TCRLA_Public/050421.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

            Thursday, April 21, 2005, Vol. 6, Issue 78



BOSTON MEDICAL: Gets Court Approval for Reorganization
CLAXSON INTERACTIVE: Bancard Buys Chilevision in $24M Deal
DELTAGRO S.A.: Reports Submission Set
DISTRI GOM: Enters Bankruptcy on Court Orders
LOMA NEGRA: Brazilian Firm Agrees on $1B Acquisition

MADO S.A.: Seeks Court Approval to Reorganize
MOLINOS RIO: Inks Partnership Accord With ADM
OROFARMA S.A.: Liquidating Assets to Pay Debts
PHONO BAHIA: Verification Deadline Approaches
RUNESMAR ALIMENTICIA: Begins Liquidation Process

VELOCIDAD TIEMPO: Court Schedules Informative Assembly


NORTHERN OFFSHORE: Schedules Scheme of Arrangement Meeting


AES URUGUAIANA: Seeks to Stem Losses Arising From Gas Shortages
CBPI: Folds Refining Business to Prevent Losses
CELG: Gives Minority Shareholders Until May 18 To Swap Shares
NII HOLDINGS: Integrates Canada Into Direct Connect(SM) Network
SANTANDER BANESPA: S&P Affirms Ratings on Three Entities

E L   S A L V A D O R

AES CLESA: Fitch Ratings Affirms Ratings at 'BB+'


DYOLL GROUP: Moves Motor Insurance Policies to British Caymanian   


DIRECTV GROUP: Launches New Satellite
MINERA AUTLAN: Higher Prices, Export Growth Boost 1Q05 Sales
ROYAL SHELL: Agrees to $1.75B Sale of InterGen to Bechtel
TFM: Places Senior Notes Due 2012

P U E R T O   R I C O

DORAL FINANCIAL: Restates Fair Value of Floating Rate IO

T R I N I D A D   &   T O B A G O

BWIA: ACAWU Requests Immediate Meeting With Lok Jack Committee

     -  -  -  -  -  -  -  -                            


BOSTON MEDICAL: Gets Court Approval for Reorganization
Boston Medical Group S.A. will begin reorganization following
the approval of its petition by Court No. 17 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. Nestor del Potro will oversee the reorganization proceedings
as the court-appointed trustee. He will verify creditors' claims
until June 24. The validated claims will be presented in court
as individual reports on August 5.

Mr. Potro 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 5.

An Informative Assembly, the final stage of a reorganization
where the settlement proposal is presented to the Company's
creditors for approval, is scheduled on November 29.

Clerk No. 33 assists the court on this case.

CONTACT: Mr. Nestor del Potro, Trustee
         Avda Corrientes 1291
         Buenos Aires

CLAXSON INTERACTIVE: Bancard Buys Chilevision in $24M Deal
Claxson Interactive Group Inc. (OTC Bulletin Board: XSONF)
announced Tuesday the closing on April 14, 2005 of the sale of
100% of the share capital of Red de Television Chilevision S.A.
("Chilevision") to Bancard Inversiones Limitada and Inversiones
Bancorp Limitada.

Claxson sold Chilevision after it successfully turned around its
operation. Claxson intends to increase its focus on its Pay TV
business and provide funds for investment opportunities in such
division for Latin America and new markets.

The transaction valued Chilevision at $23.9 million, including
financial and other debt assumed by the buyer of $5.6 million.

"The completion of the sale of Chilevision is very rewarding as
it was made possible by the excellent results achieved by the
channel over the last few years. In 2002, the channel was losing
over $1.5 million a year. Two years later, in 2004, the channel
made a profit of about $2.5 million. This proves that our
investment and the management team we put together at
Chilevision have been successful," said Roberto Vivo, Chairman
and CEO of Claxson.

Over the last two years, Chilevision was the fastest-growing
broadcast TV channel in Chile. Its sales grew by 61.0 %, ratings
increased by 34.7%, and its advertising share increased as well.

"Four years ago, when Claxson took over the channel, we faced
major challenges. The goal was to turn the channel into an
active competitor in the industry and a relevant social player
in Chile; it is clear that we have achieved both," said Vivo.

About Claxson

Claxson (OTC Bulletin Board: XSONF) is a multimedia company that
provides and distributes branded entertainment content to
Spanish and Portuguese audiences around the world. The Company
has a portfolio of well-known branded entertainment options
distributed on multiple platforms, including pay TV, broadcast
TV, radio and Internet. The Company's headquarters are located
in Buenos Aires and Miami, and it has a presence in the U.S. and
all major Latin American countries, including without limitation
Argentina, Mexico, Chile, Brazil, Spain and Portugal. Claxson's
principal shareholders are the Cisneros Group of Companies and
funds affiliated with Hicks, Muse, Tate & Furst, Inc.

CONTACT: Mr. Juan Iramain
         Communications VP
         Phone: +011-54-11-4339-3701
         Web site:

DELTAGRO S.A.: Reports Submission Set
Ms. Martha Magdalena Comba, the trustee assigned to supervise
the reorganization of Deltagro S.A., will submit the validated
individual claims for court approval on June 23. These reports
explain the basis for the accepted and rejected claims. The
trustee will also submit a general report of the case on August

Infobae reports that Court No. 7 of Buenos Aires' civil and
commercial tribunal has jurisdiction over the bankruptcy case.
The city's Clerk No. 14 assists the court with the proceedings.

CONTACT: Ms. Martha Magdalena Comba, Trustee
         Hipolito Yrigoyen 1349
         Buenos Aires

DISTRI GOM: Enters Bankruptcy on Court Orders
Distri Gom S.R.L. enters bankruptcy protection after Court No. 9
of Buenos Aires' civil and commercial tribunal, with the
assistance of Clerk No. 17, ordered the Company's liquidation.
The order effectively transfers control of the Company's assets
to a court-appointed trustee who will supervise the liquidation

Infobae reports that the court selected Mr. Jose Luis Abuchdid
as trustee. Mr. Abuchdid will be verifying creditors' proofs of
claims until the end of the verification phase on June 9.

Argentine bankruptcy law requires the trustee to provide the
court with individual reports on the forwarded claims and a
general report containing an audit of the Company's accounting
and business records. The individual reports will be submitted
on August 17 followed by the general report that is due on
October 13.

CONTACT: Mr. Jose Luis Abuchdid, Trustee
         Tacuari 119
         Buenos Aires

LOMA NEGRA: Brazilian Firm Agrees on $1B Acquisition
Argentina's largest cement Company, Loma Negra SA, informed the
Buenos Aires stock exchange that it has signed a letter of
intent to sell to Construcoes e Comercio Camargo Correa SA,
Brazil's fourth-biggest cement producer, relates Bloomberg.

Under the agreement, Camargo will pay US$1 billion in cash and
debt to acquire Loma Negra including its four subsidiaries in
Argentina: Compania de Servicios a la Construccion, Ferrosur,
Recycomb y Cementos del Plata.

The sale is subject to approval by Argentina's National
Commission for the Defense of Competition.

Loma Negra, which produces more than 3 million tons of cement a
year in nine plants in Argentina and employs 1,900 people,
defaulted on about US$400 million of debt following the
government's default. Loma Negra, a private Company that is
majority owned by Amalia Lacroze de Fortabat, restructured part
of that debt by giving investors US$226 million of new bonds in

In December, the Wall Street Journal reported that Lacroze de
Fortabat, Argentina's richest woman, had previously been in
talks with France's Lafarge SA and Mexico's Cemex SA, the
world's biggest and third-biggest cement companies respectively,
to sell the Company. Loma Negra said in December that JPMorgan
Chase & Co. was advising it on the negotiations.

MADO S.A.: Seeks Court Approval to Reorganize
Mado S.A. requested for reorganization after failing to pay its
liabilities, says Infobae. The reorganization petition, once
approved by the court, will allow the Company to negotiate a
settlement with its creditors in order to avoid a straight

The case is pending before Court No. 1 of Buenos Aires' civil
and commercial tribunal. The city's Clerk No. 2 assists the
court on this case.

MOLINOS RIO: Inks Partnership Accord With ADM
Packaged food producer Molinos Rios de la Plata (MOLI.BA)
disclosed Tuesday that it has signed a deal with Archer-Daniels-
Midland Co. (ADM) for "joint production and distribution" of
cooking oil in Brazil, relates Dow Jones Newswires.

Molinos made the disclosure in a filing with the local stock
exchange after the latter requested that the Company respond to
a story published last week in local financial daily El
Cronista. The newspaper had reported on the partnership last
week without citing any sources.

Under the agreement, ADM's plant in Campo Grande will
manufacture Molinos' "Cocinero" brand of soy oil, Molinos said
without providing financial details.

Molinos said it doesn't plan to sell its Cocinero brand to ADM,
and that the agreement fits in with the Company's regional
growth strategy.

Molinos' controlling shareholder is Perez Companc Family Group
(PCFG) with a 64% stake. The remaining stock trades publicly in
the local stock market.

CONTACT INFO: Molinos Rio de la Plata S.A.
              Uruguay 4075 CP (B1644HKG)
              Pcia. de Buenos Aires
              Telephone: 54-11-4340-1100

              Maria Soledad Kern
              Investors Service
              Tel: (0054)-(11)-4340-1592

OROFARMA S.A.: Liquidating Assets to Pay Debts
Buenos Aires-based Orofarma S.A. will begin liquidating its
assets following the "Quiebra Decretda" pronouncement issued by
Court No. 3 of Buenos Aires' civil and commercial tribunal,
reports Infobae.

The ruling places the Company under the supervision of court-
appointed trustee Ulderico Luis Laudren. The trustee will verify
creditors' proofs of claims until June 8. The validated claims
will be presented in court as individual reports on August 4.

Mr. Laudren 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. The proceeds of the sale will be used to repay the
Company's debts.

CONTACT: Orofarma S.A.  
         San Jose de Calasanz 114
         Buenos Aires

         Mr. Ulderico Luis Laudren, Trustee
         Libertad 293
         Buenos Aires

PHONO BAHIA: Verification Deadline Approaches
The verification of claims for the Phono Bahia S.A. bankruptcy
case will end on June 27 according to local news source Infobae.
Creditors with claims against the bankrupt Company must present
proof of the liabilities to Mr. Claudio Oscar Pascual, the
court-appointed trustee, by the said deadline.

Bahia Blanca's civil and commercial tribunal handles the
Company's case that will conclude with the liquidation of the
Company's assets to pay its creditors.

CONTACT: Phono Bahia S.A.
         Hipolito Yrigoyen 556
         Bahia Blanca

         Mr. Claudio Oscar Pascual, Trustee
         Gorriti 35 Bis
         Bahia Blanca

RUNESMAR ALIMENTICIA: Begins Liquidation Process
Runesmar Alimenticia S.R.L. of Buenos Aires will begin
liquidating its assets after Court No. 21 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 Ana Maria Calzada

Ms. Percivale will review claims forwarded by the Company's
creditors until August 4. After claims verification, the trustee
will submit the individual reports for court approval on
September 16. The general report submission will follow on
October 31.

The city's Clerk No. 41 assists the court on this case.

CONTACT: Runesmar Alimenticia S.R.L.
         Avda Corrientes 1965
         Capital Federal
         Ms. Ana Maria Calzada Percivale, Trustee
         Sarmiento 2437
         Buenos Aires

VELOCIDAD TIEMPO: Court Schedules Informative Assembly
Velocidad Tiempo Cero S.A., a Company operating in Mendoza, is
scheduled to present a completed settlement plan to its
creditors on September 7.

Infobae reports that the Company is under the oversight of
Trustee Erik Fernandez during the course of its debt
restructuring. Court No. 1 of the city's civil and commercial
tribunal has jurisdiction over this case.

CONTACT: Mr. Erik Fernandez, Trustee
         Pasaje Vargas 567


NORTHERN OFFSHORE: Schedules Scheme of Arrangement Meeting
              IN THE MATTER OF Northern Offshore LTD.


Notice is hereby given that by an Order dated April 15, 2005 the
Supreme Court of Bermuda has directed that separate meetings be
convened of the two classes of creditors of Northern Offshore
Ltd. (the "Company"), namely holders of the Company's US$ notes
and holders of the Company's Norwegian kroner notes, for the
purpose of considering and, if thought fit, approving (with or
without modification) a Scheme of Arrangement proposed to be
made between the Company and the holders of those US$ notes and
Norwegian kroner notes.

The meetings will be held on May 20, 2005 commencing at 10:00
a.m. (Bermuda time) (in the case of the meeting relating to the
US$ notes) and 10:15 a.m., or as soon thereafter as the meeting
relating to the US$ notes has been completed (Bermuda time) (in
the case of the meeting relating to the Norwegian kroner Notes),
in each case at the offices of KPMG Financial Advisory Services
Ltd., Crown House, 4 Par- La-Ville Road, Hamilton, HM 08,

A copy of the Scheme of Arrangement, the explanatory statement
required to be furnished pursuant to Section 100 of the
Companies Act 1981 and the relevant voting forms can be obtained
from KPMG Financial Advisory Services Ltd. at the above address.

If you think you are, or might be, a holder of the Company's US$
notes or Norwegian kroner notes and you require further
information in relation to the Scheme of Arrangement, please
contact Chris Giddens of KPMG Financial Advisory Services
Limited in Bermuda ( or Adrian Bourne
( of KPMG LLP in London, England.

The voting deadline for the meetings is 5.00pm New York time
(6.00pm Bermuda time) on 18 May 2005.

By the Order, the Supreme Court has appointed Michael Morrison
of KPMG Financial Advisory Services Limited or, failing him, a
nominee of the Company's joint provisional liquidators, to act
as Chairman at the meetings, and has directed the Chairman to
report the result of the meetings to the Supreme Court.

If the meetings approve the Scheme of Arrangement, the Scheme of
Arrangement will require the subsequent sanction of the Supreme

CONTACT: Northern Offshore Limited (in provisional liquidation)
         c/o KPMG Financial Advisory Services Limited
         Crown House
         4 Par-la-Ville Road
         Hamilton HM 08
         Phone: +1 441 294 2653
         Fax: +1 441 295 8280


AES URUGUAIANA: Seeks to Stem Losses Arising From Gas Shortages
Generator AES Uruguaiana is analyzing ways on how to deal with
the enormous amounts of losses it is accumulating every month
due to restrictions on Argentine natural gas.

Due to gas shortage, the 640MW plant was forced to introduce
starting March 22 a swap arrangement with thermoelectric
generators in Argentina owned by the same parent, US power
Company AES (NYSE: AES).

But a Company source said "a swap deal is not cheap and involves
many charges and taxes, especially when it's international."

Even assuming the higher-than-normal costs of acquiring gas
through a swap deal rather than through regular supplies, the
quantities of gas getting through are only enough for the plant
to operate at some 220MW.

With all of the 640MW capacity under contract to Brazilian
distributors, the shortage is incurring additional expenses in
honoring contracts. AES Uruguaiana is considering declaring
force majeure, but probably as a last resort because it does not
want to create problems for its clients.

CBPI: Folds Refining Business to Prevent Losses
Oil Company Companhia Brasileira de Petroleo Ipiranga (CBPI)
decided to shut down its refining business as part of an effort
to curtail losses, Bloomberg reports, citing an e-mailed
statement from Elizabeth Tellechea, a director at the refinery.

The refinery has been affected by the measures introduced by the
government to slow inflation by stemming increases in fuel
prices charged by state-controlled Petroleo Brasileiro SA even
as crude oil prices have climbed to records.

Bloomberg recalls that Petrobras raised fuel prices 17.6% since
January 2004 while crude oil soared by more than half. CBPI
loses money at its refinery when crude oil prices rise above
US$44 a barrel, the Company said. Crude has been above US$44
since August 2004.

"The decision was taken because of elevated oil prices in the
market that weren't accompanied by fuel prices increases at
Brazilian refineries," the e-mailed statement said.

CONTACT:  Companhia Brasileira Petroleo Ipiranga
          329 Rua Francisco Eugenio Sao Cristovao
          Rio de Janeiro - RJ, 20948-900
          Tel: 22.574.5858
          Fax: 22.569.4836

CELG: Gives Minority Shareholders Until May 18 To Swap Shares
Power producer Companhia Energetica De Goias (Celg) is inviting
minority shareholders to swap their non-voting shares for voting
right shares, reports Business News Americas.

The swap, which was approved by shareholders at a meeting held
April 15, is the first practical step in plans by Brazil's Goias
state government, which controls Celg, to sell a 41% non-
controlling stake in the Company through a public share

Celg is looking to list on the New Market, the highest corporate
governance level at Bovespa that requires companies to have only
voting right shares and a market float of at least 25% of total

The Company has given minority shareholders until May 18 to
decide whether to convert their shares or sell them back to the
Company. The rearranged shares will start trading June 6.

Consultants Integral Trust was hired last year to model the
stake sale expected to raise some BRL700 million (US$27mn), most
of which will be used by the state government to pay down the
BRL675 million it owes the Company.

CONTACT:  Companhia Energetica De Goias - Celg
          Rua 2, Qd A - 37 S/N
          Jardim Goias, 74805-180 Goiania - GO 74043-011
          +55 62 243-1041
          +55 62 243-1070  

NII HOLDINGS: Integrates Canada Into Direct Connect(SM) Network
NII Holdings, Inc. in partnership with Canadian wireless carrier
TELUS Mobility, announced Tuesday the integration of Canada into
its International Direct Connect(SM) network. International
Direct Connect (IDC) is an extension of the Direct Connect(R)
walkie-talkie service. Under this agreement, NII Holdings'
customers in Argentina, Brazil, Mexico and Peru will be able to
communicate with TELUS Mobility Mike(R) subscribers in Canada.
NII Holdings, TELUS Mobility and Nextel Communications Inc.
subscribers in the U.S. will now be able to communicate
instantly across national borders throughout the Americas.

The addition of TELUS Mobility subscribers to the International
Direct Connect network extension will provide added value
options for NII Holdings' customers such as automatic
integration with Canada and access to wireless data services
when traveling in Canada. Cellular roaming will be available in

"Integrating TELUS mobility clients into our International
Direct Connect network further expands our footprint across the
Americas, and differentiates NII in the market by offering the
convenience of communicating across borders at the touch of a
button," said Steve Shindler, NII's chairman and CEO. "The
completion of the International Direct Connect network, the
fruit of a shared commitment and a high degree of cooperation
among the partners who have joined forces to develop, test and
release the service, is the natural progression of our
continuous commitment to deliver the most efficient
communications solution to our customers. With IDC, TELUS
Mobility clients will have access to an enhanced communications
tool that provides them with instant access across national
borders to 1.88 million subscribers in Latin America."

"TELUS Mobility Mike subscribers have taken full advantage of
the instant contact capabilities of Mike's Direct Connect(R)
across Canada and, since 2004, across the border into the United
States. The addition of Mexico and South America to our
International Direct Connect footprint will further enhance
Mike's position as the wireless network of choice for Canadian
business," said Wade Oosterman, TELUS Mobility's Executive Vice
President of Sales and Marketing.

"The enhancement of International Direct Connect(SM) walkie-
talkie service from Mexico and South America to Canada and back,
benefits Nextel customers who conduct business throughout North
and South America," said Blair Kutrow, vice president, product
management, Nextel. "Through our partnership with NII and TELUS
Mobility, Nextel has been committed to the integration process
to provide our customers with the same high quality performance
from IDC as with our Nationwide Direct Connect(SM) service,
connecting in under a second."

In 2004, NII Holdings and Nextel Communications launched IDC in
Argentina, Brazil, Peru, Mexico and the U.S., while Nextel
Communications and TELUS Mobility launched IDC between their
subscribers in the United States and Canada. Now, the connection
is complete between all 6 countries. The cross-border instant
communications market between Canada, the U.S., and Central and
South America represents a significant opportunity for NII
Holdings, Nextel Communications and TELUS Mobility.

Utilizing Motorola's iDEN (integrated Digital Enhanced Network)
technology, IDC is a natural extension of Nextel's walkie-talkie
service, which provides cost-effective communications with
unmatched speed, reach and clarity. It also provides immediate
access to iDEN(R) wireless networks in North and South America,
which includes millions of existing walkie-talkie users. In the
United States, where Nextel is a leading provider of fully
integrated wireless communications services and has built the
largest guaranteed all-digital wireless network in the country,
more than 16 million Nextel users have access to IDC, allowing
them to instantly connect with users in Canada and South

About NII Holdings, Inc.

NII Holdings, Inc., a publicly held Company based in Reston,
Va., is a leading provider of mobile communications for business
customers in Latin America. NII Holdings, Inc. has operations in
Argentina, Brazil, Mexico and Peru, offering a fully integrated
wireless communications tool with digital cellular service,
text/numeric paging, wireless Internet access and International
Direct Connect(SM), an extension of Direct Connect(SM), a radio
feature that allows Nextel subscribers to communicate instantly
and across national borders. NII Holdings, Inc. trades on the
NASDAQ market under the symbol NIHD.

About TELUS Mobility

TELUS Mobility provides its more than 3.9 million clients across
Canada with a full suite of wireless voice, Internet and data
services through its PCS and Mike digital wireless networks.

TELUS (NYSE: TU; TSX: T, T.NV) is the largest telecommunications
Company in Western Canada, with more than $7.6 billion of annual
revenue, 4.8 million network access lines and 3.9 million
wireless clients. The Company provides subscribers with a full
range of telecommunications products and services including
data, voice and wireless services across Canada, utilizing next
generation Internet-based technologies.

Nextel, the Nextel logo, Nextel Online, Nextel Business Networks
and Nextel Direct Connect are trademarks and/or service marks of
Nextel Communications, Inc.

Mike and Mike's Direct Connect are registered trademark of TELUS

CONTACT:  Investor Relations:
          Tim Perrott
          Tel: +1-703-390-5113

          Media Relations:
          Claudia E. Restrepo
          Tel: +1-786-251-7020or
          Web site:

SANTANDER BANESPA: S&P Affirms Ratings on Three Entities
Standard & Poor's Ratings Services affirmed Tuesday its 'BB-/B'
foreign currency and 'BB/B' local currency counterparty credit
ratings on Banco Santander Brasil S.A., Banco Santander
Meridional S.A., and Banco do Estado de Sao Paulo S.A.
(Banespa). The outlook is stable.

The ratings on the three entities of Santander Banespa
incorporate the uncertainties of operating in Brazil and
exposure to the economic risk of the financial system; their
still weaker operating efficiency than that of Latin American
peers and some local competitors (although the group is
concentrating efforts to improve its efficiency); and the
relatively smaller share of the retail segment as compared to
the other major retail banks. These negative factors are
compensated by Santander Banespa's strong position in the
Brazilian market, mainly in the South/Southeast regions of the
country, as well as by the benefits of belonging to its parent
bank group, Spain's Banco Santander Central Hispano S.A.
(A+/Stable/A-1). Santander Banespa benefits from being part of a
larger group, as Santander Central Hispano is transferring its
organization, technology, culture, management skills, and
commercial know-how to its Brazilian subsidiary. "In addition,
the ratings consider the good financial profile of Santander
Banespa, mainly its strong profitability and asset quality above
the average Brazilian standards, as well as its experienced and
strong management team," said Standard & Poor's credit analyst
Tamara Berenholc.

Santander Banespa is the fourth-largest private Brazilian
financial group in terms of assets. Santander Banespa's good
asset quality indicators reflect the implementation of sound
credit concession, monitoring, and collection policies and
procedures, following BSCH's lead.

The stable outlook on the local currency ratings reflect the
expectation that the group will retain its dynamism in the
commercial area, maintaining its market position while
preserving its good profitability (with continued efforts on the
efficiency front) and asset quality despite significant credit
growth. The outlook on foreign currency rating mirrors the
outlook attributed to the Federative Republic of Brazil. At its
current level, Santander Banespa's foreign currency credit
rating should move in tandem with the foreign currency credit
rating of the sovereign. The local currency credit rating would
automatically follow negative changes in the sovereign credit
rating, if the latter is downgraded or if its outlook is revised
to negative. However, if the sovereign local currency credit
rating were to improve (positive outlook or upgrade) the impact
on Santander Banespa would have to be assessed.

E L   S A L V A D O R

AES CLESA: Fitch Ratings Affirms Ratings at 'BB+'
Fitch Ratings has affirmed the local and foreign currency
corporate ratings and Zurich Political Risk Insured Notes rating
of AES Clesa y Compania, S. en C. de C.V. (AES Clesa) at 'BB+'
and revised the Rating Outlook to Stable from Negative. The
Outlook revision follows the sovereign Rating Outlook revision
to Stable from Negative, which had previously constrained the
ratings of AES Clesa.

AES Clesa's ratings are based on its low business risk profile,
efficient operations, stable cash flow generator, and
constructive regulatory environment. The Company's distribution
business is essentially operated as a natural monopoly in El
Salvador, reducing competition and other business risks. Energy
losses from both technical and nontechnical factors are
reasonable for a nonurban electric distributor in Latin America
(11.4%). Management's strategy is to continue focusing on
improving quality of service standards, lowering costs, and
enhancing revenues to further strengthen the Company's business

The ratings of AES Clesa also incorporate the economic,
political, and other sovereign risks inherent in investments in
El Salvador. The local and foreign currency ratings are
constrained by El Salvador's 'BB+' credit rating. The Rating
Outlook of El Salvador was revised to Stable from Negative in
February 2005 and reflects progress on fiscal consolidation, the
recently passed tax reforms, and improved political environment.
Moreover, the potential implementation of Central America Free
Trade Agreement (CAFTA) could promote export and economic
growth, which is needed to sustain the fiscal consolidation
process and reduce public sector debt further.

During 2004, AES consolidated several of the administrative and
operational functions of its four Salvadorian distribution
companies (AES Clesa, CAESS, EEO, and DEUSEM). The consolidation
is expected to improve customer service, operational efficiency,
and purchasing power. In addition, several alliances with
commercial financial institutions were executed, expanding the
payment and information network service while reducing the
number of owned commercial offices.

Interest coverage ratios remained flat in 2004 compared with
2003 as increased physical sales in 2004 were offset by lower
prices. Sales grew to 683 GWh in 2004 from 625 GWh in 2003.
Energy spot prices in El Salvador were lower than in the
previous year (average price for 2004 was US$69/MWh versus
US$77.2/MWh in 2003). EBITDA margins have been stable with the
exception of 2001 when EBITDA was pressured by lower demand
reflecting the effects of the 2001 earthquakes and a high
overcontracted position. EBITDA in 2004 was US$21.2 million
resulting in interest coverage ratio of 2.7 times (x) versus
EBITDA of US$22.2 million and coverage of 2.8x in 2003.

Leverage has improved over the past year as the Company's debt
has been amortizing since December 2003. Debt to EBITDA has
improved from 3.3 at December 2002 to 2.7 as of December 2004.
The Company's outstanding debt is a US$58 million dollar notes,
which US$38 million began semi-annual amortizations in December
2003-2010 and the remaining $20 million will begin amortizing
semi-annually in December 2005 through 2012. Going forward,
credit protections measures are expected to improve based on
continued demand growth, operational efficiency improvement, and
a debt level reduction. Operational expenses are expected to
decrease given the operational synergies of the consolidation of
many of administrative departments at the AES distribution
companies in El Salvador. Capital expenditures of approximately
$4.5 million are estimated for 2005 and are expected to be
funded with internal cash flow.

AES Clesa is an electricity distributor based in Santa Ana, El
Salvador. It serves approximately 257,000 customers in the
western region of El Salvador, including Santa Ana, the
country's second-largest city, as well as other surrounding
areas. AES Clesa is 79.66% owned by AES El Salvador, an indirect
subsidiary of AES and Energia Global International.

CONTACT: Giovanny Grosso +1-312-368-2074, Chicago
         Pagsi Jimenez +506-296-9182 San Jose, Costa Rica

MEDIA RELATIONS: Brian Bertsch +1-212-908-0549, New York


DYOLL GROUP: Moves Motor Insurance Policies to British Caymanian   
Insolvent insurance provider Dyoll has arranged for the transfer
of its existing motor insurance policies to British Caymanian
Insurance, says the Cayman Net News.

The transfer, under the auspices of Cayman Insurance
Centre(CIC), assures continued coverage for existing
policyholders who must convert their Dyoll policies within ten
days after the April 14 effective date. Claims prior to the
effective date will not be covered by the arrangement.

CIC's transfer scheme comes on the heels of Jamaica Financial
Services Commission's decision to suspend all of Dyoll's
insurance activities. The Company, which had worked as an agent
for Dyoll, had previously expressed its commitment to look after
the welfare of Dyoll's former clients.

CIC announced in March that they are working closely with the
Cayman Islands Monetary Authority and the Temporary Manager of
Dyoll to ensure that claim settlements are handled


DIRECTV GROUP: Launches New Satellite
DIRECTV 8, a new satellite that will reinforce the DIRECTV
satellite fleet and provide support for the expansion of new
digital and high-definition services for DIRECTV's more than
13.9 million customers, is being readied for a mid-May launch at
the Baikonur Cosmodrome in Kazakhstan.

The satellite will enhance DIRECTV programming services at the
101-degree West Longitude orbital slot and take over service
from an older satellite at that orbit location later this
summer. In preparation for the launch, DIRECTV 8, a Space
Systems/Loral (SS/L)-built, high-power Ku/Ka-band hybrid
spacecraft, is being integrated with the International Launch
Services Proton launch vehicle at the Cosmodrome.

The DIRECTV 8 launch will be the second DIRECTV satellite
launched from the Cosmodrome, the oldest space launch facility
in the world - dating back to Sputnik and more recently, was the
site of the launch last week of a Soyuz manned mission to the
International Space Station.

"Our satellites, which are the backbone of DIRECTV, make it
possible for us to offer new and expanded services to our
customers," said Jim Butterworth, senior vice president,
Communication Systems, DIRECTV, Inc. "We are pleased with the
smooth and rapid progress DIRECTV 8 is making toward its
scheduled launch next month. SS/L completed assembly,
integration and testing well ahead of schedule, and with the
satellite now at the launch site, we have ample time for
integration with the Proton launch vehicle and the option of
accelerating the launch ate."

"SS/L is proud to begin another launch campaign with DIRECTV,
one of its most important customers," said C. Patrick DeWitt,
president, Space Systems/Loral. "This is the 12th satellite
delivered to U.S. direct broadcasters by SS/L based on the
powerful and reliable 1300 design. With DIRECTV 8, SS/L has been
able to cost-effectively integrate advanced satellite features
with high-performance space-proven technology to deliver a
spacecraft that will support DIRECTV's high-capacity

The DIRECTV 8 satellite will provide selectable medium- and
high-power Ku-band broadcast services to DIRECTV customers with
a Ka-band payload that will be available to link DIRECTV
broadcast facilities as part of the DIRECTV initiative to
significantly expand its capacity to launch hundreds of local
digital and high-definition services.


DIRECTV is the nation's leading and fastest-growing digital
multichannel television service provider with more than 13.9
million customers. DIRECTV and the Cyclone Design logo are
registered trademarks of DIRECTV Inc. (NYSE: DTV). DIRECTV is a
world-leading provider of digital multichannel television
entertainment. DIRECTV is 34 percent owned by News Corporation.

About Space Systems/Loral

Space Systems/Loral, a subsidiary of Loral Space &
Communications (OTCBB: LRLSQ), is a premier designer,
manufacturer, and integrator of powerful satellites and
satellite systems. SS/L also provides a range of related
services that include mission control operations and procurement
of launch services. Based in Palo Alto, Calif., the Company has
an international base of commercial and governmental customers
whose applications include broadband digital communications,
direct-to-home broadcast, defense communications, environmental
monitoring, and air traffic control. SS/L satellites have
amassed more than 1,100 years of reliable on-orbit service. SS/L
is ISO 9001:2000 certified.

Loral Space & Communications is a satellite communications
Company. In addition to Space Systems/Loral, through its Skynet
subsidiary Loral owns and operates a fleet of telecommunications
satellites used to broadcast video entertainment programming,
and for broadband data transmission, Internet services and other
value-added communications services.

Web site: The DIRECTV Group, Inc.
          Mr. Bob Marsocci
          Phone: 310-726-4656
          Web Site:

MINERA AUTLAN: Higher Prices, Export Growth Boost 1Q05 Sales
Manganese producer Minera Autlan (BMV: AUTLANB) saw a
significant sales boost in the first quarter of the year due to
higher prices and export growth, Dow Jones Newswires reports,
citing a filing with the bourse.

"The consumption of manganese ferro alloys continued to spur
Minera Autlan's income in the first quarter, with the Company's
total sales up 146% from a year ago to MXN635.1 million pesos,"
Autlan said in a statement to the Mexican Stock Exchange.

During the quarter, export volumes tripled from a year ago and
rose 27% from the previous quarter, accounting for 23% of total
sales in the first quarter.

ROYAL SHELL: Agrees to $1.75B Sale of InterGen to Bechtel
Shell Generating (Holding) B.V., a subsidiary of The Royal
Dutch/Shell Group ("Shell"), and Bechtel Enterprises Energy
B.V., a subsidiary of Bechtel Group, Inc., signed Tuesday an
agreement to sell InterGen N.V. and 10 of its power plants to a
partnership between AIG Highstar Capital II L.P. and Ontario
Teachers' Pension Plan for $1.75 billion.  Excluded from the
sale are InterGen's assets in the United States, Colombia, and
Turkey, which will be reorganised prior to financial closing and
retained by Shell and Bechtel pending further review.  The
transaction is expected to close mid-2005 and is subject to
certain conditions and regulatory approvals.  

The InterGen plants to be sold are located in the UK, the
Netherlands, Mexico, the Philippines, China, and Australia.  
InterGen's equity share in these plants amounts to 5,500
megawatts of production capacity.

Shell owns 68 percent of InterGen, with the rest held by
privately owned engineering and construction firm Bechtel.

Citigroup Global Markets Inc. is acting as financial adviser for
Shell, Bechtel, and InterGen in connection with the proposed
transaction.  Deutsche Bank Securities Inc. is acting as
financial advisers for AIG Highstar and Ontario Teachers'.

InterGen currently has interests in 17 plants in operation in 9
countries (UK, Mexico, Colombia, Australia, Philippines, USA,
Turkey, China, and the Netherlands), with a total of 9.3
gigawatts of installed capacity (InterGen equity share).  
InterGen has corporate offices near Boston, Massachusetts, and
employs some 650 staff worldwide.

This transaction includes 10 power stations in 6 countries (UK,
the Netherlands, Mexico, Australia, the Philippines, and China)
together with the corporate offices and management capabilities.
The InterGen business has been sold as a going concern. InterGen
as sold has approximately $2.7 billion of debt in its
consolidated subsidiaries, and the buyer will assume any related
obligations. InterGen's proportion of the debt in its
unconsolidated subsidiaries, as sold, is approximately $0.4

AIG Highstar Capital, II, L.P. is a private equity fund
sponsored by AIG Global Investment Group, an indirect subsidiary
of American International Group, Inc. AIG Global Investment
Group (AIGGIG) comprises a group of international investment
adviser companies which provide advice, investment products and
asset management services to clients around the world. The
members of AIGGIG are subsidiaries of American International
Group, Inc.

The Ontario Teachers' Pension Plan is one of Canada's largest
financial institutions with net assets of $85 billion. It
invests to secure the retirement income of 255,000 active and
retired teachers in the province of Ontario, Canada. With global
infrastructure and timberland assets of $3 billion, Ontario
Teachers' is actively seeking opportunities to expand its

TFM: Places Senior Notes Due 2012
TFM, S.A. de C.V., a subsidiary of Kansas City Southern (NYSE:
KSU), announced Tuesday that it has placed US$460 million in
aggregate principal amount of its 9 3/8% Senior Notes due 2012.
The Notes have not been registered under the United States
Securities Act of 1933, as amended, and were offered only to
qualified institutional buyers under Rule 144A and outside the
United States in compliance with Regulation S. TFM will be
required pursuant to a registration rights agreement to file an
exchange offer registration statement with the Securities and
Exchange Commission with respect to an offer to exchange the
Notes. TFM will apply the net proceeds of the sale of the Notes
to refinance existing indebtedness through the repurchase of its
outstanding 11.75% Senior Discount Debentures due 2009.

The Notes have not been registered under the United States
Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or an applicable
exemption from registration requirements.

P U E R T O   R I C O

DORAL FINANCIAL: Restates Fair Value of Floating Rate IO
Mr. Salomon Levis, Chairman of the Board and Chief Executive
Officer of Doral Financial Corporation (NYSE:DRL), announced
Tuesday that after consulting with various financial
institutions and other firms with experience in valuation
issues, the Company has determined that it is appropriate to
correct the methodology used to calculate the fair value of its
portfolio of floating rate interest only strips ("IOs").

The Company's preliminary estimate is that this correction will
result in a decrease in the fair value of its floating rate IOs
of between $400 million to $600 million as of December 31, 2004.
The required adjustment cannot be taken as a charge in current
period earnings but instead will have to be reflected in those
periods during which the origination of floating rate IOs had a
material impact on the Company's financial statements. The
after-tax effect of the required adjustments as of December 31,
2004 is estimated to range between $290 million to $435 million.
The Company has not yet determined how such net impact will be
distributed among the affected periods. The required charge to
income will be a non-cash item and will not reduce the amount of
the Company's cash and cash equivalents as of December 31, 2004.

Based on the above, the Company's management concluded that the
previously filed interim and audited financial statements for
the periods from January 1, 2000 through December 31, 2004,
could be materially affected and, therefore, should no longer be
relied on and that the financial statements for some or all of
the periods included therein should be restated. The Company's
management presented its conclusion to the Company's Audit
Committee and Board of Directors. After a review of management's
presentation and other pertinent facts and consulting with its
independent counsel, the Company's Audit Committee and Board of
Directors concurred with this decision. Management and the Audit
Committee met with PricewaterhouseCoopers LLP, the Company's
independent registered public accounting firm, to discuss its
preliminary revised estimate of the IO valuation and also
discussed with them the Company's conclusion that a restatement
is required. PricewaterhouseCoopers LLP has not yet performed
audit procedures on the revised estimate.

As part of its mortgage business, the Company generates fixed
rate non-conforming mortgage loans, pools them and sells most of
them on a floating rate basis. Upon sale, the Company
capitalizes and records for accounting purposes a floating rate
IO. This IO represents the excess spread between the fixed rate
the Company receives on the underlying mortgage loans and the
floating rate based on 90 day LIBOR it pays to investors. The
Company recognizes gain on sale of mortgages as part of these
transactions. In the case of the floating rate IOs, the recorded
gain on sale represents the estimated present value of the
excess interest spread, discounted over the expected life of the
underlying mortgages, using the prepayment experience of the
mortgage portfolio to calculate estimated life. The Company has
historically used the contractual or actual 90-day LIBOR rate at
the end of each reporting period to compute the value of its IOs
and gain on sale. The use of actual 90-day LIBOR rates instead
of the forward LIBOR curve to value its floating rate IOs can
have either a positive or negative impact on valuation depending
on the relationship of existing 90-day LIBOR rates to the
forward LIBOR curve at the time of valuation.

As noted above, after consulting with various financial
institutions and valuation experts, the Company determined that
its valuation model should incorporate the forward yield curve
and that a substantial adjustment to the value of its floating
rate IOs was required. The Company is working with First
Manhattan Consulting Group, a risk management specialist, to
assess its risk measurement and risk management techniques.

As a result of the restatement process, the Company will delay
the release of its earnings for the first quarter of 2005. The
Company stated that its objective was to release its unaudited
earnings as soon as practicable but could not assure investors
at this time when it would be in a position to release the
restated results for prior periods and the results for the first
quarter of 2005. As part of the restatement process, the Company
will also be reviewing all the assumptions and processes used to
value its IOs and mortgage servicing rights and to calculate the
gains on sale as well as management's report on internal
controls over financial reporting for 2004. The Company also
stated that the outside directors had retained Latham & Watkins
LLP as its independent counsel to review the facts and
circumstances relating to the IO valuation issues identified by
the Company.

The Chairman reminded shareholders of the following core
fundamentals of the Company:

- Doral continues to be the undisputed leader in residential
mortgage originations in Puerto Rico;

- Doral's commercial and mortgage banking franchise in both
Puerto Rico and the U.S. continues to grow with 97 retail
branches in Puerto Rico and 6 in the New York metropolitan area;

- Doral continues to maintain a strong capital position.

Assuming a charge of $600 million, the Company would remain a
well-capitalized institution in accordance with federal banking
regulatory standards with a leverage capital ratio as of
December 31, 2004 of approximately 10%, compared to the
previously reported 11.8%. The capital of its two banking
subsidiaries will not be affected by the restatement and both of
them remain well capitalized.

In terms of its prospective business model, the Company intends
to retain a larger portion of its mortgage production to
increase net interest income. In addition, subject to its
ability to renegotiate existing mortgage delivery commitments,
the Company intends to reduce the sales of loans that generate
floating rate IOs and focus on cash gains on mortgage sales and
the origination of fixed rate IOs, the interest spread on which
is not subject to changes in short-term interest rates. Pending
further analysis, the Company has discontinued the previously
announced preliminary negotiations regarding the possible sale
of a portion of its IO portfolio. The Company may engage in such
discussions with one or more firms in the future.

The Company, a financial holding Company, is the largest
residential mortgage lender in Puerto Rico, and the parent
Company of Doral Bank, a Puerto Rico based commercial bank,
Doral Securities, a Puerto Rico based investment banking and
institutional brokerage firm, Doral Insurance Agency, Inc. and
Doral Bank FSB, a federal savings bank based in New York City.

CONTACT: Doral Financial Corporation
         Mr. Salomon Levis
         Phone: 787-474-1111
         Mr. Ricardo Melendez
         Phone: 787-474-1111

T R I N I D A D   &   T O B A G O

BWIA: ACAWU Requests Immediate Meeting With Lok Jack Committee
The Aviation Communication and Allied Workers Union (ACAWU)
wants to meet with the task force recently appointed to help
restructure ailing national airline BWIA as soon as possible,
the Trinidad Guardian suggests.

ACAWU's President General Curtis John said the union is
concerned "as we have witnessed the establishment of several
Committees and appointments of Consultants without any
improvements to the Airline Operations."

Prior to the appointment of the five-member committee led by
businessman Arthur Lok Jack (chairman), three committees had
been established to examine the operations of the airline and
make recommendations for its viability. These committees are the
Ken Gordon Committee, one led by Ian Bertrand and an inter-
ministerial group led by Public Administration Minister Lenny

But two years following the last appointment and with Government
funding almost $500 million to help the airline meet its
financial obligations, the airline's situation has failed to
improve. As such, it is quite possible for the new committee to
fail in spite of its good intentions, John said.

To see important facts about BWIA:

         Phone: + 868 627 2942
         Home Page:


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 * * *