TCRLA_Public/050418.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 18, 2005, Vol. 6, Issue 75

                            Headlines


A R G E N T I N A

AGEA: Weak Conditions Prompt S&P's `raBBB-' Bond Rating
ARTE GRAFICO COMAHUE: Court Orders Company to Liquidate
ARTES GRAFICAS: Court Authorizes Plan, Concludes Reorganization
B & B MAIL: Initiates Bankruptcy Proceedings
COMERCIAL TUCUMAN: Liquidates Assets to Pay Debts

GALYSUR S.A.: Reorganization Disintegrates To Bankruptcy
FIRST SECURITY: Court Declares Company Bankrupt
NEOFONE DIGITAL: Bankruptcy Demands Asset Liquidation
NOVA ATLANTIS: Court Converts Bankruptcy to Reorganization
PINNACLE ENTERTAINMENT: Moody's Revises Outlook to Positive

PLAYAS DEL SUR: Court Resets Liquidation Schedule
PRESTACIONES ODONTOLOGICAS: Court Names Trustee for Liquidation
RIMBOY S.A.: Seeks Court Approval To Reorganize
SANCAYET S.A.: Enters Bankruptcy on Court Orders
TURISMO INTERLAGOS: Court Deems Bankruptcy Necessary

* ARGENTINA: Grappling With Another ICSID Lawsuit


B E R M U D A

GLOBAL CROSSING: Amended Securities Suit in NY
GLOBAL CROSSING: Appeals Court Reverses Suit Settlement Approval


B R A Z I L

BRASKEM: BNDES Approves BRL384.6 Million Financing
BRASKEM: Board Approves BRL360M Debenture Issue
EMBRATEL: Reports Results of Capital Increase
EMBRATEL: Agneda Set for Shareholders' Meeting


H O N D U R A S

* HONDURAS: IMF Reports On Robust Economic Growth


J A M A I C A

DYOLL GROUP: Auditor Recommends Liquidation


M E X I C O

GRUPO DESC: Refinancing Mid-Term Debt With New Notes
GRUPO DESC: Annual Shareholder Meeting Announced
TFM: KCS Announces Receipt of Consents, Early Tenders
UNEFON: Seeks to Delist From BMV Due to Poor Liquidity


T R I N I D A D   &   T O B A G O

BWIA: Senator Recommends Airline Shut Down


U R U G U A Y

* URUGUAY: Delays Bond Sale on Declining Debt Prices


V E N E Z U E L A

PDVSA: Falcon Legislators Seek CRP Manager's Dismissal
PDVSA: Amuay Recovering From Blackout


     - - - - - - - - - -

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

AGEA: Weak Conditions Prompt S&P's `raBBB-' Bond Rating
-------------------------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal Argentina
gave an 'raBBB-' rating to various types of corporate bonds
issued by Arte Grafico Editorial Argentino S.A. (AGEA),
Argentina's securities regulator, the Comision Nacional de
Valores (CNV), reveals on its Web site.

The bonds affected are:

- US$30.6 million worth of `Series and/or Class' bonds described
as "Serie C -ON a Tasa Fija creciente." The maturity date was
not disclosed;

- US$62.05 million worth of `Series and/or Class' bonds
described as "Serie B -ON Tasa Flotante creciente." The maturity
date was not disclosed;

- US$21.67 million worth of `Series and/or Class' bonds
described as "Serie B -ON a Tasa Fija creciente." The maturity
date was not disclosed; and

- US$450 million worth of `Program' bonds described as "Programa
Global de Obligaciones Negociables simples (Programa
originalmente por hasta U$S 600 millones)." These bonds will
mature on November 7, 2008.

The rating, which was given based on AGEA's financial status as
of December 31, 2004, means that adverse economic conditions are
more likely to lead to a weakened capacity of the issuer to meet
its financial obligations.


ARTE GRAFICO COMAHUE: Court Orders Company to Liquidate
-------------------------------------------------------
Arte Grafico Comahue S.R.L. prepares to wind-up its operations
following the bankruptcy pronouncement issued by Court No. 14 of
Buenos Aires' civil and commercial tribunal. The declaration
effectively prohibits the company from administering its own
assets, control of which will be transferred to a court-
appointed trustee.

Infobae reports that the court appointed Ms. Amalia Victoria
Beckerman as trustee. Ms. Beckerman will be reviewing creditors'
proofs of claims until June 16. The verified claims will serve
as basis for the individual reports to be presented for court
approval on August 12. The trustee will also submit a general
report of the case on September 26.

Clerk No. 27 assists the court on this case that will end with
the sale of the company's assets. Proceeds from the sale will be
used to repay the Company's debts.

CONTACT: Ms. Amalia Victoria Beckerman, Trustee
         Paraguay 1591
         Buenos Aires


ARTES GRAFICAS: Court Authorizes Plan, Concludes Reorganization
---------------------------------------------------------------
Buenos Aires-based company Artes Graficas Pitzel S.R.L.
concluded its reorganization process, according to data released
by Infobae on its Web site. The conclusion came after the city's
civil and commercial Court No. 24, with assistance from Clerk
No. 47, homologated the debt plan signed between the Company and
its creditors.


B & B MAIL: Initiates Bankruptcy Proceedings
--------------------------------------------
Court No. 2 of Buenos Aires' civil and commercial tribunal
declared B & B Mail S.A. "Quiebra," reports Infobae. Clerk No. 3
assists the court on the case that will close with the sale of
the Company's assets to repay creditors.

Ms. Susana Graciela Marino, who has been appointed as trustee,
will verify creditors' claims until May 20 and then prepare the
individual reports based on the results of the verification
process.

The individual reports will be submitted in court on July 7,
followed by the general report on August 31.

CONTACT: Ms. Susana Graciela Marino, Trustee
         Uruguay 560
         Buenos Aires


COMERCIAL TUCUMAN: Liquidates Assets to Pay Debts
-------------------------------------------------
Comercial Tucuman S.R.L. will begin liquidating its assets
following the bankruptcy pronouncement issued by Court No. 24 of
Buenos Aires' civil and commercial tribunal, Infobae reports.

The ruling places the company under the supervision of court-
appointed trustee Isaac Jospe. Mr. Jospe will verify creditors'
proofs of claims until June 17. The validated claims will be
presented in court as individual reports on August 5.

The trustee will also submit a general report, containing a
summary of the company's financial status as well as relevant
events pertaining to the bankruptcy, on September 16.

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

CONTACT: Mr. Isaac Jospe, Trustee
         Jose Evaristo Uriburu 1054
         Buenos Aires


GALYSUR S.A.: Reorganization Disintegrates To Bankruptcy
--------------------------------------------------------
The reorganization of Galysur S.A. has progressed into
bankruptcy. Argentine news source Infobae relates that Buenos
Aires' civil and commercial Court No. 25 ruled that the Company
is "Quiebra Decretada". The report adds that the court assigned
Mr. Oscar Leonardo Epstein as trustee, who will verify
creditors' proofs of claim until May 20.

The court also ordered the trustee to prepare individual reports
after the verification process is completed, and have them ready
by July 5. A general report on the bankruptcy process is
expected on August 31. An informative assembly is scheduled on
March 6 next year.

CONTACT: Mr. Oscar Leonardo Epstein, Trustee
         Viamonte 1620
         Buenos Aires


FIRST SECURITY: Court Declares Company Bankrupt
-----------------------------------------------
Court No. 14 of Buenos Aires' civil and commercial tribunal
declared local company First Security S.A. bankrupt, reports
Infobae. The Company was undergoing reorganization when the
ruling was issued.

The trustee, Ms. Susana Haydee Mugnai, will verify claims "por
via incidental", as the court ordered. The trustee will also be
responsible for the individual and general reports.

CONTACT: Ms. Susana Haydee Mugnai, Trustee
         Lavalle 1459
         Buenos Aires


NEOFONE DIGITAL: Bankruptcy Demands Asset Liquidation
-----------------------------------------------------
Neofone Digital S.R.L. of Buenos Aires will begin liquidating
its assets after Court No. 20 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 Roberto L. Sapollnik.

Mr. Sapollnik will review claims forwarded by the company's
creditors until June 10. After claims verification, the trustee
will submit the individual reports for court approval on August
8. The general report submission will follow on September 20.

Clerk No. 40 assists the court on this case.

CONTACT: Mr. Roberto L Sapollnik, Trustee
         Parana 851
         Buenos Aires


NOVA ATLANTIS: Court Converts Bankruptcy to Reorganization
----------------------------------------------------------
Nova Atlantis Construcciones S.A. proceeds with reorganization
after Court No. 7 of Bahia Blanca'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.

Court-appointed trustee Hugo Benedetti will submit individual
reports from the case on June 7 as well as a general report on
August 3.

CONTACT: Nova Atlantis Construcciones S.A.
         Alberto 1133
         Bahia Blanca

         Mr. Hugo Benedetti, Trustee
         Roca 698
         Bahia Blanca


PINNACLE ENTERTAINMENT: Moody's Revises Outlook to Positive
-----------------------------------------------------------
Moody's Investors Service revised Pinnacle Entertainment, Inc.'s
ratings outlook to positive from stable and confirmed the
company's existing B2 senior implied rating, B3 long-term issuer
rating, B1 senior secured bank loan ratings, and Caa1 senior
subordinated debt ratings.

The positive ratings outlook reflects the expectation that
Pinnacle's $365 million Lake Charles development project will
open in May 2005 as currently planned and have a positive impact
on the company's overall financial profile. To the extent the
Lake Charles casino successfully ramps up over the near-term and
the company's overall operating results continue to improve,
ratings could be raised.

The positive ratings outlook also takes into account operating
improvements that have taken place, particularly with respect to
Belterra, as well as the company's good liquidity profile. At
Dec. 31, 2004, Pinnacle had about $280 million of balance sheet
cash and access to an un-drawn $125 million revolver and a $130
million delayed draw term loan. Additionally, there are no near-
term debt maturities until the revolving portion of the ba nk
loan expires in 2008.

The confirmation considers that a slower than expected ramp-up
in Lake Charles will not necessarily result in a ratings
downgrade. A significant amount of downside protection is
afforded by Pinnacle's regional market focus, good liquidity
position, and improved overall operating results. Slower than
expected ramp-up, however, could delay any ratings improvement.
Although Pinnacle's Lake Charles development, given its new and
superior product, is expected to take market share away from
existing casinos as well as expand the Lake Charles market
overall; concern remains that the Lake Charles market may not
have the depth and/or growth prospects to support this new
casino at a level that meets the company's return objectives.
For calendar year 2004, the Lake Charles market, in terms of
reported gaming revenues, only grew 3.2%. For the month of
January 2005, the market only grew 1.2% from the comparable
prior year period, and February 2005 experienced a 1% decline.

Pinnacle's B2 senior implied rating continues to reflect the
risks associated with its high leverage and significant planned
development activity through fiscal 2007. Pinnacle was selected
to develop two casinos in the St. Louis, MO area - a $208
million casino/hotel in downtown St. Louis and a $300 million
casino in St. Louis County. The county project is tentatively
scheduled to open in late 2006/early 2007. The city project is
tentatively scheduled to open in early 2008. Both projects are
subject to Missouri Gaming Commission approval. Although the
company has the liquidity to fund a portion of these St. Louis
projects, it will likely require additional external funding.
The ratings also acknowledge that longer-term, negative
legislative or tax initiatives in Louisiana and/or any
legalization of expanded gaming in Texas could pose threats to
Pinnacle's Louisiana-based casinos, which currently account for
about 45% of the company's total property-level EBITDA. This
concentration is expected to increase substantially once the
Lake Charles casino begins operating.

The one-notch rating differential between the company's B1
senior secured bank loan rating and the B2 senior implied rating
reflects the superior recovery profile of the credit facility
relative to other debt obligations in Pinnacle's capital
structure. Moody's decision to assign a higher rating to the
senior secured credit facilities was based on an analysis of
distressed asset and enterprise values and the determination
that senior secured lenders would be adequately protected under
distressed circumstances.

Headquartered in Las Vegas, Nevada, Pinnacle Entertainment, Inc.
(NYSE: PNK) owns and operates casinos in Nevada, Mississippi,
Louisiana, Indiana and Argentina, and receives lease income from
two card club casinos in California. The company is also
building a casino resort in Lake Charles, Louisiana, and has
been selected for two casino projects in Missouri, pending
regulatory approval. Net revenue for the fiscal-year ended Dec.
31, 2004 was about $554 million.


PLAYAS DEL SUR: Court Resets Liquidation Schedule
-------------------------------------------------
Court No. 9 of Mar del Plata's civil and commercial tribunal
changed key events in the Playas del Sur S.R.L. bankruptcy case
to these dates:

1. Proof of Claims Submission Deadline: May 6, 2005
2. Individual Report Submission: June 21, 2005
3. General Report Submission: August 16, 2005

Local accountant Maria Cristina Panizo serves as trustee on this
case. Proof of claims must be submitted by the said deadline to
qualify under the Company's reorganization.

Clerk No. 8 assists the court on this case.

CONTACT: Playas del Sur S.R.L.
         Martinez de Hoz 4780
         Mar del Plata

         Ms. Maria Cristina Panizo, Trustee
         25 de Mayo 2980
         Mar del Plata


PRESTACIONES ODONTOLOGICAS: Court Names Trustee for Liquidation
---------------------------------------------------------------
Buenos Aires-based accountant Hector Pedro Bazzini was assigned
trustee for the liquidation of local company Prestaciones
Odontologicas S.A., relates Infobae. Mr. Bazzini will verify
creditors' claims until May 16, the source adds. After that, he
will prepare the individual reports, which are to be submitted
in court on June 29. The submission of the general report should
follow on August 25.

The city's civil and commercial Court No. 13 holds jurisdiction
over the Company's case. Clerk No. 26 assists the court with the
wind-up proceedings.

CONTACT: Mr. Hector Pedro Bazzini, Trustee
         Uruguay 662
         Buenos Aires


RIMBOY S.A.: Seeks Court Approval To Reorganize
-----------------------------------------------
Rimboy S.A., a company operating in Buenos Aires, 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. 16 of Buenos Aires' civil
and commercial tribunal. Clerk No. 32 assists the court on this
case.

CONTACT: Rimboy S.A.
         Larraya 2280/02
         Buenos Aires


SANCAYET S.A.: Enters Bankruptcy on Court Orders
------------------------------------------------
Court No. 24 of Buenos Aires' civil and commercial tribunal
declared Sancayet S.A. bankrupt after the company defaulted on
its debt payments. The bankruptcy order effectively places the
company's affairs as well as its assets under the control of
court-appointed trustee Ernesto Carlos Borzone.

As trustee, Mr. Borzone is tasked with verifying the
authenticity of claims presented by the company's creditors. The
verification phase is ongoing until June 17.

Following claims verification, the trustee will submit the
individual reports based on the forwarded claims for final
approval by the court on August 5. A general report on the case
will also be submitted on September 16.

Infobae reports that Clerk No. 47 assists the court on this case
that will close with the sale of the Company's assets.

CONTACT: Mr. Ernesto Carlos Borzone, Trustee
         Cuenca 1464
         Buenos Aires


TURISMO INTERLAGOS: Court Deems Bankruptcy Necessary
----------------------------------------------------
Turismo Interlagos S.A., which was undergoing reorganization,
entered bankruptcy on orders from Court No. 2 of Santa Cruz's
civil and commercial tribunal.

Infobae relates that the court, which is assisted by the city's
Clerk No. 1, appointed Mr. Luis Cesar Borquez as trustee on the
case. Mr. Borquez will conduct the credit verification process
"por via incidental."

CONTACT: Mr. Luis Cesar Borquez, Trustee
         Los Inmigrantes 444
         Santa Cruz


* ARGENTINA: Grappling With Another ICSID Lawsuit
-------------------------------------------------
Another foreign company has lodged arbitration proceedings
against Argentina before the International Centre for the
Settlement of Investment Disputes ("ICSID"). According to Dow
Jones Newswires, French defense and telecommunications
contractor Thales SA registered, under the subsidiary name of
TSA Spectrum de Argentina SA, an international arbitration suit
against Argentina in the ICSID on March 8.

Details about the lawsuit were not readily available but Dow
Jones Newswires suggests that the case most likely challenges
the government's decision to rescind a contract that Thales had
held for managing the distribution and maintenance of radio
spectrum licenses in Argentina.

The concession was withdrawn in January 2004 after the
government accused Thales of failing to fulfill investment
promises and amid allegations by Argentine government officials
that the company had paid bribes to win the concession during
the government of President Carlos Menem in 1997. Thales has
strongly denied these allegations.



=============
B E R M U D A
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GLOBAL CROSSING: Amended Securities Suit in NY
----------------------------------------------
Plaintiffs filed an amended consolidated securities class action
against Global Crossing Ltd. and certain of its officers and
directors in the United States District Court for the Southern
District of New York.

Following the Company's s April 27, 2004 announcement that the
Company expected to restate certain of its consolidated
financial statements as of and for the year ended December 31,
2003, eight separate class action lawsuits all purporting to be
brought on behalf of Company shareholders were commenced against
the Company and certain of its officers and directors in the
United States District Courts in New Jersey, New York and
California. The cases were consolidated and transferred by the
Judicial Panel on Multidistrict Litigation to Judge Gerard Lynch
of the United States District Court for the Southern District of
New York based on his past involvement in prior cases involving
the Company.

On February 18, 2005, lead plaintiffs filed an amended
consolidated class action complaint against the Company and two
of its past and present officers. The consolidated amended
complaint alleges that the Company defrauded the public
securities markets by issuing false and misleading statements
that failed to disclose or indicate:

(1) that the Company had materially understated its accrued cost
of access liabilities by as much as $80 million,

(2) that the Company lacked sufficient internal controls to
prevent material misstatements,

(3) that the Company lacked sufficient internal controls to
properly record and report accrued cost of access liabilities
and operating expenses,

(4) that its financial statements were not prepared in
accordance with generally accepted accounting principles,

(5) that the Company did not, contrary to its representations,
consistently monitor the accuracy of its systems that measured
cost of access,

(6) that the Company's results were materially inflated, and

(7) that the Company did not have a "clean" balance sheet.

The consolidated amended complaint, on behalf of a class of
persons who purchased or acquired the Company's common stock
between December 9, 2003 and April 26, 2004, asserts claims
under the federal securities laws, specifically Sections 10(b)
and 20(a) of the Exchange Act. Plaintiffs contend that the
Company's misstatement or omissions artificially inflated the
price of the Company's stock, which declined when the "true"
costs were disclosed. Plaintiffs seek compensatory damages as
well as other relief. If the case is not settled, defendants
anticipate filing a motion to dismiss the consolidated amended
complaint. (Class Action Reporter, Friday, April 15, 2005, Vol.
7, Issue 74)

CONTACT: Ms. Becky Yeamans
         Phone: + 1 973-937-0155
         E-mail: PR@globalcrossing.com

         Analysts/Investors Contact
         Ms. Laurinda Pang
         Phone: + 1 800-836-0342
         E-mail: glbc@globalcrossing.com
         Web site: http://www.globalcrossing.com


GLOBAL CROSSING: Appeals Court Reverses Suit Settlement Approval
----------------------------------------------------------------
The United States Seventh Circuit Court of Appeals reversed the
approval of the settlement of the class action filed against
three of Global Crossing Ltd.'s subsidiaries and remanded the
suit to federal court.

In May 2001, a purported class action was commenced against
three of the Company's subsidiaries in the United States
District Court for the Southern District of Illinois. The
complaint alleges that the Company had no right to install a
fiber optic cable in rights-of-way granted by the plaintiffs to
certain railroads.

Pursuant to an agreement with Qwest Communications Corporation,
the Company has an indefeasible right to use certain fiber
optical cables in a fiber optic communications system
constructed by Qwest within the rights-of-way. The complaint
alleges that the railroads had only limited rights-of-way
granted to them that did not include permission to install fiber
optic cable for use by Qwest or any other entities. The action
has been brought on behalf of a national class of landowners
whose property underlies or is adjacent to a railroad right-of-
way within which the fiber optic cables have been installed. The
action seeks actual damages in an unstated amount and alleges
that the wrongs done by the Company involve fraud, malice,
intentional wrongdoing, willful or wanton conduct and/or
reckless disregard for the rights of the plaintiff landowners.
As a result, plaintiffs also request an award of punitive
damages.

The Company made a demand of Qwest to defend and indemnify the
Company in the lawsuit. In response, Qwest has appointed defense
counsel to protect the Company's interests. The Company's North
American network includes capacity purchased from Qwest on an
indefeasible rights of use (IRU) basis. Although the amount of
the claim is unstated, an adverse outcome could have an adverse
impact on the Company's ability to utilize large portions of the
Company's North American network.

This litigation was stayed against the Company pending the
effective date of the Plan of Reorganization, and the
plaintiffs' pre-petition claims against the Company were
discharged at that time in accordance with the Plan of
Reorganization. By agreement between the parties, the Plan of
Reorganization preserved plaintiffs' rights to pursue any post-
confirmation claims of trespass or ejectment. If the plaintiffs
were to prevail, the Company could lose its ability to operate
large portions of its North American network, although it
believes that it would be entitled to indemnification from Qwest
for any losses under the terms of the IRU agreement under which
the Company originally purchased this capacity.

As part of a global resolution of all bankruptcy claims asserted
against the Company by Qwest, Qwest agreed to reaffirm its
obligations of defense and indemnity to the Company for the
assertions made in this claim. In September 2002, Qwest and
certain of the other telecommunication carrier defendants filed
a proposed settlement agreement in the United States District
Court for the Northern District of Illinois. On July 25, 2003,
the court granted preliminary approval of the settlement and
entered an order enjoining competing class action claims, except
those in Louisiana. The settlement and the court's injunction
were opposed by a number of parties who intervened and an appeal
was taken to the United States Court of Appeals for the Seventh
Circuit. In a decision dated October 19, 2004, the Court of
Appeals reversed the approval of the settlement and lifted the
injunction. The case has been remanded to the District Court for
further proceedings. (Class Action Reporter, Friday, April 15,
2005, Vol. 7, Issue 74)

CONTACT: Ms. Becky Yeamans
         Phone: + 1 973-937-0155
         E-mail: PR@globalcrossing.com

         Analysts/Investors Contact
         Ms. Laurinda Pang
         Phone: + 1 800-836-0342
         E-mail: glbc@globalcrossing.com
         Web site: http://www.globalcrossing.com




===========
B R A Z I L
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BRASKEM: BNDES Approves BRL384.6 Million Financing
--------------------------------------------------
- Group's total investments amount to BRL754.76 million and will
increase production

The board of Banco Nacional de Desenvolvimento Econ“mico e
Social [BNDES] approved BRL384.6 million financing to Braskem.
The funds will integrate the company's investment budget, of
BRL754.76 million between 2004 and 2007, for petrochemical input
production expansion projects. The Braskem's program, to which
BNDES will participate with 51%, is divided in three groups.

The first group refers to ethene production capacity increase,
from 1,280 thousand tons/year to 1,350 thousand tons/year, in
Cama‡ari, State of Bahia; polypropylene, from 450 thousand
tons/year to 550 thousand tons/year, in Triunfo (State of Rio
Grande do Sul - RS), and also funding to quality and
productivity, environment, health and safety projects at
Cama‡ari, Triunfo, Marechal Deodoro and Macei˘ plants.

The second group of investments relates to MVC production
capacity expansion, from 190 thousand tons/year to 240 thousand
tons/year and PVC production capacity increase, from 205
thousand tons/year to 255 thousand tons/year, in Marechal
Deodoro (State of Alagoas - AL). In addition, it includes a
polypropylene utilization project on the development of
discardable products, in Criciuma (State of Santa Catarina -
SC).

The third and last group of Braskem's investment program plans
the construction of a new Tanking park in Port of Aratu, State
of Bahia, and the drilling of salt wells in Macei˘, State of
Alagoas.

BNDES share in the expansion project of the company, which is
controlled by Odebrecht, takes place in a moment in which the
petrochemical industry experiences a peak cycle, with price
increase and demand for input expectations in next years. In
addition, the investments will be mostly made in regions under
BNDES supporting priorities, like Bahia and Alagoas.

The program also marks Braskem's investment recovery after two
years focused to debt reduction and to completion of
incorporations. Therefore, it is an essential project for
maintaining company's industrial competitiveness, which will
also contribute to a reduction in MVC/PVC imports, from the
domestic production growth of these products.

Project - The project, under BNDES support, is the first step
towards some important bottleneck eliminations, which will
result in installed capacity increase, besides modernizations,
quality and productivity improvements and investments in
environment, health and safety.

In current year, BNDES already released BRL89.7 million to
petrochemical industry companies. BNDES portfolio for the sector
also includes project financings in the amount of BRL468
million, in phase of qualification, which will demand total
investments of BRL762 million; projects under analysis of BRL264
million, which will integrate investments of BRL524 million; and
approved financings of BRL437 million, equivalent to BRL768
million total investments that will be made by private sector.

Company - Braskem, which is among the three largest domestic
capital private industries, became the leading petrochemical
company in Brazil and is leader in thermoplastic resins in Latin
America. The company exports to 54 countries and has, among its
13 plants (States of Rio Grande do Sul, Bahia, Sao Paulo and
Alagoas - RS-BA-SP-AL), a production capacity of 5 million
tons/year of chemical and petrochemical products, being the only
Brazilian company having integrated first and second generation
units. Its production represents about 45% of total volume for
basic petrochemicals and solvents produced in Brazil.

The company results from the integration of six Brazilian
petrochemical industries: Copene, OPP Quˇmica, Polialden,
Trikem, Proppet and Nitrocarbono, and the key event for its
formation was the acquisition of Copene, in 2001. In accordance
with the strategy announced at the end of last year, the company
has plans to become a worldwide class petrochemical industry for
thermoplastic resins - polyethylene, polypropylene and PVC -
with an integrated and consolidated model. Its strategic program
plans the creation of value, which, ultimately, will increase
its global competitiveness.

After completing the strategic plan, in 2007, Braskem wants to
be prepared to face, under more favorable conditions, the
dropping price cycle forecasted for the petrochemical industry
and try to expand its operation beyond the Brazilian frontiers.
This is a tentative of nearing to the performance indexes of
international companies and the creation of bases for
internationalization of the company. The adoption of Braskem
Investment Programs plans the creation of direct and indirect
jobs. Presently, the company employs 2,896 employees.

Market - The petrochemical market is cyclic and sensitive to
changes in offer and demand, which, on their turn, are affected
by local and global economic context. Input prices in Brazil
follow the international trend. Presently, the projections are
optimistic in relation to the global scenery, due to the
beginning of one more peak cycle for the petrochemical industry.
The profitability peak is expected for the first half of 2006.

The perspectives for 2007 are also positive, despite the drop in
current year occupation rates. The slowdown cycle beginning is
expected for 2008, lasting until 2010, but this will depend upon
the intensity of new investments to be made.

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


BRASKEM: Board Approves BRL360M Debenture Issue
-----------------------------------------------
The Board of Directors of Braskem S.A. held a meeting on April
13, 2005 to take up the following agenda:

AGENDA: I) Subjects for deliberation:

1) PROPOSALS FOR DELIBERATION ("PD"): upon review and discussion
of the respective subjects, the Board of Directors unanimously
approved the following Proposals for Deliberation previously
delivered by the Board of Executive Officers to the members of
the Board of Directors for acknowledgement, as provided in its
Internal Regulation, copies of which have been duly filed at the
Company's headquarters:

a) PD.CA/BAK-05/2005 - Issue of Debentures, for the purpose of
authorizing the issue of simple debentures, not covertible and
without secured guarantee, in the maximum amount of R$
360,000,000.00 (three hundred and sixty million reais), pursuant
to the competency defined in the item "u" of Article 26 of the
Company's By-Laws, authorizing the Board of Executive Officers
to carry-out all necessary acts to the issue of debentures
referred herein, which main characteristics can be found on the
Annex 1 of the respective PD;

b) PD.CA/BAK-06/2005 - Performance of Call Right on Bonds issued
on the international market, for the purpose of authorizing the
Board of Executive Officers to sign any necessary documents,
notices and contracts to the faithful compliance of the
performance of the call right on bonds issued in the
international market, pursuant to the reasons and conditions
described on the respective PD;

c) PD.CA/BAK-07/2005 - Naphta Import Financing, for the purpose
of authorizing the Board of Executive Officers to enter into
naphtha import financing agreement, which characteristics can be
found on the Annex 1 of the respective PD, being able to carry-
out all necessary acts to execute the agreement referred herein;

About Braskem

Braskem, born out of an August 2002 merger between local groups
Odebrecht and Mariani, with giant petrochemical operation Copene
as its base, sells its products in Latin America, the United
States and Europe.

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


EMBRATEL: Reports Results of Capital Increase
---------------------------------------------
Embratel Participacoes S.A. announced Thursday, based on
information provided by Banco Itau S.A., the registrar for the
Company's shares, the number of new Embrapar common shares (ON),
preferred shares (PN) and American Depositary Shares (ADSs),
subscribed for in the Brazilian and U.S. markets, respectively,
during the preemptive rights exercise period that began on March
10, 2005 and ended on April 11, 2005, in connection with
Embrapar's capital increase by private subscription of shares
approved by Embrapar's Board of Directors on February 3, 2005
and rectified and ratified on February 23, 2005, and the number
of remaining unsubscribed shares that are available for
subscription in the first reoffering round by Embrapar
shareholders who subscribed for shares during the preemptive
rights exercise period and indicated an interest in subscribing
for additional shares.

Embrapar shareholders who subscribed for shares during the
preemptive rights exercise period and indicated an interest in
subscribing for additional shares in the first reoffering round
will have the right to subscribe up to 1,174516 shares for each
share subscribed according to the criteria described in the
notice to shareholders dated March 2, 2005.

Embrapar reminds shareholders that the period for subscription
of the remaining unsubscribed shares in the first reoffering
round by preferred and common shareholders who indicated an
interest in purchasing additional shares in the first reoffering
round starts on April 15, 2005 and ends on April 19, 2005.

After that date, if there are any remaining unsubscribed shares,
a second reoffering round will take place from April 25, 2005
through April 27, 2005 for those shareholders who subscribed for
shares in the first reoffering round.

The procedures relating to holders of ADSs are described in the
prospectus referred to below.

A registration statement on Form F-3 ("F-3") has been filed with
the U.S. Securities and Exchange Commission ("SEC") regarding
the preferred shares, ADSs and the related subscription rights
to be offered in the United States of America and has been
declared effective. This press release does not constitute an
offer to sell or the solicitation of an offer to buy preferred
shares, ADSs or the related subscription rights in the United
States or to U.S. persons (as such term is defined under
Regulation S under the U.S. Securities Act of 1933, as amended,
nor shall there be any sale of shares or subscription rights in
any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the laws
of any such state.

The prospectus relating to the offering of subscription rights,
preferred shares and ADSs may be obtained from the following
address: www.embratel.com.br/ir

The offering of rights described herein is made for the
acquisition of securities of a Brazilian company. The offering
is subject to disclosure requirements in Brazil, which are
different from those of the United States.

About Embratel

Embratel is the premier communications provider in Brazil
offering a wide array of advanced communications services over
its own state of the art network. It is the leading provider of
data and Internet services in the country and is well positioned
to be the country's only true national local service provider
for corporate customers. Service offerings include: telephony,
advanced voice, high-speed data communication services,
Internet, satellite data communications, corporate networks and
local voice services for corporate clients. Embratel is uniquely
positioned to be the all-distance telecommunications network of
South America. The Company's network has countrywide coverage
with 32,466 km of fiber cables.

CONTACT: Ms. Silvia M.R. Pereira
         Investor Relations
         Phone: (55 21) 2121-9662
         Fax: (55 21) 2121-6388
         E-mail: silvia.pereira@embratel.com.br
                 or
                 invest@embratel.com.br


EMBRATEL: Agneda Set for Shareholders' Meeting
----------------------------------------------
Shareholders of Embratel Participacoes S.A. will attend the
Ordinary Shareholders Meeting, to be held at the Company's
headquarters, located at Rua Regente Feijo, No. 166, room 1687-
B, Downtown, City and State of Rio de Janeiro, on April 29th,
2004 to deliberate on the following Agenda:

(i) Verification of the Management's accounts, examination,
discussion and approval of the Financial Statements and the
Administration Report related to the fiscal year ended on
December 31st, 2004;

(ii) Deliberate on the destination of the results related to the
fiscal year ended on December 31st, 2004;

(iii) Election of one (01) member of the Board of Directors, to
complement the term of office;

(iv) Definition of the annual overall compensation of the
Company's administrators for the fiscal year of 2005; and

(v) Election of the members of the Fiscal Council and definition
of their respective compensation.

GENERAL INSTRUCTIONS:

A) Powers of Attorney should be filed at the Company
headquarters within forty-eight hours before the Shareholders
Meeting.

B) Shareholders participating in Fungible Custody of Nominative
Shares of the Stock Exchanges willing to take part at this
Meeting shall present a statement, informing their respective
shareholding, issued two (02) days before the Meeting thereof.

C) Under CVM Regulatory Instruction Number 165 of December 11,
1991 with wording provided by Article One of CVM Instruction
Number 282 of June 26, 1998 the percentage for requirement of
multiple vote will be five percent (5%) of the voting capital.

About Embratel

Embratel offers a range of complete telecommunications solutions
to the market all over Brazil, including local, long distance
domestic and international telephone services, data, video and
Internet transmission, and is present all over the country with
its satellite solutions.

CONTACT: Embratel Participacoes S.A.
         Rua Regenta Feijo
         166 sala 1687-B Centro
         Rio de Janeiro, 20060-060
         Brazil
         Phone: 5521-519-6474
         Web site: http://www.embratel.net.br



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

* HONDURAS: IMF Reports On Robust Economic Growth
-------------------------------------------------
On March, 28, 2005, the Executive Board of the International
Monetary Fund (IMF) concluded the Article IV consultation with
Honduras.

Background

Growth in Honduras rebounded strongly in 2004, ending a period
of low growth. Over the last decade, growth had been adversely
affected by natural disasters and worsening terms of trade,
exacerbated by a difficult policy environment. To break the
unfavorable cycle, the authorities embarked on a medium-term
economic reform program in late 2003, aimed at re-establishing
macroeconomic and financial stability, strengthening growth, and
reducing poverty.

The authorities' program included measures to consolidate the
public finances and strengthen monetary policy and the financial
sector; address poverty with a focus on education and basic
health care; and enhance growth prospects by infrastructure
development, improvements in the private investment environment,
and trade liberalization. To ensure social consensus in support
of the program, it also incorporated measures to improve
governance and social equity.

The economy performed robustly in 2004, reflecting sound
policies and broadly favorable external conditions. Growth rose
to about 5 percent, with a rebound across all sectors, including
agriculture. On the demand side, growth reflected mainly higher
investment and exports. Inflation stabilized at around 9 percent
at the end of the year, after moving higher during much of 2004
mainly because of high oil prices. Despite a sharply higher oil
bill, the external position strengthened significantly on
account of higher remittances, exports, and capital inflows. Net
international reserves rose by just under US$500 million.
Moreover, the deficit of the overall public sector fell to 3
percent of GDP (from about 5 percent of GDP in 2003), despite
significantly higher spending on poverty-reduction programs and
investment.

Important progress was made in structural reform. The legal and
regulatory framework for the financial sector was upgraded; the
tax code and penal code were amended; and legal, judicial, and
electoral reforms were introduced. Honduras ratified the DR-
CAFTA in March 2005.

For 2005, growth is projected to remain buoyant, at over 4
percent of GDP. The external current account deficit is expected
to narrow significantly (reflecting the completion of last
year's large infrastructure projects), and the net international
reserves position to remain strong. The 2005 budget envisages a
further improvement in the public finances, with the overall
public sector deficit declining to 2.5 percent of GDP.

Executive Board Assessment

Executive Directors welcomed Honduras' improved economic
conditions, which reflect the implementation of sound
macroeconomic policies and progress with structural reforms,
supported by strong worker remittances and foreign capital
inflows. In 2004, economic growth accelerated and inflation
stabilized, after drifting up in response to oil price
increases; and the external position has strengthened
significantly. The fiscal position improved markedly in 2004,
owing in particular to successful control of the wage bill-an
important step towards long-term sustainability.

Directors noted that, despite recent achievements, important
vulnerabilities and challenges remain. Specifically, they noted
the need to make permanent the progress made under the program
in containing public sector wages including, in particular, a
durable resolution of issues related to teacher's wages.
Directors also encouraged the authorities to press ahead with
their efforts to strengthen the financial sector further, and
stressed the need for continued implementation of prudent fiscal
and monetary policies through the upcoming election period. They
welcomed the authorities' efforts to promote policy continuity
through the political transition.

Directors also observed that the substantially improved medium-
term outlook hinged on strengthened institutions and governance,
including the modernization of tax administration and the
central bank, and judicial, electoral, and administrative
reforms. It was noted that these steps would contribute to the
achievement of poverty reduction objectives and the Millennium
Development Goals.

Directors commended the authorities for keeping the fiscal
program on track. Noting the authorities' success in controlling
the wage bill in 2004, Directors observed that this policy had
permitted a much-needed increase in spending on investment and
poverty programs, while at the same time reducing the overall
fiscal deficit. Looking forward, Directors stressed the
importance of continued adherence to the 2003 salary law and the
July 2004 wage agreement, to ensure that the growth of the wage
bill remains consistent with macroeconomic stability and the
economic and social objectives embodied in the PRSP. To further
strengthen the public finances, Directors encouraged the
authorities' efforts to broaden the tax base, improve tax
administration, and raise the quality of public spending. In
this regard, they noted that it would be important to monitor
the impact of trade liberalization on public finances and
institute offsetting measures, if necessary.

Directors welcomed the authorities' action plan to improve
monetary operations, including steps to upgrade securities,
improve the auction process, strengthen liquidity forecasting,
and adopt a new operational target. Directors noted that these
reforms will allow the central bank to further strengthen the
framework for monetary policy implementation and thereby enhance
its ability to achieve low inflation and safeguard financial
stability.

Directors observed that the crawling band exchange rate system
has helped to anchor inflation. Looking ahead, to increase the
economy's resilience to shocks and facilitate adjustment to
structural change, Directors recommended a gradual move toward
greater flexibility of the exchange rate, while noting the
preconditions for such a move, including the modernization of
monetary operations.

Directors welcomed the ratification of the Central American Free
Trade Agreement, noting that it would promote competitiveness,
and improve growth prospects for Honduras. At the same time,
they observed that the implementation of the anticorruption
strategy would aid capital formation, and financial market and
infrastructure development.

Directors welcomed the progress achieved in strengthening the
financial sector. In particular, they noted the improvements in
the regulatory framework and the supervisory regime. Directors
observed that the main challenge now is to enforce the improved
prudential norms across all banks, by using the enhanced tools
provided by the new laws. Directors urged strict compliance with
the timetable to increase provisioning levels, and encouraged
the authorities to further improve banks' loan classification
practices by incorporating the risks associated with borrowers'
unhedged dollar positions.

To view selected economic indicators:
http://bankrupt.com/misc/Honduras.htm



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

DYOLL GROUP: Auditor Recommends Liquidation
-------------------------------------------
Regulatory agency Financial Services Commission (FSC) announced
Wednesday that Dyoll Insurance company is to be liquidated, the
Jamaica Observer relates. The announcement follows a
recommendation by Kenneth Tomlinson, the forensic auditor who
was appointed by the FSC to manage Dyoll after the Company
collapsed earlier this year.

In a press statement, FSC's executive director Brian Wynter said
liquidation is the best option that would allow Jamaicans and
Caymanians, who have unsettled claims against Dyoll, to recover
some money.

Mr. Tomlinson, however, warned that given the state of the
Company, they will face a combined shortfall of $1.1 billion.

Part of the asset that Dyoll will be able to use towards
settling some of the outstanding claims is a deposit of $500
million that Wynter said the Company now held in various
institutions.

As expected, the liquidator will apply a standard formula to
determine what percentage of a claim from a Dyoll customer will
be met.

"No one can be paid ahead of anybody else, there are rules that
have to be followed when a company is winding up," explained Mr.
Wynter. "The liquidator will look at all debts and assets owned
by the company and determine how much can be paid to claimants."

Meanwhile, Mr. Wynter indicated that the planned liquidation of
Dyoll in Jamaica could suffer a setback.

On Monday, the Caymanian authorities placed Dyoll in provisional
liquidation in an attempt to pre-empt the Dyoll assets.

"I was made aware of that [the suit], I got a letter from
Cayman," Mr. Wynter said. "It appears to be a pre-emptive
maneuver by some claimants in Cayman that would be disruptive to
the process of temporary management under the FSC act and the
step to liquidation... you can't have two different liquidators.
We [FSC] are taking legal advice on the matter."

Most of Dyoll's assets that the Caymanians would be seeking to
grab are in Jamaica.



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

GRUPO DESC: Refinancing Mid-Term Debt With New Notes
----------------------------------------------------
Conglomerate DESC, S.A. de C.V. (BMV:DESC) plans to establish a
local debt program, under which it will issue notes, called
Certificados Bursatiles, on the Mexican Stock Exchange.

The move is designed to help DESC refinance medium-term
obligations issued in 1999 and 2000.

DESC saw an improvement in its financial profile during 2004,
reducing its total debt by US$312 million to US$678 million.

Affirming DESC's 'B+' local and foreign currency corporate
credit rating last month, S&P had said the Company's operating
performance is expected to continue to improve gradually in 2005
this year.

CONTACT: JORGE PADILLA
         Tel: (55)5261-8044
         E-mail: investor.relation@desc.com.mx


GRUPO DESC: Annual Shareholder Meeting Announced
------------------------------------------------
Desc, S.A. de C.V. informs its shareholders that the Annual
General Ordinary Shareholders Meeting will be held at the
Auditorium located in the Ground Floor of the Arco Torre I
building, at the Arcos Bosques Corporativo Business Center,
situated at Paseo de Tamarindos No. 400-B, Col. Bosques de las
Lomas, Mexico, D.F., 05120. on April 20, 2005, 5:00 p.m.

DESC S.A. de C.V.(BMV: DESC) is one of the largest industrial
groups in Mexico, with 2004 sales of approximately US$ 2 billon
and nearly 14,000 employees, which through its subsidiaries is a
leader in the Automobile Parts, Chemical, Food and Property
sectors.

CONTACTS: Ms. Marisol Vazquez-Mellado
          Mr. Jorge Padilla
          Phone: (5255) 5261-8044
          E-mail: investor.relation@desc.com.mx

          Ms. Maria Barona
          Ms. Melanie Carpenter
          Phone: 212-406-3690
          E-mail: desc@i-advize.com
          Web site: http://www.desc.com.mx


TFM: KCS Announces Receipt of Consents, Early Tenders
-----------------------------------------------------
Kansas City Southern ("KCS") (NYSE:KSU) announced Thursday that
$386.0 million principal amount of the outstanding $443.5
principal amount of 11.75% Senior Discount Debentures due 2009
of its majority owned subsidiary, TFM, S.A. de C.V. ("TFM")
(CUSIP Numbers: 872402AB8 and 872402AD4, ISIN Number:
USP91415AB81) (the "Notes") have been tendered on or prior to
the Consent Deadline of 5:00 p.m. NYC time, Thursday, pursuant
to the previously announced consent solicitation and tender
offer for the Notes, representing approximately 87.04% of the
outstanding Notes. As a result of such consents and early
tenders, TFM has received the requisite consents to execute a
supplemental indenture relating to the Notes.

As part of its pending tender offer for the Notes, TFM was
soliciting consents to eliminate substantially all of the
restrictive covenants included in the indenture under which the
Notes were issued and to reduce the minimum prior notice period
with respect to a redemption date for outstanding Notes from 30
to 3 days. The supplemental indenture relating to the Notes
containing the proposed changes will be executed by TFM and the
Trustee under the indenture, but it will not become operative
until after the Notes tendered by the Consent Deadline are
accepted for purchase and TFM makes payment for these Notes
pursuant to the early tender provisions of the tender offer. TFM
currently expects to make payment for these Notes on April 20,
2005.

Headquartered in Kansas City, Mo., KCS is a transportation
holding company that has railroad investments in the U.S.,
Mexico and Panama. Its primary U.S. holdings include The Kansas
City Southern Railway Company, founded in 1887, and The Texas
Mexican Railway Company, founded in 1885, serving the central
and south central U.S. Its international holdings include a
controlling interest in TFM, S.A. de C.V., serving northeastern
and central Mexico and the port cities of Lazaro Cardenas,
Tampico and Veracruz, and a 50% interest in The Panama Canal
Railway Company, providing ocean-to-ocean freight and passenger
service along the Panama Canal. KCS' North American rail
holdings and strategic alliances are primary components of a
NAFTA Railway system, linking the commercial and industrial
centers of the U.S., Canada and Mexico.

CONTACT:  KANSAS CITY SOUTHERN
          Investors:
          William H. Galligan
          Tel: 816-983-1551
          E-mail: william.h.galligan@kcsr.com
                    or
          U.S. Media:
          C. Doniele Kane
          Tel: 816-983-1372
          E-mail: doniele.c.kane@kcsr.com
                    or
          Mexico Media:
          Gabriel Guerra
          Tel: 011-525-55-208-0860
          E-mail: gguerra@gcya.net
          URL: www.kcsi.com


UNEFON: Seeks to Delist From BMV Due to Poor Liquidity
------------------------------------------------------
The board of Unefon has decided to delist the mobile operator's
shares from the Mexican stock market BMV citing the stock's poor
liquidity. The Company will propose the move to the shareholders
at a meeting scheduled for April 29. If approved, it will launch
an offer to buy back the shares held by the public.

Unefon, which is 46.5%-owned by the country's No. 2 broadcaster
TV Azteca (NYSE: TZA), has faced stiff competition from market
leader Telcel, owned by America Movil (NYSE: AMX), and the
market has become even more competitive since Spain's Telefonica
(NYSE: TEM) arrived, now branded Movistar.

Unefon has fewer than 1.6 million users in a total market of
more than 42 million.

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

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

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

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



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

BWIA: Senator Recommends Airline Shut Down
------------------------------------------
Independent Senator Ramesh Deosaran is recommending the closure
of ailing national airline BWIA because it is not making money,
the Trinidad Express reports. Mr. Deosaran made the proposal
while making his contribution to the debate on the Caroni
Vesting Bill, which seeks to transfer the lands of Caroni (1975)
Limited to that of the State. Mr. Deosaran said the Government
should not have to deal with BWIA and Caroni at the same time.

"The time has come in my view to close down BWEE," he said,
adding that a recently government-appointed six-man team headed
by entrepreneur Arthur Lok Jack cannot solve the airline's
problem.

Mr. Deosaran's recommendation came days after the government
threw a US$35.6 million lifeline around BWIA's neck.

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



=============
U R U G U A Y
=============

* URUGUAY: Delays Bond Sale on Declining Debt Prices
----------------------------------------------------
Declines by Indonesia's bonds sold Wednesday and debt prices
across emerging markets prompted Uruguay to postpone a planned
US$300 million bond offering, Bloomberg reports, citing
investors.

"Right now there's not enough appetite for risky credits," said
Boris Segura at Standish Mellon Asset Management. "The
performance of the Indonesia deal yesterday [Wednesday] just
discouraged investors from getting into the Uruguay deal."

Uruguay started offering the 12-year securities Wednesday in its
first debt sale since it conducted a US$5.3 billion bond swap in
2003 that Standard & Poor's called a default.

Uruguay carries below investment grade ratings from Standard &
Poor's (B) and Moody's (B3).



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

PDVSA: Falcon Legislators Seek CRP Manager's Dismissal
------------------------------------------------------
State oil firm PDVSA is facing mounting pressure from Falcon
state lawmakers to dismiss the manager of its Paraguana refining
complex (CRP), Jesus Luongo. According to Business News
Americas, the legislators plan to take their case to the
national assembly, the country's main legislative body.

Calls to dismiss Mr. Luongo came after he rejected invitations
from the lawmakers to discuss layoffs at CRP, business contracts
with co-ops and various operational accidents that have occurred
at the complex.

Atilio Delgado, a pro-government lawmaker, said Mr. Luongo
should be investigated for disruptions in the gasoline delivery
system.

PDVSA president and energy and oil minister Rafael Ramirez will
be presented with a full brief on "the manager's conduct, which
should serve to support his dismissal," Caracas paper Ultimas
Noticias quoted Jorge Diaz, another lawmaker from the pro-Chavez
coalition Bloque del Cambio, as saying.

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


PDVSA: Amuay Recovering From Blackout
-------------------------------------
PDVSA President Rafael Ramirez revealed Thursday that giant
Amuay refinery is recovering after a blackout that occurred on
March 31, the Associated Press relates.

Amuay, which has a capacity of refining 635,000 barrels of heavy
crude into light, sweet synthetic oil a day, is currently
processing 450,000 barrels a day, Mr. Ramirez said, adding, some
units remain down.

Mr. Ramirez said the refinery has deferred some gasoline
shipments to the United States, but will use supplies from other
refineries in order to keep up with client orders.

Venezuela is the world's No. 5 oil exporter and produces about 3
million barrels of oil a day.




                            ***********


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
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Information contained herein is obtained from sources believed
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* * * End of Transmission * * *