TCRLA_Public/041213.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

           Monday, December 13, 2004, Vol. 5, Issue 246

                            Headlines

A R G E N T I N A

ACINDAR: Planned Investment Depends on Gas, Electricity Supplies
MEDICAL CROSS: Claims Check Deadline Approaches
PANELMASTER S.A.: Claims Verification Ends Wednesday
TGS: S&P Raises Ratings To 'CCC+'
ZOOMP S.A.: Trustee to Close Verifications Wednesday

* ARGENTINA: President Kirchner Approves Debt Swap


B E R M U D A

FOSTER WHEELER: Updates Outstanding Shares Information
GLOBAL CROSSING: To Provide IT Services for CAF


B R A Z I L

CESP: Revenues to Decline Due to Power Prices Set at Auction
FURNAS/ODEBRECHT: File Jirau Feasibility Study
TELEMAR: To Invest BRL2.5 Bln Next Year, Says Report
TNL: S&P Affirms Ratings
USIMINAS: Eyes 2-M Steel Output Increase


E C U A D O R

PETROECUADOR: Names New VP For Production Arm


J A M A I C A

AIR JAMAICA: Expects Future Aid From Government


M E X I C O

BOMBARDIER: Sells Interest in Mexican JV to Greenbrier


P E R U

* Peru Presents Debt Restructure Offer to the Paris Club


U R U G U A Y

UTE: Calls for Brazilian Bids for 12-Month Power Supply


V E N E Z U E L A

PDVSA: Changes Bylaws To Allow For Newly-Appointed President

     -  -  -  -  -  -  -  -

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

ACINDAR: Planned Investment Depends on Gas, Electricity Supplies
----------------------------------------------------------------
Argentine long steelmaker Acindar plans to invest US$170 million
to increase its production capacity of sponge iron, reports
Business News Americas.

But according to Acindar spokesman Gustavo Pittaluga, the
planned investment will depend on the availability of gas and
electricity supplies.

"Those issues are still not clear, though I don't believe the
situation will get worse compared to last year. However, I'm not
sure it will improve either," Pittaluga said, referring to the
gas supply problems Argentina has suffered for most of this year
because of under-investment resulting from government-imposed
price freezes.

"Given that you have to keep looking at how things develop, this
issue [gas and electricity supplies] is fundamental in our
case," he said.

Work on several infrastructure projects was already under way,
"but I don't know if they will be ready for next winter when
demand for energy goes up," he added.

Pittaluga predicted that international prices of iron and steel
would remain more or less within the current range of around
US$700/t and that in the short term there would be no major
change in the price range seen this year.

The Company expects its income in 2004 to be positive and
similar to the levels seen in the first nine months of the year
continuing into next.

"For 2005, there has been nothing to indicate that it will be
very different from this year," Pittaluga said.

Belgo Mineira owns 73% of Acindar.

CONTACT:  ACINDAR INDUSTRIA ARGENTINA DE ACEROS SA
          2739 Estanislao Zeballos Beccar
          Buenos Aires
          Argentina B1643AGY
          Phone: +54 11 4719 8500
          Fax: +54 11 4719 8501
          Web Site: http://www.acindar.ar.com


MEDICAL CROSS: Claims Check Deadline Approaches
-----------------------------------------------
Medical Cross Corp. S.A. nears the end of its liquidation with
the closing of the claims verification period on Wednesday,
December 15, 2004.

Creditors with outstanding claims against the Company must
submit all required documents to trustee Patricia Monica
Narduzzi by the said date. Failure to comply with the deadline
will mean disqualification from the post-liquidation
distributions to be made.

Court no. 21 of Buenos Aires' civil and commercial tribunal
handles this case with assistance from the city's Clerk No. 41.

CONTACT: Medical Cross Corp S.A.
         Avda Cordoba 3387
         Buenos Aires

         Ms. Patricia Monica Narduzzi, Trustee
         Lavalle 1675
         Buenos Aires


PANELMASTER S.A.: Claims Verification Ends Wednesday
----------------------------------------------------
Creditors of bankrupt Panelmaster S.A. have until Wednesday,
December 15, 2004 to submit proof of their claims against the
Company. All required documents must be forwarded to Trustee
Jose Ruiz for verifications by the said date to qualify for the
Company's distribution plan.

Court no. 13 of Buenos Aires' civil and commercial tribunal has
jurisdiction over this case.

CONTACT: Panelmaster S.A.
         Marcelo T de Alvear 1381
         Buenos Aires

         Mr. Jose Ruiz, Trustee
         Avda Corrientes 4264
         Buenos Aires


TGS: S&P Raises Ratings To 'CCC+'
---------------------------------
Standard & Poor's Ratings Services raised its corporate credit
rating on Transportadora de Gas del Sur S.A. (TGS) to 'CCC+'
from 'D' after the company announced that it has reached a high
99.76% level of acceptance from creditors to restructure its
approximately US$1 billion debt under an exchange offer proposal
launched on Oct. 1, 2004. The 'CCC+' corporate credit rating is
subject to the effective exchange of the notes, expected for
Dec. 15, 2004 and regulatory approvals.

At the same time, a 'CCC+' rating was assigned to the Series A
Notes for up to US$ 277.7 million and Series A-P notes for up to
US$ 43 million with six-year final maturity, Series B-A notes
for up to US$256.3 million, Series B-A-P notes for up to US$39.9
million, Series B-B notes for up to US$ 256.3 million, and
Series B-B-P notes for up to US$ 39.9 million with nine-year
final maturity. The above-mentioned obligations will be issued
as a result of the debt restructuring. The outlook is stable.

Standard & Poor's has also assigned a 'CCC+' rating to the new
bonds to be issued in replacement of TGS' special-purpose entity
Inter American Development Bank's (IADB) loans. The loans that
added up to US$326 million (including A and B Loans) will be
replaced by two new bonds: Bond A for approximately US$151
million and Bond BA for US$139 million.

Debt relief as a result of the conclusion of the restructuring
is significant. Although there was no hair-cut on principal,
maturities have been pushed out significantly and are amortizing
in line with cash flow generation capacity ."If the current
level of capital expenditures is maintained, TGS should be able
to face the first six years of resulting interest and
amortization with its current generation of approximately US$180
million of EBITDA after capital expenditures," said Standard &
Poor's credit analyst Luciano Gremone. "In the longer term, the
company will need to increase revenues or obtain other sources
of refinancing to meet the requirements of a growing debt
service profile."

TGS is Argentina's largest natural gas transportation company,
delivering approximately 61% of the country's total gas
consumption. It has a 35-year license to operate Argentina's
Southern gas transportation system.

The stable outlook reflects the expectations of an improved
maturity schedule, which will help the company strengthen its
repayment capacity. The outlook also incorporates the
expectation of a relatively stable performance of the exchange
rate. In addition, Standard & Poor's considers that the
restructuring provides an adequate term of years for
renegotiating the concession contract.


ZOOMP S.A.: Trustee to Close Verifications Wednesday
----------------------------------------------------
Trustee Atilio Ruben Mossi is set to close the verification of
creditors' claims for the Zoomp S.A. bankruptcy case on
Wednesday, December 15, 2004.

Creditors are required to submit proof of the Company's
indebtedness to the trustee by the said date to qualify for the
post-liquidation payments that will be made.

Court no. 9 of Buenos Aires' civil and commercial tribunal has
jurisdiction over this case. The city's Clerk No. 17 assists the
court with the proceedings.

CONTACT: Mr. Atilio Ruben Mossi, Trustee
         Montevideo 527
         Buenos Aires


* ARGENTINA: President Kirchner Approves Debt Swap
--------------------------------------------------
Argentine President Nestor Kirchner signed Thursday a decree
authorizing a planned bond exchange to restructure US$103
billion in defaulted debt.

The signing of the decree is largely a formality but suggests
that advances have been made in the government's negotiations
with institutions to act as the exchange agent in the debt swap.

Bank of New York (BK) was the original exchange agent, but the
contract collapsed over the bank's complaints of time and cost
overages, delaying the debt swap's launch date to Jan. 17 from
Nov. 29.



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

FOSTER WHEELER: Updates Outstanding Shares Information
------------------------------------------------------
Foster Wheeler Ltd. (OTCBB: FWHLF) announced Thursday that as of
December 9, 2004, 349,128 of its Series B Convertible Preferred
Shares have been converted into 22,693,320 Common Shares. As a
result, the total number of the Company's outstanding Common
Shares as of December 9, 2004 was 29,146,318.

As of December 9, 2004, 250,816 Series B Convertible Preferred
Shares remain outstanding. These Preferred Shares are
convertible into an additional 16,303,021 Common Shares.

As previously announced, the Series B Convertible Preferred
Shares ceased to have voting rights immediately following the
Company's shareholders meetings on November 29, 2004, except in
limited circumstances as required under Bermuda law and the
Company's bye-laws.

Foster Wheeler Ltd. is a global company offering, through its
subsidiaries, a broad range of design, engineering,
construction, manufacturing, project development and management,
research and plant operation services. Foster Wheeler serves the
refining, upstream oil and gas, LNG and gas-to-liquids,
petrochemicals, chemicals, power, pharmaceuticals, biotechnology
and healthcare industries. The corporation is based in Hamilton,
Bermuda, and its operational headquarters are in Clinton, New
Jersey, USA.

CONTACTS: Foster Wheeler Ltd.
          Media Contact:
          Ms. Maureen Bingert
          Phone: 908-730-4444
              or
          Investor Contact:
          Mr. John Doyle
          Phone: 908-730-4270
              or
          Other Inquiries:
          Phone: 908-730-4000

          Web Site: http://www.fwc.com


GLOBAL CROSSING: To Provide IT Services for CAF
-----------------------------------------------
Global Crossing (NASDAQ: GLBC) announced Thursday that it is
providing the Andean Development Corporation (CAF), the premier
multilateral financial development institution in the Andean
region, with managed IP VPN services over Global Crossing's IP
network.

The solution currently converges CAF's data and video traffic
over a single connection, linking the institution's offices in
Bolivia, Colombia, Ecuador, Peru, Venezuela and Brazil with its
telecommunication hub in Miami. CAF also plans to utilize Global
Crossing Managed IP VPN to converge its voice services in the
near future.

CAF will also benefit from Global Crossing's managed services, a
full end-to-end turn-key solution for IP VPN, enabling the
institution's team to focus on core business responsibilities
while Global Crossing ensures a secure, flexible, reliable and
high-performing IP VPN.

CAF's voice, data and video traffic is transported over Global
Crossing's secure, privately owned and operated MPLS-based IP
backbone, physically separate from the public Internet. Global
Crossing provides a converged IP solution that is both scalable
and flexible; supporting customer-tailored migration paths for
the transition from traditional voice services to IP-based voice
services. CAF will utilize Global Crossing's Direct Dial
Services for voice, and has plans to employ VoIP in the near
future. CAF has already begun accessing IP Video and iVideo for
its videoconferencing solutions through the new managed IP VPN
service.

"CAF has to meet the needs of many types of organizations --
from governmental entities to private investors. After
evaluating numerous options, it was evident that Global
Crossing's superior network, performance and global capabilities
at competitive prices would help us manage our audiences'
varying needs," commented Esteban Cover, director of technology
at CAF. "The nature of CAF's work can take our staff to very
remote places. Global Crossing had the network guarantees and
reach we could count on, with the local access and speed we need
for our staff to be effective."

"This is an excellent example of how Global Crossing's network,
global reach and converged IP service offering is a perfect fit
for the financial sector in Latin America," said Pablo Mlikota,
vice president of corporate sales, Latin America and
southeastern U.S. "Financial institutions find that our
solutions serve as a strategic tool for their businesses, and
we're delighted that CAF has recognized the quality and value we
can bring to their organization."

Global Crossing addresses the specific strategic and security
needs of financial organizations through a comprehensive
approach to security, optimal business processes and business
continuity planning. Financial institutions can rely on Global
Crossing's unprecedented security - technology, network,
personnel and more, based on rigid requirements established by
the UK and US governments, and leading application security for
viruses and denial of service (DoS) attacks, delivered over a
fully interoperable global IP-based network platform.

Available today in more than 500 cities and 50 countries, Global
Crossing provides one of the highest performance and versatile
IP VPN solutions currently in place, providing true global
reach, scalable connectivity, multiple access options, flexible
billing options, and supporting convergence of corporate data,
VoIP, IP Video and Internet access, all over one connection.
Global Crossing's IP VPN Service allows customers to create
secure, private intranets and extranets globally. It's a secure
solution for transporting IP traffic such as e-mail, e-commerce,
streaming video and other data applications between multiple
sites across the Global Crossing worldwide network based on
differentiated Quality of Service (QoS) across multiple Classes
of Service (CoS) on MPLS.

Global Crossing Managed Services provide value-added pre-sales
engineering and CPE design, equipment procurement, provisioning
and installation, and network monitoring and management backed
by newly enhanced global SLAs. The service also provides ongoing
end-to-end CPE and network management and maintenance support
for corporate locations around the globe, permitting customers
to focus on their core businesses.

Global Crossing (NASDAQ: GLBC) provides telecommunications
solutions over the world's first integrated global IP-based
network. Its core network connects more than 300 cities and 30
countries worldwide, and delivers services to more than 500
major cities, 50 countries and 6 continents around the globe.
The company's global sales and support model matches the network
footprint and, like the network, delivers a consistent customer
experience worldwide.

Global Crossing IP services are global in scale, linking the
world's enterprises, governments and carriers with customers,
employees and partners worldwide in a secure environment that is
ideally suited for IP-based business applications, allowing e-
commerce to thrive. The company offers a full range of managed
data and voice products including Global Crossing IP VPN
Service, Global Crossing Managed Services and Global Crossing
VoIP services, to more than 40 percent of the Fortune 500, as
well as 700 carriers, mobile operators and ISPs.

About (Corporacion Andina De Fomento)

The CorporaciĒn Andina de Fomento (CAF) is a multilateral
financial institution whose mission is to promote the
sustainable development of its shareholder countries and
regional integration. It serves the public and private sectors,
providing multiple financial services to a broad customer base
composed of the governments of shareholder countries, public and
private companies and financial institutions. Its policies
incorporate social and environmental variables, and it includes
eco-efficiency and sustainability criteria in all its
operations.

CAF has been consistently present in its shareholder countries
in a manner that has enabled it to consolidate its regional
leadership in terms of effective mobilization of resources. It
is currently the leading source of multilateral financing of the
countries of the Andean community, having approved during the
last ten years more than 40 percent of the total resources
approved by multilateral agencies.

CONTACT: Press Contact
         Kendra Langlie
         Phone: + 1 305-808-5912
         e-mail: LatAmPR@globalcrossing.com

         Ms. Fernanda Marques
         Phone: + 55 21-3820-4712
         e-mail: LatAmPR@globalcrossing.com

         Analysts/Investors Contact

         Ms. Laurinda Pang
         Phone: +1 800-836-0342

         Web Site: www.globalcrossing.com



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

CESP: Revenues to Decline Due to Power Prices Set at Auction
------------------------------------------------------------
Brazilian electricity producer Cia. Energetica de Sao Paulo
(CESP) may lose BRL500 million (US$181 million) of revenue next
year because of power prices set at an auction on Dec. 7,
Bloomberg reports, citing company chairman Mauro Arce.

Prices for about a quarter of the power produced by CESP will
fall to about BRL62 ($US22.50) per megawatt/hour next year from
BRL78 this year, Arce said.

CESP is Brazil's and Latin America's third-largest electricity
generator, with 7,456 MW of installed capacity. The Company
operates six hydroelectric power plants and is responsible for
57% of the total energy produced in the state of Sao Paulo,
which generates 40% of Brazil's GDP. CESP is a state-owned
Company, whose primary shareholder is the government of the
state of Sao Paulo, with 53% of the total capital and 74% of the
voting common shares.

CONTACT:    Companhia Energetica De Sao Paulo
            Rua da ConsolaO o, 1.875
            CEP 01301 -100 S o Paulo, Brazil
            Phone: +55-11-234-6322
            Fax: +55-11-287-0871
            Home Page: http://www.CESP.com.br/
            Contact:
            Mauro G. Jardim Arce, Chairman
            Ruy M. Altenfelder Silva, Vice Chairman
            Vicente Kazuhiro Okazaki, Finance Director


FURNAS/ODEBRECHT: File Jirau Feasibility Study
----------------------------------------------
Brazilian generator Furnas announced in a statement Wednesday
that it and engineering company Odebrecht have filed on the same
day the feasibility study for the 3,300MW Jirau hydroelectric
project on the Madeira river in the western Amazon, reports
Business News Americas.

The federally-owned Furnas said in the statement that studies
for the 3,700MW Santo Antonio plant, which is also part of the
Madeira complex, will also be filed by the end of the month.

Together, Jirau and Santo Antonio would flood about 150 square
kilometers in the Amazon state of Rondonia, according to a
preliminary study.

The Madeira complex is a plan that involves the power generation
and a 4,200km waterway project, and is considered to be a
landmark in the regional development of the Amazon region and
for integration with neighboring Peru and Bolivia, the statement
said. The flooding would make a waterway linking the Amazon
regions of Peru and Bolivia and western Brazil to the Atlantic
Ocean.

However, environmental protection groups as well as market
analysts object to the Madeira complex. According to the
environmental groups, large dams inflict irreparable damage on
the local environment and displace too many people, while
analysts see them to be economically unfeasible since they are
too risky, forcing them to be developed by state-owned
companies, raising the amount of power generation controlled by
federal companies.

The companies plan to conclude environmental impact studies in
March.


TELEMAR: To Invest BRL2.5 Bln Next Year, Says Report
----------------------------------------------------
Tele Norte Leste Participacoes SA (TNE) or Telemar is planning
to invest BRL2.5 billion in 2005, reveals Dow Jones, citing a
report by local newspaper Valor Economico.

According to the Brazilian telco's Chief Executive Ronaldo
Iabrudi, the planned investment, which is 25% higher than the
BRL2 billion invested in 2004, will primarily cover the
expansion and consolidation of the Company's mobile telephony
and broadband services, and will come from the company's own
cash flow. Mr. Iabrudi said the Company also intends to meet new
build-out obligations for its fixed-line business.

The Valor report also quoted Mr. Iabrudi as saying that by next
year, Telemar's cash flow value will be very similar to the size
of its debt. The Company, which has roughly BRL4.9 billion in
cash flow and is concluding a debt reduction program, has BRL7
billion in net debt, according to data published in September.

Telemar provides fixed line telephony in 16 states in the
southeast and northeast and north of Brazil. The Company intends
to expand and transform its mobile arm Oi, the second-largest
operator in the region, into the No. 1 company in the areas
where Telemar has operations.

Oi currently trails mobile operator Vivo, which is controlled by
Portugal Telecom and TelefĒnica MĒviles.

According to Mr. Iabrudi, Telemar also aims to expand Internet
services by increasing its broadband subscriber base from
480,000 today to 750,000 by end-2005.

In line with its plans to recover fixed line revenues currently
being transferred to other free Internet Service Providers, the
company intends to launch at the onset of 2005 its own ISP unit,
which will initially offer Internet access free of charge.

Telemar also plans to spend some BRL400 million to meet its
contractual obligations for building out the fixed line network.


TNL: S&P Affirms Ratings
------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' foreign
currency and 'BB' local currency ratings on Tele Norte Leste
Participacoes S.A. (TNL). The outlook remains stable.

"The local currency rating on TNL reflects its exposure to the
volatile economic and operating environment of Brazil, the
challenges of a very competitive environment (especially in the
wireless segment), and the potential regulatory risks that may
affect its business profile," said Standard & Poor's credit
analyst Daniel Araujo. "These negatives are partially offset by
TNL's dominant market position in the fixed-line local services
within its concession area allowing strong cash-flow generation,
its ability to offer integrated solutions to its client base and
gradual diversification of revenue mix, and wide access to
domestic capital and bank debt markets."

With 15 million wireline customers and six million mobile
subscribers, TNL is Brazil's largest telecommunications company.

The stable outlook on the local currency rating reflects
Standard & Poor's expectation that TNL should continue
benefiting from its competitive business position anchored in
its dominance of fixed-line services in its concession area and
its strong financial flexibility and generation of free
operating cash flow. These positive features should mitigate the
volatility related to Brazil's economic environment, the
potential regulatory risks, and the fierce competition in the
wireless business that should continue to pressure operating
margins. The outlook may be changed to positive if TNL maintains
its solid profitability and cash flow protection measures and if
this is accompanied by further reduction in dividend
distribution that could result in faster reduction in debt
levels. The stable outlook on the foreign currency rating
reflects that of the Federative Republic of Brazil.


USIMINAS: Eyes 2-M Steel Output Increase
----------------------------------------
Brazilian flat-steel maker Usiminas (USIM5.BR) is planning to up
its annual steel production from a current 4.8 million tons to
6.8 million tons, relates Dow Jones, citing a report by local
daily Valor Economico.

The Valor report quoted Usiminas President Rinaldo Soares as
saying during the annual lunch on Wednesday of Brazil's national
steel institute, the IBS, that the Company plans to invest
between US$700 million and US$800 million to step up its annual
steel output.

At present, Usimanas is conducting a viability study on the
investment project that is expected to be finished in the first
half of 2005, while the necessary construction for the expansion
in production could be ready by 2008, Mr. Soares said.



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

PETROECUADOR: Names New VP For Production Arm
---------------------------------------------
Petroproduccion, the production arm of Ecuador's state oil
company Petroecuador, has a new Vice President, Leoncio
Villacis, says Business News Americas.

In a statement, Petroecuador said Mr. Villacis, an engineer by
training, is set to replace outgoing Vice President Luis
Aguirre.

Mr. Villacis has worked as a field supervisor on the Santa Elena
peninsula, and has held various other positions within the state
oil firm.



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

AIR JAMAICA: Expects Future Aid From Government
-----------------------------------------------
Air Jamaica expects to lose money over the next two years but it
is confident that the government will extend a financial aid
because of the airline's importance to the country's economy,
chairman Gordon "Butch" Stewart said.

"If Air Jamaica failed at this time it would be of the magnitude
that would make Finsac look like petty cash, for the simple
reason that it is Air Jamaica that is flying the Jamaican
economy from negative to positive," Jamaica Observer quoted
Stewart as saying.

Finsac (Financial Sector Adjustment Company) is the vehicle that
was used by the government to bail out collapsed banks and
insurance companies after the financial sector collapse of the
mid-1990s.

Air Jamaica's future has come under increasing scrutiny since
last month when the government revealed that the airline, in
which it maintained a 25% stake, had lost JMD40 billion since it
was privatized a decade ago and would require JMD16 billion in
capital injection over the next five years, according to
consultants.

The Company also has debts of JMD33 billion, of which more than
JMD14 billion owed to the government is to be converted to
equity to bring the government's stake to 49%.

Air Jamaica is a strategic asset to the country. It transports
over 50% of all airline passengers to Jamaica, controls over a
third of the tourist traffic and maintains airlift to the island
at times, such as after the 2001 terrorist attacks in the United
States, when foreign carriers find it prudent to cut back.

Stewart estimated that Air Jamaica, directly and indirectly,
contributed about US$1.5 billion annually to the Jamaican
economy.



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

BOMBARDIER: Sells Interest in Mexican JV to Greenbrier
------------------------------------------------------
Bombardier announced Tuesday the sale of its interest in
Greenbrier-Concarril LLC and Gunderson Concarril S.A. de C.V. to
the Greenbrier Companies.

The transaction will result in Greenbrier owning 100% of
Greenbrier-Concarril and its manufacturing subsidiary Gunderson
Concarril, S.A. de C.V. The value of the transaction is
approximately US $ 10 million.

Greenbrier-Concarril LLC was formed in 1998 as a joint venture
between Bombardier Transportation and The Greenbrier Companies
to manufacture through Gunderson Concarril S.A. de C.V., rail
freight cars for the North American market, at Bombardier's
facility in Sahagun, Mexico.

Gunderson-Concarril will continue to lease a portion of
Bombardier's Sahagun facility and thus the production of freight
cars will continue at the same location.

This transaction will have no impact on Bombardier's other
activities at the Sahagun site.

Bombardier will continue to manufacture passenger rail cars and
to assemble locomotives at the Sahagun facility.

"Freight cars manufacturing is not a core area of expertise for
Bombardier. The transaction is therefore in line with
Bombardier's plan to refocus on core businesses", explained Mr.
William Spurr, President of Bombardier Transportation, North
America. "Our Sahagun site employees will benefit from the sale
of our interest to Greenbrier by continuing to perform this work
under a service agreement between Bombardier Transportation and
Greenbrier", expanded Mr. Spurr.

"Sahagun remains an integral part of our North American
footprint. Our Sahagun facility is currently manufacturing 405
rubber-tire subway cars for Sistema de Transporte Colectivo-
Metro (STC), the Mexico City subway. The first train was
delivered and accepted by the customer in September of this
year", added Mr. Spurr.

About Bombardier

A world-leading manufacturer of innovative transportation
solutions, from regional aircraft and business jets to rail
transportation equipment, Bombardier Inc. is a global
corporation headquartered in Canada. Its revenues for the fiscal
year ended Jan. 31, 2004 were $15.5 billion US and its shares
are traded on the Toronto, Brussels and Frankfurt stock
exchanges (BBD, BOM and BBDd.F).

FOR INFORMATION: Helene V. Gagnon
                 Director, Communications
                 450-441-8156
                 URL: http://www.bombardier.com



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

* Peru Presents Debt Restructure Offer to the Paris Club
--------------------------------------------------------
Peruvian Finance Minister Pedro Pablo Kuczynski said on Thursday
that Peru has already submitted to the Paris Club of nations a
proposal to restructure its debt with that group, says Dow
Jones, citing a report by local newspaper Gestion.

The Gestion report quoted Mr. Kuczynski as saying that the
government proposal, which was presented on Wednesday last week,
hopes to buy back debt at a discount and refinance it with
longer-term market debt.

"We hope to realize a minimum of US$500 million in debt
repurchases with the Paris Club, although it could be more. It
would be next year and the following one," Kuczynski said.

As of September, Peru's debt with the Paris Club totaled US$8.18
billion.

The Paris Club groups 19 permanent member governments with large
claims on various other governments' debt. Renegotiating Paris
Club debt is part of the finance ministry's overall plan to
restructure government debt.



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

UTE: Calls for Brazilian Bids for 12-Month Power Supply
-------------------------------------------------------
Uruguay's state power company UTE has invited bids for the 12-
month supply of 72MW of interruptible power from Brazil from
January 1, reports Business News Americas.

Interested bidders will have until Dec. 17, 2:00 pm to present
their bids at the Sao Paulo offices of Brazil's power trading
chamber CCEE. Bidders must offer a price in Brazilian reais/MWh.

Bids will be opened the same day and the contract offered to the
lowest bidder. In the event of equal prices being offered,
bidders will have 48 hours in which to submit a different price.

Contract signing is dependent on Brazil's electricity regulator
Aneel certifying that the vendor meets technical requirements to
sell power, and Brazil's grid operator ONS will coordinate the
dispatch of the power.

The vendor will be responsible for securing all export permits
and for paying duties, and is required to deliver the power at
the Rivera node on the two countries' border.



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

PDVSA: Changes Bylaws To Allow For Newly-Appointed President
------------------------------------------------------------
The corporate bylaws of Petroleos de Venezuela, S.A. (Pdvsa)
were amended to accommodate the appointment of Energy and Mines
Minister Rafael Ramirez as the Venezuelan state-run oil firm's
new president, reports El Universal.

The changes were made a mere two weeks after Mr. Ramirez was
appointed by President Hugo Chavez on November 20, when the
previous bylaws where still in force.

Under the new bylaws, Article 29, "with the exception of the
Energy and Mines Minister, no other ministers, members of the
Supreme Tribunal of Justice and the solicitor general may be
members of (Pdvsa) Board of Directors."

At the time of Mr. Ramirez's appointment, the bylaws prohibited
ministers from being named as Pdvsa directors.

With the new bylaws, Mr. Ramirez will now be serving as Energy
and Mines Minister and Pdvsa President at the same time.



                            ***********


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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