TCRLA_Public/050318.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, March 18, 2005, Vol. 6, Issue 55

                            Headlines

A R G E N T I N A

BANCO RIO: To Pay Off US$458M Worth of Old Debt
CABLEVISION: Revenues Increase 13.1 Percent in 2004
FRIGORIFICO BUENOS AIRES: Gets Court Ok for Reorganization
IRSA: Reduces Debt by US$1.3Mln
JOYERIA RICCIARDI: Court Grants Reorganization Plea

JUAN ORDOQUI S.A.: Court Resets Reorganization Schedule
L'ALBI S.R.L.: Court Favors Creditor's Bankruptcy Petition
NEBA S.A.: Court Declares Company Bankrupt
PRIDE INTERNATIONAL: To Restate 2000-2003 Financial Information
RADIO LLAMADA S.A.: Reorganization Concluded

SAFEWAY S.A.: Court Appoints Trustee for Reorganization
SHOES S.A.: Court OKs Creditor's Bankruptcy Motion
SITM LA HELVETICA: Court Converts Bankruptcy to Reorganization
SOUTHERN WINDS: Halts Debt Payments, Set To Reorganize


B E R M U D A

ANNUITY & LIFE: Informs U.S. SEC of Delay in 10K Filing
CONOCO VENEZUELA: Names Robin Mayor as Liquidator
CORALCLIFF (BERMUDA) LIMITED: Proceeds With Wind-Up
FOSTER WHEELER: Records US$95.4Mln Net Loss in 4Q04
FOSTER WHEELER: Recognizes Material Weakness in Internal Control

LORAL SPACE: Responds to Examiner's Statement on Value Range


B O L I V I A

COEUR D'ALENE: Explains Delay in U.S. SEC Reports Filing


B R A Z I L

BRASKEM: Moves To Simplify Corporate Structure With Merger
CIBRASEC: S&P Withdraws Ratings
CSN: Summons Shareholders to Annual General Meeting
METOKOTE: Moody's Assigns Ratings For Proposed Credit Facilities


C H I L E

ENAMI: Codelco to issue US$200mn bonds for Ventanas


C O L O M B I A

TELECOM: Mulls Mobile Strategy


H O N D U R A S

* HONDURAS: Receives US$16.6Mln Loan From IDB


M E X I C O

DIRECTV: Prepares for Spaceway F1 Satellite Launch
INDUSTRIAS PENOLES: Signs Option Agreement With Agnico-Eagle
NII HOLDINGS: Amended Filings Causes Delay in 10K Submission
UNEFON: Offers Extended Pre-paid Roaming Services to Customers


V E N E Z U E L A

PDVSA: To Finalize Petrojam JV by May 16

     -  -  -  -  -  -  -  -

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

BANCO RIO: To Pay Off US$458M Worth of Old Debt
-----------------------------------------------
Banco Rio de la Plata (BRIO.BA) said Wednesday it will make
payments totaling US$458 million to cover several bond series
coming due between this year and 2010 as part of its debt
restructuring efforts, relates Dow Jones Newswires.

In filings to the local stock exchange, Banco Rio said the
payments, which will cover capital and interest payments on some
bond series that mature in June 2005, Dec. 2009 and August 2010,
will be made on March 23. Apart from these, the bank said it
would also be making a payment on Cedro bonds, or reprogrammed
CD bonds denominated in pesos.

The bank also said it is "replacing financing received before or
during the crisis of 2001 and 2002 with a fund structure aligned
with the new scenario of the Argentine financial system."

Banco Rio, which is the Argentine unit of Spanish financial
Company Banco Santander Central Hispano (STD), accepted in
February a US$136.3 million loan plus US$705,649 in interest
from a subsidiary of its Spanish parent as part of its moves to
restructure its debt.


CABLEVISION: Revenues Increase 13.1 Percent in 2004
---------------------------------------------------
Cablevision S.A. ("Cablevision"), the largest multiple system
operator (MSO) in Argentina, reported for 2004 revenues from
services of Argentine Pesos ("Ps.") 742.3 million and earnings
before interest, taxes, depreciation, amortization and non-cash
reserves ("EBITDA") of Ps. 270.9 million. When compared to 2003,
revenues increased in 2004 by Ps. 85.9 million or 13.1%, and
EBITDA increased in 2004 by Ps. 40.2 million or 17.4% in Peso
terms.

In 2002, the Argentine Government issued a decree which, among
other things, provided for the restoration of inflation
accounting and instructed the Comision Nacional de Valores (the
"CNV") to issue specific procedures governing its application.
On July 25, 2002 the CNV issued Resolution Nø415 which
established the application of inflation accounting procedures
starting January 1, 2002, to any financial statements filed
subsequent to the date of that resolution. With an effective
date of March 1, 2003, the CNV, through its Resolution Nø441,
discontinued this methodology, thus eliminating the adjustment
for inflation.

As a result, amounts for the period from January 1, 2003 to
February 28, 2003, presented herein for comparative purposes,
have been restated in constant pesos as of February 28, 2003,
using the inflation rate measured by the domestic wholesale
price index.

Year ended December 31, 2004 vs. Year ended December 31, 2003
As discussed above, effective March 1, 2003, the CNV, through
Resolution Nø441, discontinued inflation adjustment accounting.
As a result, amounts for the period from January 1, 2003 to
February 28, 2003, presented herein for comparative purposes,
have been restated in constant pesos as of February 28, 2003,
using the inflation rate measured by the applicable domestic
wholesale price index.

During 2004, Cablevision had revenues from services provided of
Ps. 742.3 million, an increase of 13.1% compared to Ps. 656.4
million registered in 2003. The increase is attributable to (i)
the increase in the number of subscribers in 2004, and (ii) the
price increase registered during 2004.

Programming costs increased by 5.7% to Ps. 186.8 million in 2004
from Ps. 176.7 million in 2003. This increase is principally
attributable to (i) the increase in the subscribers base during
2004, and (ii) adjustments contemplated in certain programming
contracts. However, total programming costs as percentage of
gross cable revenues decreased to 30.0% in 2004, from 30.8% in
2003.

Cablevision's salaries, social security taxes and other payroll
expenses increased by 23.1% to Ps. 102.7 million in 2004, from
Ps. 83.4 million in 2003. Such increase is principally
attributable to the incidence on salaries of the increases
regulated by the Argentine Government.

Depreciation expense decreased by 12.0% to Ps. 141.4 million in
2004 from Ps. 160.7 million in 2003. The decrease is principally
attributable to the full depreciation of certain equipment in
2003 and 2004.

Maintenance of property, plant and equipment and network
expenses increased by 115.8% to Ps. 21.8 million in 2004, from
Ps. 10.1 million in 2003. The increase is related to the
increase in network maintenance activity and higher charges
related to material obsolescence.

Advertising and promotion expenses increased by 88.6% to Ps. 8.3
million in 2004, from Ps. 4.4 million in 2003. The increase is
principally attributable to the increase marketing campaigns,
especially in the broadband business.

Uncollectable accounts decreased by 66.7% to Ps. 1.7 million in
2004, from Ps. 5.1 million in 2003. This decrease is largely due
to the improvement in our collections and a higher quality of
Cablevision's subscriber base.

In 2004, the Company registered a financial loss of Ps. 434.4
million, compared to a financial gain of 33.6 million registered
in 2003. The variation is principally attributable to the impact
of the exchange rate differences in each period.

As a consequence of the factors described above, Cablevision's
EBITDA and net loss for 2004 were Ps. 270.9 million and Ps.
320.5 million respectively, compared to Ps.230.7 million and a
gain of Ps. 99.9 million in 2003.

About Cablevision

Cablevision is the largest cable provider in Argentina, based on
the number of subscribers served, which, as of December 31,
2004, was approximately 1.3 million. Cablevision believes that
it has the most technologically advanced distribution network in
the country. Its network passes approximately 3.5 million homes,
of which 89% are passed by cable plant with a bandwidth capacity
of at least 450 Mhz, including more than 50% that are passed by
cable plant with a bandwidth capacity of 750 Mhz.

Cablevision's shareholders are VLG Argentina LLC, which was
recently acquired by Fintech Media LLC, with a 50% ownership
interest, and companies affiliated with Hicks, Muse, Tate &
Furst, Incorporated with the remaining 50% ownership interest in
Cablevision, which jointly appoint management and control
Cablevision.

CONTACT: Mr. Santiago Pena
         Phone: (5411) 4778-6520
         E-mail: spena@cablevision.com.ar

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

         Web site: http://www.cablevision.com.ar


FRIGORIFICO BUENOS AIRES: Gets Court Ok for Reorganization
----------------------------------------------------------
Frigorifico Buenos Aires S.A.I.C.A.I. y F. will begin
reorganization following the approval of its petition by Court
No. 2 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.

Local accounting firm "Estudio Spagnuollo, Parga y Asociados"
will oversee the reorganization proceedings as the court-
appointed trustee. The firm will verify creditors' claims until
May 9. The validated claims will be presented in court as
individual reports on June 22.

The trustee is also 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 August 16.

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 February 23, 2006.

CONTACT: "Estudio Spagnuollo, Parga y Asociados"
         Trustee
         Tucuman 1452
         Buenos Aires



IRSA: Reduces Debt by US$1.3Mln
-------------------------------
By letter dated March 15, 2005, the Company reported that a
holder of Company's Convertible Notes exercised it conversion
right. Hence, the financial indebtedness of the Company shall be
reduced in US$ 1,280,540 and an increase of 2,349,614 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 274,578,251 to 276,927,865. On the other
hand, the amount of registered Convertible Notes is US$
77,775,226.

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


JOYERIA RICCIARDI: Court Grants Reorganization Plea
---------------------------------------------------
Joyeria Ricciardi S.A.C.I. y A. successfully petitioned for
reorganization after Court No. 6 of Buenos Aires' civil and
commercial tribunal issued a resolution opening the Company's
insolvency proceedings.

During insolvency, 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 Mr. Luis Juan Kuklis will serve as trustee
during the course of the reorganization. The firm will be
accepting creditors' proofs of claims for verification until
April 26.

After the verification deadline, the trustee will prepare the
individual reports and submit it in court on June 9. The firm
will also present a general report for court review on August
10.

The Company will endorse the settlement proposal, drafted from
the submitted claims, for approval by the creditors during the
informative assembly scheduled on February 10.

CONTACT: Joyeria Ricciardi S.A.C.I. y A.
         Marcelo T de Alvear 512
         Buenos Aires

         Mr. Luis Juan Kuklis, Trustee
         Lavalle 1619
         Buenos Aires


JUAN ORDOQUI S.A.: Court Resets Reorganization Schedule
-------------------------------------------------------
Key events in the Juan Ordoqui S.A. reorganization case have
been moved to these dates:

1. Claims Verification Deadline: April 6, 2005
2. Submission of Individual Reports: May 18, 2005
3. Submission of General Report: July 1, 2005

All proofs of claims must be submitted to court-appointed
trustee Juan Jose Poggio for verifications by the said deadline.

Court No. 19 of Buenos Aires' civil and commercial tribunal
handles this case with the assistance of Clerk No. 38.

CONTACT: Juan Ordoqui S.A.
         San Martin 201
         Buenos Aires

         Mr. Juan Jose Poggio, Trustee
         San Martin 66
         Buenos Aires


L'ALBI S.R.L.: Court Favors Creditor's Bankruptcy Petition
----------------------------------------------------------
Obra Social de Empleados de Comercio successfully sought for the
bankruptcy of L'Albi S.R.L. after Court No. 18 of Buenos Aires'
civil and commercial tribunal declared the Company "Quiebra,"
reports La Nacion.

As such, the Company will now start the bankruptcy process with
Mr. Aldo Bassagaisteguy as trustee. Company Creditors must
submit proof of their claims to the trustee before April 22 for
authentication. Failure to do so will mean disqualification from
the payments that will be made after the Company's assets are
liquidated.

Clerk No. 36 assists the court on the case that will close with
the liquidation of all of the Company's assets.

CONTACT: L'Albi S.R.L.
         Pasteur 663
         Buenos Aires

         Mr. Aldo Bassagaisteguy, Trustee
         Avenida Santa Fe 2847
         Buenos Aires


NEBA S.A.: Court Declares Company Bankrupt
------------------------------------------
Court No. 24 of Buenos Aires' civil and commercial tribunal
declared local Company Neba S.A. "Quiebra", relates local daily
La Nacion. The order comes in approval of the bankruptcy
petition filed by Sidero San Luis S.A., to whom the Company
failed to pay debts amounting to US$3,377.90.

The construction company will undergo the bankruptcy process
with Ms. Adriana del Carmen Gallo as its trustee. Creditors are
required to present proofs of their claims to the trustee for
verification before May 24. Creditors who fail to have their
claims authenticated by the said date will be disqualified from
the payments that will be made after the Company's assets are
liquidated at the end of the bankruptcy process.

The city's Clerk No. 48 assists the court on the case. Proceeds
from the sale of the Company's assets will be used to repay its
creditors.

CONTACT: Neba S.A.
         Ruta Nacional No 8, Km. 1304
         Provincia de Catamarca

         Ms. Adriana del Carmen Gallo, Trustee
         Presidente Roque Sanez Pena 651
         Buenos Aires


PRIDE INTERNATIONAL: To Restate 2000-2003 Financial Information
---------------------------------------------------------------
As reported in the Current Report of Pride International, Inc.
on Form 8-K filed with the Securities and Exchange Commission on
March 8, 2005, Pride concluded on March 2, 2005 that it will
restate its consolidated financial information for 2003, 2002,
2001 and 2000 and for the quarterly periods in 2004 and 2003 to
correct certain errors related primarily to transactions
initially recorded in periods from 1999 to 2002, but affecting
periods from 1999 through 2004. The errors relate to items
including, among others, adjustments to the valuation of debt
assumed in connection with Pride's acquisition in 2001 of the
remaining 73.6% interest it did not own in the deepwater semi-
submersible rigs Pride Carlos Walter and Pride Brazil and the
calculation of charges associated with the subsequent
refinancing of the debt; under- and over-depreciation of certain
rigs constructed or acquired since 1999; the recording of the
foreign exchange calculation of the inventory valuation in
Colombia in 1999; a mathematical error in a tax provision in
2002; reversal of a net gain reported in 2000 resulting from the
1999 receipt of proceeds for a casualty loss; and adjustments
related to the reconciliation of certain accounts payable and
the reclassification of certain finance charges. The
determination to restate was approved by the audit committee of
Pride's board of directors upon the recommendation of Pride's
senior management.

Pride currently estimates that the cumulative effect of the
errors for the nine months ended September 30, 2004 and the
years ended December 31, 2003 and 2002 will result in an
increase in net income or a reduction of net loss, as the case
may be, for the periods of approximately $1.3 million, $0.8
million and $1.2 million, respectively. Pride estimates that the
cumulative effect for the years ended December 31, 2001 and 2000
will result in a decrease in net income for the periods of
approximately $2.0 million and $2.1 million, respectively. Pride
plans to complete its evaluation of these matters prior to the
filing of its annual report on Form 10-K for the year ended
December 31, 2004.

As of the date hereof, Pride expects that it will report in its
2004 annual report on Form 10-K a material weakness in internal
control over financial reporting related to ineffective controls
over the communication of information important to the period-
end financial reporting process, including the specifics of non-
routine and non-systematic transactions. Contributing factors
were the decentralized nature of Pride's financial and
accounting functions and the number of manual processes utilized
during the period-end financial reporting process. Pride has
been performing additional substantive testing of its results of
operations for 2004 to compensate for these internal control
issues. In addition, Pride's independent registered public
accounting firm has not completed its testing, and no assurances
can be given that Pride's completion of its 2004 annual report
on Form 10-K, or testing related thereto, will not result in the
identification of additional internal control deficiencies or
material weaknesses.

Pride cannot assure that the steps it has taken or is taking to
address the internal control matters described above will be
adequate, that one or more deficiencies will not ultimately be
determined to be material weaknesses or that additional control
deficiencies will not be identified. If, as expected, Pride
concludes that the matters identified above constitute a
material weakness, management will be unable to conclude that
Pride's internal control over financial reporting was effective
as of December 31, 2004. A discussion of Pride's internal
controls will be included in its 2004 annual report on Form 10-
K.

Pride has dedicated significant resources to the completion of:

(1) the restatement of its consolidated financial statements to
be included in its 2004 annual report on Form 10-K and in
amendments to certain of its previously filed periodic reports,
including the additional substantive testing of its results of
operations for 2004 described above, and

(2) the evaluation of Pride's internal control over financial
reporting and the addressing of any material weakness and other
control deficiencies identified in that evaluation. Accordingly,
for the reasons set forth herein, and because the attention of
the relevant personnel that prepare Pride's 2004 annual report
on Form 10-K has been diverted from that task, Pride is unable
to timely file that annual report without unreasonable effort or
expense. Pride's senior management has discussed the matters
described herein with Pride's independent registered public
accounting firm.

(3) Is it anticipated that any significant change in results of
operations from the corresponding period for the last fiscal
year will be reflected by the earnings statements to be included
in the subject report or portion thereof?

For the year ended December 31, 2004, Pride expects to report
income from continuing operations of $14.3 million ($0.10 per
diluted share) on revenues of $1,712.2 million. For the year
ended December 31, 2003, Pride expects to report income from
continuing operations of $40.9 million ($0.30 per diluted share)
on revenues of $1,565.8 million. Pride expects to report a net
loss of $3.5 million ($0.03 per diluted share) and $23.1 million
($0.11 per diluted share) for the years ended December 31, 2004
and 2003, respectively.

Results for 2004 include an impairment charge of $24.9 million
due to retiring certain rigs and net gains on sale of assets of
$48.6 million. Results for 2003 include $0.2 million in asset
sale gains.

The results in both periods reflect a reclassification of
certain costs from general and administrative costs to operating
costs. In addition, Pride has classified as discontinued
operations its fixed-fee rig construction business. The loss on
discontinued operations was $17.7 million and $64.0 million for
the years ended December 31, 2004 and 2003, respectively.

A presentation of Pride's unaudited consolidated statement of
operations for the years ended December 31, 2004 and 2003 is
attached hereto as Exhibit 99.1 and incorporated herein by
reference.

Because preparation and completion of Pride's financial
statements in connection with its 2004 annual report on Form 10-
K are ongoing, the financial information presented herein,
including Exhibit 99.1 attached hereto, is preliminary and
subject to adjustment.

CONTACT: Mr. Robert E. Warren
         Vice President, Investor Relations
         Phone: 713-789-1400
         Fax: 713-953-7894
         E-mail: bwarren@prideinternational.com

         Mr. Steven D. Oldham
         Vice President and Treasurer
         Phone: (713) 789-1400
         Fax: (713) 278-4430
         E-mail: soldham@prideinternational.com


RADIO LLAMADA S.A.: Reorganization Concluded
--------------------------------------------
The settlement plan proposed by Radio Llamada S.A. for its
creditors acquired the number of votes necessary for
confirmation. As such, the plan has been endorsed by the court
and will now be implemented by the Company.

CONTACT: Radio Llamada S.A.
         Av. Belgrano 552
         Buenos Aires


SAFEWAY S.A.: Court Appoints Trustee for Reorganization
-------------------------------------------------------
Safeway S.A., a Company operating in Buenos Aires, is ready to
start its reorganization after Court No. 9 of the city's civil
and commercial tribunal appointed Mr. Jose Luis Abuchdid to
supervise the proceedings as trustee.

An Infobae report states that Mr. Abuchdid will verify creditors
claims until April 20. Afterwards, he will present these claims
as individual reports for final review by the court on June 2.
He will also provide the court with a general report pertaining
to the Company's reorganization on July 15. The court has
scheduled the informative assembly on October 19.

Clerk No. 17 assists the court on this case.

CONTACT: Mr. Jose Luis Abuchdid, Trustee
         Tacuari 119
         Buenos Aires


SHOES S.A.: Court OKs Creditor's Bankruptcy Motion
--------------------------------------------------
Court No. 5 of Buenos Aires' civil and commercial tribunal
declared Shoes S.A. bankrupt, says La Nacion. The ruling comes
in approval of the bankruptcy petition filed by the Company's
creditor, Mr. Carlos Rodolfo Monroy, for nonpayment of
US$59,401.08 in debt.

The Company's trustee, Monica Graciela Aquim, will examine and
authenticate creditors' claims until May 16 . This is done to
determine the nature and amount of the Company's debts.
Creditors must have their claims authenticated by the trustee by
the said date in order to qualify for the payments that will be
made after the Company's assets are liquidated.

The city's Clerk No. 9 assists the court on the case that will
conclude with the liquidation of the Company's assets.

CONTACT: Shoes S.A.
         Esmeralda 484
         Buenos Aires

         Ms. Monica Graciela Aquim, Trustee
         Libertad 257
         Buenos Aires


SITM LA HELVETICA: Court Converts Bankruptcy to Reorganization
--------------------------------------------------------------
Sociedad Industrial Talleres Metalurgicos La Helvetica S.A.
(SITM La Helvetica S.A.) will proceed with reorganization after
Court No. 6 of Canada de Gomez's civil and commercial tribunal
converted the Company's ongoing bankruptcy case into a "concurso
preventivo", states Infobae.

Under Insolvency protection, the Company will be able to draft a
proposal designed to settle its debts with creditors. The
reorganization also prevents an outright liquidation.

Mr. Roberto Ricardo Escobar will oversee the liquidation process
as the court-appointed trustee.

CONTACT: SITM La Helvetica S.A.
         Centenario 1202
         Canada de Gomez, Santa Fe

         Mr. Roberto Ricardo Escobar, Trustee
         Rivadavia 1129
         Canada de Gomez, Santa Fe


SOUTHERN WINDS: Halts Debt Payments, Set To Reorganize
------------------------------------------------------
Argentine airline Southern Winds has filed a "Concurso
Preventivo" or reorganization petition after defaulting on its
debts, reports local news source La Nacion. According to the
report, Court No. 15 of Buenos Aires' civil and commercial
tribunal is now analyzing whether to grant the airline approval
for its petition to reorganize. The city's Clerk No. 30 assists
the court on the Company's case.

Southern Winds is currently under criminal investigation for
allegedly facilitating the transport of 60 kilos of cocaine
found in four abandoned suitcases on a Madrid-bound flight last
September. When news of the incident broke out, the Argentine
government decided late last month not to renew an 18-month
cooperation agreement between LAFSA and Southern Winds.

The scandal has led to the arrest of two executives and an
employee of the airline, and the sacking of top officials at the
National Aeronautical Police and Air Force.

CONTACT: Southern Winds S.A.
         Suipacha 1111
         Buenos Aires


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

ANNUITY & LIFE: Informs U.S. SEC of Delay in 10K Filing
-------------------------------------------------------
Mr. John W. Lockwood, Chief Financial Officer of Annuity & Life
Re, informed the U.S. Securities and Exchange Commission of the
Company's Late filing of its form 10-K through this letter dated
March 16, 2005:

Our independent registered public accounting firm, Marcum &
Kliegman LLP, was not able to complete all of the audit
procedures necessary to allow issue of its audit opinion related
to our consolidated financial statements for the year ended
December 31, 2004. Pursuant to Rule 12b-25(c) promulgated under
the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), attached as an Exhibit 99.1 to this Form 12b-25 is a copy
of a letter from Marcum & Kliegman LLP stating the reasons why
it was unable to furnish its audit opinion before March 16,
2005, the date on which the Company's Annual Report on Form 10-K
for the fiscal year ended December 31, 2004 had to be filed with
the Securities and Exchange Commission.

The registrant anticipates the filing of its Annual Report on
Form 10-K to occur no later than fifteen calendar days following
the prescribed due date in accordance with Rule 12b-25(b)(2)(ii)
under the Exchange Act.

The registrant expects to report a net loss of approximately
$68.3 million for the year ended December 31, 2004, as compared
to a net loss of approximately $132.1 million for the year ended
December 31, 2003. The net loss for the year ended December 31,
2004 was primarily the result of certain novation and recapture
transactions that produced a loss of approximately $60.6
million.

Also contributing to the registrant's net loss for 2004 was a
$5.0 million accrual for the settlement of a shareholder lawsuit
and a charge in the third quarter of 2004 of approximately $2.4
million associated with the recapture of the registrant's only
remaining guaranteed minimum death benefit and guaranteed
minimum income benefit agreement.

LETTER FROM INDEPENDENT AUDITOR:

March 16, 2005

Mr. John Burke, CEO
Annuity & Life Re (Holdings), Ltd.
Cumberland House
1 Victoria Street
Hamilton, HM 11
Bermuda

Dear Jay:

You have furnished us with a copy of your "Notification of Late
Filing" on Form 12b-25 dated March 16, 2005.

We are in agreement with the comments under Part III of the
Form. We were unable to issue our audit opinion with respect to
the financial statements of Annuity & Life Re (Holdings), Ltd as
of December 31, 2004 on or before the due date of the Company's
Form 10-K because information related to certain financial
statement disclosures is not available and the required
disclosures have not been completed.

Very truly yours,

Marcum & Kliegman LLP

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


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

                           And

         IN THE MATTER OF Conoco Venezuela E & P Ltd.

The Members of Conoco Venezuela E & P Ltd., acting by written
consent without a meeting on 10th March, 2005, passed the
following resolutions:

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

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

The Liquidator informs that:

- Creditors of Conoco Venezuela E & P Ltd., which is being
voluntarily wound up, are required, on or before March 30, 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 solicitors (if any) to Robin J
Mayor, the undersigned, 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
solicitors, to come in and prove their debts or claims at such
time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

- A final general meeting of the Member(s) of Conoco Venezuela E
& P Ltd. will be held at the offices of Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, Bermuda on
20th April, 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


CORALCLIFF (BERMUDA) LIMITED: Proceeds With Wind-Up
--------------------------------------------------
          IN THE MATTER OF THE COMPANIES ACT 1981

                             And

      IN THE MATTER OF Coralcliff (Bermuda) Limited

By Written Resolution of the Members of Coralcliff (Bermuda)
Limited, adopted on the March 15, 2005 the following RESOLUTIONS
were duly passed:

1. "THAT the Company be wound up voluntarily pursuant to the
provisions of The Companies Act, 1981"; and

2. "THAT Mr. Douglas H. Pullen of Sofia House, 1st Floor, 48
Church Street, Hamilton Bermuda be appointed Liquidator for the
purpose of winding up the Company."

The Liquidator informs that:

- Creditors of Coralcliff (Bermuda) Limited are required on or
before April 6, 2005, to send their names and addresses and the
particulars of their debts or claims to the Liquidator of the
said Company, and if so required by Notice in writing from the
said Liquidator to come in and prove their said debts or claims
at such time and place as shall be specified in each notice or
in default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

- A Final General Meeting of the Member of Coralcliff (Bermuda)
Limited will be held at Sofia House, 1st Floor, 48 Church
Street, Hamilton, Bermuda on April 20, 2005 at 10.00 a.m. for
the purpose of having an account laid before them showing the
manner in which the winding-up has been conducted and the
property of the Company disposed of, and of hearing any
explanation that may be given by the Liquidator, and also of
determining by resolution the manner in which the books,
accounts and documents of the Company and of the Liquidator
thereof, shall be disposed.

CONTACT: Coralcliff (Bermuda) Limited
         Sofia House, 1st Floor
         48 Church Street
         Hamilton HM 12

         Mr. Douglas H. Pullen, Trustee
         Sofia House, 1st Floor
         48 Church Street
         Hamilton, Bermuda


FOSTER WHEELER: Records US$95.4Mln Net Loss in 4Q04
---------------------------------------------------
Foster Wheeler Ltd. (OTCBB: FWHLF) announced Wednesday
preliminary fourth quarter and full year results for the year
ended December 31, 2004. The net loss for the fourth quarter of
2004 was $95.4 million, inclusive of after-tax charges of a net
$74.8 million relating to a previously-announced adverse court
decision in asbestos insurance coverage allocation litigation
involving certain of the Company's subsidiaries, $18.4 million
relating to three power projects in Europe and $2.0 million of
restructuring costs. For the year, the net loss was $285.3
million, inclusive of after-tax charges of $175.1 million
relating to the Company's successful equity-for-debt exchange, a
$60.6 million net charge relating to the adverse court decision
in the fourth quarter and the revaluation of estimated asbestos
insurance receivables, $74.8 million relating to the three
problem European power projects and $17.2 million of
restructuring costs. The net loss per basic share for the fourth
quarter of 2004 was $7.38 and for the year was $57.84.

EBITDA (earnings/loss before income taxes, interest expense,
depreciation and amortization), inclusive of the above charges,
was a negative $59.2 million for the fourth quarter 2004, and a
negative $104.8 million for the year. Excluding the charges
described above, EBITDA was a positive $36.2 million for the
fourth quarter of 2004 and a positive $222.9 million for the
full year.

"Our objective for 2004 was to successfully restructure the
Company's balance sheet and operations, and we did just that,"
said Raymond J. Milchovich, chairman, president and chief
executive officer. "We reduced corporate indebtedness by $463
million during 2004, including $437 million relating to the
successful equity-for-debt exchange. We also extended
substantially all corporate debt maturities to 2011."

"Our global Engineering and Construction (E&C) business and our
North American Power business delivered strong operating results
in 2004. We completed a number of large projects with excellent
safety records, under budget and ahead of schedule, with high
client satisfaction and profits that exceeded our initial
forecasts."

"As I have previously stated, I am very disappointed with the
financial implications of the three problem projects executed by
our European Power business unit. These contracts were approved
prior to the implementation of the current corporate center
project risk management process and included scope of work that
would not be authorized for this subsidiary today. We have taken
corrective actions on all three projects, for which the
construction phase is now substantially complete. However, all
three projects remain subject to final closeout and completion
of the respective warranty periods."

Worldwide cash and domestic liquidity

Total cash and short-term investments at year-end 2004 were
$390.2 million, compared with $371.9 million at the end of the
third quarter of 2004 and $430.2 million at year-end 2003. Of
the $390.2 million in cash and short-term investments at year-
end 2004, $319.6 million was held by non-U.S. subsidiaries.

Segment EBITDA

For the fourth quarter 2004, the E&C Group's EBITDA was $21.1
million, compared with $13.2 million for the fourth quarter of
2003. For the year ended December 31, 2004, E&C Group EBITDA was
$135.7 million, compared with $68.7 million in 2003. The
increase in 2004 EBITDA reflects strong project execution in the
E&C Group's worldwide operations and a $15.9 million net gain on
the sale of power project development rights in Italy.

The Global Power Group's EBITDA for the fourth quarter of 2004
was $16.0 million compared with $52.3 million in the fourth
quarter of 2003. For the year ended December 31, 2004, Global
Power Group EBITDA was $80.7 million compared with $137.8
million in 2003. The decline in EBITDA was driven by the $74.8
million in profit reversals and losses on the three European
power projects.

Bookings, revenues and backlog

New orders booked by the Company during the fourth quarter of
2004 were $819.5 million, up 79% compared with $457.7 million
during the fourth quarter of 2003. For the year ended December
31, 2004, the Company's new orders were up 13% to $2.44 billion
compared with $2.16 billion in 2003.

For the fourth quarter 2004, new bookings for the E&C Group were
$526.8 million, up significantly from $117.8 million during the
fourth quarter of 2003. For the year ended December 31, 2004,
the E&C Group's new orders were up significantly to $1.7
billion, from $1.3 billion in 2003.

New orders booked in the fourth quarter of 2004 for the Global
Power Group were $295.8 million, compared with $340.9 million in
the fourth quarter of 2003. For the year ended December 31,
2004, the Global Power Group's new orders were $696.7 million,
compared with $880.7 million in 2003. The decline in new orders
is primarily the result of the overall weakness of the power
sector in the USA and Europe.

The Company's operating revenues for the fourth quarter of 2004
were $639.4 million, down from $1.13 billion in the fourth
quarter of 2003. For the year ended December 31, 2004, the
Company's operating revenues were $2.66 billion, compared with
$3.72 billion in 2003.

Operating revenues for the E&C Group in the fourth quarter of
2004 were $429.0 million, down from $740.5 million in the fourth
quarter of 2003. For the year ended December 31, 2004, the E&C
Group's operating revenues were $1.7 billion, down from $2.3
billion in 2003.

The Global Power Group's operating revenues for the fourth
quarter of 2004 were $214.2 million, down from $392.3 million in
the fourth quarter of 2003. For the year ended December 31,
2004, the Global Power Group's operating revenues were $1.0
billion, down from $1.45 billion in 2003.

The Company's backlog at year-end 2004 was $2.1 billion,
compared with $2.3 billion at the end of 2003. Company backlog
at December 31, 2004, expressed in terms of Foster Wheeler
scope, i.e. excluding reimbursable flow-through costs, increased
by 7% to $1.42 billion, compared with $1.33 billion at the end
of 2003.

E&C backlog at year-end 2004 was up slightly to $1.4 billion,
compared with $1.3 billion at year-end 2003. E&C backlog
expressed in Foster Wheeler scope was up 84% to $883.4 million
at year-end 2004, compared with $480.4 million at year-end 2003.

Global Power Group backlog at year-end 2004 was $646.3 million
compared with $957.9 million at year-end 2003. Expressed in
terms of Foster Wheeler scope, Global Power Group backlog at
year-end 2004 was $534.4 million, compared with $845.1 million
at year-end 2003.

Preliminary Results

The financial information in this announcement reflects the
Company's preliminary results which, in accordance with
generally-accepted accounting principles, are subject to change
until the Company files its Form 10-K. The Company expects to
file its 2004 Form 10-K on or before March 31, 2005.

Calculation of EBITDA

Management uses several financial metrics to measure the
performance of the Company's business segments. EBITDA is a
supplemental, non-generally accepted accounting principle (GAAP)
financial measure. The Company presents EBITDA because it
believes it is an important supplemental measure of operating
performance. A reconciliation of EBITDA, a non-GAAP financial
measure, to net earnings/(loss), a GAAP measure, is attached
with the Company's financial statements.

The Company believes that the line item on its consolidated
statement of operations entitled "net earnings (loss)" is the
most directly comparable GAAP measure to EBITDA. Since EBITDA is
not a measure of performance calculated in accordance with GAAP,
it should not be considered in isolation of, or as a substitute
for, net earnings (loss) as an indicator of operating
performance.

EBITDA, as the Company calculates it, may not be comparable to
similarly titled measures employed by other companies. In
addition, this measure does not necessarily represent funds
available for discretionary use, and is not necessarily a
measure of the Company's ability to fund its cash needs. As
EBITDA excludes certain financial information compared with net
earnings (loss), the most directly comparable GAAP financial
measure, users of this financial information should consider the
type of events and transactions which are excluded. EBITDA,
adjusted for certain unusual and infrequent items specifically
excluded in the terms of the Senior Credit Facility, is also
used as a measure for certain covenants under the Senior Credit
Facility.

The Company's non-GAAP performance measure, EBITDA, has certain
material limitations as follows:

It does not include interest expense. Because the Company has
borrowed substantial amounts of money to finance some of its
operations, interest is a necessary and ongoing part of its
costs and has assisted it in generating revenue. Therefore, any
measure that excludes interest expense has material limitations;
It does not include taxes. Because the payment of taxes is a
necessary and ongoing part of the Company's operations, any
measure that excludes taxes has material limitations;
It does not include depreciation. Because the Company must
utilize substantial property, plant and equipment in order to
generate revenues in its operations, depreciation is a necessary
and ongoing part of its costs. Therefore any measure that
excludes depreciation has material limitations.

Notes:

1. Consolidated Statements, including reconciliation of EBITDA,
follow.

2. All prior period share and per share data have been revised
to reflect the capital share alterations approved by the
Company's shareholders on November 29, 2004. The capital share
alterations included, among other things, a one-for-twenty
reverse common share split and a reduction in the par value of
both the common and preferred shares from $1.00 par value to
$0.01 par value.

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,
petrochemicals, 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 Ltd.
         Media Contact:
         Ms. Maureen Bingert
         Phone: 908-730-4444
                or
         Investor Contact:
         Mr. John Doyle
         Phone: 908-730-4270
                or
         Other Inquiries:
         Phone: 908-730-4000

         Web site: http://www.fwc.com


FOSTER WHEELER: Recognizes Material Weakness in Internal Control
----------------------------------------------------------------
Foster Wheeler Ltd. (the "Company") will delay the filing of its
Annual Report on Form 10-K for the year ended December 31, 2004
(the "Form 10-K") until Management completes its evaluation of
internal control over financial reporting as required under
Section 404 of the Sarbanes-Oxley Act. The outcome of this
evaluation could impact the disclosure contained in Form 10-K.
The Company was unable, without unreasonable effort or expense,
to finalize the Form 10-K by the March 16, 2005 filing deadline.
Management expects to file the Form 10-K on or before the
fifteenth calendar day following the filing deadline.

Material Weakness in Internal Control Over Financial Reporting

In connection with the preparation of its 2004 year-end
financial statements, the Company detected a deficiency in
executing the measurement and tracking processes during the
fourth quarter at one of its problem European power projects. As
a result, personnel managing the project did not have adequate
control of commitments to third party subcontractors and vendors
during the fourth quarter of 2004, and therefore could not
adequately track the financial results of the project until
after the quarter had ended.

Management concluded that the deficiency at the project
represented a "material weakness" in its internal controls over
financial reporting during the fourth quarter of 2004. A
material weakness is defined as "a control deficiency, or
combination of control deficiencies, that results in a more than
a remote likelihood that a misstatement of the Company's annual
or interim financial statements will not be prevented or
detected."

Management has taken action to remediate this material weakness
but believes more time must pass to evidence that the procedures
at this project are operating as intended.

As a result of the material weakness, management will report
that its internal control over financial reporting was not
effective as of December 31, 2004.

The Company expects to report a consolidated net loss of $285.3
million for 2004 compared to a consolidated net loss of $157.1
million in 2003. The 2004 results include after tax charges of
$175.1 million relating to the Company's equity-for-debt
exchange, a $60.6 million net charge relating to an adverse
court decision in asbestos insurance coverage and revaluation of
estimated asbestos insurance receivables, $73.6 million relating
to three European power projects, and $17.2 million for
restructuring costs. The Company's consolidated 2003 results
included pretax charges of $68.1 million for increases in the
valuation allowance on asbestos insurance claims receivable,
$43.6 million of restructuring costs, and $15.9 million of
severance charges. These 2003 charges were offset by pretax
gains of $5.9 million on asset sales and $1.5 million of
revaluation of project claims.

CONTACT: Foster Wheeler Ltd.
         Perryville Corporate Park
         Service Rd. E. 173
         Clinton, NJ 08809-4000
         USA
         Phone: 908-730-4000
         Lisa Fries-Gardner
         Phone: (908)-730-4049

         Website: http://www.fwc.com


LORAL SPACE: Responds to Examiner's Statement on Value Range
------------------------------------------------------------
On July 15, 2003, Loral Space & Communications Ltd. and certain
of its subsidiaries filed voluntary petitions for reorganization
under chapter 11 of title 11 of the United States Code in the
United States District Court for the Southern District of New
York and parallel insolvency proceedings in the Supreme Court of
Bermuda in which certain partners of KPMG were appointed as
joint provisional liquidators.

On March 14, 2005, the examiner (the "Examiner") appointed in
the chapter 11 cases of Loral Space & Communications Ltd. and
its subsidiaries ("Loral" or the "Company"), filed his report
with the U.S. Bankruptcy Court for the Southern District of New
York (the "Bankruptcy Court"). Copies of this report may be
obtained from the Bankruptcy Court's website located at
http://www.nysb.uscourts.gov.

In the report, the Examiner, Harrison J. Goldin, stated, among
other things, his conclusion that "confirmatory due diligence
suggests that the value range of Loral could reasonably exceed
the value range in [Loral's] Disclosure Statement by $281 MM to
$463 MM" leading, in the Examiner's view, to potential
alternative low, midpoint and high enterprise valuations for
Loral of $931 million, $1,072 million and $1,263 million,
respectively.

Loral did not prepare or approve the Examiner's report, and the
conclusions and opinions expressed therein are not those of the
Company. The Company and its financial advisor, Greenhill & Co.,
LLC, believe that there are material errors in the Examiner's
analysis and do not agree with the conclusions stated in the
report. In any event, the total amount of creditor claims
against the Company and its subsidiaries, plus interest thereon,
significantly exceeds even the high potential alternative
enterprise valuation suggested by the Examiner.

Loral's second proposed plan of reorganization currently on file
with the Bankruptcy Court provides that, pursuant to the
absolute priority rule in bankruptcy, its common and preferred
stock will be eliminated entirely, with the result that common
and preferred stockholders will receive no distribution.

CONTACT: Loral Space & Communications Ltd.
         c/o Loral SpaceCom Corp.
         600 Third Ave.
         New York, NY 10016
         USA
         Phone: 212-697-1105

         Web site: http://www.loral.com


=============
B O L I V I A
=============

COEUR D'ALENE: Explains Delay in U.S. SEC Reports Filing
--------------------------------------------------------
The delay in filing the Annual Report on Form 10-K of Coeur
d'Alene Mines Corporation (the "Company") is due to delays
experienced in completing the preparation of its financial
statements and corresponding assessments of the internal control
over financial reporting. In addition, the reports of the
Company and its independent auditor relating to the Company's
internal controls over financial reporting may cite the
existence of one or more material weaknesses in the Company's
internal control over financial reporting.

The Company expects that the amount of total revenues to be
reported by it for the year ended December 31, 2004, will be
approximately $133.5 million, as compared to $110.5 million for
the year ended December 31, 2003. Furthermore, it expects to
report total costs and expenses for fiscal 2004 of approximately
$156.1 million compared to $174.5 million for fiscal 2003. The
Company expects to report a net loss of $12.2 million for the
year ended December 31, 2004, compared to a net loss of $66.2
million for the year ended December 31, 2003. Fiscal year 2004
total costs and expenses include $15.7 million incurred in
connection with the Company's tender offer for outstanding
shares of Wheaton River Minerals, Ltd. That offer expired
without the Company purchasing any Wheaton shares tendered due
to unsatisfied conditions of the offer. No such expenses were
incurred in 2003.

CONTACT: Coeur D'Alene Mines Corp.
         400 Coeur d'Alene Mines Bldg.
         505 Front Ave.
         P.O. Box I
         Coeur d'Alene, ID 83816-0316
         USA
         Phone: 208-667-3511

         or

         Mr. Arthur H. Bill
         Foley & Lardner LLP
         Phone: 202-295-4003


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

BRASKEM: Moves To Simplify Corporate Structure With Merger
----------------------------------------------------------
Giving continuity to its corporate restructuring process, which
stages have been widely disclosed to the market, BRASKEM S.A
("Braskem"), in compliance with CVM Instructions nos. 319/99 and
358/02, hereby informs its shareholders and the market in
general that its Board of Directors, as well as the Board of
Executive Officers of Odebrecht Quimica S.A. ("Odequi") have on
March 14, 2005 approved the convocation of the Extraordinary
General Shareholders Meetings to be held on March 31, 2005, to
deliberate on Odequi's merger into Braskem.

Braskem's Fiscal Council, at a meeting held on March 14, 2005,
expressed a favorable opinion regarding the approval given by
the Extraordinary General Shareholders Meeting to merge Odequi.

The operation intends to simplify Braskem's corporate structure
by merging its non-operational controlled companies. Odequi is a
Company fully controlled by Braskem, and it has been inserted
within the specific financial transaction, which has already
been properly finalized and settled.

Within this context, the specialized firm PricewaterhouseCoopers
Auditores Independentes, a civil association headquarted in the
City of Sao Paulo, at Av. Francisco Matarazzo, no. 1.400, from
the 7th to the 11th, and the 13th to the 20th floors, Torre
Torino, enrolled before the National Roll of Juridical Persons
under no. 61.562.112/0004-73, and registered before the Regional
Accounting Council of the State of Bahia (under no. CRC
2SP000160/O-5, the indication and appointment whereof must be
ratified by both Braskem and Odequi General Shareholders
Meetings, has performed an accounting evaluation of Odequi net
equity, based on the information provided by its Financial
Statements prepared on December 31, 2004 for merger purposes
("Appraisal").

The equity variations determined to exist during the period
between the base date of December 31, 2004, and the effective
date of incorporation shall be appropriated directly by Braskem,
and they shall be transferred to the accounting ledgers of the
latter Company, there being effected the necessary changes.

Taking into account the fact that Braskem is the holder of the
entire capital stock of Odequi, there shall be no increase in
Braskem's capital stock, and all the shares issued by Odequi
shall be extinguished on the date it is merged into Braskem.
Thus, the merger of Odequi into Braskem shall not cause any
dilution of the equity owned by Braskem's shareholders.

PricewaterhouseCoopers Auditores Independentes represents that
it is not entailed in any relationship that could cause a
conflict of interests or a communion of interests, either
current or potential, vis-…-vis Braskem controlling
shareholders, or with any other companies that may be involved,
including their respective shareholders, controllers, or
minority stock holders, or yet, to the very merger that is the
object of this Relevant Fact.

It is estimated that the costs of the merger operation referred
to by this Relevant Fact shall be in the tune of R$ 100,000.00
(one hundred thousand reais), including all expenses incurred
into with publications, auditor's fees, appraisers, consultants
and attorneys.

The merger into operation shall be informed to the SEC -
Securities and Exchange Commission.

The Appraisal, the Protocol and the Justification of the Merger
of Odequi into Braskem, as well as any other relevant documents
shall be made available to Braskem's shareholders for their
examination as of March 15, 2005, between 09:00 and 17:00 hours,
at Braskem's headquarters, at Rua Eteno, 1.561 - COPEC -
Camacari, in the State of Bahia. A counterpart of this material
shall be made available to the Brazilian Securities Exchange
Commission (local acronomy CVM), and to the Sao Paulo Stock
Exchange (local acronomy BOVESPA), as of March 15, 2005.
Braskem's shareholders wishing to consult and to examine the
documents that are to be made available as mentioned above,
shall schedule the date and the time of their visit through
telephones (11)3443-9529 and (11)3443-9744 with the Investors
Relations Department.

CONTACT: Braskem S.A.
         Av. Nacoes Unidas
         4777 Cep
         San Paulo, 05477-000
         Brazil
         Phone: 55-11-3443-9999

         Website: http://www.braskem.com.br


CIBRASEC: S&P Withdraws Ratings
-------------------------------
Standard & Poor's Ratings Services has withdrawn its
'B+/Stable/B' counterparty credit ratings on Cibrasec, Companhia
Brasileira de Securitizacao at the Company's request.
Consequently, Cibrasec will no longer be subject to surveillance
by Standard & Poor's.

"The ratings on Cibrasec were based on its still-low business
volume after approximately six years of operations, and the lack
of a more developed secondary market for housing financing in
Brazil, which has constrained the Company's growth potential,"
said Standard & Poor's credit analyst Tamara Berenholc. On the
positive side, ratings reflected Cibrasec's long track record,
good management team, limited exposure to credit/market risks,
and shareholders' commitment.

CONTACT: Cibrasec
         Av. Paulista 1439 2 sobreloja (parte) - 01311-200
         Sao Paulo
         Phone: 11-3266-3223
         Fax: 11-3266-3229


CSN: Summons Shareholders to Annual General Meeting
---------------------------------------------------
The Shareholders of Companhia Sider£rgica Nacional are hereby
called to the Annual General Meeting to be held on April 4,
2005, at 10:00 a.m., in the head office of the Company, located
at Rua Sao Jos‚ 20, Grupo 1602, Centro, Rio de Janeiro - RJ, to
deliberate the following Agenda:

1. examination, discussion and approval of the accounts rendered
by the Company's officers, the management report and the
financial statements, referred to the fiscal year ended on
December 31, 2004;

2. ratification of the distribution of intermediary dividends in
the amount of R$35,000,000.00 approved by the Board of Directors
on June 14, 2004;

3. deliberation on the management proposal regarding the
allocation of the net profit of the fiscal year of 2004, in the
amount of R$2,144,996,655.09, and of the appraisal surplus in
the amount of R$244,846,352.46, as follows:

   - R$86,798,191.36 of the fiscal year net profit, to
complement the legal reserve balance, pursuant article193 of Law
No. 6,404/76;

   - distribution of R$239,391,000.00 as interest over
capital (juros sobre o capital pr¢prio), corresponding to the
gross amount of R$0.86456 per share, and R$2,028,653,816.19 as
dividends, corresponding to the amount of R$7.32649 per share;

4. election of the members of the board of directors;

5. Approval of the global remuneration to the management in the
amount of up to R$ 30,000,000,00.

According to the provisions of Instrucao CVM No. 165, dated
December 11, 1991, as amended by Instrucao CVM No. 282, dated
June 26, 1998, it is necessary at least 5% of the voting capital
of the Company to require the implementation of multiple voting.

The Shareholders whose shares are under custody must present the
documents described in item II of article 126 of Law N§
6,404/76. The Shareholders who will be represented by an
attorney-in-fact must comply with the provisions of paragraph 1
of article 126 of Law N§ 6,404/76.

CONTACT: Companhia Siderurgica Nacional-CSN
         Av. Presidente Juscelino Kubitschek 1830
         Torre 1
         13 andar, Itaim Bibi
         Sao Paulo, SP 04543-900
         Brazil

         Website: http://www.csn.com.br


METOKOTE: Moody's Assigns Ratings For Proposed Credit Facilities
----------------------------------------------------------------
Moody's Investors Service assigned B2 ratings for Metokote
Corporation's ("Metokote") $170 million of proposed new
guaranteed first-lien senior secured credit facilities and a
Caa1 rating for the Company's $65 million proposed new
guaranteed second-lien senior secured credit facility. Total
commitments under the proposed new credit agreements represent a
$30 million increase versus the $205 million of remaining
commitments under the existing credit agreement. Moody's
additionally downgraded all existing ratings for Metokote. The
rating actions were taken in conjunction with the Company's
acknowledgement of its intention to raise incremental debt
through the bank facilities and a pending sale/leaseback for the
purpose of financing approximately $68 million of payments to
its equity holders. The rating outlook is stable.

The following specific rating actions were taken:

- Assignment of B2 rating for Metokote's $170 million of
proposed new guaranteed first-lien senior secured credit
facilities consisting of:

- $30 million revolving credit facility due March 2010;

- $140 million term loan B due September 2011;

- Assignment of Caa1 rating for Metokote's proposed new $65
million guaranteed second-lien senior secured credit facility
due March 2012;

- Downgrade to B2, from B1, of Metokote's senior implied rating;

- Downgrade to Caa2, from Caa1, of Metokote's senior unsecured
issuer rating;

- Downgrade to B2, from B1 of Metokote's $160 million aggregate
of existing first-lien credit facilities, which ratings will be
withdrawn upon prepayment and termination of the facilities;

- Downgrade to Caa1, from B3, of Metokote's $45 million existing
second-lien facility, which rating will be withdrawn upon
prepayment and termination of the facility

Per the proposed terms, the proceeds of the new credit agreement
would be used to refinance existing debt, including outstandings
under the existing credit agreement; to make payments in respect
of dividends, stock repurchases, or otherwise on account of
equity and also make payments to management in an aggregate not
to exceed $35 million; to pay fees and expenses in connection
with the proposed transactions; and to provide for working
capital and general corporate purposes. Within six months of
closing the proposed bank refinancing transaction Metokote also
plans to execute a $35 million sale/leaseback of certain general
purpose plant facilities with the expectation of funding an
additional return of equity of up to $35 million. After taking
into account the $31.5 million of equity distributed to
shareholders during the first quarter of 2004 and assuming that
all stages of the proposed transactions are completed, an
estimated $100 million of cash equity will have been returned to
the Company's equity sponsors and affiliated parties.

The rating assignments and rating downgrades reflect Moody's
belief that Metokote's cash flows are being aggressively managed
for the benefit of the Company's equity sponsorship, instead of
for achieving debt and leverage reduction. It is Moody's opinion
that Metokote needs to reduce -- rather than increase -- its
loan outstandings while performance of its cyclical end markets
is strong, most notably including the agricultural and
construction markets. Pro forma total debt/EBITDAR leverage
(which captures the present value of operating leases as debt)
is expected to increase to about 4.5x, from 3.9x, upon closing
the credit agreement increase and funding the initial portion of
the proposed dividend/share repurchase. This leverage measure
would further increase on a pro forma basis to about 4.9x upon
closing the intended sale/leaseback and financing the remaining
balance of the proposed dividend/share repurchase. EBIT coverage
of cash interest would also decline to near 1.5x, from more than
3.0x, on a pro forma basis assuming all proposed refinancing
transactions occur. Moody's furthermore observes that Metokote
is currently experiencing significant growth in the number of
its InSite contracts, which growth is driving capital investment
up to a substantial annual rate of about 1.6x depreciation (or
$25 million) for the purpose of building out the required
proprietary equipment. Per the terms of the existing credit
agreement, property plant and equipment located on site at
customer-owned premises is subject to negative pledges, rather
than pledged directly to the lenders. The Company's small
critical mass, with revenues just exceeding $200 million, adds
to the potential risk of loss. Metokote's general purpose plants
which still account for about half of the Company's revenues
(but a significantly lower percentage of its operating margins)
are not typically operated under customer contracts and continue
to have low average capacity utilization.

The rating actions and stable outlook more favorably reflect
several positive operating dynamics. Metokote is more than twice
the size of its next-largest non-captive competitor. The Company
stands to capture a steadily increasing proportion of the
overall global coating application market (estimated at $25
billion+) as the pace of outsourcing picks up and as Metokote
adds some more flexible and modular plant design options which
are characterized by shorter payback periods. Metokote is
winning InSite awards at a faster pace than historically and is
also having success at renewing older contracts. This dynamic is
shifting the overall balance of its revenue base more toward
higher-margin business under long-term contracts. While capital
spending to build out new plants is rising in significance, the
expenditures are discretionary and are not made until a contract
is executed. Metokote experiences limited variability of
revenues and margins within its InSite locations as a result of
fluctuating volume levels. This is attributable to the fact that
all of its contracts contain protective provisions designed to
ensure minimum profitability (such as a fixed payment components
or sliding rate scales dependent upon volumes). Metokote's
revenue base is increasingly diversified geographically, with
only about 65% of current revenues attributable to the US. The
number of end markets served has also broadened and the Company
is furthermore realizing repeat customers. Metokote continues to
rationalize and refocus its general purpose plant footprint and
has been demonstrating some success at realizing higher margins
on this business.

Future events that would likely have a negative impact on
Metokote's outlook of ratings include any further
decapitalization of the Company's common equity base, failure of
the Company to continue generating positive cash available for
debt service (from operations, after capital expenditures), a
material decline in effective liquidity, excessive capital
investment, indications that customer price compression is
driving lower overall margins and negotiation of less favorable
InSite terms (with regard to overall pricing and returns,
certainty of minimum revenues, ability to terminate early
without sufficient penalty, etc.), and/or deterioration in the
performance of the Company's general purpose plants due to
weakened end market demand or other factors.

Future events that could potentially drive improvement of
MetoKote's outlook or ratings include continued generation of
positive operating cash flows after capital expenditures and
application of the cash for debt reduction, a sustainable
decline in leverage (as defined above) below 4.0, a meaningful
increase in the number of net new InSite wins driving top line
revenue growth, further rationalization of general purpose
production capacity, or an equity reinvestment in the Company to
support a greater focus on new business growth.

The B2 ratings of MetoKote's proposed $170 million of guaranteed
senior secured first-lien bank credit facilities reflect the
benefits and limitations of the collateral and guarantee package
under the proposed new guaranteed senior secured credit
agreement. The proposed guaranteed first-lien bank credit
facilities will be secured by first-priority liens on
substantially all assets of the Company and its existing, after-
acquired or after-organized domestic subsidiaries including, but
not limited to, accounts receivable; inventory; property, plant,
and equipment; and real property. However, specifically excluded
from the bank collateral package is equipment located at
MetoKote's InSite plant locations owned by the Company's
customers. This excluded security category will notably grow in
significance as the number of annex facilities is increased.
Also pledged to the bank group is 100% of the stock of Metokote
and its domestic subsidiaries and up to 65% of the stock of
Metokote's first-tier foreign subsidiaries. Unconditional
secured guarantees are provided by Metokote's existing and any
after-acquired/after-organized domestic subsidiaries.

The Caa1 rating of MetoKote's proposed $65 million guaranteed
second-lien term loan reflects the second-priority interest of
the holders in the perfected security interests and in the
guarantees. Lenders under the second-lien term loan will execute
a separate credit agreement and will have no ability to exercise
any rights or remedies with respect to the collateral until all
first-lien commitments are paid in full and all related first-
lien commitments have been terminated. The two-notch rating
differential versus the rating for the first-lien commitments
reflects the limited liquid collateral coverage associated with
this service-related business and the fact that a substantial
portion of the sponsor's equity will be redeemed with the
proceeds of this loan. The nature of MetoKote's business
requires the Company to maintain only a minimal inventory
balance. As previously indicated, only a negative pledge will be
put in place with regard to equipment held within the annexes,
and the Company does not own the real estate associated with the
annexes. The second-lien loans can be prepaid at 102% in year 1,
101% in year 2, and at par thereafter.

Metokote, headquartered in Lima, Ohio, provides a full suite of
outsourced industrial coating services to manufacturers in North
America, Brazil, Mexico, and Europe. The Company offers
solutions either within a customer's facility ("InSite" and
"Paint Shop Management", together "In-Plant") or at one of
Metokote's regional facilities ("General Purpose"). End markets
served include automotive, heavy truck, agricultural and
construction, metal furniture, appliances, and consumer
products. Annual revenues currently approximate $210 million.

CONTACT: Metokote Corporation
         1340 Neubrecht Road
         Lima, Ohio 45801
         Phone: (419) 996-7800
         Fax: (419) 996-7801
         E-Mail: info@metokote.com


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

ENAMI: Codelco to issue US$200mn bonds for Ventanas
---------------------------------------------------
To partially finance its planned acquisition of the Ventanas
smelter-refinery from state minerals Company Enami, state copper
firm Codelco said it plans to issue US$200 million of bonds on
the local capital market in May, reveals Business News Americas,
citing Codelco HR and development VP Francisco Tomic.

"The local market has been maturing over time and today a US$200
million placement that would have seemed extraordinarily
difficult five years ago, now seems much easier," Mr. Tomic said
Wednesday. He also said the Company was studying other means of
raising the remaining capital.

Codelco, the world's largest producer of copper, is acquiring
the 320,000t/y facility in central Chile's Region V from Enami
for US$393 million.

CONTACT:  ENAMI (Empresa Nacional de Mineria)
          MacIver 459,
          Santiago, Chile
          Phone: 637 52 78
                 637 50 00
          Fax:   637 54 52
          Email: webmaster@enami.cl
          Home Page: www.enami.cl/
          Contact:
          Jorge Rodriguez Grossi, President


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

TELECOM: Mulls Mobile Strategy
------------------------------
Colombia Telecomunicaciones (Telecom) is planning to meet with
state-run operators ETB and ETM to explore the options of
offering a mobile service, relates Business News Americas,
citing a report from local newspaper La Republica. ETB and ETM
run a mobile joint venture called Ola.

"We always thought the way to enter the mobile market was
through negotiations with public companies and now we are also
planning to have conversations with [private companies] Comcel
and Telefonica Moviles (NYSE: TEM)," the newspaper quoted
Telecom president Alfonso Gomez as saying. He said Telecom
expects to decide before the end of the year whether to enter
the mobile market independently or in a partnership.

Telecom needs to invest in technology if it is to enter the
mobile market, and part of that investment would come from the
Company's cash flow.


===============
H O N D U R A S
===============

* HONDURAS: Receives US$16.6Mln Loan From IDB
---------------------------------------------
The Inter-American Development Bank announced Wednesday the
approval of a $16.6 million performance-driven loan to Honduras
to assist its efforts to improve health levels among its
population.

The program will support the Honduran government's strategy of
expanding coverage and improving the quality of health care
services for mothers and infants. The actions will be focused in
four departments (Lempira, Intibuca, La Paz and Copan) that were
selected because their health indicators are below the national
average.

The loan will be disbursed in three tranches as Honduras makes
significant improvements in a set of indicators related to the
delivery of mother and infant health services such as pregnancy
controls and institutional care of births.

This is the second performance-driven loan approved by the IDB,
which uses this instrument to give the borrowing country more
flexibility and link disbursements to the achievement of
mutually agreed goals. The first loan of this kind was for a
similar health program in Nicaragua.

"Since the mix of goods, services and consultancies to be
financed by the program is not predefined, the execution will
enable and concentrate the Honduran government's action on the
most effective areas to reach the goal of improving their
people's health levels, in a flexible framework," said IDB
project team leader Juan Carlos de la Hoz.

"The IDB expects that this persistent focus of efforts on
attaining results will lead to better budget planning and
formulation, linking these activities with the achievement of
goals in specific populations," he added.

The new program supports Honduras' efforts to meet the UN
Millennium Development Goals of reducing mother and child
mortality levels substantially, advance the execution of its
Poverty Reduction Strategy and define a programmatic and sector
focus that will guide the donor community's actions in the area
of health.

The loan is for a 40-year term, with a 10-year grace period, at
an annual interest rate of 1 percent during the first decade and
2 percent thereafter. Local counterpart resources will total
$1.8 million.


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

DIRECTV: Prepares for Spaceway F1 Satellite Launch
--------------------------------------------------
The DIRECTV Group, Inc. [NYSE: DTV] and Boeing [NYSE:BA]
announced Wednesday the arrival of the Spaceway F1 satellite at
the Sea Launch home port in Long Beach, Calif., where it will
undergo final preparations for a late April launch aboard a
Zenit-3SL vehicle.

Built on the powerful Boeing 702 model satellite, Spaceway F1 is
the first of two spacecraft scheduled for launch this year for
DIRECTV and the most complex commercial satellite system ever
manufactured. The spacecraft includes a flexible payload with a
fully steerable downlink antenna that can be reconfigured on
orbit to seamlessly address market conditions.

"We look forward to working with DIRECTV and Sea Launch as
Spaceway F1 continues through final testing and integration with
the Zenit launch vehicle," said Dave Ryan, vice president and
general manager of commercial and civil satellite programs at
Boeing.

Spaceway F1 is one of four Boeing-built Ka-band satellites
DIRECTV has scheduled for launch over the next three years as
part of a historic expansion of programming capacity. The
expansion will enable DIRECTV to deliver more than 1,500 local
and national high definition channels and other advanced
programming services to consumers nationwide by 2007.
The Boeing 702 spacecraft was manufactured by Boeing's Satellite
Development Center at the Company's one-million-square-feet
satellite manufacturing, integration and test complex in El
Segundo, Calif.

"Spaceway F1 is a testament to the agility of Boeing's
manufacturing capabilities - meeting our requirements that will
enable us to provide the highest quality broadcast capabilities
in the nation," said Jim Butterworth, senior vice president,
Communications Systems, DIRECTV, Inc.

DIRECTV is the nation's leading and fastest-growing digital
multichannel television service provider with more than 13.9
million customers. DIRECTV and the Cyclone Design logo are
registered trademarks of DIRECTV, Inc., a unit of The DIRECTV
Group Inc. The DIRECTV Group, Inc. is a world-leading provider
of digital multichannel television entertainment and broadband
satellite networks and services. The DIRECTV Group is 34 percent
owned by Fox Entertainment Group, which is approximately 82
percent owned by News Corporation.

A unit of The Boeing Company, Boeing Integrated Defense Systems
is one of the world's largest space and defense businesses.
Headquartered in St. Louis, Boeing Integrated Defense Systems is
a $30.5 billion business. It provides network-centric system
solutions to its global military, government, and commercial
customers. It is a leading provider of intelligence,
surveillance and reconnaissance systems; the world's largest
military aircraft manufacturer; the world's largest satellite
manufacturer and a leading provider of space-based
communications; the primary systems integrator for U.S. missile
defense; NASA's largest contractor; and a global leader in
sustainment solutions and launch services.

CONTACT: The DIRECTV Group Investor Relations:
         c/o The DIRECTV Group
         Investor Relations DTV Stock
         P.O. Box 956
         2250 E. Imperial Hwy.
         El Segundo, CA 90245-0956
         E-mail: investorrelations@directv.com


INDUSTRIAS PENOLES: Signs Option Agreement With Agnico-Eagle
------------------------------------------------------------
Agnico-Eagle Mines Limited ("Agnico-Eagle") announced Wednesday
that is has entered into an option agreement with Industrias
Penoles S.A. de C.V. ("Penoles") to acquire the Pinos Altos
project.

Located in the Sierra Madre gold belt, 170 miles west of the
capital of Mexico's Chihuahua state, the greater than 27,000-
acre Pinos Altos property is directly accessible by paved
highway. The property is also approximately 60 miles from a
major electric power terminus and within 6 miles of a proposed
extension of the grid.

Penoles acquired the property in 1995 and drilling to date has
outlined an indicated mineral resource of 4.4 million tons with
a grade of 0.18 ounces of gold per ton and 3.82 ounces per ton
of silver, containing 0.8 million ounces of gold and 16.9
million ounces of silver. In addition, the property has an
inferred mineral resource of 2.5 million tons grading 0.18
ounces of gold per ton and 3.41 ounces of silver per ton,
containing 0.4 million ounces of gold and 8.4 million ounces of
silver. Penoles' work to date has also included metallurgical
testing and initial work on the permitting for a potential
mining operation.

"Pinos Altos represents Agnico-Eagle's first entry into the
highly prospective gold camps of Northern Mexico, an area we
have actively scouted for three years," said Sean Boyd,
President and Chief Executive Officer. "With its vast land
package and open pit potential, Pinos Altos could provide a
near-term step towards our objective of multi-mine production,"
added Mr. Boyd.

Over 90% of the Pinos Altos mineral resource is located in the
Santo Nino vein, along a regional fault zone that holds a number
of other known deposits in the area. This Santo Nino vein zone
has thicknesses of up to 150 feet over a length of 1.2 miles and
a vertical extent of at least 1,800 feet. It remains open to the
west and at depth.

Under the terms of its option agreement with Penoles, Agnico-
Eagle is required to invest $2.8 million, over the next five
months (subject to extension and certain events), on a 55,000-
foot diamond drilling program. The components of the program are
expected to include open pit exploration and resource to reserve
conversion, underground resource to reserve conversion and deep
exploration drilling. After the five-month exploration program
is completed, Agnico-Eagle will have a two-month period to
exercise its option to purchase Penoles' 100% interest in the
project. If Agnico-Eagle exercises its option, the purchase
price will be approximately $65 million, to be satisfied with
$39 million in cash and 1,809,350 shares of Agnico-Eagle, issued
from treasury.

Where to Find Maps

Illustrations and maps related to this project can be viewed by
using the following links:

http://www.agnico-eagle.com/url/050223_PinosAltos_Location.pdf
http://www.agnico-eagle.com/url/050223_PinosAltos_Geology.pdf

Scientific Data

The mineral resource estimate by Penoles was completed in June
2003 and was reviewed Marc H. Legault, P.Eng., Agnico-Eagle's
Manager Project Evaluations and qualified person as defined by
National Instrument 43-101. The data disclosed, including the
sampling, analytical and test data underlying the mineral
resource estimate, has been verified. The key assumptions and
parameters used in the estimate are a gold price of $300 per
ounce, a silver price of $4.75 per ounce, a 0.10 ounce per ton
gold grade cut-off, and metallurgical recoveries of 92.39% for
gold and 47.83% for silver. Gold assays were cut to 0.89 ounces
per ton while silver assays were cut to 19.25 ounces per ton.
Although more recent exploration information has been collected
in the area where the mineral resource estimate was completed,
it is the opinion of the qualified person that including this
information would not materially change the estimate. We believe
the estimate of mineral resources at Pinos Altos is not likely
to be materially affected by any known environmental,
permitting, legal, title, taxation, socio-political, marketing
or other relevant issues. Mineral resources which are not
mineral reserves do not have demonstrated economic viability.
Because Pinos Altos is not considered to be a material property
for Agnico-Eagle, a technical report describing the resource
estimate will not be filed with the securities regulatory
authorities.

About Agnico-Eagle

Agnico-Eagle is a long established Canadian gold producer with
operations located in northwestern Quebec and exploration and
development activities in eastern Canada and the southern United
States. Agnico-Eagle's LaRonde Mine in Quebec is Canada's
largest gold deposit. The Company has full exposure to higher
gold prices consistent with its policy of no forward gold sales.
It has paid a cash dividend for 25 consecutive years.

VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION:
http://www.newswire.ca/en/releases/orgDisplay.cgi?okey=8887

CONTACT: David Smith, Director
         Investor Relations
         Agnico-Eagle Mines Limited
         Phone:(416) 947-1212


NII HOLDINGS: Amended Filings Causes Delay in 10K Submission
------------------------------------------------------------
NII Holdings, Inc. enumerates the reasons for the late filing of
Forms 10-K, 11-K, 20-F, 10-Q, N-SAR, N-CSR, or the transition
report or portion thereof with the U.S. SEC through this letter
dated March 16, 2005:

On October 28, 2004, we reported in a Current Report on Form 8-K
that we planned to restate certain previously issued financial
statements contained in our annual report on Form 10-K for the
year ended December 31, 2003 (including the comparative 2002
periods) and our quarterly reports on Form 10-Q for the periods
ended March 31, 2004 and June 30, 2004 (including the
comparative 2003 periods). The restatements were necessary to
reflect corrections relating to bookkeeping errors that we
identified at our Mexican subsidiary.

In addition, on November 4, 2004, we disclosed in a Current
Report on Form 8-K that these restatements will include
adjustments in the accounting treatment for the reversal of
deferred tax asset valuation allowances. We have concluded that
these errors, as well as additional errors in the computation of
our income tax provision, were caused by material weaknesses in
our internal control over financial reporting as defined by the
Public Company Accounting Oversight Board as of December 31,
2004. The material weaknesses relate to (a) the lack of detailed
adequate policies and procedures with respect to the
reconciliation process for certain significant accounts
receivable, accounts payable and accrued expense balances in
Mexico, the lack of personnel with sufficient skills and
experience to properly prepare the reconciliations and the lack
of review to ensure that monthly close procedures were performed
on a timely basis and (b) the lack of adequate processes,
procedures and controls related to the preparation and review of
the quarterly and annual tax provisions.

On March 7, 2005, we reported further in a Current Report on
Form 8-K that we planned to restate certain previously issued
financial statements contained in our quarterly report on Form
10-Q for the period ended September 30, 2004 (including the
comparative 2003 period). This restatement is necessary due to
income tax computational errors in the Form 10-Q. In addition,
other identified and quantified errors related to revenue
recognized for suspended customers in Mexico, the timing of
insurance claims recorded for damaged equipment in Mexico, an
understatement of depreciation expense for handsets under
operating leases in Argentina were reported.

Additional details related to all of these errors are included
in the Current Report on Form 8-K mentioned above that we filed
on March 7, 2005. We expect to file our amended 2003 annual
report on Form 10-K/A and our amended quarterly reports on Form
10-Q/A for the quarters ended March 31, 2004, June 30, 2004 and
September 30, 2004 on or before March 31, 2005.

As a result of the time required to complete the amended filings
of our 2003 Form 10-K/A and 2004 Form 10-Q/As, along with the
change in accounting principle related to the elimination of the
one-month lag reporting for the year-ended December 31, 2004,
and the completion of our assessment of internal control over
financial reporting, additional time is needed to complete the
filing of our Form 10-K for the year ended December 31, 2004 by
the prescribed due date. It is anticipated that such information
will be produced and that the Form 10-K will be filed as soon as
possible (and no later than the 15th calendar day following the
prescribed due date). We could not eliminate the foregoing
difficulty without unreasonable effort and expense, including
hiring (if available) additional professional staff on a short-
term basis.

The results of operations for the period ended December 31, 2003
are being restated in the Form 10-K for the year ended December
31, 2003, and will appear as restated in the Form 10-K for the
year ended December 31, 2004, for the reasons set forth in Part
III. We are still in the process of finalizing the results of
operations for the years ended December 31, 2004 and 2003. As we
have previously disclosed in an earnings press release in a
Current Report on Form 8-K dated March 11, 2005, however, our
results of operations will reflect increases in operating
revenues and operating expenses, both primarily due to the
addition of subscribers to our network. In addition, also as we
have previously disclosed, our results of operations will
reflect increases in other expenses and decreases in net income
and net income per share, all primarily due to the loss of $79.3
million from the early retirement of substantially all of our
$180.8 million aggregate principal amount 13.0% senior secured
discount notes due 2009 in March 2004.

CONTACT: NII Holdings, Inc.
         10700 Parkridge Blvd.
         Suite 600
         Reston, VA 20191
         USA
         Phone: 703-390-5100

         Web site: http://www.nextelinternational.com

         Or

         Mr. Robert J. Gilker
         Phone: 7033  90-5100


UNEFON: Offers Extended Pre-paid Roaming Services to Customers
--------------------------------------------------------------
VeriSign, Inc. (Nasdaq: VRSN), the leading provider of
intelligent infrastructure services for the Internet and
telecommunications networks, and Unefon (BMV: UNEFON), one of
Mexico's leading CDMA and mobile communications providers,
announced Tuesday that they will provide Unefon's customers with
extended pre-paid roaming in the United States. Unefon offers
competitive mobile communications services and products to more
than one million customers in the urban centers of Mexico.

Today, over 98% of Unefon's customer base pays for mobile
services through pre-paid billing. This new offering will allow
Unefon customers to roam seamlessly with their pre-paid minutes
when traveling in the United States. This is the first
implementation of VeriSign's iRoam product internationally and
Unefon is the only operator in Mexico to offer this service.

"Working with VeriSign and using iRoam, we can now give our
customers the flexibility to roam and use their minutes in the
United States and get real-time feedback on their account," said
Adrian Steckel, CEO Unefon. "VeriSign offered the best service
for us to rapidly and cost-effectively meet our wireless and
pre-paid customer demands."

"VeriSign's technology and communications expertise allows
Unefon to focus on their core business, while extending roaming
capabilities for customers even if they choose a pre-paid
wireless contract," said Vernon Irvin, executive vice president,
VeriSign Communications Services. "VeriSign's iRoam product
helps Unefon to provide customers with reliable, high quality
service across the United States."

VeriSign's iRoam platform is integrated into carriers' existing
roaming networks to bill pre-paid subscribers in real time while
they roam. The real-time rating capability of iRoam helps to
ensure that roaming charges do not exceed usage limits. In
addition, unlike traditional pre-paid services, iRoam features
single-stage dialing and home customer care when supported by
the visiting carrier's switch. VeriSignr iRoam provides real-
time billing for roaming pre-paid wireless subscribers. iRoam
uses current American National Standards Institute (ANSI) and
International Telecommunications Union (ITU) SS7 standards.

About VeriSign

VeriSign, Inc. (Nasdaq: VRSN), operates intelligent
infrastructure services that enable individuals and businesses
to find, connect, secure, and transact across today's complex
global networks. Additional news and information about the
Company is available at http://www.verisign.com

About Unefon

UNEFON (BMV: UNEFON), a Mexican mobile telephony operator
focused on the mass market. Additional news and information
about the Company is available at www.unefon.com.mx

CONTACT: Unefon Press Relations
         Mr. Tristan Canales
         E-mail: tcanales@tvazteca.com.mx
         Phone: (011-5255) 3099 5786

         Unefon Investor Relations
         Mr. Alan Infante
         E-mail: ainfante@unefon.com.mx
         Phone: (011-5255) 8582 5134

         VeriSign Media Relations
         Mr. Leslie Rubin
         E-mail: lrubin@verisign.com
         Phone: 650-426-5363

         VeriSign Investor Relations
         Mr. Tom McCallum
         E-mail: tmccallum@verisign.com
         Phone: 650-426-3744


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

PDVSA: To Finalize Petrojam JV by May 16
----------------------------------------
State-owned oil giant PDVSA is currently working out a plan to
determine the extent of its participation in the Kingston
refinery upgrade project of Jamaica's Petrojam.

Business News Americas reported Wednesday that PDVSA has until
May 16 to confirm its plans to partner with the Jamaican
refiner. The two companies inked a letter of intent on February
16 to undertake the upgrading of the 42-year old refinery's
capacity to 60,000 barrels daily (b/d) from its present capacity
of 36,000 b/d.

Petrojam Technical Manager Richard Jones told BN Americas that
the two parties will use the three-month stretch before the May
16 deadline to conduct market studies, create capital cost
estimates and determine the exact nature of the upgrade needed.
He adds that a 50:50 join venture is being considered.

Petrojam, for its part, is pushing forward with details of the
refinery upgrade. A financial advisory contract will be awarded
before the end of March to a Company to who will provide
financial advisory services for the project. The Company has
short-listed six companies from the Financial Advisor Tender.
The Company also plans to open a tender for basic engineering on
the project by April and expects to award the contract by
August.

The Petrojam-PDVSA joint venture will test the viability of
PetroCaribe, the regional cooperation mechanism that is the
brainchild of Venezuela's President Hugo Chavez. PetroCaribe
hopes to create an interdependent and cooperative energy sector
in Latin America and the Caribbean.

CONTACT: Petroleos de Venezuela S.A.
         Edificio Petroleos de Venezuela
         Avenida Libertador, La Campina, Apartado 169
         Caracas, 1010-A, Venezuela
         Phone: +58-212-708-4111
         Fax: +58-212-708-4661
         http://www.pdvsa.com.ve


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

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co-published by Bankruptcy Creditors' Service, Inc., Fairless
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Copyright 2005.  All rights reserved.  ISSN 1529-2746.

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* * * End of Transmission * * *