TCRLA_Public/050112.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

           Wednesday, January 12, 2005, Vol. 6, Issue 8


                            Headlines


A R G E N T I N A

AGEA: S&P Maintains `raBB-' Rating on Corporate Bonds
ALIMENTOS FARGO: Likely to Present Debt Proposal Next Month
BANCO DE CORDOBA: Seeks Private Investors to Buy 40% of Capital
CRESUD: Convertible Notes Holder Exchanges Debt for Equity
MULTICANAL: Court Grants Bankruptcy Protection From Creditors

PRIDE INTERNATIONAL: Repaid $260M in Debt During 4Q04
TECSEL S.A.: Enters Bankruptcy on Court Orders
TEXTILES RIOJANAS: Reports Submission Set
* ARGENTINA: Regulators in Germany, Luxembourg Approve Debt Swap


B E R M U D A

FOSTER WHEELER: Wins Goro Nickel-Cobalt Project Contract


B R A Z I L

EMBRATEL: JPMorgan Analyst Cuts Stock Rating
TCP: Brasilcel Increases Equity Stake by 7.08%
VARIG: GE Wants to Take Part in Future Discussions


C H I L E

COEUR D'ALENE: To Trade on the Toronto Stock Exchange
ENDESA CHILE: 35 Power Plants Gain ISO 14001 Certification


C O S T A   R I C A

ICE: Symmetricom, Acterna to Upgrade Sync Infrastructure


M E X I C O

CFE: To Select New Natural Gas Supplier This Week


U R U G U A Y

UTE: Postpones Power Supply Tender to Jan. 12

     -  -  -  -  -  -  -  -


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

AGEA: S&P Maintains `raBB-' Rating on Corporate Bonds
-----------------------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal Argentina
reaffirmed the `raBB-` rating given to various types of
corporate bonds issued by Arte Grafico Editorial Argentino S.A.
(AGEA), Argentina's securities regulator, the Comision Nacional
de Valores (CNV), reveals on its Web site.

The bonds affected are:

- US$30.6 million worth of `Series and/or Class' bonds described
as "Serie C -ON a Tasa Fija creciente." The maturity date was
not disclosed;

- US$62.05 million worth of `Series and/or Class' bonds
described as "Serie B -ON Tasa Flotante creciente." The maturity
date was not disclosed;

- US$21.67 million worth of `Series and/or Class' bonds
described as "Serie B -ON a Tasa Fija creciente." The maturity
date was not disclosed; and

- US$450 million worth of `Program' bonds described as "Programa
Global de Obligaciones Negociables simples (Programa
originalmente por hasta U$S 600 millones)." These bonds will
mature on November 7, 2008.

The rating, which was given based on AGEA's financial status as
of September 30, 2004, means that the bonds have somewhat weak
protection parameters relative to other Argentine obligations.

According to S&P, the obligor's capacity to meet its financial
commitments on the obligation is somewhat weak because of major
ongoing uncertainties or exposure to adverse business, financial
or economic conditions.


ALIMENTOS FARGO: Likely to Present Debt Proposal Next Month
-----------------------------------------------------------
Argentine bakery chain Compania de Alimentos Fargo SA is looking
to present its proposal to restructure ARS496.6 million in debt
in mid-February, reports Dow Jones Newswires.

The company's debt restructuring has been held up by a number of
outstanding claims but Fargo's legal advisors are confident that
a local commercial appeals court will decide on these claims
next month.

Also, Fargo will add ARS97.4 million to its debt restructuring,
pending court verification. The extra amount includes a large
claim from the national tax agency, AFIP, which is seeking
ARS39.5 million in capital payments and ARS57.1 million in
interest, fines and other charges.

Meanwhile, Fargo said the exercise of a lien on company assets
has been suspended until March 18. Fargo announced in December
2003 that ABN-Amro Bank (ABN) is seeking to foreclose on US$18
million worth of Fargo-owned machinery and US$30 million worth
of brand holdings.


BANCO DE CORDOBA: Seeks Private Investors to Buy 40% of Capital
---------------------------------------------------------------
Argentine provincial bank Banco de Cordoba plans to sell up to
40% of its capital to private investors this year as part of the
bank's restructuring program, reports Business News Americas.

The bank's CEO Daniel Perrotta said that the sales model and
timetable will be presented within 30 days. According to the
executive, several sales options are under evaluation, such as a
stock market sale and a public tender.

Perrotta said that even if the private investors end up with a
minority stake they will have the majority of the seats on the
board and will, in effect, run the bank.

International investors can also participate in the upcoming
sale, which is expected to generate ARS90 million (US$30.4
million) that will be used to capitalize the bank.

The Cordoba province is also slated to inject another US$30
million into the bank - probably in March - which together with
the money from the sale will bring the bank's capital to ARS310
million pesos, Perrotta said.

The province's capital injection will be undertaken with
resources from a US$75 million credit installment from the World
Bank, which is the last installment of a US$303-million credit
to the province, he said.

But according to Perrotta, the World Bank credit is dependant on
the outcome of the federal government's upcoming debt
rescheduling negotiations with the IMF. If the World Bank
withholds its credit installment, then the province will put up
the money for the capitalization and inject them in eight
installments.


CRESUD: Convertible Notes Holder Exchanges Debt for Equity
----------------------------------------------------------
Cresud S.A.C.I.F. y A. (Nasdaq: CRESY - News; BCBA: CRES), a
leading Argentine producer of agricultural products, informed
the Bolsa de Comercio de Buenos Aires and the Comision Nacional
de Valores in a letter dated Jan. 5, 2005 that a holder of
Company's Convertible Notes exercised its conversion rights.
Hence, the financial indebtedness of the Company shall be
reduced in US$ 150,000 and an increase of 295,391 ordinary
shares face value pesos 1 (V$N 1) each was made. The conversion
was performed according to terms and conditions established in
the prospectus of issuance at the conversion rate of 1.96928
shares, face value pesos 1 per Convertible Note of face value
US$ 1. As a result of that conversion the amount of shares of
the Company goes from 155,717,542 to 156,012,933. On the other
hand, the amount of registered Convertible Notes is US$
41,723,863.

CONTACT: Mr. Gabriel Blasi - CFO
         Phone: +011-54-11-4323-7449
         e-mail: finanzas@cresud.com.ar
         Web Site: http://www.cresud.com.ar


MULTICANAL: Court Grants Bankruptcy Protection From Creditors
-------------------------------------------------------------
Upon the Verified Petition (the "304 Petition") of the Board of
Directors of Multicanal S.A. (the "Petitioner") for certain
relief under Section 304 of title 11 of the United States Code,
11 U.S.C.  101 et. seq. (the "Bankruptcy Code") (304 Docket No.
1)1 in a case ancillary to a foreign proceeding (the "304
Proceeding"); and upon the Answer of ARC Respondents to Verified
Petition for Relief under 11 U.S.C. Section 304 (304 Docket No.
30); and upon the Involuntary Petition (the "Involuntary
Petition") (303 Docket No. 1) filed against Multicanal S.A. (the
"Alleged Debtor" and together with the Petitioner, "Multicanal")
pursuant to Section 303 of the Bankruptcy Code by Argentinian
Recovery Company L.L.C., WRH Global Securities Pooled Trust and
Willard Alexander (collectively, the "Involuntary Petitioners"
and together with the respondents to the 304 Proceeding, the
"Respondents") commencing an involuntary proceeding (the
"Involuntary Proceeding" and together with the 304 Proceeding,
the "Proceedings"); and upon the Alleged Debtor's Answer to
Involuntary Petition (303 Docket No. 4); and upon the evidence
and testimony admitted at the trial held before this Court that
occurred on June 2 through 4, 2004 and June 7, 2004; and upon
the decisions (collectively the "Decisions") memorialized in the
Court's Memorandum of Decision dated March 12, 2004 (304 Docket
No. 64), Memorandum of Decision dated August 27, 2004 (304
Docket No. 112, 303 Docket No. 65) and Memorandum dated December
2, 2004 (304 Docket No. 141); and upon the hearing on November
10, 2004, held in connection with the Court's Memorandum
Decision dated August 27, 2004, and the hearing held on December
17, 2004, concerning, inter alia, the form of this Order
(together, the "Hearings"); and upon the full and complete
record of the Proceedings, the trial and the Hearings,
including, without limitation, all of the entries on the 303
Docket and the 304 Docket, the Pre-Trial Order, as amended (304
Docket No. 93), the exhibits, testimony, transcripts of court
conferences and hearings, deposition designations and other
matters admitted into evidence, and all matters, pleadings,
correspondence to the Court and proceedings heretofore part of
the record in the Proceedings; and based upon findings of fact
and conclusions of law set forth in the Decisions; and after due
deliberation and sufficient cause appearing;

NOW THEREFORE, IT IS HEREBY ORDERED, ADJUDGED, DECREED AND
DETERMINED THAT:

A. Pursuant to Section 304 of the Bankruptcy Code, the relief
requested in the 304 Petition is granted and the APE and the APE
Proceeding shall be given full force and effect in the United
States to the same extent that they are given full force and
effect in the Republic of Argentina, and shall be binding on all
creditors of Multicanal in the United States, as well as on any
trustee or agent for the Existing Debt, subject to the condition
that Multicanal cures the discrimination against U.S. Retail
Holders as required by the Decisions. Mutlicanal shall give
notice to Respondents of its proposed cure for such
discrimination no later than the earlier of (i) any submission
to the Argentine Court on such matter (and forthwith if
Multicanal has made such a submission prior to the date hereof)
and (ii) 10 days prior to its implementation of such cure in the
United States, so as to facilitate any review of such cure by,
as appropriate, this Court under paragraph I hereof or the
District Court identified in subparagraph (g) of paragraph (J)
hereof.

B. The Involuntary Petition is hereby dismissed with prejudice
and without any costs, fees or penalties to any party.

C. All creditors of Multicanal, including Respondents and any of
Respondents' respective members, affiliates, representatives,
legal counsel, relatives and persons controlling or controlled
by Respondents (including, without limitation, W.R. Huff Asset
Management Co., L.L.C., The Huff Alternative Income Fund, L.P.
and WRH Partners Global Securities L.P.), are hereby permanently
enjoined and restrained from directly or indirectly taking any
actions in the United States of America, including, without
limitation, commencing or continuing any action or proceeding,
or suit in any court, whether judicial, administrative,
regulatory or sounding in arbitration, against Multicanal or its
property, which action (1) is in any way related to, or would
interfere with, the administration of Multicanal's APE
Proceeding, the solicitation (including actions to comply with
this Order and the APE Confirmation Order) and implementation of
the APE, and the consummation of the transactions contemplated
by Multicanal's APE restructuring, or (2) is in any way related
to any bond, note or bank debt owed by Multicanal that is
subject to the APE. All of the injunctive relief in this Order
(contained in any paragraph hereof) shall take effect
immediately upon entry of this Order (subject to paragraph N
below) and shall remain in full, force and effect unless altered
by further order of the Court.

D. The Lawsuits are hereby permanently stayed in their entirety,
except that Respondents may withdraw the Lawsuits and cause them
to be dismissed and/or discontinued with prejudice. The
Respondents are hereby permanently enjoined and restrained from
taking any actions in the United States of America in
furtherance of the Lawsuits and from seeking the relief
requested in the Lawsuits in any other proceeding, whether
judicial, administrative, regulatory or sounding in arbitration.

E. With respect to claims based upon, concerning or relating in
any way to the Existing Debt, the Existing Notes, the APE
Proceeding, the solicitation and/or implementation of the APE,
all persons and entities are permanently enjoined and restrained
from performing any act in the United States to:

   (i)   seize, obtain possession of or exercise control over
         any property of Multicanal;

   (ii)  create, perfect or enforce any lien, setoff, judgment,
         attachment, restraint, assessment or order or to
         collect, assess or recover any claim against Multicanal
         or its property;

   (iii) commence or continue any action or proceeding
         (including, without limitation, bringing suit in any
         court, arbitration, or any judicial, quasijudicial,
         administrative or regulatory action, proceeding or
         employment or issuance of process whatsoever) including
         by way of counterclaim, against Multicanal or any of
         its property in the United States or other property
         that is involved in the APE Proceeding, or any proceeds
         thereof, and seeking discovery of any nature against
         Multicanal; and

   (iv)  enforce any judicial, quasi-judicial, administrative or
         regulatory judgment, assessment or order or arbitration
         award against Multicanal, and to commence or continue
         any act or action or other legal proceeding (including,
         without limitation, bringing suit in any court,
         arbitration or any judicial, quasi-judicial,
         administrative or regulatory action, proceeding or
         process whatsoever) or any counterclaim to create,
         perfect or enforce any lien, attachment, garnishment,
         setoff or other claim against Multicanal, any employee,
         officer or director of Multicanal, any of Multicanal's
         property in the United States or any other property
         that is involved in the APE Proceeding, or any proceeds
         thereof.

F. With respect to claims based upon, concerning or relating in
any way to the Existing Debt, the Existing Notes, the APE
Proceeding, the solicitation and/or implementation of the APE,
all persons and entities are permanently enjoined and restrained
from taking any action (including without limitation, commencing
or continuing any action or legal proceeding (including without
limitation, bringing suit in any court, arbitration, mediation,
or any judicial or quasi-judicial, administrative or regulatory
action, proceedings or process whatsoever), including by way of
counterclaim (and from seeking any discovery of any nature
related thereto)) that would interfere with and/or impede the
administration, implementation and/or consummation of the APE
and/or the APE Proceeding against (1) (i) Multicanal, (ii) The
Bank of New York (and any successors) as the Trustee under the
indentures for the Existing Notes, (iii) JPMorgan Chase Bank
(and any successors), the Depositary in the Cash Tender Offer,
(iv) JPMorgan Chase Bank (and any successors), the Exchange
Agent, (v) Law Debenture Trust Company of New York (and any
successors), the proposed trustee for the new notes to be issued
under the APE or any other entity or entities that serve as
trustee for such new notes, (vi) Grupo Clarˇn, (vii) D.F. King &
Co., Inc. (and any successors), the Information Agent, (viii)
The Depository Trust Company, (ix) J.P. Morgan Securities Inc.
(and any successors) as dealer manager for the APE solicitation,
(x) any holder of Existing Debt that supported the APE whether
by tendering Existing Notes through the Exchange Agent or the
Depositary in the offers or by entering into a Support Agreement
or similar agreement with Multicanal, (xi) any other party whose
services or actions are reasonably necessary to implement and/or
consummate the restructuring contemplated by the APE, and (xii)
any member, representative, employee, officer, director,
advisors, financial advisors, or attorneys of parties identified
in (i) through (xi) (the parties identified in (i) through
(xii), collectively, the "Third Parties") or (2) any of the
property of the Third Parties or any proceeds thereof that is
involved in the administration, implementation or consummation
of the APE and/or the APE Proceeding.

G. All persons are directed to turn over to Multicanal, for
administration in the APE Proceeding, all property of Multicanal
in the United States and/or the proceeds of such property,
provided, however, that for the avoidance of doubt and to the
extent instruments issued by Multicanal evidencing the Existing
Debt or the New Securities may be considered to be property of
Multicanal, nothing in this paragraph shall apply to the New
Securities and no holder of the Existing Securities in the
United States shall be required to turn over such instruments
until the conclusion of all appeals or petitions for review of
the APE and this Order.

H. To the extent provided by  306 of the Bankruptcy Code, no
action taken heretofore by Multicanal, its successors, agents or
representatives or any of them, or their counsel, in preparing,
disseminating, applying for, implementing or otherwise acting in
furtherance of the APE, the APE Proceeding, this Order, the
Proceedings, or any order for additional relief in this case or
any adversary proceeding in connection therewith, shall be
deemed to constitute a waiver of the immunity afforded
Multicanal, its successors, agents, or representatives.

I. This Court shall retain jurisdiction with respect to the
enforcement, amendment or modification of this Order, and with
respect to requests for any additional relief by Multicanal in
the Proceedings. Nothing in this Order shall preclude or enjoin
any person or entity from requesting this Court to modify or
amend this Order as permitted under applicable law or from
making appropriate filings for such relief in this Court.

J. Nothing in this Order shall enjoin (a) any person or entity
from filing a notice of appeal of this Order or seeking any
other appropriate relief permitted under Rules 8001 through 8019
of the Federal Rules of Bankruptcy Procedure with respect to
such appeal, or prosecuting or defending an appeal of any of the
Decisions; (b) any person or entity from pursuing, in Argentina,
any available rights concerning the APE, including, without
limitation, taking action to enforce, challenge and/or appeal
the APE in the courts of the Republic of Argentina; (c) any
person or entity from enforcing any rights with respect to the
New Securities after such New Securities have been issued
pursuant to the APE; (d) any person or entity from enforcing
against any person or entity other than Multicanal rights with
respect to the Existing Debt, provided that any such action
shall be subject to all of the other provisions of this Order,
including but not limited to paragraphs C, E and F; (e) any
person or entity from trading the Existing Debt or the New
Securities; (f) any person or entity from continuing to
prosecute the case pending in the United States District Court
for the Southern District of New York (the "District Court")
captioned SHL Company L.L.C. v. The Bank of New York, Case No.
1:04 CV 05224 (LLS), including by amending the complaint in that
action or by commencing a new action against The Bank of New
York asserting claims concerning, but not naming Multicanal or
any other Third Party, provided that any such action does not
violate paragraph C, E or F of this Order and does not allege or
seek equitable relief with respect to future acts of The Bank of
New York relating to the APE or the APE Proceeding, or (g) any
person or entity from commencing or prosecuting any lawsuit
against Multicanal relating to the New Securities, provided that
such lawsuit, if brought by Respondents or any party acting in
concert with Respondents, (i) is brought in the District Court
and is indicated by the plaintiff (or plaintiffs) to be related
to any appeal filed from this Order and/or the pending appeal
from the Court's Memorandum of Decision dated March 12, 2004
(the "Current Appeal") and (ii) is sought by the plaintiff (or
plaintiffs) to be consolidated for consideration with any appeal
of this Order and/or the Current Appeal.

K. Venue is proper in this District pursuant to 28 U.S.C. 
1410.

L. No later than three business days after entry of this Order
on the docket, Multicanal shall (a) serve this Order, by hand,
on counsel to Respondents and the Involuntary Petitioners and
the Trustee for the Existing Notes, and (b) make this Order
available on Multicanal's website for a period of at least one
month.

M. The form and method of service as described herein shall
constitute sufficient service and adequate notice for all
purposes.

N. The enforcement of this Order is stayed until the expiration
of 10 days after its entry, provided that the preliminary
injunction continued herein as part of the Court's Memorandum of
Decision dated August 27, 2004, shall remain in full force and
effect during such 10-day period.

CONTACT:  MULTICANAL S.A.
          Avalos 2057
          (1431) Buenos Aires, Argentina


PRIDE INTERNATIONAL: Repaid $260M in Debt During 4Q04
-----------------------------------------------------
Pride International, Inc. (NYSE: PDE) announced Monday that it
reduced outstanding debt during the fourth quarter of 2004 by
approximately $260 million, of which approximately $70 million
was attributable to previously announced asset sales. Success in
the Company's efforts to reduce working capital, as well as cash
flow from operations, accounted for approximately $190 million
of debt repayment during the quarter. For the full year 2004,
the Company repaid approximately $300 million in debt, including
approximately $70 million from asset sales.

Paul A. Bragg, the Company's President and Chief Executive
Officer stated, "We are pleased with the recent significant
progress in our debt reduction program. By maintaining our
intense focus on balance sheet management, along with our
anticipation of additional asset sales, we remain optimistic
that we will achieve our debt repayment target of a total of
$400 million in the near future."

Pride International, Inc., headquartered in Houston, Texas, is
one of the world's largest drilling contractors. The Company
provides onshore and offshore drilling and related services in
more than 30 countries, operating a diverse fleet of 323 rigs,
including two ultra-deepwater drillships, 10 semisubmersible
rigs, 32 jackup rigs, and 32 tender-assisted, barge and platform
rigs, as well as 247 land rigs.

Pride has over 40 years experience in Latin America, with
operations in Argentina, Brazil, Bolivia, Colombia, Ecuador,
Peru and Venezuela. The Company provides onshore and offshore
drilling and E&P services in these countries, with over 250 rigs
and 6,000 employees.

CONTACT: Mr. Steven D. Oldham
         Mr. Louis A. Raspino
         Phone:(713) 789-1400


TECSEL S.A.: Enters Bankruptcy on Court Orders
----------------------------------------------
Tecsel S.A. enters bankruptcy protection after Court No. 22 of
Buenos Aires' civil and commercial tribunal, with the assistance
of Clerk No. 44, ordered the company's liquidation. The order
effectively transfers control of the company's assets to the
court-appointed trustee who will supervise the liquidation
proceedings.

Infobae reports that the court selected Ms. Alejandra Ethel
Giacomini as trustee. She will be verifying creditors' proofs of
claims until the end of the verification phase on March 21.

Argentine bankruptcy law requires the trustee to provide the
court with individual reports on the forwarded claims and a
general report containing an audit of the company's accounting
and business records. The individual reports will be submitted
on May 2 followed by the general report that is due on June 13.

CONTACT: Ms. Alejandra Ethel Giacomini, Trustee
         Carabobo 250
         Buenos Aires


TEXTILES RIOJANAS: Reports Submission Set
-----------------------------------------
Ms. Selva Raquel Casas de Vega, the trustee assigned to
supervise the liquidation of Panificadora El Molino S.H., will
submit the validated individual claims for court approval on
February 12. These reports explain the basis for the accepted
and rejected claims. The trustee will also submit a general
report on March 22.

Infobae reports that Court No. 2 of La Rioja's civil and
commercial tribunal has jurisdiction over this bankruptcy case.

CONTACT: Industrias Textiles Riojanas S.A.
         Avenida General Paz 265
         Saenz Pena (Buenos Aires)

         Ms. Selva Raquel Casas de Vega, Trustee
         Balcarce 831 BA
         Evita (La Rioja)


* ARGENTINA: Regulators in Germany, Luxembourg Approve Debt Swap
----------------------------------------------------------------
Argentina's proposal to restructure US$103 million in debt
gained approval from regulators in Germany and Luxembourg just
days before its scheduled launch.

"Creditors in Europe, the United States and Argentina are able
to participate in the swap in their respective jurisdictions as
of Jan. 14," Economy Minister Robert Lavagna said in a
statement.

The European support came after United States and Italy gave
green light to the debt swap. Lavagna is scheduled to make a
presentation on the offer in Buenos Aires today, Wednesday,
before government teams head for Europe and the United States to
drum up support for the swap.

Argentina plans to swap US$102.6 billion in old debt in default
for the last three years for up to US$41.8 billion in new bonds.
The offer period ends on Feb. 25.



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

FOSTER WHEELER: Wins Goro Nickel-Cobalt Project Contract
--------------------------------------------------------
Foster Wheeler Ltd. (OTCBB: FWHLF) is pleased to announce that
its subsidiary, Foster Wheeler (Qld) Pty Ltd., in a joint
venture with SNC-Lavalin Australia Pty Ltd., has been awarded a
new contract by Goro Nickel SA (Goro Nickel) to provide services
related to the engineering, procurement and construction
management of Goro Nickel's US$1.878 billion Goro nickel-cobalt
project in New Caledonia.

The 50-50 joint venture is known as the CEG Joint Venture (CEG).
Personnel from CEG will provide services as part of Goro
Nickel's integrated team, led by Inco Australia Management Pty
Ltd. (IAM). The project will be included in Foster Wheeler's
fourth-quarter bookings for 2004.

The estimated AU$200 million (approximately US$150 million)
contract with CEG follows CEG's involvement in a comprehensive
study to re-examine the Project, which identified value
improvement measures and provided detailed engineering to
optimize project capital costs.

Robin Marshall, Project Director for Goro Nickel Project, said:
"We are pleased that we have reached and finalized this
agreement and look forward to continuing our relationship with
CEG to deliver a successful project."

"This is a significant win for Foster Wheeler," commented Steve
Davies, Chairman and Chief Executive Officer, Foster Wheeler
Energy Limited. "It reflects the quality of our engineering,
procurement, and construction management services, plus our
proven ability to manage logistically challenging, complex,
world-scale projects." Mike Beaumont, Director - Operations, who
has been Foster Wheeler's Executive Sponsor from the beginning
of this project, added: "We are proud to have made an active
contribution to the successful conclusion of the Phase 2 review
and the decision to proceed and participate in the engineering,
procurement and construction phase of this major investment."

The Goro mine will be designed for an estimated annual capacity
of 60,000 tonnes of nickel and over 4,000 tonnes of cobalt.
Based on the final results of the project review, construction
should begin in early 2005 and be carried out over a period of
approximately 35 months. Initial production is estimated to
begin in September 2007.

"Inco has concluded that Goro can be a viable project at a
reasonable capital cost, and we're delighted to have won this
contract so we can help Goro Nickel make it a reality," said
Pierre Duhaime, Executive Vice-President, SNC-Lavalin Group Inc.
"SNC-Lavalin has considerable experience in the execution of
large-scale mining and metallurgy projects and we're looking
forward to applying it to Goro, which will be one of the largest
projects of its kind in the world."

New Caledonia is a French overseas territorial community
(Collectivite territoriale). The Goro site is on the south coast
of New Caledonia approximately 60 kms southeast of the capital
Noumea.

About Foster Wheeler

Foster Wheeler (Qld) Pty Ltd is a wholly owned subsidiary of
Foster Wheeler Energy Limited of Reading, UK. Foster Wheeler
Energy Limited is a subsidiary of Foster Wheeler Ltd.

Foster Wheeler Ltd. is a global company offering, through its
subsidiaries, a broad range of design, engineering,
construction, manufacturing, project development and management,
research and plant operation services. Foster Wheeler serves the
refining, oil and gas, petrochemical, chemicals, power,
pharmaceuticals, biotechnology and healthcare industries. The
corporation is based in Hamilton, Bermuda, and its operational
headquarters are in Clinton, New Jersey, USA.

SNC-Lavalin

SNC-Lavalin Australia Pty Ltd. is a wholly owned subsidiary of
the Canadian-based SNC-Lavalin Group Inc.

SNC-Lavalin (TSX: SNC - News) is one of the leading groups of
engineering and construction companies in the world with
acknowledged expertise in mining and metallurgy, power
distribution and transmission, chemicals and petroleum,
facilities and operations management, infrastructure,
environment, agrifood, pharmaceuticals and biotechnology, in the
light and heavy industrial sectors and in project financing.
SNC-Lavalin is a global leader in the ownership and management
of infrastructure, and a key player in facilities and operations
management. The SNC-Lavalin companies have offices across Canada
and in over 30 other countries around the world, and are
currently working in some 100 countries.

Goro Nickel SA

Goro Nickel SA is 85% owned by Inco, and 15% by BRGM. Goro
Nickel SA has appointed Inco Australia Management Pty Ltd. (IAM)
as the manager for the Goro Nickel Project. IAM is a 100% owned
subsidiary of Inco.

CONTACT: Foster Wheeler Ltd.
         Media Contacts:
         Ms. Maureen Bingert
         Phone: 908-730-4444
                or
         Ms. Anne Chong
         Phone: +44 (0) 118 913 2106
                or
         Other Inquiries:
         Phone: 908-730-4000

         Web site: http://www.fwc.com



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

EMBRATEL: JPMorgan Analyst Cuts Stock Rating
--------------------------------------------
Jean-Charles Lemardeley, analyst with JPMorgan Securities Ltd.,
lowered his rating on the Brazilian phone company Embratel
Participacoes SA to "underweight" from "neutral."

Embratel's "fundamental outlook is poor despite the positive
changes we expect Telmex to bring to its management," Lemardeley
wrote in a report.

The analyst said that contrary to initial expectations, there
are now "strong indications" that Telmex will not make an offer
for Embratel's preferred shares and American Depositary Receipts
anytime soon.

"This removes the single biggest potential catalyst we saw for
Embratel shares," the report said.

Additionally, Embratel's core long-distance business is likely
to continue to experience "further steep declines," with greater
competition from the incumbents and voice over Internet Protocol
services.

A planned US$700 million capital increase is "relatively
neutral" for the stock, the report said.

"The effect should be fairly neutral for minorities if the cash
is used to deleverage and to fund investments in network
expansion, resulting in interconnection cost savings and
potentially local voice service growth," the report said.

"However, the market fears that part of the cash could be used
to overpay for AT&T Latin America given Telmex's asymmetrical
ownership in these assets," it said.

An integration of Embratel with Telmex's other local asset,
Telmex Brazil, would bring lower interconnection costs and
connections to many commercial buildings.

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


TCP: Brasilcel Increases Equity Stake by 7.08%
----------------------------------------------
Telesp Celular Participacoes S.A., with head-office in the City
of Sao Paulo, State of Sao Paulo, at Avenida Roque Petroni Jr.,
number 1.464, 6 floor (" Company "), in compliance with the
provisions in paragraph 1, of article 12, of Instruction CVM
number 358/2002, hereby informs that as a result of the increase
in the Company's capital approved on November 08, 2004,
shareholder Brasilcel N.V., a company organized in accordance
with the laws of the Netherlands, with head-office at
Strawinskylaan 3105, Amsterdam, Netherlands, enrolled with the
CNPJ/MF under n§ 05.760.283/0001-93, increased its equity
interest in common shares of this Company, by 7.08%, increasing
from 291,330,022,831, corresponding to 71.16% of the common
shares, to 432,599,784,676, corresponding to 78,24% of the
common shares.

CONTACT: Telesp Celular Participacoes S.A.
         Rua Abilio Soares, 409
         Paraiso
         Sao Paulo, SP 04005-001
         Brazil
         Phone: 55-11-3059-7590


VARIG: GE Wants to Take Part in Future Discussions
--------------------------------------------------
US-based General Electric has asked to be invited to future
meetings regarding the fate of Brazilian flagship airline Varig,
Brazilian Defense Minister Jose Alencar said Monday after his
meeting with GE's CEO, Jeff Immelt.

Minister Alencar, whose ministry oversees the government's Civil
Aviation Department, said the GE executive has shown interest in
the domestic aviation market and on the general outlook for the
economy during the meeting.

GE is one of Varig's largest private creditors, holding about
BRL600 million (USD$222 million) of the estimated BRL6 billion
debt Varig is struggling to pay off.

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

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



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

COEUR D'ALENE: To Trade on the Toronto Stock Exchange
-----------------------------------------------------
Coeur d'Alene Mines Corporation (NYSE: CDE; TSX: CDM), the
world's largest primary silver producer and a growing gold
producer, announced Monday that its common shares will begin
trading on the Toronto Stock Exchange on January 11, 2005, under
the trading symbol "CDM". The Company's shares will continue to
trade on the New York Stock Exchange under the trading symbol
"CDE". The new Toronto exchange listing will debut with the
opening of trading Tuesday morning following a brief ceremony at
the exchange's headquarters.

"Our new presence on the Toronto exchange - the world's most
prominent mining exchange - reflects Coeur's rising visibility
within Canada's investment community and provides additional
liquidity to our shareholders," said Dennis E. Wheeler, Chairman
and Chief Executive Officer. "In addition to our NYSE listing,
this additional listing on the TSX affords the important
Canadian investor groups the greater opportunity to participate
in Coeur's growing gold and silver production profile, and its
unique leverage to those two metals.

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

CONTACT: Mr. Tony Ebersole
         Director of Investor Relations
         Phone: 800-523-1535
         Web site: http://www.coeur.com


ENDESA CHILE: 35 Power Plants Gain ISO 14001 Certification
----------------------------------------------------------
Chilean generator Endesa (NYSE: EOC) announced Monday that 35 of
its 45 plants now comply with the International Organization for
Standardization's 14001 environmental management standards.

The certified plants have a total installed capacity of
10,632MW, the company said in a statement, adding that Endesa
Chile has only 1,579MW of installed capacity that has not yet
been ISO 14001 certified.

The Company's goal is for 98% of its installed capacity to be
operating under the environmental standards by the end of this
year.

CONTACT: ENDESA CHILE
         Santa Rosa 76
         Santiago, CHILE
         Phone: (212) 688-6840
         Fax: (212) 838-3393
         Web Site: http://www.endesa.cl



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

ICE: Symmetricom, Acterna to Upgrade Sync Infrastructure
--------------------------------------------------------
Symmetricom, Inc. (Nasdaq:SYMM), a leading provider of network
synchronization and timing solutions for the telecommunications
industry, and Acterna, the world's largest provider of
communications test solutions for telecommunications and cable
network operators, announced that ICE, Costa Rica's National
Electricity and Telecommunications company, has awarded
Symmetricom a contract to supply Stratum 1 quality
synchronization equipment in every central office throughout the
country as part of ICE's next-generation infrastructure upgrade.

Synchronization is an essential network infrastructure component
that optimizes bandwidth and facilitates the reliable
transmission of voice, video and data. Symmetricom's precise
clocks and timing distributors will pace the flow of information
through the network, while TimePictra(R) software will manage
ICE's expanding sync network, including close to 100,000 new DSL
lines, a new IP backbone, a new international switch, 37 new
Points-Of-Presence (POPs) as well as an upgrade to 35 existing
POPs. The infrastructure enhancement will additionally support
the carrier's wireless buildout.

"We are privileged to have our timing solutions play a key role
in ICE's transition to next-generation networks," said Tom
Steipp, president and CEO of Symmetricom. "High quality
synchronization will enable ICE to provide next-generation
telephony and broadband services to every region within the
developing nation of Costa Rica. We applaud these forward-
looking efforts made possible by our partner Acterna who
provided network planning, project management, implementation
and support for the ICE sync upgrade."

About Acterna

Acterna is the world's largest provider of communications test
solutions for telecommunications and cable network operators. A
trusted communications test partner for more than eight decades,
Acterna offers an unmatched portfolio of award-winning
instruments, systems, software, and services that help its
customers reduce network costs while improving performance and
reliability. Headquartered in Germantown, Md. -- with European
and Asia-Pacific operations based in Eningen, Germany, and Hong
Kong -- Acterna serves nearly every major communications service
provider and equipment manufacturer around the world through a
skilled sales and support organization in 31 countries.

About Symmetricom, Inc.

Symmetricom is a leading worldwide supplier of atomic clocks and
network synchronization and timing solutions. The company
designs, manufactures, markets and provides services for
products used in wireline and wireless network synchronization;
space, defense and avionics systems; enterprise networks; as
well as G.shdsl-based broadband networks in telecom, government
and enterprise markets. Symmetricom is based in San Jose,
California, with offices worldwide.

CONTACT:  Symmetricom, Inc
          Tracy DeMay, 408-220-7635
          E-mail: media_relations@symmetricom.com
          URL: www.symmetricom.com
                  or
          Acterna
          Nick Rowan, 240-404-1924
          E-mail: nick.rowan@acterna.com
          URL: www.acterna.com



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

CFE: To Select New Natural Gas Supplier This Week
-------------------------------------------------
As part of an effort to slash costs, state-owned electricity
company Comision Federal de Electricidad (CFE) will select this
week a new firm to supply the Company with natural gas,
according to Eugenio Laris, director of Financed Investment
Projects at the CFE.

El Economista reports that the new supplier will provide the
fuel cheaper than the reference cost in south Texas, and thus
cheaper than Petroleos Mexicanos (Pemex). The price of the gas
will be US$0.50 lower than that offered by Pemex because the
reference market will be southern California and not Henry Hub,
explained Laris.

The gas will be pumped to power plants in Baja California.

The companies lined up to be CFE suppliers are Shell and Sempra
Energy.



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

UTE: Postpones Power Supply Tender to Jan. 12
---------------------------------------------
Uruguay's state power provider UTE has postponed the bid
deadline for the two-month supply of 500MW of interruptible
power from Brazil, reports Business News Americas.

Instead of Jan. 7, interested bidders can now present their bids
until 2pm local time on January 12 at the Sao Paulo offices of
Brazil's power trading chamber CCEE. Bids must offer a price in
Brazilian reais/MWh.

Bids will be opened the same day and the contract offered to the
lowest bidder.

Contract signing is dependent on Brazil's electricity regulator
Aneel certifying that the vendor meets technical requirements to
sell power. Brazil's grid operator ONS will coordinate the
dispatch of the power.

The vendor will be responsible for securing all export permits
and for paying duties, and is required to deliver the power at
the Garabi II node on the two countries' border.



                            ***********


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
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

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

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


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