TCRLA_Public/050401.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, April 1, 2005, Vol. 6, Issue 64

                            Headlines

A R G E N T I N A

ARGENTINA BANKS: S&P To Upgrade Ratings After Debt Restructuring
ASOCIACION FRUTICULTORES: Bankruptcy Reverts to Reorganization
CUSTOMWARE S.R.L.: Liquidates Assets to Pay Debts
DELTAGRAF S.A.: Court Rules for Liquidation
EDICIAL S.A.: Reorganization Process Starts

ESTRUCTURAS Y SERVICIOS: Court Authorizes Plan
INVERSIONES Y TRANSPORTE: Enters Bankruptcy on Court Orders
IRSA: Noteholder Exercises Conversion Right
MAVACO S.A.: Begins Liquidation Proceedings
NOW FAST S.R.L.: Liquidates Assets to Pay Debts

TEC-SIN S.R.L.: Enters Bankruptcy on Court Orders
TEDAR S.A.: Gets Court Ok for Reorganization
TELEFONICA DE ARGENTINA/TELEFONICA HOLDING: S&P Upgrades Ratings
TGS: S&P Raises Ratings To 'B-'
TGS: S&P Raises IADB Bond Ratings


B E R M U D A

FLEMING INTERNATIONAL: Names Robin Mayor as Trustee
INTER-ATLANTIC MANAGERS: Member Resolves to Liquidate Assets
LORAL SPACE: Posts Updates on Reorganization
LORAL SPACE: NY Court Stays Consolidated Securities Fraud Suit
LORAL SPACE: Asks NY Court To Dismiss Consolidated ERISA Lawsuit

NORTHBRIDGE FUND: Nicholas Hoskins to Serve as Liquidator


B R A Z I L

AES CORPORATION: Reports Changes in 2004 Results
AES CORPORATION: Sets Annual Stockholders Meeting on April 28
AES CORPORATION: EVP Joseph Brandt Steps Down
ALPARGATAS: 11.9% Stake Sold for $2.7M
CEMIG: Approves Internal Staff Reassignment Between Units  

PARMALAT: Reports EUR568.7Mln Revenues in 2004
TELEMAR: Reveals $111M Budget for Telephone Installation
UNIBANCO: To Discuss Payment of Interest on Capital Stock


C H I L E

COEUR D'ALENE: Books $4.7M Non-Cash Adjustment for 2004


C O S T A   R I C A

ICE: May Issue Bonds on Foreign Markets to Finance Hydro Project
ICE: Sells 3,000 Reclaimed Mobile Lines


D O M I N I C A N   R E P U B L I C

* DOMINICAN REPUBLIC: To Restructure $1B Debt


M E X I C O

MINERA AUTLAN: Invests $15M to Carry Out Energy Saving Measures


V E N E Z U E L A

PDVSA: Chavez Says Citgo Sale Still On
PDVSA: Russian Firm Wants to Acquire Stake in German Refiner

     -  -  -  -  -  -  -  -

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

ARGENTINA BANKS: S&P To Upgrade Ratings After Debt Restructuring
----------------------------------------------------------------
Three Argentine banks are awaiting their national scale ratings
upgraded by Standard & Poor's Rating Services after the
government completes its US$103 billion sovereign debt
restructuring, says Dow Jones Newswires.

In a press release issued Tuesday, S&P said it plans to upgrade
BBVA Banco Frances (BFR) from "raBBB" to "raA+," and Banco
Hipotecario and Banco de Galicia y Buenos Aires from "raBBB-"to
"raA."

The "raA" national scale rating signifies that the institution
has a "strong" capacity to meet its financial obligations, when
compared with its Argentine peers.

"The banks' ratings continue to be conditioned by their high
direct exposure to the Argentine government, and in Standard &
Poor's opinion, they are seen benefitted by an improvement in
the sovereign credit quality, achieved after the restructuring
of the public debt," said S&P.

Argentina secured 76% creditor acceptance for its debt workout
and is scheduled to issue its new bonds under the restructuring
on Friday. However, that settlement could be delayed because of
a U.S. court ruling, handed down late Tuesday, that maintains a
freeze on US$7 billion in defaulted bonds due to be exchanged
Friday. A delayed settlement could also put off S&P's ratings
upgrades.


ASOCIACION FRUTICULTORES: Bankruptcy Reverts to Reorganization
--------------------------------------------------------------
Asociacion de Fruticultores Autentico S.R.L. (en Liquidacion)
will proceed with reorganization after a Rio Negro Court
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. Juan Jose Accastello, the court-appointed trustee, closed
the verification of creditors' proofs of claims on March 11.
Creditors with unverified claims cannot participate in the
Company's settlement plan. The trustee will also submit
individual reports on April 27 and a general report on June 9.

CONTACT: Asociacion de Fruticultores Autentico S.R.L.
         (en Liquidacion)
         Avda Gral Paz 246
         Cinco Saltos (Rio Negro)
           
         Mr. Juan Jose Accastello, Trustee
         Italia 235
         Cipolletti (Rio Negro)


CUSTOMWARE S.R.L.: Liquidates Assets to Pay Debts
-------------------------------------------------
Buenos Aires-based Customware S.R.L. will begin liquidating its
assets following the bankruptcy pronouncement issued by Court
No. 2 of the city's civil and commercial tribunal, reports
Infobae.

The ruling places the Company under the supervision of court-
appointed trustee Isabel A. Ramirez. Ms. Ramirez will verify
creditors' proofs of claims until May 13. The validated claims
will be presented in court as individual reports on June 28.

The trustee will also submit a general report, containing a
summary of the Company's financial status as well as relevant
events pertaining to the bankruptcy, on August 24.

The bankruptcy process will end with the sale of the Company's
assets. Proceeds from the sale will be used to repay the
Company's debts.

CONTACT: Ms. Isabel A Ramirez, Trustee
         Tte Gral Juan Domingo Peron 2082
         Buenos Aires


DELTAGRAF S.A.: Court Rules for Liquidation
-------------------------------------------
Court No. 9 of Buenos Aires' civil and commercial tribunal
ordered the liquidation of Deltagraf S.A. after the Company
defaulted on its debt obligations, Infobae reveals. The
liquidation pronouncement will effectively place the Company's
affairs as well as its assets under the control of Ms. Elisa
Esther Tomattis, the court-appointed trustee.

Ms. Tomattis will verify creditors' proofs of claims until June
27. The verified claims will serve as basis for the individual
reports to be submitted in court on September 1. The submission
of the general report follows on October 20.

The city's Clerk No. 17 assists the court on this case.

CONTACT: Ms. Elisa Esther Tomattis, Trustee
         Rodriguez Pena 110
         Buenos Aires


EDICIAL S.A.: Reorganization Process Starts
-------------------------------------------
Court No. 2 of the civil and commercial tribunal for the
Argentine province of Andalgala (Catamarca) approved a petition
for reorganization filed by local Company Edicial S.A., reports
Infobae.

Accountants Silvia Luz Moreta, Juan Marcelo Rivas and Maria
Laura de Kesseru will serve as co-trustees on this case. The
trustees' duties include the verification of credit claims and
preparation of the individual and general report.

CONTACT: Edicial S.A.
         Callao 575
         Buenos Aires

         Co-Trustees:
         Ms. Silvia Luz Moreta
         Avda Ocampo 2768
         Catamarca
         Mr. Juan Marcelo Rivas
         Chacabuco 1901
         Catamarca
         Ms. Maria Laura de Kesseru
         Almagro 275
         San Fernando del Valle de Catamarca


ESTRUCTURAS Y SERVICIOS: Court Authorizes Plan
----------------------------------------------
Buenos Aires-based Company Estructuras y Servicios S.A.
concluded its reorganization process, according to data released
by Infobae on its Web site. The conclusion came after the city's
civil and commercial Court No. 1, with assistance from Clerk No.
2, homologated the debt plan signed between the Company and its
creditors.


INVERSIONES Y TRANSPORTE: Enters Bankruptcy on Court Orders
-----------------------------------------------------------
Court No. 20 of Buenos Aires' civil and commercial tribunal
declared Inversiones y Transporte S.A. bankrupt after the
Company defaulted on its debt payments. The order effectively
places the Company's affairs as well as its assets under the
control of court-appointed trustee Juan Carlos Herr.

As trustee, Mr. Herr is tasked with verifying the authenticity
of claims presented by the Company's creditors. The verification
phase is ongoing until May 2.

Following claims verification, the trustee will submit the
individual reports based on the forwarded claims for final
approval by the court on June 13. A general report will also be
submitted on August 1.

Infobae reports that Clerk No. 39 assists the court in resolving
this case.

CONTACT: Mr. Juan Carlos Herr, Trustee
         Alicia Moreau de Justo 846
         Buenos Aires


IRSA: Noteholder Exercises Conversion Right
-------------------------------------------
By letter dated March 29, 2005, the Company reported that a
holder of its Convertible Notes exercised conversion rights.
Hence, the financial indebtedness of the Company shall be
reduced in US$ 20,000 and an increase of 36,697 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 302,549,829 to 302,586,526. On the other hand, the
amount of registered Convertible Notes is US$ 63,791,254.

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


MAVACO S.A.: Begins Liquidation Proceedings
-------------------------------------------
Mavaco S.A. will begin liquidating its assets after Court No. 23
of Buenos Aires' civil and commercial tribunal declared the
company bankrupt. Infobae reveals that the bankruptcy process
will commence under the supervision of court-appointed trustee
Jacobo Beker.

The trustee will review claims forwarded by the Company's
creditors until May 12. After claims verification, the trustee
will submit the individual reports for court approval on June
27. The general report submission will follow on August 23.

Clerk No. 46 assists the court on this case.

CONTACT: Mr. Jacobo Beker, Trustee
         Jeronimo Salguero 2244
         Buenos Aires


NOW FAST S.R.L.: Liquidates Assets to Pay Debts
-----------------------------------------------
Now Fast S.R.L. will begin liquidating its assets following the
pronouncement of Buenos Aires' civil and commercial Court No. 7
that the Company is bankrupt, Infobae reports.

The ruling places the Company under the supervision of court-
appointed trustee Jose Antonio Planas. The trustee will verify
creditors' proofs of claims until May 20. The validated claims
will be presented in court as individual reports on July 5.

The trustee will also submit a general report, containing a
summary of the Company's financial status as well as relevant
events pertaining to the bankruptcy, on August 30.

CONTACT: Mr. Jose Antonio Planas, Trustee
         Paraguay 631
         Buenos Aires


TEC-SIN S.R.L.: Enters Bankruptcy on Court Orders
-------------------------------------------------
Tec-Sin S.R.L. enters bankruptcy protection after Court No. 19
of Buenos Aires' civil and commercial tribunal, with the
assistance of Clerk No. 38, ordered the Company's liquidation.
The order effectively transfers control of the Company's assets
to the court-appointed trustee who will supervise the
liquidation proceedings.

Infobae reports that the court selected Mr. Carlos Menendez as
trustee. Mr. Menendez will be verifying creditors' proofs of
claims until the end of the verification phase on May 11.

Argentine bankruptcy law requires the trustee to provide the
court with individual reports on the forwarded claims and a
general report containing an audit of the Company's accounting
and business records. The individual reports will be submitted
on June 24 followed by the general report that is due on August
22.

CONTACT: Tec-Sin S.R.L.
         Paz Soldan 4834
         Buenos Aires

         Mr. Carlos Menendez, Trustee
         Ventura Bosch 7098
         Buenos Aires


TEDAR S.A.: Gets Court Ok for Reorganization
--------------------------------------------
Tedar S.A. will begin reorganization following the approval of
its petition by Court No. 22 of Buenos Aires' civil and
commercial tribunal. The opening of the reorganization will
allow the Company to negotiate a settlement with its creditors
in order to avoid a straight liquidation.

Ms. Graciela Silvia Turco will oversee the reorganization
proceedings as the court-appointed trustee. She will verify
creditors' claims until May 26. The validated claims will be
presented in court as individual reports on July 8.

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 September 2.

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 6 next year.

CONTACT: Tedar S.A.
         San Nicolas 410
         Buenos Aires

         Ms. Graciela Silvia Turco, Trustee
         Cochabamba 4272
         Buenos Aires


TELEFONICA DE ARGENTINA/TELEFONICA HOLDING: S&P Upgrades Ratings
----------------------------------------------------------------
Standard & Poor's Ratings Services raised its long-term foreign
currency corporate credit rating on Argentine-based telecom
provider Telefonica de Argentina S.A. (TASA), and its local and
foreign currency corporate credit ratings on TASA's indirect
holding Company, Telefonica Holding de Argentina S.A. (THA) to
'B-' from 'CCC-'. The outlook on both ratings is stable.

The upgrades are based both on the strengthening of economic
conditions in Argentina in 2003 and 2004, and on improvements in
TASA's operating and financial performance, which should allow
it to weather a certain level of unfavorable changes in
Argentina's macroeconomic environment-particularly as regards
inflation and exchange rates-and still maintain credit quality
commensurate with the current rating category.

Still, the ratings on TASA continue to be constrained by the
financial and regulatory challenges of operating in the
Argentine environment after the crisis in 2002, which weakened
TASA's debt-servicing ability. Uncertainty is still high
regarding the contract and tariff renegotiation, which was
mandated by the government in early 2002 but is still pending.
In November 2004, the government extended the ruling of the
Emergency Law and the period for tariff and contract
renegotiation until December 2005, which could result in
additional delays. Nevertheless, potential tariff adjustments
resulting from the renegotiation are not expected to compensate
for the effects of the devaluation of the peso, inflation, and
pesification and freeze of tariffs. The ratings are supported by
the Company's good market position and efficient operations.

The stable outlook reflects expectations that the Company's good
competitive position and a relatively stable economic scenario
would allow TASA to consolidate its financial improvements.
Nevertheless, ratings could be revised if tariff inflexibility
persists under a higher than expected inflationary and exchange
rate scenario, government intervention increases, or financial
flexibility deteriorates significantly.

TASA is one of two incumbent telephone companies in Argentina,
holding approximately 53% of the 8 million lines in service. The
ratings on THA are based on its indirect stake in TASA, its only
significant asset.

Primary Credit Analyst: Ivana Recalde, Buenos Aires
(54) 114-891-2127; ivana_recalde@standardandpoors.com

Secondary Credit Analyst: Marta Castelli, Buenos Aires
(54) 114-891-2128; marta_castelli@standardandpoors.com


TGS: S&P Raises Ratings To 'B-'
-------------------------------
Standard & Poor's Ratings Services raised its local and foreign
currency ratings on Transportadora de Gas del Sur S.A. (TGS) to
'B-' from 'CCC+'. The outlook is stable.

The rating action follows Standard & Poor's perception of a
better business environment in Argentina after three consecutive
years of economic growth, and the unusually high prices of TGS's
unregulated activities, despite the uncertainties about
utilities in the country (particularly the prolonged
renegotiation of concession contracts and tariff setting). The
ratings do reflect some government intervention that could
partially affect TGS's unregulated business.

TGS is Argentina's largest natural gas transportation Company
and has approximately US$910 million in debt outstanding.

The ratings on TGS remain constrained by several risks, the main
ones being: -- High regulatory risk in Argentina and future cash
flow generation uncertainties, as regulated tariffs have
remained frozen in Argentine peso terms since January 2002; --
The timing and final outcome of concession contract
renegotiations remain uncertain; -- Still-high leverage after
restructuring; -- Partial currency mismatches between revenues
(partly in Argentine pesos) and debt service (in U.S. dollars);
-- Exposure to the swings in international prices of liquids
coming from natural gas processing; and -- Limited financial
flexibility.

These risks are partially offset by TGS's unregulated activity
having benefited from the devaluation of the Argentine peso, and
by a favorable debt maturity schedule after debt restructuring.

"The stable outlook reflects expectations of strengthening
repayment capacity after the improvement in TGS's debt maturity
schedule, a certain stability in the exchange rate, and a
certain degree of government intervention in the Company's
operations," said Standard & Poor's credit analyst Luciano
Gremone. The outlook also reflects our opinion that the debt
restructuring concluded in December 2004 provides TGS with an
adequate window for renegotiating the concession contract
without incurring significant financial pressures. In this
context, the ratings could benefit from future perceived
important improvements in the country's institutional
environment or a renegotiation of the concession contract
favorable for the Company's cash flow generation. Nevertheless,
the ratings could come under pressure if the renegotiation of
the concession contract negatively affects TGS's business or
financial profiles or if further government intervention (i.e.,
as a form of mandatory investments, additional export duties, or
significant natural gas restrictions to be processed at the
Cerri complex in the province of Buenos Aires) significantly
affects the Company's cash generation.

Primary Credit Analyst: Luciano Gremone, Buenos Aires
(54) 11-4891-2143; luciano_gremone@standardandpoors.com

Secondary Credit Analyst: Pablo Lutereau, Buenos Aires
(54) 114-891-2125; pablo_lutereau@standardandpoors.com


TGS: S&P Raises IADB Bond Ratings
---------------------------------
Standard & Poor's Ratings Services raised its ratings on TGS
S.A.'s US$201.14 million and US$89.00 million Inter-American
Development Bank (IADB) bonds to 'B-' from 'CCC+'.

The rating action follows the March 30, 2005, upgrade of the
local and foreign currency ratings on Transportadora de Gas del
Sur S.A. (TGS) to 'B-' from 'CCC+'. The outlook on all ratings
on TGS is stable. The bonds benefit from the IADB's preferred
creditor status umbrella, which means that the rating on the
bonds' underlying loans is based on the 'B-' issuer credit
rating of TGS. The continued performance of the bonds depends on
TGS' ability and willingness to make all owed payments in U.S.
dollars.

The upgrade of TGS reflects Standard & Poor's perception of a
better business environment in Argentina after three consecutive
years of economic growth. The upgrade also reflects the
unusually high prices of TGS' unregulated activities, despite
the uncertainties regarding utilities in the country
(particularly the prolonged renegotiation of concession
contracts and tariff setting). The ratings still take into
account the risk of some government intervention, which could
partially affect TGS' unregulated business.

TGS is Argentina's largest natural gas transportation Company.
The Company had approximately US$910 million in debt outstanding
as of Dec. 31, 2004.

Primary Credit Analyst: Maria Sol Ventura, Buenos Aires
(54) 11-4891-2114; maria_sol_ventura@standardandpoors.com

Secondary Credit Analyst: Juan Pablo De Mollein, New York
(1) 212-438-2536; juan_demollein@standardandpoors.com



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

FLEMING INTERNATIONAL: Names Robin Mayor as Trustee
---------------------------------------------------
            IN THE MATTER OF THE COMPANIES ACT 1981
                     
                              And

IN THE MATTER OF Fleming International Equity (Bermuda) Limited

The Sole Member of Fleming International Equity (Bermuda)
Limited, acting by written consent without a meeting on February
21, 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 Fleming-International Equity (Bermuda) Limited,
which is being voluntarily wound up, are required, on or before
April 13, 2005, to send their full Christian and Surnames, their
addresses and descriptions, full particulars of their debts or
claims, and the names and addresses of their lawyers (if any) to
Robin J. Mayor at Messrs. Conyers Dill & Pearman, Clarendon
House, Church Street, Hamilton, HM DX, Bermuda, the Liquidator
of the said Company, and if so required by notice in writing
from the said Liquidator, and personally or by their lawyers, to
come in and prove their debts or claims at such time and place
as shall be specified in such notice, or in default thereof they
will be excluded from the benefit of any distribution made
before such debts are proved.

- A final general meeting of the Sole Member of Fleming-
International Equity (Bermuda) Limited will be held at the
offices of Messrs. Conyers Dill & Pearman, Clarendon House,
Church Street, Hamilton, Bermuda on May 4, 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


INTER-ATLANTIC MANAGERS: Member Resolves to Liquidate Assets
------------------------------------------------------------
             IN THE MATTER OF THE COMPANIES ACT 1981

                          And

        IN THE MATTER OF Inter-Atlantic Managers, Ltd.

The Member of Inter-Atlantic Managers, Ltd., acting by written
consent without a meeting on 23rd 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 Inter-Atlantic Managers, Ltd., which is being
voluntarily wound up, are required, on or before April 13, 2005
to send their full Christian and Surnames, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their lawyers (if any) to Robin J. Mayor
at Messrs. Conyers Dill & Pearman, Clarendon House, Church
Street, Hamilton, HM DX, Bermuda, the Liquidator of the said
Company, and if so required by notice in writing from the said
Liquidator, and personally or by their lawyers, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- A final general meeting of the Member of Inter-Atlantic
Managers, Ltd. will be held at the offices of Messrs. Conyers
Dill & Pearman, Clarendon House, Church Street, Hamilton,
Bermuda on May 2, 2005 at 9:30 a.m. for the purposes of:

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

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

(3) by resolution dissolving the Company.

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


LORAL SPACE: Posts Updates on Reorganization
--------------------------------------------
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.

Regulation FD Disclosure

On March 28, 2005, Loral Space & Communications Ltd. ("Loral" or
the "Company") and certain of its subsidiaries filed the
disclosure statement (the "Disclosure Statement") for their
third amended joint plan of reorganization with the U.S.
Bankruptcy Court for the Southern District of New York (the
"Bankruptcy Court").

On March 29, 2005, Loral filed its annual report (the "Annual
Report") for the fiscal year ended December 31, 2004 with the
Bankruptcy Court.

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


LORAL SPACE: NY Court Stays Consolidated Securities Fraud Suit
--------------------------------------------------------------
The consolidated securities class action filed against Loral
Space & Communications, Ltd. in the United States District Court
for the Southern District of New York remains stayed as a result
of the Company's filing for reorganization under Chapter 11 of
the Bankruptcy Code.

On March 2, 2002, the seven separate purported class action
lawsuits filed by various holders of the Company's common stock
against the Company, Bernard L. Schwartz and Richard J. Townsend
were consolidated into one action titled "In re: Loral Space
Communications Ltd. Securities Litigation." On May 6, 2002,
plaintiffs in the consolidated action filed a consolidated
amended class action complaint alleging that all defendants
violated Section 10(b) of the Exchange Act and Rule 10b-5
promulgated thereunder, by making material misstatements or
failing to state material facts about the Company's s financial
condition and its investment in Globalstar Telecommunications
Limited (GTL) and that Mr. Schwartz is secondarily liable for
these alleged misstatements and omissions under Section 20(a) of
the Exchange Act as an alleged "controlling person" of the
Company.

The class of plaintiffs on whose behalf the lawsuit has been
asserted consists of all buyers of the Company's common stock
during the period from November 4, 1999 through February 1,
2001, excluding the defendants and certain persons related to or
affiliated with them. After oral argument on a motion to dismiss
filed by the Company and Mr. Schwartz and Mr. Townsend, in June
2003, the plaintiffs filed an amended complaint alleging
essentially the same claims as in the original amended
complaint. In February 2004, a motion to dismiss the amended
complaint was granted by the court insofar as Mr. Schwartz and
Mr. Townsend are concerned.

As a result of the commencement of the Chapter 11 Cases,
however, this lawsuit is subject to the automatic stay, and
further proceedings in the matter have been suspended, insofar
as the Company is concerned but continued as to the other
defendants. The Company is obligated to indemnify Mr. Schwartz
and Mr. Townsend for any losses or costs they may incur as a
result of this lawsuit, subject to the effect of the Chapter 11
Cases. (Class Action Reporter, Thursday, March 31, 2005, Vol. 7,
Issue 63)


LORAL SPACE: Asks NY Court To Dismiss Consolidated ERISA Lawsuit
----------------------------------------------------------------
Loral Space & Communications, Ltd. asked the United States
District Court for the Southern District of New York to dismiss
the consolidated class action filed against it by its former
employees and participants in the Loral Savings Plan (the
"Savings Plan"), styled "In re: Loral Space ERISA Litigation."

In July 2004, plaintiffs in the consolidated action filed an
amended consolidated complaint against the members of the Loral
Space & Communications Ltd. Savings Plan Administrative
Committee and certain existing and former members of the Board
of Directors of SS/ L, including Bernard L. Schwartz. The
amended complaint alleges:

(1) that defendants violated Section 404 of the Employee
Retirement Income Security Act (ERISA), by breaching their
fiduciary duties to prudently and loyally manage the assets of
the Savings Plan by including Loral common stock as an
investment alternative and by providing matching contributions
under the Savings Plan in Loral stock,

(2) that the director defendants violated Section 404 of ERISA
by breaching their fiduciary duties to monitor the committee
defendants and to provide them with accurate information,

(3) that defendants violated Sections 404 and 405 of ERISA by
failing to provide complete and accurate information to Savings
Plan participants and beneficiaries, and

(4) that defendants violated Sections 404 and 405 of ERISA by
breaching their fiduciary duties to avoid conflicts of interest.

The class of plaintiffs on whose behalf the lawsuit has been
asserted consists of all participants in or beneficiaries of the
Savings Plan at any time between November 4, 1999 and the
present and whose accounts included investments in Loral stock.

The suit is styled, "In Re Loral Space ERISA Litigation, case
no. 1:03-cv-09923-LTS," filed in the United States District
Court for the Southern District of New York, under Judge Laura
Taylor Swain. Representing the plaintiffs is Evan J. Smith,
Brodsky & Smith, L.L.C., Two Bala Plaza, Suite 602 Bala Cynwyd,
PA 19004, Phone: 610.667.6200, Fax: 610.667.9029, E-mail:
esmith@brodsky-smith.com. (Class Action Reporter, Thursday,
March 31, 2005, Vol. 7, Issue 63)


NORTHBRIDGE FUND: Nicholas Hoskins to Serve as Liquidator
---------------------------------------------------------
            IN THE MATTER OF THE COMPANIES ACT 1981

                           And

      IN THE MATTER OF The Northbridge Fund Limited

The following Resolutions of The Northbridge Fund Limited were
adopted by the sole Member by written consent on March 28, 2005:

(a) that the Company be wound up voluntarily pursuant to the
provisions of The Companies Act, 1981; and

(b) that Nicholas Hoskins be appointed Liquidator for the
purposes of such winding-up, such appointment to be effective
forthwith.

The Liquidator informs that:

- Creditors of The Northbridge Fund Limited, which is being
voluntarily wound up, are required, on or before April 29, 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 attorneys (if any) to the
Liquidator of the said Company at Wakefield Quin, Chancery Hall,
52 Reid Street, Hamilton, Bermuda and if so required by notice
in writing from the said Liquidator, and personally or by their
attorneys, 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 Members of The Northbridge Fund
Limited will be held at the offices of Wakefield Quin, Chancery
Hall, 52 Reid Street, Hamilton, Bermuda on May 6, 2005 at 10:00
a.m., or soon as possible thereafter, for the purposes of:
having an account laid before them showing the manner in which
the winding-up has been conducted and how the property of the
Company has been disposed of and of hearing any explanation that
may be given by the Liquidator; determining by Resolution the
manner in which the books, accounts and documents of the Company
and of the Liquidator thereof, shall be disposed of; and by
Resolution dissolving the Company.

CONTACT: Mr. Nicholas Hoskins, Liquidator
         Chancery Hall, 52 Reid Street
         Hamilton, Bermuda



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

AES CORPORATION: Reports Changes in 2004 Results
------------------------------------------------
The AES Corporation (NYSE:AES) completed its annual financial
statements and filed its 2004 Annual Report on Form 10-K with
the Securities and Exchange Commission Wednesday.

In connection with its 2004 year-end closing process, the
Company identified additional fourth quarter adjustments that
changed the results the Company reported in a press release
dated March 17, 2005.

Final results for the year ended December 31, 2004 include:

- Revenues were $9,486 million ($15 million above the previously
reported amount) reflecting an increase of 13% from $8,415
million in 2003.

- Gross margin was $2,772 million ($4 million above the
previously reported amount) reflecting an increase of 14% from
$2,436 million as restated for 2003.

- Diluted earnings per share were $0.60 ($0.01 below the
previously reported amount of $0.61) versus a ($0.69) loss per
share as restated for 2003.

- Diluted earnings per share from continuing operations were
$0.57 ($0.01 below the previously reported amount of $0.58)
versus $0.56 as restated for 2003. The majority of the $0.01
earnings per share difference is attributable to adjustments of
capacity billings at AES's Dominican Republic generating plants
for 2004 that were calculated and submitted post year-end by the
government.

As previously reported, the Company restated its 2003 and 2002
financial statements. The 2003 and 2002 restatement adjustments
had no impact on revenue or net cash flow in either year, a $3
million positive impact on gross margin in 2003 and no impact on
gross margin in 2002. In 2003, net income from continuing
operations declined by $4 million to $332 million and net loss
increased by $11 million to $414 million. In 2002, net loss from
continuing operations increased by $37 million to $1,646
million, and net loss increased by $50 million to $3,559
million. The restatement adjustments related to the following:

- Deferred tax reconciliation adjustments associated with
certain of the Company's foreign subsidiaries, including amounts
to correctly reflect the tax effect of a minimum pension
liability account;

- Discontinued operations adjustments associated with
eliminating certain identified net liabilities related to
operations previously written off in 2003;

- Balance sheet reclassification adjustments to certain accounts
associated with income tax, minority interest and foreign
currency translation.

In connection with its Sarbanes-Oxley evaluation of internal
controls, the Company completed its assessment of the
effectiveness of its internal controls. Management concluded
that an individual material weakness existed as of December 31,
2004.

This was due to the lack of an effective control for timely and
detailed reconciliation of the components of its foreign
subsidiaries' income tax assets and liabilities to related
consolidated balance sheet accounts. The Company is taking steps
to remedy this weakness.

None of the restatement amounts described above will have an
impact on the 2005 guidance previously disclosed on February 3,
2005.

About AES

AES is a leading global power company, with 2004 sales of $9.5
billion. AES operates in 27 countries, generating 44,000
megawatts of electricity through 120 power facilities and
delivers electricity through 17 distribution companies. Our
30,000 people are committed to operational excellence and
meeting the world's growing power needs. To learn more about
AES, please visit www.aes.com or contact media relations at
media@aes.com.

CONTACT: AES Corporation
         Media Contact
         Mr. Robin Pence
         Phone: 703-682-6552
                or
         Investor Contact
         Mr. Scott Cunningham
         Phone: 703-682-6336


AES CORPORATION: Sets Annual Stockholders Meeting on April 28
-------------------------------------------------------------
    NOTICE OF 2005 ANNUAL MEETING OF STOCKHOLDERS OF THE AES       
      CORPORATION TO BE HELD ON THURSDAY, APRIL 28, 2005

March 30, 2005

TO THE HOLDERS OF COMMON STOCK OF THE AES CORPORATION:

The 2005 Annual Meeting of Stockholders of The AES Corporation
will be held on Thursday, April 28, 2005, at 9:30 a.m. on the
10th floor of the Company's corporate offices located at 4300
Wilson Boulevard, Arlington, Virginia. Doors to the Annual
Meeting will open at 8:30 a.m.

The Annual Meeting will be conducted to address the following
matters:

1. To elect 11 members to the Board of Directors;

2. To consider and vote on a proposal to ratify the appointment
of Deloitte & Touche LLP as the independent auditors of the
Company for the year 2005; and

3. To transact such other business as may properly come before
the Annual Meeting.

Stockholders of record at the close of business on March 3, 2005
are entitled to notice of and to vote at the Annual Meeting.

Brian A. Miller
Vice President, Deputy General Counsel
and Secretary  

Each stockholder is requested to execute and promptly return the
enclosed proxy card. A prepaid envelope is enclosed for
returning proxy cards. Alternatively, stockholders may vote by
telephone or via the Internet. Any stockholder submitting a
proxy card has the power to revoke the vote set forth in such
proxy card at any time prior to the submission of votes at the
annual meeting. stockholders who are present at the annual
meeting may withdraw their proxy and vote in person.

CONTACT: AES Corporation
         Media Contact
         Mr. Robin Pence
         Phone: 703-682-6552
                or
         Investor Contact
         Mr. Scott Cunningham
         Phone: 703-682-6336


AES CORPORATION: EVP Joseph Brandt Steps Down
---------------------------------------------
The AES Corporation (NYSE:AES) announced Wednesday that Joseph
C. Brandt, Executive Vice President and Chief Operating Officer,
Integrated Utilities, is leaving AES to pursue other interests.
John Ruggirello, Executive Vice President and Chief Operating
Officer, Generation, will serve as acting COO for AES's
Integrated Utilities business until a permanent replacement is
named.

"Joe was an exceptionally valuable contributor to the Company's
turnaround efforts and we wish him well in his new endeavors,"
said AES President and Chief Executive Officer Paul Hanrahan.

Brandt served as COO for AES's Integrated Utilities business
since 2003.


ALPARGATAS: 11.9% Stake Sold for $2.7M
--------------------------------------
Long Bar Argentina has paid an estimated US$2.7 million to
acquire an 11.9 percent stake in Brazilian sports apparel
Company Alpargatas, reports El Cronista.

Long Bar expects to eventually trade the shares, purchased from
US investment fund Fallaron, as it does not intend to acquire a
controlling interest in Alpargatas.

Fallaron acquired around US$30 million worth of Alpargata's
debts and exchanged them for shares in recent months to take
advantage of the debt for equity swap offered by the Company.
Alpargatas has capitalized US$400 million in debts, equivalent
to 93 percent of its shares.


CEMIG: Approves Internal Staff Reassignment Between Units  
---------------------------------------------------------
Matters approved by the meeting of the Board of Directors of
Cemig held on March 30, 2005:

1. Advance against future capital increase of the Usina
Termeletrica Barreiro S.A..

2. Internal staff reassignment agreement between CEMIG/Rosal
Energia S.A./Gasmig/Efficientia S.A.

CONTACT: Cemig-Companhia Energetica
         AV. Barbacenda 1200
         Bello Horizonte MG, 30161-970
         Brazil


PARMALAT: Reports EUR568.7Mln Revenues in 2004
----------------------------------------------
Parmalat Finanziaria S.p.A. in Extraordinary Administration
presents the operating and financial results of the Parmalat
Group at February 28, 2005.

Scope of Consolidation

The scope of consolidation has been defined using principles
that are consistent with those adopted in preparing the
statement of income and balance sheet at December 31, 2004.
Companies that are subject to certain restrictions on their
management as a result of local bankruptcy proceedings that have
effectively placed them outside the control of Parmalat
Finanziaria S.p.A. in Extraordinary Administration, and
companies in voluntary liquidation are no longer consolidated on
a line-by-line basis.

The current scope of consolidation no longer includes companies
in which the Group held equity investments that were sold after
January 1, 2005. The corresponding 2004 data have been restated
accordingly on a pro forma basis. The operations divested in
2005 include the companies that comprised the USA Bakery
Division (Mother's Cake & Cookies, Archway Cookies and three
production units in Canada), which were sold in January 2005,
and Parmalat Uruguay, which was sold in February 2005.

Margherita Yogurt, which was placed in liquidation in February
2005, has also been removed from the scope of consolidation.

OPERATING PERFORMANCE

Core Businesses

The Group's Core Businesses had revenues of EUR568.7 million at
February 28, 2005, up 4.6% from the EUR543.9 million booked in
the same period last year. This revenue gain produced an
improvement in EBITDA as well, which grew both in absolute terms
(from EUR31.0 million to EUR38.5 million) and as a percentage of
revenues (from 5.7% to 6.8%).

These data do not reflect the impact of the nonrecurring charges
related to the extraordinary administration proceedings, which
amounted to about EUR10.0 million, which is in line with
February 2004.

An analysis of the Group's results in the main geographic
regions in which it operates is provided below.

Italy

At EUR206.1 million, cumulative revenues were slightly lower (-
3.3%) than the EUR213.2 million booked in February 2004. This
decrease was accompanied by a decrease in EBITDA, which declined
from EUR15.7 million to EUR15.4 million.

The revenue shortfall mainly reflects lower sales by Boschi, an
affiliate that operates primarily in the copacking business and
was recently declared eligible for Extraordinary Administration.

Total EBITDA held at about the same level as last year, as
savings in manufacturing costs and overhead offset increases in
promotional and advertising expenses.

Spain

Net revenues for the period totaled EUR31.5 million, down
slightly compared with February 2004(-2.5%) from the EUR32.3
million reported last year. At the same time, EBITDA improved
from EUR1.5 million (4.6% of revenues) to EUR1.7 million (5.3%
of revenues). Lower unit sales and changing conditions in the
domestic market, where competition is becoming increasingly
aggressive, are the main reasons why revenues fell short of the
level achieved in 2004.

South Africa

At February 28, 2005, revenues rose to EUR41.4 million, or 16.9%
more than the EUR35.4 million booked in the same month last
year. During the same period, EBITDA declined from EUR3.4
million to EUR3.3 million, equal to 9.5% and 7.9% of revenues,
respectively.

The main reasons for the improvement in revenues compared with
February 2004 include the significant appreciation of the South
African rand versus the euro (average exchange rate up 9.6%
compared with February 2004) and an increase in unit sales for
all of the main product lines (only cheese shipments were
lower). Higher promotional expenses explain the reduction in
EBITDA.

Venezuela

The decline in the value of the Bolivar versus the euro, which
amounted to 17.1% compared with the average exchange rate for
February 2004, was less than in previous months (-27.6% in
December 2004, -24.8% in January 2005).

At EUR24.2 million, cumulative revenues were 15.1% lower than in
February 2004 (EUR28.5 million). At the same time, EBITDA
doubled in absolute terms (EUR2.0 million, compared with EUR0.9
million in 2004) and improved from 3.1% to 8.3% as a percentage
of revenues.

The results reported in February, along with those of recent
months, point to a turnaround for the Venezuelan companies, made
possible by the recent implementation of reorganization and
refocusing programs. However, this progress is being hampered by
the social policies recently adopted by the Venezuelan
government.

Canada

Revenues were sharply higher, rising to EUR188.8 million, or
20.0% more than the EUR157.4 million reported in February 2004.
The gain in net revenues, made possible by the combined impact
of higher unit sales and the price increases implemented at the
beginning of the year, produced an improvement in EBITDA, which
rose both in absolute terms (from EUR6.7 million to EUR12.3
million) and as a percentage of revenues (from 4.3% to 6.5%). An
increase in sales days compared with February 2004 and a slight
appreciation of the Canadian dollar versus the euro (+3.0%
compared with the average exchange rate for February 2004) were
also positive contributing factors.

Australia

At February 28, 2005, revenues were little changed from the
EUR60.5 million booked last year. At EUR3.8 million (6.3% of
revenues), EBITDA were slightly better than in February 2004
(EUR3.4 million, 5.6% of revenues).

A more favorable product mix (sales of pasteurized cream,
desserts and tea were lower, but shipments of pasteurized and
UHT milk were higher) is the main reason for the increase in
EBITDA in the face of flat revenues.

In addition, the Australian dollar depreciated slightly against
the euro compared with the same period last year (-3.7% compared
with the average exchange rate for February 2004).

Noncore Businesses

In February 2005, the Group's Noncore Businesses reported
revenues of EUR56.0 million, a decrease of 36.4% from pro forma
revenues of EUR76.4 million in February 2004. However, even
though net revenues were down, EBITDA improved from a negative
EUR3.1 million to a positive EUR5.8 million, due mainly to an
outstanding performance by the Parma Football Club.

NET FINANCIAL POSITION

Highlights

At the end of February, the Group's total indebtedness showed
little change from a month earlier (down from EUR11,847.7
million at January 31, 2005 to EUR11,841.1 million at February
28, 2005).

Liquid assets decreased due to the repayment of indebtedness by
Canadian, Australian and Portuguese companies. The Group's
Portuguese operations benefited from a cancellation of a portion
of their indebtedness thanks to a settlement reached with the
involvement of Parmalat S.p.A.

The combined indebtedness owed to lenders outside the Group by
subsidiaries that are parties to local composition-with-
creditors proceedings and, consequently, have been
deconsolidated is not reflected in the net financial position
shown above. At December 31, 2004, these borrowings totaled
EUR2,484.4 million (EUR2,437.3 million at June 30, 2004).
Because some of these borrowings are secured by guarantees
provided by Parmalat S.p.A. and Parmalat Finanziaria S.p.A. in
the amount of EUR1,668.1 million (EUR1,753.4 million at June 30,
2004), a reserve for risks of an amount equal to the guaranteed
indebtedness (EUR1,675.2 million)was recognized in the
consolidated financial statements at June 30, 2004. Based on
currently available information, it would seem reasonable to
adjust the reserve amount to EUR1,657.1 million.

The consolidated financial statements also show that
indebtedness owed by the Group to companies in special
proceedings who are not consolidated line by line amounted to
EUR 728.0 million (EUR 745.8 million at June 30, 2004).

As of reporting date, no amount has been drawn from the
EUR105.8-million line of credit that a pool of banks provided to
Parmalat S.p.A. on March 4, 2004 and later renewed until
September 2, 2005.

Companies in Extraordinary Administration

The net indebtedness incurred by companies under extraordinary
administration toward lenders outside the Group prior to their
becoming eligible for extraordinary administration is all short-
term, since all of these companies are in default of the
covenants of the respective loan agreements.

Liquid assets held by the companies included in the Proposal of
Composition with Creditors decreased from EUR230.1 million at
January 31, 2005 to EUR222.7 million at February 28, 2005, due
mainly to loans provided to other Group companies.

Other Companies

The net indebtedness owed to lenders outside the Group by the
remaining operating and financial companies, which are
consolidated line by line but are not included in the
extraordinary administration proceedings, improved slightly,
decreasing from EUR1,194.1 million at January 31, 2005 to
EUR1,177.1 Million (including EUR692.9 million in long-term
debt) at February 28, 2005.

The comments provided on the performance of the individual
companies show in greater detail the main changes that occurred
in February 2005.

Some Group companies are currently renegotiating their
indebtedness in order to restructure it.

PRINCIPAL COMPANIES IN EXTRAORDINARY ADMINISTRATION

Parmalat Finanziaria S.p.A.

The indebtedness of Parmalat Finanziaria S.p.A. was virtually
unchanged compared with the previous month.

Parmalat S.p.A.

The decrease in indebtedness compared with the previous month
reflects the offsetting among Group companies of debt positions
that arose before the start of the extraordinary administration
proceedings. The change that occurred in February 2005 in the
amount of intra-Group loans receivable reflects the granting of
two new loans to Parmalat Portugal SA (for EUR11.6 million) and
to Latte Sole S.p.A. (for EUR1.6 million). The disbursement of
these loans did not affect the Company's liquidity because they
were funded entirely from the regular cash flow from operations.

Eurolat S.p.A.

The liquid assets held by Eurolat S.p.A. decreased in February
2005.

Lactis S.p.A.

The indebtedness of Lactis S.p.A. at February 28, 2005 was
unchanged compared with the previous month.

SIGNIFICANT EVENTS

Significant events that occurred in February and March, through
the date of this press release, are summarized below. These
events have been the subject of previous press releases, the
full text of which is available at the website www.parmalat.net.

February 1
The Extraordinary Commissioner files an action to void pursuant
to Article 67 of the Italian Bankruptcy Law against Morgan
Stanley Limited and Morgan Stanley Bank.

February 16
Lacteria SA sells Parmalat Uruguay SA.

March 1
The Italian Minister of Production Activities, acting in concert
with the Minister of Farming and Forestry Policies, approves
certain amendments to the method of implementing the
Restructuring Program of the Parmalat Group and to the Creditors
Proposal.

The Board of Directors of Parmalat S.p.A. (Assumptor) passes a
resolution approving the amendments to the Proposal of
Composition with Creditors that were authorized by the Minister
of Production Activities, acting in concert with the Minister of
Farming and Forestry Policies; approving drafts of the
Prospectus, the 2005-2007 Industrial Plan of the Parmalat Group,
the Memorandum on the Management Control System, the application
to list the Company's shares and the request for clearance to
publish the Prospectus; adopting a System of Corporate
Governance, an Internal Dealing Code and a Code of Ethics for
all Group companies; approving the Company's 2004 statutory
financial statements; and agreeing to submit to the
Stockholders' Meeting a motion to amend the Company's Bylaws.

The Stockholders' Meeting of Parmalat S.p.A. (Assumptor) passes
a resolution approving the Company's 2004 statutory financial
statements; increasing the Company's capital stock; electing the
Company's Board of Directors, Chairman and Statutory Auditors;
and approving the application to list the shares and warrants of
Parmalat S.p.A. (Assumptor).

March 2
Parmalat Finanziaria S.p.A. publishes the final recovery ratios
for the unsecured claims of creditors of the 16 companies in
Extraordinary Administration party to the composition with
Creditors Proposal.

March 9
The Extraordinary Commissioner files an action to void pursuant
to Article 67 of the Italian Bankruptcy Law against factoring
companies and banks that had not been the target of previous
actions to void announced on August 6, 2004, August 9, 2004,
August 19, 2004 and December 16, 2004

March 15
The Board of Directors of Parmalat S.p.A. (Assumptor) appoints a
Chief Executive Officer.

March 15
The Stockholders' Meeting retains Pricewaterhouse Coopers to
audit the financial statements for 2005, 2006 and 2007, as
required under Article 159 of Legislative Decree No. 58 of
February 24, 1998, and agrees to amend the Company's Bylaws in
accordance with the recommendations of Borsa Italiana S.p.A.


TELEMAR: Reveals $111M Budget for Telephone Installation
--------------------------------------------------------
Fixed-line operator Telemar will spend BRL300 million (US$111mn)
this year to install public and individual phones, reports
Business News Americas.

Telemar, under the federal universal access law, known as PGMU,
is obliged to install public phones for small villages with 100
to 300 inhabitants, and individual phones for people living in
villages with more than 300 inhabitants. The deadline for these
implementations is December 31, 2005.

German IT giant Siemens is supplying IT infrastructure for the
project and implementing VoIP services by connecting these
remote areas to the Hispamar satellite. This solution also
allows broadband and data transfer services, to be implemented
in a second phase.

CONTACT: Tele Norte Leste Participacoes S.A.
         Rua Humberto de campos
         425-8 Andar Leblon
         Rio de Janeiro, RJ 22430-190
         Brazil
         Phone: +55 21 3131 1210
         Web site: http://www.telemar.com.br


UNIBANCO: To Discuss Payment of Interest on Capital Stock
---------------------------------------------------------
The Board of Officers of Unibanco and of Unibanco Holdings have
decided to propose to their respective Boards of Directors to
hold meetings on April 8, 2005 in order to discuss:

I. The payment of interest on capital stock, qualified as
complementary to the interest on capital paid related to the
profit ascertained in the 2004 fiscal year.

II. That Board of Directors' meetings are held in a quarterly
basis with the purpose of deciding on the payment of interest on
capital stock to the shareholders.

III. The payment of Quarterly Interests.

CONTACT: (Unibanco) Uniao de Bancos Brasileiros S.A.
         Unibanco Holdings
         Avenida Eusebio Matoso 891
         Sao Paulo, 05423-901
         Brazil
         Phone: 55-3789-8000
         Web site: http://www.unibanco.com.br



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

COEUR D'ALENE: Books $4.7M Non-Cash Adjustment for 2004
-------------------------------------------------------
Coeur d'Alene Mines Corporation (NYSE: CDE, TSX: CDM) announced
Wednesday the expected filing with the Securities and Exchange
Commission of its Annual Report on Form 10-K for 2004. The
Company has received an unqualified opinion on its 2004
financial statements. Management's assessment pursuant to
Section 404 of the Sarbanes-Oxley Act reported certain material
weaknesses in the Company's system of internal controls and it
plans to remediate all reported weaknesses.

The Company booked a net $4.7 million ($0.02 per share) non-
cash, deferred tax adjustment to its previously released,
unaudited financial statements for 2004. The net deferred tax
adjustment resulted primarily from a reduction in the expected
future effective tax rate used in connection with the valuation
allowance for deferred tax assets.

As a result of the adjustment, net loss for 2004 increased from
$12.2 million ($0.06 per share) to $16.9 million ($0.08 per
share). Net cash flow was not affected.

Net income for the fourth quarter of 2004 decreased from $13.0
million ($0.05 per diluted share) to $8.3 million ($0.03 per
diluted share). Operating income remained unchanged at $1.8
million.

About Coeur d'Alene

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

CONTACT: Mr. Tony Ebersole
         Director of Investor Relations
         Coeur d'Alene Mines Corporation
         Phone: 800-523-1535.
         Web site: http://www.coeur.com



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

ICE: May Issue Bonds on Foreign Markets to Finance Hydro Project
----------------------------------------------------------------
State power Company ICE is looking at the possibility of issuing
bonds on foreign markets to finance its US$170-million, 82MW
Cariblanco hydroelectric project, suggests Business News
Americas.

Cariblanco implementation manager Jose Miguel Mena revealed that
the bonds would be issued through the Cariblanco trust fund,
which ICE and local bank Banco Nacional created in order to
issue securities for 100% of the project's costs.

One of the markets being considered is the Panamanian stock
market. Banco Nacional executives will study the bourse and
attend that country's 4th annual investors' conference on April
28, Mena said. If bonds were to be issued on the Panamanian
market, it would not be until mid-year, he added.

Markets in Colombia, Ecuador, Guatemala and El Salvador are also
being considered, Mena said.

Construction of Cariblanco is nearly 30% complete and operations
are scheduled to start in October 2007 but the project could
come online as soon as end-March 2007.


ICE: Sells 3,000 Reclaimed Mobile Lines
---------------------------------------
Electricity and telecoms monopoly ICE is scheduled to sell 3,000
reclaimed mobile lines today, April 1, reports Business News
Americas.

The lines are the first batch of 10,000 lines ICE cut off
because of non-payment. ICE press office revealed Tuesday there
are already 15,000 people registered for the 10,000 lines, which
consist of 5,000 GSM and 5,000 TDMA lines.

The date for selling the next lot of lines is still to be
determined.

Costa Rica's comptroller recently approved a contract for
Ericsson (Nasdaq: ERICY) to install another 600,000 GSM lines,
and ICE also expects to begin selling the first 200,000 of these
in October. With the Ericsson network there will be sufficient
lines to serve 37% of the 4.5 million strong population.



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

* DOMINICAN REPUBLIC: To Restructure $1B Debt
---------------------------------------------
The Dominican Republic moves to restructure around US$1.1
billion in bond debt to comply with the provisions of the fund
agreement it recently signed with the International Monetary
Fund.

Senate has approved the restructuring proposal, which covers two
sovereign bonds worth US$600 million and US$500 million, while
the House of Deputies is expected to endorse the bill this week.

The Associated Press reports that approval of the bill on both
houses will pave the way for restructuring talks between the
country and foreign creditors such as the Paris Club.      

The IMF fund agreement offers a US$670 million loan package to
the Dominican Republic aimed at alleviating its economic crisis.
This agreement requires the country to restructure around US$7.2
billion of its debt to minimize the risk of default.



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

MINERA AUTLAN: Invests $15M to Carry Out Energy Saving Measures
---------------------------------------------------------------
Mexican manganese producer Minera Autlan (BMV: AUTLANB) is
spending US$15 million to implement measures that will help it
slash electricity and natural gas costs.

Business News Americas reports that Autlan is carrying out the
construction of a US$5 million, 300,000t/y sinter plant that
will allow the Company to use coal or charcoal instead of
natural gas.

The plant, sited in the city of Tamos in eastern Mexico's
Veracruz state, is scheduled to begin production in the third
quarter of 2005.

In addition, Autlan is constructing a hydroelectric plant in
Atexcaco in Puebla state, which is expected to save the Company
US$3 million per year.

Autlan ended the fourth quarter of 2004 with revenue of MXN585
million (US$52.2mn), 125% up on the same period in 2003 thanks
to increased demand for its manganese-ferroalloy products from
Mexican steelmakers.



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

PDVSA: Chavez Says Citgo Sale Still On
--------------------------------------
Venezuelan President Hugo Chavez reaffirmed Wednesday his plan
to sell a stake in Citgo Petroleum Corp., a subsidiary of state-
owned oil Company Petroleos de Venezuela (PDVSA), the Associated
Press reports.

Chavez said Citgo is not making enough profits for Venezuela
because of outdated supply contracts signed by former
presidents. He said his administration could sell up to 60% of
Citgo's assets.

"We're planning to redesign the [Citgo] business, and for that
we are looking for partners," Chavez said at a news conference
after signing several cooperation and trade deals with Spain.

Venezuela has begun talks with global oil companies that might
be interested in buying a stake in Citgo, the president said
without disclosing the names of the companies Venezuelan
officials have spoken with.

Chavez also rejected concerns that the eventual sale of Citgo
will involve a decrease in oil exports to the United States.

"Even if Venezuela sells Citgo, we will continue supplying oil
to the United States," he said. "Venezuela has been supplying
the United States with oil for over 100 years."


PDVSA: Russian Firm Wants to Acquire Stake in German Refiner
------------------------------------------------------------
Russian oil major Lukoil Holdings (LKOH.RS) is reviewing the
viability of acquiring PDVSA's 50% stake in German refiner Ruhr
Oel Gmbh, reports Dow Jones Newswires.

PdVSA's stake is for sale, and Lukoil has confirmed its
interest.

"There were talks about it," Lukoil spokesman, Dmitriy Dolgov,
said without giving details of the talks. "The offer would have
been more attractive if it included a network of gas stations."

Ruhr Oel currently operates four refineries in Germany -
Gelsenkirchen, Neustad, Karlsruhe, and Schwedt - with a crude
processing capacity of 1 million barrels a day, of which PdVSA
controls about 216,000 barrels a day, the EIA says.

PdVSA has tried to sell its stake in Ruhr Oel before. In 2003,
the Company announced intentions to sell its 50% stake in the
Ruhr Oel to Russian financial-industrial concern Alfa Group, but
the deal was shelved, reportedly because of objections from BP
PLC, PDVSA's joint venture partner in Ruhr Oel.

BP, through Veba Oel, controls the other 50% and has right of
refusal before PdVSA can offer its stake to other buyers,
according to the U.S. Energy Information Administration.

BP declined to comment on whether it may exercise this right.

The current talks about Ruhr Oel are in line with other
negotiations between Lukoil and PdVSA. The two companies could
sign an agreement as soon as in May for Lukoil to begin new
upstream projects in Venezuela's heavy-oil Orinoco Belt.

Lukoil President Vagit Alekperov is to visit Venezuela in late
May.



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