TCRLA_Public/050412.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

            Tuesday, April 12, 2005, Vol. 6, Issue 71

                            Headlines

A R G E N T I N A

ALIMENTOS FARGO: Creditor Gets Clearance to Seize Assets
CORDERO HNOS: Gets Court Approval for Reorganization
DAMCO S.R.L.: Verification Deadline Approaches
EDENOR/EDESUR: Yet to Confirm Participation in April 20 Hearing
EGUIBAR HERMANOS: Enters Bankruptcy on Court Orders

FRUGLACE S.A.I.C.I.F.A.: Begins Liquidation Process
JOSE FERRARINI: Asks Court to Reorganize
MARTORELL Y CIA: Proceeds With Liquidation
METROVIAS: Fitch Maintains `Category 4' Classification on Shares
NEOFONE DIGITAL: Seeks Reorganization Approval

OCA: Successfully Restructures Debt
PETROLERA DEL CONOSUR: Sale Attracts Four Bids
PROMOTORA DE COMUNICACIONES: Court Grants Reorganization Plea
ROMULO RUFFINI: Court OKs Creditor's Bankruptcy Call
SOF 2100: Court Favors Creditor's Involuntary Bankruptcy Motion

SUDMERI CONSTRUCTORA: Court Approves Concurso Motion


B A R B A D O S

COURTS: KPMG to Name Sale Advisor Soon


B E R M U D A

ALLINGTON LTD.: Proceeds to Wind-Up Operations
SILVER CLOUD: Names Robin Mayor as Liquidator


B O L I V I A

* BOLIVIA: IMF Allows Additional $14.5M Under SBA


B R A Z I L

BANCO DO BRASIL: S&P Affirms Ratings
BRASKEM: Schedules Dividend Payment
CESP: Government to Seek Board Approval on Capital Increase
COPEL: Shareholders to Vote on Dividend Distribution
CSN: Acquires 100% Stake in ERSA for BRL100Mln

CSN: Shares Decline on Announcement to Buy ERSA
ROYAL AHOLD: Completes Brazilian Divestment Plan
UNIBANCO: Pays Interest on Capital Stock


C H I L E

AES GENER: Still Mulling LNG Options


C O L O M B I A

ECOPETROL: No Privatization Plans Says President Uribe


J A M A I C A

AIR JAMAICA: Resumes Eastern Caribbean Service
KAISER ALUMINUM: Secures Creditor Support for Liquidating Plans


M E X I C O

PEMEX: Issues $44.4M Worth of Bonds on the BMV
PROVO INTERNATIONAL: Will Not Appeal AMEX Decision
TFM: S&P Affirms KCS Ratings, Upgrades TFM
VITRO: Shuffling Management In Light Of President's Retirement


P A N A M A

ICA PANAMA: To Issue $150M Worth of Bonds


T R I N I D A D   &   T O B A G O

BWIA: Govt's $35.6M Bailout Package Follows Flight Suspensions


V E N E Z U E L A

PDVSA: VEC Wants Citgo Stake
* VENEZUELA: Closes Successful $1.6B Bond Issue

     -  -  -  -  -  -  -  -

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

ALIMENTOS FARGO: Creditor Gets Clearance to Seize Assets
--------------------------------------------------------
An unnamed creditor of bakery chain Compania de Alimentos Fargo
can now begin seizing company assets to sell in a public
auction, reports Dow Jones Newswires.

In a filing with the local stock exchange, Fargo stated that
since a March 18 court ordered suspension of assets had passed,
"the creditor would be enabled to proceed with the process of
the execution and sale in a public auction of the company's
principal assets."

But Fargo said "it is making all efforts at its reach, despite
the scarce resources and limited payment capacity it faces, to
try to obtain a waiting period with the idea of being able to
reach some kind of agreement to avoid the sale of its principal
assets."

Fargo, which has ARS496.6 million in debt verified by the court,
is planning to restart talks with its main creditors after a
first round of negotiations fizzled last year.


CORDERO HNOS: Gets Court Approval for Reorganization
----------------------------------------------------
Cordero Hnos S.R.L. will begin reorganization following the
approval of its petition by Court No. 2 of Buenos Aires' civil
and commercial tribunal. The opening of the reorganization will
allow the company to negotiate a settlement with its creditors
in order to avoid a straight liquidation.

Local accounting firm "Estudio Romero, Crubiller, Tores" will
oversee the reorganization proceedings as the court-appointed
trustee. The firm closed the verification of creditors' claims
on March 30. Verified claims will be presented as individual
reports on May 13.

The firm 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. The report will be presented
in court on June 28.

An Informative Assembly, the final stage of a reorganization
where the settlement proposal is presented to the company's
creditors for approval, is scheduled on November 7.

CONTACT: "Estudio Romero, Crubiller, Tores"
         Trustee
         Jujuy 167
         San Juan


DAMCO S.R.L.: Verification Deadline Approaches
----------------------------------------------
The verification of claims for the Damco S.R.L. bankruptcy case
will end on May 16 according to local news source Infobae.
Creditors with claims against the bankrupt company must present
proof of the liabilities to Mr. Leonardo Novick, the court-
appointed trustee, before the deadline.

Court No. 6 of Buenos Aires' civil and commercial tribunal
handles the company's case with the assistance of Clerk No. 12.
The bankruptcy will conclude with the sale of the Company's
assets to pay its creditors.

CONTACT: Mr. Leonardo Novick, Trustee
         Libertad 359
         Buenos Aires


EDENOR/EDESUR: Yet to Confirm Participation in April 20 Hearing
---------------------------------------------------------------
Utility companies Edenor S.A., a unit of Electricite de France
(EdF), and Edesur, a unit of Chile's Enersis, are yet to confirm
their participation in the public hearing scheduled by the
government for April 20.

In order for the companies to be present at the assembly, they
will have to suspend the demands presented at the International
Centre for the Settlement of Investment Disputes (ICSID) against
Argentina for the pesification and freezing of the public rates.

Argentina has been at odds with private companies that run
much of its public utilities since the state converted rates
into devalued pesos and froze them in January 2001 in a bid to
hold off inflation amid the nation's economic breakdown.

Edenor posted net losses of ARS89.9 million (US$30.8mn) in 2004
due to the devaluation of the peso and subsequent rates freeze.
As of December 31, 2004, Edenor had ARS1.53 billion of net
equity.

CONTACT:  EDENOR S.A.
          Azopardo Building
          Azopardo 1025 (1107) Capital Federal
          Phone: (54-11) 4346-5000
          Fax: (54-11) 4346-5300
          E-mail: to ofitel@edenor.com.ar
          Web Site: http://www.edenor.com.ar

          EDESUR S.A.
          San Jos, 140
          Buenos Aires
          Tel: 4383-0200
               4381-1313


EGUIBAR HERMANOS: Enters Bankruptcy on Court Orders
---------------------------------------------------
Eguibar Hermanos S.R.L. enters bankruptcy protection after Court
No. 8 of Buenos Aires' civil and commercial tribunal, with the
assistance of Clerk No. 15, ordered the Company's liquidation.
The order effectively transfers control of the company's assets
to a court-appointed trustee who will supervise the liquidation
proceedings.

Infobae reports that the court selected Ms. Laura Garcia as
trustee. Ms. Garcia 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: Ms. Laura Garcia, Trustee
         Simbron 3537
         Buenos Aires


FRUGLACE S.A.I.C.I.F.A.: Begins Liquidation Process
---------------------------------------------------
Fruglace S.A.I.C.I.F.A. of Buenos Aires will begin liquidating
its assets after Court No. 17 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 Maria Cristina Agrelo.

The trustee will review claims forwarded by the Company's
creditors until May 13. After claims verification, the trustee
will submit the individual reports for court approval on June
28. The general report will follow on August 24.

Clerk No. 34 assists the court on this case.

CONTACT: Ms. Maria Cristina Agrelo, Trustee
         Viamonte 1365
         Buenos Aires


JOSE FERRARINI: Asks Court to Reorganize
----------------------------------------
Jose Ferrarini S.A.C.I., a company operating in Buenos Aires,
has requested for reorganization after failing to pay its
liabilities.

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. 7 of Buenos Aires' civil
and commercial tribunal. Clerk No. 13 assists the court with the
proceedings.

CONTACT: Jose Ferrarini S.A.C.I.
         La Plata 2036
         Buenos Aires


MARTORELL Y CIA: Proceeds With Liquidation
------------------------------------------
Mr. Martin Battaglia successfully sought for the bankruptcy of
Martorell y Cia. S.A. after Court No. 3 of Buenos Aires' civil
and commercial tribunal declared the Company "Quiebra," reports
Clarin.

The creditor sought for the Company's liquidation after the
latter failed to pay debts amounting to US$35,857.86.

The city's Clerk No. 6 assists the court on the case that will
close with the sale of all of its assets.

CONTACT: Martorell y Cia. S.A.
         25 de Mayo 347
         Buenos Aires


METROVIAS: Fitch Maintains `Category 4' Classification on Shares
----------------------------------------------------------------
The Argentine arm of Fitch Ratings is maintaining its 'Category
4' classification on the ordinary shares of Buenos Aires subway
operator Metrovias, reports Business News Americas.

The agency's decision reflects the uncertainty associated with
renegotiating Metrovias' contract.

The Company, a division of local infrastructure and services
Company Clisa, is currently renegotiating its concession
contract with the government.

An increase in passenger traffic helped Metrovias narrow net
loss in 2004 to ARS267,626 (US$92,600) from ARS1.15 million the
year before.


NEOFONE DIGITAL: Seeks Reorganization Approval
----------------------------------------------
Court No. 40 of Buenos Aires' civil and commercial tribunal is
currently reviewing the merits of the reorganization petition
filed by Neofone Digital S.R.L., reports Clarin.

The reorganization petition, if granted by the court, will allow
the Company to negotiate a settlement with its creditors in
order to avoid a straight liquidation.

The city's Clerk No. 40 assists the court on this case.

CONTACT: Neofone Digital S.R.L.
         Esmeralda 320
         Buenos Aires


OCA: Successfully Restructures Debt
-----------------------------------
Private mail company OCA prepares to reclaim its share in the
Argentine market as it approaches the end of its restructuring.

Investment fund Advent, which took control of the 47 year-old
firm in February last year, plans to sink an estimated US$30
million to rehabilitate the Company's operations within the next
two years.

Aiming to increase income by US$300 million per year, OCA will
use a third of the new funds to upgrade its technology while the
remaining amount is budgeted for new delivery equipment.

Creditors took control of OCA in 2003 in exchange for almost
US$230 million in debts. Advent has spent almost 12 months to
renegotiate this debt and nurse the Company in preparation for
its re-launch.


PETROLERA DEL CONOSUR: Sale Attracts Four Bids
----------------------------------------------
Four firms have submitted offers to buy Petrolera del Conosur,
the money-losing Argentine subsidiary of Uruguay's state oil
company Ancap, reports Business News Americas.

The offers came from Venezuela's state oil firm PDVSA, which
partnered with Argentina's newly created state oil company
Enarsa; Brazil's federal energy company Petrobras (NYSE: PBR);
Argentina's Petroqu¡mica Cuyo; and another firm bidding through
investment bank JP Morgan.

According to the report, Ancap President Daniel Martinez and
Uruguayan government authorities met with the potential buyers
on Wednesday in Buenos Aires.

Petrolera del Conosur operates 172 service stations under the
Sol Petroleo brand. It registered net losses of ARS78.8 million
(US$27 million) in 2004 because it pays more for fuel than it
receives at the pump. The company is reportedly losing US$1.7
million a month.


PROMOTORA DE COMUNICACIONES: Court Grants Reorganization Plea
-------------------------------------------------------------
Promotora de Comunicaciones Colonia S.A. successfully petitioned
for reorganization after Court No. 1 of Buenos Aires' civil and
commercial tribunal issued a resolution opening the Company's
insolvency proceedings.

Under insolvency protection, the Company will continue to manage
its assets subject to certain conditions imposed by Argentine
law and the oversight of a court-appointed trustee.

Infobae relates that Ms. Magdalena de la Quintana will serve as
trustee during the course of the reorganization. The trustee
will be accepting creditors' proofs of claims for verification
until May 13.

After verifications, the trustee will prepare the individual
reports and submit it in court on June 27. She will also present
a general report for court review on August 22.

The Company will endorse the settlement proposal, drafted from
the submitted claims, for approval by the creditors during the
informative assembly scheduled on February 16 next year.

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


ROMULO RUFFINI: Court OKs Creditor's Bankruptcy Call
----------------------------------------------------
Romulo Ruffini y Cia. SAIC entered bankruptcy after Court No. 17
of Buenos Aires' civil and commercial tribunal approved a
bankruptcy motion filed by Aluar S.A., reports Clarin. The
Company's failure to pay US$244,390.20 in debt prompted the
creditor to file the petition.

The Company's assets will be liquidated at the end of the
bankruptcy process to repay creditors. Payments will be based on
the results of the verification process.

CONTACT: Romulo Ruffini y Cia. SAIC
         Besares 1670
         San Fernando
         Provincia de Buenos Aires


SOF 2100: Court Favors Creditor's Involuntary Bankruptcy Motion
---------------------------------------------------------------
Court No. 4 of Buenos Aires' civil and commercial tribunal
declared Sof 2100 S.R.L. bankrupt, says Clarin. The ruling comes
in approval of the petition filed by the Company's creditor, Ms.
Maria Ines Agrasor, for nonpayment of US$30,311.88 in debt.

Clerk No. 7 assists the court on the case that will conclude
with the sale of the Company's assets. Proceeds from the sale
will be used to repay the Company's debts.

CONTACT:  Sof 2100 S.R.L.
          Cuba 4710
          Buenos Aires


SUDMERI CONSTRUCTORA: Court Approves Concurso Motion
----------------------------------------------------
Court No. 6 of Buenos Aires' civil and commercial tribunal
approved a petition for reorganization filed by Sudmeri
Constructora S.A., according to a report from Argentine daily
Clarin.

The construction company reported liabilities totaling
US$21,500.46 in its court filing.

The city's Clerk No. 12 assists the court on the case.

CONTACT: Sudmeri Constructora S.A.
         Av. Juan Bautista Alberdi 6470
         Buenos Aires



===============
B A R B A D O S
===============

COURTS: KPMG to Name Sale Advisor Soon
--------------------------------------
KPMG, the administrator to collapsed U.K-based furniture
retailer Courts PLC, is close to appointing a bank that will
oversee the sale of the Company's operations in the Caribbean.

Courts' Caribbean arm stretches from St Lucia to Barbados. The
parent went into administration in November last year after it
failed to persuade its creditor banks to extend its GBP280
million credit lines.

Problems at Courts' UK division as well as the impact
of Hurricane Ivan on its Caribbean arm contributed to the
company's downfall.

CONTACT:  Mailing Address:
          Courts Barbados Ltd
          P.O. Box 689C
          Bridgetown
          Barbados

          Registered Offices and Head Office:
          Courts Barbados Ltd.
          St. George Street
          Bridgetown
          St. Michael

          Head Office Telephone & Fax:
          Tel: +(246)-431-6850
          Fax: +(246)-429-5445



=============
B E R M U D A
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ALLINGTON LTD.: Proceeds to Wind-Up Operations
----------------------------------------------
           IN THE MATTER OF THE COMPANIES ACT 1981

                         And

             IN THE MATTER OF Allington Ltd.

The Members of Allington Ltd., acting by written consent without
a meeting on April 1 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 inform that:

- Creditors of Allington Ltd., which is being voluntarily wound
up, are required, on or before April 22, 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(s) of Allington Ltd.
will be held at the offices of Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, Bermuda on April 22,
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, Trustee
         Clarendon House
         Church Street
         Hamilton, Bermuda


SILVER CLOUD: Names Robin Mayor as Liquidator
---------------------------------------------
         IN THE MATTER OF: The Companies Act 1981

                         And

           IN THE MATTER OF Silver Cloud Ltd.

The Member of Silver Cloud Ltd., acting by written consent
without a meeting on 6th April, 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 Silver Cloud Ltd., which is being voluntarily
wound up, are required, on or before April 22, 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 Silver Cloud Ltd.
will be held at the offices of Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, Bermuda on May 13,
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, Liquidator
         Clarendon House
         Church Street
         Hamilton, Bermuda



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

* BOLIVIA: IMF Allows Additional $14.5M Under SBA
-------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
completed Friday the fifth review of Bolivia's performance under
a 12-month, SDR 85.75 million (about US$129.1 million) Stand-By
Arrangement that was originally approved on April 2, 2003 and
later augmented and extended.

This decision enables the release of SDR 9.66 million (about
US$14.5 million) to Bolivia, bringing total disbursements under
the arrangement to SDR 111.5 million (about US$167.9 million).

In completing the review, the Executive Board approved Bolivia's
request for waivers for the nonobservance of two performance
criteria, related to the central bank net credit to the
nonfinancial public sector; and to the law on the tax code
procedures. In addition, the Executive Board approved an
extension of the Stand-By Arrangement by about 12 months to
March 31, 2006, and augmented access to Fund resources by SDR
42.86 million (about US$64.5 million) to support the
government's 2005 economic policies.

Following the Executive Board's discussion on Bolivia, Ms. Anne
O. Krueger, First Deputy Managing Director and Acting Chair,
said:

"Macroeconomic developments have been positive in 2004, in part
reflecting the favorable global environment. Led by exports,
economic activity has picked up and the current account surplus
has been high. Inflation has increased, but remains well in
single digits. Following deposit losses in the context of the
introduction of the financial transactions tax, the financial
situation has stabilized, and high levels of liquidity have
allowed the authorities to place more securities in local
currency and at longer maturities.

"The authorities aim to reduce the fiscal deficit after grants,
and to limit nonconcessional financing. This will be achieved by
already-adopted fuel price increases, higher revenues related to
gas exports, and the full year impact of the financial
transactions tax. Cuts in nonpriority spending will allow the
initiation of high priority road projects. The government has
expressed its willingness to take contingency measures, should
the need arise, to ensure that 2005 fiscal targets are met.

"Monetary policy will aim to strengthen the international
reserve position further, while gradually introducing greater
flexibility to the exchange rate over the medium term. The
program targets enhancement of debt management practices and the
introduction of a two-way foreign exchange auction in 2005.

"Measures are being taken to reduce risks in the still-fragile
and highly dollarized financial system. These include the
gradual phase-in of additional loan provisioning; increases in
reserve requirements on foreign currency deposits; and the
preparation of a law on a deposit insurance scheme, which will
be submitted to Congress later in the year.

"Maintaining a general framework conducive to foreign
investment, and in particular the passage of a viable
hydrocarbons bill, will be critical to attaining medium-term
debt sustainability. The authorities are encouraged to continue
to reach out to Congress to foster greater consensus on a
hydrocarbons law that balances the call for greater taxation on
hydrocarbons against the need to increase private investment in
the sector.

"Looking forward, reaching a broad political and social
consensus on policies to support growth and poverty reduction,
including through the efficient development of Bolivia's rich
hydrocarbons resources, is urgently needed to facilitate the
development of a medium-term program that could form the basis
for a revised Poverty Reduction Strategy Paper and a new three-
year arrangement with the Fund as soon as possible," Ms. Krueger
stated.

CONTACT: IMF - External Relations Department
         Public Affairs:
         Phone: 202-623-7300
         Fax: 202-623-6278

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



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

BANCO DO BRASIL: S&P Affirms Ratings
------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-/B' foreign
currency and 'BB' local currency counterparty credit ratings on
Banco do Brasil S.A. The outlook is stable.

The local currency rating on Banco do Brasil S.A. reflects the
direct exposure to sovereign credit risk in the form of
marketable securities; Standard & Poor's assessment of high
economic risks within the Brazilian banking industry; as well as
a still-weak intrinsic quality of the bank's capital base
(although this has been improving consistently). On the positive
side, the rating incorporates the firm commitment and support
demonstrated by the Federative Republic of Brazil; the
competitiveness by Banco do Brasil in private sector-related
operations while keeping its public-sector mission; and by its
strong franchise and extensive branch network.

"The ratings on Banco do Brasil incorporate the bank's higher-
than-average exposure to sovereign risk through its open-market
and public sector securities portfolio," said Standard & Poor's
credit analyst Daniel Araujo. In the case of Banco do Brasil,
this reached approximately 4.9x its equity in December 2004, and
is expected to remain at similar levels in the near term. This
high level of government securities is partly explained by the
bank's past restructuring processes, whereby it received federal
government securities as part of the negotiation.

The Brazilian government's firm commitment to Banco do Brasil,
and demonstrated support in recent years, are major positive
factors in the ratings. Banco do Brasil is the largest bank in
Brazil, with ample access to relatively cheap and stable funding
through its extensive distribution network of approximately
3,700 branches. The bank's public-sector role involves promoting
banking access in remote areas of the country and servicing the
agricultural sector.

The ratings and outlook on the long-term counterparty credit
rating on Banco do Brasil mirror those on the Federative
Republic of Brazil. At current levels, both the foreign currency
credit ratings and local currency credit ratings on the bank
should move in tandem with those on the sovereign.


BRASKEM: Schedules Dividend Payment
-----------------------------------
Braskem S.A. ("Braskem"), complementing previously disclosed
information through a material fact published on December 17,
2004, and a Notice to Shareholders published on January 03,
2005, informs its shareholders that during the Ordinary General
and the Extraordinary Shareholders Meeting, both held on March
31, 2005, the proposals for the payment of interest earned by
the company's capital, as well as dividends referring to fiscal
year 2004 were ratified and approved, as detailed to whit:

PAYMENT OF DIVIDENDS OVER THE COMPANY'S CAPITAL

As it has been already informed to the Shareholders during
meetings held on December 14, 2004 and December 31, 2004, the
Administrative Council and the Board of Directors sanctioned the
payment of R$170,000,000.00 (one hundred and seventy million
reais) as interest to be paid over the company's capital,
determined on the base date of December 31, 2004, payable to
Braskem's shareholders, adding up to said amount the priority
and mandatory dividends payable for fiscal year 2004, pursuant
Law no. 9.249/95 and paragraph 6 of article 44 of the Company
By-Laws, to whit:

a) R$136,023,953.75 payable to the holders of Class "A" and "B"
preferred shares and to the holders of American Depositary
Receipts ("ADRs"), which is equipollent to the gross amount of
R$2.255638 per each block of 1,000 class "A" preferred shares;
and

b) R$33,976,046.25 payable to the holders of common shares,
which is equipollent to the gross amount of R$1.124475 for each
block of 1,000 common shares.

The credit as defined by Braskem's accounting records was made
in an individualized manner to each shareholder on December 31,
2004, predicated on the latter's holdings on that date. As
decided by the aforementioned Ordinary General Shareholders
Meeting, the payment shall begin as of April 12, 2005, based on
the latter's holdings on December 31, 2004.

It so being that the shares traded at the stock exchanges are
already being traded net of this interest over the company's
capital ever since January 03, 2005, as disclosed previously,
the latter date being also considered as the "Brazilian Record
Date" to tend to the obligations undertaken as result of the ADR
program kept by Braskem in the United States of America;
Pursuant to law, and as disclosed previously and informed by the
posting agent for the shares issued by Braskem - Banco Itau S.A,
by means of a notice sent to the shareholders which contains
information regarding the aforementioned credits and the
disbursements, the payment of interest shall be accomplished
according to the net value, net of the 15% income tax withheld,
pursuant Law no. 9.249/95, except for shareholders, legal
entities proven exempt or immune from having to pay said income
tax, pursuant Law no. 9.532/97, as well as public or closed
complementary pension companies, insurance companies or
programmed pension fund administrating companies that have
joined the Special Taxation Regime envisaged in MP no. 2.222/01
and in Law no. 10.431/02; Shareholders resident or domiciled in
countries not levying income tax, or where the maximum income
tax rate is less than 20% (twenty percent), referred to by art.
24 of Law 9.430/96, are subject to the assessment of income tax
to be withheld at the rate of 25% (twenty-five percent).

DIVIDEND DISTRIBUTION

The aforementioned Shareholders meeting has also approved the
distribution of dividends referring to fiscal year 2004 in the
amount of R$34,178,097.63 (thirty-four million, one hundred and
seventy-eight thousand, ninety-seven reais and sixty-three
cents), payable to the holders of common shares, which
corresponds to the gross amount of R$1.131163 (one real,
thirteen cents and a fraction) for each block of one thousand
common shares held on that particular date and not kept in the
treasury so as to comply with the provisions of the first part
of sub-item "c" of art. 9, and sub-item "a" of paragraph 3 of
art. 44 of the Company By-Laws, without withholding income tax
pursuant the laws in effect.

As per approval, the payment shall begin as of April 12, 2005.
As of April 01, 2005, any trading regarding common shares in
Brazilian stock exchanges is being accomplished "ex dividends".

Banco Itau S.A. shall remain at the disposal of Braskem's
Shareholders to clarify whatever doubts they may have at the
Shareholders Service Venues set up within the branch offices
located at the addresses infra:

- 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.


CESP: Government to Seek Board Approval on Capital Increase
-----------------------------------------------------------
The Sao Paulo state government will seek approval from the board
of generator CESP on its plan to increase by the end of the
month the Company's capital by as much as BRL400 million (US$153
million), Business News Americas reports.

The capital increase, according to Sao Paulo state governor
Geraldo Alckmin, involves the transfer of the government's
shares in power companies EMAE and CTEEP to CESP. The
government, however, noted it will retain a controlling stake in
both EMAE and CTEEP.

The capital increase is designed to allow CESP to restructure
part of its BRL11-billion debt.

Although national development bank BNDES has reportedly declined
to participate in the capital increase plan by capitalizing part
of CESP's debt into shares, Sao Paulo state authorities continue
to negotiate with the federal government.

CESP owes BNDES some BRL3 billion.

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


COPEL: Shareholders to Vote on Dividend Distribution
----------------------------------------------------
Ricardo Portugal Alves, Head of Market Relations for Companhia
Paranaense de Energia (Copel) informed the New York Stock
Exchange regarding the Company's 2004 interest on its own
capital distribution.

The letter, dated April 7, 2005 advises that COPEL's Board of
Directors, in a meeting held March 22, 2005, approved a
distribution of the Company's 2004 interest on its own capital
distribution, in lieu of a dividend distribution.

The proposal, subject to shareholder approval, will be presented
and voted on at the Company's General Shareholders Meeting,
scheduled for April 25th, 2005.
Following are the details:

Brazilian Record Date: April 25th, 2005
Brazilian Ex-Date: April 26th, 2005
R$ 0.33396 gross per one thousand common shares
R$ 1.27167 per one thousand preferred class "A" and
R$ 0.36743 gross per one thousand preferred class "B"
(underlying share for NYSE-listed ADRs)
Income Tax Withholding Rate: 15%
Payment day: up to 60 days after the GSM

CONTACT: Companhia Paranaense de Energia (COPEL)
         Rua Coronel Dulcidio 800
         Curitiba
         Parana, 80420-170
         Brazil
         Phone: (5541) 322-3535


CSN: Acquires 100% Stake in ERSA for BRL100Mln
----------------------------------------------
Companhia Siderurgica Nacional-CSN informs its shareholders and
the general public that it entered into a Purchase and Sale
Agreement of Shares of Estanho de Rondonia S.A. (ERSA) with
Brascan Brasil Ltda. for the purchase of 100% of the issued
capital stock of ERSA on April 7.

Assets Owned by ERSA

ERSA owns Mineracao Santa Barbara, located in the city of Itapoa
do Oeste, and a smelter mill located in the city of Ariquemes,
both in the State of Rondonia. The mine contains measured
reserves of 25,898 tones and resources of 54,066 tones of tin,
including mining activities (through alluvium method), crushing,
milling and concentration. The smelter mill has the capacity to
produce approximately 3,600 tons of metallic tin per year.

Cost of Acquisition

The total value of acquisition is R$ 100,000,000.00, of which R$
76,863,000.00 shall be paid with the transfer of ERSA shares to
CSN. The remaining R$ 23,137,000.00 will be paid after the end
of the fiscal year of 2005, with the confirmation of certain
operating efficiency and resources inventory indexes.

Strategy

CSN's consumption of tin is approximately 3,600 tones per year
for tin-plate coating, one of the highest value-added products
in the Company's product mix. The purpose is to increase the
annual production of this mine up to 3,600 tones and of the
smelter mill up to 4,800 tones until 2009, evidencing a high
value generation potential for its shareholders and the firm
intention of CSN to conquer market share in the mining business
segment.

Also, the Company moves forward on its strategy of consolidating
and developing its businesses units of steel, mining, logistics
infrastructure and cement.

CONTACT: Companhia Siderurgica Nacional-CSN
         Av. Presidente Juscelino Kubitschek 1830
         Torre 1
         13 andar, Itaim Bibi
         Sao Paulo, SP 04543-900
         Brazil
         Web site: http://www.csn.com.br


CSN: Shares Decline on Announcement to Buy ERSA
-----------------------------------------------
Integrated flat-steel producer Companhia Siderurgica Nacional
(CSN) saw a 1.8% drop on its shares to BRL59.01 on the Sao Paulo
Stock Exchange Friday morning after the Company said it has
agreed to acquire ERSA.

According to Dow Jones Newswires, analysts are wondering why the
Company is adding to its mining assets, which already include
the Casa de Pedra iron mine in Southeastern Brazil.

"It's clear with this acquisition, which has no short-term
impact, not even on reducing costs, that the priority is mining,
which could lead the market to believe there's the possibility
of a split within the company," analysts at Banco Safra said in
a Friday report.

Last year, CSN decided to invest US$850 million to raise output
at Casa de Pedra to 40 million tons of iron ore a year and to
expand its Sepetiba port to ship as much as three-fourths of
that output overseas. The move came as surging worldwide demand
lifted metals prices across the globe.

CONTACT: Companhia Siderurgica Nacional-CSN
         Av. Presidente Juscelino Kubitschek 1830
         Torre 1
         13 andar, Itaim Bibi
         Sao Paulo, SP 04543-900
         Brazil
         Web site: http://www.csn.com.br


ROYAL AHOLD: Completes Brazilian Divestment Plan
------------------------------------------------
Ahold announced yesterday it has successfully completed the sale
of its remaining Brazilian operation, G. Barbosa Comercial Ltda.
The sale agreement with an affiliate of ACON Investments, a US-
based investment firm, was announced on December 31, 2004.

The divestment of G. Barbosa completes Ahold's divestiture
program in Brazil.

About Royal Ahold

The Company, also known as Ahold NV, is primarily engaged in the
operation of retail trade supermarkets both in the US and in
Europe, with additional activities in Latin America.

CONTACT: Ahold Corporate Communications
         Royal Ahold N.V.
         P.O. Box 3050 1500 HB
         Zaandam, Netherlands
         Phone: +31.75.659.5720
         Web site: http://www.ahold.com


UNIBANCO: Pays Interest on Capital Stock
----------------------------------------
- TO BE APPLIED AGAINST THE DIVIDENDS FOR 2004 FISCAL YEAR
- QUARTERLY PAYMENT OF INTEREST ON CAPITAL STOCK FOR THE FIRST
QUARTER OF THE YEAR 2005

A) The Boards of Directors of UNIBANCO - UNIAO DE BANCOS
BRASILEIROS S.A. ("Unibanco") and of UNIBANCO HOLDINGS S.A.
("Unibanco Holdings") approved, on Friday, April 8, 2005, as
proposed by the respective Boards of Officers on March 30, 2005:

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, in the total gross
amount of R$27,676,222.90 and R$13,682,429.34, and total net
amount of R$23,524,789.46 and R$11,630,064.93, respectively to
Unibanco and Unibanco Holdings, to be made from April 29, 2005
on.

This payment shall be considered as part of the mandatory
dividend corresponding to the fiscal year of 2004, in accordance
with the provisions of article 9th of Federal Law 9,249/95,
article 44 paragraph 8th of the by-laws of Unibanco and article
35 sole paragraph of the by-laws of Unibanco Holdings.

Pursuant to the approved proposals, the shareholders of Unibanco
and Unibanco Holdings shall have the right to receive the
interest on capital stock in accordance with the gross and net
amounts set forth in the table below. Such values correspond to
one (1) share, one (1) Share Deposit Certificate ("Unit")*, or
one (1) Global Depositary Share ("GDS")**, as the case may be.
An income tax rate of fifteen percent (15%) will be withheld
from such gross amounts, resulting in the net values set forth
below:


In R$  UBB-ON    UBB-PN    HOL-ON   HOL-PN    UNIT    GDS
       UBBR3     UBBR4     UBHD3    UBHD6     UBBR11  NYSE-UBB
Gross
Val.   .0189452  .0208397  .0164788 .0164788 .0373185 .1865925
Net
Val.   .0161034  .0177137  .0140069 .0140069 .0317206 .1586030

(*) Each UNIT represents one preferred share of Unibanco and one
preferred share of Unibanco Holdings.
(**)Each GDS listed on the New York Stock Exchange (NYSE: UBB)
is equivalent to 5 Units.


II. That Board of Directors' meetings are held in a quarterly
basis with the purpose of deciding the payment of earnings to
the stockholders, which it's intended to be on the form of
interest on capital stock ("Quarterly Payments"), to be paid at
the end of April 2005, July 2005, October 2005, and January
2006, in the values set forth below:


In R$  UBB-ON    UBB-PN    HOL-ON   HOL-PN    UNIT    GDS
       UBBR3     UBBR4     UBHD3    UBHD6     UBBR11  NYSE-UBB
Gross
Val.   .0388235  .0427059  .0337633 . 0337633 .0764692 .3823460
Net
Val.   .0330000  .0363000  .0286988 .0286988  .0649988 .3249940


The Boards of Directors may, at their sole discretion, based on
reasonable causes, decide (i) to modify the conditions foreseen
to the payment of the Quarterly Payments, such as value, form
and dates, being able, also, to propose the payment of the
compensation under the for m of dividends, or (ii) not to pay
the Quarterly Payments in determined quarters.

III. The payment of Quarterly Payments, in the gross total
amount of R$56,715,629.55 and R$28,033,835.39, and net total
amount of R$48,208,285.11 and R$23,828,760.08, respectively to
Unibanco and Unibanco Holdings, to be made from April 29, 2005
on.

This payment shall be considered as part of the mandatory
dividend corresponding to the fiscal year of 2005, in accordance
with the provisions of article 9th of Federal Law 9,249/95,
article 44 paragraph 8th of the by-laws of Unibanco and article
35 sole paragraph of the by-laws of Unibanco Holdings.

Pursuant to the approved proposals, the shareholders of Unibanco
and Unibanco Holdings shall have the right to receive the
interest on capital stock in accordance with the gross and net
amounts set forth in the table below. Such values correspond to
one (1) share, one (1) Unit, or one (1) GDS, as the case may be.
An income tax rate of fifteen percent (15%) will be withheld
from such gross amounts, resulting in the net values set forth
below:


In R$  UBB-ON    UBB-PN    HOL-ON   HOL-PN    UNIT    GDS
       UBBR3     UBBR4     UBHD3    UBHD6     UBBR11  NYSE-UBB
Gross
Val.   .0388235  .0427059  .0337633 . 0337633 .0764692 .3823460
Net
Val.   .0330000  .0363000  .0286988 .0286988  .0649988 .3249940


B. Considering the proposals in items (I) and (III), the total
amount approved to be paid in interests on capital stock is the
gross value of R$84,391,852. 45 and R$41,716,264.73, and the net
values of R$71,733,074.57 and R$35,458,825.01, respectively to
Unibanco and Unibanco Holdings. Such values correspond to the
complementary interests on capital stock declared and paid
related to the profit ascertained in the 2004 fiscal year plus
the Quarterly Payment related to the first quarter of 2005.

Pursuant to the approved proposals, the shareholders of Unibanco
and Unibanco Holdings shall have the right to receive the
interest on capital stock in accordance with the gross and net
amounts set forth in the table below. Such values correspond to
one (1) share, one (1) Unit, or one (1) GDS, as the case may be.
An income tax rate of fifteen percent (15%) will be withheld
from such gross amounts, resulting in the net values set forth
below:


In R$  UBB-ON    UBB-PN    HOL-ON   HOL-PN    UNIT    GDS
       UBBR3     UBBR4     UBHD3    UBHD6     UBBR11  NYSE-UBB
Gross
Val.   .0577687  .0635456  .0502421 .0502421 .1137877 .05689385
Net
Val.   .0491034  .0540137  .0427057 .0427057 .0967194  .4835970

C) The payment of the due amounts, pursuant to the table above
(Item B), shall be made according to the procedures and places
set forth below:

1. GDSs' holders:

The payment shall be made directly to the foreign depositary
bank - Bank of New York - which will forward it to the entitled
shareholders.

2. Other shareholders:

2.1. Shareholders who are Unibanco's account holders:

The payment shall be made by means of credit in the respective
bank accounts.

2.2. Shareholders who hold bank accounts in other banks, who
have already provided to Unibanco, the bank, branch and bank
account numbers:

The payment shall be made by means of electronic transfer (DOC/
TED), according to the respective amounts.

2.3. Shareholders whose shares are deposited in Stock Exchanges'
custody:

The payment will be made directly to the Stock Exchanges, which
shall forward such amounts to the entitled shareholders, by
means of the depositary brokers.

2.4. Shareholders for whom the above-mentioned situations are
not applicable:

The payment shall be made at any Unibanco's branch at their
convenience.

2.5. Shareholders who hold bearer share certificates which still
have not been converted to the book-entry system:

The payment will be made upon delivery of the respective
certificates for mandatory conversion.

2.5.1. Assistance to the conversion will be provided by our
Shareholders Assistance department in the addresses set forth
below, where relevant shareholders shall attend and present the
respective certificates.

Sao Paulo - SP: Rua da Quitanda, 157 - 4th floor
Rio de Janeiro - RJ: Rua Sete de Setembro, 111 mezzanine.

2.5.2. For all other locations, such assistance shall be made at
Unibanco's branches.

D) Pursuant to the approved proposals:

In Brazil, April 8, 2005 will be considered as "Record Date" for
the purpose of determining the holders of shares and Units who
will be entitled to receive the proposed payment, from April 29,
2005 on. Unibanco's and Unibanco Holdings' shares and Units will
be traded in the Brazilian market without the right to receive
payment of interest on capital stock (ex-interest on capital
stock) from April 11, 2005 on.

In the United States of America, April 13, 2005 will be
considered as "Record Date" for the purpose of determining the
holders of GDS who will be entitled to receive the proposed
payment. The GDSs will be traded without the right to receive
payment of interest on capital stock (ex-interest on capital
stock) from April 11, 2005 on.

CONTACT:  UNIBANCO - Uniao de Bancos Brasileiros S.A.
          Investor Relations Area
          Ave. Eusebio Matoso, 891 - 15th floor - Sao Paulo, SP
          05423 -901- Brazil
          Tel.: (55 11) 3097-1980
          Fax: (55 11) 3813-6182
          E-mail: investor.relations@unibanco.com
          URL: www.ir.unibanco.com



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

AES GENER: Still Mulling LNG Options
------------------------------------
Power producer AES Gener has acknowledged an interest in
becoming an offtaker from state oil operation Enap's proposed
liquefied natural gas (LNG) re-gasification terminal in Chile's
central Region V, suggests Business News Americas.

"We could still sign an agreement with Enap [to be a LNG
offtaker]. It is an interesting initiative but we haven't made a
decision yet," CEO Felipe Ceron said Thursday after local
generator Endesa Chile and natural gas distributor Metrogas
signed an offtaker agreement with Enap.

The re-gasification terminal is a government initiative to
reduce dependence on unstable Argentine natural gas imports.
This year's gas export restrictions from Argentina, which amount
to a third of what Chile normally imports from its Andean
neighbor, will "without a doubt" negatively affect AES Gener's
Q1 earnings, Ceron said.

AES Gener operates the 380MW gas-fired Nueva Renca plant near
capital city Santiago, which has been forced to use more
expensive diesel fuel in recent months as a result of the gas
cuts.

CONTACT: AES Gener
         Mariano Sanchez Fontecilla 310 Piso 3
         Santiago de Chile
         Phone: 562-6868900
         Fax: 562-6868991



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

ECOPETROL: No Privatization Plans Says President Uribe
------------------------------------------------------
The country's President, Alvaro Uribe, contradicted reports that
his government is planning to sell oil producer Ecopetrol to a
private entity, relates Business News Americas.

"The government I preside over has not thought about, is not
thinking about, nor will it think about selling Ecopetrol," he
said in response to a report in a Brazilian magazine claiming
Colombia's government is studying a proposal by Brazil's state
oil firm Petrobras (NYSE: PBR) to buy a 49% interest in
Ecopetrol.

Petrobras interest includes only working with Ecopetrol to
upgrade the Cartagena refinery, Uribe said.



=============
J A M A I C A
=============

AIR JAMAICA: Resumes Eastern Caribbean Service
----------------------------------------------
Air Jamaica will return to the Eastern Caribbean on April 16
with six weekly flights to Grenada and Barbados from Kingston
and New York.

Flight JM094 will operate on Mondays, Thursdays and Saturdays
from New York to Grenada, Barbados and Kingston. On the return,
Flight JM095 will operate on Tuesdays, Fridays and Sundays from
Kingston to Barbados, Grenada and New York. JM095/094 will be
the only non- stop services between Kingston and Barbados.

Connections from Grenada and Barbados can be made to New York
and Los Angeles through Jamaica on Mondays, Thursdays and
Saturdays.

Initially, an Airbus A320 with 138 economy and 12 top class
seats will operate the flight but the capacity will be increased
shortly with the use of an A321 aircraft, which has an
additional 38 seats.

Executive Chairman, Dr. Vincent Lawrence says with the
availability of aircraft still restricted and after carefully
reviewing the route structure, competition and economics, the
suspension of flights to St. Lucia will continue at this time.

"In recent months, St. Lucia has benefited from increased non-
stop service by other airlines and we believe that the continued
suspension should not seriously affect traffic to St. Lucia,"
Dr. Lawrence says.

All the relevant Government and Tourism Officials have been
advised of the airline's decision.

Dr. Lawrence expressed his appreciation for the support and
cooperation of the Government and people of St. Lucia and for
their understanding of the continued suspension of service
during this difficult period for the airline.

In the meantime, Air Jamaica is negotiating with other carriers
to provide passengers with connections from Barbados and Grenada
to the rest of the Caribbean.

On March 18, Air Jamaica suspended flights to the Eastern
Caribbean due to the accelerated maintenance schedule required
by the Jamaica Civil Aviation Authority (JCAA). The authority
had insisted that the airline immediately reduce its maintenance
cycle from eighteen to fifteen months. As a result the number of
aircraft available was significantly reduced causing a shortage
of equipment to operate the EC routes.

About Air Jamaica

Air Jamaica is a service-oriented passenger airline offering
travelers a level of comfort, convenience and amenities not
commonly found in air travel today. All Air Jamaica flights
feature hot meals and complimentary champagne, wine and beer.
The Air Jamaica fleet is comprised of new Airbus A320, A321 and
A340 aircraft. Air Jamaica operates 300+ weekly flights
connecting 13 cities in the U.S., Canada and the UK with 12
Caribbean destinations.

CONTACT: Air Jamaica
         8300 N.W. 33rd Street Suite 440
         Miami Fl. 33122
         Phone:  (305) 670 3222
         Fax:  (305) 669 6631


KAISER ALUMINUM: Secures Creditor Support for Liquidating Plans
---------------------------------------------------------------
Kaiser Aluminum has been notified that Logan & Company, the
claims agent in Kaiser's Chapter 11 case, has filed a report
with the U.S. Bankruptcy Court for the District of Delaware
indicating that a sufficient volume of creditors (in number and
amount) have voted to accept the two Liquidating Plans (as
defined in Kaiser's Form 10-K for 2004) filed in conjunction
with the previously announced sale of Kaiser's interests in and
related to alumina refineries in Jamaica and Australia, to
permit confirmation of the Plans to proceed.

Kaiser's Form 10-K for 2004 provides additional detail on the
Liquidating Plans and the proposed distribution of cash proceeds
in connection with the Plans. In addition, the Plans and related
Disclosure Statements are posted in the Restructuring section of
Kaiser's web site at www.kaiseraluminum.com.

The filing by Logan & Company also indicates that holders of the
Company's 12-3/4% Senior Subordinated Notes, as a group, voted
not to accept the Plans. Accordingly, as discussed more fully in
the company's Form 10-K and the Disclosure Statements related to
the Plans, the Court will determine the allocation of
distributions among holders of the company's 9-7/8% Senior
Notes, 10-7/8% Senior Notes, and the 12-3/4% Senior Subordinated
Notes.

Certain technical objections to the Plans have also been filed.
The Court will hold a hearing beginning on April 13 to hear and
rule on the plan objections and the allocation of distributions
among holders of the Company's 9-7/8% Senior Notes, 10-7/8%
Senior Notes, and the 12-3/4% Senior Subordinated Notes.

The Court's decisions regarding confirmation will be subject to
appeal. No assurances can be provided as to whether or when the
Liquidating Plans will be confirmed by the Court or ultimately
consummated or, if confirmed and consummated, as to the amount
of distributions to be made to individual creditors of the
liquidating subsidiaries or the company. Further, the company
cannot predict what the ultimate allocation of distributions
among holders of the company's 9-7/8% Senior Notes, 10-7/8%
Senior Notes, and the 12-3/4% Senior Subordinated Notes will be,
when any such resolution will occur, or what impact any such
resolution may have on the company and its ongoing
reorganization efforts.

The Liquidating Plans relate exclusively to the interests in and
related to alumina refineries in Jamaica and Australia and will
have no impact on the normal ongoing fabricated products
business unit or other continuing operations.

About Kaiser Aluminum

Kaiser Aluminum is a leading producer of fabricated aluminum
products for aerospace and high-strength, general engineering,
automotive, and custom industrial applications.

CONTACT: Kaiser Aluminum
         Houston
         Mr. Scott Lamb
         Phone: 713-332-4751



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

PEMEX: Issues $44.4M Worth of Bonds on the BMV
----------------------------------------------
State oil company Pemex auctioned short-term bonds worth MXN500
million (US$44.4mn) on the Mexico City stock exchange (BMV) on
April 6, Business News Americas reports, citing BMV information.
The fixed-rate bonds, which were issued April 7 and will come
due May 5, cost MXN100 each and pay a 9.78% fixed annual
interest rate. JP Morgan acted as fiduciary for the issue and
Scotia Inverlat and Santander Serf¡n were the placing agents.
Credit ratings agency Standard and Poor's assigned its mxA-1+
rating to the issue, Fitch its F1+ (mex) rating and Moody's its
MX-1 rating.


PROVO INTERNATIONAL: Will Not Appeal AMEX Decision
--------------------------------------------------
Provo International, Inc. (formerly Frontline Communications
Corp., formerly traded on AMEX: FNT) announced Friday that the
company will not appeal the previously announced notice from the
American Stock Exchange (AMEX) that it will not accept the
Company's proposed plan of compliance (the "plan"). In order to
file the appeal, the Company would have been required to pay
AMEX a substantial amount for various continued listing and
application fees, which it believes would place too great a
strain on cash flow with no reasonable assurance that the
Company would succeed on appeal.

Provo's common stock is now quoted in the over-the-counter pink
sheets. It is management's goal to have the its common stock
listed on the OTC Bulletin Board and to continue to execute its
business plan similar to that which is described in the
compliance plan submitted to AMEX. The Company recently filed an
extension to file Form 10-KSB no later than April 15, 2005. As a
result of auditing delays of our Provo Mexico subsidiary, it is
likely that Form 10-KSB will not be filed with the Securities
and Exchange Commission until the middle of May 2005. In order
to have our common stock trading on the OTC Bulletin Board, we
need to be current with our reports under the Exchange Act and
to have a market maker file an appropriate application with the
NASD.

In a related matter, CEO Stephen J. Cole-Hatchard will be
stepping down as CEO and Chairman of the Board. Cole-Hatchard
stated that his expected resignation as CEO and Chairman at this
time was appropriate, in that his primary tasks were to deal
with SEC and AMEX matters. "Our company," Cole-Hatchard said,
"will save a substantial amount of money by not having its
common stock listed on the AMEX and not paying me for the
extensive time involved in dealing with the myriad rules,
filings and deadlines of AMEX". He continued, "It appears that
our potential investors, as well as our various licensing and
acquisition targets, are still willing to proceed, but with a
downsized and modified business plan, with a concomitant
reduction in financing amounts. As a result, it just makes good
business sense to reflect those reductions in corporate overhead
as much as possible."

About Provo International Inc.

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


TFM: S&P Affirms KCS Ratings, Upgrades TFM
------------------------------------------
Standard & Poor's Ratings Services affirmed its ratings,
including the 'BB-' corporate credit ratings, on Kansas City
Southern and unit Kansas City Southern Railway Co., and removed
the ratings from CreditWatch, where they were placed on Dec. 15,
2004. At the same time, Standard & Poor's raised the corporate
credit rating of unit TFM S.A. de C.V. (TFM) to 'BB-' from 'B'
and removed the rating from CreditWatch, where it was placed on
Dec. 15, 2004. In addition, Standard & Poor's assigned its 'B+'
rating to TFM's $460 million senior unsecured notes due 2012 and
2015. Proceeds from the notes offering will be used to repay
existing debt.

The rating actions follow our review of the operating outlook
for both companies and the impact of Kansas City Southern's
acquisition of a controlling interest in Grupo TFM (TFM's
parent) on each company's credit profile. The outlook on Kansas
City Southern, Kansas City Southern Railway Co., and TFM is
negative.

"The upgrade of TFM reflects Standard & Poor's expectation that
the financial profile of TFM will improve over the near to
intermediate term due to the planned refinancing of high
interest rate debt, marketing and cost benefits from the recent
transaction, and favorable industry conditions" said Standard &
Poor's credit analyst Lisa Jenkins. "The affirmation of Kansas
City Southern ratings reflects Standard & Poor's belief that the
TFM transaction has improved Kansas City Southern's business
profile and that favorable industry conditions will enable
Kansas City Southern to improve its currently extended financial
profile to levels consistent with its rating over the near to
intermediate term."

On April 1, 2005, Kansas City Southern completed its acquisition
of a controlling interest in Grupo TFM, which owns TFM, the
largest Mexican freight railroad. TFM operates a rail network in
northeast Mexico.

Ratings assume that credit protection measures will improve at
both entities over the next two years as a result of benefits
from the acquisition and from continuing healthy market
fundamentals. In addition, ratings reflect the expectation that
the long-running value-added-tax (VAT) dispute with the Mexican
government and the put option that the Mexican government can
exercise to sell its remaining ownership interest in Grupo TFM
will be resolved without a material impact on credit quality.
Should Kansas City Southern be forced to pay the full amount of
the put option with no offsetting VAT proceeds, ratings could be
reviewed for a downgrade. Conversely, if the improvement in
credit protection measures does occur as expected, and if the
VAT and put issues are resolved without adverse financial
consequences, the outlook would likely be revised to stable.

Primary Credit Analyst: Lisa Jenkins, New York (1) 212-438-7697;
lisa_jenkins@standardandpoors.com

Secondary Credit Analyst: Juan P Becerra, Mexico City (52) 55-
5081-4416; juan_becerra@standardandpoors.com


VITRO: Shuffling Management In Light Of President's Retirement
--------------------------------------------------------------
Vitro, S.A. de C.V. (NYSE: VTO; BMV: VITROA) announced Friday
that Fernando Flores, the current President of Vitro's Flat
Glass Unit, has decided to retire.

Jose Domene, Vitro's Chief Operating Officer, will head the Flat
Glass Business Unit as Interim President, while maintaining his
current responsibilities.

Fernando Flores will continue to support Jose Domene as a
consultant for a six-month period to assure continuity.

About Vitro

Vitro, S.A. de C.V. through its subsidiary companies, is one of
the world's leading glass producers. Vitro is a major
participant in three principal businesses: flat glass, glass
containers and glassware.

Vitro serves multiple product markets, including construction
and automotive glass; food and beverage, wine, liquor, cosmetics
and pharmaceutical glass containers; glassware for commercial,
industrial and retail uses.

Founded in 1909 in Monterrey, Mexico-based Vitro has joint
ventures with major world-class partners and industry leaders
that provide its subsidiaries with access to international
markets, distribution channels and state-of-the-art technology.

Vitro's subsidiaries have facilities and distribution centers in
eight countries, located in North, Central and South America,
and Europe, and export to more than 70 countries worldwide.

CONTACT: Vitro, Sociedad Anonima
         Ave. Ricardo Margain 400
         Col Valle del Campestre
         Garza Garcia, Nuevo Leon 66250
         Mexico
         Phone: +52 81-8863-1200
         Web site: http://www.vto.com



===========
P A N A M A
===========

ICA PANAMA: To Issue $150M Worth of Bonds
-----------------------------------------
ICA Panama, a subsidiary of Mexican engineering, procurement and
construction company Ingenieros Civiles y Asociados (NYSE, BMV:
ICA), will issue US$150 million bonds in public, reports
Business News Americas. The proceeds of the operation will be
used to pay off debts. ICA Panama holds the concession for the
Corredor Sur tollroad.

CONTACT: Empresas ICA Sociedad Controladora S.A. de C.V.
         Col. Escandon Del Migual Hidalgo
         Mexico City, 11800
         Mexico
         Phone: 525-272-9991
         Web site: http://www.ica.com.mx



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

BWIA: Govt's $35.6M Bailout Package Follows Flight Suspensions
--------------------------------------------------------------
Ailing national airline has received a TTD222.9-million (US$35.6
million) bailout package from the government, according to an
Associated Press report.

The bailout package came in conjunction with the government's
decision to suspend the airline's flights to the Caribbean and
Europe.

Public Administration Minister Lenny Saith said Thursday that
the suspension of flights to Costa Rica, Cuba, Curacao, the
Dominican Republic, Ireland, and Manchester, England was
effective immediately. He did not say how long the flights would
be suspended.

The bailout package and the flights suspension are part of the
government's latest efforts to save the airline from financial
collapse. Trinidad's government has bailed out BWIA repeatedly
since the drop in travelers that followed the Sept. 11 attacks
in the United States.

The government increased its 49% stake in the airline to 75%
last year. The government stepped in when a leasing company
seized two BWIA jets and the airline was nearing bankruptcy with
a total debt of about US$100 million.

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



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

PDVSA: VEC Wants Citgo Stake
----------------------------
Valero Energy Corporation (VEC), a major refinery of heavy and
acid oil in the United States, reaffirmed its interest in buying
the refineries of Citgo, the U.S.-based subsidiary of Petroleos
de Venezuela SA (PDVSA).

VEC speaker Mary Rose Brown told daily El Universal that VEC "is
still interested in the refineries, even if the procurement does
not involve secured supplies" for the heavy/acid oil processed
at Citgo refineries and produced in Venezuela.

Brown's comments came after Venezuela's Minister of Energy and
Petroleum Rafael Ramirez announced that the government will not
sell Citgo. Instead, it will launch a restructuring of the
unit's activities to make it more efficient.

"We have said we are not going to sell Citgo; we have a very
strong presence in the US market," Ramirez said.

Citgo owns eight refineries in the United States, with a
capacity to process 895,000 b/d. The PDVSA subsidiary trades 600
different lube oils and other byproducts. Citgo facilities can
process Venezuelan heavy and acid oil.


* VENEZUELA: Closes Successful $1.6B Bond Issue
-----------------------------------------------
The Venezuelan government has completed the sale its US$1.6
billion 20-year dollar denominated bonds, reports Bloomberg.

The new bond issue, bearing an interest rate of 7.65 percent,
was sold locally to domestic investors to keep borrowing costs
down and to comply with dollar purchase restrictions in the
country.

The investors purchased the bonds in bolivars at an exchange
rate of 2,150 to the dollar. The bonds will be repaid in dollars
upon maturity. The local finance ministry says that the bids
totaled US$4.4 billion for the offering.



                            ***********


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

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