TCRLA_Public/041221.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Tuesday, December 21, 2004, Vol. 5, Issue 252

                            Headlines


A R G E N T I N A

ACESITA: Pays Interest on Equity
AGUAS ARGENTINAS: Long-Term Contract With Government Unrealized
BANCO COMAFI: Moody's Assigns Global Ratings
BANCO CREDICOOP: Moody's Gives New Ratings
BANCO DE VALORES: Moody's Assigns New Ratings

BANCO DEL TUCUMAN: New Ratings Assigned by Moody's
CABLEVISION: Moves Closer to Completing Debt Exchange
CAP-HAT: Reports Submission Set
CLINICA SALUD: Enters Bankruptcy on Court Orders
CON MAG S.R.L.: Court Converts Bankruptcy to Reorganization

EDEMSA: Retains D(arg) Rating From Local Fitch
EDICIONES LATINOAMERICANA: Liquidates Assets to Pay Debts
GUIA INTERNACIONAL: Court Orders Liquidation
METALURGICA PASTORIZA: Concludes Reorganization
PRODUCTOS PANIFICADOS: Enters Bankruptcy on Court Orders

REMUL S.R.L.: Begins Liquidation Proceedings
ROSARIO PRODUCTOS: Court Authorizes Settlement Plan
SCHWANEK AUTOMATIZACIONES: Court Grants Reorganization Plea
SEGURIDAD INTERMUNDO: Liquidates Assets to Pay Debts


B A R B A D O S

C&W CARIBBEAN: Expands Roaming Coverage


B E R M U D A

BERMUDA HEALTH ALLIANCE: Proceeds to Wind-up Operations
ELAN PHARMACEUTICALS: Members Opt for Voluntary Liquidation
GLOBAL CROSSING: Unit Sets Price Guidance for Bond Offering


B R A Z I L

AMBEV: S&P Raises Foreign Currency, Local Currency Ratings
CEMIG: To Distribute Dividends Dec. 28
CEMIG: Stockholders to Vote on Asset Transfer to Subsidiaries
EMBRATEL: Shares Decline on BRL450 Million Settlement Payment
GERDAU: BNDES Finances BRL174.6Mln for Aracariguama Steel Plant  


C H I L E

* CHILE: Gets $50M Loan From World Bank


C O L O M B I A

AVIANCA: Name Change Planned


M E X I C O

BALLY TOTAL: Appoints Eric Langshur to Board
CFE: Pidiregas Could Pose Problems in the Long Term Says Analyst


P E R U

PAN AMERICAN SILVER: Holds 3Q04 Silver Production Market Lead

     -  -  -  -  -  -  -  -  
                            

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

ACESITA: Pays Interest on Equity
--------------------------------
Acesita S.A. informs its Shareholders that the Board of
Directors, in a meeting held on December 17, 2004, approved the
payment of interest on equity in the amount of fifty nine
million, two hundred and eighty three thousand, one hundred and
seventeen reais and eighty six cents (R$59,283,117.86) relating
to fiscal year 2004.

In due compliance with the rights of preferred shares to receive
a distribution in an amount 10% higher than that distributed to
common shares, such interest will be distributed as follows:

     Nominative Common Shares       R$0.748069
     Nominative Preferred Shares    R$0.822876

The payment of the amount above will be subject to the following
conditions:

a) Withholding income tax of 15%, except in regard to
shareholders that are exempt or free from such tax;

b) Interest on equity will be ascribed to mandatory minimum
dividends to be paid by the Company relating to fiscal 2004.
This amount will be incorporated into the dividends distributed
by the Company, for all the legal purposes provided for in the
corporate law;

c) Any and all outstanding shares on December 27, 2004, the base
date, will be entitled to receive interest on equity that is the
object of this notice;

d) The corresponding credits will be entered in the Company's
accounting books on December 30, 2004 in the name of the
shareholders based on the shareholdings as of December 27, 2004;

e) The shares will be traded on the stock exchange, "ex-interest
on equity" on and after December 28, 2004;

f) Interest on equity relating to fiscal 2004 will start to be
paid on February 15, 2005, with no monetary adjustment;

g) Shareholders resident or domiciled in a country in which
income is not taxed or in which it is taxed at a maximum rate of
twenty per cent (20%), will be subject to withholding income tax
of 25%, as provided for in art. 24 of Law 9,430 of 12/27/96;

h) So that they do not become subject to withholding income tax,
exempt entities shall comply with the legislation in force and
forward any supporting documentation related to the exemption up
to December 27, 2004. Such documentation is to be sent to the
Company's Investor Relations Department at Av. Joao Pinheiro,
580 - Centro - Belo Horizonte, MG - CEP 30130-180.

The credits will be made available to shareholders on the date
on which payments begin to be made, according to the current
account and bank address informed to Banco Itau S.A., the
depositary institution for the Company's shares.

The payment of interest on equity that is the object of this
notice will be made by Banco Itau, by means of automatic credit
to the account of shareholders whose reference file includes the
number of the corporate/individual taxpayer number and the
respective banking account. Shareholders who have not provided
such information will have their interest credited within tree
(03) business days as from the updating of their reference file
with Banco Itau.

CONTACT: Investor Relations Department
         Av. Joao Pinheiro 580
         Centro - Belo Horizonte
         MG - CEP 30130-180
         Phone: +55 31 3235 4270/4235/4299
         Fax: +55 31 3235 4300.


AGUAS ARGENTINAS: Long-Term Contract With Government Unrealized
---------------------------------------------------------------
The interim accord that waterworks operator, Aguas Argentinas
and the Argentine government signed in May expires on Dec. 31
but up to now, there's still no transitional agreement in place.

Dow Jones Newswires reveals that Company President Yves-Thibault
de Silguy came to visit Buenos Aires last week but returned
Friday to France, where Aguas Argentinas' parent company, Suez
(SZE), is based, without reaching a long-term contract with the
government.

The water company was the first privatized utility to reach a
bridge accord with the government. The agreement kept rates
frozen and required Suez to suspend a claim against Argentina in
ICSID, the World Bank's arbitration tribunal.


BANCO COMAFI: Moody's Assigns Global Ratings
--------------------------------------------
Moody's Investors Service assigned new ratings to Argentine bank
Banco Comafi S.A. as outlined below:

- Long Term Global Local Currency Deposits: B1
- Short Term Global Local Currency Deposits: Not Prime
- Bank Financial Strength Rating: E
- Long Term Foreign Currency Deposits: Caa2
- Short Term Foreign Currency Deposits: Not Prime
- National Scale Rating for Foreign Currency Deposits: B1.ar

In addition, Moody's affirmed the Aa3.ar National Scale Rating
for local currency deposits assigned to Banco Comafi.

Moody's noted that Global Local Currency deposit ratings
indicate the relative credit risk of the bank on a globally
comparable basis. The Global Local Currency deposit ratings for
the Argentine bank reflect the bank's financial strength as well
as the relative importance of the bank's deposit franchises
within the Argentine financial system and its ownership
characteristics. These factors are among the main considerations
in Moody's analysis of the predictability of institutional
support for local currency deposit obligations.

Taken together, the National Scale and Global Local Currency
ratings provide a more comprehensive opinion about the credit
risk of a bank's deposits.

The rating agency also explained that the Global and National
Scale Foreign Currency deposit ratings of the Argentine bank
reflect foreign currency transferability and convertibility
risk.

National Scale Ratings differentiate or rank a bank's
creditworthiness on a relative basis in comparison with other
banks within the same country. National Scale Ratings are
designed for use at the national level, and are not globally
comparable.

In addition, Moody's National Scale Ratings do not constitute an
opinion about a firm's absolute probability of default or
failure to meet financial obligations as do the global scale
ratings. Therefore, in countries having low sovereign credit
ratings, even enterprises having high National Scale Ratings may
be susceptible to default.

Bank financial strength ratings represent Moody's opinion of a
bank's intrinsic creditworthiness, excluding external support
elements. They may also be understood as a measure of the
likelihood that a bank will require assistance from third
parties such as its owners or official institutions.


BANCO CREDICOOP: Moody's Gives New Ratings
------------------------------------------
Moody's Investors Service assigned new ratings to Argentine bank
Banco Credicoop Cooperativo Limitado as outlined below:

- Long Term Global Local Currency Deposits: Ba3
- Short Term Global Local Currency Deposits: Not Prime
- Bank Financial Strength Rating: E
- Long Term Foreign Currency Deposits: Caa2
- Short Term Foreign Currency Deposits: Not Prime
- National Scale Rating for Foreign Currency Deposits: B1.ar

In addition, Moody's affirmed the Aaa.ar National Scale Rating
for local currency deposits assigned to Banco Credicoop
Cooperativo Limitado.

Moody's noted that Global Local Currency deposit ratings
indicate the relative credit risk of the bank on a globally
comparable basis. The Global Local Currency deposit ratings for
the Argentine bank reflect the bank's financial strength as well
as the relative importance of the bank's deposit franchises
within the Argentine financial system and its ownership
characteristics. These factors are among the main considerations
in Moody's analysis of the predictability of institutional
support for local currency deposit obligations.

Taken together, the National Scale and Global Local Currency
ratings provide a more comprehensive opinion about the credit
risk of a bank's deposits.

The rating agency also explained that the Global and National
Scale Foreign Currency deposit ratings of the Argentine bank
reflect foreign currency transferability and convertibility
risk.

National Scale Ratings differentiate or rank a bank's
creditworthiness on a relative basis in comparison with other
banks within the same country. National Scale Ratings are
designed for use at the national level, and are not globally
comparable.

In addition, Moody's National Scale Ratings do not constitute an
opinion about a firm's absolute probability of default or
failure to meet financial obligations as do the global scale
ratings. Therefore, in countries having low sovereign credit
ratings, even enterprises having high National Scale Ratings may
be susceptible to default.

Bank financial strength ratings represent Moody's opinion of a
bank's intrinsic creditworthiness, excluding external support
elements. They may also be understood as a measure of the
likelihood that a bank will require assistance from third
parties such as its owners or official institutions.


BANCO DE VALORES: Moody's Assigns New Ratings
---------------------------------------------
Moody's Investors Service assigned new ratings to Argentine bank
Banco de Valores S.A. as outlined below:

- Long Term Global Local Currency Deposits: Ba2
- Short Term Global Local Currency Deposits: Not Prime
- Bank Financial Strength Rating: E
- Long Term Foreign Currency Deposits: Caa2
- Short Term Foreign Currency Deposits: Not Prime
- National Scale Rating for Foreign Currency Deposits: B1.ar

In addition, Moody's affirmed the Aaa.ar National Scale Rating
for local currency deposits assigned to Banco de Valores.

Moody's noted that Global Local Currency deposit ratings
indicate the relative credit risk of the bank on a globally
comparable basis. The Global Local Currency deposit ratings for
the Argentine bank reflect the bank's financial strength as well
as the relative importance of the bank's deposit franchises
within the Argentine financial system and its ownership
characteristics. These factors are among the main considerations
in Moody's analysis of the predictability of institutional
support for local currency deposit obligations.

Taken together, the National Scale and Global Local Currency
ratings provide a more comprehensive opinion about the credit
risk of a bank's deposits.

The rating agency also explained that the Global and National
Scale Foreign Currency deposit ratings of the Argentine bank
reflect foreign currency transferability and convertibility
risk.

National Scale Ratings differentiate or rank a bank's
creditworthiness on a relative basis in comparison with other
banks within the same country. National Scale Ratings are
designed for use at the national level, and are not globally
comparable.

In addition, Moody's National Scale Ratings do not constitute an
opinion about a firm's absolute probability of default or
failure to meet financial obligations as do the global scale
ratings. Therefore, in countries having low sovereign credit
ratings, even enterprises having high National Scale Ratings may
be susceptible to default.

Bank financial strength ratings represent Moody's opinion of a
bank's intrinsic creditworthiness, excluding external support
elements. They may also be understood as a measure of the
likelihood that a bank will require assistance from third
parties such as its owners or official institutions.


BANCO DEL TUCUMAN: New Ratings Assigned by Moody's
--------------------------------------------------
Moody's Investors Service assigned new ratings to Argentine bank
Banco del Tucuman S.A. as outlined below:

- Long Term Global Local Currency Deposits: B1
- Short Term Global Local Currency Deposits: Not Prime
- Bank Financial Strength Rating: E
- Long Term Foreign Currency Deposits: Caa2
- Short Term Foreign Currency Deposits: Not Prime
- National Scale Rating for Foreign Currency Deposits: B1.ar

In addition, Moody's affirmed the Aa3.ar National Scale Rating
for local currency deposits assigned to Banco del Tucuman.

Moody's noted that Global Local Currency deposit ratings
indicate the relative credit risk of the bank on a globally
comparable basis. The Global Local Currency deposit ratings for
the Argentine bank reflect the bank's financial strength as well
as the relative importance of the bank's deposit franchises
within the Argentine financial system and its ownership
characteristics. These factors are among the main considerations
in Moody's analysis of the predictability of institutional
support for local currency deposit obligations.

Taken together, the National Scale and Global Local Currency
ratings provide a more comprehensive opinion about the credit
risk of a bank's deposits.

The rating agency also explained that the Global and National
Scale Foreign Currency deposit ratings of the Argentine bank
reflect foreign currency transferability and convertibility
risk.

National Scale Ratings differentiate or rank a bank's
creditworthiness on a relative basis in comparison with other
banks within the same country. National Scale Ratings are
designed for use at the national level, and are not globally
comparable.

In addition, Moody's National Scale Ratings do not constitute an
opinion about a firm's absolute probability of default or
failure to meet financial obligations as do the global scale
ratings. Therefore, in countries having low sovereign credit
ratings, even enterprises having high National Scale Ratings may
be susceptible to default.

Bank financial strength ratings represent Moody's opinion of a
bank's intrinsic creditworthiness, excluding external support
elements. They may also be understood as a measure of the
likelihood that a bank will require assistance from third
parties such as its owners or official institutions.


CABLEVISION: Moves Closer to Completing Debt Exchange
-----------------------------------------------------
Argentine cable television provider Cablevision SA (CBV.YY)
announced Friday that it has "formally presented" its US$725
million debt restructuring offer to a local Court, says Dow
Jones Newswires.

Cablevision already has 98.6% approval from all creditors for
the out-of-Court debt restructuring that the company is
pursuing. But despite the high level of creditor acceptance, it
appears the company still has to go through the Court approval
process for this kind of debt restructuring, known in Spanish as
an APE.

Cablevision gave no indication Friday as to when final Court
approval would come. The legal clearance process involves a
period for creditors to present objections, as well as an
opportunity for appeals after the Court makes its initial
ruling.

The Company's main holdout creditor was an entity related to New
Jersey investment fund W.R. Huff Asset Management. In November,
shortly before the second creditor vote, the Huff group sold its
Cablevision bonds to another buyer. As a result, the two sides
also dropped litigation that had been pending in U.S. Courts
over the debt restructuring.

CONTACTS: Mr. Santiago Pena
          Phone: (5411) 4778-6520
          e-mail: mpigretti@cablevision.com.ar

          Mr. Martin Pigretti
          Phone: (5411) 4778-6546
          e-mail: spena@cablevision.com.ar

          Web Site: www.cablevision.com.ar


CAP-HAT: Reports Submission Set
-------------------------------
Ms. Susana Haydee Mugnai, the trustee assigned to supervise the
liquidation of Cap-Hat S.R.L., will submit the validated
individual claims for Court approval on April 13, 2005. These
reports explain the basis for the accepted and rejected claims.
The trustee is also required to submit a general report on May
30, 2005.

Infobae reports that Court No. 14 of Buenos Aires' civil and
commercial tribunal has jurisdiction over the case. The city's
Clerk No. 28 assists the Court with the proceedings.

CONTACT: Ms. Susana Haydee Mugnai, Trustee
         Lavalle 1459
         Buenos Aires


CLINICA SALUD: Enters Bankruptcy on Court Orders
------------------------------------------------
Clinica Salud D Elia S.A. enters bankruptcy protection after
Court No. 4 of Lomas de Zamora's civil and commercial tribunal
ordered the company's 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. Roberto Di Martino
as trustee. He will be verifying creditors' proofs of claims
until the end of the verification phase on February 10, 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 March 29, 2005 followed by the general report that is due on
May 26, 2005.

CONTACT: Clinica Salud D Elia S.A.
         Santiago Plaul 2082
         Lanus

         Mr. Roberto Di Martino, Trustee
         Basavilbaso 2026
         Lanus


CON MAG S.R.L.: Court Converts Bankruptcy to Reorganization
-----------------------------------------------------------
Con Mag S.R.L. will proceed with reorganization after Court No.
19 of Buenos Aires 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 an outright liquidation.

Ms. Mabel Alba Nieves Herrera, the Court-appointed trustee, will
verify creditors' proofs of claims until February 2, 2005.
Creditors with unverified claims cannot participate in the
Company's settlement plan.

The Court further requires the trustee to submit individual
reports culled from the validated claims on March 16, 2005 and a
general report on April 29, 2005.

CONTACT: Ms. Mabel Alba Nieves Herrera, Trustee
         Rodriguez Pena 694
         Capital Federal


EDEMSA: Retains D(arg) Rating From Local Fitch
----------------------------------------------
The Argentine arm of credit ratings agency Fitch Ratings
confirmed the D(arg) local scale ratings on a US$150 million
debenture issue of Mendoza power distributor Edemsa, reports
Business News Americas.

The rating action reflects Edemsa's struggles amid frozen and
"pesofied" tariffs, rising levels of uncollectibles and illegal
power connections. The company's financial condition is further
worsened by an unpaid debt from the provincial and federal
governments that as at September this year stood at ARS31
million (US$10.3 million) in principal and interest.

CONTACT: Empresa Distribuidora de Electricidad de Mendoza S.A.
         San Martin 322 (5500)
         Mendoza


EDICIONES LATINOAMERICANA: Liquidates Assets to Pay Debts
---------------------------------------------------------
Buenos Aires-based Compania de Ediciones Latinoamericana S.A.
will begin liquidating its assets following the bankruptcy
pronouncement issued by Court No. 13 of the city's civil and
commercial tribunal, reports Infobae.

The ruling places the company under the supervision of trustee
Norberto Isidoro Sapir. The trustee will verify creditors'
proofs of claims until February 21, 2005.

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

CONTACT: Mr. Norberto Isidoro Sapir, Trustee
         Jose Evaristo Uriburu 1010
         Buenos Aires


GUIA INTERNACIONAL: Court Orders Liquidation
--------------------------------------------
Court No. 19 of Buenos Aires' civil and commercial tribunal
ordered the liquidation of Guia Internacional de Trafico S.R.L.
after the Company defaulted on its debt obligations, Infobae
reveals. The liquidation pronouncement will effectively place
the Company's affairs as well as its assets under the control of
Mr. Eduardo Fermin Aguinaga, the Court-appointed trustee.

Mr. Aguinaga will verify creditors' proofs of claims until
February 16, 2005. The verified claims will serve as basis for
the individual reports to be submitted in Court on April 1,
2005. The submission of the general report should follow on May
13, 2005.

The city's Clerk No. 38 assists the Court on this case that will
end with the disposal of the Company's assets in favor of its
creditors.

CONTACT: Guia Internacional de Trafico S.R.L.
         Suipacha 207
         Buenos Aires
    
         Mr. Eduardo Fermin Aguinaga, Trustee
         Maipu 374
         Buenos Aires


METALURGICA PASTORIZA: Concludes Reorganization
-----------------------------------------------
The reorganization of Buenos Aires-based Metalurgica Pastoriza
S.A.I. y C. has ended. Information released by Infobae on its
Web site indicated that the process was concluded after Court
No. 8 of the city's civil and commercial tribunal, with
assistance from Clerk No. 15, homologated the debt agreement
signed between the Company and its creditors.


PRODUCTOS PANIFICADOS: Enters Bankruptcy on Court Orders
--------------------------------------------------------
Court No. 19 of Buenos Aires' civil and commercial tribunal
declared Productos Panificados S.A. bankrupt after the company
defaulted on its debt payments. The order places the company's
affairs as well as its assets under the control of Court-
appointed trustee Mabel Alba Nieves Herrera.

As trustee, Ms. Herrera is tasked with verifying the
authenticity of claims presented by the company's creditors. The
verification phase is ongoing until December 29.

Following claims verification, the trustee will submit the
individual reports based on the forwarded claims for final
approval by the Court on March 10, 2005. A general report will
also be submitted on April 25, 2005.

Infobae reports that the city's Clerk No. 38 assists the Court
on this case that will end with the disposal of the company's
assets to repay creditors.

CONTACT: Productos Panificados S.A.
         Santander 5581
         Buenos Aires

         Ms. Mabel Alba Nieves Herrera, Trustee
         Rodriguez Pena 694
         Buenos Aires


REMUL S.R.L.: Begins Liquidation Proceedings
--------------------------------------------
Remul S.R.L. of Buenos Aires will begin liquidating its assets
after Court No. 19 of the civil and commercial tribunal declared
the Company bankrupt. Infobae reveals that the bankruptcy
process will commence under the supervision of Court-appointed
trustee Jose Luis Cueli.

The trustee will review claims forwarded by the Company's
creditors until February 8, 2005. After claims verification, the
trustee will submit the individual reports for Court approval on
March 22, 2005. The general report will follow on May 5, 2005.

The city's Clerk No. 38 assists the Court on this case.

CONTACT: Remul S.R.L.
         Avda Santa Fe 3312
         Buenos Aires

         Mr. Jose Luis Cueli, Trustee
         Junin 55
         Buenos Aires


ROSARIO PRODUCTOS: Court Authorizes Settlement Plan
---------------------------------------------------
Buenos Aires-based Company Rosario Productos Quimicos S.R.L.
concluded its reorganization process, according to Infobae. The
conclusion came after Court No. 1 of the civil and commercial
tribunal approved the debt plan signed between the Company and
its creditors.


SCHWANEK AUTOMATIZACIONES: Court Grants Reorganization Plea
-----------------------------------------------------------
Schwanek Automatizaciones S.A., a company operating in Buenos
Aires, begins reorganization proceedings after the city's civil
and commercial Court No. 19, with assistance from Clerk No. 38,
granted its petition for "concurso preventivo".

During the reorganization, the Company will be able to negotiate
a settlement proposal for its creditors so as to avoid a
straight liquidation.  

According to Argentine news source Infobae, the reorganization
will be conducted under the direction of Mr. Juan Carlos Caro,
the Court-appointed trustee.

Creditors with claims against the Company must present proofs of
the company's indebtedness to the trustee by February 18, 2005.
These claims will constitute the individual reports to be
submitted in Court on April 5, 2004. The Court also requires the
trustee to present an audit of the company's accounting and
business records through a general report due on May 17, 2005.

CONTACT: Schwanek Automatizaciones S.A.
         San Martin 933
         Buenos Aires

         Mr. Juan Carlos Caro, Trustee
         San Martin 793
         Buenos Aires


SEGURIDAD INTERMUNDO: Liquidates Assets to Pay Debts
----------------------------------------------------
Seguridad Intermundo S.A. will begin liquidating its assets
following the bankruptcy pronouncement issued by Court No. 19 of
the city's civil and commercial tribunal, Infobae reports.

The ruling places the company under the supervision of Court-
appointed trustee Susana H. Ventura. Ms. Ventura will verify
creditors' proofs of claims until February 4, 2005. Next, the
validated claims will be presented in Court as individual
reports on March 18, 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, May 3, 2005.

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

CONTACT: Seguridad Intermundo S.A.
         Avda San Juan 1981
         Buenos Aires

         Ms. Susana H Ventura, Trustee
         Argerich 3369
         Buenos Aires



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

C&W CARIBBEAN: Expands Roaming Coverage
---------------------------------------
Cable & Wireless, the Caribbean's leading communications
provider, has added even more service and value for its GSM pre-
paid mobile customers by introducing pre-paid roaming across all
12 of the Caribbean markets it serves. Cable & Wireless pre-paid
customers can now take their mobiles with them and enjoy the
strongest wireless network in the Caribbean. And, early in 2005,
pre-paid customers will also be able to roam in Trinidad &
Tobago and the U.S.

"Our pre-paid mobile users can now benefit from truly seamless
mobility," said Stephen Brewer, CEO of Cable & Wireless
Caribbean Mobile. "They can just go, make and receive calls as
if they were still at home, and save with one low rate for
roaming in all 12 Cable & Wireless countries. Plus, they can use
their voice mail, as well as send and receive text messages.and
all incoming text messages are free," Brewer added.

All Cable & Wireless GSM mobile customers can now enjoy the
largest roaming area in the Caribbean, including Anguilla,
Antigua and Barbuda, Barbados, Cayman Islands, Dominica,
Grenada, Jamaica, Montserrat, St. Kitts and Nevis, St. Lucia,
St. Vincent and the Grenadines, and the Turks and Caicos
Islands.

No contracts, deposits or activation fees are required for pre-
paid roaming. Customers simply register by calling customer
service or visiting their nearest Cable & Wireless store.

About Cable & Wireless

Cable & Wireless is one of the world's leading international
communications companies and the leading provider of
communications in the Caribbean. With operations in Anguilla,
Antigua & Barbuda, Barbados, Cayman Islands, Dominica, Grenada,
Jamaica, Montserrat, St Kitts & Nevis, St Lucia, St Vincent &
the Grenadines and Turks & Caicos, the company provides voice,
data and IP (Internet Protocol) services to business and
residential customers, as well as services to other telecoms
carriers, mobile operators and providers of content,
applications and Internet services. Cable & Wireless' principal
operations are in the United Kingdom, continental Europe, Asia,
the Caribbean, Panama and the Middle East.



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

BERMUDA HEALTH ALLIANCE: Proceeds to Wind-up Operations
-------------------------------------------------------
                   IN THE MATTER OF THE COMPANIES ACT 1981

                                   and

                             IN THE MATTER OF
                          Bermuda Health Alliance

The Liquidator informs that:

- Creditors of Bermuda Health Alliance, which is being
voluntarily wound up, are required, on or before December 31,
2004 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their lawyers (if any) to Robin J
Mayor at Messrs. Conyers Dill & Pearman, Clarendon House, Church
Street, Hamilton, HM DX, Bermuda, the Liquidator of the said
Company, and if so required by notice in writing from the said
Liquidator, and personally or by their lawyers, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- A final general meeting of the Member of Bermuda Health
Alliance will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
January 21, 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


ELAN PHARMACEUTICALS: Members Opt for Voluntary Liquidation
-----------------------------------------------------------
                 IN THE MATTER OF THE COMPANIES ACT 1981
            
                                  and

        IN THE MATTER OF Elan Pharmaceutical Investments II, Ltd

The Member of Elan Pharmaceutical Investments II Ltd, acting by
written consent without a meeting on December 15, 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 Elan Pharmaceutical Investments II Ltd, which is
being voluntarily wound up, are required, on or before December
31, 2004 to send their full Christian and Surnames, their
addresses and descriptions, full particulars of their debts or
claims, and the names and addresses of their lawyers (if any) to
Robin J Mayor at Messrs. Conyers Dill & Pearman, Clarendon
House, Church Street, Hamilton, HM DX, Bermuda, the Liquidator
of the said Company, and if so required by notice in writing
from the said Liquidator, and personally or by their lawyers, to
come in and prove their debts or claims at such time and place
as shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution made
before such debts are proved.

- A final general meeting of the Member of Elan Pharmaceutical
Investments II, Ltd will be held at the offices of Messrs.
Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, Bermuda on January 21, 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


GLOBAL CROSSING: Unit Sets Price Guidance for Bond Offering
-----------------------------------------------------------
A banker announced that Global Crossing (UK) Finance Plc (GCUK),
an indirectly wholly-owned subsidiary of formerly bankrupt
Global Crossing Ltd (GLBC), set price guidance for a US$350
million two-part 10-year high-yield bond that it plans to sell
this week.

Citing the unnamed banker, Reuters reports that GCUK will price
a dollar-denominated bond to yield around 11 percent, while a
sterling-denominated bond will be priced to yield around 100
basis points more, or around 12 percent.

Some of the covenants on the bonds have been amended in the face
of concerns from investors. The amount of debt the company can
incur has been limited to a lower level, while restrictions have
been put on the amount of money that can be transferred to the
parent company Global Crossing Ltd.

Standard & Poor's has assigned a B- rating to the proposed bond,
while Moody's Investors Service has assigned a Caa1 rating, one
notch lower. Both agencies cite concerns over the company's high
debt level and the upstreaming of a substantial portion of the
company's free cash flow to its parent.

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

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

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

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

         Web Site: www.globalcrossing.com



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

AMBEV: S&P Raises Foreign Currency, Local Currency Ratings
----------------------------------------------------------
Standard & Poor's Ratings Services raised its foreign and local
currency corporate credit ratings on Brazil-based brewery
Compahia de Bebidas das Americas (AmBev). The foreign currency
corporate credit rating was raised to 'BBB-' from 'BB-', and the
local currency corporate credit rating was raised to 'BBB' from
'BBB-'. The ratings were removed from CreditWatch, where they
were placed with positive implications on March 4, 2004
following the announcement of the combination of AmBev and
Interbrew (now InBev). The outlooks on the local and foreign
currency ratings are stable.

"The three-notch foreign currency upgrade to 'BBB-' incorporates
the substantial change in AmBev's ability to access foreign
currency flows in case of an exchange control event in Brazil,
by virtue of its expected access to Canadian source cash-flows
of its now 100% owned direct-owned subsidiary Labatt Canada,"
said Standard & Poor's credit analyst Tamara Berenholc. "The
one-notch local currency rating upgrade reflects the improvement
in AmBev's business and financial profile with the incorporation
of the Canadian brewer operations and the combination with
Interbrew, which together with AmBev formed the largest brewery
in the world, with consolidated revenues of $11.9 billion
dollars and 14% share of global beer consumption."

The new enlarged AmBev is the second-largest brewer in the
Americas in terms of volumes and cash generation (EBITDA),
producing about 110 million hectoliters of beer and soft drinks.

The stable outlook on the foreign currency rating reflects the
expected maintenance of AmBev's foreign currency net debt level
(including the debt level in Canada and Brazil) and prudent
financial policies. An upgrade in the foreign currency ratings
is seen as unlikely unless InBev provides a stronger commitment
to financially support AmBev in the event of transfer and
convertibility constraints. On the other hand, any significant
increase in the net foreign currency debt of AmBev could lead to
a foreign currency rating downgrade. In addition, there is still
some linkage to the Brazil sovereign rating (foreign currency:
BB-/Stable/B). A future sovereign rating action, while not
currently anticipated given the stable outlook, could affect
AmBev foreign currency rating, depending on the drivers of the
rating action.

The stable outlook on the local currency rating indicates the
expectation that AmBev will be successful in integrating Labatt
despite the challenge of incorporating different cultures and
markets. Even though we did not fully incorporate the cost
improvements anticipated by AmBev with the incorporation of
Labatt, Standard & Poor's expects the company to be successful
in the integration given the experience of the management team
with other acquisition processes and each company's expertise.
Financial ratios are expected to be maintained at strong levels
for this rating category, with total debt to EBITDA below 2x and
EBITDA to interest coverage of about 6.5x in the next three
years. Difficulties in the integration process that would have
an impact on AmBev' strong business positions and the reduction
of its financial strength would put negative pressure on the
rating.


CEMIG: To Distribute Dividends Dec. 28
--------------------------------------
Stockholders of Companhia Energetica De Minas Gerais are advised
that the Interest on Equity approved by the meetings of the
Board of Directors held on 28 November 2003 and 18 December
2003, and the dividends approved at the Ordinary and
Extraordinary General Meetings of Stockholders held on 30 April
2004, will be paid on 28 December 2004, as follows:

- Interest on Equity in the amount of R$ 150,000,000.00 (one
hundred and fifty million Reais), corresponding to R$ 0.925442
per thousand shares, which will be paid to all stockholders
whose names were on the Company's Nominal Share Register on 8
December 2003;

- Interest on Equity in the amount of R$ 100,000,000.00 (one
hundred million Reais), corresponding to R$ 0.616961 per
thousand shares, which will be paid to all stockholders whose
names were on the Company's Nominal Share Register on 29
December 2003;

- Dividends in the amount of R$ 70,494,031.79 (seventy million,
four hundred and ninety-four thousand and thirty-one Reais and
seventy-nine centavos), corresponding to R$ 0.434920 per
thousand shares, which will be paid to all stockholders whose
names were on the Company's Nominal Share Register on 30 April
2004.

The payment will be made automatically for all stockholders
whose details are up to date in the registry of Banco Itau S.A

CONTACT: Companhia Energetica De Minas Gerais (CEMIG)
         Av. Barbacena 1200
         Santo Agostinho - CEP 30190-131
         Belo Horizonte MG
         Brasil
         Fax: (0XX31)299-4691
         Tel.: (0XX31)349-2111


CEMIG: Stockholders to Vote on Asset Transfer to Subsidiaries
-------------------------------------------------------------
Stockholders of Companhia Energetica De Minas Gerais (CEMIG) are
hereby called to an Extraordinary General Meeting, to be held on
December 30, 2004, at 9:30 a.m. at the company's head office at
Avenida Barbacena 1200, 18th floor, in the city of Belo
Horizonte, Minas Gerais State, Brazil, to decide on the
following matters:

I - Authorization for the transfer of the generation,
transmission and distribution establishments of Companhia
Energetica de Minas Gerais to the wholly-owned subsidiaries
Cemig Geracao e Transmissao S.A. and Cemig Distribuicao S.A., by
transfer of assets, rights, obligations intruding tax
obligations, employees, clientele and other elements related to
these activities.

II - Approval of the Opinion on Valuation of Goods and
Physical/accounting Reconciliation of Assets of Companhia
Energetica de Minas Gerais, as provided for in Article 8 of Law
6404/76, prepared by SETAPE - Servicos Tecnicos de Avaliacoes do
Patrimonio e Engenharia Ltda, and also the transfer of the goods
of Cemig's fixed assets in service to the wholly owned
subsidiaries Cemig Geracao e Transmissao S.A. and Cemig
Distribuicao S.A.

III - Approval of the Opinion on Monetary Special Obligations,
Assets and Liabilities of Companhia Energetica de Minas Gerais,
as provided for by Article 8 of Law 6404/76, prepared by the
company Deloitte Touche Tohmatsu Auditores Independentes, and
also the transfer of the monetary special obligations, assets
and liabilities of Cemig to the wholly-owned subsidiaries Cemig
Geracao e Transmissao S.A. and Cemig Distribuicao S.A.

IV - Authorization for the transfer, by 31 January 2005, through
the paying up of the registered capital of the wholly-owned
subsidiaries Cemig Geracao e Transmissao S.A. and Cemig
Distribuicao S.A., of the net value specified in the above-
mentioned Opinions.

V - Authorization for the registration, in the account line
Advances for future increases of capital, in Companhia
Energetica de Minas Gerais, of the accounting balances at 31
December 2004 of the goods, rights and obligations of Cemig,
deducting the amount corresponding to the net amount of the
values specified by the above-mentioned Opinions, the result of
which shall be subscribed to the registered capital of the
wholly owned subsidiaries Cemig Geracao e Transmissao S.A. and
Cemig Distribuicao in 2005.

VI - Change in the composition of the Board of Directors and,
consequently, election of the sitting and substitute members of
the said Board, through cumulative vote, as requested by the
stockholder Southern Electric Brasil Participacoes Ltda. and as
a result of the resignation of one Board Member.

Pursuant to Clause 3 of CVM Instruction 165 of 11 December 1991,
adoption of a requisition to elect members of the Board by the
cumulative voting method requires the affirmative vote of
stockholders representing in aggregate a minimum of 5% (five
percent) of the company's total voting stock.

Any stockholder who wishes to be represented by proxy in this
General Meeting should obey the terms of Article 126 of Law
6406/76, as amended, and the sole paragraph of Article 9 of the
Company's By-laws, by depositing, preferably by 28 December
2004, proofs of ownership of the shares, issued by a depositary
financial institution, and a power of attorney with special
powers, at the management office of the General Secretariat of
Cemig at Av. Barbacena 1,200 - 19th floor, B1 wing, Belo
Horizonte, state of Minas Gerais, Brazil, or by showing the said
proofs of ownership at the time of the meeting.

PROPOSAL BY THE BOARD OF DIRECTORS TO THE EXTRAORDINARY GENERAL
MEETING TO BE HELD ON 30 DECEMBER 2004.

In view of the following:

a) the need to change the bylaws to improve the attributions of
the Board of Directors, and to establish guiding procedures for
preparation of the Company's Master Guidelines Plan;

b) the requirement that any changes in the Bylaws should be
previously approved by the National Electricity Agency (ANEEL);

c) that for Cemig to adapt to the new model for the electricity
sector established by Law 10848 of 15 March 2004, it is
necessary for it to carry out a stockholding restructuring;

d) that State Law 15290 of 4 August 2004 authorized the
stockholding restructuring of Cemig, through the creation of
wholly-owned subsidiaries constituted specifically for the
activities of generation, transmission and distribution, upon
decision by the Board of Directors of the company, with Cemig
having the role of a holding company and keeping stockholding
control of the companies to be created;

e) that the Board of Directors of Cemig, through CRCA/105/2004,
of 27 August 2004, approved the creation of two wholly owned
subsidiaries, one to be named Cemig Geracao e Transmissao S.A.
and the other Cemig Distribuicao S.A.;

f) that there will be transferred to these wholly-owned
subsidiaries goods, rights and obligations of Cemig related to
the activities of generation, transmission and distribution of
electricity;

g) that the company SETAPE - Servicos Tecnicos de Avaliacoes do
Patrimonio e Engenharia Ltda. was appointed by the Extraordinary
General Meeting of Cemig held on 16 September 2004 to prepare
Opinions on Valuation of Goods and Physical-accounting
Reconciliation of the Assets of Cemig, as provided for by Clause
8 of Law 6404/76;

h) that the company Deloitte Touche Tohmatsu Auditores
Independentes was appointed by the Extraordinary General Meeting
of Cemig to prepare another Opinion attesting to the balance of
Monetary Special Obligations, Assets and Liabilities of Cemig,
to be transferred to the subsidiaries Cemig Geracao e
Transmissao S.A. and Cemig Distribuicao S.A.;

THE BOARD OF DIRECTORS PROPOSES TO SUBMIT TO THE EXTRAORDINARY
GENERAL MEETING:

A) Authorization for the transfer of the establishments of
generation, transmission and distribution of Cemig to the
wholly-owned subsidiaries Cemig Geracao e Transmissao S.A. and
Cemig Distribuicao S.A., through the transfer of goods, rights,
obligations including tax obligations, employees, clientele and
other elements related to these activities.

B) Approval of the Opinions on Valuation of Goods and Physical-
accounting Reconciliation of Assets of Cemig, as provided for by
Clause 8 of Law 6404/76, prepared by SETAPE - Servicos Tecnicos
de Avaliacoes do Patrimonio e Engenharia Ltda., and also the
transfer of the goods of Cemig's fixed assets in service to the
wholly-owned subsidiaries Cemig Geracao e Transmissao S.A. and
Cemig Distribuicao S.A., for the amounts, net of depreciation,
of R$ 3,834,690,584.97 and R$ 4,143,272,149.71, respectively.

C) Approval of the Opinion on Monetary Special Obligations,
Assets and Liabilities of Cemig, as provided for by Clause 8 of
Law 6404/76, prepared by the company Deloitte Touche Tohmatsu
Auditores Independentes, and also the transfer of the monetary
special obligations, assets and liabilities of Cemig to the
wholly-owned subsidiaries Cemig Geracao e Transmissao S.A and
Cemig Distribuicao S.A., in the net negative amounts of R$
1,575,671,165.99 and R$ 3,667,520.935.34, respectively.

D) Authorization for the transfer, up to 31 January 2005,
through the paying-up of the registered capital of the wholly-
owned subsidiaries Cemig Geracao e Transmissao S.A. and Cemig
Distribuicao S.A., of the net amount of the values specified in
the above-mentioned Opinions to be approved in the Extraordinary
General Meeting to be held on 30 December 2004.

E) Authorization for registration in the account line Advances
for future increases of capital of Companhia Energetica de Minas
Gerais, of the accounting amounts at 31 December 2004 of the
goods, rights and obligations of Cemig, less the amount of R$
2,734,770,633.35, corresponding to the net amount of the above-
mentioned Opinions to be approved at the said EGM, the result of
which shall be incorporated into the registered capital of the
wholly-owned subsidiaries Cemig Geracao e Transmissao S.A and
Cemig Distribuicao S.A in 2005.

As can be seen, the aim of this proposal is to meet legitimate
interests of the stockholders and of the Company, and for this
reason the Board of Directors expects that it will be approved
by the stockholders.


EMBRATEL: Shares Decline on BRL450 Million Settlement Payment
-------------------------------------------------------------
Embratel Participacoes SA's (EMT) shares closed 4.8% lower at
BRL5.19 on Dec. 17 after the company agreed to pay BRL450
million ($1=BRL2.71) to settle legal disputes with other
operators.

According to Dow Jones, Embratel has agreed to pay BRL304
million to Tele Norte Leste SA (Telemar) and another BRL150
million to Brasil Telecom Participacoes SA (BRP), to settle a
dispute over interconnection fees and infrastructure sharing
agreements, some of which date back to 1994.

Embratel is reported to be negotiating a similar settlement with
the third fixed line operator, Sao Paulo's Telesp Participacoes
SA (TSP).

The deal with the three fixed line operators is seen as a move
by the new management at Embratel, appointed by Mexican phone
giant Telefonos de Mexico SAde CV (TMX), to clean up the
company's balance sheet.

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


GERDAU: BNDES Finances BRL174.6Mln for Aracariguama Steel Plant  
---------------------------------------------------------------
The board of Banco Nacional de Desenvolvimento Economico e
Social (BNDES) approved a financing in the amount of R$ 174.6
million for Gerdau Acominas to implement a manufacturing unit in
the Municipality of Aracariguama (SP), with capacity to produce
900 thousand ton/year of steel. The implementation, expected for
2005, will generate 400 direct jobs.

Financing will be made in two modalities: R$ 73.8 million will
be granted directly to Gerdau Acominas; and R$ 100.8 million
will be transferred by Santander, for the purchase of domestic
machinery and equipment (Finame). The operation is part of the
company's investment in the first phase of implementation of
Aracariguama (SP) unit, in the amount of R$ 282 million, from
which R$ 174.6 million (61.9%), will be financed by BNDES. The
company already made, between January and September of current
year, investments of R$ 23.3 million in the project, from which
BNDES participated with R$ 4 million.

The complete implementation of the manufacturing unit assumes
investments around R$ 820 million and will have a total
installed capacity of 1.3 million ton/year of steel and
lamination of 1.2 million ton/year of iron bars, GG50type,
directed to the civil construction and used in concrete frames.
Beginning of production of iron bars is expected for April 2006.


Founded in 1901, Gerdau group is the leading producer of long
steel for the American continent, with 26 steel plants, from
which 10 are located in Brazil, with 13 thousand employees. The
group has a total installed production capacity of 16 million
ton/year of raw steel and 13.5 million ton/year of laminated
products.

Production of long steel in Brazil has been growing at a rate of
5.4% in the last five years. Long semifinished (bars, blocks and
dowels) are the main exportation items of the sector and Gerdau
group accounts for almost 95% of total production.

The Brazilian steel industry is competitive for its low cost and
for the high quality of iron ore, abundant in the country. In
2003, the Brazilian steel sector was comprised of 26 plants,
with a combined production capacity of 33.8 million ton/year of
raw steel, ranking ninth worldwide.

The steel industry uses intensively capital and natural
resources and has strong connections with various economic
sectors, such as civil construction, which has a big employment
potential. Beginning in 2001, there was an increase in steel
international demand, mainly in function of the Chinese economy
expansion, which consumed around 28% of worldwide production.



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

* CHILE: Gets $50M Loan From World Bank
---------------------------------------
The World Bank approved a $50.26 million loan for Chile to
increase the effective and productive use of infrastructure
services in poor rural communities.

"Expanding infrastructure services into hard-to-reach, dispersed
rural populations is key to ensure that all Chileans enjoy a
basic standard of living and benefit from income generating
opportunities that can help them rise out of poverty," said Axel
van Trotsenburg, World Bank Country Director for Argentina,
Chile, Paraguay and Uruguay. "Specifically, the project will
beneficiate the half a million Chileans in rural areas who live
in poverty and who is many cases lack basic services."

The Infrastructure for Territorial Development Project aims to
improve the livelihood of rural communities in the regions of
Coquimbo, Maule, Bio Bio, Araucania, and Los Lagos by improving
the provision of infrastructure services, including water
supply, sanitation, roads, Information Communications Technology
(ICT), and electricity, in the context of participatory
territorial planning.

In particular, the project will help:

- Elaborate territorial development plans with active
participation of local stakeholders, and a strategic and
integrated vision of infrastructure subprojects and productive
potentialities;

- Upgrade about 1,000 km of existing secondary rural roads,
paths, bridges and foot bridges to improve transportation
accessibility;

- Rehabilitate and build water and sanitation facilities in
rural communities;

- Improve quality of conventional electricity services, off-grid
and renewable energy solutions, such as generators, solar panels
and wind turbines;

- Enhance connectivity to the telecommunications access network
for schools, municipalities, micro enterprises, health centers,
and communities; and

- Finance consultant services to strengthen community-based
structures for managing and sustaining the infrastructure
services.

The $50.26 million fixed-spread loan has a repayment period of
6.5 years, including 4.5 years of grace.

CONTACTS: Buenos Aires:
          Ms. Yanina Budkin
          Phone: 4316-9700
          e-mail: Ybudkin@worldbank.org

          Washington:
          Ms. Alejandra Viveros
          Phone: (202) 473-4306
          e-mail: Aviveros@worldbank.org



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

AVIANCA: Name Change Planned
----------------------------
Brazilian entrepreneur German Efromovich announced Wednesday
that his recently acquired Colombian airline Avianca will change
its name to Aerovias del Continente Americano, or ACA, during
the first half of 2005.

The object is to carry the Colombian flag to more destinations
more frequently than the Avianca routes already approved in
Europe and the Americas and to increase the frequency of flights
to countries like Spain and the United States.

"We are responsible for Avianca's presence in the world's skies
and it is in our hands to preserve the airline's preferred
status among national and international travelers. We will do
everything necessary to accomplish that goal," Efromovich said.

Efromovich said that with the bankruptcy proceedings in the
United States ended, Avianca can reach for new heights.

Efromovich owns the Sinergy Group, which recently acquired a 75%
share in Avianca. The remaining 25% of the airline is owned by
the National Coffee Growers Association of Colombia (Fedecafe).

"If in the past we worked hard on the restructuring that has
been completed, we will work harder now to speed up
consolidation and development of the enterprise," Efromovich
added.



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

BALLY TOTAL: Appoints Eric Langshur to Board
--------------------------------------------
Bally Total Fitness Holding Corporation (NYSE:BFT), North
America's leader in health and fitness products and services,
announced Friday that Eric Langshur has been appointed to the
Company's Board of Directors, effective immediately.

"Eric is an excellent addition to the Company's Board of
Directors," said Paul Toback, chairman, CEO and president, Bally
Total Fitness. "He has an exceptional background in business and
finance along with a particular expertise in corporate
turnarounds. I look forward to taking advantage of his knowledge
and experience, and working closely with him as we move forward
with Bally's turnaround."

Eric Langshur is the founder and CEO of TLContact, Inc., a
privately held company that delivers innovative patient
communications and education services to the healthcare
industry. Prior to starting TLContact in 2000, he served as
President of Bombardier Aerospace, CAS, where he lead commercial
aerospace service operations for a world leader in the design
and manufacture of innovative aviation products and services for
the business, regional and amphibious aircraft markets. Before
Bombardier, Mr. Langshur spent 13 years with United Technologies
Corporation, where he held a variety of senior management and
turnaround positions at Hamilton Sundstrand, Pratt & Whitney and
UTC's corporate office.

Mr. Langshur holds an MBA from Columbia University and a BSc
from the University of New Brunswick in Finance and Information
Systems.

About Bally Total Fitness

Bally Total Fitness is the largest and only nationwide
commercial operator of fitness centers, with approximately four
million members and approximately 440 facilities located in 29
states, Mexico, Canada, China, Korea and the Caribbean under the
Bally Total Fitness(R), Crunch Fitness(SM), Gorilla Sports(SM),
Pinnacle Fitness(R), Bally Sports Clubs(R) and Sports Clubs of
Canada(R) brands. With an estimated 150 million annual visits to
its clubs, Bally offers a unique platform for distribution of a
wide range of products and services targeted to active, fitness-
conscious adult consumers.

For more information, visit http://www.ballyfitness.com.

CONTACT: Bally Total Fitness Holding Corp.
         Chicago
         Mr. Jon Harris
         Phone: 773-864-6850
         Web site: www.ballyfitness.com
                  or
         MWW Group
         Mr. Joe Cohen
         Phone 201-964-2443
         e-mail: jcohen@mww.com


CFE: Pidiregas Could Pose Problems in the Long Term Says Analyst
----------------------------------------------------------------
State power company CFE's debt could snowball in the long-term
under the Pidiregas financing scheme because the infrastructure
projects covered under it have turned out to be more expensive
than CFE's initial estimates, reports Business News Americas.

Mr. Ivan Zea, analyst for Cambridge Energy Research Associates
(CERA), has cautioned against a prolonged dependence on the
scheme, saying that project costs in excess of the Company's
initial price calculations and has, in effect, placed the
Company in heavy debt.

Pidiregas works by allowing private companies to shoulder
project construction costs while the Government repays the money
over a certain period of time. Ideally, an investment should be
fully paid and self-supporting by the time a project is
finished.

CFE's financial chief, Mr. Francisco Santoyo had earlier
announced that the Company has enough funds to cover around US$2
billion in debt payments for 2005 to 2006.



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

PAN AMERICAN SILVER: Holds 3Q04 Silver Production Market Lead
-------------------------------------------------------------
Pan American Silver led the market in terms of silver production
in the third quarter of 2004 after resolving dewatering and ore-
related problems at its La Colorada silver mine in west-central
Mexico.

Business News Americas reports that the Company had expected to
produce 3.5Moz of silver in 2004 before technical problems
forced the Company to lower its estimates to 1.8Moz of silver by
year-end. In 2005, the Company hopes to ramp up production from
2.8Moz to 3.5Moz.

Ms. Brenda Radies, the Company's vice-president for corporate
relations, also told Business News Americas that cash costs at
La Colorada will "substantially" fall next year. In the first
nine months of 2004, cash costs at the mine were recorded at
US$6.17/oz.

Ms. Radies further revealed recent developments for its Alamo
Dorado project in Mexico and the newly acquired Morococha silver
mine in Peru.

Depending on the outcome of the feasibility study to be
completed in February 2005, Pan American could begin
construction and pre-stripping in the first half of 2005 at
Alamo Dorado.   

The Company is also making progress at the Morococha mine in
Peru. Next year, the Company has outlined plans to carry out
6,000m of drilling at the site, half to upgrade resources into
reserves, half to explore the rest of the 11,000ha property.



                            ***********


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 * * *