TCRLA_Public/041130.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 30, 2004, Vol. 5, Issue 237

                            Headlines


A R G E N T I N A

ARVALU S.A.: Proceeds With Court Ordered Liquidation
BANCO HIPOTECARIO: Buys Back $12.97M in 2010 Dollar Bonds
CLUB DEPORTIVO ARMENIO: Court Assigns Trustee for Liquidation
DIEFRAM S.R.L.: Bankruptcy Initiated Following Court Ruling
DIL S.R.L.: Liquidates Assets to Pay Debts

GERIATRICO VIVENCIAS: Court Favors Creditor's Bankruptcy Motion
GFG CONSTRUCCIONES: Court Declares Company Bankrupt
HOTEL INTERLAKEN: Gets Court Authorization for Reorganization
TRANSPORTES AUTOMOTORES: Court Grants Reorganization Plea
TURISMO RIO: Court Appoints Trustee for Reorganization


B E R M U D A

ATLANTIC CAPITAL: To Wrap-Up Operations
BERGENS ASSURANCEFORENIG: Liquidator Calls for Final Meeting
GLOBAL CROSSING: Sets Out Executive Compensation Plans
INSURANCE CONSULTING: Robin Mayor to Oversee Wind-Up Process
ONYX CAPITAL: Nicholas Hoskins to Serve as Liquidator

SIMPLON LIMITED: Sole Member Resolves to Wind-Up
SPUTNIK ADVISORS: Names Robin Mayor as Liquidator
STENA ADMIRAL: Proceeds With Wind-Up Process
STENA HOLDING: Robin Mayor to Oversee Wind-Up Proceedings
TCW GLOBAL PROJECT: Claims Check to End December 10


B R A Z I L

TELEMAR: Finalizes $19M Internet Group Limited Stake Sale
VARIG: Recent Results Show Financial Improvement
VASP: Trading Suspended After Creditor Files Bankruptcy Petition


C O S T A   R I C A

ICE: Reports $484K Losses on Phone Scam


E C U A D O R

PETROECUADOR: Awards Four Traders New Crude Contracts


M E X I C O

HYLSAMEX: Stock Price Runs Up on Sale Rumors
MINERA AUTLAN: BMV Resumes Trading; Skyrockets in Price


P E R U

NUEVO MUNDO: Court Recognizes "Validity" SBS Intervention


U R U G U A Y

UTE: Seeks Revised Offers to Meet Technical Specifications


V E N E Z U E L A

PDVSA: 2003 SEC Report Still Pending
PDVSA: Signs Memorandum Of Understanding With Lukoil


     - - - - - - - - - -

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

ARVALU S.A.: Proceeds With Court Ordered Liquidation
----------------------------------------------------
Finance company Arvalu S.A. entered bankruptcy after Judge
Carrega approved a motion filed by Ms. Silvina Gambarotta,
reports La Nacion. The Company's failure to pay US$51,289.78 in
debt prompted the liquidation petition.

Working with Dr. Anta, Clerk No. 8, the court assigned Mr. Mario
Kahan 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 18 next year.

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: Arvalu S.A.
         Jose Cabrera 3563
         Buenos Aires

         Mr. Mario Kahan, Trustee
         Lavalle 2306
         Buenos Aires


BANCO HIPOTECARIO: Buys Back $12.97M in 2010 Dollar Bonds
---------------------------------------------------------
Leading Argentine mortgage bank Banco Hipotecario SA (BHIP.BA)
informed the local stock exchange Friday that it bought back
US$12.97 million in 2010 dollar-denominated bonds, reports Dow
Jones Newswires.

The bank, which is majority-controlled by local real estate
developer IRSA-Inversiones y Representaciones SA (IRS), said it
spent US$11.1 million to buy back the obligations on Nov. 12.

The remaining face value amount of the 2010 dollar bonds in
circulation is now US$76.98 million, the bank added.

CONTACTS:  Marcelo Icikson
           Nicolas Vocos
           Capital Markets
           Tel. (54-11) 4347-5798
           Fax (54-11) 4347-5874
           E-mail: micikson@hipotecario.com.ar
                   nmvocos@hipotecario.com.ar

           Gabriel G. Saidon, Chief Financial Officer
           Tel. (54-11) 4347-5759/5212
           Fax (54-11) 4347-5874/5113
           E-mail: gsaidon@hipotecario.com.ar


CLUB DEPORTIVO ARMENIO: Court Assigns Trustee for Liquidation
-------------------------------------------------------------
Court No. 1 of Buenos Aires' civil and commercial tribunal,
under Judge Dieuzeide, declared Club Deportivo Armenio
Asociacion Civil bankrupt, says La Nacion. The ruling comes in
approval of the bankruptcy petition filed by the Company's
creditor, Mr. Gaston Galeano, for nonpayment of US$ 6,041.83 in
debt.

The Company's trustee, Mr. Hector Caferatta, will examine and
authenticate creditors' claims until March 1, 2005. This is done
to determine the nature and amount of the Company's debts.
Creditors must have their claims authenticated by the trustee by
the specified date in order to qualify for the payments that
will be made after the Company's assets are liquidated.

Dr. Fernandez Garello, the city's Clerk No. 1, assists the court
on the case that will conclude with the liquidation of the
Company's assets.

CONTACT: Club Deportivo Armenio Asociacion Civil
         Avenida Cordoba 4936
         Buenos Aires

         Mr. Hector Caferatta, Trustee
         Laprida 1898
         Buenos Aires


DIEFRAM S.R.L.: Bankruptcy Initiated Following Court Ruling
-----------------------------------------------------------
Diefram S.R.L. will enter bankruptcy after Court No. 16 of
Buenos Aires' civil and commercial tribunal, with the assistance
of Clerk No. 31, ordered the company's liquidation. 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. Nestor Saul
Rozenberg as trustee. He will be verifying creditors' proofs of
claims until the end of the verification phase on February 17,
2005.

CONTACT: Mr. Nestor Saul Rozenberg, Trustee
         Mansilla 3696
         Buenos Aires


DIL S.R.L.: Liquidates Assets to Pay Debts
------------------------------------------
Mar del Plata-based Dil S.R.L. will begin liquidating its assets
following the pronouncement issued by Court No. 3 of the city's
civil and commercial tribunal. The ruling places the company
under the supervision of court-appointed trustee Pascual Roberto
Manes. The trustee will verify creditors' proofs of claims until
December 1. The validated claims will be presented in court as
individual reports on February 11, 2005.

The trustee will also submit a general report, containing a
summary of the company's financial status as well as relevant
events pertaining to the bankruptcy, on March 25, 2005.

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

CONTACT: Dil S.R.L.
         Vertiz 6595
         Mar del Plata

         Mr. Pascual Roberto Manes, Trustee
         Rawson 2272
         Mar del Plata


GERIATRICO VIVENCIAS: Court Favors Creditor's Bankruptcy Motion
---------------------------------------------------------------
Ms. Ana Acevedo Troncoso successfully sought for the bankruptcy
of Geriatrico Vivencias S.R.L. after Judge Cirulli of Buenos
Aires' civil and commercial Court No. 6 declared the Company
"Quiebra," reports La Nacion.

As such, the Company will now start the bankruptcy process with
Mr. Mauricio Rosemblum as trustee. Creditors must submit their
proofs of claim to the trustee before February 25, 2005 for
authentication. Failure to do so will mean a disqualification
from the payments that will be made after the Company's assets
are liquidated.

The creditor sought for the Company's bankruptcy after the
latter failed to pay debts amounting to US$ 23,331.13.

Dr. Davila, the city's Clerk No. 12, assists the court on the
case that will culminate in the liquidation of all of its
assets.

CONTACT: Geriatrico Vivencias S.R.L.
         Salmun Feijoo 874
         Buenos Aires

         Mr. Mauricio Rosemblum, Trustee
         Bartolome Mitre 2296
         Buenos Aires


GFG CONSTRUCCIONES: Court Declares Company Bankrupt
---------------------------------------------------
Judge Cirulli, working for Court No. 6 of Buenos Aires' civil
and commercial tribunal, declared GFG Construcciones S.R.L.
"Quiebra", relates local daily La Nacion. The court approved the
bankruptcy petition filed by Transmix S.A., to whom the Company
owes debts totaling US$13,817.96.

The Company will undergo the bankruptcy process with Mr. Ruben
Suez as trustee. Creditors are required to present their proofs
of claims to the trustee for verification before February 25,
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. Davila, Clerk No. 12, assists the court on the case.

CONTACT: GFG Construcciones S.R.L.:
         Avenida Hipolito Yrigoyen 3528
         Lanus
         Province of Buenos Aires

         Mr. Ruben Suez, Trustee
         Cesar DĦaz 2324.
         Buenos Aires


HOTEL INTERLAKEN: Gets Court Authorization for Reorganization
-------------------------------------------------------------
Hotel Interlaken S.A. begins reorganization proceedings
following the approval of its petition by Court No. 25 of Buenos
Aires' civil and commercial tribunal. The opening of the
reorganization will allow the company to negotiate a settlement
with its creditors in order to avoid a straight liquidation.

Mr. Carlos Felipe Pisa Barros Garcia will oversee the
proceedings as the court-appointed trustee. He will verify
creditors' claims until February 9, 2005. The validated claims
will be presented in court as individual reports on March 28,
2005.

The trustee is also required by the court to submit a general
report essentially auditing the company's accounting and
business records as well as summarizing important events
pertaining to the reorganization. This report will be presented
in court on May 11, 2005.

The Informative Assembly, the final stage of a reorganization
where the settlement proposal is presented to the company's
creditors for approval, is scheduled on October 26, 2005.

CONTACT: Hotel Interlaken S.A.
         San Martin 323
         Buenos Aires

         Mr. Carlos Felipe Pisa Barros Garcia, Trustee
         Avda Corrientes 3150
         Buenos Aires


TRANSPORTES AUTOMOTORES: Court Grants Reorganization Plea
---------------------------------------------------------
Transportes Automotores Rio S.A. (TAR S.A.) successfully
petitioned for reorganization after Court No. 25 of Rio Negro's
civil and commercial tribunal issued a resolution opening the
company's insolvency proceedings. During insolvency, the company
will continue to manage its assets subject to certain conditions
imposed by Argentine law and the oversight of a court-appointed
trustee.

Infobae relates that Mr. Carlos Felipe Pisa Barros Garcia will
serve as trustee during the course of the reorganization. He
will be accepting creditors' proofs of claims for verification
until February 9, 2005.

After verifications, the trustee will prepare the individual
reports and submit it in court on March 28, 2005. He will also
present a general report for court review on May 11, 2005.

The company will endorse the settlement proposal, drafted from
the submitted claims, for approval by the creditors during the
informative assembly scheduled on October 26, 2005.

CONTACT: Transportes Automotores Rio S.A. (TAR S.A.)
         Mitre 161
         San Carlos de Bariloche (Rio Negro)

         Mr. Carlos Felipe Pisa Barros Garcia, Trustee
         Avda Corrientes 3150
         Buenos Aires


TURISMO RIO: Court Appoints Trustee for Reorganization
------------------------------------------------------
Turismo Rio de la Plata S.A., a company operating in Buenos
Aires, is ready to start its reorganization after Court No. 25
of the city's civil and commercial tribunal appointed Mr. Carlos
Felipe Pisa Barros Garcia to supervise the proceedings as
trustee.

Infobae report that Mr. Garcia will verify creditors claims
until February 9, 2005. Afterwards, He will present these claims
as individual reports for final review by the court on March 28,
2005. He will also provide the court with a general report
pertaining to the reorganization on May 11, 2005. The court has
scheduled the informative assembly on October 26, 2005.

The city's Clerk No. 50 assists the court on this case.

CONTACT: Turismo Rio de la Plata S.A.
         Lavalle 1430
         Buenos Aires

         Mr. Carlos Felipe Pisa Barros Garcia, Trustee
         Avda Corrientes 3150
         Buenos Aires



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

ATLANTIC CAPITAL: To Wrap-Up Operations
---------------------------------------
             IN THE MATTER OF THE COMPANIES ACT 1981

                            and

       IN THE MATTER OF Atlantic Capital International Ltd.

The Sole Member of Atlantic Capital International Ltd., acting
by written consent without a meeting on November 25, 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 Atlantic Capital International Ltd., which is
being voluntarily wound up, are required, on or before December
10, 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 Sole Member of Atlantic Capital
International Ltd. will be held at the offices of Messrs.
Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, Bermuda on December 31, 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


BERGENS ASSURANCEFORENIG: Liquidator Calls for Final Meeting
------------------------------------------------------------
          IN THE MATTER OF THE COMPANIES ACT 1981

                          and

      IN THE MATTER OF Bergens Assuranceforenig Ltd.

The Members of Bergens Assuranceforenig Ltd., acting by written
consent without a meeting on November 24, 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 Bergens Assuranceforenig Ltd., which is being
voluntarily wound up, are required, on or before December 10,
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, the undersigned, at Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, HM DX, Bermuda 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 Bergens
Assuranceforenig Ltd. will be held at the offices of Messrs.
Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, Bermuda on December 29, 2004 at 9:30 a.m. 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


GLOBAL CROSSING: Sets Out Executive Compensation Plans
------------------------------------------------------
On November 19, 2004, the Board of Directors (the "Board") of
Global Crossing Limited (the "Company") adopted the Senior
Leadership Performance Program (the "Leadership Program") at the
recommendation of the Compensation Committee of the Board. The
Leadership Program is a special long-term incentive program
intended to retain key executives and to motivate them to help
the Company achieve its financial goals. The participants in the
Leadership Program include all executive officers of the Company
and a limited group of additional key executives (collectively,
the "Leadership Participants").

Each Leadership Participant's aggregate potential award under
the Leadership Program (the "Maximum Award") is an amount
equivalent to such Leadership Participant's regular annual cash
bonus target opportunity as of the date on which the Leadership
Program was approved. For executive officers, this amount ranges
from 55% to 100% of base salary. Actual awards under the
Leadership Program will be paid only if the Company achieves
specified performance goals relating to earnings (the "EBITDA
Goal") and/or cash flow (the "Cash Flow Goal").

Specifically, each Leadership Participant will be entitled to
receive (i) a bonus in an amount equal to 50% of such Leadership
Participant's Maximum Award if the EBITDA Goal is achieved by
December 31, 2006 and/or (ii) a bonus in an amount equal to 50%
of such Leadership Participant's Maximum Award if the Cash Flow
Goal is achieved by December 31, 2006. Any such bonus shall be
payable 50% in cash and, subject to approval of the proposal to
increase the shares available under the 2003 Global Crossing
Limited Stock Incentive Plan (the "Share Plan") at the 2004
annual general meeting of shareholders scheduled for December
15, 2004, 50% in shares of common stock of the Company issued
under the Share Plan.

Shares awarded under the Leadership Program will be valued based
on the closing price of the common stock on the Nasdaq National
Market on November 19, 2004, the date on which the Leadership
Program was approved. To earn a bonus award under the Leadership
Program, a Leadership Participant must be employed by the
Company when performance goals are achieved and on the date of
payment.

If both the EBITDA Goal and the Cash Flow Goal are achieved, the
aggregate bonus amount to be paid out under the Leadership
Program would be approximately $5.5 million (based on the
closing price of the Company's common stock on the Nasdaq
National Market on November 19, 2004). Awards under the
Leadership Program are in addition to any award payable under
the annual cash bonus program or any other compensatory plan or
arrangement.

In addition, on November 19, 2004, the Board also modified the
2004 annual cash bonus program (the "Bonus Program") at the
recommendation of the Compensation Committee of the Board in
light of changes to the Company's business plan relating to its
recently announced restructuring. The Bonus Program is an annual
cash incentive program intended to retain employees and to
motivate them to help the Company achieve its financial goals.
The participants in the Bonus Program include all executive
officers of the Company and substantially all other employees
other than sales employees and employees covered by collective
bargaining agreements (collectively, the "Bonus Participants").

When the Bonus Program was originally established in early 2004,
Bonus Participants were given threshold, target and maximum
bonus award opportunities based on their level of employment.
Target opportunities for executive officers ranged from 55% to
100% of base salary, with threshold opportunities equal to 60%
of the target opportunity, and maximum opportunities equal to
130% of the target opportunity. Actual awards were to be made
out of a Company-wide pool to be funded based on corporate
performance against designated financial performance metrics
relating to revenue, earnings and cash use. For performance at
target, the pool was to be funded with an amount equal to the
aggregate target bonus opportunities of all Bonus Participants,
which would be approximately $36 million based on projected
year-end headcount. For performance above or below target, the
pool was to be funded with a greater or lesser amount determined
using straight-line interpolation based on the threshold and
maximum bonus opportunities and financial performance metrics;
provided that no bonus was to be paid for performance below
threshold, and the bonus for performance above maximum was to be
capped at the maximum bonus opportunity.

After giving effect to the modifications made to the Bonus
Program on November 19, 2004, each Bonus Participant is deemed
to have earned 12.5% of his or her target annual bonus
opportunity for performance for the first three quarters of
2004. For the fourth quarter of 2004, each Bonus Participant has
been given a new bonus opportunity equal to 25% of his or her
target annual bonus opportunity. The fourth quarter opportunity
is based on new corporate financial performance metrics relating
to earnings and cash use established in light of the recently
announced restructuring plan. The fourth quarter bonus
opportunity is capped at the new target opportunity amount.

For performance below the new corporate performance metric
target, the award will be a lesser amount determined using
straight-line interpolation based on the threshold and target
bonus opportunities and financial performance metrics; provided
that no fourth quarter bonus will be paid for performance below
threshold. To earn a bonus award under the amended Bonus
Program, a Bonus Participant must be employed by the Company
when performance goals are achieved and on the date of payment.
If the fourth quarter financial targets are achieved, the
aggregate bonus amount to be paid out under the modified Bonus
Program would be approximately $14 million based on projected
year-end headcount.

CONTACT: Global Crossing Ltd.
         Wessex House
         45 Reid St.
         Hamilton, HM12
         Bermuda
         Phone: 441-296-8600
         Web Site: http://www.globalcrossing.com/


INSURANCE CONSULTING: Robin Mayor to Oversee Wind-Up Process
------------------------------------------------------------
             IN THE MATTER OF THE COMPANIES ACT 1981

                             and

       IN THE MATTER OF Insurance Consulting Services Limited

The Members of Insurance Consulting Services Limited, acting by
written consent without a meeting on November 24, 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 Insurance Consulting Services Limited, which is
being voluntarily wound up, are required, on or before December
10, 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 Insurance Consulting
Services Limited will be held at the offices of Messrs. Conyers
Dill & Pearman, Clarendon House, Church Street, Hamilton,
Bermuda on December 29, 2004 at 9:30 a.m. 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


ONYX CAPITAL: Nicholas Hoskins to Serve as Liquidator
-----------------------------------------------------
              IN THE MATTER OF THE COMPANIES ACT 1981

                                and

        IN THE MATTER OF Onyx Capital Asset Management Limited

At a Special General Meeting of the Members of Onyx Capital
Asset Management Limited, duly convened and held at the Offices
of the Company, Hamilton, Bermuda, on November 25, 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 Onyx Capital Asset Management Limited, which is
being voluntarily wound up, are required, on or before December
30, 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 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 Onyx Capital Asset
Management Limited will be held at the offices of Wakefield
Quin, Chancery Hall, 52 Reid Street, Hamilton, Bermuda on
January 7, 2005 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


SIMPLON LIMITED: Sole Member Resolves to Wind-Up
------------------------------------------------
          IN THE MATTER OF THE COMPANIES ACT 1981

                         and

             IN THE MATTER OF Simplon Limited

The Sole Member of Simplon Limited, acting by written consent
without a meeting on November 25, 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 Simplon Limited, which is being voluntarily wound
up, are required, on or before December 10, 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 Sole Member of Simplon Limited
will be held at the offices of Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, Bermuda on December
31, 2004 at 9:30 a.m. 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


SPUTNIK ADVISORS: Names Robin Mayor as Liquidator
-------------------------------------------------
           IN THE MATTER OF THE COMPANIES ACT 1981

                             and

          IN THE MATTER OF Sputnik Advisors, Ltd.

The Member of Sputnik Advisors, Ltd., acting by written consent
without a meeting on November 25, 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 Sputnik Advisors, Ltd., which is being
voluntarily wound up, are required, on or before December 10,
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 Sputnik Advisors,
Ltd. will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
December 30, 2004 at 9:30 a.m. 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


STENA ADMIRAL: Proceeds With Wind-Up Process
--------------------------------------------
            IN THE MATTER OF THE COMPANIES ACT 1981

                            and

             IN THE MATTER OF Stena Admiral Line Ltd.

The Sole Member of Stena Admiral Line Ltd., acting by written
consent without a meeting on November 25, 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 Stena Admiral Line Ltd., which is being
voluntarily wound up, are required, on or before December 10,
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 Sole Member of Stena Admiral
Line Ltd. will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
December 31, 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


STENA HOLDING: Robin Mayor to Oversee Wind-Up Proceedings
---------------------------------------------------------
            IN THE MATTER OF THE COMPANIES ACT 1981

                             and

        IN THE MATTER OF Stena Holding (Bermuda) Limited

The Sole Member of Stena Holding (Bermuda) Limited, acting by
written consent without a meeting on November 25, 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 Stena Holding (Bermuda) Limited, which is being
voluntarily wound up, are required, on or before December 10,
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 Sole Member of Stena Holding
(Bermuda) Limited will be held at the offices of Messrs. Conyers
Dill & Pearman, Clarendon House, Church Street, Hamilton,
Bermuda on December 31, 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


TCW GLOBAL PROJECT: Claims Check to End December 10
---------------------------------------------------
           IN THE MATTER OF THE COMPANIES ACT 1981

                           and

         IN THE MATTER OF TCW Global Project Fund Ltd.

The Members of TCW Global Project Fund Ltd., acting by written
consent without a meeting on November 24, 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.

- Creditors of TCW Global Project Fund Ltd., which is being
voluntarily wound up, are required, on or before December 10,
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 TCW Global Project
Fund Ltd. will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
December 29, 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
===========

TELEMAR: Finalizes $19M Internet Group Limited Stake Sale
---------------------------------------------------------
TELE NORTE LESTE PARTICIPACOES S.A. (NYSE: TNE), a holding
company of telecommunication services providers in Brazil,
announced that, in compliance with CVM Instruction no. 358/02,
it executed a purchase and sale agreement with Brasil Telecom
(Bermuda) Subsea Cable System Ltd. to sell 100% of the 6,791,217
shares in Internet Group Limited "iG" (Cayman), representing
17.6% of the total capital of the latter, held by its wholly-
owned subsidiary TNL.Net Participacoes S.A., for an amount
equivalent to US$18,913,539.34.

This sale will give rise to a profit of approximately R$5.0
million, considering the R$/US$ exchange rate (PTAX) of November
24, 2004.

CONTACT: TNE - Investor Relations
         Mr. Roberto Terziani
         e-mail: terziani@telemar.com.br
         Phone: 55 21 3131 1208
                or
         Mr. Carlos Lacerda
         e-mail: carlosl@telemar.com.br
         Phone: 55 21 3131 1314

         Global Consulting
         Mr. Kevin Kirkeby
         e-mail: kkirkeby@hfgcg.com
         Phone: 1 646.284.9416


VARIG: Recent Results Show Financial Improvement
------------------------------------------------
Brazilian air transportation company Varig registered its first
quarterly profit in years as it carried more passengers.
According to Reuters, the embattled flagship airline posted a
net profit of BRL262 million (USD$95.8 million) in the third
quarter, compared with a loss of BRL243 million (USD$88.8
million) in the same period of 2003.

Net revenues in the third quarter rose to BRL2 billion (USD$731
million) from BRL1.6 billion (USD$584.8 million) a year earlier.
Between January and September, losses were 43% lower at BRL305
million (USD$111.5 million), compared to the same period last
year.

Net revenues in the first nine months of this year totaled
BRL6.2 billion (USD$2.27 billion), almost 27% more than in the
same time in 2003. Varig also said in a statement that net
revenues from flights between January and September rose a
nominal 6.4%.

"That is explained in part by a rise in the number of passengers
per kilometer, of 5.3%," it said.

Despite an improvement in its financial results, the company is
still facing an acute debt problem and is clamoring for
government help. Varig has negative equity of BRL7 billion
(close to US$2.5 billion), according to its creditors.

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

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


VASP: Trading Suspended After Creditor Files Bankruptcy Petition
----------------------------------------------------------------
The Brazilian Stock Exchange, Bovespa, on Friday suspended share
trading in financially troubled Brazilian airline Vasp, after
the company became the object of a bankruptcy petition in a
local court. The petition seeking the bankruptcy and liquidation
of Vasp was made by Condomio Hotel Le Genard in the city of
Guarulhos, in Sao Paulo state. The hotel is located near the Sao
Paulo International Airport.

Vasp spokesman Mario Galvao, however, called the hotel's
petition "a nuisance."

Spokesmen for the hotel declined comment.

Bovespa said it is waiting for more information about the case
from Vasp before it allows resumption of trading.

Asked about the impact for the company of the Bovespa
suspension, Galvao said there were very few shares traded in
Vasp. He said the company is predominately owned and controlled
by one person, airline executive Wagner Canhedo.

Vasp has been struggling under a huge debt burden ever since the
2001 recession that hit the global airline industry. The company
is currently operating on a six-month "emergency" license
granted by the government pending presentation of a
comprehensive restructuring plan.

Vasp's total debt with the Federal Airport Authority alone is
BRL760 million relating to airport charges not paid since the
1990s.



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

ICE: Reports $484K Losses on Phone Scam
---------------------------------------
A widespread mobile phone fraud cost ICE, Costa Rica's telecoms
monopoly, some CRC220 million (US$484,000) in losses, reports
Business News Americas.

Fraudsters hired vagrants to sign up for new mobile lines,
knowing that ICE is obliged to wait two months before cutting
off the lines of non-paying customers. The gang paid its
recruits CRC10,000-20,000 for their part, then used the lines to
run up international long distance bills.

According to ICE's mobile services director Orlando Cascante,
the company will have to assume the cost of the international
calls.



=============
E C U A D O R
=============

PETROECUADOR: Awards Four Traders New Crude Contracts
-----------------------------------------------------
Ecuador's state oil company Petroecuador has awarded four
traders contracts to buy 24,000 barrels a day (b/d) of crude
each, reports Business News Americas. The traders are Valero,
Glencore, Citizen and Taurus Petroleum - who bid the highest
premium (US$0.62/barrel). According to a Petroecuador
spokesperson, each of the four traders picked up two 12,000b/d
contracts, which are for six months with the first shipment set
for the first week of December.

The report reveals Petroecuador offered bidders two different
pricing formulas in the tender, after foreign buyers of
Ecuador's Oriente crude "phased out" their contracts with
Petroecuador in October.

Buyers rejected Petroecuador's proposal to sell Oriente at a
US$13.95/barrel discount to US benchmark crude West Texas
Intermediate (WTI) in November.

The companies had been seeking a discount of US$16.30-$16.50
below WTI, but Petroecuador opted for a "political" price
differential, which was the same discount offered in October,
because of pressure from the government to reduce the spread.

Of the two price formulas proposed by Petroecuador in this
latest tender, the option Taurus used is calculated by using the
WTI benchmark price less a discount for Ecuador's domestic crude
price (average of Argus and Platt's) and a premium to
Petroecuador.

"Under this new scheme, the market automatically sets the
price," the spokesperson said, adding, "There is a difference
that's not very big, but there is a difference that favors
[Petroecuador]."

Unlike previous contracts, Petroecuador will not have to
negotiate the crude price differential every month and instead
the price is determined by the average of Argus and Platt's
Ecuadorian domestic crude price.



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

HYLSAMEX: Stock Price Runs Up on Sale Rumors
--------------------------------------------
Shares of Hylsamex SA (HYLSAMX.MX), Mexico's third-largest steel
maker, have risen 19% last week. Some analysts say that
speculation about the company's impending sale fueled the recent
surge in the share price.

Although its majority owner, conglomerate Alfa, had already
announced that it plans to spin off its remaining 51% stake in
Hylsamex in the first quarter of 2005, news of an outright
acquisition could be attractive to investors hoping to profit
from the sale of control, which would carry a premium.

Meanwhile, other analysts believe the 19% gain in Hylsamex
shares last week is a result of improved market conditions,
which boosted the company's profits.

Hylsamex reported profits of US$119 million in the third quarter
of 2004, turning round a US$24 million loss in the same period
last year on growth in steel shipments and prices.

Jorge Lagunas, an analyst with the Interacciones brokerage, also
attributed the rise to the company's astute management of its
debt and consistent dividend payments.

The steelmaker reduced debt 42% during the first nine months of
2004 to US$587 million, while subsidiaries Hylsa and Galvak
secured US$335 million in bank loans to refinance debt.

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

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


MINERA AUTLAN: BMV Resumes Trading; Skyrockets in Price
-------------------------------------------------------
Trading in shares of Mexican manganese producer Cia Minera
Autlan (BMV: AUTLANB) resumed last week on the Mexican City
stock exchange (BMV) following approval from the country's
National Banking and Securities Commission.

On their first two days back on the BMV, the shares jumped 855%
in value, says Business News Americas.

The shares' closing price when it was suspended on February 2,
2001 was MXN0.78 pesos. When the shares opened Tuesday morning
on the BMV, it traded at MXN4.70. Over 12 million Autlan shares
were traded throughout the day before closing at MXN7.00 on
Tuesday evening, a 797% increase on its previous closing price
in February 2001.

The surge continued on Wednesday when Autlan's share price
closed at MXN7.45 after 5.2 million shares were traded, leaving
the company's share price 855% higher than the February 2001
closing price.

According to analyst Pablo Ruiz of Vector Casa de Bolsa
financial consultants, the return of Autlan to the BMV is
positive for both the stock exchange and the company itself.



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

NUEVO MUNDO: Court Recognizes "Validity" SBS Intervention
---------------------------------------------------------
The Peruvian Supreme Court deemed banking regulator SBS'
intervention of local bank Nuevo Mundo valid, reports Business
News Americas. In addition, the court also rejected Nuevo
Mundo's claim to collect US$280 million in damages from the
banking regulator.

Along with NBK Bank, Nuevo Mundo was intervened in December
2000, when former President Alberto Fujimori sought asylum in
Japan. Fujimori's surprise exit provoked a run on deposits at
some banks, which prompted authorities to intervene Nuevo Mundo
and NBK Bank due to liquidity problems.

NBK Bank was cleaned up, with its healthiest part sold off to
Banco Financiero. However, the case of Nuevo Mundo turned out
quite differently as its former owner, the Levy group, began a
legal battle against the SBS to prevent the liquidation or sale
of the bank.



=============
U R U G U A Y
=============

UTE: Seeks Revised Offers to Meet Technical Specifications
----------------------------------------------------------
Uruguay's state power company UTE has asked bidders to revise
their offers for a turnkey contract to build a 350-400MW
combined cycle thermoelectric plant. Business News Americas
reveals that four companies had submitted bids for the contract,
none of which met UTE's technical requirements.

Two of the bidders, Alstom and Siemens Westinghouse, did not
comply with the mechanical requirements related to the turbines
and the other two, Fiat Engineering do Brasil and General
Electric, failed to present complete documentation.

UTE gave the companies until December 2 to re-submit their bids.
All except General Electric (GE) are prepared to re-submit their
offers.

GE is seeking an injunction against UTE for asking the bidders
to revise their offers.



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

PDVSA: 2003 SEC Report Still Pending
------------------------------------
Shortage of staff is keeping state oil giant Petroleos de
Venezuela (PDVSA) from finishing its 2003 financial report for
the U.S. Securities and Exchange Commission, Dow Jones Newswires
reports, citing PdVSA President Rafael Ramirez.

The company, after sacking about 19,000 employees who joined a
strike aimed at removing President Hugo Chavez from office last
year, is struggling to complete the report on time as it doesn't
have enough competent accountants to do the job.

"We are working on the SEC report," said Ramirez. "You have to
remember the terrible situation we had in 2003," he said.

Last year, PDVSA asked for two extensions before it filed its
2002 financial results with the SEC in October.


PDVSA: Signs Memorandum Of Understanding With Lukoil
----------------------------------------------------
OAO LUKOIL and Petroleos de Venezuela S.A. (PDVSA), the national
petroleum company, on Friday signed the Memorandum of
Understanding within the framework of the official visit of Hugo
Chavez Frias, President of the Bolivarian Republic of Venezuela,
to Russia.

The Memorandum was signed by Vagit Alekperov, President of
LUKOIL, and Ali Rodriguez Araque, Minister of Foreign Affairs of
Venezuela, who headed PDVSA until the middle of November of
2004.

The document signed Friday reflects PDVSA's willingness to
provide new upstream projects in the so-called Orinoco heavy oil
belt, new exploration, development and production projects in
the Gulf of Venezuela (Lake Maracaibo), as well as field
rehabilitation and oil recovery enhancement projects on depleted
fields for LUKOIL's review for the purpose of possible joint
implementation.

In accordance with the Memorandum the parties will discuss
purchases of crude oil and refined petroleum products by LUKOIL
from PDVSA, both by way of spot transactions and on the basis of
long-term agreements. PDVSA will also provide for LUKOIL's
consideration proposals on possible cooperation in the area of
crude oil refining.

The parties also expressed their intention to exchange personnel
on a regular basis for the purposes of training, re-training and
professional development in various areas.

LUKOIL and PDVSA acted as organizers of the first Russian-
Venezuelan Oil and Gas Seminar, which took place in Moscow on
Thursday. Speaking at the seminar, Ali Rodriguez Araque provided
detailed information on Venezuela's plans to increase its
hydrocarbon reserves and production. These plans coincide with
LUKOIL's intention to invest in the development of the oil and
gas industry of Venezuela.

"Participation in oil and gas projects in Venezuela is an
important area of activity for the Company, which also covers
supply of crude to the North American market, as well as refined
petroleum products for LUKOIL's marketing chain in the USA,"
said Vagit Alekperov after the signing of the Memorandum.



                            ***********


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
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Information contained herein is obtained from sources believed
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* * * End of Transmission * * *