TCRLA_Public/050411.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

            Monday, April 11, 2005, Vol. 6, Issue 70

                            Headlines


A R G E N T I N A

AEROLINEAS ARGENTINAS: Seeks Private Investors Ahead of IPO
EXPRESO COFA: Court Issues Liquidation Ruling
IMPRESORES INTEGRADOS: Bankruptcy Starts on Court Order
INTECEL S.A.: Seeks Court Approcal to Reorganize
IRSA: Convertible Note Holders Exercise Warrant Rights

IRSA: Unit Initiates Debt Restructuring
MULTICANAL: $719M in Bonds Remain in Default
NEW GENERATION: Liquidation Process Moves to Next Phase
NUEVO SIGLO: Liquidates Assets to Pay Debts
POLO FRIO: Initiates Bankruptcy Proceedings

ROYAL SHELL: Significant Drop in Sales Prompts Fule Price Drop
SANBUESI S.A.: Court Designates Trustee to Oversee Liquidation
SYSTEM S.A.: General Report Due June 6
STATICS S.A.: Court Converts Bankruptcy to Reorganization
TURBINE POWER: S&P Reaffirms 'raD' Rating to Various Bonds

WOOLYN S.A.: Court Modifies Liquidation Timetable
* ARGENTINA: Scotiabank Files Suit to Recoup Lost Investments


B E R M U D A

FLEMING INTERNATIONAL: Court Amends Wind-Up Schedule
TRIMINGHAM BROTHERS: Seeking Scrambling to Keep Jobs Open


B R A Z I L

BRASKEM: Reverse Stoc Split Information Released
PARANAPANEMA: Debt Talks With BNDES Underway
VARIG: Passenger Traffic Increase Improves Net Loss Condition


C H I L E

COEUR D'ALENE: Proven Silver Reserves Increase 12%


M E X I C O

HYLSAMEX: Prepaymimg $141M Bond for Favorable Terms
TV AZTECA: Internet Unit Reports $5.6M EBITDA in 2004


P U E R T O   R I C O

CENTENNIAL COMMUNICATIONS: Revenues Up 13% in Fiscal 3Q 2005


T R I N I D A D   &   T O B A G O

BWIA: Operational Difficulties Delay Annual Report Filing
BWIA: Government Assigns New Restructuring Task Force


V E N E Z U E L A

PDVSA: Misses Target Date to Complete 2003 SEC Report
PDVSA: Subcommittee Continues Probe With More Ammunition
ROYAL SHELL: Keen on 30% Percent Mariscal Sucre Gas Project


     - - - - - - - - - -


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

AEROLINEAS ARGENTINAS: Seeks Private Investors Ahead of IPO
-----------------------------------------------------------
Flagship carrier Aerolineas Argentinas will place 15% of its
share capital among a core group of investors, Dow Jones
Newswires reports, citing a company executive.   In an interview
with Spanish news agency EFE Thursday, Aerolineas president
Antonio Mata disclosed that the Company is seeking a "stable
nucleus" comprising five Argentine investors.

Each shareholder will purchase between 2% and 3% and will commit
to hang on to their shares for a specified period of time, Mr.
Mata said. Aerolineas has hired local bank Banco de Galicia y
Buenos Aires (GALI.BA) to manage the operation.

The placement for the "stable nucleus" will take place before
the Company's initial public offering for a further 30% of its
share capital, which is scheduled for the fourth-quarter of this
year. But it was unclear whether the upcoming placement is an
entirely private one, or if Aerolineas is simply recruiting
local investors for the first tranche of its IPO.

It was also unclear whether Banco Galicia, a unit of Argentine
financial services company Grupo Financiero Galicia (GGAL),
would play a role in underwriting the fourth-quarter offering.

"We've already reached agreements on the operation with two
international banks, one British and the other American," Mata
said in reference to the fourth-quarter offering.

Mata also revealed that Aerolineas Argentinas will eventually
list shares in New York as well, but said he didn't know when
that would take place.

The Argentine state owns 1.34% of Aerolineas Argentinas and the
carrier's controlling shareholder is a consortium led by Spanish
travel Grupo Marsans (GMSN.YY).

CONTACT:  AEROLINEAS ARGENTINAS
          Torre Bouchard 547, 1106 Buenos Aires, ARGENTINA
          Phone: (54-11) 4310-3000
          Fax: (54-11) 4310-3585
          E-mail: volar@aerolineas.com.ar
          Home Page: www.aerolineas.com.ar


EXPRESO COFA: Court Issues Liquidation Ruling
---------------------------------------------
Court No. 25 of Buenos Aires' civil and commercial tribunal
ordered the liquidation of Expreso Cofa S.R.L. 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 Mr.
Miguel Angel Tregob, the court-appointed trustee.

Mr. Tregob will verify creditors' proofs of claims until May 19.
The verified claims will serve as basis for the individual
reports to be submitted in court on June 28. The submission of
the general report follows on August 24.

Clerk No. 49 assists the court on this case that will end with
the disposal of the company's assets in favor of its creditors.

CONTACT: Mr. Miguel Angel Tregob, Trustee
         Lima 287
         Buenos Aires


IMPRESORES INTEGRADOS: Bankruptcy Starts on Court Order
-------------------------------------------------------
Court No. 5 of Buenos Aires' civil and commercial tribunal
declared Impresores Integrados S.R.L. bankrupt. The order
effectively places the company's affairs as well as its assets
under the control of court-appointed trustee Marcelo Carlos
Rodriguez.

As trustee, Mr. Rodriguez is tasked with verifying the
authenticity of claims presented by the company's creditors. The
verification phase is ongoing until May 24.

Following claims verification, the trustee will submit the
individual reports based on the forwarded claims for final
approval by the court on July 7. A general report will also be
submitted on September 9.

Infobae reports that Clerk No. 9 assists the court on this case
that will end with the sale of the company's assets.

CONTACT: Mr. Marcelo Carlos Rodriguez, Trustee
         Cerrito 146
         Buenos Aires


INTECEL S.A.: Seeks Court Approcal to Reorganize
------------------------------------------------
Intecel S.A., a company operating in Buenos Aires, has requested
for official authorization to reorganize says local news source
Infobae. The reorganization petition, once approved by the
court, will allow the company to negotiate a settlement with its
creditors in order to avoid a straight liquidation.

The case is pending before Court No. 10 of the city's civil and
commercial tribunal. Clerk No. 19 assists the court on this
case.

CONTACT: Intecel S.A.
         Chile 577
         Buenos Aires


IRSA: Convertible Note Holders Exercise Warrant Rights
------------------------------------------------------
Inversiones y Representaciones Sociedad Anonima (IRSA) informed
the Bolsa de Comercio de Buenos Aires and the Comision Nacional
de Valores that on March 31, 2005, holders of the Company's
Convertible Notes that already had exercised their conversion
right exercised their warrant rights.

As a result, a reduction of 19,095,116 warrants and an increase
of 35,036,902 ordinary shares face value pesos 1 (V$N 1) each
was made. As a result, the amount of shares of the Company goes
from 303,335,624 to 338,372,526. The new amount of warrants
outstanding is 67,743,553. The exercise of the warrant was
performed according to terms and conditions established in the
prospectus of issuance. The amount of shares acquired is equal
to the amount of shares into which it was converted the
convertible note at a price of US$ 0.6541 for each share face
value pesos 1. Therefore US$ 22,917,637.60 entered into the
Company.

IRSA is Argentina's largest real estate company and was one of
the first local companies to complete a debt restructuring in
2002 amid the country's economic meltdown. Its other holdings
include shopping center operator Alto Palermo SA (APSA) and
mortgage bank Banco Hipotecario SA (BHIP.BA).

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


IRSA: Unit Initiates Debt Restructuring
---------------------------------------
IRSA revealed Thursday that its hotel subsidiary, Hoteles
Argentinos SA, has launched a debt restructuring process that is
scheduled to be completed by March 23, 2009, relates Dow Jones
Newswires.

IRSA, which holds an 80% stake in the unit, revealed the
operation Thursday in a filing with the bourse. The parent,
however, didn't state the amount involved in the ongoing
process.

The filing said Credit Suisse First Boston International has
acquired liabilities the unit previously owed to BankBoston NA.
Concurrently, IRSA reached a US$2 million credit default swap
agreement with Credit Suisse.

The unit is scheduled to present a debt-restructuring plan for
all of its obligations by Sept. 15, 2005. The debt workout will
be completed in 2009.


MULTICANAL: $719M in Bonds Remain in Default
--------------------------------------------
The Argentine arm of Standard & Poor's maintains an `raD' rating
On a total of US$719 million of bonds issued by Argentine
company Multicanal S.A., according to the CNV.

The bonds are:

- US$125 million of "Obligaciones Negociables simples, con
vencimiento a 10 anos, autorizada poa AGOyE de fecha 7.10.96",
due on February 1, 2007. These were classified under "Simple
Issue"

- US$125 million of "Obligaciones Negociables simples, con
vencimiento a 5 anos, autorizadas por AGOyE de fecha 7.10.96",
which matured in February 2002, and classified under "Simple
issue".

- US$150 million of "SERIE C, bajo el Programa de U$S 1050
millones", due on April 15, 2018. These were classified under
"Series and/or Class".

- US$175 million of "Serie E de Ons, bajo el Programa de U$S
1050 millones", also under "series and/or class". The bonds will
mature on April 15, 2009.

- US$144 million of bonds called "Serie J de ON bajo el Programa
de ON de USD 1050 MM", with undisclosed maturity date. These
bonds are classified as "Series and/or Class."

The rating was given based on the Company's financial status as
of December 31, 2004.


NEW GENERATION: Liquidation Process Moves to Next Phase
-------------------------------------------------------
New Generation S.A. of Buenos Aires will begin liquidating its
assets after Court No. 23 of the city's civil and commercial
tribunal declared the company bankrupt. Infobae reveals that the
bankruptcy process will commence under the supervision of court-
appointed trustee Hector Guillermo Calle.

Mr. Calle 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 24.

Clerk No. 46 assists the court on this case.

CONTACT: New Generation S.A.
         Dr. Felipe J. Aranguren 2948
         Buenos Aires

         Mr. Hector Guillermo Calle, Trustee
         Lavalle 1528
         Buenos Aires


NUEVO SIGLO: Liquidates Assets to Pay Debts
-------------------------------------------
Nuevo Siglo S.A. proceeds with the liquidation of its assets
following the bankruptcy pronouncement issued by Court No. 2 of
Mendoza's civil and commercial tribunal, Infobae reports.

The ruling places the company under the supervision of court-
appointed trustee Carlos Hugo Dalmau. The trustee closed the
verification of creditors' claims in December last year.

The court expects to receive a general report of the case,
containing a summary of the company's financial status as well
as relevant events pertaining to the bankruptcy, on September
30.

CONTACT: Mr. Carlos Hugo Dalmau, Trustee
         Pascual Tosco 245
         San Jose, Guaymallen (Mendoza)


POLO FRIO: Initiates Bankruptcy Proceedings
-------------------------------------------
Court No. 14 of Buenos Aires' civil and commercial tribunal
declared Polo Frio S.R.L. "Quiebra," reports Infobae. Clerk No.
28 assists the court on the case that will close with the
liquidation of the Company's assets to repay creditors.

Mr. Abel Alexis Latendorf, who has been appointed as trustee,
will verify creditors' claims until May 31 and then prepare the
individual reports based on the results of the verification
process.

The individual reports will be submitted in court on July 13,
followed by the general report on September 8.

CONTACT: Mr. Abel Alexis Latendorf, Trustee
         Piedras 153
         Buenos Aires


ROYAL SHELL: Significant Drop in Sales Prompts Fule Price Drop
--------------------------------------------------------------
The Argentine government's call for a boycott of oil company
Royal Dutch/Shell Group's products after it increased fuel
prices in March proved effective. Citing Shell spokesperson Andy
Corrigan, Business News Americas reports that the Company has
decided to slash gasoline prices 3.1-3.9% depending on the type
of fuel.

"We're reducing gas prices today by an average 3.3% in response
to market conditions, which include crude prices, competitor's
pricing and sales volumes," Mr. Corrigan said.

Shell's sales in Argentina have dropped significantly following
President Nestor Kirchner's call for a boycott of the company's
products in March.

However, Shell did not reduce its diesel prices because it has
enough in Argentina to meet demand without importing any diesel.

President Kirchner hailed the decision to reverse fuel price
increases as "a victory for the Argentine people."


SANBUESI S.A.: Court Designates Trustee to Oversee Liquidation
--------------------------------------------------------------
Buenos Aires accountant Fernando Jose Marziale was assigned
trustee for the liquidation of local company Sanbuesi S.A.,
relates Infobae.

Mr. Marziale will verify creditors' claims until June 6, the
source adds. After that, he will prepare the individual reports,
which are to be submitted in court on August 2. The submission
of the general report should follow on September 14.

The city's civil and commercial Court No. 3 holds jurisdiction
over the Company's case. Clerk No. 5 assists the court with the
wind-up proceedings.

CONTACT: Sanbuesi S.A.
         Zinny 1679
         Buenos Aires

         Mr. Fernando Jose Marziale, Trustee
         Avda Callao 930
         Buenos Aires


SYSTEM S.A.: General Report Due June 6
--------------------------------------
Trustee Hector Humberto Uano, assigned to oversee the
liquidation of System S.A., is expected to submit a general
report of the case on June 6. The general report provides the
court with an audit of the Company's accounting and business
records.

Court No. 2 of Mendoza's civil and commercial tribunal has
jurisdiction over this case.

CONTACT: Mr. Hector Humberto Uano, Trustee
         Chile 1671
         Mendoza


STATICS S.A.: Court Converts Bankruptcy to Reorganization
---------------------------------------------------------
Statics S.A. proceeds with reorganization after Court No. 4 of
Mar del Plata's civil and commercial tribunal converted the
Company's ongoing bankruptcy case into a "concurso preventivo",
states Infobae.

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

Mr. Gustavo A. Semacendi, the court-appointed trustee, will
verify creditors' proofs of claims until April 19. Creditors
with unverified claims cannot participate in the Company's
settlement plan.

The trustee is also required to submit individual reports from
the case on June 1 as well as a general report that is due on
July 13.

Clerk No. 7 assists the court on this case.

CONTACT: Statics S.A.
         Castelli 2123
         Mar del Plata

         Mr. Gustavo A. Semacendi, Trustee
         Arenales 3418
         Mar del Plata


TURBINE POWER: S&P Reaffirms 'raD' Rating to Various Bonds
----------------------------------------------------------
Moody's Latin America Calificadora de Riesgo S.A. assigned a
default rating to US$20 million worth of corporate bonds issued
by Turbine Power Co. S.A., says the CNV.

The affected bonds, which matured on November 30, 2002, are
described as "obligaciones negociables garantizadas." The rating
was given based on the Company's financial status as of December
31, 2004.

Moody's assigns `D' ratings to bonds that are in payment default
and have a poor prospect of repaying all obligations.

CONTACT: Turbine Power Co. S.A.
         Reconquista 656
         Buenos Aires
         Phone: 4315-3272/3273
         Fax: 4312-7707
         E-mail: tpc@tpc.com.ar


WOOLYN S.A.: Court Modifies Liquidation Timetable
-------------------------------------------------
Court No. 14 of Buenos Aires' civil and commercial tribunal
reset important events in the Woolyn S.A. liquidation
proceedings to the following dates:

1. Deadline for the Submission of Proof of Claims: June 9, 2005
2. Individual Reports Submission: August 5, 2005
3. General Report Submission: September 19, 2005

All proof of claims must be forwarded to trustee Fanny Izbizky
by the said deadline. Failure to comply with the submission
requirement will disqualify creditors from any post-liquidation
distributions.

The city's Clerk No. 27 assists the court on this case.

CONTACT: Ms. Fanny Izbizky, Trustee
         Olazabal 4981
         Buenos Aires


* ARGENTINA: Scotiabank Files Suit to Recoup Lost Investments
-------------------------------------------------------------
Scotiabank is seeking more than US$600 million from the
Government of the Republic of Argentina under a treaty intended
to protect the interests of investors of one country doing
business in the other. The Bank is claiming that expropriatory
and discriminatory actions taken by the Argentine authorities
caused the total loss of its investment in its subsidiary
Scotiabank Quilmes, whose licence was revoked in August 2002.

The Bank filed a Notice of Arbitration today after the Argentine
government failed to respond to three written requests from
Scotiabank during the past 18 months to negotiate an amicable
settlement. Scotiabank is now referring the dispute to
arbitration under the terms of the Promotion and Protection of
Investments Treaty signed by the Republic of Argentina and
Canada in 1991. The arbitration panel will be comprised of one
nominee from the Bank, one from the Government of the Republic
of Argentina, and a third person agreed to by both sides.

This is the first time in the Bank's 173-year history that it
has made a claim of this nature, but a series of expropriatory
and discriminatory actions taken by the Argentine government
directly caused the loss of its investment and violated its
treaty rights of fair treatment. As a result, the Bank and its
shareholders experienced significant damages and as such it
intends to vigorously pursue the right to compensation under the
treaty.

Although full details of the claim are not a matter of public
record, Scotiabank alleges that the Argentine actions violated
the treaty protection against expropriation of investments
without compensation and the protection against discriminatory
treatment.

The expropriatory actions include:

   -  The mandatory conversion of U.S. dollar denominated
      deposits and loans into pesos at different exchange rates.
      Although the government promised compensation in the form
      of government bonds, Scotiabank Quilmes has never received
      the bonds.

   -  Scotiabank also alleges the Argentine Central Bank
      discriminated against Scotiabank Quilmes by:

   -  Not permitting Scotiabank Quilmes to pay a medium-term
      note, which came due, although it had the funds to do so.
      As a result, confidence in SBQ's ability to meet its
      obligations was severely impaired.

   -  Not granting Scotiabank Quilmes financial assistance on
      the same basis as domestically-owned banks so as to make
      up for liquidity lost as a result of government actions
      and the economic crisis.

   -  Obstructing Scotiabank Quilmes' attempts to restructure
      and reopen.

Scotiabank is seeking damages as compensation for the loss of
its investment, the cost to it of winding-up Scotiabank Quilmes,
and harm to its reputation.

Scotiabank is one of North America's premier financial
institutions and Canada's most international bank. With
approximately 48,000 employees, Scotiabank Group and its
affiliates serve about 10 million customers in some 50 countries
around the world. Scotiabank offers a diverse range of products
and services including personal, commercial, corporate and
investment banking. With $301 billion in assets (as at January
31, 2005), Scotiabank trades on the Toronto (BNS) and New York
(BNS) Stock Exchanges.

CONTACT: Media Contact:
         Frank Switzer, Scotiabank Public Affairs
         Tel: (416) 866-7238
         E-mail: frank_switzer@scotiacapital.com



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

FLEMING INTERNATIONAL: Court Amends Wind-Up Schedule
----------------------------------------------------
              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 March 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 25, 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, the undersigned, at Messrs. Conyers Dill &
Pearman, Clarendon House, Church Street, Hamilton, HM DX,
Bermuda, the Liquidator of the said Company, and if so required
by notice in writing from the said Liquidator, and personally or
by their 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 16, 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


TRIMINGHAM BROTHERS: Seeking Scrambling to Keep Jobs Open
---------------------------------------------------------
Trimingham Brothers Ltd is exploring options on how to keep its
most successful departments open in order to save some of the
220 jobs that are expected to go when the embattled department
store closes its doors in July, the Royal Gazette reports,
citing the Company's legal counsel.

One of the options being considered is the possibility of
transferring some of the brands, which Trimingham's has the
exclusive right to carry, to other retailers.

A plan could also be hatched for some of the store's most
successful departments to carry on in business.

Trimingham's legal counsel, Wendell Hollis, said: "The shoes,
cosmetics and the jewelry departments are almost like stand-
alone businesses. We are looking at the best way to handle
[those departments]."

"It may well be that some of those businesses will stay in
business and there is a possibility that some of them may find
themselves in what was the Smith's building. There is going to
be an effort to save some of those [departments], and if you
save them you also obviously maintain some jobs."

CONTACT:  TRIMINGHAM'S
          37 Front Street
          Hamilton HM 11 Bermuda
          Phone: 441-295 1183
          Fax: 441 295 3777
          E-mail: information@triminghams.com



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

BRASKEM: Reverse Stoc Split Information Released
------------------------------------------------
Braskem S.A. ("Braskem"), complementing the information
disclosed through a material fact, published March 15, 2005,
informs its shareholders that the following proposals were
approved during the Extraordinary Shareholders Meeting, held
March 31, 2005:

(i) the reverse split of its shares, at the rate of 250 (two
hundred and fifty) shares of each type and class for each one
(01) share of the same respective type and class; and

(ii) the split of its American Depositary Shares ("ADSs"),
traded on the New York Stock Exchange, at the rate of two (02)
ADSs for each one (01) ADS outstanding.

REVERSE SPLIT OF THE SHARES

It has been established that within a timeframe of thirty (30)
days counted as of April 05, 2005, to expire on May 04, 2005,
inclusive, the shareholders at their own discretion and through
purchase and resale, may adjust their respective positions in
multiple blocks of 250 (two hundred and fifty) shares each by
their own type and class through private negotiations or by
trading at the stock exchange, in such a way that their shares
do not generate any fractions after said reverse split.

Once the timeframe for the adjustment of the positions is over,
which will happen on May 04, 2005, eventual share fractions
resulting from the reverse split shall be grouped in whole
numbers and sold at Bovespa on May 25, 2005, and the amounts
obtained from said sale shall be credited to the bank accounts
of their owners, in the proportion of the shares owned, after
the financial settlement resulting from the sale, to whit:

(i) shareholders whose register of personal data is up to date
at Banco Itau S.A shall have the corresponding amount credited
to their bank account as of June 01, 2005;

(ii) the remaining shareholders will have to report to the Banco
Itau S.A branch of their choice to receive the amounts due them
as of June 01, 2005;

(iii) the amount corresponding to the shares under custody at
CBLC - Companhia Brasileira de Liquidacao e Custodia shall be
credited directly to CBLC up to June 01, 2005, and CBLC
undertakes to transfer these amounts to the shareholders through
the intermediation of the depositing brokerage houses; and

(iv) as to those shareholders whose register of personal data is
out of date, the amount shall be deposited at Banco Itau S.A as
of June 01, 2005;

The shares shall be traded at the Sao Paulo Stock Exchange -
Bovespa, in blocks formed by the reverse split as of May 16,
2005. The value of the quotations at Bovespa shall be split up
into four as compared to the amount traded on May 13, 2005.

ADS SPLIT

At the end of the reverse split operation in Brazil and after
the ADS split, Braskem's ADS program, the current rate of which
is 1,000 (one thousand) Class "A" preferred shares for each one
(01) ADS, shall be changed to a rate of two (02) Class "A"
preferred shares for each one (01) ADS.

The change of the rate of the ADSs as compared to Class "A"
preferred shares has been submitted for the approval of the
Brazilian Securities Exchange Commission (CVM), and of the New
York Stock Exchange (NYSE), and it shall be informed to the US
Securities and Exchange Commission.

The procedures to be followed to change the rate of the ADSs, as
compared to Class "A" preferred shares, shall be implemented by
the ADS depository Bank itself, which is The Bank of New York.

The entire text of the documents pertaining to the approval
given by the Extraordinary Shareholders Meeting, as well as the
proposal put forth by the Board of Directors, is at the disposal
of the interested parties at Braskem's headquarters, or else, at
the Bovespa's and the CVM's sites.

The shareholders shall be tended to by Banco Itau S.A at the
branch offices shown infra, and at the other branches of the
same bank that have been authorized to provide services to
shareholders during regular banking hours:

- Rua Boa Vista, 176 - 1 subsolo - Sao Paulo-SP;
- Rua Sete de Setembro, 99 - Subsolo - Rio de Janeiro-RJ;
- Av. Joao Pinheiro, 195 - Terreo - Belo Horizonte-MG;
- Rua Sete de Setembro, 746 - Terreo - Porto Alegre-RS;
- Rua Joao Negrao, 65 - Sobreloja - Curitiba-PR;
- Av. Estados Unidos, 50 - 2 andar - Salvador-BA;
- SCS Quadra 3 - Edificio D'Angela - Sobreloja - Brasilia-DF.

CONTACT: Braskem S.A.
         Av. Nacoes Unidas
         4777 Cep
         San Paulo, 05477-000
         Brazil
         Phone: 55-11-3443-9999
         Web site: http://www.braskem.com.br


PARANAPANEMA: Debt Talks With BNDES Underway
--------------------------------------------
Sao Paulo-based mining and metals holding company Paranapanema
is in talks with national development bank BNDES to convert
US$100 million in debt held by the latter into Paranapanema
shares, reports Business News Americas.

If BNDES agrees to convert the debt, which expires this year,
into shares, its stake in Paranapanema would rise to 17% of
voting capital while leading shareholder Banco do Brasil pension
fund (Previ) will see its current 55% stake in the Company fall
to 38%. Other major shareholders would also see their stakes
adjusted downwards.

However, company President Geraldo Haenel announced Paranapanema
also wants to raise the Company's liquidity on Sao Paulo's
Bovespa stock exchange to between 35% and 40%. Currently 22% of
the company is publicly traded.


VARIG: Passenger Traffic Increase Improves Net Loss Condition
-------------------------------------------------------------
Flagship airline Varig on Thursday posted its best financial
result since 1999, registering a net loss of just BRR87 million
(USD$33.5 million) in 2004 compared to a net loss of BRR1.8
billion (USD$693.9 million) in 2003.

Citing a statement from Varig, Reuters reports that the
airline's net revenue from flights rose to BRR8.2 billion
(USD$3.16 billion) from BRR7.5 billion (USD$2.89 billion) as the
number of air travelers in Brazil grew 11.9 percent.

In the fourth quarter alone, Varig registered a net profit of
nearly BRR218 million (USD$84 million) from a year-earlier loss
of BRR1.3 billion (USD$501 million), Varig Investor Relations
Director Ricardo Bullara said, adding that the company was in a
better shape and ready to receive capital injection "in any
form."

Bullara said that this year, Varig would have to repay BRR1
billion (USD$385.5 million) in debt and on aircraft leases. He
said the end of the TAM deal would mean smaller revenues "but
nothing that could seriously affect the company".

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

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



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

COEUR D'ALENE: Proven Silver Reserves Increase 12%
--------------------------------------------------
Coeur d'Alene Mines Corporation (NYSE: CDE; TSX: CDM), the
world's largest primary silver producer, announced Thursday that
it has agreed to acquire all of the silver production and
reserves contained at the Endeavor Mine in Australia, which is
owned and operated by CBH Resources Ltd (ASX: CBH), for US$38.5
million.

The Endeavor Mine is located 720 km northwest of Sydney in New
South Wales and has been in production since 1983. In addition
to principal production of lead and zinc, Endeavor is expected
to produce approximately 1.3 million ounces of silver annually
from mineral reserves containing approximately 24.0 million
silver ounces. In total, the Endeavor Mine reports measured and
indicated mineral resources containing approximately 8.2 million
ounces of silver, and inferred mineral resources containing
approximately 0.5 million silver ounces.

Under the terms of the agreement, CDE Australia, a wholly-owned
subsidiary of Coeur, will pay CBH US$15.4 million of cash at the
closing. In addition, CDE Australia will pay CBH US$23.1 million
of cash upon the determination by Coeur that a recently
installed paste backfill plant at the Endeavor Mine is operating
successfully. This determination is expected to take place in
the third quarter of 2005. In addition to these upfront
payments, Coeur will pay CBH an operating cost contribution of
US$1.00 for each ounce of payable silver plus a further
increment when the silver price exceeds the twenty-year average
price of US$5.23 per ounce. This further increment begins on the
second anniversary of this agreement and is 50% of the amount by
which the silver price exceeds US$5.23 per ounce. A cost
contribution of US$0.25 per ounce is also payable in respect of
new ounces of proven and probable silver reserves as they are
discovered. In addition, under the terms of the agreement, Coeur
is entitled to receive a maximum of 17.7 million payable silver
ounces from the current contained resource at the Endeavor Mine.
Based on these terms, Coeur is effectively paying US$3.26 per
payable ounce of silver reserve, which equates to a total
effective full cost of US$4.26 per ounce of payable silver
production.

"We expect this transaction will immediately increase Coeur's
silver production by 1.3 million ounces annually and contribute
significantly to Coeur's earnings and cash flow over an
anticipated mine life of at least ten years," said Dennis E.
Wheeler, Chairman, President and Chief Executive Officer of
Coeur. "At current silver prices, we expect that this
transaction will increase Coeur's annual estimated operating
cash flow by approximately $6.2 million."

"Coeur and CBH consider the exploration potential and the
opportunity to expand silver production at the Endeavor Mine to
be considerable. Coeur is enthusiastic about returning to
Australia and seeking to grow its business in this important
mining country. We also look forward to working with CBH
Resources and its seasoned management team to maximize the
benefits of this partnership for both parties," Mr. Wheeler
added.

         Endeavor Mine Mineral Reserves and Resources
Mineral Reserves Tons (mm)   Silver Grade   Contained Silver
                                  (oz/ton)       Ounces (mm)

Proven           6.1            2.01                   12.2
Probable         6.1            1.98                   12.0
Total           12.1(1)         2.00                   24.2

Mineral Resources

Measured         4.4            0.88                    3.9
Indicated        0.7            6.10(2)                 4.3
Total M & I      5.1            1.61                    8.2

Inferred         .22             2.1                    0.5

(1)  Difference in Total due to rounding
(2)  Includes high-grade remnant material in upper levels of
mine

Categories of Mineral reserves and resources per Australasian
Code for Reporting of Mineral Resources and Ore Reserves and
Canadian National Instrument 43-101.

Mineral reserves and resources are effective June 30, 2004.

Mineral reserves based on a cutoff of 7.6% zinc; Silver content
of mineral reserves tabulated as a by-product.

Mineral resources are additional to reserves and do not have
demonstrated economic viability. The U.S. Securities and
Exchange Commission (SEC) generally does not permit mining
companies, when filing with the SEC, to disclose mineral
resources.

About Coeur d'Alene

Coeur d'Alene Mines Corporation is principally engaged in silver
and gold mining and related activities, including exploration,
development and mining at its properties located in the US
(Nevada, Idaho and Alaska) and South America (Chile, Argentina
and Bolivia). Its operating segments include the Rochester
(Nevada), Coeur Silver Valley (Idaho), Cerro Bayo (Chile) and
Martha (Argentina). All operating segments are engaged in the
discovery and/or mining of gold and silver and generate the
majority of their revenues from the sale of these precious
metals.

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



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

HYLSAMEX: Prepaymimg $141M Bond for Favorable Terms
---------------------------------------------------
Hylsa, a subsidiary of leading steelmaker Hylsamex SA, plans to
prepay a bond worth around US$141 million due to mature in 2007.
Hylsa said it will use medium-term bank financing, which has
"more favorable terms," to fund the prepayment.

Hylsamex, a unit of conglomerate Alfa SA (ALFA.MX), has taken
advantage of a steel bonanza in the last few years, amid strong
demand from China and the United States, to cut its debt by
almost half in 2004.


TV AZTECA: Internet Unit Reports $5.6M EBITDA in 2004
-----------------------------------------------------
Grupo Todito, S.A. de C.V. a leading Internet and
telecommunications company for North American Spanish- speakers,
announced Thursday its financial results for the fourth quarter
and full year 2004.

Full Year 2004 Results

"Our sales increase in 2004 was lower than we expected, however,
our portal and pre-paid businesses grew when many of our
competitors in Mexico, such as Terra's ISP, went out of business
or declared that they would soon shut operations, as AOL Latin
America recently announced," commented Guillermo Salinas Pliego,
Grupo Todito's Chairman. "The online advertising and dial-up ISP
market grew slower than we anticipated and so our increase in
marketing expenses in 2004 was not matched by an equivalent
growth in sales. As a result, for the first time in five years
Todito failed to generate double- digit year-on-year EBITDA
growth."

Full Year 2004

                                                     %
                 2004 (thousands)  Change   2003 (thousands)
                   Pesos*   US$**             Pesos    US$
Sales
Cash Sales        216,503  19,228   + 10%    196,136  17,419
Total Sales***    237,209  21,066   + 16%    204,638  18,174
Operating Costs + Expenses

Cash Operating Costs
+ Expenses        152,762  13,567   + 19%    128,504  11,412
Total Operating Costs
+ Expenses        173,468  15,406   + 27%    137,006  12,168
EBITDA             63,741   5,661     (6%)    67,632   6,006

Grupo Todito's Annual Financial Results are audited by
PricewaterhouseCoopers, S.C.

* Constant Pesos as of December 31, 2004.

** Conversion based on the exchange rate in effect as of
December 31, 2004 of 11.26 pesos per US$1.

*** Total Sales is advertising sales, plus pre-paid card sales
(Todito Card), as well as revenue from the online sale of other
content and services.

Grupo Todito's Total Sales for the full year 2004 increased 16%
to Ps. 237.2 million (US$ 21.0 million) from Ps. 204.6 million
(US$ 18.1 million) in 2003. Cash Sales increased 10% to Ps.
216.5 million (US$ 19.2 million), representing 91% of Total
Sales. Non-cash sales represented 9% of Total Sales in 2004 vs.
4% in 2003. Non-Cash Sales are generated by the Company's barter
of on-line advertising for goods and services necessary to Grupo
Todito's operations, including band-width, print promotion and
other advertising services.

Total Operating Costs and Expenses were Ps. 173.4 million (US$
15.4 million), of which 88% -- Ps. 152.7 million (US$ 13.5
million) -- were cash. The remaining 12% -- Ps. 20.7 million
(US$ 1.8 million) -- were expenses related to Grupo Todito's
barter sales. Total Operating Costs and Expenses increased 27%
due to an increase in Todito Card's ISP and Long Distance sales
costs and Todito.com's online advertising sales commissions
(associated, respectively, with increasing Todito Card sales and
Todito.com's online advertising sales), as well as a 42%
increase in Todito Card marketing expense. As a result, Grupo
Todito's EBITDA for 2004 decreased 6% to Ps. 63.7 million (US$
5.6 million), compared to Ps.67.6 million (US$ 6.0 million) in
2003.

"In 2004 we spent a great deal more money on marketing with the
goal of increasing Todito Card ISP sales. We were successful in
taking market share from our competitors, including Terra and
AOL, however, the ISP market as a whole did not grow as fast as
we expected, resulting in a decrease in our dial-up EBITDA,"
said Tim Parsa, Grupo Todito's Chief Executive Officer. "We also
launched three new Todito Card businesses in 2004 - long
distance telephone service in Mexico and the U.S. and dial-up
internet connection service in the U.S. These new projects have
experienced satisfactory growth, but they also imply additional
employees and marketing expenses that we did not have in 2003."

Todito Card Sales Up 29% vs. 2003

"Todito Card sales in 2004 increased 29% to Ps. 99.2 million
(US$ 8.8 million), from Ps. 76.9 million (US$ 6.8 million) in
2003. The internet boom is still on the horizon in Mexico,"
commented Eugenio Laris, Grupo Todito's Sales Director of Pre-
paid Services. "Only one out of every ten houses in Mexico has a
computer and only one in twenty has an internet connection. That
will change over the next few years and Todito Card and Todito
Max, our subscription Internet connection service, are well-
positioned to address the imminent growth in demand."

Active users of Todito Card's dial-up internet connection
service grew 32% to 450,000 in 2004 from 339,000 in 2003. Todito
Card's points of sale surpassed 35,000 in Mexico and the U.S.,
compared to 20,000 in 2003.

Todito.com Online Advertising Sales Up 8% vs. 2003.

Todito.com's online advertising sales increased 8% to Ps. 136.9
million (US$ 12.1 million) in 2004, from Ps. 126.2 million (US$
11.2 million) in 2003.

"Our online advertising sales growth has been moderate compared
to previous years, but Grupo Todito's network of sites continues
to increase its audience and to monetize that audience better
than our competitors in Mexico," commented Adrian Gonzalez,
Grupo Todito's Chief Operating Officer. "Although complementary,
our portal and ISP businesses have grown to be very independent
of each other. Both have tremendous potential in a young
internet market with few strong competitors. Our challenge is to
maximize the potential of both Todito Card and Todito.com in the
coming years as internet use explodes in Mexico and among U.S.
Hispanics."

Fourth Quarter Results

Grupo Todito's Total Sales for 4Q04 decreased 1% to Ps. 65.9
million (US$ 5.8 million) from Ps. 66.7 million (US$ 5.9
million) for the same period of 2003. The decrease in sales was
associated with a decrease in Todito Card sales of 3% to Ps.
29.8 million (US$ 2.6 million) from Ps. 30.7 million (US$ 2.7
million) in 4Q03. This decrease in sales was due to the fact
that in November of 2003 there was an extraordinary sale of
Todito Cards to Elektra as part of an initiative to include a
Todito Card in every computer sold by Elektra. This promotion
was not renewed in 2005 by Elektra due to severe price
competition among PC retailers in Mexico.

Total Operating Costs and Expenses in 4Q04 were Ps. 47.4 million
(US$ 4.2 million), of which 86% -- Ps. 40.6 million (US$ 3.6
million) -- were cash. The remaining 14% -- Ps. 6.7 million (US$
0.6 million) -- were expenses related to Grupo Todito's barter
sale of on-line advertising for goods and services. Total
Operating Costs and Expenses increased 2% vs. 4Q03. As a result,
Grupo Todito's EBITDA for 4Q04 decreased 6% to Ps. 18.6 million
(US$ 1.6 million), compared to Ps. 19.8 million (US$ 1.7
million) for the same period of 2003.

"Our operating expenses in the fourth quarter were lower than in
the third quarter of 2004," commented Alejandro Garcia, Todito's
Chief Financial Officer. "When our sales failed to meet our
projections we reduced our marketing and other operating
expenses."

"Grupo Todito is one of a handful of internet companies that are
still standing in the biggest internet market in Latin America,"
commented Tim Parsa. "Todito.com is a promising media business,
with proven synergies with TV Azteca. Todito Card is one of two
dial-up ISP's in Mexico and the leading pre-paid ISP in North
America. Both of Grupo Todito's two principal business units
will experience dramatic growth as the internet market in Mexico
matures."

%
                   4Q04 (thousands) Change  4Q03 (thousands)
                    Pesos*   US$**            Pesos     US$
Sales
Cash Sales           59,241   5,261    (3%)    61,292   5,443
Total Sales***       65,981   5,860    (1%)    66,792   5,932
Operating Costs + Expenses
Cash Operating Costs
+ Expenses           40,668   3,612    (2%)    41,448   3,681
Total Operating Costs
+ Expenses           47,408   4,210   + 1%     46,948   4,169
EBITDA               18,573   1,649    (6%)    19,844   1,762

Grupo Todito's Annual Financial Results are audited by
PricewaterhouseCoopers, S.C.

* Constant Pesos as of December 31, 2004.

** Conversion based on the exchange rate in effect as of
December 31, 2004 of 11.26 pesos per US$1.

*** Total Sales is advertising sales, plus pre-paid sales
(Todito Card), as well as revenue from the online sale of other
content and services.

With exception of historical information, the concepts discussed
in this official notice are concepts on the future that involve
risks and uncertainties that can cause results to differ
substantially from the projected ones. The statements are based
on the present expectations of the administration and are
subject to uncertainties and variations in the circumstances.

About Todito

Grupo Todito, S.A. de C.V. is a leading Internet and
telecommunications company for North American Spanish-speakers.
It has two principal operating units, Todito.com (an Internet
portal that generates revenue from the sale of online
advertising and the sale of premium content and services) and
Todito Card (a multi-services prepaid card for dial-up internet
connection, long distance telephone service and the payment of
online and offline content and services). Grupo Todito is
jointly owned by Universidad CNCI, S.A. de C.V. (BMV: CNCIB) and
TV Azteca, S.A. de C.V. (NYSE: TZA) (BMV: TVAZTCA).

About TV Azteca

The Company features news and sports, novelas (soap operas) and
even Los Simpson (the Spanish-language version of The Simpsons).
The Mexican TV broadcaster operates the Azteca 13 and Azteca 7
networks and owns and operates some 315 television stations
throughout Mexico. It also owns Azteca America Network (a
Spanish-language TV network in the US), 50% of Todito.com, (an
Internet portal for Spanish speakers in North America), music
company Azteca Music, soccer team Monarcas Morelia and 50% of
mobile phone operator Unefon. Chairman Ricardo Salinas, the
majority shareholder of the Company (59%), bought the two state-
owned TV networks in 1993.

CONTACT: Mr. Alejandro Garcia
         Finance Director
         Grupo Todito, S.A. de C.V.
         E-mail: agarcia@toditocorp.com
         Phone: (52)81.8221.2031
         Fax: (52)81.8221.2091

         PRESS INQUIRIES
         Mr. Tristan Canales
         Corporate Communications Director
         TV Azteca, S.A. de C.V.
         E-mail: tcanales@tvazteca.com.mx
         Phone: (52)55.1720.5786
         Fax: (52)55.1720.1464



=====================
P U E R T O   R I C O
=====================

CENTENNIAL COMMUNICATIONS: Revenues Up 13% in Fiscal 3Q 2005
------------------------------------------------------------
HIGHLIGHTS:

- Fiscal third-quarter income from continuing operations of
$0.04 per diluted share, compared to a loss of $0.14 per diluted
share from continuing operations in the prior-year quarter

- Fiscal third-quarter consolidated adjusted operating income
from continuing operations of $90.9 million, up 16 percent year-
over-year from $78.3 million

- Fiscal third-quarter consolidated revenue from continuing
operations of $221.8 million, up 13 percent year-over-year from
$195.8 million

- Consolidated adjusted operating income growth expected to
exceed previously announced 7 to 12 percent range for fiscal
2005

Centennial Communications Corp. (NasdaqNM: CYCL) ("Centennial")
reported Thursday income from continuing operations of $4.2
million, or $0.04 per diluted share, for the fiscal third
quarter of 2005 as compared to a loss from continuing operations
of $14.3 million, or $0.14 per diluted share, in the fiscal
third quarter of 2004. This includes a $36.4 million pre-tax
charge for accelerated depreciation on the Company's existing
wireless network in Puerto Rico, partially offset by a $28.8
million income tax benefit related to the network depreciation
charge and the reversal of a tax reserve. Consolidated adjusted
operating income (AOI)(1) from continuing operations for the
fiscal third quarter was $90.9 million, as compared to $78.3
million for the prior year quarter.

"Centennial continues to build on its competitive advantage by
locally tailoring the customer experience in a winning
combination of attractive and growing markets," said Michael J.
Small, Centennial's chief executive officer. "These financial
results demonstrate our consistent ability to win with this
strategy."

Centennial reported fiscal third-quarter consolidated revenue
from continuing operations of $221.8 million, which included
$97.2 million from U.S. wireless and $124.6 million from
Caribbean operations. Consolidated revenue from continuing
operations grew 13 percent versus the fiscal third quarter of
2004. The Company ended the quarter with 1,162,700 subscribers,
which compares to 1,023,500 for the year-ago quarter and
1,088,300 for the previous quarter ended November 30, 2004.

"We remain encouraged by our track record of execution across
all of our businesses and continue to reach significant
milestones in our deleveraging progress," said Centennial chief
financial officer Thomas J. Fitzpatrick. "We expect our strong
operating momentum and balanced success to continue as we close
our fiscal year."

OTHER HIGHLIGHTS

- On December 28, 2004, the Company completed the sale of its
Puerto Rico cable television properties to an affiliate of
Hicks, Muse, Tate & Furst Incorporated for approximately $155
million in cash. The net proceeds from the transaction will be
used to fund ongoing capital requirements.

- On January 28, 2005, the Company completed its redemption of
$115 million aggregate principal amount of its $300 million
outstanding 10-3/4 percent Senior Subordinated Notes due
December 15, 2008. The Company also recently announced the
redemption of an additional $40 million of its $185 million
outstanding 10-3/4 percent Senior Subordinated Notes. The
redemption is expected to occur on or about April 25, 2005 at a
redemption price of 103.583 percent.

- On February 10, 2005, the Company amended its senior secured
credit facility, lowering the interest rate on term loan
borrowings by 50 basis points through a reduction in the LIBOR
spread from 2.75 percent to 2.25 percent.

- On March 1, 2005, the Company entered into an interest rate
swap agreement to hedge variable interest rate risk on $250
million of its $594 million of variable interest rate terms
loans. The swap is effective as of March 31, 2005 for a two-year
term at a fixed interest rate of 6.29 percent.

CENTENNIAL SEGMENT HIGHLIGHTS

U.S. Wireless Operations


- Revenue was $97.2 million, a 6 percent increase from last
year's third quarter.  Retail revenue fell $0.6 million, a 1
percent year-over-year decrease. Roaming revenue increased 15
percent from the prior year quarter as a result of increased
traffic from strong growth in GSM minutes. Despite recent
growth, Centennial does not expect long-term growth in roaming
revenue, and anticipates that roaming revenue will remain a
small percentage of consolidated revenue in future periods.

- AOI was $36.6 million, a 3 percent year-over-year decrease,
representing an AOI margin of 38 percent. AOI was unfavorably
impacted by increased equipment expense related to GSM handset
upgrades, partially offset by strong growth in roaming and
Universal Service Fund ("USF")revenue.

- U.S. wireless ended the quarter with 544,400 subscribers,
which compares to 548,900 for the year-ago quarter and 544,900
for the previous quarter ended November 30, 2004. Customer
growth was flat during the quarter as Centennial continued to
emphasize profitability in its U.S. wireless markets, with
renewed subscriber growth expected from the launch of Grand
Rapids and Lansing, MI.

- Capital expenditures were $14.5 million for the fiscal third
quarter as U.S. wireless continued to invest in GSM deployment
in its Southeast footprint and to build out its new markets in
Grand Rapids and Lansing, MI.

Caribbean Wireless Operations

- Revenue was $90.5 million, an increase of 16 percent from the
prior-year third quarter, driven primarily by record subscriber
growth.

- Average revenue per user declined during the quarter primarily
due to the continued impact of strong prepaid subscriber growth
in the Dominican Republic.

- AOI totaled $35.9 million, a 27 percent year-over-year
increase, representing an AOI margin of 40 percent. AOI was
favorably impacted by record subscriber growth and improved cost
management during the fiscal third quarter.

- Caribbean wireless ended the quarter with 618,300 subscribers,
which compares to 474,600 for the prior year quarter and to
543,400 for the previous quarter ended November 30, 2004.
Customer growth benefited from steady postpaid subscriber growth
in Puerto Rico combined with record prepaid subscriber growth in
the Dominican Republic during the period.

- Capital expenditures were $17.3 million for the fiscal third
quarter as Caribbean wireless continued to invest in the
replacement and upgrade of its Puerto Rico wireless network.

Caribbean Broadband Operations

- Revenue was $37.2 million, an increase of 26 percent year-
over-year, driven by strong access line growth and inter-carrier
compensation revenue.

- AOI was $18.4 million, a 52 percent year-over-year increase,
representing an AOI margin of 50 percent. AOI benefited from
approximately $2.5 million of inter-carrier compensation revenue
related to prior years.

- Switched access lines totaled approximately 59,200 at the end
of the fiscal third quarter, an increase of 11,100 lines, or 23
percent from the prior year quarter. Dedicated access line
equivalents were 234,900 at the end of the fiscal third quarter,
a 14 percent year-over-year increase.

- Wholesale termination revenue was $4.0 million, a 35 percent
year-over-year decrease, primarily due to a decrease in
southbound terminating traffic to the Dominican Republic.

- Capital expenditures were $4.8 million for the fiscal third
quarter.

REVISED FISCAL 2005 OUTLOOK

- The Company projects growth in consolidated AOI from
continuing operations to exceed its previously announced 7 to 12
percent range for fiscal year 2005 over fiscal year 2004, due to
stronger than expected roaming revenue, non-recurring USF
revenue related to a prior year of $5.5 million in U.S. wireless
and $3.6 million of non-recurring items related to inter-carrier
compensation adjustments in Caribbean broadband. Consolidated
AOI from continuing operations for fiscal year 2004 was $315.5
million.

The Company has not included a reconciliation of projected AOI
because projections for some components of this reconciliation
are not possible to forecast at this time.

- Centennial announced a network replacement and upgrade during
the fiscal third quarter primarily impacting its wireless
network in Puerto Rico.  The upgrade, which is expected to
increase capital expenditures by $15 million in fiscal 2005,
will improve the network's performance and quality while also
reducing future operating expenses and capital expenditures. As
a result of this upgrade, the Company accelerated the
depreciation of its existing wireless network and recorded a
depreciation charge of $36.4 million during the quarter. The
Company expects an additional $35 to $40 million of depreciation
expense related to the upgrade during the fiscal fourth quarter.

CHANGE IN ACCOUNTING ESTIMATE

- In consideration of the recently announced Puerto Rico network
replacement and upgrade and as a result of industry, competitive
and technological developments, Centennial undertook a detailed
reassessment of the useful lives of its U.S. and Caribbean
wireless network equipment during the fiscal third quarter. As a
result of this evaluation, the Company reduced the useful lives
of its U.S. GSM and Caribbean wireless network equipment from
ten years to seven years. The useful lives of its U.S. TDMA
network equipment have been reduced from ten years to four
years.

As a result of these changes, The Company expects an increase in
depreciation expense of $4.5 to $5.5 million for the 2005 fiscal
year.

DEFINITIONS AND RECONCILIATION

(1) Adjusted operating income is defined as net income (loss)
before income (loss) from discontinued operations, minority
interest in income of subsidiaries, income tax benefit
(expense), other (expense) income, loss on extinguishment of
debt, interest expense-net, income from equity investments,
(gain) loss on disposition of assets, and depreciation and
amortization. Please refer to the schedule below for a
reconciliation of consolidated net income (loss) to AOI and the
Investor Relations website at www.ir.centennialwireless.com for
a discussion and reconciliation of this and other non-GAAP
financial measures.

About Centennial Communications

Centennial Communications (NasdaqNM: CYCL), based in Wall, NJ,
is a leading provider of regional wireless and integrated
communications services in the United States and the Caribbean
with over 1.1 million wireless subscribers. The U.S. business
owns and operates wireless networks in the Midwest and Southeast
covering parts of six states. Centennial's Caribbean business
owns and operates wireless networks in Puerto Rico, the
Dominican Republic and the U.S. Virgin Islands and provides
facilities-based integrated voice, data and Internet solutions.
Welsh, Carson Anderson & Stowe and an affiliate of the
Blackstone Group are controlling shareholders of Centennial.

To view financial statements:
http://bankrupt.com/misc/Centennial.htm

CONTACT: Mr. Steve E. Kunszabo
         Director, Investor Relations
         Phone: 732-556-2220
         Web sites http://www.centennialwireless.com/



=================================
T R I N I D A D   &   T O B A G O
=================================

BWIA: Operational Difficulties Delay Annual Report Filing
---------------------------------------------------------
The Stock Exchange has granted ailing national airline BWIA West
Indies Airways an extension to file its annual report until May
30. BWIA had earlier sent a statement to the Stock Exchange,
saying: "Operational difficulties experienced by BWIA over the
Christmas period and extending to year-end have resulted in an
unanticipated delay in the finalizing of the audit of the
financial statements."

Dionne Ligoure, corporate communications manager at BWIA, said
the accounts and other related departments had been calculating
"poor service costs" regarding lost baggage and delays incurred
over the Christmas holidays.

"We are still in the process of calculating and finalizing those
costs. We have to check and recheck those costs," Mr. Ligoure
said. "Things are heavily on stream. Everything is basically
prepared."

This is the third year in a row that the airline has missed the
deadline.

To see important facts about BWIA:
http://bankrupt.com/misc/BWIA.pdf

CONTACT: BRITISH WEST INDIES AIRWAYS (BWIA)
         Phone: + 868 627 2942
         E-mail: mail@bwee.com
         Home Page: http://www.bwee.com


BWIA: Government Assigns New Restructuring Task Force
-----------------------------------------------------
The government has appointed a new private sector-led task force
that will help restructure BWIA as well as examine possible
options to enhance air travel, the Trinidad Express suggests.

The five-member team consists of businessman Arthur Lok Jack
(chairman), accountant William Lucie-Smith, airline pilot
Richard Kelshall, human resources expert Shafeek Sultan-Khan and
Vision 2020 Sub-Committee chairman Dr Terrence Farrell.

According to a government source, the task force was appointed
as a "matter of urgency" to address both the state of loss-
making BWIA and to address transportation issues facing the
country. The members may take several weeks to complete their
assessment of the airline and the state of air travel in
Trinidad. The government has not given them a specific timeframe
to complete the exercise.

The task force commences work as BWIA has posted another multi-
million dollar loss for 2004.

Earlier, the government appointed two Cabinet Sub-Committees to
find a solution to the financial woes of the national airline.



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

PDVSA: Misses Target Date to Complete 2003 SEC Report
-----------------------------------------------------
State oil company Petroleos de Venezuela (PdVSA) missed its
target to complete a 2003 financial report for the U.S.
Securities and Exchange Commission by the end of March.

"We're finishing the 2003 report," Dow Jones Newswires quoted
PdVSA board member, Eulogio Delpino, as saying.

The KPMG accounting firm is auditing PdVSA's results for 2003
and 2004. The 2003 report was originally due a year ago. The
Company has blamed the delay to the December 2002-January 2003
oil strike that disrupted its finance department.

PDVSA fired more than 18,000 employees in 2003 to break the
strike, which was aimed at pushing President Hugo Chavez from
office. Among those fired were employees from the Company's
financial department.

PDVSA is required to present annual reports to the SEC due to
its holdings in the US and outstanding debt. The last time PDVSA
filed its results with the SEC was in October 2003, after asking
for two extensions on its 2002 results.


PDVSA: Subcommittee Continues Probe With More Ammunition
--------------------------------------------------------
Trouble is brewing for former Citgo president Luis Marin as the
subcommittee investigating his tenure at PDVSA's U.S. oil
refining and distribution network presents more proof pointing
to alleged mismanagement.

A five-member team from the National Assembly, headed by deputy
Jesus Garcia Rojas, went to Citgo headquarters in Houston last
March to oversee the questioning of some of the Company's
present and former employees.

The subcommittee findings focus on three management decisions
questioned by Garcia Rojas. El Universal reports that these are:
Citgo's move from Tulsa to Houston, its recent debt
restructuring and issues of lavish spending by some of its
officers.

Move from Tulsa to Houston

Deputy Rojas claims that Mr. Marin had ignored three studies
advising against the Company's move to Houston. Budget for the
transfer amounted to US$90 million, US$32 million of which went
to carrier Cendant.

Even the decision to hire Cendant was plagued with
irregularities, says Mr. Rojas, since it had not met the minimal
requirements for the transport tender. He adds that Citgo Vice-
President Antonio Rivero had disregarded corporate policy in
imposing Cendant's bid.

Debt Restructuring

Citgo's contentious debt restructuring, aimed at reducing debt
from US$550 million to US$ 250 million, also came under fire as
Finance Managers Jason Schmith, Jeff Finch, and Carlos Manzano
showed that it had placed Citgo and PDVSA at a disadvantage.

The officers contend that the Citgo would only have spent USD 27
million, excluding service fees, if it had waited for the first
call for the original issuance of senior notes on February 2007.
The premature buyback last October instead cost the Company US%
140 million.

Opposition to the refinancing resulted in the firing of former
treasurer Acacio Rodriguez and Finance Vice-President Eddie
Humphrey.

Other Irregularities

The investigation also uncovered irregularities such as numerous
air trips from the U.S. to Rivero and Marin's hometown in
Venezuela, irregular contracting and payment to third parties.

Mr. Rojas cited an incident where Citgo directors contracted a
substantial seven-year transport deal for Citgo's asphalt output
without bidding. The deal was made allegedly made inside a US
nightclub ad the bill amounted to US$39,000 that night.


ROYAL SHELL: Keen on 30% Percent Mariscal Sucre Gas Project
-----------------------------------------------------------
Royal Dutch/Shell Group remains interested in holding a 30
percent stake in the revamped Mariscal Sucre natural gas project
in Venezuela. Dow Jones Newswires reports that the PDVSA is
reviving the projects this year by dividing it into separate
development blocks, one for natural gal liquids and another
solely for natural gas.

The Venezuelan government had agreed to undertake the US$2.7
billion project in 2003 with Shell and Japanese industrial giant
Mitsubishi but the deal failed to progress.

While Sean Rooney, Shell's president in Venezuela, sees a 30
percent Shell and 8 percent Mitsubishi participation in the
project, PDVSA has also opened its doors to other companies such
as Petrobas. All parties however are waiting for the Chavez
government to finalize the timetable for development and the
project's partnership structure.


                            ***********


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

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. John D. Resnick, Edem Psamathe P. Alfeche and
Lucilo Junior M. Pinili, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without
prior written permission of the publishers.

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

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


* * * End of Transmission * * *