TCRLA_Public/041214.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Tuesday, December 14, 2004, Vol. 5, Issue 247

                            Headlines


A R G E N T I N A

BLUETRADE SA: Debt Payments Halted, Prepares To Reorganize
CETERCO ARGENTINA: Court Declares Company Bankrupt
COMPANIA DE EDICIONES: Court OKs Creditor's Bankruptcy Motion
EUROMAYOR: Fitch Notes Weakness, Assigns 'CCC(arg)' Bond Ratings
GRUPO IDEAR: Court Favors Creditor's Bankruptcy Petition

TELECOM ARGENTINA: Updates Progress on APE Proceedings


B A R B A D O S

C&W BARBADOS: PM Demand "Full Cooperation" With FTC


B E R M U D A

AHL GUARANTEED: Names Beverly Mathias as Liquidator
AHL GUARANTEED COMMODITIES: Members Resolve to Wind-Up
GE CAPITAL: Appoints Robin Mayor as Liquidator
GLOBAL CROSSING: Details $350M GCUK Debt Financing Deal
GLOBAL FUTURES IV TRADING: Final Meeting Set for January 14

GLOBAL FUTURES FUND: Claims Check Ends on December 24
MINT GUARANTEED CURRENCIES: Proceeds With Voluntary Liquidation
ROCHE CAPITAL: Claims Validation to Close on December 31


B R A Z I L

CEMIG: Power Auction Results Boost Current Outlook
CESP: Governor, BNDES Head Discuss Aid Program for Debt Fix
NET SERVICOS: S&P Assigns 'B+' Ratings To Senior Notes
SABESP: Seeks to Securitize Receivables To Fulfill Obligations


C O L O M B I A

AVIANCA: Emerges From Bankruptcy With New Owner


J A M A I C A

NCB JAMAICA: S&P Revises Outlook Upward to Stable
* JAMAICA: S&P Outlook Improves With Sovereign Ratings


M E X I C O

COPAMEX: Fitch Views Divestiture as Neutral to Credit Quality


U R U G U A Y

BANCO COMERCIAL: Govt. to Sue Over Unfulfilled Bank Commitments
BANCO MONTEVIDEO: IFC To Face Lawsuit in New York


     - - - - - - - - - -

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

BLUETRADE SA: Debt Payments Halted, Prepares To Reorganize
----------------------------------------------------------
Judge Hualde of Buenos Aires' civil and commercial Court No. 9
is now analyzing whether to grant Bluetrade S.A. approval for
its petition to reorganize. La Nacion recalls that the company
filed a "Concurso Preventivo" petition after defaulting on its
debt payments.

Dr. Raisberg de Merenzon, the city's Clerk No. 17, assists the
court with the proceedings.

CONTACT: Bluetrade S.A.
         Avenida Corrientes 2769
         Buenos Aires


CETERCO ARGENTINA: Court Declares Company Bankrupt
--------------------------------------------------
Judge Fernandez, serving for Court No. 19 of Buenos Aires' civil
and commercial tribunal, declared local company Ceterco
Argentina S.A. "Quiebra", relates local daily La Nacion. The
order comes in approval of the bankruptcy petition filed by
Autosal S.A.

The Company will undergo the bankruptcy process with local
accounting firm "Estudio H. Kiperman y Asociados" as trustee.
Creditors are required to present their proofs of claims to the
trustee for verification before March 30, 2005.

Dr. Mazzoni, the city's Clerk No. 37, assists the court on the
case.

CONTACT: Ceterco Argentina S.A.
         Avenida Cabildo 1942
         Buenos Aires

         Estudio H. Kiperman y Asociados
         Trustee
         Cerrito 836


COMPANIA DE EDICIONES: Court OKs Creditor's Bankruptcy Motion
-------------------------------------------------------------
Compania de Ediciones Latinoamericana S.A. officially entered
bankruptcy after Court No. 13 of Buenos Aires' civil and
commercial tribunal, under Judge Tevez, approved a motion filed
by Ms. Sandra Judith, reports La Nacion.

Working with Dr. Cardama, the city's Clerk No. 26, the Company
assigned Mr. Norberto Sapir as trustee for the bankruptcy
process. The trustee's duties include the authentication of the
Company's debts and the preparation of the individual and
general reports. Creditors are required to present their proofs
of claims to the trustee before March 16, 2005.

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: CompanĦa de Ediciones Latinoamericana S.A.
         Olleros 1664
         Buenos Aires

         Mr. Norberto Sapir, Trustee
         Uriburu 1010
         Buenos Aires


EUROMAYOR: Fitch Notes Weakness, Assigns 'CCC(arg)' Bond Ratings
----------------------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. maintained the
'CCC(arg)' rating assigned to the following bonds issued by
Euromayor S.A. de Inversiones:

-- US$10 million of " Primera Serie por 10 millones de U$S
dentro de un Programa Global" with undisclosed maturity.

-- US$3.07 million of "Serie I Clase dolares," whose maturity
was not disclosed;

-- US$3.07 million of "Serie II Clase dolares", which matured in
June 10, 2003;

-- US$6.80 million of "Serie I Clase pesos," whose maturity was
not disclosed; and

-- US$4.42 million of "Serie II Clase pesos", which matured in
June 10, 2003.

Fitch said that a `CCC(arg)' rating denotes an extremely weak
credit risk relative to other issues in the same country.
Capacity for meeting financial commitments is solely reliant
upon sustained, favorable business or economic developments.

Local securities regulator, the CNV, says the rating actions
were based on the Euromayor's finances as of July 31, 2004.


GRUPO IDEAR: Court Favors Creditor's Bankruptcy Petition
--------------------------------------------------------
Banco Rio de la Plata S.A. successfully sought for the
bankruptcy of Grupo Idear S.R.L. after Court No. 20 of Buenos
Aires' civil and commercial tribunal, under Judge Taillade,
declared the Company  "Quiebra," reports La Nacion.

As such, the Company will now start the bankruptcy process with
Mr. Julio Coy as trustee. Creditors of the Company must submit
proofs of their claim to the trustee before February 22, 2005
for authentication. Failure to do so will mean disqualification
from the payments that will be made after the Company's assets
are liquidated.

Dr. Perillo, the city's Clerk No. 40, assists the court on the
case that will end with the liquidation of all of its assets.

CONTACT: Grupo Idear S.R.L.
         Avenida Corrientes 880
         Buenos Aires

         Mr. Julio Coy, Trustee
         Piedras 181
         Buenos Aires


TELECOM ARGENTINA: Updates Progress on APE Proceedings
------------------------------------------------------
Mr. Pedro Gaston Insussarry, Investor Relations Manager of
Telecom Argentina S.A., informed the Buenos Aires Stock Exchange
that the First Instance Commercial Court N§19, Secretary N§38
has asked the company to reunite its shareholders to ratify
consents and approve its out-of-court debt-restructuring offer
(APE).

Mr. Gaston further informed that the Court has resolved that the
meetings should take place in the City of Buenos Aires and
within the next 90 days.

Although the APE is designed as an out-of-court settlement, the
court must remain involved because only 82.35% of creditors have
declared consent and the threshold for an APE to be truly out-
of-court is 95%.

The assembly requested by the court will decelerate the approval
process and the issue of new bonds and once consents from
creditors are ratified, the court will analyze the debt-
restructuring program.

Those creditors that have expressed consent represent 94.47% of
the total debt.

Telecom Argentina is looking to restructure a debt load of
US$2.05 billion and the APE plan involves three options. The
first is to swap debt for bonds with an interest rate of 5.53-8%
per year due 2014 and the second is for bonds due 2011 at
interest rates of 9-11% with a reduction of 20% in face value.
Under the third option, US$700mn would be paid in cash.

Of the total debt, US$728 million will be exchanged for the
first type of bonds and US$995 million for the second type.

CONTACT:  TELECOM ARGENTINA S.A.
          Alicia Moreau de Justo 50, 10th Floor
          Capital Federal (1107) Republica Argentina
          Phone: +54 11 4968 4000
          Home Page: http://www.telecom.com.ar

          Contacts:
          Alberto J. Ricciardi, Chief Financial Officer
          Elvira Lazzati, Finance Director
          Pedro Insussarry, Investor Relations Manager
          Phone: (5411) 4968-3626/3627
          Fax: (5411) 4313-5842/3109
          E-mail: inversores@intersrv.telecom.com.ar



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

C&W BARBADOS: PM Demand "Full Cooperation" With FTC
---------------------------------------------------
Barbados' Prime Minister Owen Arthur ordered Cable & Wireless
Barbados and the Fair Trading Commission (FTC) to meet a "new
and final deadline" of January 31 to liberalize the
international market.

The PM warned that if they [C&W and FTC] failed to meet the new
deadline for Phase III of the liberalization process, "the
Government of Barbados proposes to take such action as it is in
the country's best interest to have the issue of international
licenses begin not later than January 31, 2005".

"It is envisaged that further delays in the liberalization of
the international market will have substantial negative impact
on the potential growth of the economy over the next few years,"
he said.

The president of C&W (Barbados) Ltd, Donald Austin, noted the
PM's call, but gave the assurance that the company was
"committed to the liberalization, which commenced when Cable &
Wireless signed the Memorandum of Understanding (MOU) in 2001
agreeing to surrender its exclusive licenses ahead of the
license expiry date, subject to the performance by Government of
certain conditions."

"Like the Government, we await the outcome of the Fair Trading
Commission's review of its July decision regarding the company's
application for rate adjustments, along with its determination
on price cap, which is another critical commitment made under
the MOU which remains outstanding.

"We look forward to working with the commission to develop an
appropriate price cap for those regulated services which we
offer,"said Mr. Austin.



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

AHL GUARANTEED: Names Beverly Mathias as Liquidator
---------------------------------------------------
            IN THE MATTER OF THE COMPANIES ACT 1981

                             and

   IN THE MATTER OF AHL Guaranteed Capital Markets Limited

The Members of AHL Guaranteed Capital Markets Limited, acting by
written consent without a meeting on December 7, 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 AHL Guaranteed Capital Markets Limited, which is
being voluntarily wound up, are required, on or before December
24, 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 AHL Guaranteed
Capital Markets Limited will be held at the offices of Argonaut
Limited, Argonaut House, 5 Park Road, Hamilton HM O9, Bermuda,
on January 14, 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: Ms. Beverly Mathias, Liquidator
         c/o Argonaut Limited
         Argonaut House
         5 Park Road
         Hamilton HM O9, Bermuda


AHL GUARANTEED COMMODITIES: Members Resolve to Wind-Up
------------------------------------------------------
          IN THE MATTER OF THE COMPANIES ACT 1981

                            and

        IN THE MATTER OF AHL Guaranteed Commodities Limited

The Members of AHL Guaranteed Commodities Limited, acting by
written consent without a meeting on December 7, 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 AHL Guaranteed Commodities, which is being
voluntarily wound up, are required, on or before December 24,
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 AHL Guaranteed
Commodities will be held at the offices of Argonaut Limited,
Argonaut House, 5 Park Road, Hamilton HM O9, Bermuda, on January
14, 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: Ms. Beverly Mathias, Liquidator
         c/o Argonaut Limited
         Argonaut House
         5 Park Road
         Hamilton HM O9, Bermuda


GE CAPITAL: Appoints Robin Mayor as Liquidator
----------------------------------------------
            IN THE MATTER OF THE COMPANIES ACT 1981

                                and

       IN THE MATTER OF GE Capital Project Finance II Ltd

The Member of GE Capital Project Finance II Ltd, acting by
written consent without a meeting on December 8, 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 GE Capital Project Finance II Ltd, which is being
voluntarily wound up, are required, on or before December 30,
2004 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their lawyers (if any) to Robin J
Mayor at Messrs. Conyers Dill & Pearman, Clarendon House, Church
Street, Hamilton, HM DX, Bermuda, the Liquidator of the said
Company, and if so required by notice in writing from the said
Liquidator, and personally or by their lawyers, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- A final general meeting of the Member of GE Capital Project
Finance II Ltd will be held at the offices of Messrs. Conyers
Dill & Pearman, Clarendon House, Church Street, Hamilton,
Bermuda on January 28, 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


GLOBAL CROSSING: Details $350M GCUK Debt Financing Deal
-------------------------------------------------------
Global Crossing Limited (NASDAQ: GLBC) announced Friday that its
indirectly wholly owned subsidiary, Global Crossing (UK) Finance
Plc ("GCUK Finance"), is planning to sell $350 million (currency
equivalent) in senior secured notes due in 2014, denominated in
U.S. dollars and British pounds sterling, through a private
placement to institutional investors. The notes will be
guaranteed by GCUK Finance's immediate parent company, Global
Crossing (UK) Telecommunications Limited ("GCUK"), and will be
secured by certain of GCUK's assets. The private placement is
expected to be completed within the next two weeks.

The private placement is part of the previously announced
recapitalization plan being implemented by Global Crossing
Limited ("GCL"). Pursuant to the recapitalization plan, the
proceeds of the private placement will be used to repay $75
million of existing indebtedness of a U.S. subsidiary of GCL and
to fund the long-term liquidity requirements of GCL and its
subsidiaries worldwide.

The senior notes to be issued by GCUK Finance have not been
registered under the U.S. Securities Act of 1933, as amended,
and may not be offered or sold in the United States absent
registration or an applicable exemption from the registration
requirements of the Securities Act.

This press release does not constitute an offer to sell or the
solicitation of an offer to buy these securities in the United
States or elsewhere, nor will there be any sale of these
securities in any jurisdiction where such offer, solicitation or
sale would be unlawful prior to registration or qualification
under the securities laws of such jurisdiction.

ABOUT GLOBAL CROSSING

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.

CONTACT: Press Contacts
         Ms. Becky Yeamans
         Phone: + 1 973-937-0155
         e-mail: PR@globalcrossing.com

         Ms. Kendra Langlie
         Latin America
         Phone: + 1 305-808-5912
         e-mail: LatAmPR@globalcrossing.com

         Mr. Mish Desmidt
         Europe
         Phone: + 44 (0) 7771-668438
         e-mail: Europe@globalcrossing.com

         Analysts/Investors Contact
         Ms. Laurinda Pang
         Phone: +1 800-836-0342
         e-mail: glbc@globalcrossing.com

         Web Site: www.globalcrossing.com


GLOBAL FUTURES IV TRADING: Final Meeting Set for January 14
-----------------------------------------------------------
              IN THE MATTER OF THE COMPANIES ACT 1981

                            and

       IN THE MATTER OF Global Futures IV Trading Limited

The Members of Global Futures IV Trading Limited, acting by
written consent without a meeting on December 7, 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 Global Futures IV Trading Limited, which is being
voluntarily wound up, are required, on or before December 24,
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 Global Futures IV
Trading Limited will be held at the offices of Argonaut Limited,
Argonaut House, 5 Park Road, Hamilton HM O9, Bermuda, on January
14, 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: Ms. Beverly Mathias, Liquidator
         c/o Argonaut Limited
         Argonaut House
         5 Park Road
         Hamilton HM O9, Bermuda


GLOBAL FUTURES FUND: Claims Check Ends on December 24
-----------------------------------------------------
         IN THE MATTER OF THE COMPANIES ACT 1981

                       and

   IN THE MATTER OF Global Futures Fund IV Limited

The Members of Global Futures Fund IV Limited, acting by written
consent without a meeting on December 7, 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 Global Futures Fund IV Limited, which is being
voluntarily wound up, are required, on or before December 24,
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 Global Futures Fund
IV Limited will be held at the offices of Argonaut Limited,
Argonaut House, 5 Park Road, Hamilton HM O9, Bermuda, on January
14, 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: Ms. Beverly Mathias, Liquidator
         c/o Argonaut Limited
         Argonaut House
         5 Park Road
         Hamilton HM O9, Bermuda


MINT GUARANTEED CURRENCIES: Proceeds With Voluntary Liquidation
---------------------------------------------------------------
           IN THE MATTER OF: THE COMPANIES ACT 1981

                            and

   IN THE MATTER OF Mint Guaranteed Currencies 2001 Limited

The Members of Mint Guaranteed Currencies 2001 Limited, acting
by written consent without a meeting on December 7, 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 Currencies 2001 Limited, which is
being voluntarily wound up, are required, on or before December
24, 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
Currencies 2001 Limited will be held at the offices of Argonaut
Limited, Argonaut House, 5 Park Road, Hamilton HM O9, Bermuda,
on January 14, 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.


ROCHE CAPITAL: Claims Validation to Close on December 31
--------------------------------------------------------
             IN THE MATTER OF THE COMPANIES ACT 1981

                         and

       IN THE MATTER OF: Roche Capital Transactions Limited

The Member of Roche Capital Transactions Limited, acting by
written consent without a meeting on December 9, 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 Roche Capital Transactions Limited, which is
being voluntarily wound up, are required, on or before December
31, 2004 to send their full Christian and Surnames, their
addresses and descriptions, full particulars of their debts or
claims, and the names and addresses of their lawyers (if any) to
Robin J Mayor at Messrs. Conyers Dill & Pearman, Clarendon
House, Church Street, Hamilton, HM DX, Bermuda, the Liquidator
of the said Company, and if so required by notice in writing
from the said Liquidator, and personally or by their lawyers, to
come in and prove their debts or claims at such time and place
as shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution made
before such debts are proved.

- A final general meeting of the Member of Roche Capital
Transactions Limited will be held at the offices of Messrs.
Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, Bermuda on January 31, 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



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

CEMIG: Power Auction Results Boost Current Outlook
--------------------------------------------------
Cemig (NYSE: CIG), Brazil's Minas Gerais state's integrated
power company, expressed satisfaction to last week's sale of
927MW for delivery in 2006 at the government's auction of
existing power, reports Business News Americas.

"We trained for one and half years for this auction and consider
the end result very successful," CFO Flavio Decat Moura told
analysts. "We trained our people in war games to seek efficiency
and hired consultants who designed software simulating the
auction."

The company sold 927MW of effective power at BRL69.58 (US$25)
per MWh, in eight year-contracts with delivery starting in 2006.
It kept an 87MW safety reserve and did not sell anything for
delivery in 2005 and 2007, says Business News Americas.

The amount sold aimed to replace some 866MW in expiring
contracts in coming years.

"Our strategy aimed to reduce our exposure to the auction
because all our analyses pointed to low prices because of excess
capacity," said Mr. Moura.

Cemig's five-year investment plan is still pegged at around BRL1
billion, although the BRL1.1-billion investment for 2005 could
be revised before year-end by the board at its routine annual
budget analysis meeting, Cemig chairman Wilson Brumer said.

The company is optimistic that its finances will be positively
impacted by reaching an agreement on the BRL2.9-billion debt
that Minas Gerais state government owes the company. The debt
settlement proposal, which includes a new dividend policy, is
expected to be approved soon at an upcoming shareholders'
meeting, Moura said.

CONTACT: Companhia Energetica De Minas Gerais - Cemig
         Av.Barbacena, 1200
         Santo Agostinho - CEP 30190-131
         Belo Horizonte - MG
         Brasil
         Fax (0XX31)3299-3934
         Phone: (0XX31)3299-4524


CESP: Governor, BNDES Head Discuss Aid Program for Debt Fix
-----------------------------------------------------------
Sao Paulo state governor Geraldo Alckmin met with Guido Mantega,
the president of Brazil's national development bank BNDES, to
discuss the possibility of the latter helping state power
generator Cesp restructure its debt, reports Business News
Americas. Faced with substantial debt of US$3.4 billion, the
power utility needs a capital injection of some BRL2 billion
(US$721 million), Mr. Alckmin said.

Cesp, which has installed capacity of 7,455MW, recently signed a
BRL1.2-billion loan with BNDES and set up a US$100-million
receivables fund to restructure its debt.

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


NET SERVICOS: S&P Assigns 'B+' Ratings To Senior Notes
------------------------------------------------------
Standard & Poor's Ratings Services assigned its 'B+' rating to
the $76,593,068, 7.0% interest rate senior secured notes due
2009 to be issued by Net Servicos de Comunicacao S.A. (NET), the
largest Brazilian provider of pay-TV services. NET's issuer
global scale rating was revised to 'SD'.

"The indicative rating on the notes already reflects the
substantial change on NET's capital structure as proposed on the
company's debt restructuring plan, since the notes will only be
issued upon the successful conclusion of the restructuring,"
said Standard & Poor's credit analyst Milena Zaniboni. "The
company is expected to repay all debt in full by 2008
exclusively with free internal cash generation."

Holders participating in the exchange offer will receive $784.03
principal amount of new notes; $522.68 of cash; and an
additional amount of cash equal to simple interest accruing on
$1,306.71 from July 1, 2004, through the day immediately prior
to the date of the closing of the exchange offer at a rate equal
to LIBOR + 3% per year.

The 'SD' global scale issuer rating on NET reflects the
company's decision to suspend principal and interest payments on
its debt in December 2002. The issuer rating will be maintained
at 'SD' until the exchange documents are formalized and
creditors actually tender the defaulted credits into the new
notes.

NET is the largest multiservice operator in Latin America, with
1.4 million connected subscribers.


SABESP: Seeks to Securitize Receivables To Fulfill Obligations
--------------------------------------------------------------
Companhia de Saneamento Basico do Estado de Sao Paulo's (SABESP)
plans to securitize credits to pay a portion of the BRL1.47
billion of debt obligations coming due next year, reports Dow
Jones.

"We have receivables with extremely high credit ratings and we
are racing to arrive with (the securitization) by the start of
2005," said SABESP's finance manager, Rui de Britto Alvares
Affonso.

SABESP's third-quarter results showed that the company has
BRL482 million of local currency debts coming due in 2005,
including BRL16 million of interest, as well as BRL985 million
of foreign-currency debts, including US$275 million in Eurobonds
due in July and BRL18 million of interest.

Affonso said in the report, "2005 concentrates a series of
important maturities, below 2003 but very significant in foreign
currency." The firm is planning to roll over at least part of
the Eurobond issue before it expires, he said.

Besides the bondholders, SABESP's foreign creditors are listed
as Societe Generale SA (13080.FR), Deutsche Bank (DB), the World
Bank and the Inter-American Development Bank.

"The market conditions will determine the volume (of the amount
that can be rolled over), but we will not wait until July to
refinance the debt," Mr. Affonso said.

A third option would be to use some BRL900 million of debentures
from an existing registration, he said.

SABESP, the largest water and sewage utility company in the
Americas, ended the third quarter with debts totaling BRL7.3
billion, of which 40% was dollar-denominated.

CONTACT:  Helmut Bossert
          Tel.: 5511 3388-8664
          E-mail: hbossert@sabesp.com.br

          Marisa Guimaraes
          Tel.: 5511 3388-9135
          E-mail: marisag@sabesp.com.br

          Web site: http://www.sabesp.com.br



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

AVIANCA: Emerges From Bankruptcy With New Owner
-----------------------------------------------
Colombian airline Avianca emerged Friday from Chapter 11
bankruptcy protection proceedings in the United States.

The company is now under the ownership of Bolivian investor
German Efromovich (75%) and the National Federation of Coffee
Producers of Colombia, or Fedecafe (25%). In a news release,
Avianca stated negotiations with creditors under Chapter 11
allowed the company to get US$94 million of debt written off and
save more than US$70 million at present value in airline leases.

During the Chapter 11 process, Avianca restructured its fleet of
planes, returning several of them to the manufacturer, while
revamping routes and itineraries. It also downsized staff and
reached several payment agreements with Colombian tax
authorities and a number of government agencies, among other
creditors.

U.S. bankruptcy court Judge Allan L. Gropper ruled on Nov. 16 to
confirm the Avianca reorganization plan, which had been accepted
by a majority vote of the airline's creditors.



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

NCB JAMAICA: S&P Revises Outlook Upward to Stable
-------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'B/B'
counterparty credit and CD ratings on National Commercial Bank
Jamaica Ltd. (NCB). The outlook was revised to stable from
negative.

"The ratings affirmation and outlook revision follow similar
rating actions taken on Jamaica's sovereign credit ratings, and
are a reflection of NCB's significant exposure to Jamaica's
sovereign risk," said Standard & Poor's credit analyst Leonardo
Bravo. Most of the bank's assets are represented by government
securities.

The stable outlook mirrors the outlook on Jamaica's sovereign
credit ratings, and reflects NCB's significant exposure to that
country, with most of the bank's assets represented by
government securities.

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

Secondary Credit Analyst: Jaime Carreno, Mexico City (52) 55-
5081-4417; jaime_carreno@standardandpoors.com


* JAMAICA: S&P Outlook Improves With Sovereign Ratings
------------------------------------------------------
Standard & Poor's Ratings Services revised its outlook on its
'B' long-term sovereign credit ratings on Jamaica to stable from
negative. Standard & Poor's also affirmed its 'B' long- and
short-term sovereign credit ratings on Jamaica.

According to Standard & Poor's Ratings Services credit analyst
Olga Kalinina, the revised outlook is supported by Jamaica's
improving fiscal and external liquidity situation, ongoing
commitment to the fiscal austerity, and stronger growth
prospects-all of which has resulted in the stabilization of the
Jamaican dollar and an increase in the confidence of domestic
businesses.

"The support of fiscal and macroeconomic policies by the trade
unions and the private sector, as demonstrated by the
preparation of the Partnership for Progress agreement and the
signing of the Memorandum of Understanding with labor unions,
makes it more feasible to meet challenging fiscal targets this
year and beyond," said Mrs. Kalinina. "It also lowers the risk
of social tension in times of austere reform," she added.

Standard & Poor said that, on the fiscal front, Jamaica's 2003
central government fiscal deficit stood at 5.8% of GDP (the
primary surplus at 12.2% of GDP), within the budgeted target.
However, according to Standard & Poor's methodology, which takes
into account off-budget expenditure (including Central Bank
losses) and excludes one-off capital revenue, the central
government deficit actually stood at 9% of GDP (down from 10.5%
in fiscal 2002). The government is committed to lowering the
central government deficit to 4.4% of GDP in fiscal 2004
(revised upward from the initially budgeted deficit of 4% due to
the impact of Hurricane Ivan). The rationalization of
expenditure (which was on target for the first seven months of
fiscal 2004) and higher grant receipts should help achieve this
challenging goal.

According to Standard & Poor's definition, the central
government deficit is expected at 6.9% of GDP in fiscal 2004,
which includes 2.5% of off-budget expenditure. More importantly,
the support of both trade unions and the business community is
likely to remain unwavering; the stable exchange rate since
September 2004 is a good indication of this confidence.

The external liquidity situation is also improving, reflecting
increasing reserves (US$1.8 billion in November 2004, up from
US$1.2 billion at year-end 2003) and a stronger current account
performance. The current account deficit is expected to decline
to 7% of GDP in 2004 from 9% in 2003, boosted by robust mining
and tourism revenue.

"Overall, the stable outlook balances the improvement in the
fiscal and debt positions, supported by promising growth
prospects and a stronger external liquidity stance, with
significant risk stemming from the government's debt size,"
noted Ms. Kalinina. "A larger-than-expected deviation from the
fiscal target in 2004 may endanger both public support for
reform and macroeconomic stability as well as foreign investors
sentiment toward the country, all of which will harm Jamaica's
creditworthiness. On the other hand, Jamaica's track record of
fiscal prudence (including during the next election period) and
a continuing decrease in the government debt burden will support
a positive outlook," she concluded.

Primary Credit Analyst: Olga Kalinina, CFA, New York (1) 212-
438-7350; olga_kalinina@standardandpoors.com

Secondary Credit Analyst: Richard Francis, New York (1)-212-438-
7348; richard_francis@standardandpoors.com



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

COPAMEX: Fitch Views Divestiture as Neutral to Credit Quality
-------------------------------------------------------------
Fitch Ratings views the divestiture by Copamex, S.A. de C.V.
(Copamex) of its consumer products division as neutral to the
company's credit quality and ratings. Fitch rates Copamex's
senior unsecured foreign and local currency debt at 'BB-'. Fitch
also rates Copamex's MXP700 million of medium-term notes with a
15% partial guarantee by Nederlandse Financierings-Maatschappij
voor Ontwikkelingslanden N.V. (FMO) at 'A(mex)' and MXP600
million of short term notes at 'F2(mex)'. The Outlook for all
ratings is Stable.

On Dec. 8, 2004, Copamex announced that it intends to sell its
50% stake in the consumer products division, Copamex Productos
al Consumidor S.A. de C.V. (CPG) to its joint venture partner
Svenska Cellulosa Aktiebolaget SCA (SCA) for US$122 million. CPG
produces tissue, feminine hygiene, and diaper products. This
division earned US$348 million in revenues and US$54 million of
EBITDA during 2003, accounting for approximately 46% and 56% of
Copamex's consolidated sales and EBITDA, respectively.

Copamex has indicated that it expects net proceeds of US$88
million from the transaction to be used to repay debt at the
holding company level, which at Sept. 30, 2004 reached US$180
million. For the 12 month ended Sept. 30, 2004, Copamex had a
ratio of consolidated total debt to EBITDA of 4.8 times (x) and
an EBITDA-to-interest expense ratio of 1.4x. Pro forma total
debt to EBITDA at Copamex post-divestiture should reach 2.3x and
the ratio of EBITDA-to-interest expense should exceed 3.0x.
Following the divestiture, Copamex will be a producer of paper-
based industrial products with operations in packaging (kraft
paper, corrugated boxes, and specialty paper) and printing and
writing paper (bond and copy paper). Pro forma 2004 annual
revenues and EBITDA are approximately US$400 million and US$40
million, respectively. While the aforementioned transaction
lowers Copamex's leverage, it is expected to increase the
company's business risk, as the businesses that remain are more
exposed to operating volatility than paper-based consumer
products.

CONTACT: Sergio Rodriguez, CFA
         +5281-8335-7179
         Monterrey, Mexico

         Giovanna Caccialanza, CFA
         +1-212-908-0898
         New York

MEDIA RELATIONS: Brian Bertsch +1-212-908-0549, New York



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

BANCO COMERCIAL: Govt. to Sue Over Unfulfilled Bank Commitments
---------------------------------------------------------------
Uruguayan President Jorge Battle said his government will file a
civil lawsuit against JPMorgan Chase, CSFB and Dresdner in the
United States for not honoring their obligations to failed local
bank Banco Comercial. Business News Americas recounts that the
three banks were all co-shareholders in Uruguay's largest bank
Banco Comercial together with the now disgraced Rohm brothers.

Battle said representatives from the three banks had promised
him personally to honor their obligations with Banco Comercial
when the bank was intervened only to change their mind the next
day and inform they were all leaving the country.

Banco Comercial was intervened in 2002 together with several
other banks due to capital problems and to a massive run on
deposits.


BANCO MONTEVIDEO: IFC To Face Lawsuit in New York
-------------------------------------------------
A group of clients and bondholders of the defunct Uruguayan bank
Banco Montevideo, led by US-based lawyer Jorge Moreira, will
file a lawsuit against the International Finance Corporation
(IFC) in New York for its participation in the failed bank.

Business News Americas recalls that the IFC, the private-sector
arm of the World Bank Group, extended financial aid to
Montevideo in 2001 and in 2002, when the bank was intervened due
to capital problems.

Instead of keeping an eye on Montevideo's board and management,
the IFC let them do anything, according to Gabriel Galan, the
lawyer coordinating the lawsuit in Uruguay.

The bank's woes had its origins in its troubled owners,
Uruguayan business group Velox.

Mr. Galan said the core of the lawsuit is based on the fact that
the IFC partnered with the now-disgraced Peirano family (owners
of Velox) in 2001 and it remained in that partnership while
Montevideo went bust.

The IFC also helped Montevideo to buy Banco Caja Obrera, which
is further proof of its close relationship with the Peiranos,
Mr. Galan claimed.

The lawyer said that former clients of other failed Velox banks
in Argentina, Paraguay and the Cayman Islands would also be able
to join the lawsuit.

The legal team has not yet decided how much they will seek in
suit but it could be in the range of some US$100 million. The
team is confident it will be able to collect money because the
IFC is an institution with a lot of money, Mr. Galan added.




                            ***********


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

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