TCRLA_Public/050107.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, January 7, 2005, Vol. 6, Issue 5


                            Headlines


A R G E N T I N A

ARGENTINE BANKING SYSTEM: Moody's Releases Annual Report
ASTEC S.R.L.: Reports Submission Set
CORTINAS HNOS: Initiates Bankruptcy Proceedings
EASA: Fitch Maintains D(arg) Rating on $200M ONs
FRIGORIFICO SAN JOSE: Verification Deadline Approaches

GRANITOS ALCAZAR: Court Grants Reorganization Plea
INGENIERO JORGE KOLKER: Enters Bankruptcy on Court Orders
IRSA: Convertible Note Holders Exercise Warrants
MAG S.A.: Court Grants Reorganization Plea
METROGAS: Extends Consent Solicitation to Mar. 1

OLIVEIRA & ASOCIADOS: Liquidates Assets to Pay Debts
PAMET S.A.: Gets Court OK for Reorganization
PLASTICOS ARCOBALENO: Court Designates Trustee For Bankruptcy
PRODUCTOS PANIFICADOS: Court Orders Liquidation
SOLDIMAR S.R.L.: Initiates Bankruptcy Proceedings

SPORTIVO BALNEARIA: Court Appoints Trustee for Reorganization
VARTULI HNOS: Liquidates Assets to Pay Debts
YACYRETA: Argentina, Paraguay Ink Accord to Complete Dam By 2008


B E R M U D A

PEMBROKE B737-7003: Proceeds With Voluntary Liquidation
PREMIER: Names Robin Mayor as Liquidator
PROMOTIONAL INSURANCE: Sole Member Opts for Wind-Up


B R A Z I L

EMBRATEL: Shareholders Approve New Share Issuance


C O L O M B I A

COLOMBIA TELECOMUNICACIONES: Secures Approval to Get $158M Loan


C O S T A   R I C A

ICE: Seeks Restructured Payment Plan to Pay Ericsson Debt


D O M I N I C A N   R E P U B L I C

EDESUR: Moves to Settle Conflict With Santo Domingo Municipality


J A M A I C A

AIR JAMAICA: To Implement Extensive Cost-Cutting Measures


M E X I C O

TV AZTECA: Responds to SEC Charges


P A N A M A

DELTEC HOLDINGS: Up for Auction January 20


U R U G U A Y

UTE: Board Yet to Decide on Combined Cycle Tender

     -  -  -  -  -  -  -  -

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

ARGENTINE BANKING SYSTEM: Moody's Releases Annual Report
--------------------------------------------------------
Moody's Investors Service has released its annual report on
Argentina's banking industry. In the report entitled "Banking
System Outlook: Argentina," Moody's explains why it has a stable
outlook for Argentina's low bank ratings.

Below is a summary opinion of Moody's report:

"Our credit outlook for the Argentine banks continues to hinge
largely on the sovereign's slow progress in rescheduling its
external debt. After three years, this lack of resolution
continues to burden the financial system not only due to its
holdings of public sector debt, but also because of the effects
that political, financial and legal ambiguities have had on the
overall business climate and asset values in Argentina. This
backdrop continues to weigh on the bank ratings because of the
considerable impact it has on bank fundamentals and franchise
value. Our global foreign currency deposit and bank financial
strength ratings remain at the same low levels of Caa2 and E,
respectively.

Our "E" bank financial strength ratings, which are indicative of
intrinsic financial strength, reflect the banks' continued weak
core profitability and earnings quality, reflecting their
uncertain recurring earnings, pressured asset quality, and weak
economic capitalization. In addition, the banks face operational
and transition risks as the system undergoes a major
reconstruction. Deposit levels, though apparently more stable,
remain lackluster.

The Argentine banks are also still challenged by an uncertain
rule of law, particularly as it concerns the right to foreclose
on problem debts, as well as the never-ending debate on the
"amparos", lawsuits by depositors claiming the original value of
their dollar deposits.

Financial margins also remain relatively volatile, resulting in
part from the structural mismatch of assets and liabilities
partly as a result of the asymmetric pesification and indexation
of the financial system in 2002. While moderate loan growth and
provisioning have helped improve asset quality, it remains
fundamentally weak. This points to further credit costs down the
road, especially given present high unemployment levels and
still relatively weak corporate credit quality.

That said, the system's overall performance improved during the
first nine months of 2004, aided by more benign inflation and
interest rates as well as the banks' own efforts to adjust their
operations to the more difficult business climate. Loss levels
declined as a result of higher securities gains and as funding
costs eased. The banks also continued to tackle operating cost
overages in the context of still weak revenue growth. We expect
the moderate upturn in lending to continue in the near term in
light of attractive rates and marketing campaigns, which should
provide better coverage of costs.

We remain cautiously optimistic as the banks begin to turn the
corner, while they cope with a pressured business environment
and a hard-to-plan-for sovereign debt problem. Mergers and
consolidations, which began to pick up pace in 2004, should help
to further the restructuring of the financial system."


ASTEC S.R.L.: Reports Submission Set
------------------------------------
Mr. Hector Rodolfo Arzu, the trustee assigned to supervise the
liquidation of Astec S.R.L., will submit the validated
individual claims for court approval on March 14. These reports
explain the basis for the accepted and rejected claims. He will
also submit a general report on April 29.

Infobae reports that Court No. 11 of Mar del Plata's civil and
commercial tribunal has jurisdiction over this bankruptcy case.

CONTACT: Astec S.R.L.
         9 de Julio 127
         Moron

         Mr. Hector Rodolfo Arzu, Trustee
         Belgrano 236
         Moron


CORTINAS HNOS: Initiates Bankruptcy Proceedings
-----------------------------------------------
Court No. 8 of Buenos Aires' civil and commercial tribunal
declared Cortinas Hnos y Cia S.R.L. "Quiebra," reports Infobae.

Ms. Sara Maria Rey de Lavolpe, who has been appointed as
trustee, will verify creditors' claims until March 31 and then
prepare the individual reports based on the results of the
verification process. The individual reports will be submitted
in court on May 16 followed by the general report due on June
28.

The city's Clerk No. 15 assists the court on the case that will
close with the liquidation of the Company's assets to repay
creditors.

CONTACT: Ms. Sara Maria Rey de Lavolpe, Trustee
         Cerrito 1136
         Buenos Aires


EASA: Fitch Maintains D(arg) Rating on $200M ONs
------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. confirmed the D(arg)
rating assigned to US$200 million worth of Obligaciones
Negociables ON issued by Electricidad Argentina S.A. (EASA).

EASA is struggling to meet debt obligations. Local distributor
Edenor, upon which EASA derives its sole income, has seen its
ability to generate funds deteriorate due to the devaluation of
the Argentine peso and frozen tariffs.

However, Edenor is still able to make interest payments on its
debt due to efficient cash flow management. Edenor bought back
US$12 million worth of debt in 4Q04, while EASA has not been
able to make its three final US$30.4 million capital payments
for a US$91.2 million bond issue nor has it been able to pay off
a US$7 million loan from Argentine bank Banco Europeo para
Am‚rica Latina. EASA is up to date on interest payments
corresponding to these debts, Fitch said in a statment.

EASA was founded in 1992 with the aim to acquire the majority
share capital of Edenor S.A. (51%). Edenor owns the concession
to supply electricity in the north area of Capital federal and
Greater Buenos Aires for a period of 95 years. Edenor is the
first electricity supplier company in Argentina with 2.27 M of
clients. EASA is controlled by EDF International (100%).


FRIGORIFICO SAN JOSE: Verification Deadline Approaches
------------------------------------------------------
The verification of claims for the Frigorifico San Jose S.R.L.
bankruptcy will end on February 28 according to Infobae.
Creditors with claims against the bankrupt company must present
proof of the liabilities to Ms. Elba G. Hirigoity, the court-
appointed trustee, before the deadline.

Court No. 4 of Buenos Aires' civil and commercial tribunal
handles the company's case with the assistance of Clerk No. 7.
The bankruptcy will conclude with the liquidation of the
company's assets to pay its creditors.

CONTACT: Mr. Elba G. Hirigoity, Trustee
         Avda Cordoba 1388
         Buenos Aires


GRANITOS ALCAZAR: Court Grants Reorganization Plea
--------------------------------------------------
Granitos Alcazar S.A., a company operating in La Rioja,
continues with its reorganization on orders from Court No. 4 of
the city's civil and commercial tribunal, which 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.

Infobae reports that trustee Carlos Alberto Gomez closed the
verification of creditors' claims on November 15 last year. Mr.
Gomez is expected to submit a general report on the case on
March 2.

CONTACT: Granitos Alcazar S.A.
         Bazan y Bustos 914
         La Rioja

         Mr. Carlos Alberto Gomez, Trustee
         Hipolito Irigoyen 3250
         La Rioja


INGENIERO JORGE KOLKER: Enters Bankruptcy on Court Orders
---------------------------------------------------------
Court No. 11 of Buenos Aires' civil and commercial tribunal
declared Ingeniero Jorge Kolker S.A. bankrupt after the company
defaulted on its debt payments. The order effectively places the
company's affairs as well as its assets under the control of
court-appointed trustee Jorge Guillermo Podesta.

As trustee, Mr. Podesta is tasked with verifying the
authenticity of claims presented by the company's creditors. The
verification phase is ongoing until March 16.

Following claims verification, the trustee will submit the
individual reports based on the forwarded claims for final
approval by the court on April 29. A general report will also be
submitted on June 13.

Infobae reports that the city's Clerk No. 21 assists the court
on this case that will end with the sale of the company's assets
in favor of its creditors.

CONTACT: Mr. Jorge Guillermo Podesta, Trustee
         Reconquista 336
         Buenos Aires


IRSA: Convertible Note Holders Exercise Warrants
------------------------------------------------
By letter dated January 03, 2005, the Company reported that on
December 31, 2004 holders of Company's Convertible Notes that
already had exercised their conversion right exercised their
warrant rights. Hence, a reduction of 895,369 warrants and an
increase of 1,642,875 ordinary shares face value pesos 1 (V$N 1)
each was made. As a result, the amount of shares of the Company
goes from 259,877,372 to 261,520,247. The new amount of warrants
in circulation is 86,838,669. The exercised of the warrant was
performed according to terms and conditions established in the
prospectus of issuance. The amount of shares acquired is equal
to the amount of shares into which it was converted the
convertible note at a price of US$ 0.6541 for each share face
value pesos 1. Therefore US$ 1,074,604.54 entered into the
Company.

CONTACT: IRSA Inversiones y Representaciones S.A.
         1066
         Phone: 541-342-7555
         Bolivar 108
         Buenos Aires
         Argentina


MAG S.A.: Court Grants Reorganization Plea
------------------------------------------
Mag S.A. successfully petitioned for reorganization after Court
No. 11 of Mar del Plata's civil and commercial tribunal issued a
resolution opening the company's insolvency proceedings.

Under insolvency protection, the company will continue to manage
its assets subject to certain conditions imposed by Argentine
law and the oversight of a court-appointed trustee.

Infobae relates that Ms. Elsa Beatriz Palavecino will serve as
trustee during the course of the reorganization. The firm will
be accepting creditors' proofs of claims for verification until
February 21.

CONTACT: Mag S.A.
         Ituzaingo 5166
         Mar del Plata

         Ms. Elsa Beatriz Palavecino, Trustee
         Alberti 3065
         Mar del Plata


METROGAS: Extends Consent Solicitation to Mar. 1
------------------------------------------------
MetroGAS S.A. (the "Company") announced Wednesday that it is
further extending its solicitation (the "APE Solicitation") from
holders of its 9-7/8% Series A Notes due 2003 (the "Series A
Notes"), its 7.375% Series B Notes due 2002 (the "Series B
Notes") and its Floating Rate Series C Notes due 2004 (the
"Series C Notes" and, together with the Series A Notes and the
Series B Notes, the "Existing Notes") and its other unsecured
financial indebtedness (the "Existing Bank Debt" and, together
with the Existing Notes, the "Existing Debt"), subject to
certain eligibility requirements, of powers of attorney
authorizing the execution on behalf of the holders of its
Existing Notes of, and support agreements committing holders of
its Existing Bank Debt to, execute an acuerdo preventivo
extrajudicial (the "APE") until 5:00 p.m., New York City time,
on March 1st, 2005 (the "New Expiration Date"), unless further
extended by the Company.

APE Solicitation

As of 5:00 p.m., New York City time, on January 4, 2005, powers
of attorney and support agreements had been received with
respect to approximately US$85,203,900 principal amount of
Existing Debt.

The APE Solicitation will remain in all respects subject to all
terms and conditions described in the Company's Solicitation
Statement dated November 7, 2003.

This press release is not an offer in any jurisdiction,
including the United States and Italy, of the rights or the
interests in the ape arising from the execution of the ape or
any of the securities that may be issued if the ape is approved
by the reviewing court. Neither the rights nor the interests in
the ape arising from the execution of the ape nor any of the
securities that may be issued if the ape is approved by the
reviewing court may be sold (a) in the united states absent
registration or an exemption from registration under the united
states securities act of 1933, as amended (the "securities
act"), or (b) in any other jurisdiction in which such sale is
prohibited. The company has not registered and will not register
under the securities act the rights or the interests in the ape
arising from the execution of the ape or any of the securities
that may be issued if the ape is approved by the reviewing
court. The ape solicitation is not being and will not be made to
holders of existing debt located in Italy and will be made to
them, if at all, at a later date and in full compliance with
Italian laws and regulations.

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

Any holder wishing to receive a copy of the Solicitation
Statement and/or ancillary documents should contact:

J.P. Morgan Securities Inc.
Phone: 1-877-217-2484 in the United States; or

JPMorgan Chase Bank Buenos Aires
Phone: 54-11-4348-3475/4325-8046 in Argentina.


OLIVEIRA & ASOCIADOS: Liquidates Assets to Pay Debts
----------------------------------------------------
D.V.D. de Oliveira & Asociados S.A. will begin liquidating its
assets following the bankruptcy pronouncement issued by Court
No. 15 of the Buenos Aires' civil and commercial tribunal,
Infobae reports.

The bankruptcy ruling places the company under the supervision
of court-appointed trustee Hector Jorge Garcia. The trustee will
verify creditors' proofs of claims until March 28.

CONTACT: Mr. Hector Jorge Garcia, Trustee
         Montevideo 734
         Buenos Aires


PAMET S.A.: Gets Court OK for Reorganization
--------------------------------------------
Pamet S.A. begins reorganization following the approval of its
petition by Court No. 1 of Buenos Aires' civil and commercial
tribunal. The opening of the reorganization will allow the
company to negotiate a settlement with its creditors in order to
avoid a straight liquidation.

Ms. Renee Alba Montuega will oversee the proceedings as the
court-appointed trustee. The verification of creditors claims
closed on November 26 last year.

The trustee is required by the court to submit a general report
essentially auditing the company's accounting and business
records as well as summarizing important events pertaining to
the reorganization. This report will be presented in court on
March 22.

The Informative Assembly, the final stage of a reorganization
where the settlement proposal is presented to the company's
creditors for approval, is scheduled on September 9.

CONTACT: Pamet S.A.
         Domecq Garcia 555
         Puerto Madryn (Chubut)

         Ms. Renee Alba Montuega, Trustee
         Marcos A Zar 885
         Puerto Madryn (Chubut)


PLASTICOS ARCOBALENO: Court Designates Trustee For Bankruptcy
-------------------------------------------------------------
Buenos Aires accounting firm "Estudio Moyano, Guelman y
Asociados" was assigned trustee for the bankruptcy of local
company Plasticos Arcobaleno S.A., relates Infobae.

The trustee will verify creditors' claims until March 8, the
source adds. After that, the firm will prepare the individual
reports, which are to be submitted in court on April 21.
The general report submission should follow on May 5.

CONTACT: "Estudio Moyano, Guelman y Asociados"
          Riobamba 1234
          Buenos Aires


PRODUCTOS PANIFICADOS: Court Orders Liquidation
-----------------------------------------------
Productos Panificados S.A. moves to wind-up its operations
following the bankruptcy pronouncement issued by the civil and
commercial tribunal of Buenos Aires. The declaration effectively
prohibits the company from administering its assets, control of
which will be transferred to a court-appointed trustee.

Infobae reports that the court appointed Ms. Mabel Alba Herrera
as trustee. She will be reviewing creditors' proofs of claims
until February 15. The verified claims will be the basis for the
individual reports to be presented for court approval on April
1. Afterwards, the trustee will also submit a general report on
May 13.

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

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


SOLDIMAR S.R.L.: Initiates Bankruptcy Proceedings
-------------------------------------------------
The civil and commercial tribunal of Buenos Aires had declared
local company Soldimar S.R.L. "Quiebra," reports Infobae.

Mr. Roberto Alfredo Mazzarella, who has been appointed as
trustee, will verify creditors' claims until April 15 and then
prepare the individual reports based on the results of the
verification process.

The individual reports will then be submitted in court on May 30
followed by the general report on July 12.

CONTACT: Mr. Roberto Alfredo Mazzarella, Trustee
         Laprida 1411
         Buenos Aires


SPORTIVO BALNEARIA: Court Appoints Trustee for Reorganization
-------------------------------------------------------------
Asociacion Mutual Entre Asociados y Adherentes Del Club Sportivo
Balnearia, a company operating in San Francisco, Cordoba, is
ready to start its reorganization after Court No. 5 of the
city's civil and commercial tribunal appointed Mr. Horacio
Ricardo Angel Favot to supervise the proceedings as trustee.

Infobae states that the trustee will verify creditors claims
until February 25. Afterwards, the trustee will present these
claims as individual reports for final review by the court on
April 15.

Mr. Favot will also provide the court with a general report
pertaining to the reorganization on June 1. The court has
scheduled the informative assembly on November 3.

CONTACT: Asociacion Mutual Entre Asociados y
         Adherentes Del Club Sportivo Balnearia
         Independencia 200 Balnearia
         Cordoba

         Mr. Horacio Ricardo Angel Favot, Trustee
         Libertad 1325
         San Francisco
         Cordoba


VARTULI HNOS: Liquidates Assets to Pay Debts
--------------------------------------------
Vartuli Hnos S.A. of Buenos Aires will begin liquidating its
assets following the liquidation pronouncement issued by the
city's civil and commercial tribunal.

The bankruptcy ruling places the company under the supervision
of court-appointed trustee Anibal Diego Carrillo. The trustee
will verify creditors' proofs of claims until March 29. The
validated claims will be presented in court as individual
reports on May 10.

The trustee will also submit a general report, containing a
summary of the company's financial status as well as relevant
events pertaining to the bankruptcy, on June 22.

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

CONTACT: Mr. Anibal Diego Carrillo, Trustee
         Juncal 615
         Buenos Aires


YACYRETA: Argentina, Paraguay Ink Accord to Complete Dam By 2008
----------------------------------------------------------------
Argentina's planning minister Julio de Vido and Paraguay's
public works minister Jose Alderete reached an agreement
Wednesday to raise water levels and finally complete work on the
bi-national Yacyreta dam project by 2008.

"It is a firm commitment by both countries to conclude the
project with total transparency," de Vido said.

The agreement, under which the project known as the "Plan de
Terminacion de Obras" will be carried out, calls for US$560
million coming from Argentine coffers and an additional US$90
million from the Inter-American Development Bank.

The Entidad Binacional Yacyreta (EBY) joint venture that
administers Yacyreta will also manage the expansion project,
which lies on the border of Argentina and Paraguay.

Work will start this year to raise the level of the dam to 83m
from its current level of 76m, de Vido said. The project will be
completed by 2008, increasing the generation capacity by 58% to
some 19,000GWh a year.

The Yacyreta project has been plagued by troubles since it was
launched in the early 1970s. Massively over budget and years
behind schedule, the Yacyreta project has, for some critics,
become a poster child of mismanagement and corruption.



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

PEMBROKE B737-7003: Proceeds With Voluntary Liquidation
-------------------------------------------------------
        IN THE MATTER OF THE COMPANIES ACT 1981

                        And

         IN THE MATTER OF Pembroke B737-7003

The Sole Member of Pembroke B737-7003, acting by written consent
without a meeting on December 30, 2004 passed the following
resolutions:

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

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

The Liquidator informs that:

- Creditors of Pembroke B737-7003, which is being voluntarily
wound up, are required, on or before January 19, 2005 to send
their full Christian and Surnames, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their lawyers (if any) to Robin J. Mayor
at Messrs. Conyers Dill & Pearman, Clarendon House, Church
Street, Hamilton, HM DX, Bermuda, the Liquidator of the said
Company, and if so required by notice in writing from the said
Liquidator, and personally or by their lawyers, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- A final general meeting of the Sole Member of Pembroke B737-
7003 will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
9th February 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


PREMIER: Names Robin Mayor as Liquidator
----------------------------------------
     IN THE MATTER OF THE COMPANIES ACT 1981

                   And

     IN THE MATTER OF Premier Marketing Ltd.

The Sole Member of Premier Marketing Ltd., acting by written
consent without a meeting on December 30, 2004 passed the
following resolutions:

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

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

The Liquidator informs that:

- Creditors of Premier Marketing Ltd., which is being
voluntarily wound up, are required, on or before January 19,
2005 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their lawyers (if any) to Robin J.
Mayor at Messrs. Conyers Dill & Pearman, Clarendon House, Church
Street, Hamilton, HM DX, Bermuda, the Liquidator of the said
Company, and if so required by notice in writing from the said
Liquidator, and personally or by their lawyers, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- A final general meeting of the Sole Member of Premier
Marketing Ltd. will be held at the offices of Messrs. Conyers
Dill & Pearman, Clarendon House, Church Street, Hamilton,
Bermuda on February 9, 2005 at 9:30 a.m., or as soon as possible
thereafter, for the purposes of:

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

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

(3) by resolution dissolving the Company.

CONTACT: Mr. Robin J. Mayor, Trustee
         Clarendon House, Church Street
         Hamilton, Bermuda


PROMOTIONAL INSURANCE: Sole Member Opts for Wind-Up
---------------------------------------------------
        IN THE MATTER OF THE COMPANIES ACT 1981

                       And

   IN THE MATTER OF Promotional Insurance Limited

The Sole Member of Promotional Insurance Limited, acting by
written consent without a meeting on December 30, 2004 passed
the following resolutions:

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

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

The Liquidator informs that:

- Creditors of Promotional Insurance Limited, which is being
voluntarily wound up, are required, on or before January 19,
2005 to send their full Christian and Surnames, their addresses
and descriptions, full particulars of their debts or claims, and
the names and addresses of their lawyers (if any) to Robin J.
Mayor at Messrs. Conyers Dill & Pearman, Clarendon House, Church
Street, Hamilton, HM DX, Bermuda, the Liquidator of the said
Company, and if so required by notice in writing from the said
Liquidator, and personally or by their lawyers, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- A final general meeting of the Sole Member of Promotional
Insurance Limited will be held at the offices of Messrs. Conyers
Dill & Pearman, Clarendon House, Church Street, Hamilton,
Bermuda on February 9, 2005 at 9:30 a.m., or as soon as possible
thereafter, for the purposes of:

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

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

(3) by resolution dissolving the Company.

CONTACT: Mr. Robin J. Mayor, Liquidator
         Clarendon House
         Church Street
         Hamilton, Bermuda



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

EMBRATEL: Shareholders Approve New Share Issuance
-------------------------------------------------
Brazilian long distance carrier Embratel Participacoes SA
obtained unanimous approval from its shareholders on its plan to
issue BRL1.9 billion (US$700mn) worth of new shares, reports Dow
Jones Newswires.

The approval came at a meeting Wednesday, where shareholders
representing 90% of Embratel's voting capital were present. An
issue price wasn't set at the shareholder meeting.

Analysts have said investors are nervous about a dilution from
the issuance of new shares, as well as the potential issue
price, with estimates varying between BRL5 and BRL9.50 per lot
of 1,000 shares.

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



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

COLOMBIA TELECOMUNICACIONES: Secures Approval to Get $158M Loan
---------------------------------------------------------------
State-owned telco Colombia Telecomunicaciones (Telecom) gained
authorization from the finance ministry to secure a loan of
COP370 billion (US$158 million) to pay off debt held with
international providers, reports Business News Americas.

The loan, which will be provided by BBVA Colombia, Banco de
Credito, Banco Davivienda, Megabanco, Granahorrar and Bancafe,
is part of Telecom's total debt of up to COP900 billion
authorized by the Colombian government in April 2004.

The loan matures in nine years and includes a grace period of
three years.

Telecom recently signed an agreement to pay off US$68.5 million
of debt with German telecoms vendor Siemens. Siemens tried to
negotiate for US$212 million owed by Telecom for its part in
fixed line build-out contracts signed in 1995-1997. Upon payment
of the US$68.5 million, the Colombian operator would have full
ownership of 162,000 lines installed by Siemens, thus saving
nearly US$144 million.

Similar agreements were signed with Canada's Nortel Networks and
Sweden's Ericsson. Telecom expects to close remaining agreements
with NEC, Itochu and Alcatel during this year.

Colombia Telecomunicaciones was created by the government from
the ashes of the defunct Telecom, which it liquidated due to
unsustainable pension and wage bills, and pressures caused by
lawsuits.



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

ICE: Seeks Restructured Payment Plan to Pay Ericsson Debt
---------------------------------------------------------
Costa Rica's electricity and telecoms monopoly ICE is seeking a
restructured payment plan for a new GSM network.

According to Business News Americas, ICE struck an agreement
with Swedish equipment firm Ericsson for 600,000 GSM mobile
lines, which it plans to have installed by mid-2005. The
agreement requires ICE to pay Ericsson some US$24.8 million for
the network the first year.

However, ICE's revenues will not be high enough the first year
to pay the debt owed to Ericsson.

"That's why we're asking for a restructuring of the payment
plan," ICE director Pablo Urena was reported as saying.

ICE analysts developed two revenue scenarios based on the
expected number of new mobile phone users that will sign up in
the first year, neither of which will be sufficient for ICE to
cover its payment to Ericsson.



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

EDESUR: Moves to Settle Conflict With Santo Domingo Municipality
----------------------------------------------------------------
The municipal officials of Santo Domingo and the electricity
distributor EdeSur have taken positive steps to settle their
dispute, according to DR1 Daily News. At a recent meeting, Mayor
Roberto Salcedo and EdeSur administrator Ruben Bichara agreed to
let their legal people work out an agreement that will cover the
payment due to EdeSur for public lighting and the 3% of gross
income that the electricity distributor owes the municipality
under the Electricity Law 125-01.



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

AIR JAMAICA: To Implement Extensive Cost-Cutting Measures
---------------------------------------------------------
The new management of Air Jamaica announced Wednesday that a
massive restructuring is about to be implemented to save the
embattled airline.

"Air Jamaica is in deep trouble and requires significant
adjustments and changes and significant cost restructuring for
it to survive," said Dr. Vincent Lawrence, the new government-
appointed executive chairman of Air Jamaica.

According to Dr. Lawrence, the restructuring will include a big
salary cut from the executive staff and the slashing of
unprofitable routes.

Members of the airline's executive staff, numbering about 50 out
of a staff complement of 3,000, have agreed to an average salary
reduction of 18%, resulting in annual savings of US$1 million
(J$62 million), Dr. Lawrence disclosed.

Unprofitable routes targeted for slashing are Antigua,
Manchester/England and London/Havana.

Other major aspects of the restructuring program include fuel
management and improved maintenance and engineering.

Since retaking Air Jamaica on December 23 last year, the
Government has been able to secure financing - US$35 million
(J$2.1 billion), including US$5 million (J$310 million) of the
US$20 million (J$1.2 billion) committed by Gordon 'Butch'
Stewart, the former chairman.

Dr. Lawrence revealed that the management team had started to
look at ways to restructure large amounts of the airline's
liabilities, including having meetings with creditors while
seeking long-term financing for the airline.

Air Jamaica is expected to post losses of US$90 million for
2004.

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



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

TV AZTECA: Responds to SEC Charges
----------------------------------
TV Azteca, S.A. de C.V. (NYSE: TZA; BMV:TVAZTCA; Latibex: XTZA),
one of the two largest producers of Spanish language television
programming in the world, announced that the U.S. Securities and
Exchange Commission (the "SEC") issued a press release informing
that it filed a civil action Tuesday against the company, its
parent company, Ricardo B. Salinas, founder, chairman and
majority shareholder, and Pedro Padilla Longoria, board member
and former CEO, in a U.S. Federal Court.

The SEC alleges violations of U.S. federal securities laws in
connection with public disclosures concerning the 2003
transactions among Unefon, Nortel and Codisco, which have been
discussed in detail in the company's most recent annual report
on Form 20-F.

For the past twelve months TV Azteca has been providing
information and cooperating with the SEC on inquiries regarding
the transactions, and has received several settlement offers
that the company considered unacceptable.

"Principles are not negotiable. We could have settled for money,
but this is not about money, it is about standing up for what
you believe to be right. The transactions discussed in the SEC
press release benefited Unefon, TV Azteca and their shareholders
and I stand behind them," said Ricardo B. Salinas. "The SEC
accusations are false, in bad faith and discriminatory. We will
prevail because we acted correctly."

"It's absurd for the SEC to use a Mexican company and Mexican
citizens to try to impose U.S. regulations in an
extraterritorial manner, unilaterally ignoring international
laws and the Mexican legal framework. In my view they are trying
to politically compensate their deficiencies in supervising U.S.
companies in the past," added Mr. Salinas. "It is these
irresponsible and arbitrary SEC actions, not the Unefon debt
transactions, which are adversely affecting both minority and
majority shareholders."

TV Azteca is certain that its officers and directors acted in
full compliance with the applicable legal framework and are
determined to continue to do so, and to firmly defend what we
believe to be correct.

The company noted that today's SEC action could result in a
prolonged andexpensive legal process. Should there be a
favorable decision the company will seek reimbursement for all
damages arising from the legal action.

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
US Hispanic market, and Todito.com, an Internet portal for North
American Spanish speakers.

CONTACT: Investor Relations
         Mr. Bruno Rangel
         Phone: 5255 1720 9167
         E-mail: jrangelk@tvazteca.com.mx

         Mr. Omar Avila
         Phone: 5255 1720 0041
         E-mail: oavila@tvazteca.com.mx

         Media Relations:
         Mr. Tristan Canales
         Phone: 5255 1720 5786
         E-mail: tcanales@tvazteca.com.mx

         Mr. Daniel McCosh
         Phone: 5255 1720 0059
         E-mail: dmccosh@tvazteca.com.mx



===========
P A N A M A
===========

DELTEC HOLDINGS: Up for Auction January 20
------------------------------------------
         NOTICE OF PUBLIC FORECLOSURE SALE AT AUCTION

Notice is hereby given that, pursuant to: (1) A Judgment entered
by the U.S. District Court (SDNY), (2) Section 9-610 of the New
York State Uniform Commercial Code, (3) the Loan and Security
Agreement dated as of November 30, 2001 ("Loan Agreement")
between Deltec Holdings, Inc. ("Debtor") and Cardell Financial
Corporation ("Secured Party"); and (4) the Non-Recourse Stock
Pledge Agreement dated as of November 30, 2001 ("Pledge
Agreement") among certain shareholders of Debtor, and Secured
Party, up to 50(but not less than 25) shares (the "shares") of
the common stock of Deltec Holdings, Inc., a Panama corporation
with its principal properties located at in the city of Sao
Paulo, State of Sao Paulo, Brazil, will be sold at a PUBLIC
FORECLOSURE SALE ("Auction") on January 20, 2005, at 10:00 a.m.
New York City time at the offices of Anderson, Kill & Olick,
P.C., located at 1251 Avenue of the Americas, New York, N.Y.
10020, by Secured Party or its representatives. The Shares were
pledged to Secured party by certain shareholders of Debtor under
the Pledge Agreement as security for a certain promissory note
dated as of November 30, 2001 ("the Note") issued by Debtor
under the Loan Agreement. Debtor is in default under the Note
and the Loan Agreement. The total amount of principal and
interest due under the Note as of October 31, 2004. (Not
including certain costs and expenses) is approximately US$9.7
million dollars. The shares represent approximately 44% of the
issued and outstanding capital stock of Debtor.

The shares will be sold to the highest qualified bidder at the
Auction. In order to participate in the bidding, the bidder must
tender a written unconditional all cash bid and a 15% cash
deposit prior to the Auction. The Minimum Bid for all 50 shares
shall be US$2 million and Minimum Deposit for any bid (including
any bid for less than all 50 shares (but not less than 25
shares) shall be US$1 million plus US$40,000 per Share in excess
of 25 shares) The Secured Party and its representatives make no
representations as to the financial condition of the issuer of
the Shares, or its subsidiaries. A bidder will be required to
provide evidence to the satisfaction of the Secured Party that
(1) such bidder is qualified to purchase securities in a
transaction exempt from registration under the Act (as defined
below) and any applicable State Acts (as defined below) and is
purchasing the shares for its own account; or (2) that the Offer
(as defined below) and sale of the Shares is not subject to the
jurisdiction of the Act or the Sate Acts.

The Successful qualified bidder at the Auction must pay the
balance of the purchase price for the Shares (in excess of the
deposit) in cash in US dollars, in immediately available funds,
as soon as possible (and no later than 2 business days) after
the Auction. Failure to pay the balance will result in
forfeiture of the deposit, and the shares may be sold to another
party. The secured party may credit bid for the shares at the
Auction. Deposits will be returned to unsuccessful bidders after
the Auction, without interest. The certificates representing the
shares bear a legend indicating that they have not been
registered under the Act or the State Acts, and any certificates
issued to a successful qualified bidder will bear a similar
legend.

The sale may be adjourned from time to time, and notice of any
adjourned sale date will be given only at the time of the
scheduled sale an to those who are represented at the sale.

For more information, Additional terms of sale (including
qualifications of bidders) and purchase agreement ("offer")
please contact: John Y. Freeman, Broke, Houghton & Company,
Inc., 444 Madison Avenue, 25th floor, New York, NY 10022, (212)
329-1680; Fax: (212) 753-7730; e-mail:
jfreeman@brookshoughton.com

The announcement is neither an offer to sell nor a solicitation
of an offer to sell nor a solicitation of an offer to purchase
the Shares (as defined above). The Offer (as defined above) will
only be made at the Auction to a qualified bidder pursuant to an
exemption from registration under the U.S. Securities Act of
1933 ("Act") and any applicable state or securities laws ("State
Acts"). The Offer is not being made nor will bids be accepted
from or on behalf of persons in any jurisdiction in which the
making of the offer or the acceptance thereof would not be in
compliance with the laws of such jurisdiction.



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

UTE: Board Yet to Decide on Combined Cycle Tender
-------------------------------------------------
Uruguay's state power company UTE is awaiting the decision of
the board whether to continue with a tender for its 350-400MW
combined cycle thermoelectric project, Business News Americas
reports, citing UTE spokesperson Graciela Santero.

The board met in mid-December to discuss the options but no
decision was made, Santero said.

UTE asked the four bidders on the turnkey contract in November
2004 to revise their offers under a direct contract scheme
instead of a public tender.

Two of the bidders, Alstom and Siemens Westinghouse, did not
comply with the mechanical requirements related to the turbines
and the other two, Fiat Engineering do Brasil and General
Electric, failed to present complete documentation.

General Electric says it complied with the original bidding
rules, so it is not fair that other bidders that did not comply
with all the rules should have a chance to adjust their economic
bids.



                            ***********


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 2005.  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
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Information contained herein is obtained from sources believed
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