TCRLA_Public/050209.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, February 9, 2005, Vol. 6, Issue 28


A N T I G U A   &   B A R B U D A

LIAT: Funding From CDB Will Depend on Viability of Action Plan


BERSA: Sale Process Scheduled to Start in March
CLINICA SALUD: Claims Submission Nears End                        
COVICSA S.A.: Court Designates Trustee For Bankruptcy
DAILY EXPRESS: Set to Complete Claims Verification  
ECOPSA S.R.L.: General Report Due for Submission Feb. 22

HABER MAYORISTA: Gets Court OK for Reorganization
IRSA: Reduces Debt by $1.25M
IRSA: U.S. Firm Increases Indirect Stake to 7.6%
LITTLE PALACE: Trustee to End Verification Period
NOVA TEK: Initiates Bankruptcy Proceedings

TELECOM ARGENTINA: Creditors Favor APE Proposal
YARIKA S.A.: Trustee to Close Verification Phase
* ARGENTINA: Debt Swap Going Smoothly


ANNUITY & LIFE: Amends Reinsurance Agreement With Transamerica
FOSTER WHEELER: Wins $18M Power Plant Deal  
GLOBAL CROSSING: Names New Financial Team


CESP: Sao Paulo Governor Seeks to Privatize CTEEP
UNIBANCO: Completes Issuance of $125M, 60-Month Bonds



C O S T A   R I C A

ICE: Proposes Flat Rate for RDSI to Prevent Customer Exodus


* HONDURAS: IMF Mission Presents Favorable Outlook


AIR JAMAICA: Suspends Service to Houston      


HYLSAMEX: Share Price Fluctuations Due to Market Forces
INNOPHOS: Commitments Solid for Floating Rate Senior Notes
INNOPHOS: S&P Cuts Ratings, Off Watch; Outlook Negative
MAXCOM TELECOMUNICACIONES: To Cover Fixed Telephony Service Gap
MINERA AUTLAN: To Open New Sinter Plant in August

TV AZTECA: U.S. Federal Judge Grants Motion to Delay Trial


UTE: Three Firms Submit Bids for 400MW Thermo Project


PDVSA: Workers Favor Cashcard In Lieu of Subsidized Food Stores
PDVSA: Harvest To Tackle Output Issues Soon

     -  -  -  -  -  -  -  -

A N T I G U A   &   B A R B U D A

LIAT: Funding From CDB Will Depend on Viability of Action Plan
Struggling Caribbean carrier LIAT can expect aid from the
Caribbean Development Bank (CDB) once it is able to present a
feasible five-year plan. LIAT had negotiated for funds from the
CDB to upgrade its fleets and the restructure operations.

Dr. Compton Bourne, president of CDB, said in a report from the
Barbados Daily Nation that the bank's decision regarding
additional financing for the airline depends on the viability of
the plan the airline will outline.

LIAT's financial health is a cause of concern among the
Caribbean nations because of their dependence on air services to
transfer commodities from one country to another. To keep the
airline on the air, Antigua and Barbuda, Barbados, St Vincent
and the Grenadines and Trinidad and Tobago have collectively
provided EC$44 million for restructuring.

In addition, the group is also establishing a fund, with an
annual provision of EC$150 million, to give LIAT access to more
financing. However, the plan still needs approval from the
Trinidad and Tobago Cabinet and the CARICOM Heads of Government.

           City Ticket Office
           Woods Center, St. John's

           BARBADOS (BGI)
           Oliver Haywood
           Tel.: 246 428 8888

           ST.LUCIA (SLU)
           Josse Mesmin
           Tel: 758 452 3051/2

           ST.VINCENT (SVD)
           Dominique Patterson
           Tel: 784 457 1821


BERSA: Sale Process Scheduled to Start in March
Argentine federal bank Banco de la Nacion will initiate the sale
process of local bank Nuevo Banco de Entre Rios (BERSA) in
March, reports Business News Americas.

BERSA, along with Nuevo Banco Bisel and Banco Suquia, were taken
over by the Argentine government in early 2002, when French
banking conglomerate Credit Agricole SA left Argentina in the
middle of the country's financial crisis.

Nacion has already sold Suquia to local bank Banco Macro Bansud.

According to Entre Rios governor Jorge Busti, the BERSA auction
has drawn the interest of several companies in light of the fact
that Argentina's deposit insurance agency Sedesa will inject
ARS200 million (US$68.7mn) into the bank to boost its net

The governor also said that BERSA is likely to remain as the
province's financial agent after the sale into private hands.

CLINICA SALUD: Claims Submission Nears End                        
Creditors of bankrupt Clinica Salud D Elia S.A. have until
tomorrow to submit proof of their claims for verification. All
required documents must be submitted to Mr. Roberto Di Martino,
the trustee, by the said deadline in order to qualify for the
company's post-liquidation payments.

Court No. 4 of Lomas de Zamora's civil and commercial tribunal
has jurisdiction over this bankruptcy case.

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

         Mr. Roberto Di Martino, Trustee
         Basavilbaso 2026

COVICSA S.A.: Court Designates Trustee For Bankruptcy
Buenos Aires accountant Carlos Alberto Bavio was assigned
trustee for the bankruptcy of local company Covicsa S.A.,
relates Infobae.

Mr. Bavio will verify creditors' claims until March 24, the
source adds. After that, he will prepare the individual reports,
which are to be submitted in court on May 5. The general report
should follow on June 16.

The city's Court No. 22 holds jurisdiction over the Company's
case. Clerk No. 44 assists the court with the proceedings.

CONTACT: Mr. Carlos Alberto Bavio, Trustee
         Pavon 4374
         Buenos Aires

DAILY EXPRESS: Set to Complete Claims Verification  
The restructuring process for Daily Express S.A.'s debts moves
forward with the closing of the claims verification period
tomorrow. Creditors are required to submit proof of their claims
to trustee Baldomero Gonzalez Herrera by the said date to
qualify under the Company's settlement plan.

Court No. 18 of Buenos Aires' civil and commercial tribunal has
jurisdiction over this case. Clerk No. 35 assists the court with
the proceedings.

CONTACT: Mr. Baldomero Gonzalez Herrera, Trustee
         Avda de Mayo 1260
         Buenos Aires

ECOPSA S.R.L.: General Report Due for Submission Feb. 22
The trustee assigned to supervise the liquidation of Ecopsa
S.R.L., Ms. Liliana Ester Taccetta, is set to submit a general
report on the case February 22, says Infobae. This report
provides the court with a review of the Company's accounting and
business records.

Court No. 6 of Rosario's civil and commercial tribunal handles
this case that will close with the sale of all the company's

CONTACT: Ms. Liliana Ester Taccetta, Trustee
         Dorrego 1615
         Rosario (Santa Fe)

HABER MAYORISTA: Gets Court OK for Reorganization
Haber Mayorista S.A. will begin reorganization following the
approval of its petition by Court No. 5 of Cordoba's civil and
commercial tribunal. The opening of the reorganization allows
the company to negotiate a settlement with its creditors in
order to avoid a straight liquidation.

Mr. Gabriel Tobal will oversee the reorganization proceedings as
the court-appointed trustee.

CONTACT: Mr. Gabriel Tobal, Trustee
         Lavalleja 1206 BA
         Cofico (Cordoba)

IRSA: Reduces Debt by $1.25M
By letter dated February 4, 2005, IRSA Inversiones y
Representaciones S.A. reported that a holder of Company's
Convertible Notes exercised it conversion right. Hence, the
financial indebtedness of the Company shall be reduced in US$
1,250,000 and an increase of 2,293,577 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 1.83486 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 261,556,943 to 263,850,520. On
the other hand, the amount of registered Convertible Notes is
US$ 84,902,381.

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

IRSA: U.S. Firm Increases Indirect Stake to 7.6%
U.S. investment management firm Capital Group Companies informed
the Buenos Aires stock exchange Friday that it has increased its
indirect stake in Argentine real estate developer IRSA-
Inversiones y Representaciones SA (IRSA).

Dow Jones Newswires reports that the Los Angeles-based fund paid
US$8.5 million for 694,800 ADRs, which represent 6.948 million
IRSA shares, or a 2.7% stake. This brings its total IRSA holding
to 7.6% from 4.9%.

IRSA, Argentina's largest, most well-diversified real estate
company, reported a net profit of ARS17.2 million ($1=ARS2.92)
in the first quarter of fiscal year 2005, reversing an ARS15.2
million loss a year earlier.

CONTACT: Mr. Alejandro Elsztain
         Mr. Gabriel Blasi
         Phone: +(5411) 4323 7449
         Web Site:

LITTLE PALACE: Trustee to End Verification Period
Mr. Pablo Alberto Amante, the trustee handling the Little Palace
S.A. liquidation case, will close the verification of creditors'
claims tomorrow. Creditors who fail to comply with the
submission deadline will not be able to participate in the
liquidation, and consequently forfeit their claims against the

The case is under the jurisdiction of Buenos Aires' civil and
commercial Court No. 26.

CONTACT: Little Palace S.A.
         Guemes 3856
         Buenos Aires

         Mr. Pablo Alberto Amante, Trustee
         Lavalle 1537
         Buenos Aires

NOVA TEK: Initiates Bankruptcy Proceedings
Court No. 24 of Buenos Aires' civil and commercial tribunal
declared Nova Tek S.R.L. "Quiebra," reports Infobae. Mr. Arnaldo
Manuel, who has been appointed as trustee, will verify
creditors' claims until April 11 and then prepare the individual
reports based on the results of the verification process.

The individual reports will then be submitted to court on May
19, followed by the general report on July 4.

Clerk No. 48 assists the court on the case that will close with
the liquidation of the Company's assets to repay creditors.

CONTACT: Mr. Arnaldo Manuel, Trustee
         Parana 224
         Buenos Aires

TELECOM ARGENTINA: Creditors Favor APE Proposal
The bondholders Meeting Held February 4, 2005 adopted the
following resolutions adopted upon consideration of the day's

1) Appointment of two persons to record the minutes together
with the person appointed by Telecom to preside over the
Meeting. Representatives of the Bank of New York and Fimex
International LTD were appointed unanimously.

2) Consideration of Telecom's APE proposal and election of
option(s) in the event that the APE proposal is approved. All
the attending creditors in each and every Series voted in favor
of Telecom's APE proposal, with no votes against the proposal.

To view results of voting process:

To view creditors present at the meeting for all eight Series of
Corporate bonds involved in the Bondholders' Meeting:

To view election of options by series:

CONTACT: Telecom Argentina S.A.
         Alicia Moreau de Justo
         No. 50
         Buenos Aires, 1107
         Phone: (54-11) 4968-3627

YARIKA S.A.: Trustee to Close Verification Phase
Yarika S.A. will complete a significant phase in its liquidation
with the closing of the claims verification period tomorrow.
Claims must be presented for authentication to trustee Leonardo

Creditors who fail to submit proof of the company's indebtedness
by the said deadline cannot participate in the post-liquidation
distributions to be made.

Court No. 11 of Buenos Aires' civil and commercial tribunal
handles this case with help from Clerk No. 22.

CONTACT: Mr. Leonardo Schvarztein, Trustee
         Uruguay 390
         Buenos Aires

* ARGENTINA: Debt Swap Going Smoothly
Interest in Argentina's debt swap is picking up with 32 percent
of bondholders now willing to exchange their defaulted
securities for new debt. Last week, only 26 percent had shown
interest in Argentina's offering.

While the pace of the restructuring is going well according to
Mr. Luis Corsigilia, an executive at the Buenos Aires Stock
Exchange, Mr. Fernando Losada of ABN Amro Inc. contends that the
country had encountered more resistance than anticipated when it
opened the tender Jan. 14.

In a report from Bloomberg, Mr. Losada says "The government
initially thought it would get 100 percent of domestic investors
very quickly and that would act as an incentive to lure
international investors." However, it has only managed to
convince around 75 percent of local investors to join the
exchange. The offer is set to close Feb. 28.

The Global Committee of Argentina Bondholders, the largest
international creditor group holding one-third of the country's
defaulted debt, has in fact labeled the Country's move as a

The group cited the 8 percent growth in Argentina's economy as
evidence that the country can pay more than the 25 cents to the
dollar it is willing to exchange for the defaulted bonds. The
reduction in value will however be offset by higher interest
rates and shorter maturities.

The exchange covers $10 billion of so-called par bonds, $20.2
billion of discount bonds and $8.3 billion of quasi-par bonds.
Currently, Argentina has offers for 27.7 percent of the discount
bonds, 16 percent of the par bonds and all of the quasi par


ANNUITY & LIFE: Amends Reinsurance Agreement With Transamerica
As contemplated by a previously announced letter of intent dated
December 31, 2004, on January 31, 2005, a wholly-owned
subsidiary of Annuity and Life Re (Holdings), Ltd. (the
"Company") entered into definitive documents and completed the
termination and recapture of its annuity reinsurance agreement
with Transamerica Occidental Life Insurance Company

The Company and Transamerica entered into an Amendment of the
annuity reinsurance agreement between the two parties, effective
as of December 1, 2004 (the "Amendment"). Pursuant to the
Amendment, the annuity reinsurance contract between Transamerica
and the Company was terminated, and Transamerica recaptured all
business ceded under the contract effective as of December 1,
2004. In consideration of the recapture, the Company paid
Transamerica all amounts owed under the annuity reinsurance
contract through November 30, 2004, along with a termination
premium of $14.0 million.

Also as contemplated by the previously announced letter of
intent, on January 31, 2005, the Company entered into a Master
Agreement (the "Master Agreement") with Transamerica, pursuant
to which the Company novated to Transamerica two blocks of life
reinsurance as of December 31, 2004. In consideration of these
novation transactions, the Company paid Transamerica $18.5
million. The amount paid to Transamerica in connection with the
novations was based on models and data prepared by the Company,
and is subject to adjustment based on certain factors, including
Transamerica's validation of the Company's models. In addition,
if Transamerica cannot obtain Sarbanes-Oxley clearance from its
Steering Committee with respect to the two blocks of life
reinsurance, the Company and Transamerica have agreed to take
steps to unwind the novations. Transamerica must notify the
Company by March 2, 2005 if it is unable to obtain such

In connection with the consummation of the novations of the two
blocks of life reinsurance and the termination of the annuity
reinsurance contract, approximately $29 million of collateral
held in a trust established with respect to certain of the life
reinsurance contracts was transferred to Transamerica. In
addition, the letters of credit posted by the Company on behalf
of the cedent under another of the life reinsurance contracts
were cancelled and the collateral securing those letters of
credit was released. All amounts paid to Transamerica in
connection with the novation and recapture transactions were
paid from this collateral. Following those payments,
approximately $8 million of cash and securities previously
posted as collateral was released to the Company.

The Company expects to report substantial charges in the fourth
quarter of 2004 relating to the transactions described above.
While the Company is still preparing its financial results for
the fourth quarter of 2004, it anticipates a GAAP loss of
approximately $61 million relating to the novation and recapture

Completion of Acquisition or Disposition of Assets

On January 31, 2005, the Company completed the previously
announced novation to Transamerica of two blocks of life
reinsurance as of December 31, 2004, and the recapture of its
largest annuity reinsurance contract as of December 1, 2004.

Results of Operations and Financial Condition

On January 31, 2005, the Company completed the previously
announced novation to Transamerica of two blocks of life
reinsurance as of December 31, 2004, and the recapture of its
largest annuity reinsurance contract as of December 1, 2004.

CONTACT: Annuity & Life Re (Holdings), Ltd.
         Cumberland House
         1 Victoria St.
         P.O. Box HM 98
         Hamilton, HM AX
         Phone: 441-296-7667

FOSTER WHEELER: Wins $18M Power Plant Deal  
Foster Wheeler Ltd. (OTCBB: FWHLF) announced Monday that its
subsidiary, Foster Wheeler North America Corp., has been awarded
a contract valued in excess of $18 million by SNC-Lavalin Power
Inc. of Redmond, Washington. The booking will be included in the
fourth quarter of 2004.

Foster Wheeler's Canadian subsidiary, headquartered in Ontario,
will design and supply a 55 MW boiler for Fibrominn LLC's
landmark green energy project in Benson, Minnesota. This will be
the first U.S. power plant to use poultry litter as its primary
fuel. SNC Lavalin is the EPC contractor for the project.

"Foster Wheeler North America Corp. remains committed to helping
its customers find environmentally sound methods of generating
power," said Bernard H. Cherry, president and chief executive
officer. "In addition to providing an alternative, more
environmentally friendly method of disposing of poultry-litter
waste, the plant's only by-product is ash that can be recycled
as fertilizer. This plant also contributes to the reduction of
greenhouse gas production through the displacement of existing
fossil-fueled generation by carbon-neutral biomass electricity."

The Benson plant will burn over 700,000 tons of poultry litter
and other biomass fuels per year under a long-term supply
agreement with Minnesota poultry producers. The plant is
expected to be operational in 2007.

Foster Wheeler has had a 15-year relationship with the founders
of Fibrominn's parent company, Fibrowatt LLC of Yardley,
Pennsylvania, having performed consultancy services for the UK
Fibrowatt Group when it built the world's first two poultry
litter fired power plants in the UK in the early 1990s, and
having supplied the boiler for that Group's 38.5 MW poultry
litter power plant at Thetford in the UK, which came on stream
in 1998.

The UK Fibrowatt Group now holds a 30% stake in Fibrowatt LLC,
which was set up to develop multiple opportunities in the USA
using the Fibrowatt technology.

About Foster Wheeler

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, upstream oil and gas, LNG and gas-to-liquids,
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.

CONTACT: Foster Wheeler
         Media Contacts
         Ms. Maureen Bingert
         Phone: 908-730-4444
         Other Inquiries
         Phone: 908-730-4000

         Web site:

GLOBAL CROSSING: Names New Financial Team
Global Crossing (Nasdaq: GLBC) announced Monday the appointment
of a new financial leadership team with distinguished
backgrounds in finance and telecommunications, as the company
enters a new phase in 2005. Effective immediately, Jean
Mandeville becomes the company's executive vice president and
chief financial officer. William I. Lees, Jr. will take up the
post of senior vice president, accounting and financial
operations, and William T. Ginn will be named vice president of
finance for Global Crossing UK Telecommunications Ltd. (GCUK).

"The collective experience and expertise of this new team will
ably guide Global Crossing to attain our financial goals and our
mission of becoming an industry leader in global IP services,"
said John Legere, Global Crossing's chief executive officer.
"Our steady execution against those goals in this new phase of
our evolution -- aided by these talented individuals -- will
demonstrate once again that what this company envisions, it also

Jean Mandeville was previously chief financial officer of
Singapore Technologies Telemedia (ST Telemedia), Global
Crossing's majority shareholder. His career has included
positions in telecommunications, education and research,
transport and maritime, including more than 15 years in finance
and telecommunications alone.

"Jean will play a pivotal role as we forge a leadership position
in the fast-changing telecom industry," continued Legere. "With
Jean leading our first-rate team of financial professionals,
Global Crossing will continue to supply world-class customer
solutions, enabled by an unmatched technology, security and
support model."

Prior to joining ST Telemedia, Mr. Mandeville's professional
achievements included several senior roles in telecommunications
and finance. Mr. Mandeville served in various capacities at
British Telecom (BT) and was appointed president of BT Asia
Pacific in 2000. As head of business planning for BT Europe, he
oversaw the development of BT's entry strategy for European
telecommunications markets. Prior to joining BT, Mr. Mandeville
was a senior consultant with Coopers & Lybrand, Belgium, among
other positions.

Mr. Mandeville received a license in applied economics and
special degree in sea law from the University Saint-Ignatius
Antwerp. He also attended the Stanford Senior Executive Program
in 1996 and has accumulated numerous post- graduate achievements
in general management, mergers and acquisitions, strategic
alliances, strategy, financial and marketing management and

William Lees, who will be Global Crossing's newly appointed
senior vice president for accounting and financial operations,
will be the company's chief accounting officer reporting to Mr.
Mandeville. He has more than 20 years' experience in
multinational planning and operations, most recently serving as
senior vice president and corporate controller of Mediacom
Communications. His background includes senior positions at the
manufacturing companies Formica Corporation and Imperial
Schrade, as well as thirteen years at Ernst & Young. Mr. Lees
received B.S. degrees in accounting and economics from Boston
College, and he participated in the University of Michigan's
executive training program. He is a member of the American
Institute of Certified Public Accountants.

Global Crossing is reinforcing the leadership strength of its UK
business by naming William Ginn the vice president of finance.
As the senior financial officer for GCUK, Ginn will report to
Mr. Mandeville and will work closely with Phil Metcalf, managing
director, as they focus on growing one of the company's most
important and successful endeavors, its managed services

Mr. Ginn was most recently the chief financial officer of Cable
and Wireless America, where as a member of the firm's leadership
team, he implemented a restructuring plan resulting in
significant performance improvements. His previous
responsibilities included serving as the vice president of
finance for Cable and Wireless Global, as well several senior
positions within Cable and Wireless UK. Mr. Ginn received B.A.
and M.A. degrees from Cambridge University, as well as a Ph.D.
from the University of Kent. He is a member of the Chartered
Institute of Management Accountants.

Daniel P. O'Brien, Global Crossing's former CFO, will remain
with the company during the time required to complete a smooth
transition, and the company expressed its gratitude for his many
contributions over this formative period in its history.

About Global Crossing

Global Crossing 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

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
         Ms. Becky Yeamans
         Phone: + 1 973-937-0155

         Ms. Tisha Kresler
         Phone: + 1 973-937-0146

         Mr. Mish Desmidt
         Phone: + 011 44 1256 732 866

         Analysts/Investors Contact
         Ms. Laurinda Pang
         Phone: + 1 800-836-0342

         Web site:


CESP: Sao Paulo Governor Seeks to Privatize CTEEP
Sao Paulo Governor Geraldo Alckmin sent a bill to the state's
legislature Thursday, seeking to include power transmission
company CTEEP in the state's privatization program, reports
Business News Americas.

The move is part of the state government's efforts to rescue its
indebted generation company CESP, which is a sister company of

Sao Paulo state controls 36% of CTEEP, while federal holding
power company Eletrobras has a 35% minority stake. CTEEP could
be valued at around BRL1 billion, says newspaper Valor
Economico. The plan is to sell control of CTEEP and use the
proceeds to capitalize CESP.

CESP is struggling to pay a staggering debt of BRL10.4 billion,
of which BRL5.8 billion is linked to foreign currencies. The
company's situation was made even worse by power regulations
that call for the expiry of 25% of generators' power sale
contracts every year, thereby reducing revenues for generators.

Meanwhile, local press reported that legislators from the left-
leaning Workers' Party (PT) have said they would block the sale

CONTACT:    Companhia Energetica De Sao Paulo (CESP)
            Rua da ConsolaO o, 1.875
            CEP 01301 -100 S o Paulo, Brazil
            Phone: +55-11-234-6322
            Fax: +55-11-287-0871
            Home Page:
            Mauro G. Jardim Arce, Chairman
            Ruy M. Altenfelder Silva, Vice Chairman
            Vicente Kazuhiro Okazaki, Finance Director

UNIBANCO: Completes Issuance of $125M, 60-Month Bonds
Unibanco, Brazil's third-largest private bank, completed late
Thursday the issuance of a total of US$125 million bonds
overseas, reports Dow Jones Newswires.

The 60-month, Brazilian reals-denominated bonds were placed at
an annual yield of 8.7% over the variation in the IGP-M
inflation index.

The IGP-M is an inflation index published by the private Getulio
Vargas Foundation.

The bond sale was coordinated by Unibanco and Citigroup.

Unibanco had originally planned to place only US$100 million but
strong demand lifted the issue to US$125 million, according to a
spokesman for the bank.

CONTACT: Investor Relations
         Unibanco - Uniao de Bancos Brasileiros S.A.
         Ave. Eusebio Matoso 891
         15th floor - Sao Paulo, SP 05423-901
         Phone: (55 11) 3097-1980
         Fax: (55 11) 3813-6182
         Web site:


Colombia Telecomunicaciones, which was created by the government
from the ashes of the liquidated state telco Telecom, has paid
off a US$47 million debt to seven international banks, reports
Business News Americas.

The payment, according to liquidating agency Fiduciaria La
Previsora, is the final installment of an US$85-million debt
with the banks, which had helped finance line installation in
rural areas.

Colombia Telecomunicaciones has been channeling revenues to help
pay off debts left by its predecessor. Already, the company has
paid off bank debts of COP324 billion (US$137mn), including the
first US$38 million of the US$85 million debt with the Inter-
American Development Bank, Banesto, Mitsui, Natexis, Kleinwort,

C O S T A   R I C A

ICE: Proposes Flat Rate for RDSI to Prevent Customer Exodus
In an effort to keep its customers, Costa Rica's telecoms
monopoly ICE sought approval from the country's utilities
regulator Aresep to implement a flat rate of US$14 for telephony
users of its integrated digital network services (RDSI), reports
Business News Americas.

RDSI enables users to increase the throughput of their telephone
line by adding a special device that digitalizes the signal,
which increases a typical 56Kbps dial-up internet connection to

RDSI users currently pay CRC3.6 (US$0.008) a minute to surf at
64Kbps and double that a minute to surf at 128Kbps. Average
monthly usage is 43 hours, which ends up costing around US$40.
Added to Internet access services through ICE or RACSA, the
total is around US$56 monthly.

ICE believes that it is losing RDSI clients because of the high
price. If the flat rate proposal will be approved, RDSI users
will only have to pay US$16 for Internet access and US$14 for
phone service.


* HONDURAS: IMF Mission Presents Favorable Outlook
The following statement was issued Monday in Tegucigalpa by an
International Monetary Fund (IMF) staff mission:

"An IMF mission visited Tegucigalpa during January 24-February
7, 2005, for discussions with the authorities on the second
review of the PRGF program, the 2005 Article IV consultation,
and the status of implantation of policy commitments for the
HIPC completion point.

"The mission found that the government's economic program
continues to deliver favorable results. Preliminary estimates
suggest that real GDP grew by nearly 5 percent in 2004-
significantly above projections-with a broad rebound across all
sectors, including agriculture. Inflation has now stabilized,
after drifting up during much of last year mainly because of
high oil prices. The external position has also strengthened
significantly, boosted by rapid growth in remittances, exports,
and capital inflows; as a result, official international
reserves now stand at over US$ 1.6 billion, well above the
program target.

"The strong performance reflects the government's steadfast
implementation of macroeconomic policies and structural reforms
envisaged under the program. The fiscal deficit was reduced in
line with the program targets, owing especially to improved
control of the wage bill which permitted poverty-reducing
spending to increase as targeted. Important structural reforms
implemented included strengthening the financial system, and
improving tax administration and governance. All quantitative
targets for end-December were met, and good progress has also
been made on the set of trigger conditions for the completion
point under the enhanced HIPC initiative.

"Looking ahead, it will be critical for Honduras to maintain
broad consensus on the program supported by the PRGF, including
the key elements of sustained public sector wage discipline,
prudent macroeconomic policies, and financial sector reforms.
Keeping the reforms on track will be important for Executive
Board consideration of the PRGF review and HIPC completion. The
program is working well, and evidence is growing that the key
goal of poverty reduction is being achieved. It will be critical
to maintain continuity in these policies, through the
forthcoming election year and beyond, so that the hard-won gains
of higher growth and social progress can endure and prosper
further in the coming years.

"Upon its return to Washington, the mission will submit its
report to the IMF's Management. Executive Board discussion of
the PRGF review, the Article IV consultation, and the HIPC
completion point could take place around end-March."

CONTACT: International Monetary Fund
         External Relations Department
         Public Affairs
         Phone: 202-623-7300
         Fax: 202-623-6278

         Media Relations
         Phone: 202-623-7100
         Fax: 202-623-6772


AIR JAMAICA: Suspends Service to Houston      
Effective April 3, 2005, Air Jamaica will suspend service
to/from Houston's George Bush Intercontinental Airport, Texas.  

Executive Vice President Operations & Planning, John Lewis, says
the suspension of service to Houston is part of the ongoing
restructuring effort to bring the airline into financial
stability and improve its viability.

Service to Manchester, Antigua and London to Havana have also
been suspended as part of the restructuring process. In
addition, the frequency of flights on other routes has been
reduced and the restructuring team is reviewing other ways to
reduce operating costs.  

Executive Chairman, Dr. Vincent Lawrence, thanked the people of
Jamaica and Houston for their support of the airline and its
staff and promises that the excellent service and high safety
standards to which they have become accustomed will be
maintained in this period of transition.  

He says the national airline is important to the country's
economy and is a source of pride for the Jamaican people and
everything will be done to ensure that it survives and becomes

Air Jamaica commenced service to Houston on June 7, 2001.


HYLSAMEX: Share Price Fluctuations Due to Market Forces
Hylsamex, a Mexican steel company majority-owned by steel and
industrial conglomerate Grupo Alfa, explained to the stock
market regulator Monday why there were fluctuations of up to
2.5% on its B and L series stock.

Hylsamex's B and L series stock (BMV: HYLSAMX.B and L) opened at
MXN35.23 and increased to as much as 36.10 during afternoon
trading. Share trading volume for the day was 24,000 for series
L and 5,900 for series B.

According to the company, the fluctuations were due to "natural
movements in the share market."

CONTACT: Mr. Othon Diaz Del Guante
         Phone: +(52) 81-8865-1240

         Mr. Ismael De La Garza
         Phone: +(52) 81-8865-1224

         Mr. Kevin Kirkeby
         Phone: +(646) 284-9416

INNOPHOS: Commitments Solid for Floating Rate Senior Notes
Innophos Investments Holdings, Inc., the direct parent of
Innophos, Inc., a manufacturer of specialty phosphates in North
America, announced Monday that it has received commitments for a
private offering of $120 million in aggregate principal amount
of Floating Rate Senior Notes due 2015. Interest on the notes
will be payable on or prior to February 15, 2010 in the form of
additional notes and thereafter in cash.

Offers and sales of the notes will be made only in the United
States to qualified institutional buyers, as defined in Rule
144A under the Securities Act of 1933, as amended and outside
the United States in compliance with Regulation S under the
Securities Act of 1933 in transactions exempt from the
registration requirements of the Securities Act of 1933, as
amended. The notes have not been registered under the Securities
Act of 1933, as amended, or any state securities laws, and they
may not be offered or sold in the United States absent
registration or an applicable exemption from registration

This announcement does not constitute an offer to sell, or the
solicitation of an offer to buy, any securities and shall not
constitute an offer, solicitation or sale in any jurisdiction in
which such offer, solicitation or sale would be unlawful.

About Innophos, Inc.

Innophos, Inc. ( is a leading North American
manufacturer of specialty phosphates serving a diverse range of
customers across multiple applications, geographies and
channels. Innophos offers a broad suite of products used in a
wide variety of food and beverage, consumer products,
pharmaceutical and industrial applications. The Company's
market-leading positions derive from its experience and
dedication to customer service and innovation. Headquartered in
Cranbury, New Jersey, Innophos has plant operations in
Nashville, TN; Chicago Heights, IL; Waterway, IL; Geismar, LA;
Port Maitland, ON (Canada); and Coatzacoalcos and Guanajuato

INNOPHOS: S&P Cuts Ratings, Off Watch; Outlook Negative
Standard & Poor's Ratings Services lowered its ratings on
Cranbury, N.J.-based Innophos Inc., and removed the ratings from
CreditWatch where they were placed in November 2004. The
corporate credit rating was lowered to 'B' from 'B+'.

At the same time, Standard & Poor's assigned its 'CCC+' rating
to $120 million of floating-rate senior notes due 2015 to be
issued by Innophos Investments Holdings Inc., parent company of
Innophos Inc. Proceeds from the debt offering will fund a cash
dividend to the equity sponsors. The outlook is negative.

The downgrade reflects the unexpected increase in the already
aggressive debt load as a result of this transaction.

"Clearly, this debt issuance is inconsistent with a commitment
to improving the credit quality profile that had been factored
into prior ratings and signals a change in financial policy,"
said Standard & Poor's credit analyst Wesley Chinn. "Credit
quality is also under pressure from financial uncertainties
arising from tax claims at a Mexican subsidiary."

The ratings of Innophos, a specialty chemical manufacturer owned
by Bain Capital, reflect a moderate sales base, a narrow product
line in a niche, mature market, some vulnerability to raw
material costs and to the cyclicality of general economic
conditions, and very aggressive debt leverage. Moreover,
exposure to potential demand reduction for phosphates in the
U.S. detergent market remains a concern given environmental
concerns at the state level, but the phase-out of phosphates for
home laundry detergents sold in the U.S. is complete. Further
demand reduction for the auto-dishwasher market in the U.S., or
the onset of unforeseen environmental concerns in Mexico, both
of which are key markets, will remain longer-range variables,
although these issues are not expected to impact Innophos based
on current information. These negatives overshadow the company's
solid position in the production of specialty phosphates, stable
volume growth, expected higher earnings for 2005, and good
operating margins.

Specialty phosphates are used in various food and beverage,
consumer products, pharmaceutical, and industrial applications
to improve the texture and taste of food, make cleaning easier
in toothpaste, increase the effectiveness of active ingredients
in tablets, and improve the cleaning characteristics of
detergents. Innophos has leading shares in all three major
product segments of the specialty phosphates industry: purified
phosphoric acid (which is used in part in the downstream
production of phosphate derivatives), specialty salts and acids,
and technical grade sodium tri-polyphosphate. Specialty salts
and acids account for well over half of Innophos' operating

MAXCOM TELECOMUNICACIONES: To Cover Fixed Telephony Service Gap
Telco outfit Maxcom Telecomunicaciones plans to invest some
US$40 million this year to take advantage of what it sees is a
gap in fixed telephony service, reports Business News Americas.

"In Mexico there are around 20 million homes, of which 10
million have a line, and of the ten million remaining, between
five and eight million represent the potential market for
traditional fixed telephony," said Maxcom CEO Rene Sagastuy.

Maxcom has been able to contemplate on these investments
following a debt restructuring last year, which slashed its debt
to US$53 million from US$180 million.

Maxcom Telecomunicaciones, S.A. de C.V., headquartered in Mexico
City, Mexico, is a facilities-based telecommunications provider
using a "smart-build" approach to deliver last-mile connectivity
to micro, small and medium-sized businesses and residential
customers in the Mexican territory. Maxcom launched commercial
operations in May 1999 and is currently offering local, long
distance and data services in greater metropolitan Mexico City,
Puebla and Queretaro.

CONTACT:  Maxcom Telecomunicaciones S.A. de C.V.
          Magdalena 211
          Col. del Valle
          03100 Mexico, D.F.
          Telephone: 52 55 5147 1111

MINERA AUTLAN: To Open New Sinter Plant in August
Mexican manganese producer Compania Minera Autlan SA's
(AUTLAN.MX) new sinter plant should be operational by mid
August, says company president Jose Antonio Rivero in a report
from Business News Americas.

Sinter is a product used to make manganese-ferroalloy.

The US$5 million plant, located at Tamos in Mexico's Veracruz
state, will add 300,000 tons to the Company's sinter production
capacity. The new plant can use coal or charcoal instead of
natural gas.  

Minera Autlan ended the fourth quarter 2004 with revenues of
MXP585 million and Net Sales of MXP1.75 billion, 79% higher in
the same period last year. Ebitda during the period came at
MXP188 million, a 698% increase on 4Q03.

TV AZTECA: U.S. Federal Judge Grants Motion to Delay Trial
A U.S. federal judge has delayed the start of a trial against
Mexican broadcaster TV Azteca (NYSE: TZA) and its top management
until May 31.

District of Columbia Judge Emmet Sullivan's chambers granted the
delay Monday, following a motion filed by TV Azteca parent,
Azteca Holdings.

TV Azteca and executives Ricardo Salinas Pliego, Pedro Padilla
Longoria and Luis Echarte were charged by the U.S. Securities
and Exchange Commission (SEC) for their role in a controversial
debt deal involving sister mobile phone company Unefon.

"Azteca Holdings' lawyers have discussed the matter with the SEC
and both parties agree that in order to achieve better
efficiency, save legal resources and coordinate the proceedings,
an extension until May 31 is necessary," said TV Azteca legal
counsel Thomas Sjoblom, of Chadbourne & Park, an international
law firm with headquarters in Washington. Sjoblom spent 20 years
working for the SEC.

CONTACT: Investor Relations
         Mr. Bruno Rangel
         Phone: 5255 1720 9167

         Mr. Omar Avila
         Phone: 5255 1720 0041

         Media Relations:
         Mr. Tristan Canales
         Phone: 5255 1720 5786

         Mr. Daniel McCosh
         Phone: 5255 1720 0059


UTE: Three Firms Submit Bids for 400MW Thermo Project
Three firms submitted bids Friday for Uruguay's state-owned
power company UTE's turnkey contract to build a 350-400MW
combined cycle thermoelectric power plant in San Jose
department, Business News Americas reports, citing UTE legal
advisor Jose Alem.

The bidders, namely French company Alstom, Fiat Engineering do
Brasil and Germany's Siemens Westinghouse, were three of the
four companies that originally bid for the contract in June last

The fourth one was General Electric.

At the time, UTE asked the companies to submit new bids because
Alstom and Siemens did not comply with the mechanical
requirements related to the turbines and the other two, Fiat and
General Electric, failed to present complete documentation.

It is not known why General Electric did not submit a bid this
time around. But earlier, General Electric insisted it complied
with the original bidding rules and said it wasn't fair that
other bidders that did not comply with all the rules should have
a chance to adjust their economic bids.

UTE will begin to study the technical bids February 7 and will
then study the economic bids, Alem said, adding that the
contract should be awarded in about two months time.


PDVSA: Workers Favor Cashcard In Lieu of Subsidized Food Stores
State oil firm Petroleos de Venezuela SA (PDVSA) and its workers
have overcome one of the last hurdles in a collective labor
contract that took months of hard bargaining to settle.

According to Business News Americas, workers have voted in favor
of clause 14 of the labor contract, which calls for substituting
subsidized food stores with a cashcard.

The new cashcard guarantees 12 monthly payments of VEB500,000
(US$261). The money can be spent nationwide in more than 5,000
food establishments with electronic payment infrastructure,
mainly supermarkets. Credit not spent in any given month is

All three national oil workers' federations that negotiated the
contract with PDVSA management - Fedepetrol, Sinutrapetrol and
Fetrahidrocarburos - took part in the vote.

PDVSA's labor contract for the period 2005-2007 was signed two
weeks ago, but with the caveat that a vote on clause 14 be held.
Workers had threatened to boycott the signing of the agreement
if a vote was not held.

PDVSA: Harvest To Tackle Output Issues Soon
PDVSA and Houston-based oil and gas development company Harvest
Natural Resources are yet to resolve issues over the latter's
output and capital spending plans for this year.

But according to a Dow Jones Newswires report, Harvest plans to
discuss these issues with PDVSA "in the very near future."

"If the situation can be resolved quickly, we anticipate we will
be able to meet guidance," said Steven W. Tholen, chief
financial officer at Harvest. "If it does take us some time to
resolve the situation, we anticipate we'll have to revise our
2005 guidance."

PdVSA sent Harvest a letter about a month ago, asking it to
reduce oil production and capital expenditure program in 2005.
But Tholen said Harvest still expects to produce 29,000 to
34,000 barrels of oil a day in 2005, significantly up from
20,000 b/d last year.

Harvest is one of several overseas oil companies that have hit
roadblocks in advancing drilling programs in Venezuela.

US oil major ConocoPhillips (NYSE: COP) had also planned to
start drilling 14 wells in the Corocoro oil field last December.
However, the Venezuela energy ministry rejected ConocoPhillips'
proposed 2005 investment plan, saying it was US$200 million
below what had been previously agreed.

Venezuela's energy and oil minister and PDVSA president, Rafael
Ramirez, said PDVSA plans to meet with officials from
ConocoPhillips on February 11 to discuss plans for their
Corocoro oil field joint venture.

"We have a meeting with representatives of ConocoPhillips on
[February] 11 and are going to announce what we are going to
agree to," Ramirez said.

The Corocoro field was discovered by ConocoPhillips in 1999 and
declared open for commercial use in 2002.


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
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