TCRLA_Public/041228.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 28, 2004, Vol. 5, Issue 256

                            Headlines


A R G E N T I N A

ABEL GONZALEZ: Files Petition to Reorganize
IMPSAT FIBER: UBS Reveals 11.89% Participation
MITRE MADERAS: Initiates Bankruptcy Proceedings
NOVA-TEK: Court OKs Creditor's Bankruptcy Call
PROTECHNOLOGY S.A.: Liquidating Assets to Pay Debts

PESQUERA SANTA MARIA: Enters Bankruptcy on Court Orders
SUDMERI S.A.: Debt Payments Halted, Set To Reorganize
TEDAR S.A.: Initiates Bankruptcy Proceedings
TRANSGON S.A.: Court Designates Bankruptcy Trustee


B E R M U D A

GLOBAL CROSSING: Completes $404M Secured Debt Financing


B R A Z I L

GERDAU: Signs Accord to Buy Stakes in Two Colombian Steel Mills
NET SERVICOS: Announces Exchange of Preferred Shares


C O L O M B I A

EMCALI: To Pay Portion of Debt This Week


C O S T A   R I C A

ICE: Comptroller Cuts 2005 Budget


J A M A I C A

AIR JAMAICA: Government of Jamaica Assumes Control


M E X I C O

GRUPO MEXICO: Americas Mining Signs Accord With Phelps Dodge
GRUPO TMM: Summons Shareholders to a Meeting
HYLSAMEX: Announces Directors' Resignation, Replacements
PEMEX: Announces Results of Exchange Offers
PEMEX: Facing Complaint For Oil Spill
TV AZTECA: Prepays in Full Its $300M Notes Due 2007


P E R U

MINERA VOLCAN: Timmers to Become General Manager
SIDERPERU: Equilibrium Maintains Category C Ratings


V E N E Z U E L A

CANTV: Signs $6M-Deal With China's Huawei Technologies
CERRO NEGRO: Fitch Affirms Ratings Despite Royalty Hike
HAMACA: `BB' Ratings Affirmed By Fitch
PETROZUATA: Fitch Affirms Ratings Despite Royalty Hike
SINCOR: `BB' Ratings Affirmed

     -  -  -  -  -  -  -  -

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

ABEL GONZALEZ: Files Petition to Reorganize
-------------------------------------------
Abel Gonzalez S.A. filed a "Concurso Preventivo" motion, reports
La Nacion. The Company is requesting permission to reorganize
its finances following cessation of debt payments since Aug. 13,
2004. The Company's case is pending before Court No. 4, under
Judge Carrega, who is assisted by Clerk No. 7 Dr. Gomez Diez.

CONTACT: Abel Gonzalez S.A.
         Malabia 2173 planta baja "E"
         Buenos Aires


IMPSAT FIBER: UBS Reveals 11.89% Participation
----------------------------------------------
UBS AG, a major international banking and financial firm with
headquarters in Zurich, Switzerland, beneficially owns, directly
and indirectly, 1,202,380 shares of common stock of Impsat Fiber
Networks Inc. or 11.89% of the class outstanding as of December
13, 2004, according to a Schedule 13D filed Thursday with the
Securities and Exchange Commission.

UBS acquired the stock as a result of the conversion of debt to
equity when Impsat restructured its obligations in 2003, and
acquired additional shares of common stock in market
transactions subsequent to the restructuring as an investment.

UBS may acquire additional shares in the future as an
investment. UBS has had, and expects to continue to have,
discussions with other holders of Impsat's securities and with
Company management regarding its capitalization.

Impsat provides broadband data, Internet and voice
telecommunications services in Latin America.

CONTACT:  IMPSAT Fiber Networks, Inc.
          Elvira Rawson de Dellepiane 150
          Piso 8, C1107BCA
          Buenos Aires, Argentina


MITRE MADERAS: Initiates Bankruptcy Proceedings
-----------------------------------------------
Court No. 22 of the Buenos Aires civil tribunal declared Mitre
Maderas S.R.L. "Quiebra," reports Infobae. Clerk No. 44 assists
the Court on the case, which will close with the liquidation of
the Company's assets to repay creditors.

Ms. Cecilia Beatriz Montelvetti, who has been appointed as
trustee, will verify creditors' claims until March 11, 2005 and
then prepare the individual reports based on the results of the
verification process.

The individual reports will then be submitted to court on April
22, 2005, followed by the general report on June 7, 2005.

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


NOVA-TEK: Court OKs Creditor's Bankruptcy Call
----------------------------------------------
Nova-Tek S.R.L. entered bankruptcy after Buenos Aires Court No.
24 approved a bankruptcy motion filed by Mr. Roberto Llaber,
reports La Nacion. The Company's failure to pay $57,729.20 in
debt prompted the creditor to file the petition.

Working with the city's Clerk No. 48, the Court assigned Mr.
Manuel Arnaldo as trustee for the bankruptcy process. The
trustee's duties include the authentication of the Company's
debts and the preparation of the individual and general reports.
Creditors are required to present their proofs of claim to the
trustee before April 11, 2005.

The Company's assets will be liquidated at the end of the
bankruptcy process to repay creditors. Payments will be based on
the results of the verification process.

CONTACT: Mr. Manuel Arnaldo, Trustee
         Parana 224 piso 6 "22"
         Buenos Aires


PROTECHNOLOGY S.A.: Liquidating Assets to Pay Debts
---------------------------------------------------
Protechnology S.A. will begin liquidating its assets following
the pronouncement of the city's Court No. 7 that the Company is
bankrupt, Infobae reports.

The bankruptcy ruling places the Company under the supervision
of court-appointed trustee, Raquel Poliak.

The bankruptcy process will end with the disposal of Company
assets in favor of its creditors. Clerk No. 14 assists the Court
in this case.

CONTACT: Raquel Poliak, Trustee
         Lavalle 1527
         Buenos Aires


PESQUERA SANTA MARIA: Enters Bankruptcy on Court Orders
-------------------------------------------------------
Pesquera Santa Maria S.A. will enter bankruptcy protection after
Buenos Aires Court No. 13, with the assistance of Clerk No. 26,
ordered the Company's liquidation. The bankruptcy 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. Omar Sergio Luis
Vazquez as trustee. He will be verifying creditors' proofs of
claim until the end of the verification phase on May 23, 2005.

CONTACT: Mr. Omar Sergio Luis Vazquez, Trustee
         Avda Santa FE 1127
         Buenos Aires


SUDMERI S.A.: Debt Payments Halted, Set To Reorganize
-----------------------------------------------------
Judge Cirulli of Buenos Aires Court No. 6 is now analyzing
whether to grant Sudmeri Constructora S.A. approval for its
petition to reorganize. La Nacion recalls that the Company filed
a "Concurso Preventivo" petition following cessation of debt
payments from July 30, 2002. Clerk No. 12, Dr. Davila, is
assisting the Court on the company's case.

CONTACT: Sudmeri Constructora S.A.
         Avenida Juan Bautista Alberdi 6470 planta baja "1"
         Buenos Aires


TEDAR S.A.: Initiates Bankruptcy Proceedings
--------------------------------------------
Buenos Aires Court No. 22 declared Tedar S.A. "Quiebra," reports
Infobae. Clerk No. 43 assists the Court on the case, which will
close with the liquidation of the Company's assets to repay
creditors.

Ms. Graciela Silvia Turco, who has been appointed as trustee,
will verify creditors' claims until Feb. 28, 2005, and then
prepare the individual reports based on the results of the
verification process.

The individual reports will then be submitted on April 13, 2005,
followed by the general report on May 26, 2005.

CONTACT: Ms. Graciel Silvia Turco
         Cochabamba 4272
         Buenos Aires


TRANSGON S.A.: Court Designates Bankruptcy Trustee
--------------------------------------------------
Buenos Aires accountant Mr. Daniel Alberto del Castillo was
assigned trustee for the bankruptcy of local Transgon S.A.,
relates Infobae. The city's Court No. 22 is handling the
Company's case.

The trustee will verify creditors' claims until March 3 next
year, the source adds. After that, he will prepare the
individual reports, which are to be submitted to the court on
April 18, 2005. The general report should follow on May 31,
2005.

CONTACT: Mr. Daniel Alberto del Castillo, Trustee
         Presidente Peron 1558
         Buenos Aires



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

GLOBAL CROSSING: Completes $404M Secured Debt Financing
-------------------------------------------------------
Global Crossing (Nasdaq: GLBC) announced Thursday the completion
of a debt financing by the Company's wholly owned subsidiary,
Global Crossing (UK) Finance Plc ("GCUK Finance"). The
approximately $404 million financing consists of $200 million of
10.75-percent U.S. dollar-denominated senior secured notes due
in 2014 and 105 million pounds of 11.75-percent British pounds
sterling-denominated senior secured notes due in 2014. The notes
are guaranteed by Global Crossing's principal operating
subsidiary in the United Kingdom, Global Crossing (UK)
Telecommunications Limited ("GCUK"), and are secured by certain
of GCUK's assets. The notes were sold at a discount resulting in
aggregate gross proceeds of approximately $398 million (currency
equivalent) before underwriting discounts.

"The debt financing, together with the North American accounts
receivable facility that we anticipate putting in place in the
first quarter of 2005 and previously announced recapitalization
steps, is expected to result in our business plan being fully
funded," commented John Legere, Global Crossing's chief
executive officer.

The financing is part of Global Crossing Limited's ("GCL's")
previously announced recapitalization plan. Pursuant to the
recapitalization plan, the following actions took place:

* The GCUK Finance senior notes were issued and sold for gross
proceeds of approximately $398 million.

* Funds transfers were initiated to repay $75 million principal
amount (plus accrued interest) of the $200 million in senior
notes previously issued by a U.S. subsidiary of Global Crossing
to an affiliate of Singapore Technologies Telemedia Pte. Ltd.
("ST Telemedia").

* The remaining $125 million of senior notes and the $125
million bridge loan facility previously provided by an affiliate
of ST Telemedia to GCUK were refinanced by $250 million
principal amount of 4.7 percent payable-in-kind secured notes
that will mandatorily convert into common equity of GCL after
four years, or will convert earlier at ST Telemedia's option,
into approximately 16.2 million shares of GCL's common stock
(assuming conversion after four years), subject to certain
adjustments.

In the first quarter of 2005, the company anticipates entering
into a $50 million to $100 million working capital facility
secured primarily by North American accounts receivable. The net
proceeds from the GCUK Finance debt financing, together with
such working capital facility, are expected to meet Global
Crossing's long-term financing needs, until the company reaches
cash flow breakeven.

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

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

ABOUT GLOBAL CROSSING

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

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

CONTACT:  GLOBAL CROSSING:
          Press Contacts
          Tisha Kresler
          + 1 973-937-0146
          PR@globalcrossing.com

          Analysts/Investors Contact
          Laurinda Pang
          + 1 800-836-0342
          glbc@globalcrossing.com

          URL: http://www.globalcrossing.com



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

GERDAU: Signs Accord to Buy Stakes in Two Colombian Steel Mills
---------------------------------------------------------------
GERDAU S.A. (Bovespa: GGBR, NYSE: GGB, Latibex: XGGB) informs
that the Gerdau Group reached an agreement with the Mayaguez
Group and the Latin American Enterprise Steel Holding, majority
shareholders of Diaco S.A., and with Siderurgica del Pacifico
S.A. - Sidelpa to buy its shares. Diaco is the largest producer
of steel and rebar in Colombia and Sidelpa is the only producer
of specialty steel in that country.

The Mayaguez Group, which will remain a shareholder of Diaco and
Sidelpa for a period that could last up to eight years, has
reached a strategic alliance with the Gerdau Group for the
development of the steel business in Colombia.

Thanks to this alliance, Diaco, Sidelpa, and their affiliated
companies will have access to technical assistance, state-of-
the-art technology, distribution support and corporate practices
with the purpose of achieving high performance rates in the
production and commercialization of steel.

The acquisition of Diaco's and Sidelpa's shares will be
effective once the regulatory agencies approve the de-listing of
the shares of these companies, after all the requirements and
procedures established by the Colombian Corporate Law for this
matter are accomplished.

The Gerdau Group is the largest steel producer in the Americas
and has 26 production plants located in Brazil, the United
States, Canada, Chile, Argentina and Uruguay.

CONTACT: Press Office
         Phone: +55(51) 3323-2170
         e-mail: imprensa@gerdau.com.br
         Web Site: www.gerdau.com.br


NET SERVICOS: Announces Exchange of Preferred Shares
----------------------------------------------------
Net Servicos de Comunicacao S.A. (the "Company" or "Net"), a
publicly held company, with headquarters located in the city and
state of Sao Paulo, at Rua Verbo Divino n§ 1.356 - 1§ andar,
Ch cara Santo Antonio, Corporate Taxpayers' Identification
(CNPJ/MF) 00.108.768/0001-65, in compliance with CVM Instruction
# 358/02 and complementing the relevant notice dated as of
November 24, 2004, publicly announces that on December 23, 2004,
as registered in the books of Net's shares custodian bank, the
exchange of fifty-one million, seven hundred and four thousand
and eight (51,704,008) preferred shares issued by Net held by
Globo Comunicacoes e Participacoes S.A. and Distel Holding S.A.,
representative of 2.55% of Net's total capital, for fifty-one
million seven hundred and four thousand and eight (51,704,008)
common shares issued by Net held by RBS Participacoes S.A.
("RBS"), representative of 2.55% of Net's total capital.

As a result of the transaction's conclusion, the rights and
obligations of RBS as party of the existing Net's Shareholders
Agreement are terminated for all purposes and effects.

CONTACTS: Net Servicos de Comunicacao S.A.
          Ms. Marcio Minoru or Mr. Rodrigo Alves
          Phone: 55-11-5186-2811
          e-mail: ri@netservicos.com.br



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

EMCALI: To Pay Portion of Debt This Week
----------------------------------------
Colombia's Cali city utilities outfit Emcali revealed plans to
pay COP275 billion of its total debt of COP1.6 trillion on Dec.
28, reports Business News Americas.

Emcali started a restructuring process six months ago. Due to
positive cash flow of COP720 billion, it was able to cover its
operative expenses and set aside funds to pay off some of its
debts.

The first debt payment was expected in June 2005 but will now be
paid in advance.

Initially, Emcali will pay off debts with local providers.

At the same time, Emcali also revealed plans to invest COP75
billion (US$31.3mn) in 2005 in the telecommunications area to
continue its process of transforming 75,000 analogical lines to
digital ones to create a multi-service network.

Also, it will invest US$20 million in IT upgrades in 2005,
particularly in a project with software technology park
Parquesoft Cali to upgrade its software infrastructure and
improve customer support.



===================
C O S T A   R I C A
===================

ICE: Comptroller Cuts 2005 Budget
---------------------------------
Costa Rica's comptroller lowered electricity and telecoms
monopoly ICE's budget for 2005 from CRC601 billion to CRC575
billion, reports Business News Americas.

ICE has not been able to achieve its proposed levels of revenues
in recent years, according to the comptroller, which made its
own estimate of ICE's mobile revenues using historical sales and
information on available mobile phone lines as of September
2004.

ICE had designated some CRC23.6 billion as future mobile
telephony revenues, an amount the comptroller said was
overestimated.



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

AIR JAMAICA: Government of Jamaica Assumes Control
--------------------------------------------------
The Government of Jamaica has assumed full responsibility for
Air Jamaica, according to Dr. Omar Davies, Minister of Finance.

Citing the challenges facing Air Jamaica, including the
airline's debt to the Government and other creditors, compounded
by the difficulties facing the airline industry worldwide, the
Government of Jamaica and the former majority shareholder agreed
to reorganize the airline.

"The Government of Jamaica has consistently maintained its
commitment to the national airline, however, the administration
has no desire to retain permanent ownership and control of Air
Jamaica. Our common objective is to ensure that the airline is
made viable, whilst maintaining the excellent standards already
established under the Chairmanship of the Hon. Gordon `Butch'
Stewart," stated Dr. Omar Davies. "Our action at this time to
restructure the entity, so that it will be able to attract
adequate equity capital from private investors, has been taken
in the interest of the national economy."

Dr. the Hon. Vincent Lawrence, who represented the Government on
the Air Jamaica board over the last eight years, has been
appointed interim Executive Chairman of the new board. His
priority mandate is to oversee the restructuring activity and to
recruit and appoint an appropriately qualified CEO with
extensive airline experience.

He will be supported by Mr. Aubyn Hill, former Managing Director
of one of the island's largest commercial banks. Mr. Hill will
head the restructuring office, which has responsibility for
developing and implementing the new structure for the airline.

The Minister said there would be no disruption of any sort to
Air Jamaica's Operations and the transition will be seamless.
He says the outgoing Chairman has given his personal commitment
that he and members of his team are available to work with the
Government of Jamaica in whatever way possible to ensure the
success of Air Jamaica and continuation of business as usual.

The new Executive Chairman says the airline will continue to
maintain its obligations to the traveling public and all
schedules, ticket purchases, agreements with travel agents and
other partners are valid and will be honoured.

About Air Jamaica

Air Jamaica is a service-oriented passenger airline offering
travelers a level of comfort, convenience and amenities not
commonly found in air travel today.  All Air Jamaica flights
feature hot meals and unlimited complimentary champagne, wine
and beer for all passengers of legal drinking age. Even Air
Jamaica's flight schedules are developed with the customer in
mind - arrival times are set early enough and departure times
late enough to ensure travelers maximize precious vacation time.
Air Jamaica operates more than 400 weekly scheduled flights
connecting 15 gateways in the U.S., Canada and the UK with 12
Caribbean destinations.

Air Jamaica's concerted commitment to customer satisfaction and
overall excellence in air travel has earned the carrier the
prestigious Five Star Diamond Award from the American Academy of
Hospitality Sciences, a distinction that ranks Air Jamaica as
one of the top airlines in the world alongside Cathay Pacific,
Singapore Airlines, Swiss Air and Virgin Atlantic. Air Jamaica
has also been named "Best Airline to the Caribbean" for seven
consecutive years at the annual World Travel Awards.

CONTACT:  Corporate Communications
          Tel: 876-922-3460 ext 4060-5
          URL: www.airjamaica.com



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

GRUPO MEXICO: Americas Mining Signs Accord With Phelps Dodge
------------------------------------------------------------
GRUPO MEXICO, S.A. DE C.V. (GMEXICO) reports that its holding
mining subsidiary, Americas Mining Corporation (AMC), has
entered into an agreement with Phelps Dodge Corporation (PD)
with regard to the merger transaction between Minera Mexico,
S.A. de C.V. and Southern Peru Copper Corporation (SPCC).

Under the terms of the agreement, PD stated its current intent
to vote in favor of the referred transaction. Once this
transaction is approved by the stockholders of SPCC, PD's stock
will be converted into Common Stock and a shelf registration
covering the sale of it will be filed before the US Securities
and Exchange Commission.

The said accord, together with a similar deal reached last
October with Cerro Trading Company, Inc., confirms that the
merger agreement between Minera Mexico and SPCC already counts
with the favorable vote of the principal minority stockholders
of the latter company.

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


GRUPO TMM: Summons Shareholders to a Meeting
--------------------------------------------
The Board of Directors of Grupo TMM, S.A. has called a General
Ordinary Shareholders' Meeting of the Company in order to seek
the approval of its shareholders for the proposed acquisition by
Kansas City Southern, a Delaware corporation (KCS), of the
approximately 51% voting interest in Grupo Transportacion
Ferroviaria Mexicana, S.A. de C.V. (Grupo TFM) owned by TMM
Multimodal, S.A. de C.V. ("MM"), a subsidiary of Grupo TMM, S.A.
The transaction represents a renegotiation of the transaction
provided for in the Acquisition Agreement, dated as of April 20,
2003 (the "Original Acquisition Agreement"), among the Company,
TMM Holdings, S.A. de C.V. ("TMMH"), MM, KCS and certain
subsidiaries of KCS. The Original Acquisition Agreement was
approved by the Board of Directors of the Company (the "TMM
Board") but was not approved by the stockholders of the Company
and has been the subject of litigation and arbitration between
the parties. The amended transaction terms would, effective upon
the closing of the Proposed Transaction, include a settlement
and release of all outstanding claims and actions based on the
Original Acquisition Agreement and related documents as well as
certain other disputes that have arisen between KCS and Grupo
TMM.

The Proposed Transaction cannot be completed without the
approval of the Shareholders.

More Info About THE SHAREHOLDERS' MEETING:

- When and where will the Shareholders' Meeting be conducted?

The Meeting will be held on January 11, 2005, at 6 PM, local
time, at the offices of Grupo TMM located at Avenida de la
Cuspide No. 4755, Colonia Parques del Pedregal, Delegaci˘n
Tlalpan, 14010 Mexico City, Mexico.

- What matters will be voted upon at the Meeting?

At the Meeting, we will seek Shareholder approval of, among
other matters, the Amended Acquisition Agreement as well as the
other agreements contemplated by the Amended Acquisition
Agreement (collectively with the Amended Acquisition Agreement,
the "Transaction Documents"). In accordance with Mexican law, we
are submitting the Amended Acquisition Agreement to our
shareholders for approval at a meeting to be held on January 11,
2005. Shareholder approval is, however, irrevocably assured as a
result of the fact that certain stockholders of Grupo TMM
representing, in the aggregate, sufficient shares to approve the
Amended Acquisition Agreement have entered into a voting trust
arrangement under which they have irrevocably committed to vote
their shares for the approval of the Amended Acquisition
Agreement.

Prior to voting, please carefully review the description of the
Proposed Transaction, the Amended Acquisition Agreement and
other ancillary agreements, as well as the section entitled
"Relevant Events."

- What does the TMM Board recommend?

The TMM Board, in its meeting held on November 30, 2004 approved
the Transaction Documents (including the Amended Acquisition
Agreement) and the completion of the transactions contemplated
thereby, subject to the approval of the General Ordinary
Shareholders' Meeting of Grupo TMM. The TMM Board recommends
that the Shareholders approve the Transaction Documents as well
as the consummation of the Proposed Transaction.

If approved, when do you expect the Proposed Transaction to be
completed?

The Proposed Transaction is subject to certain conditions that
must be satisfied prior to its consummation.

- Who is entitled to vote?

Holders of record of shares of the capital stock of Grupo TMM
who have obtained their admission cards by January 7, 2005 (the
"record date") pursuant to our By-Laws, are entitled to vote at
the Meeting.

Please be aware that only citizens of Mexico may hold shares of
the capital stock of Grupo TMM. Grupo TMM has American
Depositary Shares ("ADRs") listed and traded on the New York
Stock Exchange ("NYSE"). ADRs are securities which grant to
their holders rights over certificados de participaci˘n
ordinarios ("CPOs"), issued by Nacional Financiera, SNC (the
"CPO Trustee"), as trustee of the Neutral Investment Master
Trust, organized by the Federal

Government in November 1989 to facilitate the access of foreign
investment to the capital stock of regulated Mexican
corporations (the "Master Trust"). CPOs are credit instruments
that differ from the shares of the capital stock of Grupo TMM in
that they only confer to their holders an economic interest in
the shares. CPOs have been issued by the CPO Trustee in a
proportion of one CPO for one share of the capital stock of
Grupo TMM. Under the terms of the Master Trust, voting rights of
the shares of the capital stock of Grupo TMM held by the CPO
Trustee under such Master Trust will always be exercised by the
CPO Trustee by voting with the majority of the shares
represented at the shareholders' meeting. As of December 20,
2004, the CPO Trustee held 48,463,766 shares of the capital
stock of Grupo TMM pursuant to the information provided by S.D.
Indeval, S.A. de C.V, Instituci˘n para el Dep˘sito de Valores.

Holders of ADRs or CPOs, as the case may be, will not receive
any proxy in connection with the Meeting since they do not have
the right to attend. They will only have at their disposal the
information made public by the Company through this Information
Statement and other public filings.

- How do I vote?

You may vote directly by personally attending the Meeting or by
appointing an appropriate representative to vote on your behalf.
Neither the directors nor the statutory auditors of Grupo TMM
may represent you.

The Secretary of the Company will make proxies available (
formularios ) to you at the offices of Grupo TMM which contain
specific blank spaces for your voting instructions or granting a
representative the right to vote at his discretion.

If you hold your shares directly, you are required to deposit
your share certificates with a depositary institution in Mexico
or abroad at least two days in advance of the Meeting. You must
provide us with a certification from the corresponding
depositary institution indicating your name, the amount of
shares deposited, the number of the stock certificates
representing such shares, the date of the Meeting an undertaking
that such shares will remain with such depositary institution
until after the Meeting is adjourned. You will be provided with
an admission card prior to the Meeting upon delivery to the
Secretary of the Company of such certification from the
corresponding depositary institution.

Alternatively, if your shares are held in book-entry form
through brokerage houses, you are required to request a deposit
certification from your brokerage house representative. Upon
presentation of the deposit certification, an admission card
will be provided to you by the Secretary of Grupo TMM at the
offices of Grupo TMM prior to the Meeting.

Please be aware that pursuant to applicable law, there is no
restriction or limitation on the exercise of your voting rights
at the Meeting.

What is the number of votes required to approve the agenda of
the Meeting?

The favorable vote of the majority of Shareholders present at
the Meeting is required in order to approve the Proposed
Transaction and the Transaction Documents, and at least half of
the capital stock of Grupo TMM needs to be represented at a
first call. As of the record date, members of the Serrano family
beneficially owned 7,990,852 shares of the capital stock of
Grupo TMM entitled to vote at the meeting. (excluding shares
held in the form of CPOs). The attendance at the Meeting of a
representative of the CPO Trustee and of the members of the
Serrano family will constitute a quorum.

- Whom do I call if I have questions about the Meeting or the
Proposed Transaction?

You may call Mr. Juan Fernandez Galeazzi, our Finance and
Treasury Director, or Mr. Brad Skinner, of our Shareholders
Relations Department, at the phone numbers (52-55) 5629-8866,
Ext. 3900, or (203) 247-2420, respectively.

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

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

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


HYLSAMEX: Announces Directors' Resignation, Replacements
--------------------------------------------------------
Hylsamex, S.A. de C.V. announced that C.P. Ernesto Ortiz
Lambreton, Director of Finances and Planning, will be retiring
Jan. 1, 2005.

Ing. Manuel Gutierrez Espinosa, currently the Director of
Electronic Business of ALFA, will be replacing Mr. Ortiz
Lambreton as Director of Finances and Planning beginning Jan. 1,
2005.

Hylsamex also announced that Dr. Raul Gerardo Quintero Flores,
Director General of the Company's Technology Division, is
retiring from his post. Ing. Jose Carlos Garza Davila, currently
the Director of Galvak -Hylsamex's steel galvanizing and
painting unit- will be taking over the post beginning Jan. 1,
2005.

CONTACT: HYLSAMEX, S.A. de C.V.
         Othon Diaz Del Guante
         Tel: (52-81) 8865-1240
         E-mail: odiaz@hylsamex.com.mx

         Ismael De La Garza
         Tel: (52-81) 8865-1224
         E-mail: idelagarza@hylsamex.com.mx


PEMEX: Announces Results of Exchange Offers
-------------------------------------------
Petroleos Mexicanos ("Pemex") announced Wednesday the results of
the offers (the "Exchange Offers") by Pemex Project Funding
Master Trust (the "Issuer"), a Delaware trust controlled by
Pemex, to exchange any and all of the outstanding U.S.
$250,000,000 9.00% Guaranteed Notes due 2007, U.S. $600,000,000
8.85% Global Guaranteed Notes due 2007, U.S. $598,240,000 9-3/8%
Global Guaranteed Notes due 2008, U.S. $350,000,000 9-1/4%
Global Guaranteed Bonds due 2018, U.S. $250,000,000 8.625% Bonds
due 2023, U.S. $400,000,000 9.50% Global Guaranteed Bonds due
2027 and U.S. $500,000,000 9.50% Puttable or Mandatorily
Exchangeable Securities ("POMES(SM)") due 2027 (collectively,
the "Old Securities") of Pemex for an equal principal amount of
the corresponding series of 9.00% Guaranteed Notes due 2007,
8.85% Guaranteed Notes due 2007, 9-3/8% Guaranteed Notes due
2008, 9-1/4% Guaranteed Bonds due 2018, 8.625% Guaranteed Bonds
due 2023, 9.50% Guaranteed Bonds due 2027 or 9.50% Guaranteed
POMES(SM) due 2027 to be issued by the Issuer (collectively, the
"New Securities").  Eligible holders who tendered Old Securities
on or prior to December 15, 2004 and did not withdraw such Old
Securities will be paid an early participation payment of U.S.
$2.50 in cash for each U.S. $1,000 in principal amount of Old
Securities tendered.  The Exchange Offers were launched on
November 17, 2004, and expired at Midnight, New York City time,
on December 21, 2004.

Approximately U.S. $2,308,311,000 aggregate principal amount of
Old Securities were tendered and accepted in the Exchange
Offers, representing 78.3% of the outstanding principal amount
of the Old Securities, as follows:

Old Securities Series of  Principal Amount   Principal Amount of
Petroleos Mexicanos      of Old Securities    Old Securities
                             Tendered         Outstanding After
                                              Exchange Offers

   U.S. $250,000,000
9.00% Guaranteed Notes   U.S. $158,503,000   U.S. $91,497,000
       due 2007

   U.S. $600,000,000
8.85% Global Guaranteed  U.S. $399,619,000   U.S. $200,381,000
    Notes due 2007

   U.S. $598,240,000
    9-3/8% Global        U.S. $439,011,000   U.S. $159,229,000
   Guaranteed Notes
      due 2008

   U.S. $350,000,000
     9-1/4% Global       U.S. $324,220,000   U.S.  $25,780,000
   Guaranteed Bonds
       due 2018

   U.S. $250,000,000
     8.625% Bond         U.S. $228,735,000   U.S.  $21,265,000
        due 2023

   U.S. $400,000,000
     9.50% Global        U.S. $354,477,000   U.S.  $45,523,000
   Guaranteed Bonds
        due 2027

   U.S. $500,000,000
   9.50% Puttable or
     Mandatorily         U.S. $403,746,000   U.S.  $96,254,000
Exchangeable Securities
   ("POMES(SM)"))
      due 2027

Corresponding New        Principal Amount       Percentage of
Securities Series of   of New Securities       Old Securities
Pemex Project Funding    to be Issued          Tendered and
Master Trust, guaranteed                           Accepted
by Petroleos Mexicanos


Up to U.S. $250,000,000
9.00% Guaranteed Notes   U.S. $158,503,000         63.4%
       due 2007

Up to U.S. $600,000,000
8.85% Guaranteed Notes   U.S. $399,619,000         66.6%
       due 2007

Up to U.S. $598,240,000
9-3/8% Guaranteed Notes  U.S. $439,011,000         73.4%
       due 2008

Up to U.S. $350,000,000
9-1/4% Guaranteed Bonds  U.S. $324,220,000         92.6%
       due 2018

Up to U.S. $250,000,000
8.625% Guaranteed Bonds  U.S. $228,735,000         91.5%
       due 2023

Up to U.S. $400,000,000
9.50% Guaranteed Bonds   U.S. $354,477,000         88.6%
       due 2027

Up to U.S. $500,000,000
9.50% Guaranteed         U.S. $403,746,000         80.7%
     POMES(SM) due 2027

The net proceeds that the Issuer receives from Pemex from
transferring the Old Securities acquired by it in the exchange
offers will be used to finance investments in certain long-term
productive infrastructure projects.

The terms and conditions of the exchange offers are set forth in
an offering memorandum dated November 17, 2004 and an
accompanying letter of transmittal that was distributed to all
holders of the Old Securities that completed and returned the
certification referred to in the offering memorandum regarding
their eligibility to participate in the exchange offers.

The New Securities, and the respective guaranties thereof, have
not been registered under the U.S. Securities Act of 1933, as
amended (the "Securities Act") and may not be offered or sold in
the United States or to, or for the account or benefit of, U.S.
persons, except in accordance with an applicable exemption from
the registration requirements thereof.  Accordingly, the New
Securities are being offered and issued only (i) to "U.S.
persons" as defined in Rule 902 under the Securities Act that
are also "Qualified Institutional Buyers" as defined in Rule
144A under the Securities Act, in a private placement, or (ii)
to persons who are not "U.S. persons" as defined in Rule 902
under the Securities Act and that are not "Disqualified Non-U.S.
Holders" (a term defined in the offering memorandum) in offshore
transactions.

Accordingly, the New Securities are subject to restrictions on
transferability and resale and may not be transferred or resold
except as permitted under the Securities Act and applicable
state securities laws, pursuant to registration or exemption
therefrom.

This announcement is not an offer to exchange or a solicitation
of an offer to exchange any Old Securities for New Securities.
The Exchange Offers were made solely by the offering memorandum
and letter of transmittal.


PEMEX: Facing Complaint For Oil Spill
-------------------------------------
The Environmental Protection Agency plans to file a criminal
complaint against Mexico's state-owned oil monopoly Pemex in
January, for spilling 5,000 barrels of crude into a river
leading to the Gulf of Mexico which coated local beaches,
reports AP Latin America.

The spill occurred after an early Wednesday explosion at a
pumping station near Santiago Tuxtla, about 250 miles east-
southeast of Mexico City. Five people were injured, one
seriously.

The Environmental Protection Agency said Pemex could be fined
the equivalent of 50,000 minimum wages, a formula often used by
Mexican prosecutors and courts. With a current minimum wage of
US$4.50, the Company could pay as much as US$206,400.


TV AZTECA: Prepays in Full Its $300M Notes Due 2007
---------------------------------------------------
TV Azteca, S.A. de C.V. (NYSE: TZA - News; BMV: TVAZTCA)
(Latibex: XTZA), one of the two largest producers of Spanish-
language television programming in the world, announced Thursday
that it prepaid all of its US$300 million 10 1/2% Series B
Guaranteed Senior Notes due February 15, 2007. The notes were
called at a price of 101.75.

The source funds for the prepayment include proceeds from an
issuance in Mexico of Structured Securities Certificates for the
peso equivalent of approximately US$175 million, as well as the
equivalent of approximately US$125 million from a secured credit
line denominated in pesos with Banco Inbursa, S.A., as was
previously detailed.

The Company noted the new peso facilities provide for longer
maturities compared with the notes and have gradual
amortizations, consistent with TV Azteca's progressive debt
reduction strategy. In addition, the peso- denominated loans
substantially reduce the overall foreign exchange risk on the
company's debt.

Company Profile

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



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

MINERA VOLCAN: Timmers to Become General Manager
------------------------------------------------
Mr. Jacob Timmers will be Peruvian zinc miner Volcan Compania
Minera S.A.A.'s new general manager beginning Jan. 10, 2005,
reports Business News Americas.

Timmers leaves the UK's Anglo American (LSE: AAL), where he was
manager of the company's Quellaveco copper project in southern
Peru.

Volcan is dedicated to the exploration and exploitation of
mining concessions, and the related extraction, concentration,
treatment and commercialization of polymetalic minerals. Its
activities are laid down in the code CIUU No. 1320 - Extraction
of non-ferrous metalliferous minerals.

CONTACT:  Volcan Compania Minera S.A.A.
          Av Gregorio Escobedo 710 Jesus Maria
          Lima, Peru
          Phone: (51-1) 219-4000
          Fax: (51-1)261-9716
          E-mail: contact@volcan.com.pe


SIDERPERU: Equilibrium Maintains Category C Ratings
---------------------------------------------------
Peruvian ratings agency Equilibrium Clasificadora de Riesgo
maintained its Category C rating for local steelmaker
SiderPeru's corporate bonds, reports Business News Americas.

The rating means that the Company is missing its debt
obligations and is teetering on the edge of insolvency.

The action came despite an improvement in Siderperu's earnings.
The Company reported net operating profit of PEN16.6 million
(US$5.08mn) in the first quarter of 2004, PEN33.1 million in the
second and PEN45.9 million in the third, an increase of 166%,
144% and 251% respectively on same-periods 2003.

For Equilibrium, "this is not sufficient, given the high level
of debts the company maintains."

On September 30, 2004, the Company introduced an addendum to
reprogram the company's global refinancing agreement (AGR) of
April 2002, which involves the redemption of US$1.05 million
worth of bonds and additional time to pay off fixed quotas of
the principal and interest, Equilibrium said in a report.



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

CANTV: Signs $6M-Deal With China's Huawei Technologies
------------------------------------------------------
Venezuela's biggest telephone company CA Nacional Telefonos de
Venezuela (VNT) or CANTV struck a US$6-million technical support
agreement with China-based Technologies (HWI.YY).

Under the deal, the Chinese vendor is to provide DWDM gear that
will boost the capacity of CANTV's 2,600-kilometer long distance
fiber network from 2.5 Gbit/s to 160 Gbit/s.

In a statement, CANTV, which is 28.5% owned by Verizon
Communications Inc. (NYSE: VZ), said it chose Huawei because of
its experience with similar projects in Latin America.

Work on the upgrade will start in the first quarter of 2005,
says the operator.

CANTV is Venezuela's leading telecommunications firm with over
2.9 million phone lines, over 2.7 million cellular clients, and
over 325,000 Internet subscribers.

CONTACT:  Gregorio Tomassi, CFA
          CANTV Investor Relations
          011-58-212-500-1831
          FAX: 011-58-212-500-1828
          E-Mail: invest@cantv.com.ve

          Lauren Puffer
          The Global Consulting Group
          646-284-9426
          E-Mail: lpuffer@hfgcg.com


CERRO NEGRO: Fitch Affirms Ratings Despite Royalty Hike
-------------------------------------------------------
Fitch Ratings affirmed the 'BB' ratings for the senior secured
debt obligations of Venezuelan heavy oil strategic association
Cerro Negro Finance, Ltd.  The rating action applies to the
following debt securities:

-- US$200 million 7.33% bonds due 2009;

-- US$350 million 7.90% bonds due 2020;

-- US$50 million 8.03% bonds due 2028.

(See FITCH NOTES below for further details.)

Cerro Negro is domiciled in Venezuela and is a key to the
development of the Orinoco Basin's extra heavy crude oil
reserves. Debt holders rely solely on the ability of the project
to generate sufficient cash flow from operations to meet
scheduled debt service. Revenues are largely derived from the
sale of syncrude exports.

Cerro Negro is owned 41.67% by an ExxonMobil subsidiary, 41.67%
by a PDVSA subsidiary and 16.67% by a Veba Oel subsidiary.


HAMACA: `BB' Ratings Affirmed By Fitch
--------------------------------------
Fitch Ratings affirmed the 'BB' ratings for the senior secured
debt obligations of Venezuelan heavy oil strategic association
Petrolera Hamaca, S.A. (Hamaca). The rating action applies to
total senior project loans of US$1.1 billion consist of:

-- US$627.8 million senior agency loan due 2018;

-- US$470 million senior bank loan due 2015, borrowed on a
several (not joint) basis 30% by Corpoguanipa, S.A., a
subsidiary of PDVSA, and 70% by Hamaca Holdings L.L.C.

(See FITCH NOTES below for further details.)

Hamaca is domiciled in Venezuela and is a key to the development
of the Orinoco Basin's extra heavy crude oil reserves. Debt
holders rely solely on the ability of each project to generate
sufficient cash flow from operations to meet scheduled debt
service. Revenues are largely derived from the sale of syncrude
exports.

Hamaca is owned 40% by a ConocoPhillips subsidiary, 30% by a
ChevronTexaco subsidiary, and 30% by a PDVSA subsidiary.


PETROZUATA: Fitch Affirms Ratings Despite Royalty Hike
------------------------------------------------------
Fitch Ratings affirmed the 'BB' ratings for the senior secured
debt obligations of Venezuelan heavy oil strategic association
Petrozuata Finance Inc.. The rating action applies to the
following debt securities:

-- US$300 million 7.63% series A bonds due 2009;

-- US$625 million 8.22% series B bonds due 2017;

-- US$75 million 8.37% series C bonds due 2022.

Petrozuata is domiciled in Venezuela and is a key to the
development of the Orinoco Basin's extra heavy crude oil
reserves. Debt holders rely solely on the ability of the project
to generate sufficient cash flow from operations to meet
scheduled debt service. Revenues are largely derived from the
sale of syncrude exports.

Petrozuata is owned 50.1% by a ConocoPhillips subsidiary and
49.9% by a PDVSA subsidiary.


SINCOR: `BB' Ratings Affirmed
-----------------------------
Fitch Ratings affirmed the 'BB' ratings for the senior secured
debt obligations of Venezuelan heavy oil strategic association
Sincrudos de Oriente Sincor, C.A. The rating action applies to
US$1.2 billion senior bank loans borrowed by sponsors of Sincor
Finance Inc.

Sincor is domiciled in Venezuela and is a key to the development
of the Orinoco Basin's extra heavy crude oil reserves. Debt
holders rely solely on the ability of the project to generate
sufficient cash flow from operations to meet scheduled debt
service. Revenues are largely derived from the sale of syncrude
exports.

Sincor is owned 47% by a TOTAL subsidiary, 38% by a PDVSA
subsidiary and 15% by a Statoil subsidiary.


FITCH NOTES: The Venezuelan government announced on Oct. 10,
2004, an increase in the oil royalty rate to 16.67% for the four
Venezuelan heavy oil strategic associations. The local tax
authority (SENIAT) recently instructed the projects to begin
paying the higher royalty rate on production attributed to the
month of October. Fitch anticipates that the increased royalty
tax combined with the increased social burden imposed on PDVSA
by the current administration will reduce the attractiveness of
private investments in Venezuela's hydrocarbons sector.

The higher oil royalty rate of 16.67% from the agreed 1% rate
adopted in the late 1990s to incentivize private development of
the Orinoco basin reserves is consistent with the 1943
hydrocarbons law that was in effect when the association
agreements were formed. With the exception of Hamaca, all of the
ventures have benefited from a reduced 1% royalty rate since
their initial production of commercial syncrude beginning as
early as 2001.

A higher royalty rate erodes the debt service capacity of the
projects, because it increases operating expenses. For the
Orinoco ventures, the oil royalties paid by each of the projects
as a privilege levy on the extraction of a natural resource are
derived from a PDVSA defined oil price benchmark. At an assumed
oil price of US$35 per barrel for WTI (West Texas Intermediate)
in 2005 and a sustained long-term price of US$22 per barrel from
2006 onward, each of the four project's cash flow capacity
during the initial applicable years is estimated to decline in
the range of 9% to 23%.

Notwithstanding the deterioration in the economic profile of the
projects attributed to the higher royalty burden, and
irrespective of any ratings constraints that might be associated
with PDVSA or Venezuela's sovereign environment, their credit
quality remains consistent with Fitch's current 'BB' ratings.
Finally, a sustained low-cycle oil price could further weaken
the projects' debt service capacity prompting future rating
downgrades.

CONTACTS: FITCH RATINGS, NEW YORK
          Caren Y. Chang, 312-368-3151
          Jason Todd, 312-368-3217
          Gersan Zurita, 212-908-0318
          Carlos Fiorillo, 212-286-3356 (Venezuela)
          Brian Bertsch, 212-908-0549 (Media Relations)




                            ***********


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

This material is copyrighted and any commercial use, resale or
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