TCRLA_Public/050331.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

            Thursday, March 31, 2005, Vol. 6, Issue 63



ADEXA S.A.: Court Orders Liquidation
FACHADAS INTEGRALES: Court Resets Liquidation Schedule
FUREX S.A.: Court Favors Creditor's Bankruptcy Motion
IBB SERVICE: Individual Reports Due Friday
PROMOTORA DE COMUNICACIONES: Court Approves Concurso Motion

VIVIENDAS TRABAJADORES: Schedule for Reports Submission Set
* ARGENTINA: Judge Reverses Freeze But Stays Own Order




LOM HOLDINGS: Buys Back Own Shares
SEA CONTAINERS: Impairment Charge Leads to $13.4M 4Q04 Net Loss


SABESP: Considers Bond Pay Offs to Avoid Expensive Refinancing
TERPHANE HOLDING: S&P Rates Proposed $30M Notes 'CCC+'


ENAMI: Twelve Firms Looking to Snap Up Quebrada Blanca Stake

D O M I N I C A N   R E P U B L I C

TRICOM: Changes Independent Auditors


* HONDURAS: IMF Completes Second Review of Performance


PROVO INTERNATIONAL: Compliance Plan Not Approved By AMEX
TFM: KCS Receives Stockholder Approval for Acquisition


* PARAGUAY: IMF Reviews $75.6M SBA, Allows Drawdown via Waivers


PDVSA: Signs Several Memorandums Of Understanding With Repsol

     - - - - - - - - - -


ADEXA S.A.: Court Orders Liquidation
Buenos-Aires based Adexa S.A. prepares to wind-up its operations
following the bankruptcy pronouncement issued by Court No. 20 of
the city's civil and commercial tribunal. The declaration
effectively prohibits the company from administering its assets,
control of which will be transferred to a court-appointed

Infobae reports that the court appointed Ms. Graciela Marta Lema
De Muino as trustee. She will be reviewing creditors' proofs of
claims until May 31. The verified claims will serve as basis for
the individual reports to be presented for court approval on
July 13. The trustee will also submit a general report on
September 8.

Clerk No. 40 assists the court on this case that will end with
the sale of the company's assets. Proceeds from the sale will be
used to repay its debts.

CONTACT: Ms. Graciela Marta Lema De Muino, Trustee
         Basualdo 1064
         Buenos Aires

         Adexa S.A.
         Lavalle 1290
         Buenos Aires

FACHADAS INTEGRALES: Court Resets Liquidation Schedule
Court No. 19 of Buenos Aires' civil and commercial tribunal
moved key events in the Fachadas Integrales S.R.L. liquidation
case to the following dates:

1. Claims verification deadline: May 10, 2005
2. Submission of Individual Reports: June 23, 2005
3. Submission of General Report: August 19, 2005
4. Informative Assembly: February 24, 2006

Creditors must submit proof of claims to court-appointed trustee
Alfredo Donatti by the said deadline to qualify for any post-
liquidation distributions.

The city's Clerk No. 38 assists the court on this case.

CONTACT: Fachadas Integrales S.R.L.
         Aguilar 2547
         Buenos Aires

         Mr. Alfredo Donatti, Trustee
         Montevideo 31
         Buenos Aires

FUREX S.A.: Court Favors Creditor's Bankruptcy Motion
Oficenter S.R.L. was successful in its pursuit of a bankruptcy
ruling on Furex S.A. after Court No. 21 of Buenos Aires` civil
and commercial tribunal declared the Company "Quiebra," reports
La Nacion. Accordingly, the messaging services firm will now
start the process with Ms. Maria Rajo as trustee.

Creditors must submit proofs of their claim to the trustee by
June 24 for authentication. Failure to do so will mean a
disqualification from the payments that will be made after the
Company's assets are liquidated.

The creditor filed the motion the Company failed to pay debts
amounting to US$3,300.62. The city's Clerk No. 42 assists the
court on the case that will close with the liquidation of all of
its assets.

         Sarmiento 151
         Buenos Aires

         Ms. Maria Rajo, Trustee
         Viamonte 2359
         Buenos Aires

IBB SERVICE: Individual Reports Due Friday
Individual reports from the IBB Service S.R.L. bankruptcy case
are due for court submission tomorrow. The reports, prepared by
trustee Salvador Lamarchina, are culled from proofs of claims
submitted by the Company's creditors. These documents will serve
as basis for the list of creditors qualified for post-
liquidation distributions.

Court No. 10 of Buenos Aries' civil and commercial tribunal has
jurisdiction over this case. Clerk No. 19 assists the court with
the proceedings.

CONTACT: Mr. Salvador Lamarchina, Trustee
         Esmeralda 847
         Buenos Aires

PROMOTORA DE COMUNICACIONES: Court Approves Concurso Motion
Court No. 1 of Buenos Aires' civil and commercial tribunal
approved a petition for reorganization filed by Promotora de
Comunicaciones Colonia S.A., according to a report from
Argentine daily La Nacion. The publicity company reported assets
totaling US$305,591 and debts amounting to US$1,132,124 in its
court filing.

Trustee Magdalena de la Quintana will verify claims from the
Company's creditors until May 13. After the verification period,
the trustee will submit the individual and general reports in
court. Dates for the submission of these reports are yet to be

The informative assembly will be held on February 16. Creditors
will vote to ratify the completed settlement plan during the
said assembly.

The city's Clerk No. 2 assists the court on the case.

CONTACT: Promotora de Comunicaciones Colonia S.A.
         Avenida Santa Fe 1970
         Buenos Aires

         Ms. Magdalena de la Quintana, Trustee
         Cerrito 1136
         Buenos Aires

VIVIENDAS TRABAJADORES: Schedule for Reports Submission Set
The trustee assigned to supervise the liquidation of Viviendas
Trabajadores de las Universidades Nacionales V will submit
validated individual claims for court approval on September 14.
These reports explain the basis for the accepted and rejected
claims. The trustee will also submit a general report of the
case on October 27.

Infobae reports that Court No. 19 of Buenos Aires' civil and
commercial tribunal has jurisdiction over this bankruptcy case.
The city's Clerk No. 37 assists the court with the proceedings.

* ARGENTINA: Judge Reverses Freeze But Stays Own Order
Judge Thomas Griesa of the New York Federal District has lifted
a freeze on US$7 billion in defaulted Argentine bonds but
refused to implement his order while creditors appealed the

Siding with Argentina, Griesa ruled that Cayman Islands-based
NML Capital Ltd. could not lay claim to bonds held at the Bank
of New York Co., the exchange agent for swap. Griesa said NML
couldn't seize bonds held by the bank to seek compensation for
its US$361 million of defaulted debt because Argentina doesn't
own the securities -- the bondholders do.

However, the judge granted NML lawyers' request to delay his
order until the 2nd U.S. Circuit Court of Appeals can review it.

"This is a serious case with problems and merits on both sides,"
the judge said after a two-hour hearing Tuesday evening.

Griesa's decision in favor of Argentina, if upheld by the higher
court, would end a threat to Argentina's planned exchange of
US$62.3 billion in defaulted debt even as it may force the
government to postpone the April 1 start date to give investors
new securities.

About 76% of bondholders accepted the swap offer that NML

"It's a little hard to see if the court of appeals can make a
ruling by the first of April," Griesa said, adding "If there is
a short delay in the closing of the exchange offer, I don't see
any prejudice" to Argentina.


A former director of Sunbeach Communications Inc., the country's
largest dial-up Internet Service Provider, is calling on the
present board of directors to resign, the Barbados Daily Nation

Steve Belle, who resigned last month as Non-Executive Director
of the Company, is also the general manager of the City of
Bridgetown (COB) Co-operative Credit Union. The COB is the
second largest credit union in the island whose own members
invested $1 million in Sunbeach when it went public in 2003.

Last September, Sunbeach shares were suspended from trading by
the Barbados Stock Exchange and on the Alternative Investment
Market of the London Stock Exchange because of serious doubts
raised by its auditors about the Company's ability to continue
as a going concern.

COB is now gravely concerned about its equity in the Company.
Managing director Michael Wakley and finance director John Moir
vowed to resign if they were unable to source the $52 million
needed to launch the cellular service by December 31, 2004. The
two, however, are yet to resign and there has been no public
statement from the Company about whether financing has been

"We are one of the major investors in Sunbeach and we thought at
the initial stages that it would have been a good fit in terms
of pushing a company that was locally owned into the
telecommunications sector. However, management at Sunbeach
continues to be weak and has not been able to execute
effectively and that is why we removed ourselves from the
board," Mr. Belle said in an interview with BUSINESS AUTHORITY

"Our position is that we are calling on the directors of
Sunbeach to do the right thing and resign and allow more
effective directors to come in and manage the institution to
carry it forward," Mr. Belle continued.

          San Remo Belmont Road
          St. Michael, Barbados
          Phone: 246-430-1569
          Fax: 246-228-6330


LOM HOLDINGS: Buys Back Own Shares
LOM (Holdings) Limited (LOM) has informed the Bermuda Stock
Exchange (BSX) that the Company repurchased 20,000 of its own
shares on 23rd February 2005 at a price of $3.00 per share for

          The LOM Building
          27 Reid Street
          Hamilton HM 11

          Tel: 441 292 5000
          Fax: 441 295 3343

          LOM Asset Management Limited
          Tel: 441 296 5802
          Fax: 441 296 5597

          LOM Securities (Bahamas) Limited
          Millennium House
          P.O. F42498-350
          Freeport, Grand Bahama

          Tel: 242 351 5000
          Fax: 242 351 7738

SEA CONTAINERS: Impairment Charge Leads to $13.4M 4Q04 Net Loss
Sea Containers Ltd. (NYSE: SCRA and SCRB), marine container
lessor, passenger and freight transport operator and leisure
industry investor, today announced its results for the fourth
quarter and full year ended December 31, 2004. For the quarter a
net loss of $13.4 million (loss of $0.54 per common share
diluted) on revenue of $445 million was incurred, compared with
net earnings of $11.6 million ($0.50 per common share diluted)
on revenue of $423 million in the prior year period.

For the full year 2004 a net loss of $5.4 million (loss of $0.23
per common share diluted) on revenue of $1.74 billion was
incurred, compared with net earnings in 2003 of $111.4 million
($4.72 per common share diluted) on revenue of $1.65 billion.

The large swing in the fourth quarter of 2004 from the fourth
quarter of 2003 and the consequent loss for the year 2004 was
due primarily to a number of special factors which are described
below and which are of a non-recurring nature:

1. An asset impairment charge of $2.9 million has been
recognized in 2004 following the announcement of the closure of
the Irish Sea ferry route in February, 2005.

2. $12.7 million was charged to the fourth quarter 2004 earnings
of the Rail Division in settlement of certain contractual
matters with the Strategic Rail Authority relating to the
expiring franchise of GNER.

The company did not complete the expected sale of its remaining
interests in the port of Newhaven by the end of 2004 as had been
planned. The buyer is proceeding very slowly in the process and
the company may have to open up the bidding again, which could
delay the sale further.

Mr. James B. Sherwood, President, said the company was in the
midst of change initiated by it and investors should be aware of
the major components:

First, the company's wholly-owned subsidiary, GNER, has been
awarded a new 10 year franchise to operate Britain's leading
railway, known as Intercity East Coast. There are two main
lines: London to Leeds, Britain's third largest city, where half
hourly high speed services are provided, and London to Scotland
via Doncaster, York and Newcastle (Britain's fourth largest
city) where half hourly high speed services are provided in peak
periods as far as Newcastle and hourly to Scotland. GNER has
agreed to pay the government $2.5 billion over the 10 years to
operate the franchise, compared with a pro-forma payment of
approx. $110 million for the 12 months preceding the start of
the new franchise on May 1, 2005. GNER has assumed in its bid
that revenue growth through a combination of volume, yield and
fare increases linked to inflation, of 8.7% average per annum
will occur, compared with an average of 9% per year in the three
years preceding May 1, 2005.

GNER is afforded revenue protection after four years in event
the target revenues are not achieved and its exposure is limited
to approximately $19 million of capital in GNER and a $55
million standby credit facility and a performance bond which is
1.5% of annual operating cost (initially $13 million). Profits
can be dividended out to the parent and GNER will retain much of
the benefit if its results exceed target levels.

Although the trade unions are concerned that major staffing cuts
will be required, this is not the case and some commentators
have failed to evaluate correctly the revenue growth based on
historic trends. Naturally, there will be some slimming down of
costs as has been the practice of GNER during the first 9 years
of its operation of the Intercity East Coast services.

Second, the company joined in the sale by Orient-Express Hotels
Ltd. of new equity and sold 4.5 million of shares owned by Sea
Containers in the company for net cash proceeds of $108 million
and will report a gain of approximately $40 million on the sale
in the first quarter of 2005. Sea Containers still holds 9.9
million shares in Orient-Express Hotels and has previously
indicated it will be retaining them with a view to selling at
above $30 per share to net $300 million or more. The Orient-
Express Hotels shares recently traded in excess of $26 and that
company's forward prospects seem excellent. Sea Containers also
sold through a recent shelf offering 2.4 million of its own
shares yielding net proceeds of $41 million. Both share sales
are part of Sea Containers' continuing program to reduce
expensive debt. The company plans to retire $20 million of 13%
senior notes which can be acquired without premium from July 1,

Third, the company's investment in GE SeaCo continued to
generate increased earnings. Sea Containers' share after finance
costs and taxes was $9.1 million in the fourth quarter of 2004
compared with $6.5 million in the prior year period, and for the
full year 2004 its share of net income was $32.8 million
compared with $22.1 million in 2003.

Other container operations were satisfactory with net earnings
before finance costs and taxes in the fourth quarter of $3.6
million compared with $2.7 million in the year earlier period,
and for the year results were $13.3 million compared with $13.7
million in 2003. Depots had less containers to store due to
strong lease demand, however, repair and service activities were
strong as were logistics and manufacturing.

Sea Containers is in discussion with General Electric Capital
Corporation about the future of the GE SeaCo investment, but the
outcome cannot be predicted at this time.

Fourth, the company's ferries business has had a troubled and
unsatisfactory year leading to the necessary restructuring which
is still in progress. Fuel costs adversely impacted results. The
impact was especially heavy on SeaStreak, the New York City
commuter ferry services, which is a dollar denominated company.

Silja's net earnings before interest and tax for the fourth
quarter were a loss of $2.6 million compared with a profit of
$12 million in the prior year period, while for the year net
earnings were $23.4 million compared with $42.8 million in 2003.

The $19.5 million reduction in Silja's earnings year on year was
accounted for by a loss on the new m.v. Finnjet service which
led to a reduction in profits from the vessel of $17 million
compared with 2003 and fuel cost increases. The company has
taken a hard look at the new Finnjet line between Rostock,
Germany, Tallinn, Estonia and St. Petersburg, Russia and has
concluded the second year of operation should produce a
breakeven, so the line will be continued at least for 2005.
Silja will be adding a third SuperSeaCat to its Helsinki-Tallinn
service to cater for the rapidly rising volumes on this route,
and will be redeploying a loss making freight ship from
Helsinki-Tallinn to Turku-Stockholm where extra freight capacity
is needed.

Hoverspeed's operations have been restructured by withdrawal of
the loss-making Northern Ireland and Newhaven-Dieppe services
which will incur a restructuring charge of approximately $3
million in the first quarter of 2005. The Northern Ireland ship
has been re-deployed to Dover-Calais where she will operate
alongside a sister vessel and the Newhaven-Dieppe ship will go
to Silja as mentioned above. Losses were incurred on the
Newhaven-Dieppe route in 2004 when the French operator on the
route, Transmanche, refused to honor contracts, giving rise to a
claim against them which will be pursued in the courts, if
necessary. Transmanche had earlier indicated they would take
over the fast ferry service in 2005, then changed their minds at
the last minute. Hoverspeed is transferring its Newhaven-Dieppe
bookings to its Dover-Calais service which should improve
results of that line in 2005.

Hoverspeed has entered into a joint venture in Greece with the
highly respected Eugenides Group to operate a 600 passenger/90
car vessel between Piraeus and the Western Cyclades islands of
Sifnos and Milos starting late in April, a route which has been
chronically short of capacity. The new service is named Aegean
Speedlines. The plan is to add additional routes in Greece in
2006 using vessels displaced from UK operations. It had been
planned to operate two additional vessels of this type in Greece
this year, however, the Greek authorities refused to accept them
on technical grounds, although all major West European countries
accept them. As of this moment the intention is to charter the
two vessels for seasonal employment, however, if satisfactory
charters cannot be obtained they will be laid up.

Part of SeaStreak's problems in 2004 was due to heavy ice
conditions, start up costs of bringing two new vessels into
service and unsatisfactory financing arrangements of the owner.
Steps are in progress to resolve these issues and winter weather
disruptions have been less this winter. Fuel costs, however,
will be a continuing problem for SeaStreak as prices show no
sign of abating. Market growth continues to be satisfactory.

Other ferry operations which include Hoverspeed, SeaStreak, the
SNAV-Hoverspeed joint venture in the Adriatic and charters
incurred a loss of $16.9 million in the fourth quarter of 2004
compared with a loss of $6.1 million in the 2003 period. Non-
recurring write offs, which include the company's two hovercraft
and spares (which may have continuing value), and write down of
fixed assets in connection with the terminated Troon-Belfast
fast ferry service amounted to $5.1 million of the increased
loss. For the year 2004 the loss from other ferry operations was
$36.3 million vs. a loss of $12.9 million in 2003 (excluding
profit from the Isle of Man Steam Packet Company which was sold
in mid-2003). The increase in loss was due to the non-recurring
write-offs mentioned above, extra fuel costs, late delivery of
two vessels into service in peak season and higher than expected
repair and maintenance costs.

Mr Sherwood said that part of the problem has been the rapid
increase in discount air services from the U.K. to Ireland and
the Continent, drawing passengers from the ferries. The U.K.
Customs & Excise continue to discourage travel to France by
unlawfully harassing passengers in an attempt to discourage them
from buying alcohol, tobacco and other products for personal use
which do not carry excise taxes as are imposed in Britain on
such goods sold in Britain. Hoverspeed has won a landmark case
against Customs & Excise for having reduced its passenger and
car carryings due to this unlawful behavior and has claimed $90
million in damages. The damages hearing date has not yet been
set but it is expected that an award will be made by 2006 if not

"While we will not entirely eliminate the other ferries loss in
2005 we think it will be substantially less than in 2004 and our
strategy is to move this business into profit for 2006 largely
by moving our fast ferry fleet from the U.K. to the
Mediterranean. However, Hoverspeed's Dover-Calais service will
continue unless its results prove unsatisfactory, in which case
its ships will also be moved to the Mediterranean," Mr. Sherwood

Fifth, the company's fruit farming operations had a difficult
2004 due to weather conditions in Brazil and political
instability in the Ivory Coast leading to lower than planned
production. The Corinth Canal had a better year than 2003 and
the large marina and tourist village development is awaiting
government approvals. Earnings from this division before
interest and tax were breakeven in the fourth quarter of 2004
compared with $0.8 million in the prior year period, while for
the year earnings were $4.1 million compared with $6.6 million
in 2003.

Sixth, earnings from the company's investment in Orient-Express
Hotels were $3.5 million in the fourth quarter of 2004 compared
with $3.9 million in the year earlier period, while for the year
2004 earnings were $11.9 million compared with $10.9 million in

Mr. Ian C. Durant, Senior Vice President and Chief Financial
Officer, said that the company's debt level had fallen in 2004
by $66 million to $1.53 billion, net operating cash flow fell to
$74.4 million from $105.4 million in 2003 while net finance
costs declined in 2004 to $80.9 million from $85.3 million in
2003. Translation of Silja's Euro denominated interest into
dollars increased the cost in dollar terms. Rising U.S. dollar
interest rates on the company's $200 million of U.S. dollar
floating rate debt will be an increasing burden in 2005 due to
the Fed's current policy of raising interest rates. EBITDA of
the company in 2004 was $198 million compared with $265 million
in 2003 (excluding the non-recurring gain on sale of the Isle of
Man Steam Packet Company).

The company's liquidity at the end of 2004 was $240 million in
cash and undrawn credit lines compared with $335 million at the
end of 2003. At today's date the remaining 9.9 million shares in
Orient-Express Hotels have a market value of about $250 million.

Mr. Sherwood concluded by saying "Our operating results in 2005
will be influenced by the decisions we take on further
restructuring of the Ferry Division. We see great potential in
the Rail Division in light of the new franchise and management
is now focused on the bid for the Integrated Kent franchise
which is expected to be awarded late this year. Container demand
in 2005 is expected to continue to be robust. Sea Containers own
capital expenditure should be limited to necessary improvements
to its fleet, small investments in the container business
outside the GE SeaCo joint venture, IT upgrades, capitalization
of GNER and start up costs of ferry joint ventures. GE SeaCo
believes that its capital expenditure will be between $200
million and $300 million in new containers. This investment is
not guaranteed by either Sea Containers or GE Capital."

The company's 10K report will be filed on March 31. A recent
internal review of financial controls and reporting in
connection with Sarbanes-Oxley standards revealed that the
company has insufficient personnel and accounting expertise to
report in a timely manner non-routine or complex accounting
matters. The financial services staff is being increased to
remedy this problem. This situation had no impact on the
company's 2004 audit.

Management believes that EBITDA (net earnings adjusted for net
finance costs, tax, depreciation, amortization and the
investment in Orient-Express Hotels and other equity investees)
is a useful measure of operating performance, to help determine
the ability to incur capital expenditure or service
indebtedness, because it is not affected by non-operating
factors such as leverage and the historic cost of assets.
However, EBITDA does not represent cash flow from operations as
defined by U.S. generally accepted accounting principles, is not
necessarily indicative of cash available to fund all cash flow
needs and should not be considered as an alternative to earnings
from operations under U.S. generally accepted accounting
principles for purposes of evaluating results of operations.

To see financial statements:

CONTACT: Sea Containers Services Ltd
         William W. Galvin +1-203
         Web site:


SABESP: Considers Bond Pay Offs to Avoid Expensive Refinancing
Sao Paulo state water utility Sabesp (Cia. de Saneamento Basico
do Estado de Sao Paulo) is looking to pay off part of a US$275
million bond maturing in July as emerging-market borrowing costs
continue to rise, making debt refinancing more expensive,
reports Bloomberg.

"We are considering having the funds, if necessary, to pay off
part of this debt," Sabesp president, Dalmo Nogueira Filho,
said, adding, "It's difficult to know what the conditions in the
market will be at that time."

Sabesp sold the $275 million bond in the U.S. in July 1997.

The yield on Brazil's benchmark bond due in 2040, the most
widely traded emerging-market security, has risen almost 1
percentage point since March 7 to 10.08 percent.

CONTACT:  Companhia de Saneamento Basico do Estado de Sao Paulo
          Helmut Bossert
          Head of Investor Relations
          Rua Costa carvalho, 300
          Pinheiros - CEP 05429-900
          Sao Paulo, S.P.
          Tel: 011 55 11 3388-8664

          Marisa de Oliveira Guimaraes
          Investor Relations
          Tel: 011 5511 3388-9135

          Rua Costa carvalho, 300
          Pinheiros - CEP 05429-900
          Sao Paulo, S.P.
          Web site:

TERPHANE HOLDING: S&P Rates Proposed $30M Notes 'CCC+'
Standard & Poor's Ratings Services assigned its 'CCC+' rating to
Terphane Holding Corp.'s proposed $30 million senior secured
notes, an add-on to the company's existing $46.5 million 12.5%
senior secured notes due June 2009.

At the same time, Standard & Poor's affirmed its ratings on the
company, including its 'CCC+' corporate credit rating. Pro forma
for the transaction, total debt outstanding will be
approximately $110 million.

"Proceeds from the proposed notes offering will be used to fund
a dividend to shareholders, which is consistent with the very
aggressive financial policies of the company's equity sponsor,
Rhone Capital," said Standard & Poor's credit analyst Franco

Following the transaction, liquidity will remain weak and will
reflect a small cash balance, and the expectation that the
company could continue to generate negative free cash during the
current year as it commences production on a new manufacturing
line at its facility in Brazil.

The ratings on Terphane reflect an extremely limited scope of
operations as the sole domestic manufacturer in the niche South
American thin polyester film industry; significant reliance on
one manufacturing facility; and very restricted liquidity,
characterized primarily by a cash balance of about $7 million
following the proposed notes offering. However, the company's
narrow business focus is partially offset by favorable industry
growth prospects; regional import tariffs that protect the
company's primary market; a low cost, integrated manufacturing
structure; well-diversified customer relationships; and stable
operating margins.

With annual revenues of approximately $75 million, Bloomfield,
N.Y.-based Terphane is the only domestic manufacturer in the
South American market for thin polyester film. The company
augments this position with sales to the North American market,
which accounts for approximately 30% of total revenues. The
company's products are primarily used in flexible packaging
applications, including packaging for pasta, processed meats and
cheeses, juices, mayonnaise, and lidding for yogurt trays,
butter, cream, and other products. Industrial applications,
about 7% of sales, include wrapping for electrical cable,
thermal ribbons for printers and faxes, and insulation.


ENAMI: Twelve Firms Looking to Snap Up Quebrada Blanca Stake
The period to acquire bidding rules to buy state minerals
company Enami's 10% stake in the Quebrada Blanca copper mine has
ended with about a dozen companies, mostly foreign, buying the
requited rules package. According to Business News Americas, the
companies reportedly most interested in snapping up Enami's 10%
are the operation's two other owners: Canada's Aur Resources
(TSX: AUR), which already holds 76.5%; and local group
Inversiones Mineras with 13.5%.

The minimum bidding price has not been revealed but Enami's
board previously placed a price of some US$30 million on the
stake. Enami will conduct technical visits to the open-pit
Quebrada Blanca next month for the interested companies.

Enami launched the bidding process for its interest in Quebrada
Blanca in early February. The sell-off is expected to be
complete in the first half of 2005, according to an Enami

Enami is selling its stake in Quebrada Blanca as part of a plan
to pay off US$450 million in debts. The main chunk of debt will
be settled by the sell-off its Ventanas smelter-refinery to
state copper miner Codelco for US$393 million in a transaction
expected to be complete by early May.

CONTACT:  ENAMI (Empresa Nacional de Mineria)
          MacIver 459,
          Santiago, Chile
          Phone: 637 52 78
                 637 50 00
          Fax:   637 54 52
          Home Page:
          Jorge Rodriguez Grossi, President

D O M I N I C A N   R E P U B L I C

TRICOM: Changes Independent Auditors
The Board of Directors of Tricom, S.A. (OTC Pink Sheets: TRICY)
announced Tuesday that Sotomayor & Associates, LLP has been
retained to act as the Company's auditors for the year ended
December 31, 2004, succeeding the member firm of KPMG
International located in the Dominican Republic (KPMG -
Dominican Republic). The auditor relationship between Tricom and
KPMG - Dominican Republic will cease upon the completion of the
audit for the year ended December 31, 2003.

On November 4, 2004, the Company announced that the filing of
the Company's Annual Report on Form 20-F for the year ended
December 31, 2003 was being delayed pending further
clarification of the purchase, in December 2002, of 21,212,121
shares of Tricom's Class A common stock by a group of investors
for an aggregate purchase price of approximately US$70 million
with funds loaned to the investors by a bank formerly affiliated
with GFN Corp., Tricom's largest shareholder. Tricom's Board of
Directors has appointed a special committee to examine and
provide an independent review and evaluation of the above-
mentioned transaction.

Sotomayor & Associates, LLP is a Public Company Accounting
Oversight Board (PCAOB) registered independent public accounting
firm with its principal offices in Pasadena, California.  The
firm has acted as independent auditor to Tricom USA, the
Company's wholly owned subsidiary in the United States, since

Tricom, S.A. is a full service communications services provider
in the Dominican Republic. The Company offers local, long
distance, mobile, cable television and broadband data
transmission and Internet services. Through Tricom USA, it is
one of the few Latin American based long distance carriers that
is licensed by the U.S. Federal Communications Commission to own
and operate switching facilities in the United States. Through
its subsidiary, TCN Dominicana, S.A., it is the largest cable
television operator in the Dominican Republic based on its
number of subscribers and homes passed.

CONTACT:  Miguel Guerrero, Investor Relations
          Tel: (809) 476-4044 / 4012
          Web site:


* HONDURAS: IMF Completes Second Review of Performance
The Executive Board of the International Monetary Fund (IMF) has
completed the second review of Honduras' performance and the
financing assurances review under an SDR 71.2 million (about
US$107.5 million) Poverty Reduction and Growth Facility (PRGF)
arrangement approved on February 26, 2004.

The completion of this review allows Honduras to draw a further
SDR 10.17 million (about US$15.4 million), bringing the total
amount released under the arrangement to SDR 30.5 million (about
US$46.1 million). In completing the review, the Board waived the
nonobservance of one performance criterion on public sector
wages, taking into account compensatory measures and the package
of monetary, fiscal, and structural measures that have been
implemented to safeguard the program objectives.

Following the discussion of the Executive Board on March 28,
2005, Mr. Agustin Carstens, Deputy Managing Director and Acting
Chair, stated:

"Honduras' performance under the program supported by the
Poverty Reduction and Growth Facility has been satisfactory. The
solid implementation of macroeconomic policies and progress with
structural reforms had yielded favorable results. In 2004, GDP
growth rose to about 5 percent, with a recovery broadly based
across all sectors. Moreover, inflation has stabilized, after
drifting up in 2004 mainly on account of high oil prices, and
the external sector has strengthened significantly. These
achievements were facilitated by the authorities' efforts to
establish a broad social consensus which made it possible to
address challenging policy issues. Looking forward to 2005,
growth is expected to continue at a relatively fast pace.

"The authorities remain committed to the policy objectives of
boosting growth, reducing poverty, and achieving financial
stability. They intend to achieve this through further fiscal
consolidation, financial sector reform, and other structural
measures aimed at improving productivity and economic

"The authorities' fiscal strategy for 2005 aims at a further
reduction of the public sector deficit, while public investment
and anti-poverty spending are to increase. The higher spending
will be financed by higher external grants and by compensating
savings elsewhere in the budget, including through the continued
implementation of a prudent wage policy.

"Monetary policy, to be effected largely through open market
operations, aims to reduce inflation to under 7 percent in 2005.
The authorities have also announced that the rate of crawl will
be reduced somewhat in 2005, consistent with maintaining a
competitive exchange rate, in line with projected inflation

"Honduras' key challenge in the period ahead will be to protect
the core elements of its program during the election period and
beyond. Key structural reforms envisaged for 2005 cover the
areas of tax administration, central bank monetary operations,
and a continuation of the financial sector reform.

"The authorities completed their second annual progress report
on the Poverty Reduction Strategy Paper (PRSP) through a broad-
based consultation process. The report conveys the authorities'
continuing commitment to poverty reduction, and presents a
coherent framework for guiding the implementation of the
government's poverty reduction strategy.

"However, addressing risks to the strategy will require
continued fiscal consolidation; strict implementation of the
financial system reform; prioritization of programs; and
strengthening public accountability of social programs.

"The authorities have made substantial progress on the
structural reform agenda embodied in the HIPC completion point
triggers, including satisfactory track record of implementation
under the PRGF arrangement and the PRSP. As a result, Honduras
has in principle reached the completion point under the enhanced
HIPC Initiative, pending action next week by the World Bank's
Executive Board. After the provision of enhanced HIPC assistance
and additional bilateral assistance, Honduras' debt is expected
to fall to sustainable levels," Mr. Carstens stated.

The PRGF is the IMF's concessional facility for low-income
countries. PRGF-supported programs are based on country-owned
poverty reduction strategies adopted in a participatory process
involving civil society and development partners, and
articulated in a Poverty Reduction Strategy Paper, or PRSP. This
is intended to ensure that each PRGF-supported program is
consistent with a comprehensive framework for macroeconomic,
structural, and social policies, to foster growth and reduce
poverty. PRGF loans carry an annual interest rate of 0.5
percent, and are repayable over 10 years with a 5 -year grace
period on principal payments.

CONTACT: IMF - External Relations Department
         700 19th Street, NW
         Washington, D.C. 20431 USA
         Public Affairs
         Phone: 202-623-7300
         Fax: 202-623-6278
         Media Relations
         Phone: 202-623-7100
         Fax: 202-623-6772


PROVO INTERNATIONAL: Compliance Plan Not Approved By AMEX
Provo International, Inc. (formerly Frontline Communications
Corp., AMEX: FNT) announced Tuesday that it has received notice
from the American Stock Exchange (AMEX) on March 25, 2005, that
it will not accept the company's proposed plan of compliance
(the "plan"). As in its previous notice, the notice stated that
the company is not in compliance with AMEX continued listing
standards as a result of having less than $4 million in
shareholders' equity, continued operating losses, and a low
stock price, pursuant to sections 1003(a)(ii), 1003(a)(iv) and
1003(f)(v) of the company guide. The notice also alleged that
the company did not file an application for listing of
additional shares in accordance with section 301.

The company will consider its various alternatives, including
whether to appeal the AMEX decision or move to another exchange
such as the OTC Bulletin Board. The company must notify AMEX by
April 1, 2005 if it intends to appeal, or allow its common stock
to stop trading on AMEX.

Provo's CEO, Stephen J. Cole-Hatchard, expressed extreme
dissatisfaction with the AMEX review process and the reason it
alleged for not approving the plan. Mr. Cole-Hatchard stated
that, despite the detailed description set forth in the
company's plan to regain compliance within the required 18 month
time frame, including an executed letter of intent providing for
a total of $8.5 million in financing for 4 acquisitions and
licensing transactions, the notification letter from AMEX
Director of Listing Qualifications James Mollen simply stated,
in a conclusory manner, "Exchange Staff ("Staff") has determined
that, (sic) the Plan does not make a reasonable demonstration of
the Company's ability to regain compliance with the continued
listing standards..."

"Contrary to this statement by AMEX," Mr. Cole-Hatchard said,
"the plan included quarterly goals for the 18 month period from
January 25, 2005 through July 18, 2006 which brought the company
well into compliance with AMEX guidelines, including over $6.4
million in shareholder equity at June 30, 2006, and $300,000 in
operating profit for the 3 months ending June 30, 2006." Provo's
CEO added, "I am especially troubled by the fact that Mr. Mollen
simply refused to allow the company to even attempt to execute
its proposed plan, which would clearly be in the best interests
of our 3,000 or so shareholders. With very specific and
measurable quarterly goals laid out in the plan, AMEX would
certainly have ample oversight opportunity to determine our
success or failure on a regular basis, and take action in the
event our quarterly goals weren't met. It just doesn't make

The company identified substantial parts of its plan in
announcing the AMEX notice. According to the company, the plan
submitted to AMEX included an executed letter of intent with an
investment group that has financed the company in the past,
providing for a total of at least $8.5 million in financing
during the 18 month period. The plan called for restructuring of
the company's capitalization, including a reverse stock split to
address the low stock price and financing plans, and the
retirement of approximately 22 million shares of common stock
previously issued in the Provo Mexico acquisition. The plan also
included an executed letter of intent with a University in the
U.K. providing Provo with an exclusive worldwide licensing
agreement for a compound developed by the University for use
against viral agents of bio-terror, specifically involving the
small pox virus. The plan described this license agreement as
the second endeavor for the company in the anti-terrorism
industry commonly referred to as "Homeland Security." The
company's paycard operations, which allows for the international
transfer of money in compliance with the U.S. Patriot Act, is
the first, currently being launched by Provo.

In further commenting on the AMEX notice, Mr. Cole-Hatchard also
expressed concern over the failure of AMEX to provide a cogent
rational which the company could pass along to its shareholders.
"Mr. Mollen's letter stated that the plan doesn't make a
reasonable demonstration of the Company's ability to regain
compliance," Mr. Cole-Hatchard said, "but that just isn't true.
The plan absolutely brings the company into compliance."
"Whatever the real reason," he added, "I just can't understand
why AMEX is refusing to allow us the opportunity to take the
first few steps in the plan, if for no other reason but to give
the shareholders the best chance possible for their company."

About Provo International Inc.

Founded in 1995 as Frontline Communications Corporation and
currently traded on the American Stock Exchange under the symbol
FNT, Provo International Inc. has three operating divisions,
involving the sale of internet bandwidth, web development and
services, and payroll (paycard) disbursement and transfer
products and services.

TFM: KCS Receives Stockholder Approval for Acquisition
Kansas City Southern (KCS) (NYSE: KSU) announced that its
stockholders, on an affirmative vote of 99% of the shares voted
at Tuesday's special meeting, approved the issuance of 18
million shares of common stock, plus the potential issuance of
additional shares under certain circumstances, in conjunction
with KCS' acquisition of a controlling interest in TFM, S.A. de
C.V. (TFM). With this approval, all of the conditions precedent
to the closing covered in the December 15, 2004, Amended and
Restated Acquisition Agreement have been satisfied. KCS expects
to complete the purchase and take control of TFM on April 1,

TFM operates the premier railway system in Mexico, connecting
Mexico City, three major ports and the industrial heartland of
Mexico to KCS' domestic railways at the Laredo/Nuevo Laredo
border. As previously announced, following closing, TFM will be
operated as an independent Mexican corporation under control of
KCS, a holding company, which also owns: The Kansas City
Southern Railway Company (KCSR), The Texas Mexican Railway
Company (Tex Mex) and The Gateway Eastern Railway Company.

"We are very pleased that our shareholders, the regulatory
bodies in Mexico and the U.S., and our Mexican partner have
agreed to placing these railroads under common control," said
Michael R. Haverty, KCS chairman, president and chief executive
officer. "With the railroads already physically linked in an
end-to-end configuration, common control will enhance
competition and give shippers in the NAFTA trade corridor a
strong transportation alternative as they make their decisions
to move goods between the United States, Mexico and Canada. It
will also allow the company to create greater value for
shareholders through the operating efficiencies that will come
from common ownership and control."

KCS was founded in 1887 by Arthur E. Stilwell, whose vision was
to build a railroad from the U.S. heartland directly south to
the Gulf of Mexico and to Mexico to transport commodities from
there to markets throughout the world. With the signing of the
North American Free Trade Agreement, KCS made a strategic
decision to build upon Arthur Stilwell's 19th century vision,
and to become a significant carrier of North American freight
through the NAFTA trade corridor.

KCS is a transportation holding company that has railroad
investments in the United States, Mexico and Panama. Its primary
domestic holdings include The Kansas City Southern Railway
Company, founded in 1887, and The Texas Mexican Railway Company,
founded in 1885, which together serve the central and south
central regions of the United States. Headquartered in Kansas
City, Mo., KCS has investments in TFM, S.A. de C.V., Mexico's
northeast railway and The Panama Canal Railway Company,
providing ocean-to-ocean freight and passenger service along the
Panama Canal. KCS' combined holdings, investments and strategic
alliances link the commercial and industrial centers of the
United States, Canada and Mexico. For more information, visit

Included in this press release are certain forward-looking
statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. Such forward-looking
statements are based on the beliefs of KCS' management as well
as on assumptions made. Actual results could differ materially
from those included in such forward-looking statements. Readers
are cautioned that all forward-looking statements involve risks
and uncertainty. For additional information relating to such
risks and uncertainties, readers are urged to review KCS'
filings and submissions with the Securities and Exchange
Commission under the Securities Exchange Act of 1934, as

          Ronald G. Russ, 816-983-1702
          U.S. Media:
          C. Doniele Kane, 816-983-1372
          Mexico Media:
          Gabriel Guerra, 011-525-55-208-0860


* PARAGUAY: IMF Reviews $75.6M SBA, Allows Drawdown via Waivers
The Executive Board of the International Monetary Fund (IMF)
completed the fourth review under an SDR 50 million (about
US$75.6 million) Stand-By Arrangement for Paraguay, originally
approved on December 15, 2003 for 15 months, and extended
through September 30, 2005 on December 20, 2004.

In completing the review, the Executive Board also granted
waivers for the nonobservance of one quantitative performance
criterion and one continuous performance criterion. The
completion of this review makes a further amount equivalent to
SDR 3 million (about US$4.5 million) immediately available to
Paraguay. However, Paraguay has not made any drawings under the
arrangement so far, and the authorities have indicated that they
will continue to treat it as precautionary.

The Executive Board has also determined that, on the basis of
the corrective measures already undertaken, no further remedial
action is required with respect to Paraguay's delayed report on
arrears and its obligation to provide information under Article
VIII, Section 5 of the Fund's Articles of Agreement.

Following the Executive Board's discussion of Paraguay's
economic performance, Mr. Takatoshi Kato, Deputy Managing
Director and Acting Chair, said:

"Paraguay's overall performance under the program continues to
be strong. Prudent macroeconomic policies have been maintained
and structural reform has been reinvigorated after the extension
of the Stand-By Arrangement.

"Paraguay's macroeconomic situation has been better than
envisaged under the program. Real GDP growth accelerated to
almost 3 percent in 2004 despite a drought, the highest growth
rate in a decade, while inflation fell below 3 percent, the
lowest inflation rate in three decades. The overall fiscal
position of the central government has been brought back into
surplus, confidence in the banking system has returned, and the
foreign exchange market has broadly stabilized. However,
unemployment and poverty levels remain high, underscoring the
importance of pressing ahead with the reform agenda.

"The main challenges for 2005 will be to maintain fiscal
discipline and move forward the structural reform agenda. On
fiscal policy, it will be key that the authorities implement the
budget in line with the program, notwithstanding the higher
spending implicit in the congressionally approved budget, while
using higher projected revenues for a significant increase in
capital expenditure in needed infrastructure.

"The fiscal outlook has improved, partly reflecting the
congressional passage of the fiscal adjustment law (FAL). At the
core of these efforts are the significant improvements in tax
administration in the internal revenue service and customs.
These gains should be consolidated through institutional

"Monetary policy has succeeded in containing inflation while
allowing for rapid reserve accumulation. However, further
strengthening is required to consolidate inflation performance.
The authorities' decision to start implementing the
recommendations of the IMF's Monetary and Financial Systems
Department is welcome. However, further reforms at the Central
Bank will be necessary to strengthen monetary management and
build on the success of 2004.

"The structural reform agenda remains ambitious but feasible.
Performance has improved after some delays at the end of 2004.
The authorities remain committed to the reform agenda and
considerable progress has been made in the first quarter of
2005. A particularly important step has been the approval of the
second-tier public banking law by the Senate. Looking ahead, the
authorities would need to reinforce their commitment to reform
by further advancing with the difficult task of restructuring
the National Development Bank (BNF). It will also be important
to strengthen governance and the climate for private investment
to allow the economy to reach its full growth potential.

"With respect to Paraguay's obligation to provide information
under Article VIII, Section 5 of the Fund's Articles of
Agreement in connection with the delayed reports on arrears,
Directors determined that, on the basis of the corrective
measures already undertaken, no further remedial action is
required," Mr. Kato said.

CONTACT: IMF - External Relations Department
         700 19th Street, NW
         Washington, D.C. 20431
         Public Affairs
         Phone: 202-623-7300
         Fax: 202-623-6278
         Media Relations
         Phone: 202-623-7100
         Fax: 202-623-6772


PDVSA: Signs Several Memorandums Of Understanding With Repsol
Repsol YPF's Chairman and Chief Executive Officer, Antonio
Brufau, will sign in Caracas various Memorandums of
Understanding with Rafael Ramirez, Venezuela's Minister of
Energy and Mining, and the Chairman of PDVSA. The agreements
will heighten the company's presence in the region and
significantly increase its hydrocarbon production and reserves
in that country, where it is the leading publicly traded
petroleum company.

Joint Venture With PDVSA

The first of these Memorandums of Understanding, contemplates
the creation of a joint venture between PDVSA (51%) and Repsol
YPF (49%) that would be one of the largest petroleum producers
in Latin America. The participation in the joint venture would
permit Repsol YPF to increase its current net production
(100,000 barrels per day) by 60% to 160,000 barrels/day. Repsol
YPF would double its reserves in Venezuela, as important assets
of PDVSA would be incorporated into the joint venture.

The PDVSA-Repsol YPF joint venture would be the first of its
kind to be created in Venezuela, the fifth largest producer of
crude oil in the world and the leading provider to the United
States market, and would have exploration and production
hydrocarbon rights in the areas where its activities are
currently being developed  (Mene Grande, Quiriquire, y Quiamare-
la Ceiba), as well as in nearby areas such as Barua-Motatan,
Ceuta-Tomoporo y Orocual.

The Memorandum of Understanding also includes plans to identify
new exploration and development areas where Repsol YPF could be
granted gas licenses.

LNG Project

The second Memorandum of Understanding with PDVSA contemplates
the identification of business opportunities by building a
liquefied natural gas plant on the Venezuela coast, and the
granting to Repsol YPF one or various licenses for gas to supply
the volumes required by the plant, as well as to include Repsol
YPF's participation in the Gran Mariscal Sucre project,
considered to be the principle LNG project being studied in

Electricity Generation Plant

The third Memorandum of Understanding scheduled to be signed
tomorrow in Venezuela would allow Termobarrancas (a subsidiary
Repsol YPF in that country) to construct, develop and operate an
electricity generation plant in the municipality of Obispos del
Estado Barinas.

As a result of this contract, PDVSA would buy from Repsol YPF
blocks of electricity up to 300 megawatts/hour. Production could
begin in the final quarter of 2005, with an estimated production
of 80 megawatts. The gas that would feed the plant would be
supplied from one of the fields that Repsol YPF has in the
Barrancas area.

Scientific and Technical Cooperation

Besides the commercial agreements, Repsol YPF and PDVSA agreed
to cooperate in the coming three years in the technical and
scientific formation of personnel at PDVSA and the Ministry of
Energy and Oil, including the awarding on the part of Repsol
YPF, of 20 scholarships to attend the Instituto Superior de la
Energia ISE.

Extra Information

Venezuela is the only Latin American country to be a member of
OPEC, has the largest oil reserves in America, and is the fifth
largest producer of crude oil in the world. Hydrocarbons
represent 40% of public revenues, 20% of GDP and around 80% of

The state corporation Petroleos de Venezuela S.A. (PDVSA) is one
of the top 15 petroleum companies in the world and has
cooperation agreements with different Latin American countries.
Its area of influence extends to such countries as Brazil,
Colombia the Dominican Republic, to Cuba, etc.

Repsol YPF currently produces 220,000 boepd in the Caribbean, of
which 100,000 boepd pertains to its Quiriquire, Mene Grande,
Quiamare - La Ceiba y Guarico Occidental blocks in Venezuela.
The remaining 120,000 boepd corresponds to its gas and petroleum
blocks in Trinidad and Tobago.

The Memorandum of Understandings signed by Repsol YPF are being
realized in a moment of transcendental importance for Venezuela,
and will allow the consolidation of an alliance between the two
companies in the areas of oil, gas, electricity, as well as
cooperation in the areas of technology and scientific formation
for Venezuelan personnel.


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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Copyright 2005.  All rights reserved.  ISSN 1529-2746.

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