Meeting December 9
-----------------------------------------------
      IN THE MATTER OF THE COMPANIES ACT 1981

                       and

     IN THE MATTER OF PSEG Zhou Kou Power Ltd.

The Members of PSEG Zhou Kou Power Ltd., acting by written
consent without a meeting on November 2, 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:

- Creditors of PSEG Zhou Kou Power Ltd., which is being
voluntarily wound up, are required, on or before November 19,
2004 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their lawyers (if any) to Robin J
Mayor at Messrs. Conyers Dill & Pearman, Clarendon House, Church
Street, Hamilton, HM DX, Bermuda, the Liquidator of the said
Company, and if so required by notice in writing from the said
Liquidator, and personally or by their lawyers, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- A final general meeting of the Members of PSEG Zhou Kou Power
Ltd. will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
December 9, 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, Trustee
         Clarendon House
         Church Street
         Hamilton, Bermuda


MWD TECHNOLOGIES: Court Sets December 6 for General Meeting
-----------------------------------------------------------
         IN THE MATTER OF THE COMPANIES ACT 1981

                       and

         IN THE MATTER OF MWD Technologies Limited

Notice is hereby given that the Final General Meeting of the
Members of MWD Technologies Limited will be held at KPMG
Financial Advisory Services Limited, Crown House, 4 Par-la-Ville
Road, Hamilton Bermuda on December 6, 2004 at 10:00 a.m. for the
following purposes of:

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

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

3. by Resolution dissolving the Company.


SUNRI LIMITED: Robin Mayor to Serve as Liquidator in Wind-Up
------------------------------------------------------------
          IN THE MATTER OF THE COMPANIES ACT 1981

                           and

                 IN THE MATTER OF Sunri Limited

The Member of Sunri Limited, acting by written consent without a
meeting on November 01, 2004 passed the following resolutions:

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

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

The Liquidator informs that:

- Creditors of Sunri Limited, which is being voluntarily wound
up, are required, on or before November 19, 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 the Sunri Limited
will be held at the offices of Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, Bermuda on December
13, 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; and

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

3) by resolution dissolving the Company.

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



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

BANCO ITAU: Ratings Not Affected by Acquisitions Says S&P
---------------------------------------------------------
Standard & Poor's Ratings Services said Monday that the
announcement that Banco Itau Holding Financeira S.A. is in the
process of increasing its participation in Credicard Banco S.A.
to 50% from 33.3%, and acquiring Orbitall's (processing Company)
whole capital from Unibanco and Citigroup will not affect
Standard & Poor's ratings on Banco Itau Holding Financeira
S.A.'s main subsidiary, Banco Itau S.A. (Itau; LC: BB/Stable/B;
FC: BB-/Stable/B). The acquisition of Credicard operations in
the amount of Brazilian reais (BrR) 768 million and the control
of Orbitall for BrR281 million is still conditional on the
authorities' approvals. It is in line with the bank's strategy
of increasing its presence in the profitable credit card market,
which is strategically important for its diversification and
good profitability. Profitability and liquidity should also be
maintained at strong levels, and the group benefits from the
good growth prospects for the credit card industry in Brazil.
Credicard is the largest issuer in Brazil with 7.6 million
credit cards issued as of September 2004 and net income of
BrR176.5 million in the same period. With the transaction,
Itau's participation in terms of credit cards issued should
increase to 20,1% from 13.5% in June 2004, and the contribution
of this segment to the group's results should improve from the
current 15.2% during first-half 2005.

PRIMARY CREDIT ANALYST: Tamara Berenholc, Sao Paulo
(55) 11-5501-8950; tamara_berenholc@standardandpoors.com


EMBRATEL: Commercial Paper Issuance Gets BR-2 Rating
----------------------------------------------------
Moody's America Latina Ltda. assigned a BR-2 short term National
Scale Rating to Brazilian long distance provider Embratel.

The rating, which indicates an issuer with above-average
creditworthiness relative to other Brazilian issuers of short-
term debt, affects Embratel's proposed issuance of BRL1.0
billion in six-month commercial paper.

In addition, Moody's maintains a positive outlook for Embratel's
B1 Global Local Currency issuer rating and its Baa1.br Brazil
National Scale issuer rating.

The outlook for the B1 foreign currency rating on the Company's
US$275 million in guaranteed senior unsecured notes remains
stable, since this rating also incorporates currency
convertibility risk implied by Brazil's ceiling for foreign
currency bonds and notes of B1.

Moody's said the ratings reflect Embratel's position as a
national wire line telecommunications operator providing long
distance and data communications services throughout Brazil.

Additionally, the ratings are supported by the Company's strong
debt protection measures for its rating category, but this is
partially offset by a foreign currency debt hedging policy that
allows a relatively high level of exposure to exchange rate
variations and a short track record for stable revenue and cash
flow growth.

CONTACT: Embratel Participacoes S.A.
         Rua Regenta Feijo
         166 sala 1687-B Centro
         Rio de Janeiro, 20060-060
         Brazil
         Phone: 5521-519-6474
         Website: http://www.embratel.net.br


LIGHT: Aneel Passes Lower Electric Rates Adjustment
---------------------------------------------------
Light Servicos' failure to secure a 17.51 percent tariff hike
from local electricity regulator Aneel will cost it US$177
million in lost revenues next year and the ruling is expected to
affect the Company's finances over the succeeding years.

Business News Americas reports that Aneel rejected the Company's
proposal and instead imposed a 13.51 percent tariff hike. Light
claims in the report that with the decision, the Company will
get an effective rate increase of 5 percent because the Company
sources 60% its revenue from low voltage consumers for which
Aneel allowed only a 0.6% increase.

The Company further says that the 12.4 percent adjustment for
power sold at higher voltages will not be enough to cover for
the minimal adjustment granted to rates for the 3 million
residential consumers the Company services.

Light operates in 31 municipalities in Rio de Janeiro state,
including the capital city.

CONTACT:  LIGHT SERVICOS DE ELETRICIDADE S.A.
          Avenida Marechal Floriano, 168
          20080-002 Rio de Janeiro, Brazil
          Phone: +55-21-2211-2794
          Fax:   +55-21-2211-2993
          Home Page: http://www.lightrio.com.br
          Contact:
          Bo Gosta Kallstrand, Chairman
          Michel Gaillard, President and CEO
          Joel Nicolas, Executive Director, Operation
          Paulo Roberto Ribeiro Pinto, Executive Director,
                                 Investor Relations and CFO


TAM: Returns to Black in 3Q04
-----------------------------
TAM Linhas Aereas SA, Brazil's second-biggest airline, ended the
third quarter of 2004 with profits of BRL53 million, reversing
losses of BRL13 million in the same year-ago period, reports Dow
Jones.

In a statement, TAM said its positive performance was "to an
increase in passengers and a program of reducing costs."

The Company revealed its share of the Brazilian airline market
increased to 36.35% in the third quarter from 34.19% in the
third quarter of 2003.

TAM also showed EBITDA profits of BRL122 million for the third
quarter of 2004, up from BRL115 million for the same period of
2003.

Gross revenues were BRL1.297 billion, up from BRL1.002 billion
for the third quarter of 2003.

Net revenues in the third quarter of this year were BRL1.243
billion, up from BRL958 million in the third quarter of 2003,
the Company said.

CONTACT:  TAM - Linhas Aereas
          Av. Jurandir, 856
          Jd. Aeroporto - Sao Paulo - SP
          Zip code: 04072-000
          PABX: (011) 5582-8811
          Web site: http://www.tam.com.br


TCP: Resolves 3rd Issuance of Promissory Notes
----------------------------------------------
Telesp Celular Participacoes S.A., with head-office in the City
of Sao Paulo, State of Sao Paulo, on Avenida Roque Petroni Jr.,
n. 1.464, 6. andar, ("Company" or "TCP"), in compliance with
the provisions in Instruction CVM 358/2002, hereby communicates
to its shareholders and to the market in general that at a
Meeting of the Board of Directors ("RCA") of the Company held on
November 04, 2004, the 3rd Issuance of Promissory Notes for
public distribution was resolved, under the terms of Instruction
CVM n 134/90, with simplified registration as provided for in
Instruction CVM n 155/91, in the amount of one billion reais
(R$ 1,000,000,000.00), with due regard to the following basic
conditions:

Issuer: Telesp Celular Participacoes S.A.; Unit Face Value: R$
500,000.00 (five hundred thousand reais); Number of Notes: 2,000
(two thousand);Tenor:180 (one hundred and eighty) days, as from
the subscription date of each Note;Series: The Notes shall be
issued in one sole series; Yield: it shall be equivalent to up
to 101.6% (one hundred and one point six per cent) of the daily
average interest rate of one-day Interfinancial Deposit
Certificates, CDI "extra-group over"; Subscription and Payment
Price: The Notes may be subscribed at any time during the public
distribution period at their unit face value, payable in cash,
in domestic currency, upon the subscription; Form: registered.

CONTACT: Telesp Celular Participacoes S.A.
         Rua Abilio Soares, 409
         Paraiso
         Sao Paulo, SP 04005-001
         Brazil
         Phone: 55-11-3059-7590


UNIBANCO: Ratings Unaffected by Sale of Companies Says S&P
----------------------------------------------------------
Standard & Poor's Ratings Services said Monday that Unibanco-
Uniao de Bancos Brasileiros S.A.'s (Unibanco; BB-/Stable/B)
announcement of the divestiture of the credit-card issuer
Credicard Banco S.A. (Credicard) and its services Company,
Orbitall Servicos e Processamento de Informacoes Comerciais
Ltda. (Orbitall), would not affect the ratings or outlooks on
Unibanco or its related entities. Standard & Poor's does not
expect Unibanco to be severely affected by its client-base
reduction in the credit card business. During first-half 2004,
Credicard operations contributed (via the equity method)
Brazilian reais (BrR) 44 million to Unibanco's consolidated
result of BrR580 million, while its consumer finance companies
(Unicard, Fininvest, Luizacred, and Pontocred) contributed
BrR171 million. The reduction (of around 2.5 million units) in
Unibanco's credit-card base is not representative, because
(still with 7.5 million of credit cards issued) Unibanco holds
14.7% of market share in the market, in line with competition.
The sale of Credicard's companies may represent a nonrecurring
profit of BrR1.4 billion for Unibanco during the second half of
2004, which may be utilized in the bank's goodwill (BrR1.6
billion) amortization, which may benefit its capital structure
in the future.

PRIMARY CREDIT ANALYST: Claudio Gallina, Sao Paulo
(55) 11-5501-8938; claudio_gallina@standardandpoors.com

SECONDARY CREDIT ANALYST: Daniel Araujo, Sao Paulo
(55) 11-5501-8939; daniel_araujo@standardandpoors.com


VASP: Sees Dramatic Decline in Market Share
-------------------------------------------
Brazilian airline Vasp's financial health continues to
deteriorate as it continues to lose its share of the domestic
passenger market.

Citing a monthly report by the civil aviation department (DAC),
Dow Jones reports that Vasp's market share fell to 4.4% in
October compared with 11% in October 2003.

TAM and Gol have benefited from Vasp's loss of market share,
with both airlines securing their positions as the second and
third biggest carriers in Brazil. Gol's domestic market share
rose from 19% in October 2003 to 22.6% in October 2004 with
TAM's share rising from 35% to 39%, says Dow Jones.

Vasp is struggling to restructure debts, which include BRL760
million ($1=BRL2.82) owed to the federal airport authority
(Infraero) for airport charges not paid since the 1990s. The
airline has sought for the Brazilian government's help but has
been met with little cooperation.



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

COEUR D' ALENE: Reports $5.5M EBITDA in 3Q04
--------------------------------------------
Coeur d'Alene Mines Corporation (NYSE: CDE), the world's largest
primary silver producer and a growing gold producer, reported
Monday results for the third quarter and first nine months of
2004.

HIGHLIGHTS:

Third Quarter

- $0.1 million loss (excluding merger costs and pre-development
expenses) compared with an $11.4 million loss (excluding debt
restructuring costs and pre-development expenses) in the third
quarter of 2003.

- $2.1 million of operating profit deferred to the fourth
quarter of 2004 due to concentrate shipments at the Cerro Bayo
mine delayed by a temporary shutdown at the third-party smelter.

- EBITDA (excluding merger costs and pre-development expenses)
of $5.5 million compared to $(1.4) million (excluding debt
restructuring costs and pre-development expenses) in 2003's
third quarter.

- Third quarter silver production of 3.0 million ounces,
compared to 3.3 million ounces in the third quarter of 2003.

- Third quarter gold production of 32,317 ounces, up 16% from
the second quarter of 2004 and 6% higher than the third quarter
of 2003.

- Third quarter revenue of $31.3 million, up 15% from the second
quarter of 2004, and up 30% from the third quarter of 2003.

- $218.4 million in cash, cash equivalents and short-term
investments at September 30.

First Nine Months

- Loss of $1.5 million (excluding $23.7 million in pre-
development costs and merger expenses), which compared to a loss
of $18.2 million, (excluding $35.2 million of pre-development
costs and debt restructuring costs) in the first nine months of
2003.

- Silver production of 9.8 million ounces, compared to 10.7
million ounces in the first nine months of 2003.

- Gold production of 82,277 ounces, compared to 93,410 ounces in
the first nine months of 2003.

- Revenue of $87.4 million, up 10% from the same period a year
ago.

Operational

- Full-year 2004 silver production expected at 13.7 million
ounces.

- Projected 2004 total gold production of 132,000 ounces.

- Full year cash operating costs of $3.41 per silver ounce
anticipated.

- Final permitting at Kensington (Alaska) gold project expected
in the first quarter of 2005, followed by a construction
decision and initial production in 2006.

- San Bartolome (Bolivia) updated feasibility study completed;
construction decision expected in the fourth quarter of 2004,
with initial silver production anticipated in 2006. Construction
capital now estimated at $135 million and cash operating costs
estimated at $3.65 per silver ounce. New Bolivian tax
regulations expected to benefit mine construction and operation.

- Positive exploration results -- drilling at Cerro Bayo through
the first nine months has already replaced expected 2004
production, with mine life at Martha increased to mid-2006 with
additional exploration potential.

"Increased gold production at our silver mines, along with
higher metals prices, resulted in a dramatic improvement in
revenues in the recent quarter compared to both the second
quarter of this year and last year's third quarter. Meanwhile,
we continued to invest in our new development projects and in
exploration, with significant results, at our South America and
Silver Valley (Idaho) mines," said Dennis E. Wheeler, Chairman
and Chief Executive Officer.

"Coeur's operations during the third quarter of 2004
demonstrated improving gold production rates resulting in
positive operating cash flow before pre-development expenses and
the impact of our previously proposed merger with Wheaton River
Minerals, a production and cash flow trend we expect will
continue through the remainder of the year. By year-end, we now
expect to reach production levels of 13.7 million ounces of
silver and 132,000 ounces of gold, at full-year cash costs of
$3.41 per ounce of silver. Our balance sheet remains very
strong, with $218 million in cash, which would allow us to fund
our Kensington and San Bartolome projects.

"This year, we markedly expanded the size of our exploration
programs. Drilling year-to-date at Silver Valley, Cerro Bayo
(Chile) and Martha (Argentina) has resulted in increased reserve
and resource levels and anticipated mine lives. Already, results
from this year have extended the mine life at Martha to at least
mid-2006, with further opportunity to expand mineralized
material.

"At our Kensington gold development project, the final SEIS
permit and Record of Decision are expected in the first quarter
of 2005. Other ancillary permit applications have undergone the
public review process and are currently being reviewed by
federal and state agencies for issuance, which are expected in
the first quarter of 2005. Final approval has been secured from
the City and Borough of Juneau. At San Bartolome, the updated
final feasibility study was completed and a construction
decision is expected by year-end. Both of these major projects
are targeted for initial production in 2006, adding
significantly to Coeur's overall gold and silver production
growth," Mr. Wheeler concluded.

As previously reported, the Company's tender offer for
outstanding shares of Wheaton River Minerals Ltd. expired on
September 30, 2004. Coeur did not purchase any Wheaton shares
tendered due to unsatisfied conditions of the offer.

FINANCIAL SUMMARY

Coeur reported revenue of $31.3 million in the third quarter of
2004, a 30 percent increase over revenue of $24.0 million in the
third quarter of 2003. The increase was due primarily to the
higher realized silver and gold market prices compared to last
year's third quarter. For the third quarter, Coeur realized an
average silver price of $6.74 per ounce compared to an average
realized price during last year's third quarter of $4.94 per
ounce.

For its gold sales, Coeur realized an average price of $410 per
ounce during the third quarter compared to an average gold price
of $341 per ounce during the same period last year. Company-wide
production in the third quarter was 3.0 million ounces of silver
and 32,317 ounces of gold, compared to 3.3 million ounces of
silver and 30,566 ounces of gold in the third quarter of 2003.

Third quarter gold production increased 16 percent over the
second quarter of this year, and 47 percent over first quarter
levels. During the third quarter, results were adversely
affected by a delay in concentrate shipments from the Company's
Cerro Bayo mine resulting from a temporary shutdown at the
third-party smelter. Consequently, $7.7 million of sales under
contract and $2.1 million of operating profit associated with
the delivery of 583,315 ounces of silver and 10,298 ounces of
gold was deferred to the fourth quarter of 2004. The smelter
issue was resolved during the quarter and normal shipping of
concentrates has resumed. As a result, in the recent third
quarter, the Company reported a net loss of $18.1 million, or
$0.08 per share, compared to a net loss of $17.6 million, or
$0.10 per share a year ago.

This year's third quarter included $3.1 million in pre-
development costs related to the Company's two major development
projects, San Bartolome and Kensington, which are designed to
significantly increase future gold and silver production, and
$14.9 million of non-recurring merger expenses. Third quarter
exploration expenditures of $3.3 million were almost triple the
exploration funds spent in the same period a year ago, as the
Company maintained its expanded exploration program to increase
reserves and discover new silver and gold mineralization around
three of its producing properties in the U.S. and southern South
America.

Operating cash flow of $(7.0) million, compared to $(0.2)
million in the same period of 2003, was impacted by $14.9
million of expenses associated with Coeur's tender offer for
Wheaton River Minerals and $3.1 million of pre-development
expenses associated with the Kensington and San Bartolome
projects.

EBITDA, excluding these expenses, improved to $5.5 million in
the third quarter, compared to $4.1 million, excluding pre-
development expenses, in the previous quarter, and from $(1.4)
million in last year's third quarter, excluding pre-development
and restructuring charges.

For the first nine months of 2004, Company revenue was $87.4
million, an increase of 10 percent over the same period a year
ago. For the first nine months of 2004, the Company realized an
average silver price of $6.67 per ounce compared to an average
realized price of $4.77 during the same period of last year. The
Company realized an average price of $401 per ounce of gold
compared to $339 per ounce during the same period last year.

Production through the first nine months totaled 9.8 million
ounces of silver and 82,277 ounces of gold. Last year through
September 30, the Company produced 10.7 million ounces of silver
and 93,410 ounces of gold.

Full year 2004 production is projected to reach approximately
13.7 million ounces of silver and approximately 132,000 ounces
of gold, with the consolidated production of both metals
expected to remain strong through the remainder of the year,
with lower operating costs.

For the first nine months of 2004, the Company reported a net
loss of $25.1 million, or $0.12 per share, which also included
the future growth initiatives of $8.8 million in pre-development
costs and $8.3 million in exploration expenses, or two-and-a-
half times the exploration expenses in the first nine months of
2003.

In addition, during the third quarter, results were adversely
affected by a delay in concentrate shipments from the Company's
Cerro Bayo Mine resulting from a temporary shutdown at the
third-party smelter. Consequently, $7.7 million of sales under
contract and $2.1 million of operating profit associated with
the delivery of 583,315 ounces of silver and 10,298 ounces of
gold was deferred to the fourth quarter of 2004. The smelter
issue was resolved during the quarter and normal shipping of
concentrates has resumed. Also contributing to the loss was
$14.9 million of non-recurring merger expenses. For the first
nine-month period of 2003, the Company reported a loss of $53.4
million, or $0.35 per share, including $34.0 million of expenses
related to the early retirement of debt.

The Company's balance sheet remained very strong, with $218.4
million in cash, cash equivalents and short-term investments at
September 30, 2004. None of the Company's future gold or silver
production is hedged.

OVERVIEW OF OPERATIONS

"Results from our combined South American operations during the
third quarter were highlighted by increasing gold production and
a reduction in cash costs from the second quarter to $2.95 per
ounce of silver," said Robert Martinez, President and Chief
Operating Officer. "At Silver Valley, our operations continued
to generate strong operating cash flow to fund our ongoing,
long-term expansion plan. Finally, gold production rates at
Rochester increased from the second quarter, but have not
accelerated at the rate previously anticipated."

South America

Cerro Bayo (Chile)/Martha (Argentina)

- Third quarter production of 923,789 ounces of silver and
14,885 ounces of gold.
- Cash costs of $2.95 per ounce of silver during third quarter.
- Nine months production:  3.2 million ounces of silver and
37,365 ounces of gold.
- Cash cost in the first nine months of $2.87 per ounce of
silver.
- Full year 2004 production expected at 4.7 million ounces of
silver and 56,000 ounces of gold at estimated average cash cost
of $2.10 per ounce of silver.
- Drilling through first nine months has replaced expected 2004
production at Cerro Bayo, with mine life at Martha extended into
mid-2006 with further exploration potential.

During the third quarter, gold production increased 25 percent
from the second quarter of this year, due to increased gold
grades processed from Cerro Bayo. Production from Cerro Bayo
included ores from five different vein systems, including high-
grade ounces from the Javiera and Cerro Bayo systems.

During the quarter, mining at Martha began to include ores from
the recently discovered and developed R-4 Deep and Mina Martha
Deep zones, where higher-grade silver ores are expected to
contribute to increased silver production in the fourth quarter.

The ores from Cerro Bayo and Martha are combined and processed
together at the Cerro Bayo plant. At Martha, mining in the third
quarter included the area around the recent high-grade drill
hole MM68 intercepted earlier this year containing grades of
over 580 ounces of silver per ton, which added more than 50,000
ounces to the quarterly production totals.

Exploration and development work thus far this year at Martha
has successfully increased projected mine life into mid-2006,
with additional exploration drilling continuing through the
remainder of this year. For the full year at Cerro Bayo, cash
costs are expected to be significantly lower at approximately
$2.10 per ounce, as both gold and silver production continued to
accelerate through the remainder of 2004.

Continued Reserve Expansion at Cerro Bayo and Martha

Reserve development drilling accelerated at Cerro Bayo in the
third quarter and is ahead of planned drill footage for the
year. So far in 2004, over 77,000 feet of drilling has taken
place at sites near and around current mining areas. Cerro Bayo
exploration this year is successfully meeting its budget and has
already replaced expected production for 2004, with drilling to
expand on those results scheduled for the remainder of the year.

Also, in the Cerro Bayo district, exploration drilling of new
mineralized vein structures returned positive values from
Lourdes Norte, Mercedes and Rosario at the east side of the
holdings and at Cristal 1000 near the Company's processing
facilities at Laguna Verde to the west. The first hole at
Rosario hit 9.8 feet of 0.13 ounces of gold and 8.04 silver
ounces per ton. Follow-up drilling is planned for the fourth
quarter. Since recommencement of production at Cerro Bayo in
2002, reserves have more than doubled.

At Martha and surrounding properties in Argentina, exploration
continued in the third quarter to define new reserves and
discover new mineralization.

Over 69,200 feet of drilling has been completed through the
third quarter of 2003 on all of the Company's properties in
Argentina; 85% of which was devoted to the area around the
current Martha Mine. Since acquisition of Coeur's 100%-owned
Martha mine in 2002, reserves have increased more than 300%.

The focus of the recent quarter's exploration at Martha was to
expand and define new mineralization discovered earlier this
year in the new Francisca and Catalina veins in the R4 Deep
area.

Results through the third quarter from these two vein
discoveries and other areas has extended the mine life at Martha
through mid-2006, with additional exploration potential.

North America

Rochester Mine (Nevada)

- Third quarter silver production of 1.3 million ounces and
17,432 ounces of gold, a nine percent increase in gold
production from the second quarter 2004.
- Cash costs of $4.23 per ounce of silver, a seven percent
decrease in costs from the second quarter of 2004.
- Nine months production:  4.0 million ounces of silver and
44,912 ounces of gold.
- Continued higher gold production expected through the
remainder of the year.
- Anticipated full year metals production of 5.5 million ounces
of silver and 75,500 ounces of gold expected at an average cash
cost of $3.36 per ounce of silver.

Production rates at the Rochester mine following commissioning
of the new crushing plant did not recover to projected levels
during the third quarter. However, production levels are now
accelerating at the mine. By September, monthly gold recovery at
Rochester had increased to approximately 7,000 ounces per month,
with approximately 30,000 ounces expected through the remainder
of the year. This is the result of the leaching of higher-grade
gold ores placed on the pad earlier this year and the completion
of the new Stage IV leaching areas, which allows for a higher
than normal production rate. For the full year 2004, Rochester
is expected to produce a total of approximately 5.5 million
ounces of silver and 75,500 ounces of gold at an average full-
year cash operating cost of $3.36 per ounce of silver.

Coeur Silver Valley - Galena Mine  (Idaho)
- Operations continue to generate operating cash flow to fund
the long-term development plan.
- Third quarter silver production of 785,296 ounces at a cash
operating cost of $6.16 per ounce.
- First nine months production of 2.6 million ounces of silver
at average cash cost of $5.30 per ounce.
- Development plan on track for expected future production
increases and lower costs.
- Full-year 2004 silver production of 3.5 million ounces
expected at average cash cost of $5.26 per ounce.

Third quarter production at Silver Valley remained close to the
Company's budgeted targets for the period, with exploration and
development work continuing for reserve expansion and future
production increases. Cash costs at the mine were impacted in
the quarter due to higher than budgeted labor costs. Development
work at Silver Valley remains on track for increases in
production and reduced cash costs that will maximize the mine's
cash flow and profitability going forward.

Exploration work at Silver Valley continued in the third quarter
to test targets identified in the Company's long-range
development plan and to identify new targets for later drill
testing. Overall results to-date have discovered new silver
mineralization in several targets. In the third quarter, initial
drilling at the Deep Coeur target intersected an extension to
the 483 vein in five of eight holes with thin, high-grade silver
(0.9 feet at 51.3 ounces of silver per ton) intersected in one
hole.

Definition drilling commenced at the 4300 to 4600 Silver vein
target this recent quarter, with the goal of defining over one
million ounces of new reserves on this target by year-end.

Drilling year-to-date under the Company's optimization plan has
already succeeded identifying reserves to replace all of the
2004 silver production.

Kensington (Alaska) gold project

At Coeur's major gold project, Kensington in southeast Alaska,
the Company anticipates that the U.S. Forest Service will issue
the Final Supplemental EIS and Record of Decision on the project
in the first quarter of 2005. Remaining federal and state
permits could be issued during the first quarter of 2005.

With initial production expected in 2006, Kensington is expected
to produce approximately 100,000 ounces of gold annually over
its expected ten to fifteen year mine life. The expected initial
capital cost for Kensington is expected to be $91.5 million and
per ounce operating costs are estimated at approximately $220.

During the third quarter, the Juneau Planning Commission
approved the final Allowable Use Permit for Kensington. The
Company has recently identified an opportunity to add 350,000 to
400,000 gold ounces at Kensington through a drilling program
designed to upgrade a portion of the mineralized material to
reserves. The program is expected to cost between $2 and $3
million and is estimated to take six months to complete. All
work could be done from existing underground workings.

San Bartolome (Bolivia) silver project

- Updated feasibility study completed; construction decision
expected in the fourth quarter.
- Recent Bolivian tax benefits would positively impact project
construction.

At Coeur's 100%-owned San Bartolome (Bolivia) silver project,
the updated feasibility work was completed at the end of
October. Based on the updated feasibility study, the Company now
estimates construction capital to be $135 million with cash
operating costs to be $3.65 per silver ounce produced.

The increase in capital and operating cost is due to a number of
factors including increases in commodity prices, such as fuel,
concrete and steel; revised prices in contractor quotes from
previous bids, higher labor costs; and some changes to the scope
of the project since the estimates were first developed. A
construction decision on San Bartolome is expected in the fourth
quarter.

Recently, the government of Bolivia finalized regulations
extending tax benefits to new investments in mining projects in
the Potosi region, which will positively impact San Bartolome.
These benefits include the exemption of import duties and value
added taxes for imported capital goods used for the processing
and related facilities during the construction phase at San
Bartolome.

Coeur d'Alene Mines Corporation is the world's largest primary
silver producer, as well as a growing, low-cost producer of
gold. The Company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile and Bolivia.

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

CONTACT: Mr. Tony Ebersole
         Investor Relations
         Coeur d'Alene Mines Corporation
         Phone: 1-800-523-1535
         Web Site: http://www.coeur.com


ENERSIS/ENDESA CHILE: Sign $600M New Loans To Refinance Debt
------------------------------------------------------------
Chilean electricity holding Company Enersis SA (ENI) announced
Monday that it signed a US$350 million loan with a group of
banks, which it will use to refinance more expensive debt.

The new loans refinanced debt at 0.375% above Libor, compared
with an earlier 1.15% for the Enersis debt.

The lead banks on the loan were BBVA Securities, Caja Madrid,
Citigroup Global Markets, Inc., and Santander Investments
Securities Inc.

At the same time, Enersis' generating arm Endesa Chile signed a
six-year loan for US$250 million also priced at 0.375 percentage
point over Libor, with the same group of banks.

Over 12 months Enersis has reduced its total debt load by US$310
million, to US$6.386 billion at the end of September, compared
with US$6.696 billion at the end of September last year.

CONTACT: Enersis S.A.
         Santa Rosa 76
         Santiago, CHILE
         Phone: 56 (2) 353 4682

         Ms. Susana Rey
         Head of Investor Relations
         e-mail: srm@e.enersis.cl
         Phone: 56 (2) 353 4554

         Ms. Mariluz Munoz
         Investor Relations Assistant
         e-mail: mlmr@e.enersis.cl
         Phone: 56 (2) 353 4682

         Web Site: http://www.enersis.cl/

         ENDESA CHILE
         Santa Rosa 76
         Santiago, CHILE
         Phone: (212) 688-6840
         Fax: (212) 838-3393
         Web Site: http://www.endesa.cl



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

AVIANCA: Order Granting Debtors' Motion For Approval
----------------------------------------------------
ORDER GRANTING DEBTORS' MOTION FOR APPROVAL OF COMPROMISE AND
SETTLEMENT WITH THE UNITED STATES GOVERNMENT

This matter came on for a hearing before the Court on November
4, 2004, on the Motion of Aerovias Nacionales de Colombia S.A.
Avianca and Avianca, Inc., the debtors and debtors in possession
in the jointly administered chapter 11 cases (collectively,
"Avianca" or the "Debtors") for approval of the compromise and
settlement of an in rem action commenced on October 19, 2004
(the "Forfeiture Action"), by the United States of America (the
"Government") in the United States District Court for the
Southern District of New York (the "District Court") against the
leasehold interests held by Avianca S.A. in various Boeing 767
aircraft.

In the Motion the Debtors seek entry of an order approving the
Stipulation and Order of Settlement, dated October 19, 2004,
entered by the District Court (the "Stipulation"), providing,
inter alia, for the Government to dismiss with prejudice the
Forfeiture Action upon approval by this Court of the terms of
the Stipulation, for Avianca to engage a security consulting
firm selected by the U.S. Attorney for the Southern District of
New York (the "Monitor") to monitor, for a period of 2 years,
Avianca's aircraft security practices, procedures, facilities
and equipment, in order to identify and recommend additional
aircraft security measures reasonably required to prevent the
transportation on Avianca's aircraft of unmanifested baggage,
for Avianca to develop and implement the aircraft security
measures reasonably recommended by the Monitor, and for the
imposition against Avianca by the District Court, in its
discretion, of a money judgment in lieu of forfeiture in the
event that Avianca fails to remedy any material breach by
Avianca of the Stipulation found by the District Court within
such time as the District Court shall fix. Counsel for the
Debtors, the Official Committee of Unsecured Creditors, the
U.S. Government and General Electric Capital Aviation Services,
one of Avianca's principal aircraft lessors, appeared at the
hearing.

Upon consideration of the motion, the arguments and
representations of counsel, and the entire record of these
cases, and no objections having been timely filed and no
objections having been interposed at the hearing, the Court
finds and concludes as follows:

1. Proper and sufficient notice of the Motion and the hearing
thereon was given.

2. The compromise and settlement set forth in the Stipulation is
in the best interests of the estates and their creditors and
represents a fair and equitable compromise.

Upon the foregoing, the Court has determined that sufficient
cause has been shown for the relief sought by the motion, and,
accordingly, it is hereby

ORDERED that the motion is GRANTED; and it is further

ORDERED that terms of the Stipulation are approved; and it is
further

ORDERED that Avianca is authorized to take all actions and to do
such things as may be necessary or appropriate to carry out the
terms of the Stipulation.

Dated: New York, New York
November 8, 2004
ALLAN L. GROPPER
UNITED STATES BANKRUPTCY JUDGE

Presented by:
SMITH, GAMBRELL & RUSSELL, LLP
Ronald E. Barab (RB4876)
Promenade II, Suite 3100
1230 Peachtree Street, NE
Atlanta, Georgia 30309
Attorneys for the Debtors


PAZ DEL RIO: Reconversion Plan Gains Ground
-------------------------------------------
Acerias Paz del Rio (APDR), the Colombian iron and steel
Company, will begin work on an estimated US$90 million
modernization project next year, says Business News Americas.

Part of the industrial modernization program is expected to
boost the Company's liquid steel output by 58 percent or 150,000
tons per year. APDR's furnace has a current capacity of 260,000
tons per year. The investments are also expected to reduce
production cots by US$32/t.

Company president Alberto Hadad explained that after APDR
achieves industrial reconversion, the Company will push through
with a "...planned maintenance program - not a corrective
maintenance program - in place."

Italian engineering Company Danieli will be responsible for
carrying out the modernization plan. The contract with APDR
includes provisions for continuous casting machine, heating
furnace and fitting machines. APDR will tap local companies for
the equipment assembly.

CONTACT: Acerias Paz Del Rio S.a.
         CARRERA 8A, N 13-31, PISOS 7-11
         4260 - Bogota
         Colombia
         Phone: +57 1 3411570
                +57 1 2823480


* COLOMBIA: Fitch Assigns Expected `BB' Rating To Global Bond
-------------------------------------------------------------
Fitch Ratings, the international rating agency, assigned an
expected rating of 'BB' to the Republic of Colombia's pending
issue of a US$250 million peso-denominated global bond payable
in U.S. dollars and maturing in March 2010. The rating is equal
to Colombia's long-term foreign currency sovereign Rating. The
Rating Outlook is Stable.

Following four years of large deficits and slow economic growth,
which drove public debt up by 30% of GDP, public finances appear
to be stabilizing as the economy gathers momentum, higher taxes
boost the primary surplus and recent peso appreciation keeps a
lid on government debt, half of which is in foreign currency,
relative to GDP. As with many other countries in the region,
competitiveness is benefiting from improved terms of trade, and
faster global growth is underpinning stronger external demand.
In Colombia's case, local confidence has also risen on the
perception of improvements in domestic security, a grave concern
in this country struggling with a decades-old guerrilla movement
and very high crime rates.

With economic prospects expected to remain good over the next
year and signs that the deficit and debt levels are moderating,
Fitch revised its Outlook on the sovereign ratings to Stable
from Negative in May.

Whether the more encouraging near-term outlook can be carried
forward to improvements in the credit over the medium term will
depend upon the extent to which the government is able to seize
the moment and advance reforms to public finances. The two key
weaknesses are pensions and expenditure inflexibility. Changes
in these areas will be politically difficult, and although
Congress is currently considering measures to reduce pension
imbalances, the proposal being contemplated would afford partial
improvements but not a complete reform. On Oct. 26, Fitch
published a comment on Colombia's pension imbalance, 'Colombia's
Chronic Pension Deficit,' which is available to Fitch Research
subscribers on the Fitch Ratings web site at
'www.fitchratings.com'. Cash and actuarial imbalances in public
pension systems would remain large, requiring substantial
surpluses elsewhere in public finances to bring the overall
public sector into balance. Rigidities in public expenditures
will not appear as constraining in the context of a growing
economy but earmarking provisions will drive the spending base
up, limiting the potential for deficit reduction in spite of the
recent increase in economic growth.

Unless action is taken to control pensions and earmarked
expenditures, higher deficits and growth in public debt would
likely recur once the current expansion eases. The current era
of stabilization would then appear to be a pause in a longer arc
of credit deterioration rather than a turning point toward
consolidation.



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

GRUPO MEXICO: S&P Places `B+' Credit Rating On Watch Positive
-------------------------------------------------------------
Standard & Poor's Ratings Services placed its 'B+' long-term
corporate credit rating on Grupo Mexico S.A. de C.V. on
CreditWatch with positive implications. Additionally, the 'B-'
long-term corporate credit ratings on Americas Mining Corp.
(AMC) and its subsidiaries (Southern Peru Copper Corp., Minera
Mexico S.A. de C.V. [MM], and ASARCO Inc.) were placed on
CreditWatch with positive implications. Positive implications
mean that the ratings could be raised or affirmed following
completion of Standard & Poor's review.

"The CreditWatch placement reflects the companies' better
financial profile due to MM's recent debt refinancing, which
increased its financial flexibility and provided a better
maturities schedule," said Standard & Poor's credit analyst Juan
P. Becerra. During the past three years, AMC has had limited
access to financial markets. Nevertheless, debt reduction, due
to the current copper price environment, has allowed the Company
to increase its financial flexibility. Standard & Poor's will be
reviewing the effect on the Company's financial profile to
resolve the CreditWatch.


MINERA MEXICO: Gets B1 Global Local Currency Issuer Rating
----------------------------------------------------------
Moody's Investors Service assigned a B1 Global Local Currency
Issuer rating to Minera Mexico S.A. de C.V. The rating outlook
is stable.

Minera Mexico is a wholly owned subsidiary of Americas Mining
Corporation (AMC), which in turn is owned by Grupo Mexico S.A.
de C.V.

According to Moody's, the rating reflects Minera Mexico's
continuing high, albeit improving debt profile, ongoing cost
pressures and need to reinvest in its mining assets not only to
improve operational efficiency but also to maintain its
production profile.

The rating also considers Minera Mexico's vulnerability to the
cyclicality of the copper price cycle.

Moody's notes that Southern Peru Copper Corporation (SPCC),
which is 54.2% owned by Grupo Mexico through AMC, will acquire
AMC's ownership interest (98.84%) in Minera Mexico in a stock-
for-stock transaction. The transaction requires approval of
66.6% of shareholders and restricts Minera Mexico to a maximum
of $1.0 billion in net debt. As Minera Mexico will be a
subsidiary of SPCC and there will be no guarantees of debt or
other contractual support provided from SPCC, the B1 global
local currency issuer rating is based upon Minera Mexico as a
stand-alone entity.



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

SIMSA: Reports Losses of $540,000 in 3Q04
-----------------------------------------
Peruvian zinc miner San Ignacio de Morococha (Simsa) slashed
losses to PEN1.79 million (US$540,000) in the third quarter of
2004 from losses of PEN7.06 million in the same year-ago
quarter, reports Business News Americas.

In a filing with the country's Conasev securities regulator,
Simsa revealed third quarter revenues of PEN14.1 million
(US$4.25mn), down from PEN16.6 million in same quarter of 2003
as two shipments of more than 5,500t of zinc concentrates were
delayed until October.

In the first nine months of the year, Simsa registered losses of
PEN2.96 million, significantly improving year-on-year losses of
PEN19.1 million. The Company recorded sales of PEN50.6 million,
53% higher than PEN35.1 million over the respective nine-month
comparative periods.

Simsa said the improved performance in the first three quarters
of the year was due to higher volumes of production and the
improved metals price environment.

The Company went into a form of bankruptcy protection in early
2002. It subsequently formed a strategic alliance with Swiss
resources group Glencore, which provided it with a US$6 million
credit, guaranteed by its Monobamba I and II electric generators
for US$4.5 million and its Callao mineral deposit for US$1.5
million.

CONTACT:  COMPANIA MINERA SAN IGNACIO DE MOROCOCHA S.A.- SIMSA
          Calle Uno 795 - Urb.
          Corpac
          San Isidro - Lima 27
          Phone: 224-3432
          Fax: 224-1321
          E-Mail: simsa@simsa.com.pe



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

CANTV: Removed From Merrill Lynch's LatAm Stock Portfolio
---------------------------------------------------------
Wall Street investment house Merrill Lynch revealed Monday it
has removed Venezuelan telecommunications outfit CANTV from its
recommended Latin America stock portfolio, relates Dow Jones
Newswires.

The move follows a recent announcement by CANTV that it has
agreed to acquire 100% of Digitel C.A from Telecom Italia Mobile
SpA.

"While we like the longer-term merits of the CANTV transaction,
our strong exposure to Venezuela was largely justified by the
attractive yield that it offered, which we suspect no longer
will be the case, at least over the coming year," Merrill said
in a research report, noting that Venezuela's telecom market
would effectively be dominated by CANTV and the country's
second-biggest telecom player, TelCel.

"This will likely prevent the entrance of a stronger competitor
in what is the growing part of the telecom business in
Venezuela," the report added.

According to Merrill Lynch, the cut brings its exposure to
Venezuela to underweight from overweight, and noted that the
proceeds will be added to its cash position.

CONTACTS: CANTV Investor Relations
          Phone: +011 58 212 500-1831 (Master)
          Fax: +011 58 212 500-1828
          e-mail: invest@cantv.com.ve


IBH: Assumes Control of Orinoco Iron
------------------------------------
International Briquettes Holding "IBH", a corporation dedicated
to the production and commercialization of iron ore briquettes,
announced Friday that a change has taken place in the
shareholding structure of the commercial corporation Orinoco
Iron, C.A. ("Orinoco"), a Company that up to this date was held
by a 50%-50% association of IBH and a subsidiary of BHP Billiton
("BHPB").

This change is due to the fact that BHPB assigned 2% of its
shares (which represents 1% of the total stock capital of
Orinoco) to IBH, and assigned the balance of its shares, as well
as the credit maintained against Orinoco, indirectly to certain
existing creditors of Orinoco. BHPB also transferred to IBH (or
its 100% owned affiliates) the totality of the shares it held in
Operaciones RDI, C.A., IBMS and Brifer, therefore, IBH is
directly or indirectly the holder of the totality of the social
capital of these corporations.

Consequently, as of November 5, 2004, 51% of the equity of
Orinoco is the property of IBH. IBH has assumed the role of
management and operational control of Orinoco.

For this reason and according to applicable rules, IBH, which
had made reserves for its investment in Orinoco, must begin to
consolidate accountings of the Orinoco results. In connection
with the transactions described above:

(i) BHPB shall receive a maximum amount equal to US$31,800,000;

(ii) an amount approximately equal to 50% of Orinoco's
outstanding debt under its financing agreement executed in 1997
will eventually be neutralized in the future (subject to the
performance of certain conditions) in a manner which will not
impact the current capital structure of Orinoco nor the rights
that IBH currently holds as a shareholder of Orinoco; and

(iii) additional rights, including certain governance rights,
have been granted to the non-IBH owners of Orinoco equity.

Notwithstanding the above mentioned changes, IBH informs that
the financial liability of Orinoco is still under a situation of
breach and that the conversations with the Lenders oriented to
reach agreements for its restructuring continue advancing.

CONTACT: International Briquettes Holding, IBH
         Subsidiary of Siderurgica Venezolana SIVENSA S.A.
         Mr. Antonio Osorio
         Phone: 58-212-707.62.80
         Fax: 58-212-707.63.52
         e-mail: antonio.osorio@sivensa.com


PDVSA: Back in Talks With Oil Unions
------------------------------------
State-run oil giant Petroleos de Venezuela (PdVSA) has returned
to the negotiating table with the Company's three largest oil
unions to engage in contract talks, Dow Jones Newswires reports,
citing Rafael Barrios, a spokesman for the Fedepetrol union.

Talks halted last month when the labor ministry intervened to
determine which of the country's five oil unions would represent
workers. The ministry decided to choose an alliance of the
Fedepetrol, Fetrahidrocarburos and Sinutrapetrol unions to
represent workers, sidelining two smaller unions that sought to
take the lead in wage talks.

Following the ministry's decision, former lead negotiator PdVSA
Internal Director Jose Luis Prieto resigned. Prieto, who was
reportedly backing the smaller Fenapetro and SUTG unions, has
been replaced by Asdrubal Chavez, a former refinery manager and
current sales manager.



                            ***********


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 * * *