TCRLA_Public/050420.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

            Wednesday, April 20, 2005, Vol. 6, Issue 77

                            Headlines

A R G E N T I N A

ARCANGEL GABRIEL: Verification Deadline Approaches
BULFOR S.R.L.: Court Resets Assembly Date
CORTADO EN VASO: Court Favors Creditor's Bankruptcy Motion
EDEMSA: S&P Maintains Default Rating on Bonds
ESTACION DE SERVICIOS: Liquidates Assets to Pay Debts

FRANCHISE INVESTMENT: Court OKs Creditor's Bankruptcy Call
GAS TRELEW: Asks Court for Reorganization
MATTULICH S.A.I.C.: Debt Payments Halted, Set To Reorganize
ORGANIZACION J.G.: Debt Payments Halted, Moves to Reorganize
PROYECTOS Y TENDIDOS: Initiates Bankruptcy Proceedings

ROMULO RUFFINI: Trustee Schedules Report Submission
SELEB TRONIC: Reports Submission Deadline Set
WORLD SAT S.A.: Gets Court Approval for Reorganization
* ARGENTINA: Works To Secure New IMF Accord


B E R M U D A

FOSTER WHEELER: S&P Raises Ratings to `B-'
INTELSAT: Complies With All ORBIT Act Says FCC
INTELSAT: To Expand North American Distribution Network
LINES OVERSEAS: SEC Wants Taped Interviews
NORTHERN OFFSHORE: Oslo Bors Permanently De-lists Shares

B R A Z I L

AES SUL: Aneel Authorizes Rates Hike
EMBRATEL: Reports BRL465M 1Q EBITDA
PRIDE INTERNATIONAL: Jonathan Talbot Leaves Post


E C U A D O R

PACIFICTEL: Slammed for Demanding Payment From Sister Company
PACIFICTEL: To Open Trial Process Against Movistar, Porta


J A M A I C A

AIR JAMAICA: Cuts Cost With New Toronto-Kingston Flight Schedule


M E X I C O

GRUPO IUSACELL: Deploys 3G Mobile Network in Key Cities
HYLSAMEX: Alfa Details May 9 Shareholders' Meeting Reasoning


V E N E Z U E L A

PDVSA: President Seeks to Replace 32 Existing Oil Contracts
PDVSA: Has Until May 31 to Answer Enel's Orimulsion Claims
PDVSA: Two Citgo Refineries Set to Go on the Auction Block


       - - - - - - - - -

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

ARCANGEL GABRIEL: Verification Deadline Approaches
--------------------------------------------------
The verification of claims for the Arcangel Gabriel Vezzato S.A.
bankruptcy case will end on June 10 according to Infobae.
Creditors with claims against the Company must present proof of
the liabilities to Mr. Luis Pedro Pereyra, the court-appointed
trustee, before the deadline.

Court No. 1 of Buenos Aires' civil and commercial tribunal
handles the Company's case with the assistance of Clerk No. 1.

CONTACT: Mr. Luis Pedro Pereyra, Trustee
         Roque Saenz Pena 651
         Buenos Aires


BULFOR S.R.L.: Court Resets Assembly Date
-----------------------------------------
Court No. 1 of Rosario's (Santa Fe) civil and commercial
tribunal moved the informative assembly for the Bulfor S.R.L.
reorganization case to July 25, says Infobae. The Company's
creditors will vote to ratify the completed settlement plan
during the said assembly.


CORTADO EN VASO: Court Favors Creditor's Bankruptcy Motion
----------------------------------------------------------
Court No. 24 of Buenos Aires' civil and commercial tribunal
declared Cortado en Vaso S.R.L. bankrupt, says La Nacion. The
ruling comes in approval of the petition filed by the Company's
creditor, Mr. Noelia Azcurra, for nonpayment of US$6,030 in
debt.

Trustee Luis Chelala will examine and authenticate creditors'
claims until June 2. This is done to determine the nature and
amount of the Company's debts. Creditors must have their claims
authenticated by the said date in order to qualify for the
payments to be made after the Company's assets are liquidated.

Clerk No. 24 assists the court on the case that will conclude
with the liquidation of the Company's assets.

CONTACT: Cortado en Vaso S.R.L.
         Ayacucho 688  
         Buenos Aires

         Mr. Luis Chelala, Trustee
         Av. Corrientes 2335
         Buenos Aires


EDEMSA: S&P Maintains Default Rating on Bonds
---------------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal Argentina
maintained its default ratings on US$150 million bonds issued by
Empresa Distribuidora de Electricidad de Mendoza S.A. (EDEMSA).

The bond issue described as "Programa de emision de Obligaciones
Negociables simples" earned the default rating based on EDEMSA's
financial standing as of December 31, 2004, says CNV.

A 'D' rating is assigned when the issuer has filed for
bankruptcy or when interest or principal payments are not made
on the due date, even if the applicable grace period has not
expired, unless S&P believes that such payments will be made
during such grace period.

The bond issue is matured April 13 this year.

CONTACT : Empresa Distribuidora de Electricidad de Mendoza S.A.
          San Martin 322 (5500)
          Mendoza


ESTACION DE SERVICIOS: Liquidates Assets to Pay Debts
-----------------------------------------------------
Estacion de Servicios Km. 21 S.A. will begin liquidating its
assets following the pronouncement of Buenos Aires' civil and
commercial Court No. 18 that the Company is bankrupt, Infobae
reports.

The ruling places the Company under the supervision of court-
appointed trustee Elisa E. Tomattis. Ms. Tomattis will verify
creditors' proofs of claims until June 13. The validated claims
will be presented in court as individual reports on August 9.

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 19.

The bankruptcy process will end with the disposal Company assets
in favor of its creditors.

CONTACT: Estacion de Servicios Km. 21 S.A.
         Riobamba 374
         Buenos Aires

         Ms. Elisa E. Tomattis, Trusteee
         Rodriguez Pena 110
         Buenos Aires


FRANCHISE INVESTMENT: Court OKs Creditor's Bankruptcy Call
----------------------------------------------------------
Franchise Investment Company Saficsa entered bankruptcy after
Court No. 19 of Buenos Aires' civil and commercial tribunal
approved an involuntary liquidation motion filed by Mr. Julio
Lalane, reports La Nacion. The Company's failure to pay
US$6,805.06 in debt prompted the creditor to file the petition.

Working with the city's Clerk No. 38, the court assigned Ms. Ana
Maria Pazos as trustee for the bankruptcy process. The trustee's
duties include the authentication of the Company's debts and the
preparation of the individual and general reports. Creditors are
required to present their proofs of claims to the trustee before
May 30.

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: Franchise Investment Company Saficsa
         Av. Corrientes 1872
         Buenos Aires

         Ms. Ana Maria Pazos, Trustee
         Montiel 1147
         Buenos Aires


GAS TRELEW: Asks Court for Reorganization
-----------------------------------------
Gas Trelew S.A., a Company operating in Buenos Aires, requested
to undergo 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 with the
proceedings.


MATTULICH S.A.I.C.: Debt Payments Halted, Set To Reorganize
-----------------------------------------------------------
Court No. 5 of Buenos Aires' civil and commercial tribunal is
currently reviewing the merits of a reorganization petition
filed by Mattulich S.A.I.C.

Infobae recalls that the Company filed the petition following
cessation of debt payments. Reorganization will allow the
Company to avoid bankruptcy by negotiating a settlement with its
creditors.

The city's Clerk No. 9 assists the court on this case.

CONTACT: Mattulich S.A.I.C.
         Fernando de Montalvo 158
         Buenos Aires


ORGANIZACION J.G.: Debt Payments Halted, Moves to Reorganize
------------------------------------------------------------
Court No. 22 of Buenos Aires' civil and commercial tribunal is
studying the request for reorganization submitted by local
Company Organizacion J.G. S.A., says La Nacion.

La Nacion adds that that the Company filed a "Concurso
Preventivo" petition after failing to pay its debts. Court-
appointed trustee Roberto Gaztelu will supervise the Company's
reorganization.   

The city's Clerk No. 44 assists the court on this case.

CONTACT: Organizacion J.G. S.A.
         Ambrosetti 766
         Buenos Aires

         Mr. Roberto Gaztelu, Trustee
         Virrey del Pino 2719
         Buenos Aires


PROYECTOS Y TENDIDOS: Initiates Bankruptcy Proceedings
------------------------------------------------------
Court No. 23 of Buenos Aires' civil and commercial tribunal
declared Proyectos y Tendidos S.A. "Quiebra," reports Infobae.
Clerk No. 45 assists the court on the case, which will close
with the liquidation of the Company's assets to repay creditors.

Ms. Marina Fernanda Tynik, who has been appointed as trustee,
will verify creditors' claims until May 5 and then prepare the
individual reports based on the results of the verification
process.

The individual reports will be submitted in court on June 17,
followed by the general report on August 15.

CONTACT: Ms. Marina Fernanda Tynik, Trustee
         Rivadavia 10444
         Buenos Aires


ROMULO RUFFINI: Trustee Schedules Report Submission
---------------------------------------------------
Mr. Donato Antonio Sarcuno, the trustee assigned to supervise
the liquidation of Romulo Ruffini y Cia S.A.I.C., will submit
individual reports from the case on July 12. He will also
present a general report of the case on September 7.

Court No. 17 of Buenos Aires' civil and commercial tribunal has
jurisdiction over this case. Clerk No. 34 assists the court with
the proceedings.

CONTACT: Mr. Donato Antonio Sarcuno, Trustee
         Bernardo de Irigoyen 330
         Buenos Aires


SELEB TRONIC: Reports Submission Deadline Set
---------------------------------------------
Juan Jose Oscar Castronuovo, the trustee assigned to supervise
the liquidation of Seleb Tronic S.A., will submit the validated
individual claims for court approval on August 9. These reports
explain the basis for the accepted and rejected claims. The
trustee will also submit a general report of the case on
September 8.

Infobae reports that Court No. 17 of Buenos Aires' civil and
commercial tribunal has jurisdiction over this bankruptcy case.
The city's Clerk No. 33 assists the court with the proceedings.

CONTACT: Mr. Juan Jose Oscar Castronuovo, Trustee
         Avda Corrientes 2621
         Buenos Aires


WORLD SAT S.A.: Gets Court Approval for Reorganization
------------------------------------------------------
World Sat S.A. will begin reorganization following the approval
of its petition by Court No. 19 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.

Mr. Gustavo Fiszman will oversee the reorganization proceedings
as the court-appointed trustee. He will verify creditors' claims
until June 29. The validated claims will be presented in court
as individual reports on August 18.

Mr. Fiszman is also required 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
September 29.

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 March 17 next year.

Clerk No. 37 assists the court on this case.

CONTACT: World Sat S.A.
         Moreno 574/84
         Buenos Aires

         Mr. Gustavo Fiszman, Trustee
         Avda Santa Fe 5086
         Buenos Aires


* ARGENTINA: Works To Secure New IMF Accord
-------------------------------------------
Argentina's thorny relationship with the International Monetary
Fund (IMF) are showing signs of improvement as both camps
prepare to discuss the fate of private bondholders who had
rejected the Country's controversial debt swap.

Government insiders interviewed by Reuters say that the parties
are seeing more "favorable perspectives" for negotiation. This
fresh outlook on the issue of the holdouts could open the
possibility for a new aid package from the IMF. Former economic
planning secretary Miguel Bein says Argentinas' decision to
recognize its defaulted bonds as contingent liabilities could be
a step towards appeasing the IMF.

IMF and Argentina had failed to see eye-to-eye on the matter of
the holdout creditors, as Kirchner's government remains adamant
that the holdouts recover their money only through the courts.
The holdouts own an estimated US$20 billion of Argentina's bonds
or almost 24 percent of its US$103 billion debt restructuring.

Argentina needs to ink a new accord to refinance its US$14
billion debt to the Fund, around US$4 billion of which is due
this year. IMF's consent to the new credit line will likely keep
the country on course towards a 5.5 percent to 7.0 percent
growth in 2005.

The possibility of a new accord, however, depends on how
Argentina resolves the holdout issue. The group of seven major
industrial nations in particular, said that engagement with the
holdout creditors should be requirement for any new IMF loan to
Argentina.


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

FOSTER WHEELER: S&P Raises Ratings to `B-'
------------------------------------------
Foster Wheeler Ltd. (OTCBB:FWHLF) reported Monday that Standard
& Poor's (S&P) has raised Foster Wheeler's corporate credit
rating to "B-." This new rating replaces the S&P rating of
"selective default" or "SD" which applied following completion
of the Company's successful equity-for-debt exchange completed
during the second half of 2004.

S&P continued its "default" rating on the Company's 9.00%
Preferred Securities. This "default" rating is required by S&P's
corporate ratings criteria if a Company defers a payment on a
preferred dividend. The terms of the Preferred Securities permit
quarterly payments to be deferred for periods of up to five
years during which time additional interest accrues. In
accordance with these provisions, the Company has elected to
defer payments on the Preferred Securities since the second
quarter of 2002. The deferral does not constitute a default
under the terms of the Preferred Securities or of any of the
Company's other financing instruments.

S&P also rated the Company's Senior Secured Notes due 2011 as
"CCC+."

"We are pleased that S&P has chosen to raise our corporate
credit rating," said Raymond J. Milchovich, chairman, president
and chief executive officer. "Our objective for 2004/2005 was to
successfully restructure the Company's balance sheet and
operations. I believe we have achieved these objectives. We
reduced corporate indebtedness by $463 million during 2004, to
$570 million. We also extended substantially all corporate debt
maturities to 2011. In addition, we have recently closed a new
$250 million, five-year Senior Credit Agreement. As previously
disclosed, we believe we have adequate liquidity for our working
capital needs throughout 2005."

"Clients are investing in a number of business sectors in which
we have a strong competitive position and our operations are
fully focused on booking new business, building backlog, and
delivering "best in class" products and services which
consistently meet or exceed our clients' expectations."

About Foster Wheeler

Foster Wheeler Ltd. is a global company offering, through its
subsidiaries, a broad range of design, engineering,
construction, manufacturing, project development and management,
research and plant operation services. Foster Wheeler serves the
refining, upstream oil and gas, LNG and gas-to-liquids,
petrochemicals, chemicals, power, pharmaceuticals, biotechnology
and healthcare industries. The corporation is based in Hamilton,
Bermuda, and its operational headquarters are in Clinton, New
Jersey, USA.

CONTACT: Foster Wheeler Ltd.
         Media Contact:
         Ms. Maureen Bingert
         Phone: 908-730-4444

         Investor Contact:
         Mr. John Doyle
         Phone: 908-730-4270
     
         Other Inquiries:
         Phone: 908-730-4000
         Web site: http://www.fwc.com


INTELSAT: Complies With All ORBIT Act Says FCC
----------------------------------------------
On April 15, the U.S. Federal Communications Commission
announced that it has found Intelsat to be in compliance with
all of the privatization requirements of the ORBIT Act. The FCC
found that Intelsat has substantially diluted the ownership of
its former signatories and thus, the FCC determined, Intelsat
may now provide direct-to-home, direct broadcast satellite, Ka-
and V-band satellite services, among others.

The ORBIT Act, which was passed by the Congress in 2000,
mandated the privatization of the former intergovernmental
organization. As the FCC recognized, Intelsat was purchased in
January 2005 by four private equity firms, which bought out the
ownership interests of Intelsat's former shareholders.

"The FCC has recognized that Intelsat has completed its
transformation into a fully private Company, able to provide a
complete range of satellite solutions in the competitive
marketplace," said Intelsat's Executive Vice President and
General Counsel, Phillip Spector. "Going forward, Intelsat is
concentrating our efforts on providing the services our
customers demand and on increasing shareholder value," he added.

About Intelsat

As a global communications leader with 40 years of experience,
Intelsat helps service providers, broadcasters, corporations and
governments deliver information and entertainment anywhere in
the world, instantly, securely and reliably. Intelsat's global
reach and expanding solutions portfolio enable customers to
enhance their communications networks, venture into new markets
and grow their businesses with confidence.

CONTACT: Intelsat, Ltd.
         E-mail: media.relations@intelsat.com
         Phone: +1 202-944-7500


INTELSAT: To Expand North American Distribution Network
-------------------------------------------------------
Intelsat, Broadwing Communications, LLC (Broadwing) and HTN
announced Monday they are teaming up to deliver a new set of
services to broadcasters. The operators have interconnected
their respective North American fiber distribution networks to
create comprehensive, end-to-end connectivity to major U.S.
sports venues. The combination with Broadwing and HTN has
enabled Intelsat to substantially expand the reach and content
distribution capacity of its GlobalConnexSM Terrestrial Media
Transport (TMT) network.

The new relationship provides broadcasters with a seamless, high
performance solution from the satellite to 20 major cities and
top U.S. sports venues, and full flexibility of throughput
options for high or standard definition transmissions.
Intelsat's Video Operations Center (VOC) in Washington, D.C.
provides everyday booking and monitoring services. Broadwing's
Television Operating Center (TOC), located in Columbia, MD,
provides network management services. The network boasts first
generation technology and eliminates reconstitution of video
signals, ensuring a high-quality, end-to-end transmission.
Additionally, broadcast customers can use their own compression
equipment or can leverage Intelsat's pool of high definition
(HD) encoders to facilitate on-site encoding at sports venues
and other event locations.

HTN Communications is already leveraging the enhanced network
offering to distribute Major League Baseball from U.S. sports
venues to broadcast studios throughout North America.

"HTN had already been using Intelsat's GlobalConnexSM Media for
content distribution, but the combination with Intelsat and
Broadwing provides us with significantly expanded access to more
cities and services, providing exceptional distribution value,"
said Joe Cohen, Chief Executive Officer of HTN Communications.
"The transport in GlobalConnexSM TMT is comprised of state-of-
the art terrestrial technology, which easily supports
requirements for digital services, especially HD transmissions.
This offering will help us to keep up with the increasing demand
for flexible HD and SD digital distribution services."

Del Bothof, Vice President and General Manager of Media Services
at Broadwing said, "This network offers North American
broadcasters a unique solution of terrestrially distributed HD
and SD (standard definition) signal delivery from the source to
the studio. Older video networks don't offer these capabilities,
leaving broadcasters with fewer alternatives. This solution
provides broadcasters with the ability to leverage HD 270
megabit media transmission with superior quality of service
guarantees."

"The high acclaim and success of our GlobalConnexSM Media
services spurred Intelsat to think about ways it could further
expand on the value and distribution options available
specifically to broadcasters," said Ramu Potarazu, COO,
Intelsat, Ltd. "By teaming up with Broadwing, we are
substantially increasing the distribution options we previously
provided, giving broadcasters access to more cities, more sports
venues and overall, higher quality service and better choices."

About Intelsat

As a global communications leader with 40 years of experience,
Intelsat helps service providers, broadcasters, corporations and
governments deliver information and entertainment anywhere in
the world, instantly, securely and reliably. Intelsat's global
reach and expanding solutions portfolio enable customers to
enhance their communications networks, venture into new markets
and grow their businesses with confidence.

About Broadwing

Broadwing Corporation (NASDAQ: BWNG), through its consolidated
subsidiary Broadwing Communications, LLC, (Broadwing) delivers
innovative data, voice, and media solutions to enterprises,
service providers, and government entities. Enabled by its one-
of-a-kind, all-optical network and award-winning products and
services, Broadwing Communications provides communications
solutions with unparalleled customer focus and speed. Broadwing
Corporation, via its Corvis Equipment Corporation subsidiary,
also provides government agencies and service providers with
advanced, scalable optical networking equipment designed to
reduce the overall cost associated with building and operating
optical networks.

About HTN

HTN Communications is the leading transmission facilities and
service provider offering High-Definition and Standard-
Definition digital services to the sports cable and broadcasting
industry. HTN uses an array of fiber-optic and satellite
providers to supply its customers with the broadest range of
services offering flexibility, reliability and efficient
pricing.

CONTACT: Intelsat, Ltd.
         E-mail: media.relations@intelsat.com
         Phone: +1 202-944-7500


LINES OVERSEAS: SEC Wants Taped Interviews
------------------------------------------
The US Securities and Exchange Commission wants to get ahold of
taped interviews between the Bermuda Monetary Authority (BMA)
and executives at Lines Overseas Management, Ltd. (LOM) as part
of an investigation into alleged securities fraud.

The Royal Gazette recalls that the BMA recorded the interviews
in 2003 as part of its investigation into the trading of the
American security of Sedona Software Solutions Inc.. However,
the tapes are now said to be in the hands of Bermuda-based
financial services LOM or its agents.

The SEC wants the tapes in connection with its own
investigations into possible fraud, market manipulation, and
reporting violations in the securities of Sedona and other two
U.S. public companies - SHEP Technologies, Inc. ("SHEP"), and
Hienergy Technologies, Inc. ("Hienergy").

Evidence from the SEC's investigations has led its enforcement
officers to LOM and Scott Lines as "potential key actors in the
schemes", according to documents filed with a US court.

CONTACT:  LOM Group
          The LOM Building
          27 Reid Street
          Hamilton HM 11
          Bermuda

          Tel: 441 292 5000
          Fax: 441 295 3343
          E-mail: info@lom.com

          LOM Asset Management Limited
          Tel: 441 296 5802
          Fax: 441 296 5597
          E-mail: lomam@lom.com

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

          Tel: 242 351 5000
          Fax: 242 351 7738
          E-mail: info.bahamas@lom.com


NORTHERN OFFSHORE: Oslo Bors Permanently De-lists Shares
--------------------------------------------------------
On December 15, 2004, Oslo Bors' Board of Directors decided to
extend the period of temporary de-listing for Northern Offshore
Ltd. until April 5, 2005.  As of 4 April 2005 Oslo Bors has not
received any documentation required to re-list the Company nor
information that the Company will work to fulfill the
requirements for re-listing.  In accordance with the authority
granted by the Board of Directors on 15 December 2005, Oslo Bors
management consequently made this decision:

Oslo Bors has, in accordance with the Stock Exchange Regulations
of S 25-3, third paragraph, decided to permanently de-list the
shares of Northern Offshore Limited with effect from 5 April
2005.

The decision may be appealed to the Stock Exchange Appeals
Committee within two weeks of receipts of the decision.

Oslo Bors thanks Northern Offshore Ltd for its cooperation and
welcomes the Company back at a later time.

In July, the Supreme Court of Bermuda appointed Mike Morrison
from KPMG Financial Advisory Services Ltd. in Bermuda and Philip
Wallace from KPMG LLP in the U.K. as provisional bankruptcy
managers of Northern Offshore.

CONTACT:  KPMG
          Crown House
          4 Par la Ville
          Hamilton, HM 08
          Bermuda
          Phone: +1 (441) 295-5063
          Fax:   +1 (441) 295-9132
          E-mail: kpmg@kpmg.bm

          KPMG
          8 Salisbury Square
          London
          EC4Y 8BB
          Phone: (020) 7311 1000
          Fax:   (020) 7311 3311
          Web site: http://www.kpmg.co.uk



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

AES SUL: Aneel Authorizes Rates Hike
------------------------------------
Power distributor AES Sul Distribuidora Gaucha de Energia S.A.,
a subsidiary of U.S. energy group AES Corp. (NYSE:AES), obtained
power regulator Aneel's approval to raise rates by an average of
9.42% from April 19, reports Business News Americas. AES Sul
distributes power to 1 million people in 116 towns in the
southern state of Rio Grande do Sul including the state capital
Porto Alegre.


EMBRATEL: Reports BRL465M 1Q EBITDA
-----------------------------------
Embratel released its first quarter 2005 EBITDA information:

- Net revenues were R$1,896 million in the first quarter of
2005, increasing 2.0 percent compared with the fourth quarter of
2004. Compared with the first quarter of 2004, total revenues
were basically similar.

- EBITDA reached R$465 million in the first quarter of 2005
increasing 37.9 percent quarter-over-quarter and 3.6 percent
compared with the first quarter of 2004.

- Operating income was R$194 million at the end of March 2005,
representing an increase of 24.7 percent over last year's first
quarter.

- Net income was R$43 million in the first quarter of 2005
compared with a loss of R$213 million in the fourth quarter of
2004 and a net income of R$5 million in the first quarter of
2004.

- Net debt reached R$2,372 million on March 31, 2005 compared
with R$2,598 million on December 31, 2004.

- The Company is in the process of making a R$1.8 billion rights
offering. At April 11, 2005, 46 percent of the shares available
for subscription were subscribed.

Total Revenues

In the first quarter of 2005, total net revenues were R$1,896
million, representing an increase of 2.0 percent compared with
the fourth quarter of 2004. Compared with the first quarter of
2004, total revenues were basically similar.

Data Communications

In the first quarter of 2005, 118 thousand 64kbits line
equivalents were added. At the end of March 2005, Embratel had
more than 1.1 million 64kbit line equivalents providing data
services to business customers. Year-over-year, 64kbit line
equivalents in service increased 63.1 percent.

Embratel's data communications revenues were R$447 million in
the first quarter of 2005, representing a 7.8 percent year-over-
year increase. The increase is due to higher core data and
Internet revenues, as well as wholesale revenues each
contributing for approximately half of the growth year-over-
year.

Long Distance Voice Services

Domestic Long Distance

In the first quarter of 2005, domestic long distance traffic
totaled 2,987 million minutes increasing 0.7 percent compared
with the fourth quarter of 2004 that is seasonally the strongest
quarter of the year.

Domestic long distance revenues were R$1,040 million, an
increase of 3.9 percent compared with the fourth quarter of
2004. During the quarter the Company carried out promotions and
regionally targeted campaigns in order to stimulate usage of the
21 access code. Mobile revenues continued to grow and represent
a larger portion of the Company's long distance revenue
composition.

International Long Distance

International long distance traffic totaled 595 million minutes,
a 57.2 percent increase compared with same period last year and
a 8.5 percent sequential improvement. This increase is mainly
related to higher inbound traffic resulting from the carrier
agreements negotiated in the fourth quarter of 2004.

International long distance revenues were R$192 million in the
first quarter of 2005. Year-over-year, international long
distance revenues declined 5.6 percent due to lower rates. The
growth in inbound revenues partially offset the decline in
outbound revenues.

Local Revenue

In the first quarter of 2005, Embratel's corporate customer
business revenue and traffic continued to grow. Sales of local
voice services to corporate customers were strong and we expect
these sales to further contribute to revenues as services are
installed. Embratel has been investing to increase access to
customers.

At the same time, the Company continued its efforts to improve
customer base quality at the residential market that resulted in
a slowdown in sales and traffic.

The plan for the residential market is to grow the customer base
using capacity that is available in the wireless local loop
network targeting market niches where the product has highest
appeal.

Embratel's first quarter local revenues were R$149 million which
compared with the first quarter of 2004 represented local
revenue growth of 9.4 percent.

Interconnection costs rose to R$868 million in the first quarter
of 2005 due to the increase in mobile traffic.

Other Cost of Services were to R$ 148 million in the first
quarter of 2005 declining 8.0 percent year-over year. This
decline is mainly associated with the reduction of costs of the
Company's wireless local loop (WLL) operation.

Selling expenses were R$226 million in the first quarter of 2005
an annual increase of 4.7 percent. This increase is mainly
explained by an increase in allowance for doubtful accounts
which is consistent with Embratel bad debt provisioning policy.
The allowance for doubtful accounts was partially compensated by
a decline in third party services.

General & Administrative expenses were R$192 million and
declined 19.5 percent when compared with the first quarter of
2004 mainly due to reductions in third party expenses associated
with less use of consultants, the ongoing revision of third
party contracts and a decrease in personnel expenses. Quarter-
over-quarter expenses related to personnel rose due to the
provision for employee profit sharing.

EBITDA, EBIT and Net Income

A slight increase in revenues due to data and local, along with
better cost control, produced a year-over-year EBITDA growth of
3.6 percent. EBITDA reached R$465 million in the first quarter
of 2005 compared with R$448 million in the first quarter of
2004.

Accordingly, the EBITDA margin was 24.5 percent in the first
quarter of 2005 compared with 23.7 percent the same quarter of
last year.

As a result of a better EBITDA performance and lower
depreciation, operating income (EBIT) rose 24.7 percent in the
first quarter of 2005 compared with the first quarter of the
prior year. Operating income (EBIT) reached R$194 million
compared with R$155 million in the same prior year quarter.
Operating margin was 2.2 percentage points better than last's
year reaching 10.2 percent.

Financial expenses, including monetary variation, fell 27.3
percent year-over year in the first quarter of 2005. Part of
this decline was the result of less interest paid due to the
Company's efforts to reduce the cost of debt.

Net income rose to R$43 million in the first quarter of 2005
compared with R$5 million in the first quarter of 2004.

Financial Position

Cash position at March 31, 2005 was R$931 million. Embrapar
ended the quarter with a total outstanding debt of R$3.3 billion
and net debt of R$2.4 billion. Short-term debt (accrued
interest, short-term debt and current maturity long-term debt in
the next 12 months) was R$2.0 billion.

Capex

Total capital expenditures in the first quarter of 2005 were
R$217 million. The breakdown is as follows: local
infrastructure, access and services- 28.3 percent; data and
Internet services - 22.9 percent; network infrastructure - 2.2
percent, others - 19.0 percent and Star One - 27.6 percent.

Capital Increase

On February 3, Embrapar's board of directors approved a capital
increase of R$1.8 billion representing an issuance of
266,248,325,303 preferred shares and 157,658,651,441 ordinary
shares. A total of 194.943.245.280 shares were subscribed during
the initial period (143.802.116.431 ordinary and 51.141.128.849
preferred). Shares available for the first leftover round which
ends on April 19, 2005 are 13.856.535.010 ordinary and
215.107.196.454 preferred shares corresponding to 54 percent
(8.8 percent of the ordinary and 80.8 percent of preferred) of
the total amount of the proposed capital increase.

The purpose of the capital increase is to strengthen the
financial position of Embrapar and its subsidiaries in view of
their funding requirements over the medium term. These include
repaying maturing debt - including 35 percent of the US$275
million Guaranteed Notes, prepaying some higher-cost debt, and
funding capital expenditures. A stronger balance sheet will also
position Embratel to compete more effectively and to meet
challenges and opportunities as they arise.

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 corporates. 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 is has countrywide coverage
with 28,868 km of fiber cables comprising 1,068,657 km of optic
fibers.

To view financial statements:
http://bankrupt.com/misc/Embratel.pdf

CONTACT: Embratel Investor Relations
         Phone: (5521) 2121-6474/2121-9662
         Fax: (5521) 2121-6388
         E-mail: invest@embratel.com.br
         Web site: http://www.embratel.com.br


PRIDE INTERNATIONAL: Jonathan Talbot Leaves Post
------------------------------------------------
Effective April 15, 2005, the employment of Jonathan R.A.S.
Talbot, Pride's former Vice President-Marketing, under his
Employment/Non-Competition/Confidentiality Agreement with Pride
dated September 9, 2004 was terminated in connection with his
departure from the Company.

The terms of his severance will be governed by that agreement,
which was filed as Exhibit 10.1 to Pride's Current Report on
Form 8-K filed on September 10, 2004 and is incorporated by
reference herein. In connection with his departure, Mr. Talbot
is entitled to receive:

(1) an amount equal to one full year of base salary (not less
than the highest annual base salary during the preceding three
years);

(2) one year (or, if earlier, until offered by another employer)
of life, health, accident and disability insurance benefits for
himself and his immediate family;

(3) an amount equal to the target award under Pride's annual
bonus plan for 2005; and (4) immediate vesting of his options
and awards. Mr. Talbot will be subject to an indefinite non-
disclosure covenant and a six-month noncompete covenant.

About Pride International

Pride International, Inc., headquartered in Houston, Texas, is
one of the world's largest drilling contractors. The Company
provides onshore and offshore drilling and related services in
more than 30 countries, operating a diverse fleet of 290 rigs,
including two ultra-deepwater drillships, 12 semi-submersible
rigs, 29 jackup rigs, 20 tender-assisted, barge and platform
rigs, and 227 land rigs.

CONTACT: Mr. Robert E. Warren
         Vice President, Investor Relations
         Phone: 713-789-1400
         Fax: 713-953-7894
         E-mail: bwarren@prideinternational.com

         Mr. Steven D. Oldham
         Vice President and Treasurer
         Phone: (713) 789-1400
         Fax: (713) 278-4430
         E-mail: soldham@prideinternational.com



=============
E C U A D O R
=============

PACIFICTEL: Slammed for Demanding Payment From Sister Company
-------------------------------------------------------------
An analyst criticized state-run fixed line operator Pacifictel's
move to demand payment of US$27 million in outstanding
interconnection fees due over the last six years from its sister
company Andinatel.

"I believe [Pacifictel] is being a bit cheeky since it also owes
Andinatel a large amount of money," Roberto Gurovich, telecom
analyst at Gurovich y Asociados told Business News Americas.

"Pacifictel and Andinatel are in the process of analyzing all
debts between each other. [There are several items that]
Pacifictel has not paid to Andinatel for many years and it
decided to transfer its Telecsa shares to Andinatel in
recognition of this debt," Gurovich said.

Telecsa was a joint venture between Pacifictel and Andinatel. It
started operations in March 2003 with an initial capital of
US$31.5 million to be provided by both parent companies.
However, Andinatel ended up providing the entire amount and now
controls 100% of Telecsa.


PACIFICTEL: To Open Trial Process Against Movistar, Porta
---------------------------------------------------------
Pacifictel will launch a trial process against mobile operators
Movistar Ecuador and Porta for blocking international traffic,
reports Business News Americas.

Pacifictel claimed it is losing approximately US$360,000 per
month because a lack of connectivity prevents it from handing
off incoming international traffic to mobile operators.
Pacifictel believes responsibility for opening traffic
termination circuits lies with the mobile operators.

Movistar Ecuador is owned by Telefonica Moviles (NYSE: TEM), and
Porta is owned by Mexico's America Movil (NYSE: AMX).



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

AIR JAMAICA: Cuts Cost With New Toronto-Kingston Flight Schedule
----------------------------------------------------------------
Beginning May 21, Air Jamaica will adjust the times of its
flights between Kingston and Toronto to create a more convenient
and efficient schedule for passengers. JM079 will depart the
Norman Manley International Airport in Kingston at 7:00am to
arrive at the Lester B. Pearson International Airport in Toronto
at 12:10pm. On the reverse, JM078 will depart Toronto at 1:25pm
to arrive Kingston at 4:30pm.

Director Airline Planning and Revenue Controls, Tom Hill, says
the improvement in the schedule will allow passengers to make
convenient mid-day connections to and from the rest of Canada.

In addition, the change will improve efficiency and cut
operating costs, as flight crews will no longer have to
overnight in Toronto saving the Company thousands of dollars in
crew costs.

In response to demand, Air Jamaica resumed scheduled flights
between Jamaica and Toronto, on April 5, last year after a 14-
year hiatus.

Performance on the route has exceeded expectations. Up to the
end of March, we carried over 6-thousand more passengers than
originally estimated.

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



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

GRUPO IUSACELL: Deploys 3G Mobile Network in Key Cities
-------------------------------------------------------
Grupo Iusacell, S.A. de C.V. (Iusacell) (BMV: CEL, NYSE: CEL), a
leading provider of digital wireless telecommunications services
in Mexico, and Lucent Technologies (NYSE: LU) announced Monday
an agreement to deploy a super-fast, third-generation (3G)
CDMA2000(R) 1xEV-DO network in the cities of Mexico, Monterrey
and Guadalajara.

This Lucent-supplied network enables Iusacell to provide mobile
high-speed data services such as high-quality video clips of
news, sports and entertainment events and access to applications
stored behind corporate firewalls including e-mail and intranets
to businesses and consumers at speeds of up to 2.4 Megabits per
second - up to 40 times faster than dial-up connections or 20
times faster than GPRS.

Under the terms of the agreement, Lucent will upgrade existing
Lucent-supplied base stations to support CDMA2000 1xEV-DO
technology, enabling Iusacell's customers in the cities of
Mexico, Monterrey and Guadalajara to access the high-speed
network using their laptops and PDAs equipped with 1xEV-DO PC
cards. As part of the project, Lucent also will provide
additional mobile switching centers and its Flexent(R) Mobility
Server to provide an open Internet Protocol (IP) interface to
the data network. Lucent Worldwide Services will provide
deployment and network integration services.

"With Lucent's 1xEV-DO network, we can now offer advanced data
services at speeds that compete with most of the fixed
connections," said Gustavo Guzman, Iusacell's CEO. "Our
corporate customers will be able to have remote access to all
the applications that are normally used in their offices, making
the concept of a mobile or virtual office a reality."

With virtual private network (VPN) connections, business
customers can access the Iusacell high-speed data network as an
extension of their corporate local area network (LAN) or
intranet, allowing them to work from any location as if they
were in the office while enjoying the same speed, security,
authentication and data protection. The 1xEV-DO network can be
accessed from any location where a cell phone works, including
airports and corporate offices.

"We're very excited about this opportunity to work with Iusacell
to bring the benefits of mobile broadband to consumers and
corporations in Mexico," said Osvaldo Di Campli, general
manager, Lucent Technologies de Mexico. "Once the deployment is
done, Iusacell will have one of the largest and most advanced 3G
networks in Mexico, and will be able to offer its customers a
variety of new multimedia services."

Lucent Technologies de Mexico, a subsidiary of Lucent
Technologies, will provide the products and services outlined in
this agreement.

A global leader in the development of commercial 3G spread-
spectrum solutions, Lucent's Mobility Solutions Group has
deployed CDMA2000, CDMA450, and W-CDMA/UMTS networks with more
than 35 customers on the continents of North and South America,
Asia, Europe and in the Australia/New Zealand region. Lucent has
deployed more than 120,000 spread-spectrum base stations for
mobile operators worldwide, of which 70,000 are already
supporting 3G services.

About Iusacell

Grupo Iusacell, S. A. de C. V. (Iusacell, NYSE: and BMV: CEL) is
a wireless cellular and PCS service provider in Mexico
encompassing a total of approximately 92 million POPs,
representing approximately 90 percent of the country's total
population. Independent of the negotiations towards the
restructuring of its debt, Iusacell reinforces its commitment
with customers, employees and suppliers and guarantees the
highest quality standards in its daily operations offering more
and better voice communication and data services through state-
of-the-art technology, such as its new 3G network, throughout
all of the regions in which it operates.

About Lucent Technologies

Lucent Technologies designs and delivers the systems, services
and software that drive next-generation communications networks.
Backed by Bell Labs research and development, Lucent uses its
strengths in mobility, optical, software, data and voice
networking technologies, as well as services, to create new
revenue-generating opportunities for its customers, while
enabling them to quickly deploy and better manage their
networks. Lucent's customer base includes communications service
providers, governments and enterprises worldwide.

CDMA2000 is a registered trademark of the Telecommunications
Industry Association.

CONTACT: Grupo Iusacell S.A de C.V.
         Prolongacion Paseo de la Reforma 1236
         Colonia Santa Fe
         Delegacion Cuajimalpa
         Mexico, D.F. 05348
         Mexico
         Phone: 011-525-109-5754
         Web site: http://www.iusacell.com.mx


HYLSAMEX: Alfa Details May 9 Shareholders' Meeting Reasoning
------------------------------------------------------------
ALFA, S.A. de C.V. (ALFA) is issuing this notice for the
purposes of explaining the rational behind the calls to the
Shareholder Meetings announced by its subsidiary Hylsamex SA de
CV.

Two meetings have been called: the first, a special meeting for
holders of the Hylsamex Series L shares, to vote on an extension
of the date for the conversion of the Series L shares into
Series B shares. The second meeting, is for holders of the
Hylsamex Series B shares, to inform them of the resolutions
adopted at the meeting of holders of the Series L shares and to
vote on the approval of the corresponding amendments to the
Hylsamex by-laws required for the effectiveness of the extension
of such conversion date. Both shareholder meetings will be held
on May 9, 2005, the first one at 12:00pm and the second at
12:30pm.

ALFA has provided the following explanations:

Background

1. ALFA holds a 42.5% stake in Hylsamex through its 51%
ownership of Series B shares.

2. Through the capital markets, the investing public owns 100%
of the Series L shares. When the Series L Shares were issued and
placed in the market it was considered that such Series L Shares
were to be converted into Series B shares at the first
anniversary of its placement and listing in the Mexican Stock
Exchange. Such period is set to end on July 15, 2005.

3. ALFA recently announced to the market, that it had been
approached by several domestic and international steel
companies, who desire to explore the possibility of acquiring
Hylsamex. ALFA has entered into formal conversations with these
parties.

4. The Company's advisors have recommended that ALFA maintains
control of Hylsamex to strengthen its position in such
negotiations with potential acquirers; a stance that would
benefit all Hylsamex shareholders.

5. Current Mexican stock market rules and regulations require
that any Company intending to acquire control of a Company that
trades in the public market, shall do so by means of a public
tender offer to acquire all the shares then issued and
outstanding. For this reason, should ALFA decide to sell its B
shares, the purchaser will be required to simultaneously offer
the same terms and conditions to all holders of Hylsamex shares
that trade in the marketplace (i.e. the remaining Series B
shares as well as all the Series L shares).

Proposal for Holders of Hylsamex Series L shares:

The Extraordinary Meeting for holders of Series L shares that
has been called today will receive a proposal to extend by six
months the date for conversion of their respective holdings of
Series L shares into Series B shares.

Considerations

It is believed that the requested additional time will be
sufficient for ALFA to conclude any potential sale of its
Hylsamex shares; this includes adequate time for negotiation of
the terms and conditions, as well as any time necessary for
completing the documentation and declaring the effectiveness of
the transaction.

ALFA believes that approval of the proposal outlined is in the
best interest of all holders of the Series L shares for the
following reasons:

A. As suggested by the advisors, the power to negotiate and
close the potential sale of Hylsamex shares would be improved.

B. If ALFA can negotiate better terms and conditions for the
sale of Hylsamex shares by retaining control, this will provide
all holders of the Series L shares a with greater benefit,
taking into consideration that the same offer will be extended
to all other shareholders, including holders of Series L shares,
and such offer will provide equal terms and conditions.

Further, ALFA does not believe an extension of the conversion
date by six months will have any negative effect to holders of
the Series L shares. The price at which the two series of shares
have been trading is quite similar and the Series L shares have
experienced considerable market liquidity.

CONTACT: Mr. Enrique Flores
         Director, Corporate Communications
         ALFA, S.A. de C.V.
         Phone: (011-52) 81 8748 1207
         E-mail: eflores@alfa.com.mx



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

PDVSA: President Seeks to Replace 32 Existing Oil Contracts
-----------------------------------------------------------
Venezuela's energy and oil minister Rafael Ramirez on Thursday
ordered 32 operating contracts signed in the 1990s be converted
into joint-venture partnerships, under which state oil Company
Petroleos de Venezuela (PDVSA) would hold a minimum stake of
51%.

According to Ramirez, the 32 operating agreements are harmful to
Venezuela's national interest and that they cost PDVSA US$3
billion last year.

Ramirez said that new contracts to replace the 32 existing ones
should be signed within six months. If oil companies decide to
withdraw from Venezuela rather than accept new conditions being
imposed by the government, PDVSA will invite other private
companies to operate the fields rather than operate them itself,
Ramirez added.

"We are not planning on PDVSA retaking operation of these
fields. We would want to stay with private national and
international companies in order to maintain this production or
even to increase it as long as it is in the framework of the new
[hydrocarbons] law," Ramirez said.

Meanwhile, former PDVSA managers expressed skepticism about
Ramirez's claim that private oil contracts are causing PDVSA
financial losses.

"I don't see how PDVSA can be losing," said Jose Toro Hardy, a
former director at the state oil firm.

Mr. Hardy said PDVSA is trying to squeeze more money out of
foreign firms to compensate for the Company's declining
production. Venezuela's economy grew 17% last year on high oil
prices, an expansion of public spending and a low base of
comparison. But the country's oil economy actually contracted in
the second half, indicating a decline in production, according
to central bank data.

"They simply need more money. PDVSA's oil production has been
going down," said Toro Hardy, who oversaw the contracts in the
1990s.

He said the fields had preferential tax terms because they had
already been exploited by PDVSA and required heavy investments.
The operating agreements currently pump 500,000 barrels of oil a
day, which is sold to PDVSA at a fee.

"The only way to lose money is to sell the oil below market
prices or give discounts," said another former director, who
asked not to be named. "There are many ways to calculate things,
and I think theirs is one-sided."

PDVSA, one of the world's largest energy corporations, is owned
by the Republic of Venezuela and is responsible for developing
the country's petroleum and petrochemical resources. PDVSA's
largest market is the United States, where most of its products
are sold by its wholly-owned subsidiary CITGO Petroleum Corp.

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: Has Until May 31 to Answer Enel's Orimulsion Claims
----------------------------------------------------------
The international court of arbitration ordered PDVSA to answer
by May 31 allegations levelled against it by Italian energy firm
Enel that it violated a contract by stopping production of
orimulsion, reports Business News Americas.

Enel requested the arbitrage in March this year in the hopes of
recovering US$200 million following PDVSA's decision to stop
supplying Enel with orimulsion.

However, a PDVSA official and a high-ranking energy and oil
ministry official downplayed Enel's claim, suggesting it is
baseless because its contract expired in December 2003.

Since then PDVSA has sold the Italian Company two spot
shipments, but orimulsion manufacture has been greatly reduced
and is scheduled to stop completely in February 2006 when the
last supply contracts expire, the ministry official said.


PDVSA: Two Citgo Refineries Set to Go on the Auction Block
----------------------------------------------------------
Venezuela plans to sell two of Citgo Petroleum Corp.'s eight
refineries in the United States, Oil Minister Rafael Ramirez
revealed without naming the refineries in question.

"It's two refineries in particular that we are looking to sell
and we're taking offers," Mr. Ramirez said.

The sale doesn't mean Venezuela is looking to sell the entirety
of its Citgo assets, which also include about 13,000 service
stations across the US, Ramirez stressed.

"We will continue with Citgo and we will keep our presence in
the U.S. market, which is one of our top markets," said Mr.
Ramirez. "What is clear is there are at least two refineries
there that don't interest us at all because they produce
systematic losses, because they don't refine our oil."

He said some offers had been received from companies and that
these were being considered.

Refiners Valero Energy Corp. (VLO), Premcor Inc. (PCO) and
Sunoco Inc. (SUN) have all previously said they would be
interested if Citgo refineries came up for sale.

CITGO Petroleum Corp. is a wholly-owned subsidiary of PDVSA.



                            ***********


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

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

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

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

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

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


* * * End of Transmission * * *