TCRLA_Public/041220.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Monday, December 20, 2004, Vol. 5, Issue 251

                            Headlines


A R G E N T I N A

AEROLINEAS ARGENTINAS: Nears Completion of Restructuring Deal
AR.FA.MA. S.A.C.I.: Enters Bankruptcy on Court Orders
BEAR SERVICE: Liquidates Assets to Pay Debts
CAPEX: Reports Six-Month Loss of $13.6M
CELLULAR TEAM: Court Rules for Liquidation

CLISA: Local S&P Maintains Ratings on Corporate Bonds
EDITEC S.A.: Reports Submission Set
IRSA: Sets Noteholders' Meeting for Dec. 28
MEDICINE OF THE WORLD: Gets Court OK for Reorganization
METROGAS: Extends Solicitation of Consents

RIOGASTONA S.A.: Begins Liquidation Process
SOFICLAR S.A.: Liquidates Assets to Pay Debts
SULADESO S.A.: Initiates Bankruptcy Proceedings
TGS: Announces Closing of Exchange Offer
TURNER CARGAS: Court Converts Bankruptcy to Reorganization


B A H A M A S

BAHAMAS BANK: S&P Releases Ratings Report


B E R M U D A

CAROLINA REINSURANCE: Announces Final Filing Deadline
TANDEM INSURANCE: Final Meeting Set for Jan. 19
VECTOR GLOBAL: Members Opt for Voluntary Liquidation
VOLGA CASPIAN: Proceeds to Wind Up Operations


B O L I V I A

* BOLIVIA: IDB OKs $9.5M Loan for Fiscal Sustainability


B R A Z I L

BRASKEM: Board OKs Move to Boost Stake in Polialden
EMBRATEL: Shareholders to Meet for Approval of Capital Increase
PARMALAT: Announces List of Creditors
PARMALAT: Enrico Bondi Files Clawback Actions
SABESP: Announces Payment of Interest on Own Capital

SADIA: Ups Next Year's Investment to BRL500 Mln


C H I L E

EMBONOR: Halts Reporting Obligations in U.S.


D O M I N I C A N   R E P U B L I C

EDESUR: Accuses 15 Entities of Fraud


M E X I C O

CINTRA: IPAB Looks to Sell Stake Next Year
GRUPO MEXICO: Deutsche IXE Initiates Coverage at "Buy"

     -  -  -  -  -  -  -  -


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

AEROLINEAS ARGENTINAS: Nears Completion of Restructuring Deal
-------------------------------------------------------------
Argentina's flag carrier Aerolineas Argentinas (AR.YY) intends
to make its final debt payment on Dec. 27, completing a
restructuring deal that creditors approved two years ago,
reports Dow Jones Newswires.

The Company, whose controlling shareholder is a consortium
headed by Spanish travel group Marsans (GMSN.YY), filed for
bankruptcy in June 2001, burdened by heavy debts and labor
disputes.

In late 2002, it reached a restructuring agreement with the
majority of its creditors for ARS3.5 billion ($1=ARS2.99) in
debt. The last payment of about ARS400 million is the final
hurdle before Aerolineas Argentinas can launch its planned float
on the local stock exchange.

CONTACT:  AEROLINEAS ARGENTINAS
          Torre Bouchard 547, 1106 Buenos Aires, ARGENTINA
          Phone: (54-11) 4310-3000
          Fax: (54-11) 4310-3585
          E-mail: volar@aerolineas.com.ar
          Home Page: www.aerolineas.com.ar


AR.FA.MA. S.A.C.I.: Enters Bankruptcy on Court Orders
-----------------------------------------------------
Ar.Fa.Ma. S.A.C.I. enters bankruptcy protection after Court No.
9 of Buenos Aires' civil and commercial tribunal, with the
assistance of Clerk No. 17, ordered its liquidation. The order
effectively transfers control of the Company's assets to the
Court-appointed trustee who will supervise the liquidation
proceedings.

Infobae reports that the Court selected Mr. Javier Marcelo
Espineira as trustee. He will be verifying creditors' proofs of
claims until the end of the verification phase on April 20,
2005.

Argentine bankruptcy law requires the trustee to provide the
Court with individual reports on the forwarded claims and a
general report containing an audit of the Company's accounting
and business records. The individual reports will be submitted
on April 20, 2005 followed by the general report, which is due
on August 24, 2005.

CONTACT: Mr. Javier Marcelo Espineira, Trustee
         Viamonte 783
         Buenos Aires


BEAR SERVICE: Liquidates Assets to Pay Debts
--------------------------------------------
Buenos Aires-based Bear Service S.A. will begin liquidating its
assets following the bankruptcy pronouncement issued by the
City's civil and commercial Court No. 21, reports Infobae.

The ruling places the Company under the supervision of Court-
appointed trustee Stella Maris Alonso. The trustee will verify
creditors' proofs of claims until February 7, 2005. The
validated claims will be presented in Court as individual
reports on March 24, 2005.

The trustee will also submit a general report, containing a
summary of the Company's financial status as well as relevant
events pertaining to the bankruptcy, on May 5, 2005.

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

CONTACT: Bear Service S.A.
         Maipu 42
         Buenos Aires

         Ms. Stella Maris Alonso, Trustee
         Montevideo 536
         Buenos Aires


CAPEX: Reports Six-Month Loss of $13.6M
---------------------------------------
Argentine energy producer Capex plunged into red in the first
six months to Oct. 31 this year, Business News Americas reports,
citing a filing with the Buenos Aires stock exchange.

In the filing, the Company revealed a net loss of ARS40.7
million (US$13.6 million) for the period compared to profits of
ARS5.71 million in the same period in 2003.

In the six months to Oct. 31, sales increased 28.5% from the
same period of 2003 to ARS149 million, of which 61.2% came from
electric power, 21.4% from oil, 12% from propane and 5.4% from
butane.

Capex produces gas and generates electric power at the well head
in Neuquen province.

CONTACT:  Capex SA
          5/F DepartmentC
          948/950 Av Cordoba
          Buenos Aires
          Argentina
          Phone: +54 11 4322 4884
          Home Page: http://www.capex.com.ar
          Contact:
          Enrique Gotz, Chairman
          Dr. Alejandro Enrique Gotz, Vice Chairman


CELLULAR TEAM: Court Rules for Liquidation
------------------------------------------
Court No. 26 of Buenos Aires' civil and commercial tribunal
ordered the liquidation of Cellular Team S.A. after the Company
defaulted on its obligations, Infobae reveals. The liquidation
pronouncement will effectively place the Company's affairs, as
well as its assets, under the control of Mr. Jorge Inafuku, the
Court-appointed trustee.

Mr. Inafuku will verify creditors' proofs of claims until March
7, 2005. The verified claims will serve as basis for the
individual reports to be submitted in Court on April 20, 2005.
The submission of the general report should follow on June 2,
2005.

The City's Clerk No. 52 assists the Court on this case.

CONTACT: Cellular Team S.A.
         Presidente Peron 1515
         Buenos Aires

         Mr. Jorge Inafuku, Trustee
         Cerrito 1070
         Buenos Aires


CLISA: Local S&P Maintains Ratings on Corporate Bonds
-----------------------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal Argentina
maintains an `raB-` rating on US$120 million worth of corporate
bonds issued by Argentine Company CLISA.

The country's securities regulator, the Comision Nacional de
Valores (CNV), described the affected bonds as "Obligaciones
Negociables con garantia (AGO 21-01-03, AD 23-01-03)." These
bonds will mature on June 1, 2012.

S&P said that an obligation rated `raB' denotes weak protection
parameters relative to other Argentine obligations. The obligor
currently has the capacity to meet its financial commitments on
the obligation. But adverse business, financial, or economic
conditions would likely impair capacity or willingness of the
obligor to meet its financial commitments on the obligations.

At the same time, the local S&P maintains an `raD' rating on
US$100 million worth of CLISA's bonds described as "Obligaciones
Negociables con garantia." The bonds came due on June 1, 2004.

The rating actions were based on the Company's financial health
as of September 30, 2004.


EDITEC S.A.: Reports Submission Set
-----------------------------------
Mr. Hugo Oscar D. Ubaldo, the trustee assigned to supervise the
liquidation of Editec S.A., will submit the validated individual
claims for Court approval on February 7, 2005. These reports
explain the basis for the accepted and rejected claims. The
trustee will also submit a general report on March 21, 2005.

Infobae reports that Court No. 23 of Buenos Aires' civil and
commercial tribunal has jurisdiction over this bankruptcy case.
The City's Clerk No. 45 assists the Court with the proceedings.

CONTACT: Editec S.A.
         Sarmiento 1562
         Buenos Aires

         Mr. Hugo Oscar D. Ubaldo, Trustee
         A. Alsina 1535
         Buenos Aires


IRSA: Sets Noteholders' Meeting for Dec. 28
-------------------------------------------
By letter dated December 10, 2004, the Company filed the Board
of Director's minute and the notice calling for a noteholders'
meeting which will be held next December 28, 2004 at 13:00 hours
in the principal executive offices located at Bolivar 108 1st.
floor, Capital federal, Argentina.

The noteholders' meeting will consider the Second Amendment to
the Fourth Supplemental Indenture of the notes approved in the
general and ordinary shareholders meeting held on February 11,
1999 for a total amount in circulation of V/N US$ 250,000,000,
related to the class III simple notes non convertible in shares,
guaranteed by mortgage, for an amount of US$ 37,380,000 issued
on November 21, 2002 and due in 2009.

Below you will find the notice for general extraordinary
noteholders's meeting.

"IRSA INVERSIONES Y REPRESENTACIONES SOCIEDAD ANONIMA.
Registered with the Superintendence of Corporations on 02/21/94
under No. 1373, Book 114, Volume A of Corporations NOTICE OF
GENERAL EXTRAORDINARY NOTEHOLDERS' MEETING Noteholders are
summoned to attend the General Extraordinary Meeting to be held,
at first call, on December 28, 2004 at 1 p.m., at Bolˇvar 108
First Floor, City of Buenos Aires, in order to deal with the
following Agenda:

1) Appointment of two noteholders to approve and execute the
minutes of the meeting.

2) Amendment of certain terms and conditions relating to the
issue of US$ 37,380,000 in simple, non-convertible Class III
Notes secured by mortgage, issued on 11.21.2002, due in 2009,
under the Program approved by the General Ordinary Shareholders'
Meeting dated February 11, 1999, for a principal amount of up to
U$S 250,000,000 outstanding at any time.- Approval of Second
Amendment to Fourth Supplemental Indenture, Delegation to the
Board of Directors of the powers required to execute the
relevant documents.

NOTE: Noteholders are reminded that in order to attend the
Meeting they must obtain a certificate of the securities account
kept to such effect by Banco Rˇo de la Plata S.A. (Registrar)
and to submit such certificate for deposit at Moreno 877 21st
Floor, City of Buenos Aires, from 10:00 a.m. to 5:00 p.m. no
later than December 21, 2004. The Company will deliver to the
depositing noteholders the certificates required in order to be
admitted to the Meeting. The quorum required to hold this
meeting will be 60% of the outstanding notes, and in order to
hold it at second call, it will be 30%. The Chairman appointed
by the Shareholders' Meeting dated 10-31-03 and Meeting of
distribution of offices No. 1454 dated 11-03-03 and No. 1458
dated 11-25-03.


MEDICINE OF THE WORLD: Gets Court OK for Reorganization
-------------------------------------------------------
Medicine Of The World S.A. will begin reorganization proceedings
following approval of its petition by Court No. 18 of Buenos
Aires' civil and commercial tribunal. The opening of the
reorganization will allow the Company to negotiate a settlement
with its creditors in order to avoid a straight liquidation.

Local accounting firm "Estudio Picado Levy de Angelis y
Asociados" will oversee the reorganization proceedings as Court-
appointed trustee. The firm will verify creditors' claims until
March 3, 2005. The validated claims will be presented in Court
as individual reports on April 18, 2005.

The firm is further 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 31, 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 October 28, 2005.

CONTACT: Medicine Of The World S.A.
         Paraguay 3842
         Buenos Aires

         "Estudio Picado Levy de Angelis y Asociados"
         Trustee
         Bernardo de Irigoyen 330
         Buenos Aires


METROGAS: Extends Solicitation of Consents
------------------------------------------
MetroGAS S.A. (the "Company") announced Thursday that it is
further extending its solicitation (the "APE Solicitation") from
holders of its 9-7/8% Series A Notes due 2003 (the "Series A
Notes"), its 7.375% Series B Notes due 2002 (the "Series B
Notes") and its Floating Rate Series C Notes due 2004 (the
"Series C Notes" and, together with the Series A Notes and the
Series B Notes, the "Existing Notes") and its other unsecured
financial indebtedness (the "Existing Bank Debt" and, together
with the Existing Notes, the "Existing Debt"), subject to
certain eligibility requirements, of powers of attorney
authorizing the execution on behalf of the holders of its
Existing Notes of, and support agreements committing holders of
its Existing Bank Debt to, execute an acuerdo preventivo
extrajudicial (the "APE") until 5:00 p.m., New York City time,
on January 4, 2005 (the "New Expiration Date"), unless further
extended by the Company.

APE Solicitation

As of 5:00 p.m., New York City time, on December 15, 2004,
powers of attorney and support agreements had been received with
respect to approximately U.S.$ 92,955,000 principal amount of
Existing Debt.

The APE Solicitation will remain in all respects subject to all
terms and conditions described in the Company's Solicitation
Statement dated November 7, 2003 (the "Solicitation Statement")
except that any person that has granted a power of attorney and
tendered its Existing Notes to the Settlement Agent or has
executed a support agreement with the Settlement Agent with
respect to its Existing Bank Debt shall have the right to
withdraw such power of attorney and Existing Notes or be
released from its obligations under such support agreement until
5:00 p.m., New York City time, on the New Expiration Date. Any
person wishing to exercise such withdrawal rights should follow
the procedure described in the Solicitation Statement or
communicate with the Settlement Agent to be informed of the
appropriate procedure.

The Settlement Agent for the APE Solicitation is JPMorgan Chase
Bank and its telephone and fax numbers are (212) 623-5136 and
(212) 623-6216, respectively.

Any holder wishing to receive a copy of the the Solicitation
Statement and/or ancillary documents should contact J.P. Morgan
Securities Inc. at 1-877-217-2484 in the United Sates or
JPMorgan Chase Bank Buenos Aires at at 54-11-4348-3475/4325-8046
in Argentina.

CONTACT:  Metrogas S.A.
          Pablo Boselli, Financial Manager
          E-mail: pboselli@metrogas.com.ar
          Tel.: (5411) 4309-1511

          Citigate Financial Intelligence
          Lucia Domville
          E-mail: ucia.Domville@citigatefi.com
          Tel.: (201) 499-3548


RIOGASTONA S.A.: Begins Liquidation Process
-------------------------------------------
Riogastona S.A. of Buenos Aires will begin liquidating its
assets after Court No. 23 of the City's civil and commercial
tribunal declared it bankrupt. Infobae reveals that the
bankruptcy process will commence under the supervision of Court-
appointed trustee Mauricio Federico Nudelman.

The trustee will review claims forwarded by the Company's
creditors until February 18, 2005. Once claims are verified, the
trustee will submit individual reports for Court approval on
April 5, 2005. The general report submission will follow on May
17, 2005.

The City's Clerk No. 45 assists the Court on this case.

CONTACT: Riogastona S.A.
         Avda Corrientes 2294
         Buenos Aires

         Mr. Mauricio Federico Nudelman, Trustee
         Lavalle 2024
         Buenos Aires


SOFICLAR S.A.: Liquidates Assets to Pay Debts
---------------------------------------------
Soficlar S.A. will begin liquidating its assets following the
bankruptcy pronouncement issued by Court No. 11 of La Plata's
civil and commercial tribunal, reports Infobae.

The ruling places the Company under the supervision of Court-
appointed trustee Analia Virginia Dominguez. Ms. Dominguez will
verify creditors' proofs of claims until February 8, 2005.

The bankruptcy process will end with the disposal Company assets
in favor of its creditors.

CONTACT: Soficlar S.A.
         Calle 44 esq. 167
         La Plata

         Ms. Analia Virginia Dominguez, Trustee
         Calle 48 Nro. 726
         La Plata


SULADESO S.A.: Initiates Bankruptcy Proceedings
-----------------------------------------------
Court No. 23 of Buenos Aires' civil and commercial tribunal
declared Suladeso S.A. "Quiebra," reports Infobae.

Mr. Hugo Oscar D. Ubaldo, who has been appointed as trustee,
will verify creditors' claims until February 8, 2005 and then
prepare the individual reports based on the results of the
verification process.

The individual reports will then be submitted in Court on March
22, 2005, followed by the general report on May 5, 2005.

The City's Clerk No. 45 assists the Court on the case that will
close with the liquidation of the Company's assets to repay
creditors.

CONTACT: Suladeso S.A.
         Virrey Aviles 3465
         Buenos Aires

         Mr. Hugo Oscar D. Ubaldo, Trustee
         A. Alsina 1535
         Buenos Aires


TGS: Announces Closing of Exchange Offer
----------------------------------------
Transportadora de Gas del Sur S.A. ("TGS" or "the Company")
(NYSE: TGS, MERVAL:TGSU2) announced Wednesday the successful
closing of its exchange offer, which launched on October 1, 2004
and expired on November 12, 2004, in connection with TGS's
proposal to restructure substantially all of its outstanding
unsecured indebtedness amounting to approximately US$ 1,018.6
million (the "Restructuring Proposal"). The terms and conditions
of the Restructuring Proposal are described in the Information
Memorandum dated as of October 1, 2004.

As scheduled, the Company has made payments in respect of past
due interest, partially repaid outstanding principal and issued
new notes in exchange for its: (i) Series No. 1 Floating Rate
Notes due 2003, (ii) Series No.2 10.375% Notes due 2003, (iii)
Series No. 3 Floating Rate Notes originally due 2002 and
extended until 2003, and (iv) the Floating Rate Note due 2006,
(collectively, the "Existing Notes").  Additionally, TGS has
made payments in respect of past due interest, partially repaid
outstanding principal and issued new notes in exchange for its
existing short term debt obligations, and has made payments in
respect of past due interest, partially repaid outstanding
principal and entered into amended and restated loan facilities
with the Inter-American Development Bank.

The payment in respect of past due interest and partial
repayment of principal has been made to debt holders who have
consented to the Restructuring Proposal, totaling approximately
US$ 1,016.1 million, or approximately 99.76% of TGS's
outstanding indebtedness.

As set forth in the Information Memorandum, consenting debt
holders were due to receive:

(i) a cash payment equal to 11% of the principal amounts of the
existing debt;

(ii) new debt obligations, or amended and restated loan
facilities, with principal amounts equal to the remaining 89% of
principal amount, and

(iii) a cash payment in respect of past due interest, at the
negotiated rate.

"We are very pleased with the results of the Restructuring
Proposal and with the outstanding level of acceptance received
from our debt holders. With this step, we have successfully
finalized one of the most important challenges in TGS's history.
This achievement contributes to the Company's financial
stability, reduces TGS's financing cost and aligns our future
debt obligations to expected cash generation", commented Pablo
Ferrero, TGS's Chief Executive Officer.  "With this milestone
behind us, we will continue to focus on our license
renegotiation, our other big challenge that, if successfully
achieved, will set the path for TGS's future growth", he
concluded.

TGS, with a current delivery capacity of approximately 63.2
MMm(3)/d or 2.2 Bcf/d, is Argentina's leading transporter of
natural gas. The Company is also Argentina's leading processor
of natural gas and one of the largest marketers of natural gas
liquids.  TGS is listed on both the New York and Buenos Aires
stock exchanges under the ticker symbols TGS and TGSU2,
respectively.  TGS's controlling shareholder is Compa¤ia de
Inversiones de Energia S.A. ("CIESA"), which together with
Petrobras Energia S.A. and Enron Corp. subsidiaries, hold
approximately 70% of the Company's common stock. CIESA is
currently owned 50% by Petrobras Energia S.A. and a subsidiary,
and 50% by subsidiaries of Enron Corp.

CONTACTS: (Buenos Aires)
     Investor Relations
          Eduardo Pawluszek, Finance/Investor Relations Manager
          Gonzalo Castro Olivera, Investor Relations
          E-mail: gonzalo_olivera@tgs.com.ar]

          Maria Victoria Quade, Investor Relations
          E-mail: victoria_quade@tgs.com.ar

          Tel: (54-11) 4865-9077
          Media Relations
          Rafael Rodriguez Roda
          Tel: (54-11) 4865-9050 ext. 1238


TURNER CARGAS: Court Converts Bankruptcy to Reorganization
----------------------------------------------------------
Turner Cargas S.R.L. proceeds with reorganization after Court
No. 8 of Bahia Blanca's civil and commercial tribunal converted
the Company's ongoing bankruptcy case into a "concurso
preventivo", states Infobae.

Under Insolvency protection, the Company will be able to draft a
proposal designed to settle its debts with creditors. The
reorganization also prevents the Company's outright liquidation.

Mr. Miguel Angel Diez, the Court-appointed trustee, will verify
creditors' proofs of claims until February 28, 2005. Creditors
with unverified claims cannot participate in the Company's
settlement plan.

The trustee is also scheduled to submit individual reports on
April 14, 2005 and a general report on May 27, 2005.

CONTACT: Turner Cargas S.R.L.
         Brandsen 40
         Bahia Blanca

         Mr. Miguel Angel Diez, Trustee
         Rodriguez 788
         Bahia Blanca



=============
B A H A M A S
=============

BAHAMAS BANK: S&P Releases Ratings Report
-----------------------------------------
CREDIT RATING
Foreign currency:                         BB/Negative/B

OUTSTANDING RATING(S):
Counterparty Credit Foreign currency       BB/Negative/B
Certificate of deposit Foreign currency    BB/B

Major Rating Factors

Strengths:
- Support from the largest credit card Company in Central
America
- Complement for BAC San Jos‚ business

Weaknesses:
- Business is originated and conducted in Costa Rica, a small
and nondiversified economy
- Despite good reported asset quality, there are some risks
stemming from the loan portfolio
- Increasing dollarization of the Costa Rican economy

Rationale
The ratings assigned to BAC Bahamas Bank (previously named BSJ
International Bank & Trust Co. Ltd.) are based on the foreign
currency ratings assigned to Banco BAC San Jose S.A. BAC Bahamas
is the offshore bank of BAC San Jos‚ and mirrors the Costa Rican
onshore bank. The two entities share the same client base, and
follow the same corporate policies, with the vast majority of
business and assets originated in Costa Rica, denominated in
U.S. dollars, and registered offshore.

BAC Bahamas had assets of $216 million, of which the majority
were loans granted to Costa Rican companies, and around $16
million in liquid securities. The evolution of the loan book has
been adequate, maintaining historical low levels of
nonperforming loans and good loan-loss reserves coverage.
Profitability remains adequate with ROA of 1.7% at September
2004, aided by a slightly higher interest margin and low
operating expenses.

The bank received a capital injection of $6 million during the
year to support loan expansion. The loan portfolio is mainly
funded by deposits. Loans and deposits are originated in Costa
Rica, following BAC San Jos‚'s standards. Although Costa Rican
regulation has advanced to supervise consolidated groups
including both the on-shore and the off-shore operations,
fractional control over the offshore operations still poses
risks to the Costa Rican banking system, based on the contingent
liability that offshore units could represent to the banks'
domestic operations. In the case of BAC, there has been more
openness than other players in the country to be regulated in a
consolidated manner; however, the contingency continues for the
system as a whole. The ratings on BAC Bahamas are constrained by
the foreign currency rating assigned to BAC San Jos‚, because
the ability of the Costa Rican entity to support the Bahamian
bank is limited by its ability to contribute foreign currency.

Outlook
The negative outlook on BAC Bahamas mirrors the outlook assigned
to the ratings of BAC San Jos‚. All things being equal, a rating
or outlook change on BAC San Jos‚ would prompt a similar change
on the ratings or outlook on the bank.

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

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



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

CAROLINA REINSURANCE: Announces Final Filing Deadline
-----------------------------------------------------
         IN THE MATTER OF Carolina Reinsurance Limited

                            and

               IN THE MATTER OF SECTIONS 99 AND 100
                  OF THE COMPANIES ACT 1981

         NOTICE OF EFFECTIVE DATE & FINAL FILING DEADLINE

Notice is hereby given that by an Order dated December 3, 2004
made in the above matter the Supreme Court of Bermuda sanctioned
a Scheme of Arrangement (the "Scheme") between Carolina
Reinsurance Limited and the Scheme Creditors (as defined in the
Scheme of Arrangement hereinafter mentioned) of the Carolina
Reinsurance Limited  (hereinafter called "the Company") pursuant
to Section 99 of the Companies Act, 1981.

A copy of the Order sanctioning the Scheme was delivered to the
Registrar of Companies on 3 December 2004 and the Scheme became
effective as a matter of Bermuda law on that date.

Any person who believes that they may be a Non Pool Scheme
Creditor of the Company and has not received a copy of the
Scheme should contact the Joint Liquidators at the address and
contact details set out below.

A Final Filing Deadline of 5.00 pm Atlantic Standard time on 7
February, 2005 has been set and Non Pool Scheme Creditors are
required to complete and return a Notice of Claim form to the
Joint Liquidators of the Company by registered post at the
address set out below on or before the Final Filing Deadline.

Notice of Claims forms may be obtained from the Joint
Liquidators at the address and contact details set out below.

Any Non Pool Scheme Creditor who does not complete and return a
Notice of Claim form to the Joint Liquidators on or before the
Final Filing Deadline will have no right to file a Notice of
Claim or to receive any payment under the Scheme and any
liabilities of the Company to that Non Pool Scheme Creditor
shall be deemed to have been satisfied in full under the Scheme.

Any inquiries relating to the Scheme should be directed to the
attention of:

Ms. Dana Lodge
Ernst & Young
Reid Hall
Reid Street, Hamilton
Bermuda
Phone: 441 294 5364
Fax: 441 294 5318


TANDEM INSURANCE: Final Meeting Set for Jan. 19
-----------------------------------------------
             IN THE MATTER OF THE COMPANIES ACT 1981

                             and

            IN THE MATTER OF Tandem Insurance Limited

The Sole Member of Tandem Insurance Limited, acting by written
consent without a meeting on 9th December 2004 passed the
following resolutions:

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

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

- Creditors of Tandem Insurance 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 Sole Member of Tandem Insurance
Limited will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
January 19, 2004 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


VECTOR GLOBAL: Members Opt for Voluntary Liquidation
----------------------------------------------------
            IN THE MATTER OF THE COMPANIES ACT 1981

                            and

     IN THE MATTER OF Vector Global Management Co., Ltd.

The Members of Vector Global Management Co., 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 Vector Global Management Co., 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
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 Vector Global
Management Co., Ltd. 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


VOLGA CASPIAN: Proceeds to Wind Up Operations
---------------------------------------------
          IN THE MATTER OF THE COMPANIES ACT 1981

                         and

                   IN THE MATTER OF
   Volga Caspian Transportation And Trading Limited

The Members of the Volga Caspian Transportation And Trading
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.

- Creditors of Volga Caspian Transportation And Trading 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 Volga Caspian
Transportation And Trading 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



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

* BOLIVIA: IDB OKs $9.5M Loan for Fiscal Sustainability
-------------------------------------------------------
The Board of Executive Directors of the Inter-American
Development Bank approved Thursday the disbursement of $9.5
million corresponding to the third tranche of a $63 million
fast-disbursing loan to Bolivia to support the government's
fiscal sustainability program.

Resources for this program support measures in the areas of tax
administration and pensions, including pension policy,
management to reduce pensions expenditure and institutional
reform of the public pension system. The first two tranches, of
$30 and $15 million, were previously disbursed.

The concessional financing from the Fund for Special Operations
assists the government in controlling the expenses of public
payments, strengthening pension administration and deepening
reforms designed to improve tax administration.

The IDB 40-year soft loan, originally approved in June 2003, has
a 10-year grace period with a 1 per cent interest rate during
the first decade and 2 per cent thereafter. Local counterpart
funds total $2.2 million.



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

BRASKEM: Board OKs Move to Boost Stake in Polialden
---------------------------------------------------
Brazilian petrochemicals firm Braskem SA (BRKM5.BR) obtained
authorization from its Board of Directors to increase the
Company's stake in Polialden Petroquimica SA (PLDN4.BR) through
a share swap.

Citing Braskem Chief Financial Officer Paul Altit, Dow Jones
Newswires reports that the Company reached a private deal with a
group of Polialden shareholders to exchange 505 million of its A
series preferred shares for 47.8 million of Polialden's
preferred shares.

These shareholders also have agreed to drop a lawsuit brought
more than 10 years ago against Polialden's dividend policy at
the time, Altit said.

The deal would increase Braskem's stake in Polialden's preferred
shares to 61.4%, Altit said. Braskem already owns 100% of
Polialden's common stock.

According to a research note by Banco Safra, the switch to
Braskem shares would improve liquidity for Polialden
shareholders. Safra has a "hold" recommendation on Braskem
shares.

Altit said this week's deal is part of an ongoing process to
acquire the rest of Polialden.

"There is no fixed deadline. Braskem believes there are good
chances of discussing this with other minority shareholders, and
we expect to resolve this as soon as possible," Altit said.

Braskem hasn't decided whether it will try to buy out the other
shareholders or offer a share swap. Altit said any deal would
require minority shareholders to drop all lawsuits against
Polialden.

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


EMBRATEL: Shareholders to Meet for Approval of Capital Increase
---------------------------------------------------------------
Embratel Participacoes S.A. ("Embrapar") has filed with the
Comissao de Valores Mobiliarios, the Brazilian Securities and
Exchange Commission, the minutes of a special meeting of its
Board of Directors, which was held on December 15, 2004.

The following is a summary of the minutes of the meeting:

The Board of Officers presented to the members of the Board of
Directors the terms and conditions of a capital increase, which
has the purpose of strengthening the financial standing of
Embrapar and its subsidiaries and providing the financial
flexibility necessary to carry out its investment plans and
future initiatives for the growth of its business.

The Board of Directors approved:

(1) the calling of an Extraordinary Shareholders Meeting for
January 5, 2005 to approve the increase in Embrapar's authorized
capital from 700 billion shares to one trillion shares in order
to implement the capital increase; and

(2) the following terms and conditions for the capital increase:

- the amount of the capital increase will be up to
R$1,903,000,000, equivalent to approximately U.S.$700,000,000,
which will be paid in cash;

- new common and preferred shares will be issued for private
subscription in the same proportion as Embrapar's current common
and preferred shares;

- the subscription rights to any unsold shares will be re-
offered, in the manner provided for under Brazilian law, to
shareholders who have requested additional shares; and

- the right to subscribe for shares in the capital increase will
be extended to U.S. investors who hold common shares, preferred
shares or American Depositary Shares representing preferred
shares, in accordance with applicable U.S. laws. For this
purpose, a registration statement on Form F-3 will be filed with
the U.S. Securities and Exchange Commission ("SEC").

The final terms of the capital increase, including its final
amount in reais, the issue price of the shares and other
applicable terms will be determined by the Board of Directors at
a further meeting to be held after the Extraordinary
Shareholders' Meeting deciding on the increase in Embrapar's
authorized capital takes place and after any necessary SEC
review. The final terms will then be disclosed in a notice to
Embrapar shareholders.

Embratel is the premier communications provider in Brazil
offering a wide array of advanced communications services over
its own state of the art network. It is the leading provider of
data and Internet services in the country and is well positioned
to be the country's only true national local service provider
for corporate customers. Service offerings include: telephony,
advanced voice, high-speed data communication services,
Internet, satellite data communications, corporate networks and
local voice services for corporate clients. Embratel is uniquely
positioned to be the all-distance telecommunications network of
South America. The Company's network has countrywide coverage
with 32,466 km of fiber cables.

CONTACT: Ms. Silvia M.R. Pereira
         Investor Relations
         Phone: (55 21) 2121-9662
         Fax: (55 21) 2121-6388
         e-mail: silvia.pereira@embratel.com.br
                 invest@embratel.com.br


PARMALAT: Announces List of Creditors
-------------------------------------
The Extraordinary Commissioner announces that the enforceable
lists of creditors with verified claims, conditional and
contested claims against the companies included in the Proposal
of Composition with Creditors, listed below, have been filed
with the Office of the Clerk of the Court of Parma:

1) PARMALAT SPA;
2) PARMALAT FINANZIARIA SPA;
3) EUROLAT SPA;
4) LACTIS SPA;
5) GESLAT SPA;
6) PARMENGINEERING SRL;
7) CONTAL SRL;
8) DAIRIES HOLDING INTERNATIONAL BV;
9) PARMALAT CAPITAL NETHERLANDS BV;
10) PARMALAT FINANCE CORPORATION BV;
11) PARMALAT NETHERLANDS BV;
12) OLEX SA;
13) PARMALAT SOPARFI SA;
14) NEWCO SRL;
15) PANNA ELENA C.P.C. SRL;
16) CENTRO LATTE CENTALLO SRL.

The above-mentioned lists can be inspected at the Office of the
Clerk of the Court or by accessing the website:
http://web.ltt.it/tribunale/home.htmstarting December 23, 2004.

The Extraordinary Commissioner also announces that on December
20, 2004 a notice of the filing with the Office of the Clerk of
the Bankruptcy Court of Parma of the enforceable lists of
creditors with verified claims, conditional claims and contested
claims of the above-mentioned companies included in the Proposal
of Composition with Creditors will be published in the following
daily newspapers Corriere della Sera, La Repubblica, Il Sole 24
Ore, Financial Times European Edition (including UK) and
Luxemburger Wort, in accordance with Article 4 bis, Section 6,
of Law No. 39 of February, 18, 2004, as amended, and pursuant to
an Order issued by Pasquale Liccardo and Giuseppe Coscioni,
Giudici Delegati of the Court of Parma.

The above-mentioned notice will also provide information about
the availability of the lists, which may be viewed in the manner
described above, and will invite creditors and the insolvent
enterprises to view said lists. The same publication will appear
in the Official Gazette of the Italian Republic.

With regard to creditor bondholders, the Extraordinary
Commissioner indicates that the claims of holders of the bonds
and debt issues which have been verified as liabilities of the
Company are listed in an attachment, coming from the Court of
Parma, to this press release.

The Extraordinary Commissioner, acting pursuant to the ruling
issued by the Giudici Delegati of the Court of Parma, gives
notice that starting from the publication on the Official
Gazette of the Italian Republic of the notice on the filing the
above enforceable lists creditors residing in Italy will have a
period of 15 days and creditors residing abroad will have a
period of 30 days (election of domicile in Italy is irrelevant
in this case) within which (i) creditors with partially or fully
contested claims or conditional claims may object to such
classifications by petitioning a Delegated Judge, in accordance
with the provisions of Articles 98 and following of Royal Decree
No. 267 of March 16, 1942, and (ii) creditors with verified
claims may challenge the classification of other creditors with
verified claims, in accordance with Article 100 of Royal Decree
No. 267 of March 16, 1942.

OMISSIS

A copy of the above-mentioned ruling of the Giudici Delegati of
the Court of Parma is attached and also the list of the admitted
bondholders with ISIN code and Issuer.


PARMALAT: Enrico Bondi Files Clawback Actions
---------------------------------------------
Parmalat Finanziaria S.p.A. in Extraordinary Administration
communicates that Dr. Enrico Bondi, in his capacity as
Extraordinary Commissioner, has launched clawback actions
against 45 financial institutions as provided for under Article
67 of the Italian bankruptcy law. Further such actions are in
the process of being drawn up.

The objective of clawback actions is to render ineffective any
payments made during the one-year period prior to the
declaration of insolvency of the relevant companies where the
requirements of the bankruptcy law are met.

CONTACT: Parmalat Finanziaria Spa.
         Piazza Erculea 9
         Milan, 20122
         Italy
         Phone: 3902-8068-801
         Web Site: http://www.parmalat.net


SABESP: Announces Payment of Interest on Own Capital
----------------------------------------------------
In a meeting held on December 16, 2004, the Board of Directors
of Companhia de Saneamento Basico do Estado de Sao Paulo -
SABESP (NYSE:SBS) (Bovespa:SBSP3) pursuant to paragraph 2 of
Article 30 of its Bylaws, after hearing the Fiscal Council,
deliberated to approve the Full Executive Board's proposal for
the declaration of payment of dividends in the form of Interest
on Own Capital, referring to November 2004 to the shareholders
on the reference date of December 29, 2004.

The Dividends as Interest on Own Capital, totaling
R$85,438,733.00 corresponding to R$ 3.00 per thousand common
shares will be paid no later than 60 days after the 2005 Annual
Shareholders' Meeting.

Withholding Income Tax will be deducted from the amount of
payment of dividends as Interest on Own Capital, pursuant to
current legislation, except for exempt shareholders who prove
this condition prior to April 29, 2005, by submitting related
documents to the Company's headquarters.

Said Interest on Own Capital will be declared and computed in
the calculation of the mandatory minimum dividends, as provided
in Article 30 - item II, letter "b" of the Company's Bylaws and
in Paragraph 7 of the Article 9 of the Law 9249/95.

The shareholders will have their credits available on the
initial date of payment of such right, in accordance with their
checking account and domicile provided to Banco Itau S.A.

To shareholders whose registry information does neither include
their Individual/Corporate Taxpayer's Identification Number
(CPF/CNPJ) nor completion of banking instructions, the interest
will be credited, as of the third business day counted from the
date of registry update in Banco Itau S.A.'s electronic files.
This update may be carried out either at any of its branches or
by mail sent to Banco Itau S.A.

The shares now are traded ex-interest and ex-dividends from
December 30, 2004.


SADIA: Ups Next Year's Investment to BRL500 Mln
-----------------------------------------------
Brazilian poultry and pork firm Sadia SA (SDA) will invest at
least BRL500 million ($1=BRL2.74) in 2005, more than the annual
investment of about BRL120 million in recent years, Dow Jones
Newswires reports, citing a Company executive.

Chief Financial Officer Luiz Murat said Thursday that a large
chunk of the planned investment will be earmarked for the
expansion of the capacity at the Company's meat processing
plants.

Sadia's business is booming thanks to a surge in exports of
Brazilian meats, especially chicken. Like other Brazilian
producers, the Company was helped this year by outbreaks of
avian flu, which closed markets to Asian poultry and boosted
chicken prices across the globe.

Murat said prospects for 2005 are strong, given that a rising
domestic economy will help sales at home while exports continue
to increase.

Sadia declared consolidated net revenue of BRL5.3 billion in
2003, and Murat said total billing will rise 20% on year in
2004. Exports should bring in half of all revenue, or more than
$1 billion in dollar terms. Earnings before interest, taxes,
depreciation and amortization, or EBITDA, should reach BRL900
million this year, Murat said.



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

EMBONOR: Halts Reporting Obligations in U.S.
--------------------------------------------
Chilean bottler Coca Cola Embonor SA (EMBONOR-B.SN) filed a Form
15 with the U.S. Securities and Exchange Commission to stop its
financial reporting obligations in the U.S., reports Dow Jones
Newswires.

In a statement, the Company said the suspension is due to the
low number of the Company's securities and low liquidity in
trading in that country.

"The Company anticipates significant time and cost savings
resulting from this suspension," the statement said.

Embonor recently announced that it has obtained a syndicated
credit facility for up to US$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.



===================================
D O M I N I C A N   R E P U B L I C
===================================

EDESUR: Accuses 15 Entities of Fraud
------------------------------------
The Dominican Republic's state-owned distributor Edesur
reportedly filed a fraud case against 15 companies and
institutions, reports Business News Americas.

The case, which was presented to the state prosecutor's office
in November, accuses the companies of defrauding the distributor
of DOP100 million (US$3.64 million) in unpaid power bills.

Among those named as defendants are Universidad del Caribe,
Leche Fresca, Caba¤as Money Mon, Star Industrial, Plaza Diamond
Mall.



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

CINTRA: IPAB Looks to Sell Stake Next Year
------------------------------------------
Mexico's federal deposit insurance agency IPAB said it hopes to
complete the long-delayed process of selling its stake in
airline operator Cintra SA (CINTRA.MX) next year, Dow Jones
Newswires reports, citing an IPAB executive.

"We're working to try to sell in the coming year," said IPAB
Director Mario Beauregard, adding that the success and price of
the deal "will depend a lot on market conditions."

Noting that Cintra shares have appreciated by over 150% since
September, when the government estimated the value of its stake
around MXN700 million ($1=MXN11.2650), he said it may sell for
much more now.

But Beauregard expects the sale process will be complicated by a
planned restructuring of Cintra-controlled airlines, Aeromexico
and Mexicana.

Cintra has proposed selling a merged Aeromexico and Mexicana,
while combining its regional units, AeroCaribe and Aerolitoral,
into a separate carrier.

The Mexican government controls more than 65% of Cintra, mostly
through IPAB, which acquired a 50.5% stake when the government
rescued troubled banks in the mid-1990s.

CONTACT: CINTRA S.A. de C.V.
         Av Xola 535 piso 16 col. del Valle M,xico DF
         Phone: (5)448 - 8000
         e-mail: infocintra@cintra.com.mx

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


GRUPO MEXICO: Deutsche IXE Initiates Coverage at "Buy"
------------------------------------------------------
Deutsche IXE LLC initiated coverage of Grupo Mexico SA (GMEXICOB
MM) with a "buy" recommendation and assigned a 12-month price
target of MXN80 per share.

"The value of the Company will become clearer in 12 or 18 months
as the Company continues reorganizing its assets," Bloomberg
quoted Roberto Rocha, sales director for Latin America at
Deutsche IXE, as saying.

Meanwhile, Grupo Mexico's transportation unit won a government-
held stake in Grupo Aeroportuario del Sureste SA (Asur) with a
US$35.7 million bid.

In a filing with the Mexican Stock Exchange, Grupo Mexico said
its Infraestructura y Transportes Mexico unit beat out local
investor Fernando Chico Pardo and a group called Palace Holding
SA to acquire 25.5% of the shares of Inversiones y Tecnicas
Aeroportuarias SA (ITA), which has management control of Asur.

Asur operates nine airports, anchored by the Caribbean resort of
Cancun.

State development bank Nacional Financiera (Nafin), which sold
the stake, had obtained the shares last year from Grupo Tribasa
SA (TRIBASA.MX), which defaulted on debt.

Denmark's Copenhagen Airports A/S (KBHL.KO) has a 36.5% stake in
ITA, while Chico Pardo has 38%. Under the airport privatization
rules, the Nafin shares had to be sold to a Mexican partner.

CONTACT:  GRUPO MEXICO S.A. DE C.V.
          Avenida Baja California 200,
          Colonia Roma Sur
          06760 Mexico, D.F., Mexico
          Phone: +52-55-5264-7775
          Fax: +52-55-5264-7769
          Home Page: http://www.gmexico.com
          Contacts:
          Germ n Larrea Mota-Velasco, Chairman and CEO
          Xavier Garca de Quevedo Topete, President and COO
          Alfredo Casar Perez, COO, Ferrocarril Mexicano
          Daniel Chavez Carren, COO, Industrial Minera Mexico
          Daniel Tellechea Salido, VP and Administration and
                                         Finance President




                            ***********


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

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. John D. Resnick, Edem Psamathe P. Alfeche and
Lucilo Junior M. Pinili, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

The TCR Latin America subscription rate is $575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial
subscription or balance thereof are $25 each.  For subscription
information, contact Christopher Beard at 240/629-3300.


* * * End of Transmission * * *