TCRLA_Public/041202.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

         Thursday, December 2, 2004, Vol. 5, Issue 239

                            Headlines



A N T I G U A   &   B A R B U D A

COURTS PLC: Company Profile


A R G E N T I N A

AVDA. CORDOBA: Court Approves Creditor's Liquidation Plea
BALUARTE S.A.: Reports Filing Schedule Set
CREST S.A.: Begins Liquidation Process on Court Orders
DAILY EXPRESS: Reorganization Initiated
DECOFI S.R.L.: Verification Deadline Approaches

EL DETALLE: Bankruptcy Begins Following Court Orders
GUIA INTERNACIONAL: Court Declares Company Bankrupt
HAMAAFIA S.A.: Gets Reorganization Approval
IMPSAT FIBER: Huff Entities Acquire Senior Convertible Notes
IRSA: Increases Stake in Local Shopping Unit

ITEYCO S.A.: Liquidation Process Begins to Repay Debts
OIL DISTRIBUTING: Court OKs Creditor's Bankruptcy Request
PARRI S.A.: Liquidates Assets to Pay Debts
RAFAEL PAOLILLO: Initiates Bankruptcy Proceedings
REPSOL YPF: Uncertain Economic Environment Affects S&P Ratings

TELEFONICA DE ARGENTINA: Service Interruptions Forecast
TIGER BELL: Court Orders Liquidation
WORLD IMPORT: Court Designates Trustee For Liquidation


B E R M U D A

CONTRACTORS INSURANCE: Final Meeting Set for December 29
MINT GUARANTEED GLOBAL: Appoints Beverly Mathias as Liquidator
NIMIR AL-FURT: Member Agrees to Wind-up
NIMIR AYAD: Claims Varification to End on Dec. 13
NIMIR-SOUTH SANWA: Douglas Pullen to Serve as Liquidator

NIMIR QAMAR: Proceeds With Wind-Up
NIMIR YEMEN HOLDINGS: Begins Voluntary Liquidation Process


B O L I V I A

BANCO MERCANTIL: High Sovereign Risk Constrains Ratings - S&P
HIDROELECTRICA BOLIVIANA: Reorganizes $65M Debt


B R A Z I L

BRASKEM: Board OKs Purchase of Petrobras Quimica Stake
PARMALAT: Shows Strong Increase in Operating Results
VASP: Infraero Rejects Debt Payment Offer; Staff Cuts Follow


C O L O M B I A

AVIANCA: Receives New Purchase Offer
VALORES BAVARIA: Changes Name; Appoints Investment Board


C O S T A   R I C A

BICSA PANAMA: S&P Drops Ratings; Outlook Lowered to Negative


M E X I C O

GRUPO TMM: Regulator OKs Control of Tex Mex, Laredo Bridge


T R I N I D A D   &   T O B A G O

BWIA: Mechanical Problems Delaying Flights
TOBAGO EXPRESS: Regulator Suspends Lease


V E N E Z U E L A

CANTV: Details $850M Investment for 2005
EDC: Shareholders Authorize Dividend Payment
* VENEZUELA: Fitch Rates Reopened Global Bond 'B+'


     - - - - - - - - - -


=================================
A N T I G U A   &   B A R B U D A
=================================

COURTS PLC: Company Profile
---------------------------
NAME: Courts Plc

COMPANY LOCATION: The Grange
                  1 Central Rd.
                  Morden Surrey SM4 5PQ

PHONE: +44-20 8640 3322

FAX: +44-20 8410 9444

WEB SITE: http://www.courtsplc.com

TYPE OF BUSINESS:  Courts Plc is an international retailer of
                   household furniture, beddings and floor
                   coverings.  The group has entered various
                   markets including United Kingdom, Antigua,
                   Barbados, Belize, Dominica, Fiji, Grenada,
                   Guyana, Indonesia, Jamaica, Madagascar,
                   Malaysia, Mauritius & Rodrigues, Papua New
                   Guinea, St Kitts & Nevis, St Lucia, St
                   Vincent & the Grenadines, Singapore and
                   Trinidad & Tobago.  Courts Plc is also
                   engaged in electronic products retail and has
                   taken E-marketing to its advantage.  The
                   company is also engaged in investment and
                   insurance operations.

EXECUTIVES:  Non Executive Chairman    Robert Shrager

             Managing Director
                & Chief Executive      Bruce J.R. Cohen

             Executive Deputy
                Managing Director      Howard S.R. Cohen

             Executive Director
                Finance                Malcolm S. Samuels

             Secretary                 Christopher M. Lee

NUMBER OF EMPLOYEES: 10,756 (as of March 31, 2004)

ANNUAL REVENUE: GBP686.3 million (as of March 31, 2004)

ASSETS: EUR1.358 billion (as of March 31, 2004)

NET LOSS: GBP48 million (as of March 31, 2004)

Full copy of Courts Plc's 2004 financial report is available at
http://bankrupt.com/misc/courts_2004.pdf.

REGULATORY AGENCY: London Stock Exchange



THE TROUBLE: Courts Plc entered into administration Monday after
             it failed to persuade its creditor banks to extend
             its GBP280 million credit lines. Problems at
             Courts' UK division as well as the impact of
             Hurricane Ivan on its Caribbean arm contributed to
             the company's downfall.

AUDITOR:  PricewaterhouseCoopers LLP



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

AVDA. CORDOBA: Court Approves Creditor's Liquidation Plea
---------------------------------------------------------
Court No. 12 of Buenos Aires' civil and commercial tribunal
declared Avda. Cordoba 4625 S.R.L. bankrupt, says Clarin. The
ruling comes in approval of the bankruptcy petition filed by the
Company's creditor, Mr. Mariano Rodriguez Moron, for nonpayment
of US$9,148.54 in debt.

CONTACT: Avda. Cordoba 4625 S.R.L.
         Avenida Cordoba 4625
         Buenos Aires


BALUARTE S.A.: Reports Filing Schedule Set
------------------------------------------
Ms. Mabel Herrera, the trustee assigned to supervise the
liquidation of Baluarte S.A., will submit the validated
individual claims for court approval on April 7, 2005. These
reports explain the basis for the accepted and rejected claims.
The trustee will also submit a general report on May 19, 2005.

Infobae reports that Court No. 19 of Buenos Aires' civil and
commercial tribunal has jurisdiction over this bankruptcy case.
The city's Clerk No. 37 assists the court with the proceedings.

CONTACT: Baluarte S.A.
         Salta 1275
         Buenos Aires

         Ms. Mabel Herrera, Trustee
         Rodriguez Pena 694
         Buenos Aires


CREST S.A.: Begins Liquidation Process on Court Orders
------------------------------------------------------
Viset Seguridad Integral S.R.L. successfully sought for the
bankruptcy of Crest S.A. after Court No. 19 of Buenos Aires'
civil and commercial tribunal declared the Company "Quiebra,"
reports Clarin. The Creditor sought for the Company's bankruptcy
after the latter failed to pay debts amounting to US$93,980.96.

The city's Clerk No. 38 assists the court on the case that will
culminate in the liquidation of all of its assets.

CONTACT: Crest S.A.
         Arcos 3631
         Buenos Aires


DAILY EXPRESS: Reorganization Initiated
---------------------------------------
Daily Express S.A. proceeds with reorganization after Court No.
18 of Buenos Aires' civil and commercial tribunal allowed its
request for "concurso preventivo", states Infobae. Under
Insolvency protection, the Company will be able to draft a
proposal designed to settle its debts with creditors. The
reorganization also prevents the Company's outright liquidation.

Mr. Baldomero Gonzalez Herrera, the court-appointed trustee,
will verify creditors' proofs of claims until February 10, 2005.
Creditors with unverified claims cannot participate in the
reorganization plan.

After claims verification, the trustee will submit individual
reports for court approval on March 10, 2005. The general report
submission will follow on April 25, 20056. The Company's
informative assembly is scheduled on September 21, 2005.

The city's Clerk No. 35 assists the court on this case.

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


DECOFI S.R.L.: Verification Deadline Approaches
-----------------------------------------------
The verification of claims for the Decofi S.R.L. bankruptcy case
will end on December 10 according to Infobae. Creditors with
claims against the bankrupt company must present proof of the
liabilities to Mr. Oscar Alfredo Arias, the trustee, before the
deadline.

Court No. 4 of Buenos Aires' civil and commercial tribunal
handles the company's case with the assistance of Clerk No. 7.
The bankruptcy will conclude with the liquidation of the
company's assets to pay its creditors.

CONTACT: Mr. Oscar Alfredo Arias, Trustee
         Carlos Pellegrini 1063
         Buenos Aires


EL DETALLE: Bankruptcy Begins Following Court Orders
----------------------------------------------------
Court No. 10 of Buenos Aires' civil and commercial tribunal
declared El Detalle S.A. bankrupt after the company defaulted on
its debt payments. The order effectively places the company's
affairs as well as its assets under the control of court-
appointed trustee, the accounting firm "Kullahian, Diaz y
Asociados."

As trustee, the firm is tasked with verifying the authenticity
of claims presented by the company's creditors. The verification
phase is ongoing until February 23, 2005.

Following claims verification, the trustee will submit the
individual reports based on the forwarded claims for final
approval by the court on April 6, 2005. A general report will
also be submitted on May 23, 2005.

Infobae reports that the city's clerk no. 19 assists the court
on this case that will end with the disposal of the company's
assets in favor of its creditors.

CONTACT: "Kullahian, Diaz y Asociados"
          Uruguay 750
          Buenos Aires


GUIA INTERNACIONAL: Court Declares Company Bankrupt
---------------------------------------------------
Court No. 19 of Buenos Aires' civil and commercial tribunal,
aided by Clerk No. 38, declared local company Guia Internacional
de Trafico S.R.L. "Quiebra", relates Clarin. The court approved
the bankruptcy petition filed by Mr. Walter Rodriguez whom the
Company has debts totaling US$24,793.10

CONTACT: Guia Internacional de Trafico S.R.L.
         Suipacha 201
         Buenos Aires


HAMAAFIA S.A.: Gets Reorganization Approval
-------------------------------------------
Court No. 21 of Buenos Aires' civil and commercial tribunal
approved the "Concurso Preventivo" petition filed by Hamaafia
S.A., reports local news source Clarin. Under insolvency
protection, the Company will be able to draft a settlement plan
for its creditors in order to prevent an outright liquidation.

CONTACT: Hamaafia S.A.
         Federico Lacroze 1786
         Buenos Aires


IMPSAT FIBER: Huff Entities Acquire Senior Convertible Notes
------------------------------------------------------------
WRH Partners Global Securities, L.P., a Delaware limited
partnership, W.R. Huff Asset Management Co., L.L.C., a Delaware
limited liability company, and certain other affiliated limited
partnerships (collectively, the "Huff Entities"), for their
clients and/or on behalf of certain separately managed accounts
(collectively, the "Accounts"), have been issued and/or have
acquired, in the aggregate, $37,325,732 principal amount of the
Series A 6% Senior Guaranteed Convertible Notes due 2011 of
IMPSAT Fiber Networks, Inc. ("the Company") (the "Series A
Notes"), $11,222,469 principal amount of the Series B 6% Senior
Guaranteed Convertible Notes due 2011(the "Series B Notes"), and
warrants to purchase an aggregate of 320,321 Shares.

As of November 23, 2004, the Series A Notes are convertible into
2,725,898 shares of the common stock, par value $0.01 per share
(the "Shares"), of the Company, and the Series B Notes are
convertible into 534,375 Shares of the Company. William R. Huff
possesses sole power to vote and direct the disposition of all
securities of the Company issued to or on behalf of the
Accounts. Thus, as of November 23, 2004 for the purposes of Reg.
Section 240.13d-3, William R. Huff is deemed to beneficially own
3,580,594 Shares, or approximately 26.1% of the Shares deemed
issued and outstanding as of that date. Mr. Huff's interest in
the Shares is limited to his pecuniary interest, if any, in the
Huff Entities and/or the Accounts. See Item 5 for additional
information.

Interest in Securities of the Issuer

Based upon information in the Company's Form 10-Q, filed by the
Company with the Securities and Exchange Commission on November
15, 2004, there were 10,116,100 Shares issued and outstanding as
of November 23, 2004. As of November 23, 2004, the Huff
Entities, for their clients and/or on behalf of the Accounts,
have been issued and/or have acquired, in the aggregate,
$37,325,732 principal amount of the Series A 6% Senior
Guaranteed Convertible Notes due 2011 of the Company,
$11,222,469 principal amount of the Series B 6% Senior
Guaranteed Convertible Notes due 2011, and warrants to purchase
an aggregate of 320,321 Shares. As of November 23, 2004, the
Series A Notes are convertible into 2,725,898 Shares of the
Company, and the Series B Notes are convertible into 534,375
Shares of the Company.

Pursuant to the terms of the Series A Notes and the Series B
Notes (collectively, the "Notes"), the Company must pay interest
on the Notes, until September 2005, by adding accrued interest
to the principal amount of the Notes. As a result of such terms
of the Notes, the amount or number of Shares that may be
acquired upon the conversion of the Notes is subject to
increase, which such increase includes both accrued interest
that (i) has been accrued prior to the date hereof pursuant to
the addition of such accrued interest to the principal amount of
the Notes and (ii) may be accrued after the date hereof pursuant
to future additions of such accrued interest to the principal
amount of the Notes.

William R. Huff possesses sole power to vote and direct the
disposition of all securities of the Company issued to or on
behalf of the Accounts, subject to the internal screening and
other securities law compliance procedures of the Huff Entities
described below. Thus, as of November 23, 2004, for the purposes
of Reg. Section 240.13d-3, William R. Huff is deemed to
beneficially own 3,580,594 Shares, or approximately 26.1% of the
Shares deemed issued and outstanding as of that date. Mr. Huff
disclaims any pecuniary interest in the Shares.

The Huff Entities have in place appropriate internal screening
procedures and other securities law compliance policies that
from time to time require Mr. Huff to delegate to one or more
employees of the Huff Entities transaction and/or securities
disposition authority with respect to certain entities,
including the Company. All such employees serve under the
ultimate direction, control and authority of Mr. Huff.

The following table details the transactions during the sixty
days on or prior to November 23, 2004 in Shares, or securities
convertible into, exercisable for or exchangeable for Shares, by
Mr. Huff or any other person or entity controlled by him or any
person or entity for which he possesses voting or investment
control over the securities thereof (each of which was effected
in a private transaction):

  -----------------------------------------------------------

                         (Purchases)


  Date               Quantity             Price
  ----               --------             -----

  November 23, 2004   $8,633,969          $5,612,080
                      Series B Notes

                          (Sales)

CONTACT: IMPSAT Fiber Networks, Inc.
         Elivra Rawson de Dellepiane 150
         Piso 8
         Buenos Aires, C1107BCA
         Argentina
         Phone: 54-11-5170-0000
         Web Site: http://www.impsat.com/


IRSA: Increases Stake in Local Shopping Unit
--------------------------------------------
Argentina real estate developer IRSA-Inversiones y
Representaciones SA (IRS) boosted its stake in its shopping
center operating unit, Alto Palermo SA (APSA) following the
purchase of convertible bonds and ADRs of the subsidiary from a
Goldman Sachs (GS) entity.

Citing a filing to the local stock exchange Tuesday, Dow Jones
Newswires reports that APSA signed an agreement with GSEM/AP
Holdings LP, a wholly owned subsidiary of Goldman Sachs, to
acquire 3,061,450 APSA convertible bonds and 1,114,520 ADRs.

The holdings represent 6.1% of APSA's share capital and IRSA
paid $15.3 million. The bonds can be swapped into shares in
2006.

IRSA was already the largest shareholder in APSA with a stake of
almost 55%.

CONTACT: Mr. Alejandro Elsztain
         Director
         or
         Mr. Gabriel Blasi
         CFO
         Phone: +(5411) 4323 7449
         e-mail: finanzas@irsa.com.ar
         Web Site: http://www.irsa.com.ar/


ITEYCO S.A.: Liquidation Process Begins to Repay Debts
------------------------------------------------------
Iteyco S.A. of Buenos Aires initiates the liquidation of its
assets after Court No. 6 of the city's civil and commercial
tribunal declared the company bankrupt. Infobae reveals that the
bankruptcy process will commence under the supervision of court-
appointed trustee Norma Haydee Fernandez.

The trustee will review claims forwarded by the company's
creditors until December 21. After claims verification, she will
submit the individual reports for court approval on March 4,
2005. The submission of the general report will follow on April
19, 2005.

Clerk No. 12 assists the court on this case.

CONTACT: Ms. Norma Haydee Fernandez, Trustee
         Plaza 3442
         Buenos Aires


OIL DISTRIBUTING: Court OKs Creditor's Bankruptcy Request
---------------------------------------------------------
Local fuel supplier Oil Distributing Systems S.A. entered
bankruptcy after Court No. 9 of Buenos Aires' civil and
commercial tribunal approved a bankruptcy motion filed by Banco
Sudameris S.A., reports La Nacion. The Company's failure to pay
US$63,306.89 in debt prompted the Creditor to file the petition.

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: Oil Distributing Systems S.A.
         Avda. Jujuy 101
         Buenos Aires


PARRI S.A.: Liquidates Assets to Pay Debts
------------------------------------------
Parri S.A. will begin wind-up proceedings following the
liquidation pronouncement issued by Court No. 6 of Buenos Aires'
civil and commercial tribunal, Infobae reports.

The ruling places the company under the supervision of court-
appointed trustee Luis Traverso. The trustee will verify
creditors' proofs of claims until March 11, 2005.

The bankruptcy process will end with the disposal of the
company's assets to repay its debts.

CONTACT: Mr. Luis Traverso, Trustee
         Avda Corrientes 1820
         Buenos Aires


RAFAEL PAOLILLO: Initiates Bankruptcy Proceedings
-------------------------------------------------
Court No. 6 of Buenos Aires' civil and commercial tribunal
declared Rafael Paolillo e Hijos S.A. "Quiebra," reports
Infobae.

Ms. Norma Haydee Fernandez, who has been appointed as trustee,
will verify creditors' claims until April 26, 2005 and then
prepare the individual reports based on the results of the
verification process. The individual reports will be submitted
in court on June 8, 2005 followed by the general report on
August 4, 2005.

The city's Clerk No. 12 assists the court on the case that will
close with the liquidation of the Company's assets to repay
creditors.

CONTACT: Ms. Norma Haydee Fernandez, Trustee
         Plaza 3442
         Buenos Aires


REPSOL YPF: Uncertain Economic Environment Affects S&P Ratings
--------------------------------------------------------------

Rationale

The ratings on YPF S.A. (YPF) reflect its strategic importance
to its parent Repsol, Repsol's economic incentive to strongly
support its Argentine operation, a conservative financial
profile (despite significant dividend payments in the past three
years), and YPF's strong business position. The ratings also
reflect the challenges of operating in the highly uncertain and
rapidly changing Argentine economic environment, vulnerability
to highly volatile international prices, and a geographically
concentrated reserve base.

The strong performance of YPF's operations coupled with the
existence of cross-default clauses in many of Repsol's bonds are
significant incentives for Repsol's support. This is
particularly true because, as YPF has been reducing its leverage
to a more conservative level and exhibiting a very smooth
maturity profile, any eventual required assistance should not be
significant compared to the value of the company. The cross-
default clauses specify that Repsol would default on its bonds
if any principal subsidiary, including YPF, defaulted on more
than $20 million of debt obligations. Standard & Poor's Ratings
Services considers the economic incentives for Repsol to support
its Argentine subsidiary to be very strong, except in the case
of total nationalization.

Standard & Poor's considers the regulatory and institutional
environment in Argentina as a major risk for YPF's business
position. Nevertheless, Standard & Poor's considers that the
strong financial profile, the economic incentives from its
parent, a very competitive cost structure, sound management, and
very important reserve base, which the company has been bringing
into production despite the challenging conditions of the past
few years, compensate those weaknesses at the current rating
category.

The hydrocarbon sector in Argentina is conditioned by political
decisions that might affect the sustainability of the industry's
profitability in the medium to long term. So far in 2004, the
Kirchner Administration has:

-- Modified many regulations jeopardizing the credit quality of
the companies,

-- Curtailed natural gas exports to Chile (for political rather
than technical reasons),

-- Proposed the creation of a new state-owned energy company
("Enarsa") that will operate in the hydrocarbon industry and
increases uncertainties about the Government's willingness to
interfere in the sector,

-- Pressured producers to invest in Infrastructure Projects
(mostly pipelines), and

-- Pressured producers and refiners not to increase the price of
retail refined products.

With consolidated sales of Argentina peso (ArP) 20 billion
(approximately $6.9 billion) for the past 12 months ended Sept.
30, 2004, YPF is Argentina's largest company and Latin America's
fourth-largest integrated energy company. As of December 2003,
YPF had 2,690 million barrels of oil equivalent (boe) proven
consolidated reserves, almost all of which are concentrated in
Argentina (47.2% oil, 76% developed reserves).

YPF's revenue base, profitability, and cash-flow generation
ability are volatile, influenced by the strong weight of the
exploration and production division, which has contributed
between 50% and 99% of operating income in the past four years.
Despite government intervention that did not allow YPF to fully
benefit from international crude oil prices, funds from
operations (FFO) covered more than 300% in the past 12 months
ended Sept. 30, 2004, while EBITDA interest coverage reached a
very strong 45x for the same period. Likewise, future
performance will be conditioned by the effect of international
events on prices and by the evolution of devaluation and
inflation and new economic measures in Argentina. Despite the
mentioned volatile environment in Argentina, YPF's financial
performance, profitability measures, and cash-flow generation
ability should remain strong due to its good operating
performance and conservative financial profile in spite of an
aggressive dividend policy in the past three years.

YPF has a moderate capital structure, with total debt
representing a conservative 8.8% of capitalization as of
September 2004.

Liquidity

Standard & Poor's considers YPF's liquidity position to be
strong due to its important cash holdings, the intercompany
credits with the parent company, and the strong cash-flow
generation. As of September 2004, YPF's cash reserves amounted
to $238 million while total debt reached $740 million, including
$118 million in the short term. Intercompany credits granted to
the Repsol YPF group (approximately $1.3 billion as of September
2004) constitute an additional liquidity source. However, this
position has been reduced in October 2004, after a $590 million
dividend payment.

Given that no acquisition is expected and considering the strong
cash-flow generation ability of the company, Standard & Poor's
expects that YPF's capital expenditure needs to be covered with
internally generated funds, and therefore free operating cash
flows should remain positive in the medium term. YPF showed an
aggressive dividend policy in the past three years, and dividend
payout for 2004 exceeds fiscal 2003 net income. However, it is
still commensurate with the company's cash-generation ability.
Standard & Poor's expects YPF's dividend policy to reflect the
Repsol Group's cash management policy, but not to increase the
company's cash needs or jeopardize its ability to fund its
capital expenditure requirements.

Standard & Poor's expects YPF's liquidity situation to remain
strong. However, should foreign-exchange transfer controls be
reinstated (as in the December 2001-May 2003 period), debt
payment capacity could be pressured.

Outlook

The stable outlook reflects Standard & Poor's expectations that
Repsol has sufficient economic incentives to support YPF,
thereby mitigating direct sovereign risk (particularly an
increase in current transfer and convertibility restrictions).
Standard & Poor's expects YPF to continue strengthening its
solid business position and maintaining sound cash-flow
protection measures despite some additional intervention of the
Argentine government (for example, in the form of new or
additional taxes).

Primary Credit Analyst: Pablo Lutereau, Buenos Aires (54) 114-
891-2125; pablo_lutereau@standardandpoors.com

Secondary Credit Analyst: Emmanuel Dubois-Pelerin, Paris (33) 1-
4420-6673; emmanuel_dubois-pelerin@standardandpoors.com


TELEFONICA DE ARGENTINA: Service Interruptions Forecast
-------------------------------------------------------
Telefonica de Argentina (TAR) warned Tuesday of possible
interruptions in the domestic and long-distance phone service
after striking telephone workers occupied a crucial operational
center, reports Dow Jones Newswires.

Telefonica, which is controlled by Telefonica (TEF) of Spain,
said workers from Foetra, the telephone union, entered the
downtown Buenos Aires building at 1730 GMT. Shortly before 2300
GMT, local news stations showed that the workers were still
there. The company called the facility the "neurological center"
that controls traffic for domestic and international calls, as
well as data transmission.

In a statement, Telefonica warned "as a result of the taking of
(the center), interruptions or cuts in service of national and
international communications and Internet data could be
produced."

The company said it would file complaints against the union to
the telecommunications regulatory authority and in the courts.

Early last month, some 8,000 call center employees, cable
technicians and administrative personnel working for fixed-line
carriers Telefonica de Argentina and Telecom Argentina in Buenos
Aires and the surrounding suburbs lodged a strike demanding a
25% raise. The Argentine Labor Minister ordered a mandatory, 10-
day truce between the conflicting parties. The order expired on
Nov. 15.

On Friday, Buenos Aires-based workers took up a new six-day
strike and threatened to expand the stoppage to a national
level.

CONTACT:  TELEFONICA DE ARGENTINA
          Tucuman 1, 18th Floor, 1049
          Buenos Aires, Argentina
          Phone: (212) 688-6840
          Home Page: http://www.telefonica.com.ar


TIGER BELL: Court Orders Liquidation
------------------------------------
Tiger Bell S.A. prepares to wind-up its operations following the
bankruptcy pronouncement issued by Court No. 14 of La Plata's
civil and commercial tribunal. The declaration effectively
prohibits the company from administering its assets, control of
which will be transferred to a court-appointed trustee.

Infobae reports that the court appointed Mr. Angel Homero
Coccaro as trustee. He will be reviewing creditors' proofs of
claims until December 23. The verified claims will be the basis
for the individual reports to be presented for court approval on
March 8, 2005. The trustee will also submit a general report on
April 21, 2005.

CONTACT: Tiger Bell S.A.
         Calle 12 y Camino General Belgrano de City Bell
         (Partido de La Plata)

         Mr. Angel Homero Coccaro, Trustee
         Calle 12 Nro. 718
         La Plata


WORLD IMPORT: Court Designates Trustee For Liquidation
------------------------------------------------------
Buenos Aires accountant Jorge Fernando Podhorzer was assigned
trustee for the bankruptcy of local company World Import S.A.,
relates Infobae. Mr. Podhorzer will verify creditors' claims
until December 17, the source adds. After that, he will prepare
the individual reports, which are to be submitted in court on
March 2, 2005. The general report submission should follow on
April 15, 2005.

The city's civil and commercial Court No. 24 holds jurisdiction
over the Company's case. Clerk No. 12 assists the court with the
proceedings.

CONTACT: Mr. Jorge Fernando Podhorzer, Trustee
         Pasaje El Carmen 716
         Buenos Aires



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

CONTRACTORS INSURANCE: Final Meeting Set for December 29
--------------------------------------------------------
          IN THE MATTER OF: THE COMPANIES ACT 1981

                            and

       IN THE MATTER OF Contractors Insurance Alliance Ltd.

NOTICE IS HEREBY GIVEN that a Final General Meeting of the
Members of Contractors Insurance Alliance Ltd. will be held at
KPMG Financial Advisory Services Limited, Crown House , 4 Par-
la-Ville Road, Hamilton Bermuda on December 29, 2004 at 10:00
a.m. for the following purposes:

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.

Mr. Mike Morrison
Liquidator


MINT GUARANTEED GLOBAL: Appoints Beverly Mathias as Liquidator
--------------------------------------------------------------
               IN THE MATTER OF THE COMPANIES ACT 1981

                               and

IN THE MATTER OF Mint Guaranteed Global Financial 2003 Limited

The Members of Mint Guaranteed Global Financial 2003 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 Beverly Mathias 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 Mint Guaranteed Global Financial 2003 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 Beverly Mathias at c/o Argonaut Limited, Argonaut
House, 5 Park Road, Hamilton HM O9, 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 Mint Guaranteed
Global Financial 2003 Limited will be held at the offices of
Argonaut Limited, Argonaut House, 5 Park Road, Hamilton HM O9,
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: Ms. Beverly Mathias, Liquidator
         c/o Argonaut Limited
         Argonaut House
         5 Park Road
         Hamilton HM O9
         Bermuda


NIMIR AL-FURT: Member Agrees to Wind-up
---------------------------------------
             IN THE MATTER OF THE COMPANIES ACT, 1981

                           and

  AND IN THE MATTER OF Nimir Petroleum Company Al-Furt Limited

By Written Resolution of the sole Member of Nimir Petroleum
Company Al-Furt Limited, adopted on November 25, 2004 the
following RESOLUTIONS were duly passed:-

1. "THAT the Company be wound up voluntarily pursuant to the
provisions of The Companies Act, 1981" and

2. "THAT Mr. Douglas H. Pullen of Sofia House, 1st Floor, 48
Church Street, Hamilton Bermuda be appointed Liquidator for the
purpose of winding up the Company."

The Liquidator informs that:

- Creditors of Nimir Petroleum Company Al-Furt Limited are
required on or before December 13, 2004 to send their names and
addresses and the particulars of their debts or claims to the
Liquidator of the said Company, and if so required by Notice in
writing from the said Liquidator to come in and prove their said
debts or claims at such time and place as shall be specified in
each 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 Nimir Petroleum
Company Al-Furt Limited will be held at Sofia House, 1st Floor,
48 Church Street, Hamilton, Bermuda on December 28, 2004 at
10:00 a.m. for the purpose of having an account laid before them
showing the manner in which the winding-up has been conducted
and the property of the company disposed of, and of hearing any
explanation that may be given by the Liquidator, and also of
determining by resolution the manner in which the books,
accounts and documents of the Company and of the Liquidator
thereof, shall be disposed.

CONTACT: Nimir Petroleum Company Al-Furt Limited
         Sofia House, 1st Floor
         48 Church Street
         Hamilton HM 12
         Bermuda


NIMIR AYAD: Claims Varification to End on Dec. 13
-------------------------------------------------
           IN THE MATTER OF THE COMPANIES ACT 1981

                           and

     IN THE MATTER OF: Nimir Petroleum Company Ayad Limited

By Written Resolution of the sole Member of Nimir Petroleum
Company Ayad Limited, adopted on November 25, 2004 the following
RESOLUTIONS were duly passed:

1. "THAT the Company be wound up voluntarily pursuant to the
provisions of The Companies Act, 1981" and

2. "THAT Mr. Douglas H. Pullen of Sofia House, 1st Floor, 48
Church Street, Hamilton Bermuda be appointed Liquidator for the
purpose of winding up the Company."

The Liquidator informs that:

- Creditors of Nimir Petroleum Company Ayad Limited are required
on or before December 13, 2004 to send their names and addresses
and the particulars of their debts or claims to the Liquidator
of the said Company, and if so required by Notice in writing
from the said Liquidator to come in and prove their said debts
or claims at such time and place as shall be specified in each
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 Nimir Petroleum
Company Ayad Limited will be held at Sofia House, 1st Floor, 48
Church Street, Hamilton, Bermuda on December 28, 2004 at 10:15
a.m. for the purpose of having an account laid before them
showing the manner in which the winding-up has been conducted
and the property of the company disposed of, and of hearing any
explanation that may be given by the Liquidator, and also of
determining by resolution the manner in which the books,
accounts and documents of the Company and of the Liquidator
thereof, shall be disposed.

CONTACT: Nimir Petroleum Company Ayad Limited
         Sofia House, 1st Floor
         48 Church Street
         Hamilton HM 12
         Bermuda


NIMIR-SOUTH SANWA: Douglas Pullen to Serve as Liquidator
--------------------------------------------------------
          IN THE MATTER OF THE COMPANIES ACT 1981

                           and

IN THE MATTER OF Nimir Petroleum Company South Sanwa Limited

By Written Resolution of the sole Member of Nimir Petroleum
Company South Sanwa Limited, adopted on November 25, 2004 the
following RESOLUTIONS were duly passed:

1. "THAT the Company be wound up voluntarily pursuant to the
provisions of The Companies Act, 1981" and

2. "THAT Mr. Douglas H. Pullen of Sofia House, 1st Floor, 48
Church Street, Hamilton Bermuda be appointed Liquidator for the
purpose of winding up the Company."

The Liquidator informs that:

- Creditors of Nimir Petroleum Company South Sanwa Limited are
required on or before December 13, 2004 to send their names and
addresses and the particulars of their debts or claims to the
Liquidator of the said Company, and if so required by Notice in
writing from the said Liquidator to come in and prove their said
debts or claims at such time and place as shall be specified in
each 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 Nimir Petroleum
Company South Sanwa Limited will be held at Sofia House, 1st
Floor, 48 Church Street, Hamilton, Bermuda on December 28, 2004
at 10:45 a.m. for the purpose of having an account laid before
them showing the manner in which the winding-up has been
conducted and the property of the company disposed of, and of
hearing any explanation that may be given by the Liquidator, and
also of determining by resolution the manner in which the books,
accounts and documents of the Company and of the Liquidator
thereof, shall be disposed.

CONTACT: Nimir Petroleum Company South Sanwa Limited
         Sofia House, 1st Floor
         48 Church Street
         Hamilton HM 12
         Bermuda


NIMIR QAMAR: Proceeds With Wind-Up
----------------------------------

      IN THE MATTER OF THE COMPANIES ACT 1981

                       and

IN THE MATTER OF Nimir Petroleum Company Qamar Gulf Limited

By Written Resolution of the sole Member of Nimir Petroleum
Company Qamar Gulf Limited, adopted on November 25, 2004 the
following RESOLUTIONS were duly passed:

1. "THAT the Company be wound up voluntarily pursuant to the
provisions of The Companies Act, 1981" and

2. "THAT Mr. Douglas H. Pullen of Sofia House, 1st Floor, 48
Church Street, Hamilton Bermuda be appointed Liquidator for the
purpose of winding up the Company."

The Liquidator informs that:

- Creditors of Nimir Petroleum Company Qamar Gulf Limited are
required on or before December 13, 2004, to send their names and
addresses and the particulars of their debts or claims to the
Liquidator of the said Company, and if so required by Notice in
writing from the said Liquidator to come in and prove their said
debts or claims at such time and place as shall be specified in
each 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 Nimir Petroleum
Company Qamar Gulf Limited will be held at Sofia House, 1st
Floor, 48 Church Street, Hamilton, Bermuda on December 28, 2004
at 10:30 a.m. for the purpose of having an account laid before
them showing the manner in which the winding-up has been
conducted and the property of the company disposed of, and of
hearing any explanation that may be given by the Liquidator, and
also of determining by resolution the manner in which the books,
accounts and documents of the Company and of the Liquidator
thereof, shall be disposed.

CONTACT: Nimir Petroleum Company Qamar Gulf Limited
         Sofia House, 1st Floor
         48 Church Street
         Hamilton HM 12
         Bermuda


NIMIR YEMEN HOLDINGS: Begins Voluntary Liquidation Process
----------------------------------------------------------
          IN THE MATTER OF THE COMPANIES ACT, 1981

                          and

IN THE MATTER OF Nimir Petroleum Company Yemen Holdings Limited

By Written Resolution of the sole Member of Nimir Petroleum
Company Yemen Holdings Limited, adopted on November 25, 2004 the
following RESOLUTIONS were duly passed:

1. "THAT the Company be wound up voluntarily pursuant to the
provisions of The Companies Act, 1981" and

2. "THAT Mr. Douglas H. Pullen of Sofia House, 1st Floor, 48
Church Street, Hamilton Bermuda be appointed Liquidator for the
purpose of winding up the Company."

The Liquidator informs that:

- Creditors of Nimir Petroleum Company Yemen Holdings Limited
are required on or before December 13, 2004, to send their names
and addresses and the particulars of their debts or claims to
the Liquidator of the said Company, and if so required by Notice
in writing from the said Liquidator to come in and prove their
said debts or claims at such time and place as shall be
specified in each 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 Nimir Petroleum
Company Yemen Holdings Limited will be held at Sofia House, 1st
Floor, 48 Church Street, Hamilton, Bermuda on December 28, 2004
at 11:00 a.m. for the purpose of having an account laid before
them showing the manner in which the winding-up has been
conducted and the property of the company disposed of, and of
hearing any explanation that may be given by the Liquidator, and
also of determining by resolution the manner in which the books,
accounts and documents of the Company and of the Liquidator
thereof, shall be disposed.

CONTACT: Nimir Petroleum Company Yemen Holdings Limited
         Sofia House
         1st Floor
         48 Church Street
         Hamilton HM 12
         Bermuda



=============
B O L I V I A
=============

BANCO MERCANTIL: High Sovereign Risk Constrains Ratings - S&P
-------------------------------------------------------------
- Credit Rating: B-/Stable/C
- Counterparty Credit: B-/Stable/C
- Certificate of deposit: B-/C

Rationale

The ratings on Banco Mercantil S.A. are constrained by the
uncertainty intrinsic to Bolivia's financial system, and the
country's high sovereign risk. Nevertheless, despite the frail
operating environment, Banco Mercantil has shown relatively
consistent performance. The bank enjoys one of the leading
competitive positions, relatively good liquidity given the
trying circumstances during 2004, and adequate profitability and
capitalization, in addition to its conservative management.

Banco Mercantil is the third-largest bank in Bolivia in terms of
assets, with an 11.21% market share in loans and 12.69% in
deposits as of September 2004. The bank acts as a universal
bank, focusing its lending efforts in the middle market,
corporate, and consumer segments. As with most Bolivian banks,
the majority of Banco Mercantil's 38 branches is located in the
La Paz-Cochabamba-Santa Cruz area, where approximately 70% of
the country's GDP is concentrated.

Dollarization, though still high, showed a decline in recent
months as a result of the implementation of a new tax on
financial transactions; at September 2004, dollar deposits
represented 87.73% of total deposits, and dollar loans
represented 95.2% of total loans. The system's risk is still
affected by a large informal economy.

At Sept. 30, 2004, Banco Mercantil's problem loans represented
14.45% of its loan portfolio, reflecting the deteriorated
economic environment. In this context, both as a result of
modifications in the provisioning regulations and of
management's conservative policies, the coverage of problem
loans with loan-loss reserves improved significantly in the past
two years (77.98% at September 2004 from 54% by the end of
2002). The bank's profitability, with a reported 0.63% ROA in
the first nine months of 2004, has been under pressure as a
result of the frail operating environment.

In the past months, Banco Mercantil has worked on the design and
implementation of a new organizational structure, redefining
areas and business units in line with universal international
standards, with a more product-oriented structure, better suited
to serve the customer base. Full implementation in 2005 is
expected to increase the bank's competitiveness and overall
productivity.

Outlook

Standard & Poor's Ratings Services expects Banco Mercantil to
maintain its current position as one of Bolivia's main banks
while preserving relatively healthy financials. At this rating
level, the stable outlook reflects that of the Bolivian
sovereign.

Profile

Banco Mercantil is one of the largest financial institutions in
Bolivia. It operates in both the wholesale and retail segments
of the market through 38 branches and offices located in all
major cities of the country, and 102 ATMs. Its assets, as of
September 2004, were Bolivian bolivianos (Bb) 4.19 billion,
which represented approximately $524.1 million, positioning the
bank as the third-largest in the system; by its net worth of
Bb449 million (approximately $56.2 million), the bank also
ranked third. The bank's stock is listed on the Bolivian Stock
Exchange, though it is not actively traded.

The bank has its headquarters in the city of La Paz, the
financial center of the country. It has branches in every
department except Pando, the Bolivian part of Amazonia, where
economic activity is virtually nonexistent. With 31 Agencias
Urbanas (urban branches) and seven Agencias Provinciales (rural
branches), the bank integrates one of the biggest networks in
the country.

The group that controls the bank has a number of subsidiaries
that complement Banco Mercantil's activities. Sociedad
Administradora de Fondos de Inversi>n Mercantil (fund manager),
Warrant Mercantil (warehouse), Universal Brokers (insurance),
and Mercantil Inversiones Burs tiles (securities trading) are
the major participations that the bank holds for a total book
value of Bb30.6 million as of December 2003. It also has equity
investments in ATC, the ATM network that links all major banks
and credit card issuers in the system, and in the Corporaci>n
Andina de Fomento, a nongovernmental organization established to
help develop the Andean countries.

Primary Credit Analyst:  Carina Lopez, Buenos Aires (54) 11-
4891-2118; carina_lopez@standardandpoors.com


HIDROELECTRICA BOLIVIANA: Reorganizes $65M Debt
-----------------------------------------------
Bolivian hydroelectric power company Hidroelectrica Boliviana
(HB) has reached an agreement with holders of US$65 million in
bonds to reschedule the debt expiry date from 2013 to 2016,
reports La Razon.

HB issued the US$65 million 12-year bonds at 10.5% annual
interest in April 2001 to finance the construction of new
plants. But the company couldn't keep up with the interest
payments, leading it to seek a rescheduling of the debts.

Meanwhile, the pension fund management company AFP (Futuro de
Bolivia) and by Tenaska Capital fund, which hold the largest
part of the bonds, will cancel part of the debt by holding a 9%
stake in the company.



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

BRASKEM: Board OKs Purchase of Petrobras Quimica Stake
------------------------------------------------------
On November 26, 2004, at 5 p.m., at the Company's headquarters,
located at Avenida das Nacoes Unidas, 4,777, CEP 05.477-000, Sao
Paulo, SP, the Board of Directors of BRASKEM S.A. held its 497th
meeting. The undersigning board members were present. Board
member Carlos Alberto de Meira Fontes was absent, but was
represented by his respective alternate, Edmundo Jose Correia
Aires. The CEO, Jose Carlos Grubisich Filho, and officers
Mauricio Roberto de Carvalho Ferro and Paul Altit, and Ana
Patricia Soares Nogueira, and Board Secretary, Nelson Raso, were
all present. The Chairman of the Board, Pedro Augusto Ribeiro
Novis, chaired the meeting and Ana Patricia Soares Nogueira
acted as secretary.

ITEMS ON THE AGENDA:

I) Matters for deliberation:

1) DELIBERATION PROPOSALS:

After a presentation and analysis of the subject, the Board
unanimously approved the following Deliberation Proposals
("PD"), which had been previously forwarded by the Executive
Board for review by the members of the Board of Directors, in
accordance with procedures established in Internal Regulations,
copies of which were duly filed at the Company's headquarters:

a) PD.CA/BAK-12/2004 - Acquisition of Interest of Petrobras
Quimica S.A. (PETROQUISA) in other Companies, in order to (i)
approve an increase in the Company's equity interest in Alclor
Quimica de Alagoas Ltda. ("Alclor"), from 75% to 100%, through
the acquisition of PETROQUISA's interest in Alclor, in
accordance with the conditions set forth in the respective PD;
(ii) approve the acquisition of common shares, preferred class
"B" and class "C" shares issued by Companhia Alagoas Industrial
- Cinal ("Cinal") held by PETROQUISA, in accordance with those
conditions set forth in the respective PD and the deadline for
the exercise of the right of first refusal held by the other
shareholders that are parties to the current Cinal Shareholders'
Agreement; and (iii) authorize the Executive Board to take those
actions necessary to formalize the acquisitions approved herein
;

b) PD.CA/BAK-18/2004 - Alliance Agreement for Services Related
to the Expansion of Plants in Operation, Scheduled Shut-downs
and Maintenance , based on the reasons presented in the
respective PD, the result of the competition held by the
Company, which was audited and analyzed by Ernest & Young
Consultores Associados Ltda., and the legal opinion of the law
firm Pinheiro Neto Advogados, the Company's Executive Board was
authorized (i) to hire , on an Alliance Basis, the construction
Construtora Norberto Odebrecht S/A ("CNO") to perform services
related to the expansion of industrial plants in operation,
scheduled shut-downs and maintenance; (ii) to negotiate the
contract for said services based on the scope of, and the
parameters defined in, the respective PD ;

c) PD.CA/BAK-23/2004 - Segmentation of Current Supply Contracts
with CHESF and Amendment of Contract Term - in light of the
reasons set forth in the respective PD, the Executive Board was
authorized to sign the following Contracts, to be executed with
Companhia Hidroeletrica do Sao Francisco ("CHESF"): (i) Contract
for Purchase and Sale of Electric Power until December 31, 2010;
(ii) Transmission System Connection Contract ; and (iii)
Transmission System Use Agreement with the National Electric
System Operator ("ONS");

d) PD.CA/BAK-24/2004 - Loans and Financing by the Executive
Board in 2005 - for purposes of, and pursuant to, item "q" of
Article 26 of the Company's By-laws and Article 37, to approve
the limit of up to R$200,000,000.00 (two hundred million reais
), per operation, for the Executive Board to take out loans and
financing, in Brazil or abroad, without the prior consent of the
Board of Directors, for the 2005 fiscal year. This limit shall
remain effective until the meeting of the Board of Directors
that deliberates on the new limits for 2006. It was further
established that operations with values exceeding
R$30,000,000.00 (thirty million reais ), per operation, be the
subject of information, a posteriori, to the Board of Directors;

II) Matters of General Information : Nothing to report;

III) Matters of Company Interest : Nothing to report;

IV) CLOSING - having no further items on the agenda, this
resolution was drafted, read, discussed and signed by all of
those members of the Board of Directors present, by the Chairman
and the Secretary of the Meeting. Sao Paulo , SP, November 26,
2004.

SIGNED: Pedro Augusto Ribeiro Novis - Chairman;
        Alvaro Fernandes da Cunha Filho - Vice-Chairman;
        Ana Patricia Soares Nogueira - Secretary;

        Alvaro Pereira Novis
        Andre Tapajos Cunha
        Edmundo Jose Correia Aires
        Fernando de Castro Sa
        Francisco Teixeira de Sa
        Jose de Freitas Mascarenhas
        Luiz Fernando Cirne Lima
        Margareth Feijo Brunnet
        Newton Sergio de Souza

CONTACT: Braskem S.A.
         Av. Nacoes Unidas
         4777 Cep
         San Paulo, 05477-000
         Brazil
         Phone: 55-11-3443-9999
         Website: http://www.braskem.com.br/


PARMALAT: Shows Strong Increase in Operating Results
----------------------------------------------------
Parmalat Finanziaria S.p.A. in Extraordinary Administration
presents the operating and financial results of the Parmalat
Group as of October 31, 2004. A number of the non-Italian
operations of the Group classified as noncore that at December
31, 2003 were consolidated line by line (for example: USA Dairy,
Brazil, Chile and EVH) and certain financial companies (for
example, Parmalat Capital Finance) are currently subject to
certain restrictions on their management as a result of local
bankruptcy proceedings, with the result that these operations
are effectively outside the control of Parmalat Finanziaria
S.p.A. in Extraordinary Administration. For this reason, the
Group no longer consolidates these companies on a line-by-line
basis.

More specifically, the main companies are: Parmalat USA Corp.,
Farmland Dairies, and Milk Products of Alabama, which constitute
the USA Dairy Division (these milk and dairy products operations
have filed for Chapter 11 bankruptcy protection); two Brazilian
companies (Parmalat Brasil and Parmalat ParticipaĜoes), which
have successfully filed for composition with creditors under a
local proceeding called Concordata, which applies to their
subsidiaries as well; the Chilean operations, which have filed
for composition with creditors locally; EVH, a company
incorporated in Canada that has been granted creditor protection
under the Companies' Creditors Arrangement Act; and Parmalat
Capital Finance, which has been placed in liquidation by the
local court. This group of companies also includes Eurofood
IFSC, which is currently the subject of a dispute with the Irish
judicial authorities, who allege that the Italian Extraordinary
Administration proceedings cannot be applied to this company.

Consequently, the pro forma data for the previous year have been
restated to reflect the new scope of the line-by-line
consolidation process. In the tables contained in this press
release, the restated data are compared with those of the
current fiscal year.

OPERATING PERFORMANCE

Financial Highlights

The Group's consolidated data present a strong increase of the
operative result (from EUR 141.3 million situation pro - forma
on October 2003 to EUR 228.9 million on October 2004) due to the
re-organization and restructuring activities implemented during
the current year, although there has been a volume reduction
(from EUR3,704.0 million situation pro forma on October 2003 to
EUR3,532.1 million on October 2004, - 4,6%).

Core Businesses

The Group's Core Businesses had revenues of EUR3,047.6 million
in the first ten months of 2004, down slightly (-2.5%) from the
EUR3,127.2 million booked in the same period last year, but
EBITDA increased to EUR214.4 million, or 19.8% more than the
EUR179.0 million earned in the ten months ended October 31,
2003.

Successful marketing initiatives and efforts to curtail
operating costs and overheads are the reasons for the improved
operating performance. The operating data are before expenses
related to the Extraordinary Administration proceedings. The
accrued portion attributable to the first ten months of 2004
amounts to about EUR60.0 million.

October 2004 revenues (the difference between the cumulative
revenues at October 31 and September 30) totaled EUR325.4
million, or 7.8% less than in the same period last year
(EUR350.8 million). However, EBITDA rose 21.4% to EUR21.5
million (EUR16.9 million in October 2003).

An analysis of the Group's performance in the main geographic
regions in which it operates is provided:

Italy

In the first ten months of 2004, revenues decreased to
EUR1,140.8 million, or 9.8% less than the EUR1,253.2 million
reported at October 31, 2003.

As was the case in September, the revenue shortfall was
accompanied by an increase in ten-month EBITDA, which grew from
EUR65.9 million in 2003 to EUR70.2 million this year. The ratio
of EBITDA to net revenues improved by 6.5%, rising from 5.3% in
2003 to 6.1% this year.

In October 2004, revenues amounted to EUR111.7 million and
EBITDA decreased to EUR3.6 million (3.2% of revenues) due to a
rise in advertising investments.

The resumption of advertising programs (the Kyr campaign in
particular) has already produced a rise in unit sales, as seen
in the September and October sales figures. Other recent
promotional and advertising campaigns (Zymil, Eurolat products)
should generate additional sales momentum in the coming months.

Spain

Revenues for the first ten months of 2004 totaled EUR189.5
million, or 3.1% less than the EUR195.5 million reported a year
earlier. EBITDA were also down, decreasing both in absolute
terms (down 32.6%, from EUR19.0 million to EUR12.8 million) and
as a percentage of revenues (from 9.7% to 6.7%). For the month
of October, revenues and EBITDA totaled EUR16.6 million and
EUR0.5 million (3.0% of revenues), respectively.

The main reasons for the sharp decline in EBITDA compared with
October 2003 are a rise in costs, which could not be fully
offset by price increases for affected products, and the
inclement weather that characterized the summer of 2004.

In addition, specific problems arose in certain market segments:
in the yogurt (bioliquids in particular) and dessert areas,
sales were affected by aggressive promotions from competitors
with a global reach, and increasingly intense television
advertising by competitors had an impact on the flavored milk
segment.

Another factor that affected the year-over-year comparison of
the October results was the smaller number of business days
(five weekends and a holiday this year, compared with just four
weekends in 2003).

South Africa

Revenues for the first ten months of 2004 grew to EUR201.8
million, up 28.2% compared with the EUR157.4 million reported in
the same period a year ago. EBITDA improved in absolute terms,
rising to EUR17.2 million, or 17.0% more than the EUR14.7
million earned in 2003, but declined as a percentage of revenues
(down from 9.3% to 8.5%). In October 2004, the South African
operations booked revenues of EUR23.5 million and earned EBITDA
of EUR3.0 million (12.8% of revenues).

The positive trend in revenues and EBITDA, compared with the
first ten months of 2003, was made possible by the acquisition
of new brands (Simonsberg and Melrose); higher unit sales of
yogurt and milk and sharply higher shipments of UHT milk; and
the positive impact of the appreciation of the South African
rand versus the euro (+6.7%). Unfortunately, EBITDA did not
benefit in the same manner due to a change in the sales mix to
the advantage of less profitable products (such as bulk cheese)
and the impact of higher oil prices on production costs.

Venezuela

In October 2004, the slide of the bolivar versus the euro, which
had reached an unprecedented level earlier in 2004 (-26.3%
compared with 2003) came to a virtual halt compared with
September 2004, when it was down 26.5% compared with September
2003.

Revenues for the first ten months of 2004 decreased 26.9% to
EUR122.6 million (EUR167.8 million in 2003) and EBITDA
contracted in absolute terms (EUR4.2 million, compared with
EUR20.0 million in 2003) and as a percentage of revenues (down
from 11.9% to 3.5%). For the month of October 2004, revenues
totaled EUR11.9 million and EBITDA amounted to EUR0.4 million
(3.4% of revenues).

The two main reasons for the sharp deterioration in the
operating performance of the Venezuelan operations are the
difficulties experienced by the Venezuelan economy, which
resulted in a halt in the importation of numerous raw materials,
and the decision by the Venezuelan Government to regulate the
markets for certain essential staples, which include "basic"
powdered milk. The Group responded to these developments by
implementing a process designed to refocus the Venezuelan
operations, beginning with the restructuring of the local
operating unit.

Canada

Cumulative revenues at October 31, 2004 totaled EUR964.2
million, about the same as in the corresponding period a year
ago (EUR960.2 million). The modest improvement in net revenues
produced impressive gains in EBITDA, which rose 21.1% in
absolute terms (EUR66.1 million, compared with EUR54.6 million
for the ten months ended October 31, 2003) and 1.2 points as a
percentage of revenues (from 5.7% to 6.9%). In October 2004,
revenues totaled EUR114.9 million and EBITDA amounted to EUR10.2
million (8.9% of revenues).

The excellent results achieved by the Canadian operations
despite the negative performance of the local currency (in
October, the Canadian dollar was down 2.4% versus the euro) was
made possible mainly by strong sales of basic ingredients and
cheese.

As expected, the implementation by local managers of some of the
initiatives outlined in the Industrial Plan provided a further
boost to the bottom line. These initiatives include:
renegotiations of contracts with certain suppliers; expansion of
the contract with Canada's largest retail chain; reduction of
promotional and advertising expenses, distribution costs and
overhead; reorganization of the manufacturing processes; and a
streamlining of the product portfolio. Another positive
development was the recent launch of the Omega 3 product line,
which is expected to produce significant economic benefits in
the future.

Australia

Owing in part to the appreciation of the Australian dollar
versus the euro (+4.1% compared with the average rate through
October 2003), revenues grew to EUR317.1 million, up from
EUR308.2 million in the first ten months of 2003 (+2.9%). Over
the same period, EBITDA increased from EUR26.1 million to
EUR27.0 million (+3.5%). In October 2004, net revenues totaled
EUR39.5 million and EBITDA amounted to EUR4.4 million (11.1% of
revenues).

Factors that contributed to these improved results, in addition
to the impact of foreign exchange translation rates, include:
higher unit sales of milk (especially pasteurized milk) and
yogurt, the containment of overhead and promotional expenses, a
more effective raw materials procurement policy and the
implementation of programs to reduce complexity.

Noncore Businesses

The Group's Noncore Businesses reported revenues of EUR484.5
million, or 16.0% less than the EUR576.8 million booked in the
first ten months of 2003.

As was the case in the first nine months of 2004, EBITDA for the
first ten months were positive, reaching EUR14.5 million
(negative EBITDA of EUR37.7 million for the ten months ended
October 31, 2003), due mainly to a change in the treatment of
certain items attributed to Parma F.C. that were related to the
sale of some of the team's players. In October 2004, net
revenues totaled EUR51.5 million (EUR19.2 million in 2003) and
EBITDA amounted to EUR1.7 million.

The main reasons for the year-over-year improvement in
cumulative EBITDA are the restatement referred to above and
programs implemented by certain Italian businesses and the U.S.
baked goods operations (USA Bakery), as discussed below.

Italy

The Divisions of Parmalat S.p.A. that have been designated as
Noncore Businesses had revenues of EUR67.7 million, down sharply
(-34.8%) from the EUR103.8 million reported in October 2003.
Despite this decrease in net revenues, EBITDA improved by 74.0%,
with the loss shrinking both in absolute terms (from negative
EUR12.7 million to negative EUR3.3 million) and in relative
terms (from -12.2% to -4.9% of net revenues). The decision to
discontinue the water business and drastic cuts in advertising
and promotion for baked goods and fruit juices are the main
reasons for the improved results.

USA Bakery

The sharp decline suffered by the U.S. dollar versus the euro (-
9.9% since October 2003) had a negative impact on the results
for the period. Revenues for the first ten months of 2004
totaled EUR238.9 million, or 16.7% less than in the same period
last year, when they totaled EUR286.7 million. Nevertheless,
EBITDA, while still negative, improved by 42.7% both in absolute
terms (from negative EUR12.4 million to negative EUR7.1 million)
and in relative terms (from -4.3% to -3.0% of net revenues).

Overall, the negative impact of lower unit sales and higher raw
materials prices was offset by targeting promotional investments
more effectively, reorganizing the manufacturing operations and
cutting overheads.

NET FINANCIAL POSITION

Highlights

The Group's net financial position at October 31, 2004 shows an
improvement of EUR174.7 million that reflects primarily an
increase in the liquidity held by Parmalat S.p.A., which is
discussed below.

The financial indebtedness owed to lenders outside the Group by
subsidiaries that are parties to local composition-with-
creditors proceedings and, consequently, have been
deconsolidated totaled EUR2,437.3 million. Because some of these
borrowings are secured by guarantees provided by Parmalat S.p.A.
and Parmalat Finanziaria S.p.A. totalling EUR1,753.4 million, a
reserve for risks of an amount equal to the guaranteed
indebtedness (EUR1,675.2 million) has been recognized in the
consolidated financial statements.

The consolidated financial statements also show indebtedness of
EUR 745.8 million owed by the Group to companies in special
proceedings that are not consolidated line by line.

As of today, no amount has been drawn from the EUR105.8 million
line of credit provided to Parmalat S.p.A. by a pool of banks on
March 4, 2004.

Companies Under Extraordinary Administration

The net indebtedness incurred by companies under extraordinary
administration toward lenders outside the Group prior to their
becoming eligible for extraordinary administration is all short-
term, since all of these companies are in default of the
covenants of the respective loan agreements.

A noteworthy development is the increase in liquid assets held
by the companies included in the Proposal of Composition with
Creditors. Such assets rose from EUR24.0 million at December 31,
2003 to EUR233.3 million at October 31, 2004. The main reason
for this improvement is the inflow of EUR160.0 million received
under a settlement agreement with Nextra Investment Management -
Societa di gestione del risparmio S.p.A.

Other Companies

The remaining operating and financial companies consolidated
line by line that are not included in the extraordinary
administration proceedings had net indebtedness toward lenders
outside the Group of EUR1,329.3 million at December 31, 2003 and
of EUR1,365.5 million at October 31,2004 . The decrease from a
month earlier is due mainly to the deconsolidation of the
indebtedness owed by a divested Dominican company and the
collection of the sales proceeds from the buyer of the Group's
investment in the company in question. The indebtedness at
October 31, 2004 includes EUR722.3 million in long-term debt.
Some Group companies are currently renegotiating their
indebtedness in order to restructure it.


PRINCIPAL COMPANIES UNDER EXTRAORDINARY ADMINISTRATION

Parmalat Finanziaria S.p.A.

In October, intra-Group indebtedness increased by EUR1.2
million. The balance includes a loan received from Parmalat
S.p.A. in Extraordinary Administration.

Parmalat S.p.A.

Changes compared with September 30, 2004 include an improvement
in the net financial position following the collection of
EUR160.0 million received under a settlement agreement with
Nextra Investment Management - Societa di gestione del risparmio
S.p.A. This amount was temporarily held by Parmalat S.p.A. in
Extraordinary Administration, pending the allocation of the
settlement among the Group companies involved, in accordance
with a formula that is currently being defined. The balance of
intra-Group loans receivable also changed, due to the granting
of additional intra-Group loans to Latte Sole S.p.A. (EUR1.8
million), Parmalat Finanziaria S.p.A. in Extraordinary
Administration (EUR1.2
million) and sundry transactions (EUR0.5 million). Financial
indebtedness owed to lenders outside the Group increased by
EUR1.7 million due to the restatement of certain liability
accounts.

Eurolat S.p.A.

The net financial position of Eurolat S.p.A. improved due to an
increase in liquid assets and the netting out of certain intra-
Group balances.

Lactis S.p.A. - NO Changes


SIGNIFICANT EVENTS

Significant events that occurred in October and November,
through the date of this press release, are summarized below.
These events have been the subject of previous press releases,
the full text of which is available at the website
www.parmalat.net.

October 7
Filing by the Extraordinary Commissioner of a complaint with the
United States District Court for the Western District of North
Carolina asking it to order Bank of America and certain of its
subsidiaries to pay damages under various titles. The
Commissioner believes that the defendant companies actively
engaged in actions that, over an extended period of time, caused
damages to the Parmalat Group that are estimated at the present
time to be not less than US$10 billion.

October 14
Following approval by the Italian Ministry of Production
Activities, acting with the input of the Oversight Committee of
the Extraordinary Administration proceedings, acceptance of the
settlement proposal put forth on October 6, 2004 by Nextra
Investment Management - Societa di gestione del risparmio Spa
and collection of the settlement amount. This amount will be
allocated to the companies that are parties to the settlement in
accordance with the instructions of the Oversight Committee and
with the approval of the Italian Ministry of roduction
Activities.

November 26
Publication of the statement of income and balance sheet of
Parmalat S.p.A. in Extraordinary Administration and Parmalat
Finanziaria S.p.A. in Extraordinary Administration and of the
consolidated financial statements of the Parmalat Group. The
Parmalat Group also published a Report on Operations. The
Auditors' Report will be published as soon as possible.


VASP: Infraero Rejects Debt Payment Offer; Staff Cuts Follow
------------------------------------------------------------
Viacao Aerea Sao Paulo (Vasp), Brazil's fourth-largest airline,
on Monday offered state airport authority Infraero one of its
planes to pay off its overdue airport costs. Vasp offered
Infraero an Airbus plane worth US$13 million to pay for the
BRL11.5 million (US$4 million) in overdue payments.

But Infraero turned down Vasp's offer, saying it would rather
have the cash. The agency said it will file a lawsuit against
Vasp later this week.

Vasp has already received two bankruptcy requests because of
overdue debts, the first from a subsidiary of General Electric
in October and the second from a Brazilian hotel company last
Friday.

The company also announced Monday that it was putting half its
800 flight staff on unpaid leave after reducing its fleet to
cope with its financial crisis.

Vasp is currently operating only seven aircraft, after starting
the year with 31 in operation. It flies to 13 cities, less than
one third of the 40 destinations it was offering customers at
the start of 2004.



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

AVIANCA: Receives New Purchase Offer
------------------------------------
A Colombian investor and the country's pilots union has made an
offer to buy the troubled flagship airline Aerovias Nacionales
de Colombia SA (Avianca) for $47.5 million, reports Bloomberg.

"We submitted a proposal which is better than the OceanAir bid,"
said Robert Escobio, president of Capital Investment
Services Inc., which is representing the investor, Markwood
Investments Ltd.

In mid-November, Avianca won court approval of a plan to exit
bankruptcy that gives a 75% ownership stake to OceanAir Linhas
Aereas, a unit of Brazil's Grupo Sinergy. More than 95% of
Avianca's creditors voted in favor of the plan.

Under the terms of the plan confirmed by the U.S. Bankruptcy
Court in New York, OceanAir will invest US$44.5 million in the
company over the next 22 months to purchase the equity from
Valores Bavaria SA and the Colombian Federation of Coffee
Growers. The coffee federation will assume US$18.5 million in
debt in exchange for a 25% stake.

Avianca filed for Chapter 11 bankruptcy protection in March last
year, pressured by rising fuel and insurance costs and slow
economies in Colombia and Venezuela.

After posting losses for several years, Avianca made net profits
of COP74 billion (US$29 million) in the third quarter of the
year, from revenues of COP476 billion (US$184 million).


VALORES BAVARIA: Changes Name; Appoints Investment Board
--------------------------------------------------------
Colombian holding company Valores Bavaria S.A. (VALBAVARI.BO)
has changed its name to Valorem, reports Dow Jones Newswires.
Valorem, which will act as a private equity group, has approved
the creation of an investment committee to be comprised of four
members with Julio Mario Santadomingo presiding over the board.

Valorem's president, Javier Aguirre, said that the group will
sell its stakes in certain assets, including Aires, a small
airline.

"We plan to sell everything that has wings," said Mr. Aguirre,
noting that Valorem will focus on media investments, among
others.

Valores Bavaria registered a net loss of COP33.61 billion in the
first nine months of the year, lower than the COP106.27-billion
net loss in the same period in the previous year. The company
expects to post profits next year as it has already sold its
stake in the cash-strapped airline Avianca to Brazil's Synergy
Group.



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

BICSA PANAMA: S&P Drops Ratings; Outlook Lowered to Negative
------------------------------------------------------------
Standard & Poor's Ratings Services lowered its counterparty
credit and CD ratings on Banco Internacional de Costa Rica S.A.
(Bicsa Panama) to 'BB/B' from 'BB+/B'. The outlook was revised
to negative from stable. Although the ratings are assigned to
Bicsa Panama, Standard & Poor's monitors the bank on a
consolidated basis.

"The downgrade reflects Bicsa's low profitability and the weak
growth of its loan portfolio, along with lower capitalization
than one year ago," said Standard & Poor's credit analyst
Leonardo Bravo. "The ratings are supported by the short-term
nature of its loan portfolio, the current refocus of the
operations in its core business of trade finance, and the
reorganization that should improve the future efficiency of the
bank."

The negative outlook indicates that Standard & Poor's believes
that despite the efforts taken to improve the overall business,
both loan growth and profits could remain weak given the strong
competition in the bank's core business as well as moderate
growth in the Central American region, the bank's core market.

Although Bicsa's core business was refocused and operating costs
were reduced, Standard & Poor's still believes that management
faces important challenges. There is significant competition in
the trade finance business, which is driving margins to very low
levels. In addition, economic growth in the Central American
region is expected to remain moderate. Therefore, Standard &
Poor's does not expect Bicsa's future performance to change
dramatically. Should the bank's financial performance
deteriorate further, the ratings could be lowered. However, if
financial performance improves significantly, the outlook could
be revised to stable and if this becomes a consistent trend, the
ratings could be raised.

Primary Credit Analyst: Leonardo Bravo, Mexico City (52)55-5081-
4406; leonardo_bravo@standardandpoors.com

Secondary Credit Analyst: Ursula M Wilhelm, Mexico City (52) 55-
5081-4407; ursula_wilhelm@standardandpoors.com



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

GRUPO TMM: Regulator OKs Control of Tex Mex, Laredo Bridge
----------------------------------------------------------
Grupo TMM, S.A. (NYSE:TMM) and (BMV:TMM A) ("TMM") The U.S.
Surface Transportation Board ("STB") approved Monday Kansas City
Southern's (KCS) (NYSE:KSU) application filed on May 14, 2003
for authority to control The Texas Mexican Railway Company (Tex
Mex) and the U.S. portion of the International Rail Bridge at
Laredo, Texas (Laredo Bridge). This action finalizes KCS' effort
to obtain control of these assets, which are both wholly owned
by Mexrail, Inc. (Mexrail) and allows the controlling shares of
Mexrail to be released to KCS. The Mexrail shares had been
placed into an independent voting trust on August 16, 2004
pending regulatory approval of KCS' application.

The decision becomes effective in 30 days, at which time KCS
will dissolve the voting trust and obtain control of Mexrail and
its assets, including Tex Mex. In reaching its decision, the STB
did not impose any conditions unacceptable to KCS, and rejected
almost all of the conditions requested by competing carriers
that had filed objections to the transaction. As a result, the
transaction will now go forward as KCS had proposed in its
application to the STB and will be made final as of December 29,
2004.

Headquartered in Mexico City, Grupo TMM is a Latin American
multimodal transportation company. Through its branch offices
and network of subsidiary companies, Grupo TMM provides a
dynamic combination of ocean and land transportation services.
Grupo TMM also has a significant interest in TFM, which operates
Mexico's Northeast railway and carries over 40 percent of the
country's rail cargo.

CONTACTS: Grupo TMM
          Investor Relations:
          Mr. Brad Skinner
          Phone: 011-525-55-629-8725
                 203-247-2420
          e-mail: brad.skinner@tmm.com.mx
                 or
          Proa/StructurA
          Media Relations
          Mr. Marco Provencio
          Phone: 011-525-55-629-8708
                 011-525-55-442-4948
          e-mail: mp@proa.structura.com.mx
                 or
          Dresner Corporate Services
          General Investors, Analysts and Media:
          Ms. Kristine Walczak
          Phone: 312-726-3600
          e-mail: kwalczak@dresnerco.com

          Web Site: http://www.tfm.com.mx/



=================================
T R I N I D A D   &   T O B A G O
=================================

BWIA: Mechanical Problems Delaying Flights
------------------------------------------
Trinidad national airline BWIA is experiencing a series of
delays on its flights over the past week due to mechanical
problems with its fleet, the Trinidad Express reports. One BWIA
Boeing 737 aircraft has been taken out of service for rudder
repairs and additional minor repairs were carried out on the
airline's fleet.

To meet the peak travel schedule, BWIA has continued to offer
all flights with six of its seven aircraft fleet in operation.

Corporate communications manager, Dionne Ligoure, admits the
company is operating with limited resources but is making all of
its flights. She pointed out that while there may have been
delays, no flight was cancelled.

Ligoure dismissed the possibility of problems for BWIA
passengers for Christmas.

"We don't expect (the delays) to go on for much longer because
we are putting adequate systems in place," she said.

CONTACT:  BRITISH WEST INDIES AIRWAYS
          Phone: + 868 627 2942
          E-mail: mailto:mail@bwee.com
          Home Page: http://www.bwee.com/
          Contacts:
          Conrad Aleong, President and CEO (Trinidad)
          Beatrix Carrington, VP Marketing and Sales (Barbados)
          Paul Schutz, CFO (Trinidad)


TOBAGO EXPRESS: Regulator Suspends Lease
----------------------------------------
National Carrier BWIA faces another glitch in its operations
with the suspension of its ongoing wet lease agreement with
Tobago Express Airline. The suspension affects flights to
Caracas, Grenada, Barbados and Suriname.

Trinidad Express reports that the local aviation authority
temporarily halted BWIA's wet lease of Tobago Express' Dash-8
aircraft service due to problems in providing maintenance
support for Tobago's flight operations.

BWIA has recently suffered delays in its flights to the
Caribbean and the US after some of its planes were sent away for
maintenance. With the Tobago Express pullout, passengers have
had even more trouble getting flights over the regional routes.



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

CANTV: Details $850M Investment for 2005
----------------------------------------
Venezuela's leading telecommunications company CANTV (TDVd.CR)
(VNT.N) plans to invest US$850 million next year, reports
Reuters. Of the total amount, US$450 million will be used to
fund the purchase of Italian-owned local mobile phone provider
Digitel, while the rest would be spent on expanding other parts
of the operations of CANTV, according to CANTV president Gustavo
Roosen.

CANTV announced early last month it would buy Digitel, the
Venezuelan unit of Italy's Telecom Italia Mobile (TIM) for
US$450 million. The company will be applying for regulatory
approval this week for the Digitel deal.

Some investors are apprehensive that the US$450 million purchase
could affect the company's cash flow and ability to pay future
dividends.

But a CANTV source told Reuters the company had US$250 million
already available for the operation and would cover the rest of
the cost through a US$200-million local bond issue in the first
quarter of 2005.

Besides the Digitel purchase, CANTV would spend a further US$200
million increasing the national coverage of its own mobile phone
operator Movilnet. An additional US$200 million would go towards
expanding the company's data network and fixed and wireless
phone services.

CANTV, whose main shareholder is U.S. telecom company Verizon
Communications, leads the fixed-line and Internet access market
in Venezuela with more than 2.9 million lines and 325,000
Internet subscribers, respectively.

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


EDC: Shareholders Authorize Dividend Payment
--------------------------------------------
Electricidad de Caracas (EDC), Venezuela's largest private
energy generator, gained approval from shareholders to pay an
extraordinary cash dividend of VEB15.28 ($0.00796) per share.

Citing a company source, Reuters reports that the dividend will
be paid out on Dec. 16 for shareholders of record on Dec. 8. EDC
will pay a dividend of VEB764 ($0.3979) per ADR share. Each ADR
represents 50 ordinary shares.

The current fixed exchange rate is 1,920 bolivars to the U.S.
dollar.

EDC, an affiliate of U.S. power firm AES Corp., posted a loss of
VEB50.4 billion for the first nine months of 2004 reversing a
net income of VEB9.9 billion for the same period a year earlier.
The company attributed the negative results to slow electricity
tariff increases and higher operating costs.

CONTACT:  AES VENEZUELA
          Avenida Rio de Janeiro
          Qta. Tres Pinos
          Chuao, VE-1061 Caracas, Venezuela
          Phone: +58 14 929 2552
          Fax: +58 2 9937296
          E-mail: venezuela@aes.org
          Contact: Elmar Leal, Chairman
          Juan Font, Vice Chairman


* VENEZUELA: Fitch Rates Reopened Global Bond 'B+'
--------------------------------------------------
Fitch Ratings, the international rating agency, assigned Tuesday
a 'B+' rating to Venezuela's US$250 million re-tap of its 9.375%
coupon global bond maturing in 2034. Venezuela's long-term
foreign currency sovereign rating is 'B+' and the long-term
local currency rating is 'B+'. The Rating Outlook is Stable.




                            ***********


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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