TCRLA_Public/041210.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

          Friday, December 10, 2004, Vol. 5, Issue 245

                            Headlines


A R G E N T I N A

CURTIDURIA ALSINA S.A.: Claims Validation Deadline Approaches
FACHADAS INTEGRALES: Claims Review Nears End
MEILS S.A.: Claims Filings Due by Monday
PESQUERA RIO: Proof of Claims Period Ends Monday


B E R M U D A

LOM HOLDINGS: Moves to Replace Independent Auditors
P&O LIMITED: Jennifer Kelly to Supervise Wind-Up
P&O SHIP MANAGEMENT: Winding-Up Process Initiated
STOCKTON ENTERPRISES:  Names Robin Mayor as Liquidator
UTAR: Liquidator Seeks Release From Wind-Up Proceedings


B R A Z I L

VARIG: Tam, Gol Declines Offer to Buy Stake


C H I L E

ENERSIS/ENDESA-CHILE: Demand Leads to Review for Moody's Upgrade


C O L O M B I A

PAZ DEL RIO: Pres. Uribe Asks Employees to Retain Shares


G U A T E M A L A

EMPRESA ELECTRICA: Moody's Assigns Ba2 Ratings to $100M Notes


M E X I C O

COPAMEX: SCA Buys Remaining Stake of Local Hygiene Operations
CYDSA: Reminds Note Holders to Submit Proxies by Deadline
EMPRESAS ICA: Bear Stearns Initiates Coverage at Peer Perform
GRUPO POSADAS: S&P Issues Report, Details on Debt Ratings
SATMEX: Govt. Increases Participation in Administration


P E R U

INTERBANK: Fitch Upgrades Support Rating After Sovereign Action


T R I N I D A D   &   T O B A G O

MISSISSIPPI CHEMICAL: U.S. Court Confirms Reorganization Plan
* TRINIDAD & TOBAGO: IMF Review Finds Favorable Conditions


V E N E Z U E L A

CITGO: Excellent Results Yield $400M Dividend


     - - - - - - - - - -

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

CURTIDURIA ALSINA S.A.: Claims Validation Deadline Approaches
-------------------------------------------------------------
Trustee Luis Maria Guastavino will close the verification of
creditors' claims for the Curtiduria Alsina S.A. bankruptcy case
on Monday, December 13, 2004. The Company's creditors must
submit proof of their claims to the trustee by the specified
date to qualify for the payments that will be made once the
Company's assets are liquidated.

Court No. 18 of Buenos Aires' civil and commercial tribunal has
jurisdiction over this case. The city's Clerk No. 35 assists the
court with the proceedings.

CONTACT: Curtiduria Alsina S.A.
         Avenida Pedro Goyena 1104
         Buenos Aires

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


FACHADAS INTEGRALES: Claims Review Nears End
--------------------------------------------
Fachadas Integrales S.R.L. moves closer to the end of its
liquidation with the closing of the verification of creditors'
claims on Monday, December 13, 2004. Proof of claims must be
submitted to trustee Alfredo Donatti by the said date to qualify
under the Company's distribution plan.

Local news source La Nacion had previously reported that
Astilleros Neptuno S.C.A requested the company's liquidation.

Court No. 19 of Buenos Aires' civil and commercial tribunal has
jurisdiction over this case.

CONTACT: Fachadas Integrales S.R.L.
         Sarmiento 1469
         Buenos Aires

         Mr. Alfredo Donatti, Trustee
         Montevideo 31
         Buenos Aires


MEILS S.A.: Claims Filings Due by Monday
----------------------------------------
Buenos Aires-based Meils S.A. is set to complete an important
part in its liquidation with the closing of the claims
verifications period on Monday, December 13, 2004. Creditors
with outstanding claims against the Company must submit the
required proofs of debt to trustee Santos Ernesto Luparelli by
the said date to qualify for the post-liquidation distributions
that will be made.

Judge Gonzalez, serving for court no. 8 of Buenos Aires' civil
and commercial tribunal, handles the case with the assistance of
the city's Clerk No. 15, Dr. Lezaeta.

CONTACT: Meils S.A.
         San Martin 987
         Buenos Aires

         Mr. Santos Ernesto Luparelli, Trustee
         Paraguay 2067
         Buenos Aires


PESQUERA RIO: Proof of Claims Period Ends Monday
------------------------------------------------
Creditors of bankrupt company Pesquera Rio Parana S.A. have
until Monday, December 13, 2004, to submit proof of their claims
to trustee Jorge Luis Blazquez. Failure to submit the required
documents within the specified deadline will mean
disqualification from the post-liquidation distributions to be
made.

Court no. 11 of Buenos Aires' civil and commercial tribunal
handles this case with help from the city's Clerk No. 22.

CONTACT: Mr. Jorge Luis Blazquez, Trustee
         Fray Justo Santa Maria de Oro 2381
         Buenos Aires



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

LOM HOLDINGS: Moves to Replace Independent Auditors
---------------------------------------------------
Bermuda-based LOM Holdings Limited has formally informed
stockholders of its intention to hire Marcum & Kleigman LLP as
the Company's auditors for the ensuing year. The Royal Gazette
reports that the decision to hire the Melville, New York based
auditing firm comes after the Company's former auditor,
PricewaterhouseCoopers, was unable to form an opinion on the
Company's financial figures for 2003 due to the Company's
alleged involvement in securities fraud.

The report quotes PWC as saying that: " The Company's [LOM's]
legal counsel has advised that full access by us to all
information would constitute a waiver of attorney/client
privilege and such a waiver is not in the Company's best
interests. Because of this we have been unable to obtain
sufficient appropriate audit evidence to form an opinion with
respect to the possible impact of any such matters on the
consolidated financial statements.

"In view of the possible material effects of the matters to the
financial statements, and our inability to form an opinion with
respect to their effect thereon, we are unable to express an
opinion whether these financial statements present fairly the
financial position of the Company as at December 31, 2003 and
the results of its operations and its cash flows for the year
then ended in accordance with accounting principles generally
accepted in Bermuda and Canada."

LOM is currently under investigation by the US Securities and
Exchange Commission for possible involvement in securities
fraud. The investigation also includes Sedona Software Solutions
Inc., SHEP Technologies Inc and HiEnergy Technologies Inc.


P&O LIMITED: Jennifer Kelly to Supervise Wind-Up
------------------------------------------------
           IN THE MATTER OF THE COMPANIES ACT 1981

                            and

            IN THE MATTER OF P&O (Bermuda) Limited

The sole Member of P&O (Bermuda) Limited, acting by Written
Consent without a meeting on December 2, 2004, passed the
following resolutions:

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

(2) THAT Jennifer M. Kelly be appointed Liquidator for the
purpose of such winding-up, such appointment to be effective
forthwith.

The Liquidator informs that:

- Creditors of P&O (Bermuda) Limited, which is being voluntary
wound up, are required, on or before December 29 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 solicitors (if any) to the
Liquidator at 3rd Floor, Par La Ville Place, 14 Par La Ville
Road, Hamilton, Bermuda, and if so required by notice in writing
from the said Liquidator, and personally or by their solicitors,
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 P&O (Bermuda) Limited
will be held at 9:00 a.m. at 3rd Floor, Par La Ville Place, 14
Par La Ville Road, Hamilton, Bermuda on January 21, 2005 for the
purpose of having an account laid before him, 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
of.

CONTACT: Ms. Jennifer M. Kelly, Liquidator
         3rd Floor, Par-La-Ville Place
         14 Par-La-Ville Road
         Hamilton, Bermuda,


P&O SHIP MANAGEMENT: Winding-Up Process Initiated
-------------------------------------------------
           IN THE MATTER OF THE COMPANIES ACT 1981

                            and

  IN THE MATTER OF P&O Ship Management (Bermuda) Limited

The sole Member of P&O Ship Management (Bermuda) Limited, acting
by Written Consent without a meeting on December 2, 2004, passed
the following resolutions:

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

(2) THAT Jennifer M. Kelly be appointed Liquidator for the
purpose of such winding-up, such appointment to be effective
forthwith.

The Liquidator informs that:

- Creditors of P&O Ship Management (Bermuda) Limited, which is
being voluntary wound up, are required, on or before December
29, 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 solicitors (if any)
to the Liquidator at 3rd Floor, Par La Ville Place, 14 Par La
Ville Road, Hamilton, Bermuda, and if so required by notice in
writing from the said Liquidator, and personally or by their
solicitors, 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 P&O Ship Management
(Bermuda) Limited will be held at 9:30 a.m. at 3rd Floor, Par La
Ville Place, 14 Par La Ville Road, Hamilton, Bermuda on January
21, 2005 for the purpose of having an account laid before him,
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 of.

CONTACT: Ms. Jennifer M. Kelly, Liquidator
         3rd Floor, Par-La-Ville Place
         14 Par-La-Ville Road
         Hamilton, Bermuda


STOCKTON ENTERPRISES:  Names Robin Mayor as Liquidator
------------------------------------------------------
           IN THE MATTER OF THE COMPANIES ACT 1981

                         and

        IN THE MATTER OF Stockton Enterprises Limited

The Sole Member of Stockton Enterprises Limited, acting by
written consent without a meeting on 7th December 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 Stockton Enterprises Limited, which is being
voluntarily wound up, are required, on or before December 22,
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 Stockton
Enterprises Limited will be held at the offices of Messrs.
Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, Bermuda on January 12, 2005 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


UTAR: Liquidator Seeks Release From Wind-Up Proceedings
-------------------------------------------------------
      IN THE SUPREME COURT OF BERMUDA COMPANIES (WINDING UP)

           IN THE MATTER OF THE COMPANIES ACT 1981

                            and

    IN THE MATTER OF: Utar (Holdings) Limited - In Liquidation

           Notice To Creditors And Contributories
       Of Liquidator's Intention To Apply For Release

Notice is hereby given that the Liquidator of Utar (Holdings)
Limited - In Liquidation, Mr. Peter C.B. Mitchell, intends to
apply to the Court for his release, and further take notice that
any objection you may have to the granting of the release must
be notified to the Court within twenty-one days of the date
hereof.



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

VARIG: Tam, Gol Declines Offer to Buy Stake
-------------------------------------------
Brazilian airlines Tam and Gol snubbed the government's offer to
buy into troubled flag carrier Varig, says the Associated Press.
The report reveals that the airlines are unwilling to assume any
of Varig's US$2.4 billion debt despite the government's promise
to provide up to US$1 billion (euro740 million) credit through
the Brazilian Development Bank to qualified companies willing to
invest in the airline.

Tam Airlines follows Varig as the top air carrier in the
country. Gol, coming in third, rounds-up the top three largest
airlines in Brazil.



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

ENERSIS/ENDESA-CHILE: Demand Leads to Review for Moody's Upgrade
----------------------------------------------------------------
Moody's Investors Service placed the debt ratings of Enersis
S.A. and Endesa Chile S.A under review for possible upgrade,
citing an improvement in the companies' financial performance
and expectations that additional improvements will occur in
2005. As the largest distribution and generation companies in
Chile, Enersis and Endesa Chile benefit from stronger growth in
electricity demand that is related to the strong growth of the
Chilean economy, said Moody's.

The review also reflects the enactment this year of the "Ley
Corta", or Short Law, which partially amends Chile's Electricity
Law of 1982. The Short Law is viewed as further strengthening
the country's regulatory framework. The expected benefits for
Enersis and Endesa Chile include reduction of transmission
costs, a narrowing of pricing between regulated and unregulated
markets which should mitigate pricing volatility, and greater
clarity with respect to the definition and treatment of
unregulated or "free market" customers and ancillary services.

Debt of Enersis S.A. that is impacted by Moody's rating action
includes the following Ba2 rated senior unsecured obligations:

- US $300 million 7.375% senior global notes due 2014
- US $150 million 6.6% senior global notes due 2026
- US $300 million 6.9% senior notes due 2006
- US $350 million 7.4% senior notes due 2016

Debt of Endesa Chile S.A. impacted by Moody's rating action
includes the following Ba2 rated senior unsecured obligations:

- US $400 million 8.35% global notes de 2013
- US $200 million 8.625% global notes due 2015
- US $200 million 8.125% bonds due 2097
- US $220 million 7.325% bonds due 2037
- US $230 million 7.875% bonds due 2027
- US $400 million 7.75% notes due 2008
- US $400 million 8.5% global bonds due 2009

Based in Santiago, Chile, Enersis S.A. is owned 60% by Endesa
Spain, one of the largest integrated Spanish utilities in the
world. Endesa Chile S.A., the largest electric generation
company in Chile, is owned 60% by Enersis S.A.



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

PAZ DEL RIO: Pres. Uribe Asks Employees to Retain Shares
--------------------------------------------------------
Colombia's President Alvaro Uribe is calling on employees of
iron and steel company Acerias Paz del Rio to keep their shares
in the firm, reports Business News Americas.

"He who wants to invest money [in the company], should invest it
in outsourcing machinery or expanding the company," President
Uribe said.

The leader's plea comes amidst controversy surrounding the
company since Acerias Paz del Rio's president said several days
ago that the company was seeking a strategic partner in
Venezuela, Brazil, or Argentina to help complement its business
in other markets of the region.

Employees of Acerias Paz del Rio own a 43% controlling stake in
the company, which is currently enjoying the best financial and
operating results of its history.

Acerias Paz del Rio, which was restructured in July 2003, posted
profits of US$41 million in the first 11 months of the year, an
increase of 254% compared to the same period 2003.

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



=================
G U A T E M A L A
=================

EMPRESA ELECTRICA: Moody's Assigns Ba2 Ratings to $100M Notes
-------------------------------------------------------------
Moody's Investors Service assigned a Ba2 rating to Empresa
Electrica de Guatemala S.A.'s (EEGSA) US$100 million senior
unsecured notes. The notes, which are being sold pursuant to
Rule 144A, will have a bullet maturity of either 7 or 10 years,
depending upon market demand.

Simultaneously, Moody's assigned a Ba2 Senior Implied rating and
a Ba3 Issuer Rating. The outlook is stable.

Comercializadora Electrica de Guatemala S.A. (COMEGSA) will
provide a guaranty for EEGSA's obligations.

EEGSA has a 50-year Authorization Agreement with the Government
of Guatemala to provide electric distribution services to the
Departments of Guatemala, Escuintla and Sacatepequez.

The Ba2 Senior Implied rating reflects the company's prime
service area, relatively low risk business profile, potential
for revenue growth in line with improvements in the national
economy, and its experienced management.

The rating also recognizes recent developments impacting the
regulatory framework that underscore the still evolving nature
of Guatemala's electricity regulatory model.

The Ba2 rating of the senior unsecured notes also considers the
structural protections under the indenture and the subsidiary
guarantee.

The Ba3 Issuer Rating reflects Moody's opinion of EEGSA's
unsupported ability to meet senior unsecured obligations.

As of September 30, 2004, EEGSA's debt totals about US$215
million. The current debt repayment profile includes US$28
million due in 2005 and US$32 million in 2006. Scheduled debt
maturities spike sharply to US$110 million in 2007 due to the
ABN Amro syndicated loan. The amount of scheduled repayment in
2007 will be reduced to about US$32 million in quetzal
denominated debt as a result of the current capital markets
issue. After the current financing is completed, the company
will have about US$100 million in cross-border capital markets
debt, about US$64 million of local currency bank and US$12
million in other local currency non-bank debt as well as about
US$10 million in working capital unused credit lines. All debt
will be senior unsecured. The ratio of debt to total
capitalization was 33.7% at year-end 2003. EEGSA does not
anticipate the need for additional debt in the near term.

Based in Guatemala City, Guatemala, EEGSA is an electric
distribution company owned 81% by Distribucion Electrica
Centroamericana (DECA II) which in turn is owned by Iberdrola
S.A. (49%), TECO Energy (30%), and Electricidade de Portugal
(21%), 14% by the government of Guatemala, 3.18% by various
individuals and the remaining 1.9% by employees of EEGSA.



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

COPAMEX: SCA Buys Remaining Stake of Local Hygiene Operations
-------------------------------------------------------------
SCA and the Mexican company Copamex S.A. de C.V. (Copamex)
currently own 50% each of the hygiene products company Copamex
Productus al Consumidor S.A. de C.V. (CPG). To achieve an
efficient coordination with SCA's other operations, primarily in
North and South America, and to attain full control over the
company's future management and development in the rapidly
growing markets in Mexico and Central America, SCA has acquired
the remaining shares in CPG.

In late spring 2004, SCA acquired half of Copamex's tissue
operations. Thereafter, this business has been legally and
operationally integrated with Sancela S.A. de C.V. (Mexico), the
parties' joint company for production and sales of feminine
hygiene and incontinence products. Accordingly, with annual
sales amounting to SEK 2.3 billion, CPG is the leading Mexican
supplier of incontinence products, the next largest company
within tissue and one of the three leading producers of feminine
hygiene products. The major portion of operations is based in
Mexico, but the company has production plants in Costa Rica and
Nicaragua.

With a population base of slightly more than 100 million and a
low per capita consumption, it is projected that the Mexican
market will continue to show favorable growth. However, during
2004 the markets for tissue and feminine hygiene products have
been characterized by intense competition. Combined with
increases in raw material prices, this has weakened the
profitability of the hygiene products operations. In response to
this situation, SCA and CPG initiated a cost-reducing action
program.

The purchase price for Copamex's 50% interest in the share
capital of CPG corresponds to SEK 820 M.

It is projected that the acquisition will have a neutral effect
on the SCA Group's net earnings in 2005 and thereafter will
provide a successively rising contribution to SCA's earnings per
share. In other respects, the acquisition also fulfills SCA's
profitability criteria.

The total purchase price for the shares purchased in CPG in the
spring and the current purchase corresponds to SEK 1,300 M,
while at the same time the net debt in CPG currently amounts to
approximately SEK 1,580 M.

The necessary approvals have been received from the competition
authorities involved and it is assessed that the acquisition
will be concluded in the next few days.


CYDSA: Reminds Note Holders to Submit Proxies by Deadline
---------------------------------------------------------
Cydsa, S.A. de C.V. ("Cydsa") urges holders of its
U.S.$158,997,000 9.375% Notes due 2009 (the "Existing Notes") to
submit original duly executed proxies in Cydsa's pending proxy
solicitation by the deadline, which is scheduled for Monday,
December 13, 2004, 10:00 a.m., New York City time (3:00 p.m.,
London time).

On November 16, 2004, Cydsa launched a proxy solicitation in
favor of an extraordinary resolution (the "Extraordinary
Resolution") to exchange (the "Exchange") each U.S.$1,000
principal amount outstanding of its Existing Notes plus accrued
and unpaid interest for 172.12117 shares of its Series A Common
Stock, 860.60585 shares of its Series C Stock and U.S.$160.38038
principal amount of its newly issued Convertible Debentures. The
Exchange will be effected on the terms and the conditions set
forth in Cydsa's Proxy Solicitation and Offering Circular, dated
November 16, 2004 (the "Statement"), and related offering
documents. Holders of the Existing Notes should carefully read
the entire Statement and the other documents to which it refers,
including the proxy, to understand fully the terms of the proxy
solicitation.

Holders who held Existing Notes as of the close of business, New
York City time, on Monday, November 29, 2004 ("holders of
record") are entitled to vote on the Extraordinary Resolution.
Cydsa urges all holders of its Existing Notes to deliver their
originally executed proxies in respect of the Extraordinary
Resolution to the proxy and exchange agent as soon as possible.

The meeting of the holders of record to consider the
Extraordinary Resolution is scheduled for Wednesday, December
15, 2004, at 3:00 p.m. London time (10:00 a.m. New York City
time). The passing of the Extraordinary Resolution requires
votes cast, in person or by proxy, in favor of the Extraordinary
Resolution amounting to at least 75% of the votes cast at a
meeting at which a quorum of at least 75% in aggregate principal
amount of the outstanding Existing Notes, other than Existing
Notes held by Cydsa, its subsidiaries or its nominees, is
represented in person or by proxy.

Subject to certain conditions, Fintech Advisory, Inc., the sole
member of a committee of holders of Existing Notes, has agreed
to support the Exchange. "This exchange represents a culmination
of significant efforts involving the operational and financial
restructuring of the Company, as well as a significant
recapitalization of it by immediately giving bondholders the
majority of the Company's equity, with the potential to receive
more if the Company does not comply with its obligations under
the new Debentures. Fintech supports the exchange, and
encourages other bondholders to support it as well," said David
Martinez of Fintech Advisory, Ltd. in London.

Global Bondholder Services Corporation has been selected as
information agent. Requests for assistance or documents should
be directed to Harvey Eng of Global Bondholder Services
Corporation, in New York, at (212) 430-3774. The proxy and
exchange agent is Citibank, N.A., in London (attention: Stuart
N. Hoare at +44.207.500.5309) and New York (attention: Sebastian
Andrieszyn at 212.657.9055).

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of
these securities in any state in which such offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of any such state.

Cydsa is a major Mexican industrial company with leading market
share in some of its lines of business and with long-standing
relationships with major Mexican and international companies.
Cydsa is engaged in manufacturing and marketing products and
services in the following industries: petrochemicals and
specialty chemicals; synthetic fibers and yarns; packaging film
and folding carton. Cydsa's operations are organized and managed
through the following business segments: Chemicals and Plastics;
Fibers and Yarns and Packaging Film and Folding Carton.


EMPRESAS ICA: Bear Stearns Initiates Coverage at Peer Perform
-------------------------------------------------------------
Investment bank Bear Stearns initiated coverage of Mexican
construction company Empresas ICA SA (ICA) with a "peer perform"
rating, reports Dow Jones Newswires. The rating reflects an
increase of construction projects won by ICA.

ICA was recently part of a consortium that won a US$690-million
refinery project for state oil monopoly Petroleos Mexicanos.
Moreover, the company is also working on the US$750 million El
Cajon hydroelectricity contract that it won from the state power
company, the Federal Electricity Commission.

High oil prices, the electoral cycle, and economic growth make
for bullish construction spending, Bear Stearns said.

Bear Stearns described 2004 as a turnaround year for ICA, which
began to report profits and improve margins while continuing to
divest non-core assets.

CONTACTS: Ing. Alonso Quintana
          Phone: (5255) 5272-9991 x3468
          e-mail: alonso.quintana@ica.com.mx

          Lic. Paloma Grediaga
          Phone: (5255) 5272-9991 x3664
          e-mail: paloma.grediaga @ica.com.mx

          In the United States:
          Zemi Communications
          Mr. Daniel Wilson
          Phone: (212) 689-9560
          E-mail: d.b.m.wilson@zemi.com


GRUPO POSADAS: S&P Issues Report, Details on Debt Ratings
---------------------------------------------------------

Issuer Corporate Credit Rating: BB-/Stable/--

Affirmed Rating:
  Senior Unsecured debt (Foreign currency) BB-

Rationale

The rating on Posadas reflects its somewhat high financial
leverage, cyclicality of the hotel industry, and geographic
concentration within Mexico. These factors are offset by the
company's being the largest hotel operator in Mexico, a
diversified hotel portfolio with well-recognized brands, and the
development of competitive advantage through technology.

Posadas operated 83 hotels with a total of 15,799 rooms as of
June 2004. The company's operations are concentrated in Mexico,
where it runs 65 hotels (80% of rooms, generating 85% of the
EBITDA). It also operates 11 hotels in Brazil, six in the U.S.,
and one in Argentina.

Although maintaining the same base of directly owned hotels,
Posadas is gradually changing its mix so that its growth
primarily derives from managed and leased hotels, which generate
a greater return on investment. Nevertheless, its owned hotels
still contribute the highest portion of the company's revenues
(55% of the total revenues as of June 2004, from 58% a year
before).

Posadas has developed two technological platforms, "Revenew" and
"Conectum," to increase the efficiency and agility of its
operations, and so reduce operating and administrative expenses,
as well as to cope with pricing pressures from intermediaries
(reservations and distribution channels). As a result, as of the
second quarter, the company was able to reduce its
administrative costs by 8% compared with second-quarter 2003.

In the past couple of years, Posadas' occupancy rates have been
negatively influenced by the terrorist attacks of Sept. 11,
2001, by Hurricane Juliette on the Pacific Coast in the same
month, and by the Iraq War in first-quarter 2003. The outlook
for 2005, however, is more positive in light of the economic
recovery in Mexico and the U.S., as evidenced by the upward
trend in occupancy levels of 4% (percentage points) since the
end of 2003.

As of June 30, 2004, the total debt of the company was $338
million, representing a total debt-to-capitalization ratio of
49%, which in the next few years, should gradually decrease
toward 40%. EBITDA interest coverage for the preceding 12 months
(LTM) was 3.4x, compared to 2.9x for the 12 months ended June
2003. Standard & Poor's Ratings Services expects that this ratio
to increase to 4.0x. The EBITDA margin, meanwhile, remained at
25.2% in the 12 months ended June 30, 2004, due to Posadas'
efforts in reducing costs and expenditures.

Margins are expected to improve in the medium term as a result
of the company's potential to operate hotels with minimum
capital investment and the efficiencies obtained by applying the
technology that has already helped the company reduce costs and
improve distribution.

Liquidity

At June 30, 2004, Posadas had about $21 million in cash and
approximately $59 million available in uncommitted credit lines,
while its free operating cash flow is expected to be between $25
million and $43 million for the next two years. In turn,
Posadas' short-term financial obligations amount to $61.0
million.

Outlook

The stable outlook reflects our perception that the company will
continue improving its operating performance gradually, and that
it will be able to generate stable cash flows, even under
adverse economic conditions.

Business Description

Grupo Posadas is the largest hotel operator in Mexico, with 83
hotels and a total of 15,799 rooms as of June 2004, while its
next competitor operates around 5,502 rooms. Posadas' operations
are concentrated in Mexico, where it operates 80% of its rooms
through 65 hotels. It also operates 11 hotels in Brazil, six in
the U.S., and one in Argentina.

Posadas originated in 1967. The company is 52% owned by the
Azcarraga family, and the balance is publicly traded (its shares
have been traded in the Mexican Stock Exchange since 1992).

Business Risk

The tourism industry in Mexico has continued to grow (11% as of
June 2004 compared with the same period of 2003) as a result of
the growth in the Mexican economy. The tourism GDP contributes
8% of the total GDP. Among all the business segments, the
business travel segment has been the one growing at a higher
pace. We expect that the lodging industry will have a gradual
recovery throughout 2004 and will likely continue throughout
2005.

The company operates its hotels mainly through the Fiesta
Americana (FA) and Fiesta Inn (FI) brands.

FA hotels offer services in the main coastal and urban
destinations within Mexico, focusing on high-end business and
leisure travelers; there are nine units located in beaches and
12 in cities, with 2,760 and 2,951 rooms, respectively. A
typical FA unit consists of 150-600 rooms, with an average
construction cost of $100-$130 per room.

FI hotels are smaller ( between 120-150 rooms), with lower
prices, mainly targeting the business traveler. While FI hotels
are typically located in urban locations, a scaled-down FI
version is being built to target Mexico's second-tier smaller
cities. A typical FI room cost of construction ranges between
$45-$70 ($45 for FI's smaller versions). The FI brand has proven
to be a successful format, generating around 28% of total
revenues in 2003, from 13% in 1996.

Since the Caesar Park acquisition in 1998, Posadas has been
growing in the tourism and business segments in South America.
As of June 30, 2004, the company operated 11 hotels in Brazil
with 2,128 rooms (13.5% of the total company's rooms) in Brazil
and a 170-room hotel in Argentina. Posadas believes that there
is still significant growth potential in those countries (focus
on Brazil) and it plans to open five hotels in the next 18-24
months in the region. In addition, Posadas currently operates
three top-luxury hotels under its Fiesta Americana Grand brand
format: Los Cabos, Cancún, and Mexico City-Chapultepec. Another
one is opening its doors later this year (Cancun). To increase
customer loyalty, in 1996 the company relaunched its "Fiesta
Rewards" program, which, as of today, has around 1,200,000
members (20% increase compared with June 2003) and contributed
24% of FA's and 39% of FI hotels' occupancy in 2003. Also, to
reduce cyclicality in coastal properties, Posadas established
Fiesta Americana Vacation Club (FAVC), giving members the right
to use Posadas' properties for 40 years. As of December 2003,
FAVC had 9,475 members, an increase of 62% compared to 2002, and
contributed 16% of Posadas' revenues and 12% of its EBITDA.

The company conducts its operations through three different
schemes: owned hotels, leased hotels (the company pays the
higher of a fixed rent or a variable rent, depending on
results), and third-party hotels (receiving, among others, a fee
based on the revenues of the hotels and an incentive fee based
on operating income). The typical length of a management
contract is 10 years. As of June 30, 2004, of the 83 hotels, the
company has a majority stake in 33 (55% of total revenues),
manages 34 hotels (around 16% of total revenues), leases 14
hotels (12% of total), and has two FAVCs (around 18% of the
total revenues). Around 60% of the total revenues comes from
urban hotels, and the rest is from the coastal beach hotels.
Nevertheless, the company intends to increase the revenues
generated from the operation of third-party hotels, which are
more profitable and require less direct investment by the
company. These hotels usually are developed through alliances
with local investors, who construct the hotels, and are
afterwards operated by Posadas, contributing to increased
operating margins and higher returns on investment.

During 2003, the company continued its expansion by adding 10
new hotels to its portfolio (one FA, six FI, and three Caesar
Business). As of the first half of 2004, Posadas opened six
hotels and has about 28 hotels in development, to be opened in
the next two years.

Posadas has been investing in technology for the past five
years, developing two projects that were launched in the last
quarter of 2003, namely the Conectum and Revenew platforms.
Conectum is a central inventory that manages the accounting of
all Posadas' hotels. With this program, Posadas has been able to
reduce operating and administrative costs by 15% as of first-
quarter 2004, has obtained purchase discounts between 15%-25%,
and has better observance of accounting policies. As of June
2004, all its own Mexican hotels were fully functioning under
Conectum; the remaining hotels will be integrated into the
system in the second half of 2004. In terms of Revenew process,
it helps to more accurately predict customer demand and
determine pricing, which helps the company to determine the
types of reservations that will maximize profits during a
particular period, particularly reducing price cannibalization
derived from some e-distributors.

Financial Policy: Aggressive

The company's financial policy has been aggressive, as evidenced
by past acquisitions and somewhat high leverage.

The company's financial targets are an interest coverage ratio
in the 3.5x-4.0x range, and total debt-to-EBITDA of around 3.0x.

Financial Profile

Profitability and cash flow

Posadas' revenues and EBITDA during 2003 reached $348 million
and $85 million, respectively. The company's operating income in
2003 was affected by an increase of 10% of operating expenses
due to the changes in the recognition of the intangible assets;
however, its EBITDA margin has remained in the 23%-24% range,
and it is expected to gradually increase as a result of higher
revenues derived from the opening of new hotels and from the
full implementation of two platforms. Hotel rates have been
decreasing; nevertheless, we expect a recover of the industry
followed by the recovery of rates.

Due to the events in 2003, rate decreases have led to a revenue
per available room (RevPAR) decrease of 2% as of December 2003
compared with 2002. Nevertheless, in 2005, it is expected to
increase back toward $60 RevPAR. In terms of occupancy, while
the urban hotels are showing an increasing tendency, the coastal
hotels are expected to have an occupancy of around 60% the next
two years, which is in accordance with past occupancy rates of
Posadas. As of December 2003, Posadas had occupancy rates of
60.5%, which is comparable with Posadas' past occupancy rates.

EBITDA interest coverage for the past 12 months was 3.4x,
compared with 3.2x as of December 2003. Free operating cash flow
is expected to remain positive at around $38 million for the
next three years, equivalent to 12% of debt.

Annual capital expenditures are expected to be in the $40
million neighborhood in the next few years, with almost 60% of
them aimed for maintenance.

Capital structure and financial flexibility

Around 67% of the company's debt is dollar denominated; however,
around 45% of the company's revenues are dollar denominated,
partially reducing the exchange exposure of its debt. The
company has issued debt in the local markets, providing for
additional financial flexibility source.

Primary Credit Analyst: Fabiola Ortiz, Mexico City (52) 55-5081-
4449; fabiola_ortiz@standardandpoors.com

Secondary Credit Analyst: Manuel Guerena, Mexico City (52) 55-
5081-4411; manuel_guerena@standardandpoors.com


SATMEX: Govt. Increases Participation in Administration
-------------------------------------------------------
As a shareholder of Satelites Mexicanos (Satmex), Mexico's
federal government has finally decided to get involved in the
administration of the satellite company by appointing its own
representative as a member of the firm's board.

According to an El Universal report, the Transportation and
Communications Secretariat (SCT) designated Mr. Francisco
Ramirez Vazquez, the assistant director of supervision and
analysis of the Unit of Support for Structural Change at the
SCT, as a member of the Satmex board. Ramirez's new position
will give him the right to declare opinions and influence the
decisions of Satmex.

At the same time, the government has also joined the negotiation
tables with the company's creditors.

The government holds 23.57% of the stock of Satmex and is also
one of the main creditors of Servicios Corporativos Satelitales,
which is the firm owning 75% of Satmex shares. It owes the
government approximately US$190 million.



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

INTERBANK: Fitch Upgrades Support Rating After Sovereign Action
---------------------------------------------------------------
Fitch Ratings has upgraded the support rating of Peruvian bank
Interbank to '3' from '4' and affirmed the bank's remaining
ratings as follows:

--Long-term foreign currency 'BB-';

--Short-term foreign currency 'B';

--Rating Outlook Stable;

--Long-term local currency 'BB-';

--Short-term local currency 'B';

--Individual 'D'.

The improved support ratings follow the upgrade of Peru's
foreign currency rating to 'BB' from 'BB-'. In Fitch's view,
considering the stronger creditworthiness of the sovereign,
there is improved capacity to support the bank. Therefore, Fitch
believes there is a moderate probability of support, were it
ever needed. The Peruvian authorities have a vested interest in
supporting Interbank, given its importance to the system.

CONTACT:  Ricardo Chaves +1-212-908-0606
          Peter Shaw +1-212-908-0553, New York



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

MISSISSIPPI CHEMICAL: U.S. Court Confirms Reorganization Plan
-------------------------------------------------------------
Mississippi Chemical Corporation (OTC Bulletin Board: MSPIQ.OB)
announced Wednesday its second amended plan of reorganization
has been confirmed by the U.S. Bankruptcy Court for the Southern
District of Mississippi. The Company expects to implement the
plan of reorganization by the end of the calendar year by
consummating the sale of the company's shares to Terra
Industries Inc. after the spin off of the company's phosphate
business to certain creditors.

Mississippi Chemical Corporation is a leading North American
producer of nitrogen and phosphorus products used as crop
nutrients and in industrial applications. Production facilities
are located in Mississippi, Louisiana, and through Point Lisas
Nitrogen Limited, in The Republic of Trinidad and Tobago. On May
15, 2003, Mississippi Chemical Corporation, together with its
domestic subsidiaries, filed voluntary petitions seeking
reorganization under Chapter 11 of the U.S. Bankruptcy Code.


* TRINIDAD & TOBAGO: IMF Review Finds Favorable Conditions
----------------------------------------------------------
On October 22, 2004, the Executive Board of the International
Monetary Fund (IMF) concluded the Article IV consultation with
Trinidad and Tobago.

BACKGROUND

Trinidad and Tobago's economy, which is endowed with large
energy reserves, is experiencing a strong energy sector-based
expansion due to increased output and high international prices.
The energy sector already accounts for about 40 percent of GDP,
83 percent of domestic goods exports, and slightly more than 40
percent of government revenue. Large increases in oil and gas
output expected over the next decade will reinforce its central
role. As in other energy-rich countries, while energy exports
greatly reduce domestic and external resource constraints, they
pose their own macroeconomic and governance-related challenges-
in particular, for employment creation, poverty reduction, and
fiscal transparency.

Real GDP growth picked up sharply in 2003, driven mainly by an
expansion in the energy sector, in the context of persistent
high unemployment and continued low inflation. Real GDP grew by
13 percent, led by a 30 percent expansion in the energy sector.
This was due to a surge in liquid natural gas production as the
third LNG plant started operations in April 2003, as well as to
increases in the output of crude oil and petrochemicals. The
performance of non-energy sectors was mixed: while there was a
strong expansion in manufacturing, construction, and financial
services, the agricultural sector declined by some 14 percent.
The unemployment rate continued to decline and stands at about
10ź percent. However, unemployment has been kept high by a
number of structural factors, which have led to a low labor
intensity of growth. These factors include the high capital
intensity of the energy sector, skill mismatches, labor market
rigidities which reduce wage flexibility, and the impact of
energy-related inflows on the real exchange rate. It should be
noted, however, that using the standard International Labor
Organization definition, the unemployment rate would stand at 7ź
percent. While average consumer price inflation has been close
to 4 percent, core inflation (which excludes food price
increases) has been about 2 percent.

The overall balance of the consolidated nonfinancial public
sector (NFPS) improved sharply in FY 2002/03, although deficits
remain in some entities. The NFPS shifted from a deficit of
about 4 percent of GDP in FY 2001/02 to a surplus of 2 percent
of GDP in FY 2002/03. The turnaround reflected the marked
improvement in the finances of the state-owned energy companies
due to strong product prices and, in the case of gas, increased
output. While most of the energy-related companies, and the
telecommunication company, had operating surpluses, a number of
enterprises continued to record deficits-in particular, the fuel
distribution company and the water utility, whose tariffs have
not kept pace with costs, and the sugar company, which incurred
large severance payments related to its restructuring. Public
sector debt declined by about 4 percentage points of GDP, to 56
percent of GDP as of end-September 2003.

The Central Bank of Trinidad and Tobago (CBTT) continued to
maintain a stable exchange rate against the U.S. dollar, which-
given the large energy-related inflows-was consistent with a
reduction in the policy interest rate and some further build up
in international reserves. The exchange rate has remained within
a narrow band around TT$6.3 per U.S. dollar-a virtually
unchanged level since late 1997-and international reserves have
accumulated moderately over the last two years. The CBTT lowered
the benchmark repo rate by 25 basis points in September 2003, to
5 percent, which was intended to stimulate growth in the non-
energy sector. To improve financial intermediation and level the
playing field between banks and non-banks, the CBTT lowered the
reserve requirement, from 18 percent to 14 percent, in October
2003. These measures have contributed to a significant reduction
in commercial bank lending rates, and an increase in credit to
the private sector.

The balance of payments recorded an increased surplus in 2003,
despite large capital outflows, reflecting the strong
performance of the energy sector. The external current account
recorded an unprecedented surplus of 13 per cent of GDP,
compared to approximate balance in 2002. The sharp increase in
gas output, combined with an upswing in international oil and
gas prices, resulted in a boom in total export earnings, which
rose by 13 percentage points of GDP, despite a decline in
manufacturing exports. The capital account recorded a deficit
equivalent to 10 percent of GDP in the context of sizable bond
issues by regional governments and corporations, and outward
foreign direct investments. Direct investment inflows rose in
the context of major energy-related investment projects. At the
end of the year, gross official reserves stood at US$2.3
billion, equivalent to 5 months of imports. Public sector
external debt declined by 3 percentage points of GDP, to about
15 percent of GDP at end 2003, most of which long-term and from
commercial creditors.

Since August 2002, the Trinidad and Tobago dollar has
depreciated by 9 percent in real effective terms. This movement
reflected mainly the fall in the value of the U.S. dollar, to
which the currency has been effectively pegged, against the
currencies of Trinidad and Tobago's major trading partners, and
in particular the euro. Nonetheless, the Real Effective Exchange
Rate remains some 15 percent above its 1997 level.

EXECUTIVE BOARD ASSESSMENT

Executive Directors noted that strong expansion in energy output
and high international prices have boosted Trinidad and Tobago's
growth, exports, and fiscal revenues, giving rise to substantial
fiscal and external current account surpluses, while inflation
has remained low. These favorable developments have greatly
reduced domestic and external resource constraints. However,
Directors observed that significant macroeconomic challenges
remain, notably to boost non-energy investment and growth in
order to reduce the persistent high unemployment rate and the
dependence of the budget on energy-based revenues. This will
require determined implementation of a sound policy framework
that promotes external competitiveness and economic
diversification.

Directors emphasized that a key element of such a growth-
oriented policy framework would be prudent fiscal management,
which should also provide for sustainable consumption of energy
resources. They welcomed the budget surplus achieved in FY
2003/04 and anticipated that-given the strength of projected
energy-based revenues-the government is in a position to
maintain substantial surpluses over the medium term. To this
end, expenditure should continue to be managed prudently, based
on a comprehensive public expenditure review. Directors advised
the authorities to continue to contain the growth of the wage
bill and transfers to households. This would allow capital
expenditure to grow more rapidly than in recent years in order
to better address the country's infrastructure and social sector
needs. However, it will be important to ensure that public
investment projects are of high quality and, more generally, to
improve the effectiveness of government spending. Over the long
term, the envisaged move to output budgeting and a fully-funded
pension scheme for government employees will help maintain
fiscal discipline.

Directors observed that, notwithstanding the strong energy
revenue outlook, it is important to move ahead with long-
standing plans for tax reform and strengthening tax
administration. They were encouraged that the authorities are at
an advanced stage of preparation of a new energy tax regime,
aimed at better capturing the rents from natural gas, and
supported the authorities' request for Fund technical assistance
for a reform of non-energy taxes, revenue from which has been
eroded by exemptions and weak compliance. While plans to
strengthen the revenue stabilization fund to cover the natural
gas sector are welcome, Directors noted that a more
comprehensive approach is needed, not only to smooth out the
budgetary use of energy resources, but also to ensure that such
use is sustainable over an appropriately long period. This would
address inter-generational equity considerations and allow time
for economic diversification efforts to take hold. In this
context, the authorities should consider the scope for
institutionalizing fiscal procedures that would help ensure a
continued budget surplus position over the medium term.

Directors considered that the defacto peg of the exchange rate
has facilitated low inflation and helped shield the non-energy
sector from pressures towards exchange rate appreciation from
energy-related inflows. They concurred that competitiveness
issues are best addressed through prudent macroeconomic policies
and structural reforms. However, they welcomed the commitment by
the authorities not to resist depreciation pressures, and to
allow greater exchange rate flexibility if needed to protect the
international reserve position and increase the economy's
ability to cope with external shocks. Directors felt that the
central bank has generally struck an appropriate mix in its
liquidity management between sales of foreign exchange and open
market operations. They noted that the recent expansion in the
auction system for government securities should enhance the role
of open market operations in managing liquidity, as well as
promote development of the capital market. They also supported
the reduction of reserve requirements to lower bank
intermediation costs.

Directors stressed that persistent high unemployment, the
decline in non-energy exports in 2003, and the underlying
pressures toward real appreciation reinforced the importance of
targeted structural reforms to enhance external competitiveness
in the non-energy sector and support medium-term growth. They,
therefore, welcomed the authorities' broad reform agenda, and
encouraged its full specification and steadfast implementation.
Regarding public sector reform, Directors commended the
restructuring of the state-owned sugar company in conjunction
with a significant safety net for the large work force affected.
Looking ahead, Directors attached importance to the planned
restructuring of the port operations, efforts toward greater
efficiency in the public utilities, and initiatives to improve
transparency and accountability in the public entities. It will
also be critically important to address the unemployment problem
in a determined manner, including by tackling labor market
rigidities, and fostering the right mix of labor skills through
appropriate education and training. Directors welcomed other
ongoing supply-side reforms, notably liberalization of the
telecommunications sector.

Directors stressed the importance of the ongoing program to
modernize and upgrade financial regulation and supervision,
noting Trinidad and Tobago's increasing exposure in the regional
financial market. In this context, Directors welcomed the recent
expansion of the central bank's supervisory responsibilities to
cover the insurance and pension sectors, and encouraged the
authorities to vigorously pursue their broad legislative agenda
for the financial system. They also encouraged the government to
move ahead with its plans for reforming the National Insurance
Scheme and the regulatory environment for private pension
schemes. Directors welcomed the authorities' request to
participate in the Financial Sector Assessment Program in 2005.

Directors noted that Trinidad and Tobago provides core
statistics to the Fund that are broadly adequate for
surveillance. Nevertheless, they encouraged further
strengthening of the statistical system, especially in the areas
of public enterprise account, and the capital account of the
balance of payments. Directors welcomed the authorities'
decision to participate in the General Data Dissemination
System.

To view Economic Indicators:
http://bankrupt.com/misc/TrinidadandTobago.htm

CONTACT: IMF - External Relations Department
         700 19th Street, NW
         Washington, D.C. 20431
         USA

         Public Affairs
         Phone: 202-623-7300
         Fax: 202-623-6278

         Media Relations
         Phone: 202-623-7100
         Fax: 202-623-6772



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

CITGO: Excellent Results Yield $400M Dividend
---------------------------------------------
CITGO Petroleum Corporation, an indirect wholly owned subsidiary
of Petroleos de Venezuela, S.A. (PDVSA), declared Wednesday a
dividend of $400 million payable to its parent.

"Our results this year have been outstanding," stated CITGO
President and CEO Luis Marín, "allowing us to pay this dividend.
Clearly, CITGO is a solid investment for PDVSA."

CITGO, based in Houston, is a refiner, transporter and marketer
of transportation fuels, lubricants, petrochemicals, refined
waxes, asphalt and other industrial products. The company is
owned by PDV America, Inc., an indirect wholly owned subsidiary
of Petroleos de Venezuela, S.A., the national oil company of the
Bolivarian Republic of Venezuela.

                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

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Copyright 2004.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed
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* * * End of Transmission * * *