TCRLA_Public/041116.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

         Tuesday, November 16, 2004, Vol. 5, Issue 227

                            Headlines



A R G E N T I N A

ASOCIACION MUTUAL MERCANTIL: Enters Bankruptcy on Court Orders
BANCO FRANCES: Reports Operating Income of ARS75.2M for 3Q04
CENTRAL PUERTO: Lowers Net Loss in 3Q04
CLISA: Reports Bigger Net Loss for 3Q04
DOMINGUEZ VIAJES: Court Declares Company Bankrupt

FRIGORIFICO ARGENTINO: Liquidates Assets to Pay Debts
RAC S.A.: Court Favors Creditor's Bankruptcy Petition
SCP: Net Loss Drops On Decision to Exclude Former Unit's Results
TGS: Closes Successful Exchange Offer
YUCAT S.R.L.: Court Converts Liquidation to Reorganization

* ARGENTINA: Faces Another Potential Lawsuit


B A R B A D O S

C&W BARBADOS: Denies Cariaccess' Allegations


B E R M U D A

BERMUDA ASPHALT: Charter Corporate Files Winding-Up Petition
BLUMBER'S CRANE: Court to Hear Winding-Up Plea December 3
METAL BROKERS: Nicholas Hoskins to Serve as Liquidator
PORTSMOUTH METALS: Members Agree to Wind-Up


B R A Z I L

BRASKEM: S&P Raises LC Rating To 'BB'
COPEL: EBITDA Reaches BRL253 Mln in Third Quarter 2004
COPEL: Price Hike Speculation Follows Newspaper Reports


C H I L E

COEUR D'ALENE: Announces Public Offering


J A M A I C A

KAISER ALUMINUM: Posts $69.5M Net Loss in Third Quarter 2004


M E X I C O

MINERA AUTLAN: Hopes to End B Shares' Suspension


V E N E Z U E L A

PDVSA: Transfers $1.6B to Fund Projects

     -  -  -  -  -  -  -  -

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

ASOCIACION MUTUAL MERCANTIL: Enters Bankruptcy on Court Orders
--------------------------------------------------------------
Cordoba-based Asociacion Mutual Mercantil de Cordoba begins
bankruptcy proceedings after Court no. 4 of the city's civil and
commercial tribunal, issued a resolution opening the Company's "
Liquidacion Judicial." The 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. Guillermo Arturo
Penfold as trustee. He 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 March 14, 2005, followed by the general report that is due on
June 7, 2005.

CONTACT: Asociacion Mutual Mercantil de Cordoba
         25 de Mayo 267
         Cordoba


BANCO FRANCES: Reports Operating Income of ARS75.2M for 3Q04
------------------------------------------------------------

Executive summary

- BBVA Banco Frances showed a positive Operating income for the
fourth consecutive quarter, totaling ARS75.2 million as of
September 30, 2004. The expansion as compared to the same
quarter of the previous fiscal year is mainly explained by an
increase in Net financial income and Net income from services,
together with lower Administrative expenses. The decrease as
compared to the June 2004 quarter is mainly related to a lower
CER index - which impacted the Net financial income - and higher
loan loss provisions, partly offset by an increasing Net income
from services.

- Private sector loan portfolio recovery continued during the
third quarter of fiscal year 2004, with other loans, advances
and notes discounted growing 43.9%, 6.3% and 13.5%,
respectively, basically in the corporate segment, and personal
and car secured loans growing 28.3% and 78.3%, respectively, in
the retail segment.

- The sustained increase in fee income contributed to a further
improvement in efficiency, measured by Net fee income as a
percentage of Administrative expenses - from a 59.1% ratio in
the previous quarter to 61.7% in the quarter ended September 30,
2004.

- Strengthened by the consolidation of its business model and
with a corporate culture that distinguishes its brand in the
market, BBVA Banco Frances maintains its leading position among
private sector banks measured by deposits, with a 10.5% market
share in private sector deposits as of September 30, 2004.

- Costs related to asset quality were also a very important
source of income for the Bank. Non-performing ratio steadily
improved to reach 1.94%, on considering total financing, with an
83.79% coverage ratio as of September 30, 2004.

- BBVA Banco Frances has further reduced its Public sector
exposure (Ps.213 million), during the third quarter of 2004.

Third quarter of fiscal year 2004

Economic activity picked up in the third quarter of 2004.
Industrial production grew at a healthy pace of 2% over the
previous quarter with a strong performance of the automobile
sector. Similarly, the public services index expanded by 5.3%
over the previous quarter, accumulating a 13.8% increase year to
September. Construction activity was negatively affected by
climatic conditions and only increased by 0.2% in seasonally
adjusted terms over the second quarter. Revised GDP numbers for
the second quarter show that the impact of the energy crisis was
relatively mild since in that period the economy grew by 0.5% in
seasonally adjusted terms and increased 9% yoy on average in the
first half of 2004.

Fiscal performance remained excellent in spite of lower revenues
due to seasonal factors vis a vis the previous quarter. Tax
collections have continued to grow at a much stronger pace than
economic activity and total ARS82,220 million in the year to
October (39% yoy). As strong expenditure increases fail to
materialize, the primary fiscal surplus has risen to Ps.16.8
billion in the first 9 months of 2004, almost 40 % above the IMF
target for the full year.

Inflation was more subdued in the third quarter and averaged 0.5
% per month. Food and beverage prices were particularly volatile
ranging from - 0.3% to +1.2% from July to August due to sharp
movements in fresh vegetables affected by weather conditions.
The CPI index accumulates an increase of 5.2 % to October and
although higher than in 2003 since some relative price
adjustment has taken place, inflation remains under control.

The Argentine peso depreciated slightly from a ARS2.96/US$ at
the end of June to ARS2.98/US$ at the end of September (BCRA
reference rate). The exchange rate was mildly under pressure in
August when Argentina suspended its agreement with the IMF until
the debt restructuring process is completed. Throughout the
quarter, however, the Central Bank continued to support the
demand for dollars, purchasing US$ 21 million per day on
average.

In this scenario, money growth was less expansive in the third
quarter. The monetary base (including reverse repos) increased
ARS1,953 million pesos, compared to an increase of ARS3,938 in
the second quarter. The public sector acted in a contractionary
manner since, due to the lack of a standing agreement with the
IMF, the government used its primary surplus to purchase dollars
to meet non-refundable capital obligations with international
financial institutions. Additionally, for seasonal reasons there
was a lower supply of dollars from the private sector.

Total deposits in pesos and dollars grew 4.2% in the quarter,
but most of this flowed to public sector accounts due to the
large fiscal surplus that the national and provincial
administrations are accumulating. On the other hand, there was a
5.4% growth in loans to the private sector, where mortgages and
personal loans to families begin to recover.

The uneven distribution of liquidity between public and private
banks was reflected in the market rates. There is a spread of
200 BP between the wholesale rates that both groups of banks
offer to depositors.

The Business:

BBVA Banco Frances' strong brand name, reinforced capital base
and enhanced competitiveness, positions the Bank as one of the
leading private entities in Argentina, ranking first in deposits
and in total net worth, according to recent statistics published
by the Central Bank - August 2004 -, with approximately Ps.8.5
billion and Ps.1.3 billion, respectively. The strong corporate
culture, with its customers and its team of professionals as
cornerstones, bolsters the Bank's franchise differentiation.

As the economy showed a renewed strengthening, the Bank
gradually resumed lending activity through overdrafts, personal
loans and credit card financing in the retail segment and
through short-term financing - including the one-year term -
such as notes discounted, working capital financing, investment-
banking products - such as financial trusts - and some longer
term transactions in the corporate segment. During the last
nine-month period net private loan portfolio grew Ps.563
million. Beyond this, BBVA Banco Frances keeps targeting higher
fee revenues and lower costs aiming to improve the cost/income
ratio.

Looking forward the Bank faces the challenge of consolidating
the Net Financial Income as the most important source of income,
on the back of rebuilding its private sector loan portfolio,
optimizing the funding structure, while maintaining growth in
the transactional business.

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


CENTRAL PUERTO: Lowers Net Loss in 3Q04
---------------------------------------
Argentine thermoelectric power generator Central Puerto posted
ARS7.2 million in net losses for the third quarter of 2004,
lower than the ARS26.6 million net loss in the same year-ago
period.

In a filing to the local stock exchange, the Company said sales
for the quarter fell 7% to ARS83.9 million due to lower
contracted capacity and lower combined cycle generation as a
result of gas restrictions in July and August this year.

For the first nine months of this year, the Company reported a
net loss of ARS45.2 million reversing a profit of ARS45.4
million during the same period in 2003.

Net sales during the first nine months of this year rose 41% to
ARS297 million mainly due to higher generation in the second
quarter this year at its steam turbine units Nuevo Puerto and
Puerto Nuevo burning liquid fuel.

Administrative and sales costs during the first nine months of
this year were ARS18.3 million, up from ARS17.4 million a year
earlier, the Company reported. It attributed the change to
increased banking tax payments.

Centro Puerto's financial results showed a loss of ARS66.9
million during the first nine months of the year, compared with
a loss of ARS42.8 million on the year, with the biggest hit
coming from ARS40.3 million in loan interest payments.

The Company's total equity was ARS394 million at the end of
September 2004, down from ARS452.7 million at the end of last
year.

France's Total owns 63.9% of Central Puerto, which together with
subsidiaries has 2,165MW installed capacity.


CLISA: Reports Bigger Net Loss for 3Q04
---------------------------------------
Argentine infrastructure and public services holding Company
Clisa (Compania Latinoamericana de Infraestructura Servicios)
reported a higher net loss of ARS8.89 million (US$3mn) for the
third quarter of 2004, compared to a net loss of ARS7.62 million
for 3Q03, reports Business News Americas.

The Company attributed worse results to the losses on investment
in related companies and other financial costs.

Clisa is the infrastructure holding Company for Argentina's
Grupo Roggio and has four operating divisions: mass
transportation management (Metrovˇas); waste management
(environmental engineering); construction (Benito Roggio e
Hijos); and tollroad management. Clisa also has operations in
Bolivia, Brazil, Chile, Ecuador, Mexico, Paraguay and Uruguay.

Revenue for the third quarter of the year fell 6.21% to ARS94.4
million, but operating profit rose 64.4% to ARS7.15 million
thanks to reduced sales costs.


DOMINGUEZ VIAJES: Court Declares Company Bankrupt
-------------------------------------------------
Judge Santachitta, serving for Court no. 18 of Buenos Aires'
civil and commercial tribunal, declared local Company Dominguez
Viajes S.R.L. "Quiebra", relates La Nacion. The order comes in
approval of the bankruptcy petition filed by its creditor, Mr.
Julio Rodrˇguez.

The Company will undergo the bankruptcy process with Mr. Xilef
Irureta as trustee. Creditors are required to present their
proofs of claims to the trustee for verification before December
29. 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. Estevarena, clerk no. 35, assists the Court on the case.

CONTACT: Dominguez Viajes S.R.L.
         Olazabal 1836
         Buenos Aires

         Mr. Xilef Irureta, Trustee
         Parana 145
         Buenos Aires


FRIGORIFICO ARGENTINO: Liquidates Assets to Pay Debts
-----------------------------------------------------
Frigorifico Argentino S.A., operating in La Carlota, will begin
liquidating its assets following the bankruptcy pronouncement
issued by the city's civil and commercial tribunal.

Infobae reports that the bankruptcy ruling places the Company
under the supervision of Court-appointed trustee Teresita
Santarciero. The validation of creditors claims was completed on
October 14, 2004. Ms. Santarciero will submit individual reports
from the creditors' claims on November 26.

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

CONTACT: Frigorifico Argentino S.A.
         Buenos Aires s/n Arias (Cordoba)

         Ms. Teresita Santarciero, Trustee
         General Paz 60
         La Carlota, Cordoba


RAC S.A.: Court Favors Creditor's Bankruptcy Petition
-----------------------------------------------------
Mr. Marcelo Zuleran successfully sought for the bankruptcy of
Rac S.A. after Judge Santachitta of Buenos Aires' civil and
commercial Court no. 18 declared the Company "Quiebra," reports
La Nacion.

As such, the Company will now start the bankruptcy process with
Ms. Lea Aljanati as trustee. Creditors of the Company must
submit proof of their claims to the trustee before December 23
for authentication. Failure to do so will mean disqualification
from the payments to be made after the Company's assets are
liquidated.

Dr. Estevarena, Clerk no. 35, assists the Court on the case that
will culminate in the liquidation of all of its assets.

CONTACT: Rac S.A.
         Brasil 1142
         Buenos Aires

         Ms. Lea Aljanati, Trustee
         Avenida Honorio Pueyrredon 1576
         Buenos Aires


SCP: Net Loss Drops On Decision to Exclude Former Unit's Results
----------------------------------------------------------------
Argentine conglomerate Sociedad Comercial del Plata SA (SCP)
posted a ARS10.833-million ($1=ARS2.97) net loss for the first
nine months of 2004, considerably lower than the ARS726.2-
million net loss for the same period last year, says Dow Jones
Newswires.

The large improvement in the Company's results is largely
explained by the sale of loss-making investment during the year,
according to a statement published to the Buenos Aires bourse.

SCP sold its majority stake in former energy unit Compania
General de Combustibles (CGC) to equity fund Southern Cross last
year. Despite the fact that SCP still retains a 19% stake in
CGC, the Company said it made an accounting decision to exclude
results from CGC.

"The directors of SCP continued to consider the investment in
CGC to be without value and for this reason did not consolidate
(the 19% shareholding) into a single line of the asset and
economic-financial situation," the Company said.

Sales for the nine-month period were ARS90.437 million, up from
ARS71.678 a year earlier, SCP said. Gross profit was ARS26.573
million, compared with ARS10.848 million as of September 2003.

The Company's operating loss dramatically dropped to ARS456,000
from ARS38.575 million, though this also was largely based on
the removal of investment-related losses. Amortizations related
to those investments shrank to ARS14.13 million from ARS35.825
million.

SCP is controlled by Santiago Soldati.


TGS: Closes Successful Exchange Offer
-------------------------------------
Transportadora de Gas del Sur S.A. ("TGS" or "the Company")
(NYSE: TGS, MERVAL: TGSU2) announced Friday that it has
successfully reached the minimum acceptance condition and has
accordingly closed its offer to exchange its:

(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"), for
a combination of a cash payment and new notes described in the
Information Memorandum dated October 1, 2004 (the "Information
Memorandum").

The exchange offer was launched on October 1, 2004 in connection
with TGS's proposal to restructure substantially all of its
outstanding unsecured indebtedness, including the Existing Notes
(the "Restructuring Proposal").  The exchange offer expired on
November 12, 2004, 5:00 pm, New York City time.

The amount of indebtedness held by holders of Existing Notes who
validly tendered their notes and by holders of the other debt
obligations TGS is restructuring who have consented to the
Restructuring Proposal, amounts to approximately US$ 1,016.1
million, or approximately 99.76 %, of TGS's total outstanding
indebtedness with respect to which the Restructuring Proposal
has been made.

TGS expects to issue its new notes and enter into the amended
and restated loan agreements (as described in the Information
Memorandum), make the cash payments and complete its
restructuring in December 2004, subject to the receipt of
regulatory approval and the satisfaction of certain other
conditions set forth in the Information Memorandum.  TGS will
also make payments in respect of past due interest to such
creditors on the closing date (as described in the Information
Memorandum).

The terms of the Restructuring Proposal, including the terms of
the new notes and other information relating to TGS, are set
forth in the Information Memorandum.

TGS, with a current delivery capacity of approximately 63.2
MMm3/d or 2.2 Bcf/d, is Argentina's leading transporter of
natural gas. The Company is also Argentina's leading processor
of natural gas and one of the largest marketers of natural gas
liquids.

TGS is listed on both the New York and Buenos Aires stock
exchanges under the ticker symbols TGS and TGSU2, respectively.
TGS's controlling shareholder is Compania de Inversiones de
Energia S.A. ("CIESA"), which together with Petrobras Energˇa
S.A. and Enron Corp. subsidiaries, hold approximately 70% of the
Company's common stock. CIESA is currently owned 50% by
Petrobras Energˇa S.A. and a subsidiary, and 50% by subsidiaries
of Enron Corp.

CONTACTS: Buenos Aires:
          Investor Relations
          Mr. Eduardo Pawluszek
          Finance & Investor Relations Manager

          Mr. Gonzalo Castro Olivera
          Investor Relations
          e-mail: gonzalo_olivera@tgs.com.ar

          Ms. Maria Victoria Quade
          Investor Relations
          e-mail: victoria_quade@tgs.com.ar
          Phone: (54-11) 4865-9077

          Media Relations:
          Mr. Rafael Rodriguez Roda
          Phone:(54-11) 4865-9050 ext. 1238


YUCAT S.R.L.: Court Converts Liquidation to Reorganization
----------------------------------------------------------
Yucat S.R.L., which was undergoing reorganization, entered
bankruptcy on orders from Court no. 3 of Cordoba's civil and
commercial tribunal, according to Infobae.

The Court assigned Ms. Elsa Beatriz Tenaguillo de Molina
as trustee on this case. The credit verification process will be
done "por via incidental."

CONTACT: Yucat S.R.L.
         Diagonal Garibaldi 280
         Villa Maria (Cordoba)

         Ms. Elsa Beatriz Tenaguillo de Molina, Trustee
         San Juan 790
         Villa Maria (Cordoba)


* ARGENTINA: Faces Another Potential Lawsuit
--------------------------------------------
The Global Committee of Argentine Bondholders (GCAB) has shown
support to a German businessman's petition that a New York
Federal judge block a sovereign restructuring offer, suggests
Dow Jones Newswires.

The GCAB, which claims to represent holders of a large chunk of
Argentina's outstanding debt, filed a "friend of the Court"
brief supporting the injunction filed in late October by New
York law firm Shalov Stone & Bonner, which represents German
businessman Horst Urban and other bondholders in what is so far
the only class action against Argentina to be certified by a
U.S. Court.

Argentina filed the final details of its proposed debt
restructuring with the U.S. Securities and Exchange Commission
on Nov. 1 and hopes to launch the offer by Nov. 29, nearly three
years after its record-setting default.

GCAB, a coalition of large institutional investors and smaller
European and Japanese creditors that claims to represent US$38
billion in defaulted Argentine debt, has refused the offer and
slammed Argentina for refusing to negotiate.

Asked whether GCAB's intervention in the Court battle could be
interpreted as a sign it is considering its own lawsuit, co-
chairman Hans Humes told Reuters: "We feel that because of
Argentina's approach to this we may be getting pushed into a
situation where we don't really have any alternatives. We're
just running out of options at this point."



===============
B A R B A D O S
===============

C&W BARBADOS: Denies Cariaccess' Allegations
--------------------------------------------
Telecommunications giant Cable & Wireless criticized Cariaccess'
allegations that the Company was blocking competition, the
Barbados Daily Nation reports.

Last week, Anthony Gunn, Cariaccess' managing director - one of
Barbados' major Internet service providers (ISPs) - accused C&W
that it was holding back telecommunications liberalization by
blocking other companies in the region from setting up in the
Eastern Caribbean to offer on-line Internet access.

As a result, the sub-region had only an estimated 6% of its
population on-line, and while Barbados was better with about 18
000 dial-up connections, C&W's "high charges to local ISPs were
driving them out of business one by one," said Gunn.

C&W slammed these allegations, saying they are "inaccurate and
misleading."

"To suggest that we have acted `illegally' is again false,"
spokesperson for C&W said, adding, "Indeed, the alleged `facts'
Mr. Gunn uses to support his statements are questionable, and
his vague, unsupported allegations are simply not true.

"As we have said over the years, Cable & Wireless has embraced
competition, and this was seen when the Company negotiated the
early termination of its exclusive licences."

"While Mr. Gunn suggests that the Internet market in Barbados is
in decline and blames Cable & Wireless for this alleged
situation, there are several ISPs operating in Barbados who are
actively competing," the spokesperson said.



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

BERMUDA ASPHALT: Charter Corporate Files Winding-Up Petition
------------------------------------------------------------
    IN THE SUPREME COURT OF BERMUDA COMPANIES WINDING UP

          IN THE MATTER OF THE COMPANIES ACT 1981


                          and

          IN THE MATTER OF Bermuda Asphalt Ltd.

Notice is hereby given that a Petition for the winding up of
Bermuda Asphalt Ltd. by the Supreme Court of Bermuda was, on
November 3, 2004, presented to the said Court by Charter
Corporate Services Ltd. and that said Petition is directed to be
heard before the Court at 9:30 a.m. on the December 3, 2004; and
any creditor or contributory of the said Company desirous to
support or oppose the making of an order on the said Petition
may appear at the time of hearing by himself or his Counsel for
that purpose; and a copy of the Petition will be furnished to
any creditor or contributory of the said Company requiring the
same by the undersigned on payment of the regulated charge for
the same.

NOTE: Any person who intends to appear on the hearing of the
said Petition must serve on or send by post to the above-named,
notice in writing of his intention so to do. The notice must
state the name and address of the person, or, if a firm, the
name and address of the firm, and must be signed by the person
or firm, or his or their attorney (if any), and must be served,
or if posted, must be sent by post in sufficient time to reach
the above-named not later than 4:00 p.m. of December 2, 2004.

CONTACT: Marshall Diel & Myers - Attorneys for the Petitioner
         "Sofia House"
         48 Church Street
         Hamilton HM 12


BLUMBER'S CRANE: Court to Hear Winding-Up Plea December 3
---------------------------------------------------------
IN THE SUPREME COURT OF BERMUDA COMPANIES WINDING UP

         IN THE MATTER OF THE COMPANIES ACT 1981

                       and

IN THE MATTER OF: Blumber's Crane & Steel Erection Services Ltd.

Notice is hereby given that a Petition for the winding up of
Blumber's Crane & Steel Erection Services Ltd. by the Supreme
Court of Bermuda was, on November 3, 2004, presented to the said
Court by Charter Corporate Services Ltd. and that said Petition
is directed to be heard before the Court at 9:30 a.m. on the
December 3, 2004; and any creditor or contributory of the said
Company desirous to support or oppose the making of an order on
the said Petition may appear at the time of hearing by himself
or his Counsel for that purpose; and a copy of the Petition will
be furnished to any creditor or contributory of the said Company
requiring the same by the undersigned on payment of the
regulated charge for the same.

NOTE: Any person who intends to appear at the hearing of the
said Petition must serve on or send by post to the above-named,
notice in writing of his intention so to do. The notice must
state the name and address of the person, or, if a firm, the
name and address of the firm, and must be signed by the person
or firm, or his or their attorney (if any), and must be served,
or if posted, must be sent by post in sufficient time to reach
the above-named not later than 4:00 p.m. on December 2, 2004.

CONTACT: Marshall Diel & Myers - Attorneys for the Petitioner
        "Sofia House"
         48 Church Street
         Hamilton HM 12


METAL BROKERS: Nicholas Hoskins to Serve as Liquidator
------------------------------------------------------
          IN THE MATTER OF THE COMPANIES ACT 1981

                           and

           IN THE MATTER OF: Metal Brokers Limited

At a Special General Meeting of the Members of Metal Brokers
Limited , duly convened and held at the Offices of the Company,
Hamilton, Bermuda, on the 3rd November 2004 the following
Resolutions were passed:

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

b) that Nicholas Hoskins be appointed Liquidator for the
purposes of such winding-up, such appointment to be effective
forthwith.

The Liquidator informs that:

- Creditors of Metal Brokers Limited, which is being voluntarily
wound up, are required, on or before December 8, 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 attorneys (if any) to the
undersigned Liquidator of the said Company at Wakefield Quin,
Chancery Hall, 52 Reid Street, Hamilton, Bermuda and if so
required by notice in writing from the said Liquidator, and
personally or by their attorneys, to come in and prove their
debts or claims at such time and place as shall be specified in
such notice, or in default thereof they will be excluded from
the benefit of any distribution made before such debts are
proved.

- A Final General Meeting of the Members of Metal Brokers
Limited will be held at the offices of Wakefield Quin, Chancery
Hall, 52 Reid Street, Hamilton, Bermuda on December 15, 2004 at
10:00 a.m., or soon as possible thereafter, for the purposes of:
having an account laid before them showing the manner in which
the winding-up has been conducted and how the property of the
Company has been disposed of and of hearing any explanation that
may be given by the Liquidator; determining by Resolution the
manner in which the books, accounts and documents of the Company
and of the Liquidator thereof, shall be disposed of; and by
Resolution dissolving the Company.

CONTACT: Mr. Nicholas Hoskins, Liquidator
         Chancery Hall
         52 Reid Street
         Hamilton, Bermuda


PORTSMOUTH METALS: Members Agree to Wind-Up
-------------------------------------------
       IN THE MATTER OF THE COMPANIES ACT 1981

                       and

       IN THE MATTER OF: Portsmouth Metals Limited

At a Special General Meeting of the Members of Portsmouth Metals
Limited, duly convened and held at the Offices of the Company,
Hamilton, Bermuda, on the 3rd November 2004 the following
Resolutions were passed:

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

b) that Nicholas Hoskins be appointed Liquidator for the
purposes of such winding-up, such appointment to be effective
forthwith.

The Liquidator informs that:

- Creditors of Portsmouth Metals Limited, which is being
voluntarily wound up, are required, on or before December 8,
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 attorneys (if any) to the
Liquidator of the said Company at Wakefield Quin, Chancery Hall,
52 Reid Street, Hamilton, Bermuda and if so required by notice
in writing from the said Liquidator, and personally or by their
attorneys, to come in and prove their debts or claims at such
time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

- A Final General Meeting of the Members of Portsmouth Metals
Limited will be held at the offices of Wakefield Quin, Chancery
Hall, 52 Reid Street, Hamilton, Bermuda on December 15, 2004 at
11:00 a.m., or soon as possible thereafter, for the purposes of:
having an account laid before them showing the manner in which
the winding-up has been conducted and how the property of the
Company has been disposed of and of hearing any explanation that
may be given by the Liquidator; determining by Resolution the
manner in which the books, accounts and documents of the Company
and of the Liquidator thereof, shall be disposed of; and by
Resolution dissolving the Company.

CONTACT: Mr. Nicholas Hoskins, Liquidator
         Chancery Hall
         52 Reid Street
         Hamilton, Bermuda



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

BRASKEM: S&P Raises LC Rating To 'BB'
------------------------------------
Standard & Poor's Ratings Services raised its local-currency
corporate credit rating on Brazil's largest petrochemical
Company Braskem S.A. (Braskem) to 'BB' from 'BB-' and affirmed
its 'BB-' foreign-currency corporate credit rating on the
Company. The 'BB-' rating on Braskem's notes was also affirmed.
The outlook on the local- and foreign-currency ratings is
stable.

"The local-currency upgrade reflects Braskem's rapid financial
profile improvement in third-quarter 2004, which Standard &
Poor's believes will continue in the fourth quarter with further
debt reduction," said Standard & Poor's credit analyst Reginaldo
Takara.

Braskem issued approximately US$420 million in new shares,
raising approximately US$120 million more than was initially
projected. The additional proceeds have strengthened cash
liquidity and were aimed at debt reductions. Braskem has paid
off or prepaid approximately US$436 million in debts and loans
from July through November, net of new transactions raised in
the period of US$305 million. Operating efficiency and cost-
cutting initiatives coupled with product mix enhancement should
continue to structurally improve Braskem's cash generation
capabilities, allowing it to sustain stronger cash generation
even during downturns (especially when compared with recent
historic performance), and therefore to report stronger credit
measures through the petrochemical cycle from now on.

The ratings on Braskem reflect the intrinsic risks of the
petrochemical industry, to which the Company is particularly
exposed due to its dependence on naphtha feedstock; the
uncertainties on the Brazilian economy resulting from the
predominant revenues and EBITDA shares coming from the domestic
market; and the Company's interest burden, which is still high
and significantly affects coverage ratios given its expensive
cost but is declining with the initiatives under way.

These negatives are partly offset by Braskem's leading business
and market positions in the Latin American petrochemical
industry, strong and traditionally less volatile cash
generation, and all efficiency improvement initiatives being
implemented by the Company, both in its financial and industrial
profiles, which should result in material cost reductions in the
medium term and therefore more resilience to cash flow.

The stable local-currency rating outlook reflects Standard &
Poor's expectations that, even after successfully reducing debt
with the new equity infusion and consequently improving capital
structure, Braskem will keep up with the declining debt
trajectory through the end of this year and next. Under current
assumptions, Braskem's credit measures will comfortably place
the Company in its rating category, considering that ratios are
approaching peak of the cycle levels. Standard & Poor's believes
that sustainable operating profitability and cash generation,
currently stressed by high feedstock prices but at much more
robust levels than in the recent past, is a key factor
supporting the ratings, as structural improvements in Braskem's
operations bode well for stronger cash flow even in future cycle
troughs. As such, the inability to sustain margins or a radical
reversal in the trend of cash generation, or a quick
deterioration of the Company's liquidity position, all in the
context of sizable total debt balances and high naphtha prices,
could have a negative effect on the ratings or outlook; however,
such a condition is seen as unlikely by now. The stable foreign-
currency rating outlook reflects that of the sovereign foreign-
currency rating assigned to the Federative Republic of Brazil.


COPEL: EBITDA Reaches BRL253 Mln in Third Quarter 2004
------------------------------------------------------
Companhia Paranaense de Energia - Copel (NYSE: ELP / LATIBEX:
XCOP / BOVESPA: CPLE3, CPLE5, CPLE6), a leading Brazilian
utility Company that generates, transmits, and distributes
electric power to the State of Parana, announced Friday its
operating results for the third quarter of 2004 (3Q04). All
figures included in this report are in Reais (R$) and were
prepared in accordance with Brazilian GAAP (corporate law).

HIGHLIGHTS

- Net Revenues from January to September 2004: R$ 2,734.0
million, a 27% increase compared to the same period of previous
year. In the third quarter of 2004, Net Revenues amounted to R$
984.8 million.

- Operating Income from January to September 2004: R$ 469.0
million. In the third quarter, operating income totaled R$ 196.3
million.

- Net income for the first nine months of 2004 reached R$ 297.7
million (R$ 1.09 per thousand shares). In the third quarter
alone, net income amounted to R$ 125.0 million.

- Total power consumption throughout direct distribution area
and free customers increases 1.8% from January to September
2004.

- EBITDA from January to September 2004: R$ 711.6 million In the
third quarter of 2004, EBITDA amounted to R$ 253.0 million.

KEY EVENTS

Net Income:
From January through September 2004, COPEL recorded a profit of
R$ 297.7 million, or R$ 1.09 per lot of one thousand shares.

Market expansion:
Total power consumption throughout COPEL's direct distribution
area grew by 1.8% from January through September 2004 compared
to the same period of 2003. Residential, commercial, and rural
consumer segments grew by 1.9%, 6.1%, and 5.9%, respectively. In
September 2004, the number of billed commercial customers was
3.6% greater than that of September 2003. The good performance
of the commercial segment is due to the modernization of the
sector and the opening of new businesses. The growth of the
rural segment is due mainly to increased exports of
agricultural, livestock, and agro-industrial products.

Industrial consumption throughout COPEL's concession area
dropped by 1.0% compared with the same period of 2003 on account
of some major unregulated (free) industrial customers having
ceased to be COPEL's clients. If it were not for these
customers, the industrial segment would have recorded a growth
of 8.8%, and the total power consumption throughout COPEL's
concession area would have increased by 5.7%.

Overdue customers:
The rate increase discount afforded to electricity bills paid
when due has caused a significant drop in the number of lapsed
bills. In June 2003, overdue bills accounted for R$ 187 million,
or 5.4% of the Company's 12-month gross revenues. In December
2003, this figure had dropped to 2.6% of the 12-month gross
revenues, or R$ 114 million, and in September 2004, it reached
R$ 119 million (or 2.7% of gross revenues). The slight increase
in overdue bills in 2004 reflects mostly the rate increases
passed on to customers in January (15% on average) and in June
(9% on average). The method employed to calculate the levels of
overdue bills is to divide the amounts overdue for 15 to 360
days by the 12-month gross revenues.

UEG Araucaria:
On August 14th 2003, COPEL filed a lawsuit against UEG Araucaria
("Acao Cautelar de Producao Antecipada de Provas"), which is
currently at the stage of Court-ordered expert investigation.
COPEL aims to gather proof in advance to demonstrate the current
technical impossibility of operating the facility in a
continuous, safe, and permanent manner.

The preliminary arbitration hearing before the Chamber of
International Trade in Paris, scheduled for February 22nd 2004,
was postponed, after it started, to April 15th 2004. At that
time, COPEL expressly reinforced its refusal to accept
arbitration, pointing out to the fact that a Brazilian Court had
judged to be null and void the clause providing for arbitration
in the disputed contract, which led to the procedures in Paris.

In July 2004, another hearing took place in Paris, and COPEL
again restated its position. Both parties are now waiting for
the ruling of the Arbitration Court regarding its own
jurisdiction over the issues at hand. This ruling, however, will
not influence or change the decisions of the Brazilian Courts
regarding the same matter.

ELEJOR - Centrais Eletricas do Rio Jordao S.A.:
On December 18th 2003, COPEL signed a stock purchase agreement
with Triunfo Participacoes to acquire their 30% interest in
ELEJOR, thus increasing the Company's stake from 40% to 70% of
the power plant's common shares. According to the agreement,
this transaction would be effective upon approval by ANEEL, by
the Council for Economic Law (CADE), and by the House of
Representatives of the State of Parana. On July 28th 2004, ANEEL
issued Resolution 302, approving the increase in COPEL's stake
in ELEJOR. The State House of Representatives approved the deal
under Law no. 14,501, dated September 14th 2004, as did CADE, at
ordinary session no. 330 on September 15th 2004. Thus, on
October 8th 2004, the transfer of common stock in Elejor from
Triunfo Participacoes to COPEL was concluded.

Onda ISP:
In sync with the strategic policy of strengthening COPEL's core
business, the Board of Officers approved the sale of COPEL's
interest in the Onda ISP to Lanis Ltda., one of Onda's
shareholders. The deal took place in July 2004, for R$ 400
thousand.

Global Finance Award:
COPEL was chosen by the U.S. business magazine Global Finance as
the Best Electric Power Utility and the Best Energy Services
Provider in all of Latin America. It is the fourth time COPEL is
awarded by Global Finance magazine in six years of existence of
the awards.

COPEL, Parana's Largest Company:
COPEL was chosen for the second year in a row as the largest
Company in Parana and as the fourth largest Company in southern
Brazil, in the Greats & Leaders survey conducted by Amanha
magazine.

COPEL's Fiftieth Anniversary:
COPEL reaches the 50-year mark on October 26th 2004. To
celebrate this day, COPEL, besides celebrating events in Parana,
will ring the opening bell of the New York Stock Exchange on
November 22nd.

FINANCIAL AND OPERATING PERFORMANCE

Market Expansion

From January to September 2004, total power consumption through
direct distribution reached 13,229 GWh, up by 1.8% versus the
same period of 2003. Taking into consideration free customers
outside the State of Parana, total consumption reached 14,137
GWh. This consumption growth mainly reflects the increase on the
commercial (6.1%) and rural (5.9%) segments. The good
performance of the commercial segment is mainly due to its
modernization and to the implementation of new commercial
businesses. The number of commercial consumers grew by 3.6%,
totaling 9,067 new connections during the period. Rural segment
growth is mainly due to increased exports of agricultural and
agribusiness products and also to the 2.0% higher number of
connections at the rural region.

Industrial consumption at Copel's concession area dropped 1.0%
in comparison to the same period of 2003, because some major
unregulated (free) industrial accounts dropped from COPEL's
customer base. Excluding such customers from the comparison
base, industrial segment would have increased by 8.8%, and the
total power consumption would have increased by 5.7%. The number
of industrial customers grew by 3.0% compared to the previous
year, accounting for 1,462 new industrial establishments during
the quarter.

The residential segment increased by 1.9% compared with the same
period of 2003, totaling 3,350 GWh of energy sold. In the course
of this period, our customer base grew by 66,782.

The 8.4% decrease among free customers outside the State of
Parana is due to the reduction of the contracted energy amounts
by some customers and to the termination of some contracts.

By the end of September 2004, Copel's total number of customers
amounted to 3,157,334, up by 2.8% versus September 2003.

Revenues

Net revenues reached R$ 2,734.0 million in the first nine months
of 2004, up 26.9% compared to the R$ 2,153.7 million recorded in
the same period of the previous year. This increase reflects,
mainly, the reduction in the discount granted to due customers,
with a power rate readjustments of 15%, on average, being passed
on to customers from 01/01/2004 onwards, and of 9%, on average,
from 06/24/2004; market expansion of 1,1% in the period; higher
supply revenue due to greater power sales via bilateral
contracts; and the increase in revenues for the use of
transmission network following the transmission tariff
readjustment approved by ANEEL Resolutions 307, of June 30, 2003
(increase of 45.2%), and ANEEL 71, of June 30, 2004 (increase of
10.8%), besides the incorporation of new assets to the base
transmission network.

Expenses

From January to September 2004, total operating expenses reached
R$2,250.0 million, compared to R$ 1,865.8 million recorded in
the same period of 2003. The main reasons for this variation in
the period were:

- the 14.6% increase in the "personnel" line, chiefly due to pay
rises awarded from collective labor agreement in October 2003
(10%) and March 2004 (5.5%), and hiring of new employees.

- the increase in the "pension plan and other benefits" line was
due to expenses arising from retirement benefits (CVM
Deliberation 371/2000). Besides the estimated actuarial amount,
Copel is accounting R$ 37 million in the year as deficit
recorded in the previous year.

- the increase in the "materials and suppliers" line, reflecting
provision for the purchase capacity for UEG Araucaria, with R$
176.1 million being recorded from January to September 2004.
Total provision in the supplier's line (current liabilities)
since May 2003, when Copel interrupted gas payment, totals R$
390.5.

- at the "energy purchased for resale" line, the main amounts
recorded are the following: R$ 316.9 million from ITAIPU, R$
240.4 million from CIEN, R$ 33.1 million from Dona Francisca and
R$ 50,9 million from Itiquira.

- the increase in "use and transmission grid" is mainly due to
the tariff readjustment confirmed by ANEEL Resolution 307, of
June 30, 2003 (45.2% increase) and by ANEEL Resolution 71, of
June 30, 2004 (10.8% increase).

- the increase in "regulatory charges", under which the
following are booked: CCC - Fuel Consumption Account (R$ 131.4
million), financial compensation for the utilization of water
resources (R$ 39.5 million), CDE - Energy Development Account
(R$ 71.1 million) and ANEEL's Electric Power Services Oversight
Fee among other services (R$ 11.0 million).

- the decrease in "other operating expenses" mainly due to the
reduction in insurance, as the policy was not renewed for UEG
Araucaria and by the provision for fiscal contingencies occurred
during the third quarter of 2003.

EBITDA

EBITDA for the first 9 months of the year stood at R$ 711.6
million, up by 40.6% in comparison to the amount recorded in the
same period of 2003 (R$ 506.1 million).

Financial Results

The financial income 18.5% increase, recorded in the first 9
months of 2004 is due, mainly, to higher interest income, fees
and monetary variation in the period given the variation in IGP-
DI, index used to readjust the amounts under CRC transferred to
State Government.

Financial expenses increase, mainly due to lower Real
appreciation versus US Dollar occurred from January to September
2004. Other factor that contributed to this increase was the
increase from moratorium charges, mainly regarding gas purchase
from UEG Araucaria.

Operating Income

Copel's operating income totaled R$ 469.0 million from January
to September 2004.

Non-Operating Result

The non-operating result was primarily a reflection of the net
effect from the deactivation/sale of goods and rights from
permanent assets.

Net Income

From January to September 2004, Copel posted a net income of R$
297.7 million. This result was influenced, basically, by the
reduction in the discount granted to due customers (average
increase of 15% in retail tariffs from January 1, 2004 onwards
and 9% on average, as of June 24, 2004) and by the continued
provision for gas for UEG Araucaria.

Balance Sheet and Capex (Assets)

As of September 30, 2004, Copel's total assets amounted to R$
9,655.6 million. First 9 months of the year Capex stood at R$
193.1 million. Of this total, R$ 8.8 million went to generation
projects, R$ 39.5 million to transmission, R$ 117.6 million to
distribution and R$ 27.2 million to telecommunications.

Balance Sheet (Liabilities)

As of the same date, Copel's total debt amounted to R$ 1,808.9
million, with a debt-to-equity ratio of 35.1%. Shareholders'
equity stood at R$ 5,155.9 million, 3.4% more than the result
recorded in September 2003, and equivalent to R$ 18.84 per 1,000
shares.

To view tables and financial statements:
http://bankrupt.com/misc/3Q04Copel.pdf

CONTACT: Companhia Paranaense de Energia - Copel
         Investor Relations Department
         Mr. Ricardo Portugal
         (55-41) 331-4311

         Mr. Alves Solange Maueler Gomide
         (55-41) 331-4359

         E-Mail: ri@copel.com
         Web Site: www.copel.com


COPEL: Price Hike Speculation Follows Newspaper Reports
-------------------------------------------------------
Brazilian electric power utility Companhia Paranaense de Energia
SA (Copel) may raise prices soon, newspapers reported, citing
Copel President Paulo Pimentel.

The Valor Economico newspaper cited Pimentel as saying the
Parana State government, which controls the Company, would soon
authorize prices hikes originally authorized by electric power
regulator Aneel in June.

Pimentel reportedly said Parana's Governor Roberto Requiao would
authorize the full 14.4% price adjustment within the next few
days. Requiao has kept electricity prices down, saying they help
economic growth in Parana state.

In its statement clarifying the reports, Copel said: "There is
no concrete indication that the discount practiced by Copel on
the rates authorized by Aneel ... will be reduced in the short
term. The Valor Economico newspaper report expressed a real
expectation, but did not set any timetable for it to
materialize."



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

COEUR D'ALENE: Announces Public Offering
----------------------------------------
Coeur d'Alene Mines Corporation (NYSE:CDE) announced that it
will be filing a preliminary prospectus supplement with the US
Securities and Exchange Commission relating to a proposed public
offering of 25,000,000 shares of its common stock.

Coeur has also granted the underwriters a 30-day option to
purchase up to an additional 3,750,000 shares of common stock at
the public offering price to cover any over allotments.

The Company said that it currently intends to use the proceeds
of the offering to fund accelerated exploration and development
at the Cerro Bayo and Martha mine properties and the expansion
program at Silver Valley.

It also plans to use the proceeds for definition drilling at
Kensington to upgrade the reserve and mine life beyond current
levels, potential acquisition of new mining projects or
companies and/or general corporate purposes.

CONTACT: Coeur D'Alene Mines Corp.
         400 Coeur d'Alene Mines Bldg.
         505 Front Ave.
         P.O. Box I
         Coeur d'Alene, ID 83816-0316
         USA
         Phone: 208-667-3511



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

KAISER ALUMINUM: Posts $69.5M Net Loss in Third Quarter 2004
------------------------------------------------------------
Kaiser Aluminum reported Friday results that include a number of
special items arising primarily in connection with the Company's
ongoing Chapter 11 proceedings.

For the third quarter of 2004, the Company reported a net loss
of $69.5 million, or $.87 per share, compared to a net loss of
$88.6 million, or $1.11 per share, for the year-ago quarter.

For the first nine months of 2004, Kaiser's net loss was $109.3
million, or $1.37 per share, compared to a net loss of $215.1
million, or $2.68 per share, for the first nine months of 2003.

The special items for the quarters and nine-month periods of
2004 and 2003 are identified in the tables acCompanying this
news release.

Net sales in the third quarter and first nine months of 2004
were $281.8 million and $792.7 million, compared to $203.1
million and $613.2 million for the comparable periods of 2003.

Kaiser President and Chief Executive Officer Jack A. Hockema
said, "We were pleased with the performance of our Fabricated
Products business, which reported a 24% increase in shipments on
strengthening demand and improved margins. Operating income for
this business increased to more than $11 million in the quarter,
which represents an almost $17 million improvement from results
of the year-ago period and is the highest level of Fabricated
Products operating income since the third quarter of 2000. The
Company's third-quarter results were also aided by higher
realized prices on sales of alumina and primary aluminum."

Hockema added, "We are pleased with the continued progress we
are making toward a targeted emergence from Chapter 11 in the
first half of 2005."

In accordance with applicable accounting standards, amounts
related to Alpart, Gramercy, KJBC, Valco, and Mead are all
reported as discontinued operations in the Company's Statements
of Consolidated Income (Loss) for the quarter and nine-month
periods of 2004 and 2003. The Company expects to apply similar
treatment to material asset sales that may be completed in the
future.

Kaiser Aluminum Corporation (OTCBB:KLUCQ) is a leading producer
of fabricated aluminum products and owns interests in alumina
and primary aluminum.

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

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



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

MINERA AUTLAN: Hopes to End B Shares' Suspension
------------------------------------------------
Mexican manganese producer Minera Autlan requested the National
Banking and Securities Commission and the Mexican stock exchange
to have the suspension of its Autlan B shares lifted, reports
Business News Americas.

The stock regulators suspended the shares in February 2001 after
Autlan failed to make a US$7-million eurobond payment to its
creditors at a time when the Company and the general industry
was experiencing difficulties.

But Autlan claims it has since overcome these difficulties and
improved its finances. For the first nine months of 2004, the
Company posted net profits of MXN138 million (US$12mn) compared
to net losses of MXN76 million in the same period last year.



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

PDVSA: Transfers $1.6B to Fund Projects
---------------------------------------
Venezuela's Deputy Oil Minister Luis Vierma announced that
state-owned oil Company Petroleos de Venezuela SA (PdVSA) has
transferred US$1.6 billion to a number of government agencies
for spending on infrastructure and development projects, reports
Dow Jones.

The transfers came from a fund that was set up earlier this year
and is being managed by PdVSA affiliate Corporacion Venezolana
de Petroleo.

The fund was authorized by the central bank earlier this year to
collect US$2 billion in windfall oil revenue to spend on
projects not related to the oil industry. Directors at the bank
have warned the government not to spend beyond the US$2-billion
limit. But President Hugo Chavez has suggested turning the fund
into a "rotating account."



                            ***********


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 * * *