TCRLA_Public/041217.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 17, 2004, Vol. 5, Issue 250

                            Headlines

A R G E N T I N A

AGUAS ARGENTINAS: Settles Labor Conflict With Union
AMOBLAMIENTOS INTEGRALES: Court Concludes Reorganization
BANCO HIPOTECARIO: Buys Back Dollar-Denominated '13, '10 Bonds
BANCO SUQUIA: Central Bank Authorizes Transfer to Bansud
CRESER CREDITO: Court Names Trustee for Bankruptcy

EDEMSA: Fitch Retains 'D(arg)' Rating on $150M Worth of Bonds
GAS ARGENTINO: Moody's Maintains `D' Ratings on $130M of Bonds
GATIC: Auction Sale Attracted No Interest
GRUPO IDEAR: Reports Submission Set
HIDROELECTRICA PIEDRA: Bonds Get Default Ratings From Moody's

LA ENRAMADA: Initiates Bankruptcy Proceedings
MATYS S.R.L.: Gets Court OK for Reorganization
METROGAS: Moody's Retains `D' Ratings on Corporate Bonds
MULTICANAL: Court Tosses Debt Deal Appeal
REPSOL YPF: Interim Dividend 25% Higher Than 2003

SANATORIO QUINTANA: Seeks Reorganization Approval From Court
* ARGENTINA: Secures $500M IDB Loan for Social Services


B E R M U D A

AGRICULTURAL FINANCE: Appoints Robin Mayor as Liquidator
AGROMIN HOLDINGS: Winds Up Operations
AZIMUS LIMITED: Sets Final Meeting for January 14
FITX GROUP: Appoints Nicholas Hoskins as Liquidator
LIAG AGRICULUTURAL: Members Vote To Wind Up Operations

MONDAY LTD: Cyrus Pardiwala to Oversee Voluntary Liquidation


B O L I V I A

COEUR D'ALENE: Board Approves San Bartolome Mine Construction


B R A Z I L

BANCO SANTOS: Loses to Kasil in Federal Court
VARIG: Officials' Announcements Put Future in Doubt
* BRAZIL: IMF Completes Review of Stand-By Arrangement


C H I L E

EMBONOR: Obtains Credit Facility for Debt Refinancing


C O L O M B I A

BBVA COLOMBIA: Fitch Upgrades LC Debt, Individual Ratings
VALORES BAVARIA: Completes Divestment of Avianca Stake


M E X I C O

CYDSA: Adjourns Noteholders Meeting
GRUPO DESC: S&P Withdraws Desc Automotriz's Rating
GRUPO TMM: Enters Into Amended Acquisition Agreement With KCS
GRUPO TMM: S&P Puts Ratings On CreditWatch Positive
GRUPO TMM: S&P Puts KCS Ratings On Watch Negative

ISPAT INTERNATIONAL: Shareholders OK LNM Holdings Acquisition
MINERA AUTLAN: Outlines Goals for Next Year
TFM: S&P Puts Ratings On CreditWatch Positive
TV AZTECA: To Prepay $300M Notes Due 2007

     -  -  -  -  -  -  -  -

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

AGUAS ARGENTINAS: Settles Labor Conflict With Union
---------------------------------------------------
Water operator Aguas Argentinas averted a planned labor strike
after it reached an agreement with the local sanitation workers
under the union umbrella Sgbatos (as known by its Spanish
acronym).

About 80% of Aguas Argentinas' 3,600-workforce staged a partial
work stoppage Tuesday demanding a salary hike. Sgbatos officials
threatened to go on a full strike Wednesday to march toward the
Company's headquarters in protest.

But the Company prevented the planned strike after its General
Director, Jean-Bernard Lemire, signed an agreement late Tuesday
with Jose Luis Lingeri, secretary-general of the Sgbatos
sanitation union.

No details were released about the new salary accord.


AMOBLAMIENTOS INTEGRALES: Court Concludes Reorganization
--------------------------------------------------------
Buenos Aires-based Pinoplas S.A. concluded its reorganization
process, according to data released by Infobae on its Web site.
The closure came after Court No. 7 of the City's civil and
commercial tribunal, with assistance from Clerk No. 13,
homologated the debt plan signed between the Company and its
creditors.


BANCO HIPOTECARIO: Buys Back Dollar-Denominated '13, '10 Bonds
--------------------------------------------------------------
Dow Jones Newswires reports that Argentine mortgagor Banco
Hipotecario SA (BHIP.BA) has bought back US$6.52 million in
dollar-denominated 2013 bonds and US$3.98 million in dollar-
denominated 2010 bonds.

The remaining face value amount of the 2013 notes in circulation
is now US$443.36 million and the 2010 bonds is US$71 million,
the bank said.

Last month, Banco Hipotecario bought back US$12.97 million in
the 2010 bonds.

Banco Hipotecario is majority-controlled by local real estate
developer IRSA-Inversiones y Representaciones SA (IRS). The
Argentine government controls another 44% stake.

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

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


BANCO SUQUIA: Central Bank Authorizes Transfer to Bansud
--------------------------------------------------------
Argentina's Banco Macro Bansud S.A. (BSUD.BA) has received
authorization from the central bank to take over local bank
Banco Suquia.

State-owned Banco de la Nacion took control of Suquia and two
other institutions after French parent Credit Agricole left
Argentina in early 2002.

In late September, Nacion signed an agreement with Bansud for
the sale of Suquia. Bansud was pre-awarded the tender for Suquia
in late April, beating out three other competitors with its bid
of ARS288 million.

The two other Credit Agricole banks, Banco Bisel and Banco de
Entre Rios, are yet to find new owners.


CRESER CREDITO: Court Names Trustee for Bankruptcy
--------------------------------------------------
Buenos Aires accountant Cecilia Beatriz Montelvetti was assigned
trustee for the bankruptcy of local Company Creser Credito y
Servicio S.A. relates Infobae.

Ms. Montelvetti will verify creditors' claims until February 21
next year, the source adds. After that, she will prepare the
individual reports, which are to be submitted in Court on April
6, 2005. The submission of the general report should follow on
May 18, 2005.

The city's civil and commercial Court No. 24 holds jurisdiction
over the Company's case. Clerk No. 43 assists the Court with the
proceedings.

CONTACT: Creser Credito y Servicio S.A.
         Saladillo 1032
         Buenos Aires

         Ms. Cecilia Beatriz Montelvetti, Trustee
         General Urquiza 2134
         Buenos Aires


EDEMSA: Fitch Retains 'D(arg)' Rating on $150M Worth of Bonds
-------------------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. maintains the
'D(arg)' rating on bonds issued by Empresa Distribuidora de
Electricidad de Mendoza S.A. 'D(arg)'. The rating was based on
the Company's finances as of September 30, 2004.

The affected bonds were described as "Programa de emision de
Obligaciones Negociables simples". Argentina's securities
regulator, the Comision Nacional de Valores relates that the
bonds, worth a total of US$150M, will mature on April 13, 2005.

Fitch said that the given rating is assigned to bonds that are
currently in default.


GAS ARGENTINO: Moody's Maintains `D' Ratings on $130M of Bonds
--------------------------------------------------------------
Moody's Latin America Calificadora de Riesgo S.A. maintained the
`D' rating given to US$130 million worth of corporate bonds
issued by Argentine Company Gas Argentino S.A., says the CNV.

The rating, which is assigned to financial obligations that are
in default, applies to bonds described as "Obligaciones
negociables simples por US$130.000.000". These bonds, classified
under "Simple Issue", matured on June 07, 2000.

The Company's financial status as of the end of September 30,
2004 determined the rating action.


GATIC: Auction Sale Attracted No Interest
-----------------------------------------
Two tender processes for the sale of plants of Argentine
troubled textile Company Gatic had no bidders.

However, Judge Francisco Carrega, which oversees the Company's
bankruptcy proceedings, received an offer to buy two of the
plants from Indular, an investment group headed by Guillermo
Gotelli.

Court sources stated that the businessman, who has been showing
interest in Gatic's plants, offered to pay ARS4.5 million for
the assets.

Then Carrega launched a public auction in order to improve
Gotelli's bid.

In the meantime, some other assets have been already sold and
the proceeds from this deal will be used to pay part of Gatic's
ARS500 million debt.


GRUPO IDEAR: Reports Submission Set
-----------------------------------
Mr. Julio Ramon Coy, the trustee assigned to supervise the
liquidation of Grupo Idear S.R.L., will submit the validated
individual claims for Court approval on April 27, 2005, says
Infobae. These reports explain the basis for the accepted and
rejected claims. The trustee will also submit a general report
on June 9, 2005.

Infobae reports that Court No. 20 of Buenos Aires' civil and
commercial tribunal has jurisdiction over this bankruptcy case.
The city's Clerk No. 40 assists the Court with the proceedings.

CONTACT: Mr. Julio Ramon Coy, Trustee
         Piedras 181
         Buenos Aires


HIDROELECTRICA PIEDRA: Bonds Get Default Ratings From Moody's
-------------------------------------------------------------
Moody's Latin America Calificadora de Riesgo S.A. assigned a
'D'rating to various bonds issued by Hidroelectrica Piedra del
Aguila S.A. Moody's assigns `D' ratings to bonds that are in
payment default and have a poor prospect of repaying all
obligations.

The affected bonds are:

- US$97.3 million worth of bonds described as "Clase I dentro
del Programa de U$S 300 millones" maturing on July 31, 2009.

- US$97.3 million worth of "Clase II dentro del Programa de U$S
300 millones" maturing on June 30, 2009.

- US$62.5 million worth of "Clase III dentro del Programa de U$S
300 millones" maturing on December 31, 2023.

Comision Nacional de Valores (CNV), Argentina's securities
egulator, reports that the action was based on the Company's
financial status as of September 30, 2004.


LA ENRAMADA: Initiates Bankruptcy Proceedings
---------------------------------------------
Court No. 14 of La Plata's civil and commercial tribunal
declared La Enramada S.H. "Quiebra," reports Infobae.

Mr. Ricardo Alberto Bouche, who has been appointed as trustee,
will verify creditors' claims until December 30 and then prepare
the individual reports based on the results of the verification
process.

The individual reports will be submitted in Court on March 14,
2005 followed by the general report on April 27, 2005.

CONTACT: Mr. Ricardo Alberto Bouche, Trustee
         Calle 50 Nro. 408
         La Plata


MATYS S.R.L.: Gets Court OK for Reorganization
----------------------------------------------
Matys S.R.L. begins reorganization proceedings following
approval of its "concurso preventivo" petition by Court No. 2 of
Buenos Aires' civil and commercial tribunal. The opening will
allow the Company to negotiate a settlement with its creditors
in order to avoid a straight liquidation.

Mr. Mario Norberto Aragon will oversee the reorganization as
Court-appointed trustee. He will verify creditors' claims until
February 14, 2005. The validated claims will be presented in
Court as individual reports on April 18, 2004.

The trustee is also required by the Court to submit a general
report essentially auditing the Company's accounting and
business records as well as summarizing important events
pertaining to the reorganization. This report will be presented
in Court on May 20, 2005.

The Informative Assembly, the final stage of a reorganization
where the settlement proposal is presented to the Company's
creditors for approval, is scheduled on November 11, 2005.

CONTACT: Mr. Mario Norberto Aragon, Trustee
         Adolfo Alsina 1535
         Buenos Aires


METROGAS: Moody's Retains `D' Ratings on Corporate Bonds
--------------------------------------------------------
Moody's Latin America Calificadora de Reisgo S.A. maintains a
'D' rating on corporate bonds issued by Metrogas S.A., according
to data revealed by the CNV. The action, which was based on
Metrogas' financial health as of September 30, 2004, applies to
these bonds:

- US$600 million worth of "obligaciones negociables simples",
classified under "program." The maturity of the bonds was not
disclosed;

- US$100 million worth of "Serie A por U$S 100.000.000 dentro
del Programa Global de U$S 600 millones." These bonds,
classified under "series and/or class", matured on April 1,
2003;

- EUR110 million worth of "Serie B por euros 110 millones."
These bonds classified under "Series and/or Class," matured on
September 27, 2002;

- US$130 million worth of "Serie C por U$S 130.000.000 dentro
del Programa Global de U$S 600 millones." These bonds, which are
classified under "Series and/or Class," will mature on May 7,
2004.

CONTACT: Metrogas S.A.
         Gregorio Araoz de Lamadrid 1360
         Buenos Aires, CPA C 1267
         Argentina
         Phone: +54 11 4309 1010
                +54 11 4309 1025


MULTICANAL: Court Tosses Debt Deal Appeal
-----------------------------------------
Argentina's Multicanal said Wednesday that an appeals Court has
rejected a final appeal to its approval of the cable Company's
US$509 million debt restructuring offer in October, reports Dow
Jones Newswires.

The ruling confirms Multicanal's debt exchange in local Courts.

Multicanal is still tussling with creditors in U.S. Courts.
While the New York bankruptcy judge overseeing the cable
Company's case granted broad recognition to its out-of-Court
restructuring plan (APE) in late August, several issues are
still unresolved - including the Company's compliance with the
judge's order to remedy discrimination of U.S. retail
bondholders.

The main holdout creditor involved in the Court battle, an
entity linked to New Jersey investment fund W.R. Huff Asset
Management, could appeal to federal district Court even if the
bankruptcy judge rules against the creditor.


REPSOL YPF: Interim Dividend 25% Higher Than 2003
-------------------------------------------------
Repsol YPF's Board of Directors approved in its meeting
Wednesday to pay a pretax interim dividend of EUR0.25 per share
on 2004 earnings.  This is 25% higher than the interim dividend
distributed for 2003.

At the Board of Directors Meeting the Repsol YPF Chairman and
CEO, Mr. Antonio Brufau, expressed his intention to propose at
the next Annual General Shareholders' Meeting that a total
pretax dividend of EUR0.50 per share be paid out against 2004, a
25% rise year-on-year.

The interim dividend will be paid January 11, 2005.


SANATORIO QUINTANA: Seeks Reorganization Approval From Court
------------------------------------------------------------
Court No. 20 of Buenos Aires' civil and commercial tribunal is
currently reviewing the merits of the reorganization petition
filed by Sanatorio Quintana S.A., reports Infobae.

The reorganization petition, if granted by the Court, will allow
the Company to negotiate a settlement with its creditors in
order to avoid a straight liquidation.

The city's Clerk No. 40 assists the Court on this case.

CONTACT: Sanatorio Quintana S.A.
         Avda Roque Saenz Pena 1119
         Buenos Aires


* ARGENTINA: Secures $500M IDB Loan for Social Services
-------------------------------------------------------
The Inter-American Development Bank announced Wednesday the
approval of a $500 million loan to Argentina to improve and
streamline social assistance under the social sector program
"Argentina Avanza."

IDB financing will support Argentina's transition from emergency
programs to a more permanent social inclusion policy, grounded
in universal access to health and education, improved employment
training and placement, and streamlined income support.

After dealing with the severe political, economic and social
crisis of 2001-2002, when the IDB helped the country overcome
the difficult situation by providing immediate support for
social programs in priority areas to help the most vulnerable
population, the government is now embarking upon a larger-scale
effort of economic growth with social equity.

The new loan is part of a broad 2004-2008 Strategy the Bank
agreed upon with Argentine authorities, based on a scenario of
gradual economic growth and fiscal sustainability.

The IDB supports ongoing health, education and neighborhood
improvement projects and cash transfer programs for poor
households designed to help Argentina assist the population
living under the poverty line. The new program aims at building
a more up-to-date social safety net, strengthening employability
and job placement programs for the unemployed and implementing
health and education initiatives targeted at the most vulnerable
population groups.

The Ministry of Economy will be in charge of the "Argentina
Avanza" Program.

The loan is for a 20-year term, with a five-year grace period at
a variable interest rate. It will be disbursed in two tranches.
An initial tranche of $150 million will be disbursed before the
end of 2004. A second tranche of $350 million will be released
in the second quarter of 2006.



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

AGRICULTURAL FINANCE: Appoints Robin Mayor as Liquidator
--------------------------------------------------------
              IN THE MATTER OF THE COMPANIES ACT 1981

                            and

IN THE MATTER OF Agricultural Finance Company (Bermuda) Limited

The Members of Agricultural Finance Company (Bermuda) Limited,
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 Agricultural Finance Company (Bermuda) Limited,
which is being voluntarily 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 lawyers
(if any) to Robin J. Mayor at Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, HM DX, Bermuda, the
Liquidator of the said Company, and if so required by notice in
writing from the said Liquidator, and personally or by their
lawyers, to come in and prove their debts or claims at such time
and place as shall be specified in such notice, or in default
thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

- A final general meeting of the Members of Agricultural Finance
Company (Bermuda) Limited will be held at the offices of Messrs.
Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, Bermuda on January 19, 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


AGROMIN HOLDINGS: Winds Up Operations
-------------------------------------
            IN THE MATTER OF THE COMPANIES ACT 1981

                             and

           IN THE MATTER OF: AGROMIN HOLDINGS LIMITED

The Members of Agromin Holdings Limited, 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 Agromin Holdings Limited, which is being
voluntarily 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 lawyers (if any) to Mr. Robin J
Mayor, the undersigned, at Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, HM DX, Bermuda, the
Liquidator of the said Company, and if so required by notice in
writing from the said Liquidator, and personally or by their
lawyers, to come in and prove their debts or claims at such time
and place as shall be specified in such notice, or in default
thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

- A final general meeting of the Members of Agromin Holdings
Limited will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
January 19, 2005 at 9.30am, 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


AZIMUS LIMITED: Sets Final Meeting for January 14
-------------------------------------------------
           IN THE MATTER OF THE COMPANIES ACT 1981

                               And

               IN THE MATTER OF Azimus Limited

The Members of Azimus Limited duly convened and held a special
general meeting at the Offices of the Company, Hamilton, Bermuda
on December 14 2004, and passed the following resolutions:

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

(b) THAT Nicholas Hoskins be appointed Liquidator for the
purposes of such winding-up, such appointment to be effective
forthwith.

The liquidator informs that:

- Creditors of Azimus Limited, which is being voluntarily wound
up, are required, on or before January 14, 2005 to send their
full Christian and Surnames, their addresses and descriptions,
full particulars of their debts or claims, and the names and
addresses of their attorneys (if any) to the Liquidator of the
said Company at Wakefield Quin, Chancery Hall, 52 Reid Street,
Hamilton, Bermuda and if so required by notice in writing from
the said Liquidator, and personally or by their attorneys, to
come in and prove their debts or claims at such time and place
as shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution made
before such debts are proved.

- A final general meeting of the Members of Azimus Limited will
be held at the offices of Wakefield Quin, Chancery Hall, 52 Reid
Street, Hamilton, Bermuda on January 21, 2005 at 11:30 a.m., or
soon as possible thereafter, for the purposes of:

1) having an account laid before them showing the manner in
which the winding-up has been conducted and how the property of
the Company has been disposed of and of hearing any explanation
that may be given by the Liquidator; and

2) determining by Resolution the manner in which the books,
accounts and documents of the Company and of the Liquidator
thereof, shall be disposed of; and

3) by resolution dissolving the Company.

CONTACT: Nicholas Hoskins, Liquidator
         Chancery Hall
         52 Reid Street
         Hamilton, Bermuda


FITX GROUP: Appoints Nicholas Hoskins as Liquidator
---------------------------------------------------
            IN THE MATTER OF THE COMPANIES ACT 1981

                                 and

              IN THE MATTER OF Fitx Group Limited

The following resolutions of Fitx Group Limited, were adopted by
the Members of the Company on December 10, 2004:

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

(b) THAT Nicholas Hoskins be appointed Liquidator for the
purposes of such winding-up, such appointment to be effective
forthwith.

The liquidator informs that:

- Creditors of the above named Company, which is being
voluntarily wound up, are required, on or before January 14,
2005 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their attorneys (if any) to
Liquidator of the said Company at Wakefield Quin, Chancery Hall,
52 Reid Street, Hamilton, Bermuda and if so required by notice
in writing from the said Liquidator, and personally or by their
attorneys, to come in and prove their debts or claims at such
time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

- A final general meeting of the Members of the above named
Company will be held at the offices of Wakefield Quin, Chancery
Hall, 52 Reid Street, Hamilton, Bermuda on January 21, 2005 at
10:30 a.m., or soon as possible thereafter, for the purposes of:

1) having an account laid before them showing the manner in
which the winding-up has been conducted and how the property of
the Company has been disposed of and of hearing any explanation
that may be given by the Liquidator; and

2) determining by resolution the manner in which the books,
accounts and documents of the Company and of the Liquidator
thereof, shall be disposed of; and

3) by Resolution dissolving the Company.

CONTACT: Mr. Nicholas Hoskins, Liquidator
         Chancery Hall
         52 Reid Street
         Hamilton, Bermuda


LIAG AGRICULUTURAL: Members Vote To Wind Up Operations
------------------------------------------------------
               IN THE MATTER OF THE COMPANIES ACT 1981

                                   and

IN THE MATTER OF Liag Agricultural Investment (Bermuda) Limited

The Members of Liag Agricultural Investment (Bermuda) Limited,
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; and

(2) THAT Robin J Mayor be and is hereby appointed Liquidator for
the purposes of such winding-up, such appointment to be
effective forthwith.

The liquidator informs that:

- Creditors of Liag Agricultural Investment (Bermuda) Limited,
which is being voluntarily 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 lawyers
(if any) to Robin J Mayor at Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, HM DX, Bermuda, the
Liquidator of the said Company, and if so required by notice in
writing from the said Liquidator, and personally or by their
lawyers, to come in and prove their debts or claims at such time
and place as shall be specified in such notice, or in default
thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

- A final general meeting of the Members of Liag Agricultural
Investment (Bermuda) Limited will be held at the offices of
Messrs. Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, Bermuda on January 19, 2005 at 9.30am, 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


MONDAY LTD: Cyrus Pardiwala to Oversee Voluntary Liquidation
------------------------------------------------------------
            IN THE MATTER OF THE COMPANIES ACT 1981

                           and

                  IN THE MATTER OF Monday Ltd.

The Members of Monday Ltd., 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 Cyrus N. Pardiwala 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 Monday Ltd., which is being voluntarily 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 lawyers (if any) to Cyrus N. Pardiwala at
Messrs. Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, HM DX, Bermuda, the Liquidator of the said Company,
and if so required by notice in writing from the said
Liquidator, and personally or by their lawyers, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- A final general meeting of the Members of Monday Ltd. will be
held at the offices of Messrs. Conyers Dill & Pearman, Clarendon
House, Church Street, Hamilton, Bermuda on January 20, 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. Cyrus N. Pardiwala, Liquidator
         Clarendon House
         Church Street
         Hamilton, Bermuda



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

COEUR D'ALENE: Board Approves San Bartolome Mine Construction
-------------------------------------------------------------
Coeur d'Alene Mines Corporation (NYSE: CDE), the world's largest
primary silver producer, announced Wednesday the Company's Board
of Directors has approved the final decision to proceed with
construction of its San Bartolome silver project in Bolivia. San
Bartolome is expected to increase Company-wide silver production
over 40% from current levels beginning in 2006 and will further
solidify the Company's position as the world's largest primary
silver producer.

"The construction of San Bartolome further solidifies Coeur's
position as the world's leading primary silver producer," said
Dennis E. Wheeler, Chairman and Chief Executive Officer. "We
expect to produce approximately eight million ounces of silver
annually during the first five years of production at an
extremely competitive cash operating cost of $3.50 per ounce,
which will generate significant cash flow for the Company. The
mine has an initial estimated mine life of 15 years. In
addition, it's important to note that this is the largest new
primary silver mine built in the Americas in decades, the first
modern silver project in Bolivia and a major boon to the
country's local and national economies."

Construction of the open pit milling operation and processing
facility is currently expected to cost approximately $135
million. Total reserves of 123 million ounces of silver are
contained in surface gravel deposits, or pallacos, which lend
themselves to simple, low-tech surface-mining techniques. These
reserves, which measure 35.3 million tons at average grades of
3.48 ounces of silver per ton, are contained in three major
areas. Additional mineral resources also hold potential for
future expansion.

San Bartolome is located near established industrial
infrastructure in the historically silver-rich region of Potosi
where more than two billion ounces of silver have been mined.
The building of the new mine represents the first modern, large-
scale primary silver mine built in Bolivia, generating an
expected 500 local jobs during construction, and approximately
370 full-time jobs during operations.

The project will also establish a foundation, called Fundespo,
to assist in the development of new local industries, such as
silversmithing and tourism.

Coeur d'Alene Mines Corporation is the world's largest primary
silver producer, as well as a significant, low-cost producer of
gold. The Company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile and Bolivia.

CONTACT: Mr. Tony Ebersole
         Director of Investor Relations
         Coeur d'Alene Mines Corporation
         Phone: 800-523-1535.

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



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

BANCO SANTOS: Loses to Kasil in Federal Court
---------------------------------------------
Brazilian intervened bank Banco Santos lost in a BRL27-million
(US$9.8 million) lawsuit filed by local Company Kasil
Participacoes in a federal Court, reports Business News
Americas.

Kasil filed the lawsuit to recover money involved in foreign
exchange contracts that it had signed with Banco Santos, the
21st largest in Brazil with BRL6.3 billion of assets.

Last month, Brazil's central bank took over Banco Santos after
the financial institution and its brokerage unit ran out of cash
to cover its bad loans. At the time of the intervention, local
authorities said that the bank and the brokerage would remain
closed during a 60-day intervention process, which could see
both go into liquidation in the worst case.

Local press have cited the central bank as saying Santos would
need an injection of some BRL700 million to open its doors
again.


VARIG: Officials' Announcements Put Future in Doubt
---------------------------------------------------
The future of Brazil's flagship airline Varig remains uncertain
even after a top official announced that the government was
taking over the carrier to save it from collapsing under a
mountain of debt.

Carlos Wilson Campos, the head of Brazil's federal aviation
authority Infraero, said late Tuesday night that the government
would intervene soon to take control of Varig, and Brazilian
media reported the takeover could occur as soon as Friday.

But according to a report released by the Associated Press
WorldStream, the country's Vice President Jose Alencar said he
did not think such intervention was being considered. He stopped
short of dismissing the idea altogether.

After meeting with Varig officials, Alencar said the government
supports a plan for Varig's debt to be turned into equity.
Creditors would end up owning a big chunk of Brazil's largest
airline, but any Varig rescue plan probably won't happen until
after December, Alencar said.

"The best solution for Varig is to keep flying," he said.

Varig has about 100 planes that fly to 110 Brazilian cities and
27 international destinations in 18 other countries. Though the
airline has never disclosed its debt, analysts estimate it owes
about BRL6 billion (US$2.2 billion).

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

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


* BRAZIL: IMF Completes Review of Stand-By Arrangement
------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
completed Wednesday the ninth review of Brazil's performance
under an SDR 27.4 billion (about US$41.95 billion) Stand-By
Arrangement originally approved in September 2002, and later
augmented and extended in December 2003.

Total drawings under the Stand-By Arrangement to date have
amounted to SDR 17.2 billion (about US$26.36 billion).
Completion of the ninth review makes available a further amount
equivalent to SDR 911 million (about US$1.4 billion). However,
the Brazilian authorities have not drawn under the arrangement
since September 2003. The authorities are treating the
arrangement as precautionary as part of a strategy to exit from
IMF financial support. On this basis, Brazil is expected to
reduce its obligations to the IMF by SDR 2.9 billion (about
US$4.44 billion) in 2004. A final review will be conducted
before the IMF arrangement expires on March 31, 2005.

Following the Executive Board's discussion of Brazil's economic
performance, Mr. Rodrigo de Rato, Managing Director and Chair,
said:

"Brazil's performance under the Stand-By Arrangement has
remained strong. A broad-based economic recovery is continuing,
with GDP growth exceeding 6 percent over the last four quarters
and all economic sectors expanding. While export growth remains
impressive, the strong pick-up in domestic demand, employment,
and real incomes has made the recovery more robust in the face
of an uncertain external environment. The sharp rebound in
investment this year, partly in response to emerging capacity
constraints, is especially encouraging and bodes well for a
continuation of the current economic expansion.

"Macroeconomic policy has responded with appropriate caution to
inflationary pressures. The central bank has gradually tightened
monetary conditions in order to maintain a downward path for
inflation while avoiding an abrupt adjustment of interest rates
that could derail the recovery. The government has supported
this effort by taking advantage of strong revenue performance to
raise the 2004 primary fiscal surplus target to 4 percent of
GDP. This, together with sound debt management, should help to
further accelerate debt reduction and strengthen fiscal
sustainability.

"Sustained strong revenue performance and spending restraint in
2005 should provide further opportunities for the government to
reduce debt, continue to pursue tax reform, and increase
spending on high-quality infrastructure projects. In
consultation with IMF and World Bank staff, the government is
finalizing a plan to accommodate higher infrastructure
investment in priority areas such as transport, while
maintaining fiscal sustainability. The law on public-private
partnerships, which is currently being considered by congress,
will encourage increased private sector investment in
infrastructure within a sound legal and accounting framework.

"External vulnerabilities have continued to decline as a result
of prudent macroeconomic policies, increasing trade openness,
and corporate sector efforts to reduce external debt. Markets
have reacted positively to recent developments, with the real
appreciating and sovereign bond spreads declining, and the
authorities have taken advantage of the benign environment to
begin pre-financing their external requirements for 2005 and to
purchase additional foreign exchange reserves.

"Advancing the structural reform agenda is key to strengthening
Brazil's medium-term growth potential. The recent passage of the
bankruptcy law is a welcome step in this direction. It will be
important to complete several initiatives already in progress,
and then to take advantage of the opportunity provided by the
strong economy to establish a suitably ambitious reform agenda
for 2005 and beyond. Priority measures will be needed to reduce
budget rigidities, and strengthen the investment environment,
including through broad tax reforms, and measures to reduce the
costs of financial intermediation and the administrative
barriers to doing business. Such policies should strengthen the
foundations for medium-term growth and allow more resources to
be channeled into anti-poverty programs and infrastructure
investment, in order to address Brazil's pressing needs in these
areas.

"The Brazilian authorities continue to treat the program as
precautionary, as part of a strategy to exit from Fund financial
support," Mr. de Rato said.

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



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

EMBONOR: Obtains Credit Facility for Debt Refinancing
---------------------------------------------------
Chilean Coca-Cola bottler Coca Cola Embonor S.A. (Embonor;
BB+/Stable/--) recently announced that it has obtained a
syndicated credit facility for up to $180 million to pay,
prepay, and/or refinance existing debt, mainly its bilateral
credits and 144 'A' rated bonds that are due in 2006. The new
credit facility is available to be drawn by the Company through
March 2006. The new financing will result in significant
interest savings from 2006 as the interest rate based on LIBOR
plus a margin (dependent on certain consolidated financial
ratios) compares favorably to the 9.875% rate for the existing
bonds. The new line also somewhat improves Embonor's debt
maturity profile, as it establishes a two-year grace period for
principal payments and an amortization schedule for the three
subsequent years. Standard & Poor's Rating Services said that
the announcement would not have an immediate impact on the
ratings of Embonor as these changes will help to better meet the
expected improvements in financial performance already factored
in the current rating levels.

Primary Credit Analyst: Ivana Recalde, Buenos Aires
(54) 114-891-2127; ivana_recalde@standardandpoors.com

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



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

BBVA COLOMBIA: Fitch Upgrades LC Debt, Individual Ratings
---------------------------------------------------------
Fitch Ratings, the international ratings agency, upgraded BBVA
Colombia as follows:

--Long-term local currency to 'BBB-' from 'BB+'

--Short-term local currency to 'F3' from 'B'

--Individual rating to 'C/D' from 'D'.

At the same time, Fitch has affirmed all other ratings assigned
to the bank as follows:

--Long-term foreign currency 'BB';

--Short-term foreign currency 'B';

--Support '3'.

The bank's foreign currency ratings are at the country ceiling
and the Rating Outlook on its long-term foreign currency and
long-term local currency ratings are Stable.

The upgrade of BBVA Colombia's local currency and individual
ratings reflect the positive evolution in the bank's performance
and asset quality over the past two years, as well as the lower
risk profile of its government securities portfolio. The bank's
ratings also continue to take into account its strong franchise
and systemic importance, as well as its strong parent bank,
Spain's Banco Bilbao Vizcaya Argentaria (BBVA; long-term foreign
currency rated 'AA-' by Fitch). The bank's high exposure to the
Colombian government, common throughout the system, it's
somewhat low, albeit rising capital levels, and the economic
risks inherent in its operating environment are also factored
into the ratings.

Due in large part to a successful strategy that has prioritized
growth in consumer lending, as well as to more favorable
economic conditions, the bank returned to profits in 2003
following four years of losses, and profitability continued to
rise strongly in the first half of 2004, with the bank posting
an return on average assets (ROAA) of 1.9% at the end of June
2004. Asset quality has also steadily improved over the past few
years due to strong credit risk management coupled with
improving economic conditions. Past due loans (more than 30 days
past due) stood at a relatively low 3.8% of total loans at the
end of June 2004, somewhat above its large bank peers, but below
the system average. While an additional 12.9% of the loan
portfolio was restructured at the end of June 2004, these loans
are seasoned and generally speaking, have been performing well.
Moreover, the bank's reserve policy is conservative and at the
end of June 2004, loan loss reserves were adequate, representing
196% of past due loans (PDLs) and 44.4% of PDLs and restructured
loans combined. While the bank's high holdings of government
securities (26% of assets) remains a concern, the risk profile
of these securities has improved since the end of 2002, as the
bank has shifted to shorter term, local currency obligations.
Driven principally by retained earnings, capital levels have
been rising, particularly Tier 1 capital; despite asset growth
and more stringent regulations, the bank's total and tier 1
capital ratios rose to 11.8% and 8.5% at the end of June 2004,
respectively, up from 10.7% and 5.9% at the end of 2002.

BBVA Colombia is Colombia's third largest bank ranked by
deposits, providing a wide range of commercial banking and
financial services and reporting a 7.9% deposit market share at
the end of June 2004. Originally established by the government
in 1956, BBVA Colombia was fully privatized in 1992, and in 1996
Spain's BBVA acquired a 34.7% stake and assumed managerial
control. Since then, BBVA has progressively increased its stake
to 95.3%, where it stood at the end of 2003. The remaining
shares are widely held. In April 2004, the bank's name was
changed to BBVA Colombia from BBVA Banco Ganadero.


VALORES BAVARIA: Completes Divestment of Avianca Stake
------------------------------------------------------
Colombian holding company Valorem (VALBAVARI.BO), formerly known
as Valores Bavaria, announced Wednesday that it has completed
the sale of its approximately 50% stake in Avianca (ANC.YY) to
Brazil's Synergy Group, relates Dow Jones Newswires.

"The transaction ends the shareholding relationship of Valorem
and Avianca, and will have almost no effect on Valorem's
results," Valored said in a press release.

Valorem said the divestment of Avianca and other non-strategic
investments over the past three years will allow the Company to
focus on activities that create shareholder value.

Javier Aguirre, president of Valorem, said recently that the
Company plans to sell everything that has wings and that it will
focus on media investments, among others.

Valorem has stakes in some of Colombia's leading companies,
including Caracol, the largest television broadcaster in the
Andean nation. It also has stakes in the local industrial
sector, and in foreign companies, such as Canal America in Peru.

Valorem registered a net loss of COP33.61 billion in the first
nine months of the year, lower than the COP106.27-billion net
loss in the same period in the previous year. The Company
expects to post profits next year following the sale of its
stake in Avianca.



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

CYDSA: Adjourns Noteholders Meeting
-----------------------------------
Cydsa, S.A. de C.V. ("Cydsa") announced Wednesday that it has
adjourned the meeting of holders of its U.S.$158,997,000 9.375%
Notes due 2009 (the "Existing Notes"), for want of a quorum, to
Wednesday, January 19, 2005 at 9 a.m., New York City time (2:00
p.m., London time), and it has extended the deadline for
submitting proxies to Friday, January 14, 2005 at 12:00 noon,
New York City time (5:00 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 Statement and Offering
Circular, dated November 16, 2004, as Supplemented on December
15, 2004 (the "Statement"), and related offering documents. To
more fully understand the terms of the proxy solicitation,
holders of the Existing Notes should carefully read the entire
Statement and the other documents to which it refers, including
the proxy.

Holders who held Existing Notes as of the close of business, New
York City time, on Monday, November 29, 2004 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. Proxies submitted by holders
of record before the original proxy submission deadline, in
anticipation of the originally scheduled meeting on December 15,
2004, remain valid, if given by holders of Existing Notes who
were holders of record on November 29, 2004, unless revoked.
Cydsa will distribute revised proxies and other materials
reflecting the new meeting and proxy submission dates; however,
holders may also use the forms previously distributed. Cydsa
also urges holders, including those who already have submitted
proxies, to ensure that their proxy forms contain their
requested account information at Euroclear and Clearstream, to
facilitate the proper crediting of the New Securities issued in
the Exchange. Holders should contact the information agent, at
the number listed below, with any questions.

The passing of the Extraordinary Resolution at the adjourned
meeting 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 more than 50% 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.

As of the original proxy submission deadline, which was Monday,
December 13, 2004 at 10:00 a.m. New York City time (3:00 p.m.
London time), votes representing U.S.$43,360,000 principal
amount (or 27.3% of the principal amount outstanding) were cast.
Votes representing U.S.$43,000,000 principal amount were in
favor of the Extraordinary Resolution, U.S.$110,000 principal
amount were against and U.S.$250,000 principal amount abstained.
As of Tuesday, December 14, 2004 at 10:00 a.m. New York City
time (3:00 p.m. London time), votes representing U.S.$94,927,000
principal amount (or 59.7% of the principal amount outstanding)
were cast. Votes representing U.S.$94,377,000 principal amount
were in favor of the Extraordinary Resolution, U.S.$300,000
principal amount were against and U.S.$250,000 principal amount
abstained.

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.

CONTACT:  Avenida Ricardo Margain Zozaya 565-B
          Col. Parque Corporativo Santa Engracia
          San Pedro Garza Garcia,Nuevo Lesn, Mixico, C.P. 66267
          URL: http://cydsa.com/Espanol/index.htm


GRUPO DESC: S&P Withdraws Desc Automotriz's Rating
--------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'B+' corporate
credit rating on Mexican auto parts producer Desc Automotriz
S.A. de C.V. at the request of its parent Company Desc S.A. de
C.V. (Desc, B+/Negative/--). Desc Automotriz's 'mxBBB' national
scale rating has also been withdrawn. Desc Automotriz has no
rated debt outstanding.

Desc Automotriz is one of Mexico's largest independent auto
parts manufacturers. The Company produces 36 different types of
products, including light, medium, and heavy duty manual
transmissions; constant velocity joints; rear and front axles;
tappets; pistons and piston pins; stamped metal products;
propeller shafts; steel wheels; gears; and gaskets and seals.


GRUPO TMM: Enters Into Amended Acquisition Agreement With KCS
-------------------------------------------------------------
Kansas City Southern (NYSE:KSU) ("KCS") and Grupo TMM, S.A.
(NYSE:TMM) and (BMV:TMMA) ("TMM") announced Wednesday that the
companies have entered into an amended acquisition agreement
whereby TMM will sell its 51 percent voting interest in Grupo
Transportacion Ferroviaria Mexicana, S.A. de C.V. ("Grupo TFM")
to KCS for $200 million in cash, 18 million shares of KCS common
stock, $47 million in a two-year promissory note, and up to $110
million payable in a combination of cash and KCS common stock
upon successful resolution of the current proceedings related to
the VAT Claim and the Put with the Mexican Government. The $47
million promissory note and a portion of the $110 million
contingent payment will be subject to certain escrow
arrangements to cover potential indemnification claims. The
boards of directors of both companies have approved the
transaction.

As part of the transaction, KCS will also enter into a three-
year consulting contract with a consulting firm controlled by
Jose Serrano Segovia. KCS and TMM have also agreed that upon
completion of the transaction all litigation between the two
companies will be dismissed.

Consummation of the transaction remains subject to the
satisfaction of certain conditions, including KCS shareholder
approval. TMM's controlling shareholders have entered into a
voting trust providing for approval of the transaction.

Both the Mexican Foreign Investment Commission and the Mexican
Federal Competition Commission have approved acquisition of the
controlling interest in TFM by KCS. Although KCS and TMM
previously satisfied the requirements of the U.S. Hart-Scott-
Rodino Antitrust Improvements Act of 1976, that authorization
has expired and the parties have agreed to file the required
information promptly with the U.S. Department of Justice. This
authorization is required prior to consummation of the
transaction.

"We are very pleased to have entered into this amended agreement
with TMM, and believe it will enhance rail competition and give
shippers in the NAFTA trade corridor a strong transportation
alternative in this important and growing trade corridor," said
Michael R. Haverty, chairman, president and chief executive
officer of KCS. "This transaction, along with our recently
approved control of The Texas Mexican Railway Company, offers
our shareholders greater value through operating efficiencies
and opportunities that will come from common ownership and
control. Our customers, both north and south of the border, will
benefit from these efficiencies as well."

Jose Serrano, TMM chairman and CEO said, "We're very pleased
with the outcome of the transaction. It creates significant
value for all shareholders. The combination of KCS and TFM
creates an efficient shipping route between the U.S. and Mexico.
TMM shareholders will continue to benefit from significant
ownership in this valuable franchise. The net cash proceeds of
this transaction will be used by TMM to reduce its debt
obligations. This transaction is truly in the best interests of
TMM shareholders and will ensure long term growth and
flexibility at TMM."

Javier Segovia, TMM president added, "We are extremely pleased
to become a significant shareholder in KCS, a strong rail
alternative between the U.S. and Mexico. TMM and TFM will
continue to work closely, and they have entered into a marketing
agreement to further our shared goals of providing end-to-end
transportation for our customers. In addition, the sale of TFM
to KCS puts TMM on a superior financial footing."

TFM, S.A. de C.V., the operating subsidiary of Grupo TFM, and
KCSR will continue as separate corporations, all under the
common control of KCS. Following consummation of the
transaction, KCS will continue to operate under the KCS name and
will maintain its headquarters in Kansas City, Missouri. Grupo
TFM and TFM will remain Mexican corporations, with their
corporate headquarters located in Mexico City. TFM holds the
concession to operate Mexico's Northeast Rail Lines through June
2047, and has the option to extend the concession for an
additional 50 years. The TFM rail network consists of more than
2,600 miles of mainline track. The combined system will exceed
5,300 miles of mainline track.

Morgan Stanley acted as exclusive financial advisor to KCS on
the transaction. J.P. Morgan Securities Inc. and Elek Moreno
Valle y Asociados S.A. acted as exclusive financial advisors to
TMM on the transaction.

Headquartered in Mexico City, TMM is a Latin American multimodal
transportation Company. Through its branch offices and network
of subsidiary companies, TMM provides a dynamic combination of
ocean and land transportation services. Visit TMM's web site at
http://www.grupotmm.comand TFM's web site at
http://www.tfm.com.mx.Both sites offer Spanish/English language
options. Grupo TMM is listed on the New York Stock Exchange
under the symbol "TMM" and Mexico's Bolsa Mexicana de Valores
under the symbol "TMM A."

KCS is a transportation holding Company that has railroad
investments in the United States, Mexico and Panama. Its primary
holding in the United States is The Kansas City Southern Railway
Company. KCS owns 51% of The Texas Mexican Railway Company,
which connects The Kansas City Southern Railway Company and TFM.
Headquartered in Kansas City, Missouri, KCS serves customers in
the central and south central regions of the United States. KCS'
rail holdings and investments are primary components of a NAFTA
Railway system that links the commercial and industrial centers
of the United States and Mexico. KCS' web site is www.kcsi.com.

CONTACTS:  GRUPO TMM
           Investor Relations
           Brad Skinner, 011-525-55-629-8725 or 203-247-2420
           E-mail: brad.skinner@tmm.com.mx

           Media Relations
           Proa/StructurA
           Marco Provencio, 011-525-55-629-8708
           and 011-525-55-442-4948
           E-mail: mp@proa.structura.com.mx

           AT DRESNER CORPORATE SERVICES:
           (general investors, analysts and media)
           Kristine Walczak, 312-726-3600
           E-mail: kwalczak@dresnerco.com

           KANSAS CITY SOUTHERN
           MEDIA & INVESTORS
           William H. Galligan, 816-983-1551
           william.h.galligan@kcsr.com

           MEXICO
           Media Relations
           Gabriel Guerra, 011-525-55-273-5359
           E-mail: gguerra@gcya.net


GRUPO TMM: S&P Puts Ratings On CreditWatch Positive
---------------------------------------------------
Standard & Poor's Ratings Services placed its 'CCC' corporate
credit and other ratings on Grupo TMM S.A. (TMM) on CreditWatch
with positive implications. The CreditWatch placement followed
Kansas City Southern's (KCS) announcement that it has reach an
agreement with TMM to take control of TFM S.A. de C.V.

The CreditWatch Positive listing for TMM means that the ratings
could be raised or affirmed based on the possibility that its
financial profile could improve if the merger with KCS is
completed. The ratings on TMM could be affirmed if no
transaction is consummated and its business and credit profiles
remain unchanged.

"We will monitor developments and resolve the CreditWatch
placement after both TMM and KCS shareholders approve the
transaction, and financing plans have been announced," said
Standard & Poor's credit analyst Juan P. Becerra.

The rating on the Company reflects its still-weak financial
profile, higher concentration in the railroad industry, low
liquidity, and minor cash-flow generation.

Headquartered in Mexico City, TMM provides a combination of
ocean and land transportation services. TMM currently holds
41.2% of TFM, while KCS holds 38.8%. Although both together hold
80% of TFM, they represent 100% of the voting stake (51.8% TFM
and 48.5% KCS).


GRUPO TMM: S&P Puts KCS Ratings On Watch Negative
-------------------------------------------------
Standard & Poor's Ratings Services placed its ratings on Kansas
City Southern and unit Kansas City Southern Railway Co.,
including its 'BB-' corporate credit ratings on both entities,
on CreditWatch with negative implications. This follows the rail
Company's announcement that it has reached an agreement with
Grupo TMM S.A. (TMM; CCC/Stable/--) to take control of Grupo
Transportacion Ferroviaria Mexicana S.A. de C.V. (TFM), the main
privatized freight railroad in Mexico.

"Based on preliminary information, Standard & Poor's believes
that the planned acquisition of TFM, as currently proposed,
would likely result in an affirmation of Kansas City Southern
ratings or a one notch downgrade," said Standard & Poor's credit
analyst Lisa Jenkins. A similar deal was proposed in April 2003.
However, the prospects of the deal became uncertain in August
2003 when TMM shareholders voted against the deal, despite the
fact that the controlling shareholder of TMM is also the
chairman and chief executive of TMM. The two companies have now
entered into an amended agreement, which has been approved by
the boards of both companies.

Standard & Poor's also assigned its 'BB+' rating and a recovery
rating of '1', indicating high expectation of full recovery of
principal in the event of default, to Kansas City Southern
Railway Co.'s term loan bank facility, which is being increased
to $249.25 million from $149.25 million. Ratings on the bank
debt, which is guaranteed by parent Kansas City Southern and
certain subsidiaries, were also placed on CreditWatch with
negative implications as a result of the TFM announcement. To
resolve the CreditWatch listing, Standard & Poor's will meet
with management to discuss the financial and strategic
implications of the deal and will assess the operating prospects
for both Kansas City Southern and TFM. While the proposed deal
should enhance the Company's business profile, increased
financial risk following the completion of the transaction will
make the Company more vulnerable to cyclical pressures.

Kansas City Southern is a Class 1 (major) railroad, but it is
significantly smaller and less diversified than its peers. Its
core rail operations cover a 10-state region that includes
Missouri, Kansas, Arkansas, Oklahoma, Mississippi, Alabama,
Tennessee, Louisiana, Texas, and Illinois.

Since the late 1990s, Kansas City Southern has maintained an
ownership interest in TFM. TFM's economic ownership interest is
currently split as follows: Kansas City Southern, 37.3%; Grupo
TMM S.A., 38.8%; and the Mexican government, 23.9%.

Primary Credit Analyst: Lisa Jenkins, New York (1) 212-438-7697;
lisa_jenkins@standardandpoors.com


ISPAT INTERNATIONAL: Shareholders OK LNM Holdings Acquisition
-------------------------------------------------------------
Ispat International N.V. [NYSE and Euronext Amsterdam: IST]
announced Wednesday that its shareholders approved the
acquisition of LNM Holdings N.V. by Ispat International N.V. at
an Extraordinary General Meeting of Shareholders held Wednesday
in Rotterdam. The transaction is expected to close on December
17, 2004.

The combined Company, which will be named Mittal Steel Company
N.V. and will trade on the New York Stock Exchange and Euronext
Amsterdam under the ticker symbol "MT," will be one of the
world's largest steel companies, with pro forma revenues for the
nine months ending September 30, 2004 of approximately $16
billion, steel shipments of 32 million tons, and 168,000
employees in 14 countries, across four continents.

At the Extraordinary Meeting, Ispat shareholders also approved
the appointment of Ms. Vanisha Mittal Bhatia to the Board of
Directors of Mittal Steel. All other proposals were also
approved by a large majority of shareholders.

About Ispat International

Ispat International N.V. is one of the largest and most global
steel producers, with major steelmaking operations in the United
States, Canada, Mexico, Trinidad, Germany and France. The
Company produces a broad range of flat and long products sold
mainly in the North American Free Trade Agreement (NAFTA)
participating countries and the European Union (EU) countries.
Ispat International N.V. is a member of the LNM Group.

Ispat International's operating philosophy embraces both
integrated mini-mill and blast furnace processes for steel
making. Its steel shipments have increased from 1.5 million tons
in 1992 to 15.2 million tons in 2003 and were 12.4 million tons
for the first nine months of 2004. In 2003, Ispat
International's consolidated sales, operating income and net
income were $5,441 million, $151 million and $66 million
respectively. For the nine months ended September 30, 2004,
Ispat International's consolidated sales, operating income and
net income were $6,320 million, $1,243 million and $887 million,
respectively. Ispat International is currently listed on
Euronext Amsterdam and the NYSE.

About LNM Holdings N.V.
LNM Holdings is one of the world's largest steel producers, and
operates steel-making and processing facilities in eight
countries. LNM Holdings has in recent years significantly
increased its production and shipments of steel products,
primarily through the acquisition of additional steel producing
assets. LNM Holdings shipped a total of 12.3 million tons of
steel and steel products in 2003 and 19 million tons for the
first nine months of 2004. The Company has acquired several
steelmaking businesses over the past three years, notably in
Poland, the Czech Republic, Romania and South Africa. The
Company has an integrated business model with steelmaking
facilities in six countries providing a diversified portfolio of
flat and long products.

CONTACT:  Ms. Nicola Davidson
          General Manager, Communications
          +44 20 7543 1172

          Mr. T.N. Ramaswamy
          Director, Finance
          +44 20 7543 1174

          Mr. Chuck Burgess
          Ms. Gillian Angstadt
          Abernathy MacGregor Group
          +1 212-371-5999

          URL: http://www.ispat.com


MINERA AUTLAN: Outlines Goals for Next Year
-------------------------------------------
Mexican manganese producer Minera Autlan (BMV: AUTLANB) outlined
its key objectives for 2005, reports Business News Americas.

Company Director General Jose Hilario Madero Marcos said the
Company aims to satisfy the demand for manganese-ferroalloy in
the local market as well as export the product to the US,
Canada, Central and South America.

The Company also aims to "consolidate" operations, reduce energy
costs by investing in energy conservation projects and to
develop a business model to ensure the Company's long-term
profitability.

Madero is confident that Autlan's workforce and technology are
capable of achieving the Company's objectives.

In the second quarter of 2004, Autlan reactivated all its units
and has since been operating at full capacity in both its mining
and production sectors.

Trading in Autlan's shares resumed just last month on the
Mexican City stock exchange (BMV). Stock regulators suspended
the shares in February 2001 after Autlan failed to make a US$7-
million eurobond payment to its creditors at a time when the
Company and the general industry was experiencing difficulties.

Autlan said it has since overcome these difficulties and
improved its finances. For the first nine months of 2004, the
Company posted net profits of MXN138 million (US$12mn) compared
to net losses of MXN76 million in the same period last year.


TFM: S&P Puts Ratings On CreditWatch Positive
---------------------------------------------
Standard & Poor's Ratings Services placed its 'B' long-term
corporate credit rating on TFM S.A. de C.V. on CreditWatch with
positive implications. The CreditWatch placement followed Kansas
City Southern's (KCS) announcement that it has reached an
agreement with Grupo TMM S.A. to take control of TFM.

The CreditWatch Positive listing for TFM means that the ratings
could be raised or affirmed based on the possibility that its
financial or business profile could be enhanced if the merger
with KCS is completed. TFM's ratings could be affirmed if no
transaction is consummated and its business and credit profiles
remain unchanged or upgraded by one notch.

"We will monitor developments and resolve the CreditWatch
placement after both TMM and KCS shareholders approve the
transaction, and financing plans have been announced," said
Standard & Poor's credit analyst Juan P. Becerra.

Until the acquisition takes place, the rating reflects TFM's low
cash-flow generation, financial policy driven by TMM, high fuel
prices, underperformance of the automotive industry (22% of
TFM's 2002 total sales), and unresolved value-added tax and
government put option. The rating also reflects TFM's position
as the leading provider of rail transportation service in
Mexico, the improving relationship between partners, and a
potential switch to rail from truck.

TMM currently holds 41.2% of TFM, while KCS holds 38.8%.
Although both together hold 80% of TFM, they represent 100% of
the voting stake (51.8% TFM and 48.5% KCS). The Mexican
government holds the other 20%. TFM holds a 50-year concession
title, renewable for an additional 50 years, to provide freight
transportation services over the Mexican northeast rail lines.
TFM's railroad network runs through Mexico's industrial
heartland. It is a direct link with Mexico City and Monterrey;
with the major ports of Tampico, Altamira, Veracruz, and Lazaro
Cardenas; and with the cities of Matamoros and Laredo, located
on the border with the U.S.


TV AZTECA: To Prepay $300M Notes Due 2007
-----------------------------------------
TV Azteca S.A. de C.V. announced December 15 that it is fully
funded to prepay, on December 23, its US$300 million 10-1/2%
Series B Guaranteed Senior Notes due February 15, 2007.

On November 23 the Company submitted to bondholders formal
notification of the prepayment, based on the terms of the
indenture governing the notes. The redemption price for the
bonds will be 101.75.

The source funds for the prepayment include proceeds from an
issuance today in Mexico of Structured Securities Certificates,
yielding TIIE + 2.7%, for the peso equivalent of approximately
US$176 million, as well as approximately US$124million from a
secured credit line denominated in pesos with Banco Inbursa,
S.A., under the terms that have been previously detailed in
Azteca Holdings'20F.

"The facilities provide for longer maturities compared with the
existing notes and have gradual amortizations, consistent with
our progressive debt reduction strategy," said Carlos Hesles,
Chief Financial Officer of TV Azteca. "In addition, the pesos
denominated loans substantially reduce the overall foreign
exchange risk on TV Azteca's debt, increasing the predictability
of our financial results."

TV Azteca is one of the two largest producers of Spanish
language television programming in the world, operating two
national television networks in Mexico, Azteca 13 and Azteca 7,
through more than 300 owned and operated stations across the
country. TV Azteca affiliates include Azteca America Network, a
new broadcast television network focused on the rapidly growing
US Hispanic market, and Todito.com, an Internet portal for North
American Spanish speakers.



                            ***********


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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