TCRLA_Public/050426.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                    L A T I N   A M E R I C A

            Tuesday, April 26, 2005, Vol. 6, Issue 81

                            Headlines


A N T I G U A   &   B A R B U D A

LIAT: Negotiates for Caribbean to Cuba Direct Flight Routes


A R G E N T I N A

ACINDAR: Budgets $200M for Production Improvements
AHOLD: Chilean Firm Threatens Lawsuit Over Argentine Payments
ARPECO S.A.: Bankruptcy Initiated by Court Order
BANCO DE SAN JUAN: Evaluadora Maintains 'BB+' Rating on Bonds
BASTIANELLI S.R.L.: Court Rules Liquidation Necessary

BERGIL S.A.: Court to Oversee Bankruptcy Process
COMUNICACIONES TURISTICAS: Proceeds With Liquidation
CONDHER S.R.L.: Court Authorizes Creditor's Bankruptcy Motion
CONEMAR S.R.L.: Court Declares Company Bankrupt
COSMETICA AMOR: Court Sets Claims Submission Deadline

GRAFICA Y PUBLICIDAD: Claims Verification Deadline Approaches
JUAN MINETTI: Fitch Confirms Category 1 Rating on Shares
METROGAS: Declines Initial Government Contract Offer
PLASTITREBOL S.R.L.: Court Declares Company Bankrupt
PREVISION MEDICA: Liquidation Process Initiated

TRENES DE BUENOS AIRES: Seeks Court Approval to Reorganize


B E R M U D A

CRP: S&P Affirms Ratings, Withdraws at Group's Request


B R A Z I L

CEMIG: Seeking Additional Stakes in Transmission Companies
GLOBOPAR: Successfully Restructures All Outstanding Bonds
PARANAPANEMA: Schedules General Meeting for May 6
VERKAUFER: Out of Business After 15 Years of Operation


C H I L E

AES GENER: Board Appoints New President


E C U A D O R

PETROECUADOR: Operations Normal Despite Political Turmoil


J A M A I C A

AIR JAMAICA: Resumes Direct Flight to U.S. From Grenada


M E X I C O

GRUPO IUSACELL: 1Q05 Revenues Jump 21.6% YoY
GRUPO IUSACELL: Analysts Skeptical About Prospects
GRUPO MEXICO: Higher Prices Yield 77.4% Sales Jump YoY in 1Q05
TFM: Announces Payment for Early Tenders From Noteholders


V E N E Z U E L A

PDVSA: Paulsboro, Savannah Refineries Set to Go Under the Hammer
PDVSA: Executive Clarifies Tax Rate Cap


     - - - - - - - - - -


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

LIAT: Negotiates for Caribbean to Cuba Direct Flight Routes
-----------------------------------------------------------
LIAT could soon offer flights to Cuba from Antigua and Barbuda
if negotiations for a direct air route between the two nations
end well. Caribbean Net News revealed that the Cuban government
has shown interest in a proposal presented by Prime Minister
Baldwin Spencer that would see LIAT offering direct flights to
the country. The airline plans to purchase new jets to service
this route.

LIAT's foray into Cuba comes after Caribbean airlines such as
BWIA and Air Jamaica have cut-off direct air links from the
islands to Cuba. Scarcer flights have affected thousands of
Caribbean students who study in Cuba.

Jose Jaoquin Alvarez Portela, Cuban Ambassador to Antigua and
Barbuda, and Roberto Lepez, senior advisor to the Cuban Vice
President Carlos Lage, will meet with LIAT executives this week
to begin official discussions on the proposal.

CONTACTS:  ANTIGUA (ANU)
           City Ticket Office
           Woods Center, St. John's

           BARBADOS (BGI)
           Oliver Haywood
           E-mail: haywoodo@liatairline.com
           Tel.: 246 428 8888
                 246-436-9753
                 246-426-7140

           ST.LUCIA (SLU)
           Josse Mesmin
           E-mail: mesminj@liatairline.com
           Tel: 758 452 3051/2

           ST.VINCENT (SVD)
           Dominique Patterson
           E-mail: pattersond@liatairline.com
           Tel: 784 457 1821



=================
A R G E N T I N A
=================
ACINDAR: Budgets $200M for Production Improvements
--------------------------------------------------
Argentine steelmaker Acindar plans to spend US$200 million over
the next three years to upgrade its facilities in order to boost
production capacity.

Arturo Acevedo, President and CEO of Acindar, said that the
capital outlay would enable the company to increase production
to about 1.7 million tonnes. The higher output will be routed to
domestic and international markets in anticipation of a 4 to 5
percent growth in the industry.

Headquartered in Buenos Aires, Acindar manufactures non-flat
steel products, such as billets, beams, cold drawn and hot-
rolled bars, welded meshes and wire rod. The company has an
annual capacity of about 1.2 metric tons.

CONTACT:  ACINDAR Industria Argentina de Aceros S.A.
          2739 Estanislao Zeballos Beccar
          Buenos Aires
          Argentina B1643AGY
          Phone: +54 11 4719 8500
          Fax: +54 11 4719 8501
          Web Site: http://www.acindar.ar.com


AHOLD: Chilean Firm Threatens Lawsuit Over Argentine Payments
--------------------------------------------------------------
Chilean food retailer Distribucion y Servicio (D&S) plans to
file a lawsuit against Dutch Royal Ahold in a dispute over
payments for an Argentine unit it sold to the latter in 1999,
Dow Jones Newswires indicates.

D&S and Royal Ahold are locked in a US$45-million debt dispute,
stemming from the purchase of Ekono by Ahold's Disco unit for
US$150 million, of which US$60 million was paid at the time.

Of the remaining US$90 million, only half was later paid after
the Argentine peso dropped in value. D&S claims the debt was
owed in dollars and is claiming that another $45 million remains
to be paid.


ARPECO S.A.: Bankruptcy Initiated by Court Order
------------------------------------------------
Court No. 10 of La Plata's civil and commercial tribunal
declared Arpeco S.A. bankrupt after the company defaulted on its
debt payments. The order effectively places the company's
affairs as well as its assets under the control of court-
appointed trustee Roberto Guillermo Coliqueo.

As trustee, Mr. Coliqueo is tasked with verifying the
authenticity of claims presented by the company's creditors. The
verification phase is ongoing until May 16.

Following claims verification, the trustee will submit the
individual reports based on the forwarded claims for final
approval by the court on June 30. A general report will also be
submitted on August 29.

CONTACT: Arpeco S.A.
         Calle 50 Nro. 913
         La Plata

         Mr. Roberto Guillermo Coliqueo, Trustee
         Avda 53 Nro. 755
         La Plata


BANCO DE SAN JUAN: Evaluadora Maintains 'BB+' Rating on Bonds
-------------------------------------------------------------
Evaluadora Latinoamericana S.A. Calificadora de Riesgo affirms
the 'BB+' rating assigned to corporate bonds issued by Banco de
San Juan S.A., relates the Comision Nacional de Valores,
Argentina's securities regulator. The rating, based on the
Company's finances as of December 31, 2004, denotes that the
bonds possess some risk of nonpayment.

The rating affects US$1 million worth of bonds, which the CNV
described as "Serie 2 - Obligaciones Negociables Clase B -
subordinadas". The bonds were classified under "Series and/or
Class", with undisclosed maturity date.


BASTIANELLI S.R.L.: Court Rules Liquidation Necessary
-----------------------------------------------------
Court No. 24 of Buenos Aires' civil and commercial tribunal
ordered the liquidation of Bastianelli S.R.L. after the company
defaulted on its debt obligations, Infobae reveals. The
liquidation pronouncement will effectively place the company's
affairs as well as its assets under the control of Ms. Aida
Israelson, the court-appointed trustee.

Ms. Israelson will verify creditors' proofs of claims until July
1. The verified claims will serve as basis for the individual
reports to be submitted in court on August 26. The submission of
the general report follows on September 30.

Clerk No. 47 assists the court on this case that will end with
the disposal of the company's assets in favor of its creditors.

CONTACT: Ms. Aida Israelson, Trustee
         Lavalle 1672
         Buenos Aires


BERGIL S.A.: Court to Oversee Bankruptcy Process
------------------------------------------------
Bergil S.A. enters bankruptcy protection after Court No. 26 of
Buenos' Aires' civil and commercial tribunal, with the
assistance of Clerk No. 52, ordered the company's liquidation.
The order effectively transfers control of the company's assets
to a court-appointed trustee who will supervise the liquidation
proceedings.

Infobae reports that the court selected Ms. Marta Susana
Polistina as trustee. Ms. Polistina will be verifying creditors'
proofs of claims until the end of the verification phase on June
15.

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 11 followed by the general report that is due on
September 23.

CONTACT: Ms. Marta Susana Polistina, Trustee
         Avda Corrientes 745
         Buenos Aires


COMUNICACIONES TURISTICAS: Proceeds With Liquidation
----------------------------------------------------
N.S.S. S.A. successfully sought the bankruptcy of Comunicaciones
Turisticas S.R.L. after Court No. 2 of Buenos Aires' civil and
commercial tribunal declared the Company "Quiebra," reports
Clarin. The creditor sought the ruling from the court after the
company failed to pay debts amounting to US$5,000.67.

The city's Clerk No. 4 assists the court on the case that will
close with the sale of all of its assets.

CONTACT: Comunicaciones Turisticas S.R.L.
         Suipacha 207
         Buenos Aires


CONDHER S.R.L.: Court Authorizes Creditor's Bankruptcy Motion
-------------------------------------------------------------
Condher S.R.L. entered bankruptcy after Court No. 2 of Buenos
Aires' civil and commercial tribunal approved a bankruptcy
petition filed by PVC Tecnocom S.A., reports Clarin. The
Company's failure to pay US$6,680.00 in debt prompted the
creditor to file the petition.

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

CONTACT: Condher S.R.L.
         Migueletes 1950
         Buenos Aires


CONEMAR S.R.L.: Court Declares Company Bankrupt
-----------------------------------------------
Court No. 20 of Buenos Aires' civil and commercial tribunal
declared local company Conemar S.R.L. "Quiebra", relates Clarin.
The court approved the bankruptcy petition filed by the
Company's creditor, Ms. Matilde Motriz.

The city's Clerk No. 39 assists the court on the case.

CONTACT: Conemar S.R.L.
         Av. San Pedrito 3849
         Buenos Aires


COSMETICA AMOR: Court Sets Claims Submission Deadline
-----------------------------------------------------
Ms. Cecilia Beatriz Montelvetti, the trustee overseeing the
liquidation of Cosmetica Amor S.A., will accept proof of claims
from the company's creditors until June 14, says Infobae.
Failure to comply with this requirement will mean
disqualification from the bankruptcy proceedings.

Court No. 15 of Buenos Aires' civil and commercial tribunal has
jurisdiction over this case. Clerk No. 29 assists the court with
the proceedings.

CONTACT: Ms. Cecilia Beatriz Montelvetti, Trustee
         General Urquiza 2134
         Buenos Aires


GRAFICA Y PUBLICIDAD: Claims Verification Deadline Approaches
-------------------------------------------------------------
The verification of claims for the Grafica y Publicidad S.A.
bankruptcy case will end on June 16 according to Infobae.
Creditors with claims against the bankrupt company must present
proof of the liabilities to Mr. Julio Alberto Grisolia, the
court-appointed trustee, before the deadline.

Court No. 15 of Buenos Aires' civil and commercial tribunal
handles the company's case with the assistance of Clerk No. 15.
The bankruptcy will conclude with the liquidation of the
company's assets to pay its creditors.

CONTACT: Mr. Julio Alberto Grisolia, Trustee
         Jeronimo Salguero 2355
         Buenos Aires


JUAN MINETTI: Fitch Confirms Category 1 Rating on Shares
--------------------------------------------------------
Fitch Ratings has confirmed its Category 1 rating on ordinary
shares of Juan Minetti, the country's second largest cement
company.

According to Business News Americas, the affirmation reflects
Juan Minetti's adequate economic-financial performance due to
increased sales and a drop in its financial debts with the
conclusion of its restructuring process in 2003.

Juan Minetti posted a consolidated net profit of ARS60.9 million
(US$21mn) in 2004, down 49.6% from the previous year.

The Company, which is controlled by Swiss cement giant Holcim,
foresees a "favorable panorama" in the construction sector this
year due to the economy's performance last year.

CONTACT:  Juan Minetti SA
          87 Ituzaingo
          Cordoba
          Argentina  5000
          Phone: +54 51 26 7529
          Fax:  +54 51 24 4709
          Home Page: http://www.juanminetti.com.ar
          Contacts:
          Dr. Manuel Augusto J. Baltazar Ferrer, Chairman
          Atty. Carlos Buhler, Executive Vice Chairman & General
                                     Manager


METROGAS: Declines Initial Government Contract Offer
----------------------------------------------------
Natural gas distributor Metrogas (MGS) turned down the utility
contract offered by the Argentine government during a public
hearing Friday, reports Dow Jones Newswires.

"We hope to continue to contribute to the nation's development,"
Metrogas said in a statement. However, the Company warned that
the government, by sticking to its offer, could dash those
hopes.

Metrogas observes that "the minimum conditions to assure the
long-term sustainability of the company are not clearly defined"
in the contract.

And, among "basic requirements for a sustainable accord," the
Company called for a higher rate increase, especially for
residents who can afford to pay more.

Metrogas warned that the current situation could lead to a
repeat of service cuts seen last year for industrial users. The
Company added that the lack of a contract solution jeopardizes
the flow of gas to electricity generators and keeps the Company
from expanding service to new homes and businesses.

Speaking with Dow Jones Newswires after the hearing, a Metrogas
representative said that the Company's position "is not a
rejection in the sense that we don't want (a contract). We are
opening doors to continue negotiations; we are asking for more
clarification."

U.K. energy company BG Group PLC (BRG) and Spain's Repsol-YPF
(REP) together control a 70% stake in Metrogas through a
consortium called Gas Argentino. Metrogas' employees own 10% of
the company's shares and the rest float on the stock exchange.

CONTACT: MetroGAS S.A.
         Gregorio Araoz de Lamadrid 1360
         C 1267 AAB Buenos Aires, Argentina
         Phone: 5411-4309-1000


PLASTITREBOL S.R.L.: Court Declares Company Bankrupt
----------------------------------------------------
Court No. 23 of Buenos Aires' civil and commercial tribunal
declared local company Plastitrebol S.R.L. "Quiebra", relates
Clarin.

The order comes in approval of the bankruptcy petition filed by
Union de Obreros y Empleados Plasticos, whom the Company has
debts amounting to US$24,564.

Clerk No. 46 assists the court on the case.

CONTACT: Plastitrebol S.R.L.
         Estomba 3932
         Buenos Aires


PREVISION MEDICA: Liquidation Process Initiated
------------------------------------------------
Prevision Medica Complementaria S.A. of Buenos Aires will begin
liquidating its assets after Court No. 8 of Buenos Aires' civil
and commercial tribunal declared the company bankrupt. Infobae
reveals that the bankruptcy process will commence under the
supervision of court-appointed trustee Walter Arturo Calleja.

Mr. Calleja will review claims forwarded by the company's
creditors until May 20. After claims verification, the trustee
will submit the individual reports for court approval on July 6.
The general report will follow on September 13.

The city's Clerk No. 16 assists the court on this case.

CONTACT: Mr. Walter Arturo Calleja, Trustee
         Lambare 1140
         Buenos Aires


TRENES DE BUENOS AIRES: Seeks Court Approval to Reorganize
----------------------------------------------------------
Court No. 9 of Buenos Aires' civil and commercial tribunal is
currently studying the request for reorganization submitted by
local company Trenes de Buenos Aires S.A., says Infobae.

The report adds that that the company filed a "Concurso
Preventivo" petition following cessation of debt payments on
April 20.

The city's Clerk No. 17 assists the court on this case.

CONTACT: Trenes de Buenos Aires S.A
         Avda. Ramos Mejia 1358
         Buenos Aires



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

CRP: S&P Affirms Ratings, Withdraws at Group's Request
------------------------------------------------------
Standard & Poor's Ratings Services affirmed its "BBB+" insurer
financial strength ratings on two subsidiaries of French
reinsurer SCOR: Bermuda-based Commercial Risk Reinsurance Co.
Ltd. and Vermont-domiciled Commercial Risk Re-Insurance Co.,
together known as Commercial Risk Partners (CRP).

S&P then withdrew the ratings at the group's request.

"The insurer financial strength ratings on the CRP companies,
which have been in runoff since 2002, remain based on full and
unconditional payment obligation guarantees issued to their
policyholders by SCOR (foreign currency, BBB+/Positive/--; local
currency, BBB+/Positive/A-2)," S&P noted. "The guarantees remain
in place and are unaffected by the ratings withdrawal. As runoff
entities, the most likely scenario that would result in either
guarantee terminating, according to the guarantee language,
would be the transfer of a CRP subsidiary to a third party group
and the subsequent qualification of the subsidiary in question
for a rating at least equal to that on SCOR."

The rating agency indicated it "will continue to review CRP as
part of its ongoing surveillance of the SCOR group."



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

CEMIG: Seeking Additional Stakes in Transmission Companies
----------------------------------------------------------
The Board of Directors of Companhia Energetica de Minas Gerais
Approved on April 20, 2005 the indicative and non-binding
proposal for acquisition of holdings in transmission companies.

Companhia Energetica de Minas Gerais is a partly state-owned
company controlled by the government of the State of Minas
Gerais. The Company's principal business activities are the
construction and operation of systems used in the generation,
transmission, distribution and sale of electric energy. As a
concessionaire of electric utility services, the Company is
subject to regulations set by the Agencia Nacional de Energia
Eletrica (the Brazilian National Electric Energy Agency or
"ANEEL").

CONTACT: Companhia Energetica de Minas Gerais (CEMIG)
         Av.Barbacena, 1200
         Santo Agostinho - CEP 30190-131
         Belo Horizonte - MG - Brasil
         Fax (0XX31)299-4691
         Phone: (0XX31)3299-4524


GLOBOPAR: Successfully Restructures All Outstanding Bonds
---------------------------------------------------------
Globo Comunicacoes e Participacoes S.A. ("Globopar"), announced
Thursday the approval of its debt restructuring in all
outstanding bond series. Globopar received noteholder approval
of its debt-restructuring proposal in the remaining four of its
six outstanding bond series:

a) the US$250 million 10.500% Series B Guaranteed Notes due
2006; b) the US$500 million 10.625% Notes due 2008;
c) the Eur100 million 9.750% Notes due 2004; and
d) the US$100 million 10.625% Notes due 2004.

Globopar announced on March 17, 2005 that it received noteholder
approval of the debt restructuring proposal in two of its six
outstanding bond series:

a) the US$80 million 9.875% Notes due 2004 issued by Globopar
Overseas Ltd.; and
b) the US$100 million 9.875% Series A Guaranteed Notes due 2004
issued by Globopar.

Approximately US$822.5 million, representing approximately 84%
of the outstanding bonds, voted at the six noteholder meetings.
Approximately US$ 665.4 million, representing approximately 81%
of those who voted, voted to approve the debt restructuring
proposal.

Roberto Irineu Marinho, President of Organizacoes Globo, said
"We are extremely pleased with the overwhelming support that we
have received from our bondholders. We would especially like to
thank the members of our creditors steering committees and other
key noteholders for working with Globopar to reach this
milestone. We look forward to completing the restructuring
process with the continued support of our creditors."

In the next few weeks:

(1) all holders of outstanding bonds will be receiving notices
with respect to the commencement of the Dutch Auction and
instructions for the submitting of Dutch Auction Bid Letters
through a secure weblink at www.bondcom.com/globo;  and

(2) eligible holders of outstanding bonds will be receiving
notices with respect to the commencement of the period for
submitting Notices of Election through a secure weblink at
www.bondcom.com/globo.

In addition to the upcoming notices, holders of outstanding
bonds issued by Globopar or Globopar Overseas Ltda. may be
entitled to receive further information materials relating to
Globopar's financial restructuring and the means by which they
can participate in this restructuring. These information
materials will only be provided to bondholders who have provided
the relevant certifications regarding their eligibility under
applicable securities laws to receive such materials.
Bondholders should contact Gail Philips of Bondholder
Communications Group at +44 207 236 9788 to obtain copies of the
certificates of eligibility and information materials.

CONTACT: Investor Contact:
         Mr. Stefan Alexander or Ms. Marta Meirelles
         Globo Comunicacoes e Participacoes S.A.
         Phone: +55 21 2540 4444
         E-mail: IR@Globopar.com.br

         International Media Contact:
         Mr. Simon Maule/Mr. Robert Mead
         Gavin Anderson & Company
         Phone: +44 207 554 1421
         E-mail: rmead@gavinanderson.com

         Brazilian Media Contact:
         Ms. Jo Ristow
         Companhia de Noticias
         Phone: +55 11 3643 2713
         E-mail: jo@cdn.com.br


PARANAPANEMA: Schedules General Meeting for May 6
-------------------------------------------------
Sao Paulo-based mining and metals holding company Paranapanema
informed the local bourse that it will hold its annual general
meeting on May 6, 2005. According to a Business News Americas
report, shareholders will review the Company's 2004 financial
results at the meeting.

The Company registered a net profit of BRL123 million (US$46mn)
in 2004, reversing the previous year's loss of BRL451 million.

Also during the meeting, shareholders will be asked to vote on a
proposal to bundle together shares in lots of 2000.

Paranapanema has four main divisions: tin and industrial company
Mamore, fertilizer unit Cibrafertil, copper smelter Caraiba
Metais and copper tube and fixture maker Eluma.


VERKAUFER: Out of Business After 15 Years of Operation
------------------------------------------------------
Rio Grande do Sul-based footwear maker has been declared
bankrupt after 15 years of operations, reports just-style.com.
About 250 workers are expected to lose their jobs following the
Company's demise. Verkaufer has estimated liabilities of BRL4.5
million.



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

AES GENER: Board Appoints New President
---------------------------------------
Mr. John Ruggirello became generator AES Gener's new president
following an appointment by the Company's board at a meeting
held April 19.

Business News Americas reveals that Mr. Ruggirello is executive
VP, COO for generation and acting COO for integrated utilities
at AES Gener's US parent AES (NYSE: AES).

AES Gener is the second-largest generator in the Chilean
electricity market, accounting for about 20% of Chile's total
generating capacity, with an installed capacity of 2,428 MW. The
Company is 98.79% indirectly owned by AES Corp..

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



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

PETROECUADOR: Operations Normal Despite Political Turmoil
---------------------------------------------------------
Operations at state-run oil company Petroecuador remain stable
despite demonstrations that forced President Lucio Gutierrez to
flee the country, according to a company source.

In a telephone interview with Bloomberg, Petroecuador spokeman
Fausto Mejia said production, refining and transportation
activities weren't affected by protests against Gutierrez.

"The political situation didn't affect our operations at all,"
Mr. Mejia said.

Congress ousted Gutierrez amid allegations that he stacked the
country's Supreme Court and helped clear a former president of
corruption charges. Mr. Alfredo Palacio has been picked to serve
out the balance of Gutierrez's four-year term, which expires in
January 2007.

Palacio is likely to name a new president for Petroecuador,
replacing Hugo Bonilla who was named by Gutierrez in December,
Mr. Mejia said.

Petroecuador pumps about 40% percent of the country's daily
output of 530,000 barrels. Foreign companies that operate fields
for Petroecuador account for about half of the company's
production.



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

AIR JAMAICA: Resumes Direct Flight to U.S. From Grenada
-------------------------------------------------------
Grenada's tourism industry welcomed Air Jamaica to the Point
Saline International Airport last week where the carrier
returned after a month-long interruption of its direct service
to the United States.

Tourism Minister Brenda Hood said in a report from CubaXP that a
longer pause on the airline's service could have crippled the
country's tourism industry. Air Jamaica has assured the tourism
ministry that it will maintain that U.S. direct service has
become popular with Grenadians.

Air Jamaica suspended a fraction of its Caribbean routes in
March due to a shortage of available aircraft caused by the
carrier's Quality Assurance Check Program. Air Jamaica's Quality
Assurance Check Program was initiated in early February when the
JCAA mandated that the airline immediately shorten the
maintenance cycle on its aircraft from 18 to 15 months following
a December 2004 instruction from the U.S. Federal Aviation
Authority (FAA).

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: 1Q05 Revenues Jump 21.6% YoY
--------------------------------------------
Grupo Iusacell, S.A. de C.V. (NYSE: CEL) (BMV: CEL) (Iusacell or
the Company) announced Friday unaudited financial results for
the first quarter 2005. Grupo Iusacell showed a 21.6% increase
in revenues, from Ps. 1,096 million in the first quarter of 2004
to Ps. 1,333 million in the first quarter of 2005.

During the same period, operating income before depreciation and
amortization increased 92.9%, to Ps. 267 million, in comparison
with the Ps. 138 million recorded in the same period the year
before.

Grupo Iusacell closed the first quarter of 2005 with 1.55
million subscribers.

Highlights:

In Million of Pesos, except percentages

                              1Q              1Q          Change
                              2004           2005            %
Revenue
(net of commissions)        1,096           1,333         21.6%

Total Cost                     711            659          -7.3%

Total Operating Expenses       247            407          64.9%
Operating Income before
Depreciation and amortization  138            267          92.9%

Net Loss                      (361)          (365)          1.0%

The 21.6% increase in revenues was primarily due to:

(1) an increase in postpaid revenues as a result of an increase
in minutes of use per subscriber,

(2) an increase in revenues from airtime and value-added
services,

(3) a net increase of approximately 255,000 subscribers as
compared to the first quarter of 2004, and

(4) revenues derived from exchange of capacity services provided
to Unefon.

Total costs for the first quarter of 2005 decreased by 7.3% to
Ps. 659 million compared to the Ps. 711 million recorded for the
same period in the prior year. This decrease was primarily due
to a reduction in the cost of handset subsidies resulting from a
change in accounting policy regarding the recognition of
postpaid subsidies, as more fully explained below.

Operating expenses during the first quarter of 2005 were Ps. 407
million, an increase of 64.9% as compared to the first quarter
of 2004. This increase was mainly due to:

(1) an increase in personnel expenses due to the establishment
of regional sales and customer service structures in line with
our strategy of providing the best service to our clients,

(2) an increase in advertising costs due to the launching of new
products and special promotions,

(3) an increase in external personnel expenses related to the
opening of new distribution channels, and

(4) an increase in doubtful receivables reserves.

Iusacell recorded an operating income before depreciation and
amortization in the first quarter of 2005 of Ps. 267 million, a
92.9% increase as compared to the Ps. 138 million recorded in
the first quarter of 2004. This increase was primarily due to
the increase in revenues and decrease in costs described above.

The net loss of Ps. 365 million recorded in the first quarter of
2005 represented a slight increase when compared to the net loss
of Ps. 361 million recorded in the same period the year before.
This increase was primarily due to a Ps. 179 million increase in
comprehensive financing cost due to a reduction in net monetary
gain and a foreign exchange loss, offset by an increase in the
operating incomer before depreciation and amortization and a
reduction in the depreciation and amortization.

During the first quarter of 2005, the Company made investments
of approximately US$15 million, used primarily to expand the
coverage and capacity of its 3-G network.

Recent Events

Changes in Accounting Policies

Beginning with the first quarter of 2005, the Company has made
the following changes to its accounting policies:

1. Sales commissions not directly related to the activation of
handsets are reclassified, and are now presented as a deduction
in gross revenues instead of being recorded as sales expenses as
was previously done. The purpose of this change is to match
revenues directly with the costs that give rise to such
revenues.

2. Income from the sale of fixed assets is reclassified and is
now presented after operating income before depreciation and
amortization. We consider that this item should not affect
operating income as it is derived from an activity that is not
part of the Company's core business.

3. The net cost of the handset subsidy (which is sales price,
less cost of sale, commissions related to the activation and
other costs) is presented as a single item, with the following
alternatives:

i. The subsidy for postpaid handsets is deferred at the
time      of activation and is amortized on a straight-
line based on the life of the contract with the client. In
the past, the subsidy was recognized in the income
statement at the time the handset was delivered to the
client.

ii. The policy related to the subsidy for prepay handsets
has not changed, it continues being recognized in the
income statement at the time the handset is delivered to
the client.

Iusacell received from the Mexican Federal Telecommunications
Commission (COFETEL) the results of the auction of PCS
frequencies Grupo Iusacell, through its subsidiary Iusacell PCS
de Mexico, was allocated by the COFETEL 10 MHZ in the PCS
regions 2, 3, 5, 6, 7, 8 and 9.

Debt restructuring

The Company continues negotiations with several of its
creditors, seeking to obtain a comprehensive restructuring
agreement as soon as possible.

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% 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 operate.

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

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


GRUPO IUSACELL: Analysts Skeptical About Prospects
--------------------------------------------------
Analysts remain in doubt about mobile operator Iusacell's future
despite the Company's success at acquiring valuable PCS spectrum
bandwidth earlier this month.

Business News Americas reveals that telecoms regulator, Cofetel
awarded Iusacell 10Mhz licenses in seven regions, finally giving
it full coverage of Mexico's nine operating regions.

The new spectrum requires a US$5.2 million outlay, plus yearly
maintenance fees, and the capital expenditure budget will not
stretch to maintenance and expansion of its 3G network.

Capex in 2004 was US$40 million and, according to data provided
by the Mexican stock market BMV, the Company has less than MXN4
million (US$362,630) in cash left.

Analysts are skeptical, to say the least, that Iusacell would be
able to obtain more credit, even at high interest rates.

"Security creditors are not pleased. It sends the wrong signals
for a company to be in default and engaging not only in
maintenance capital expenditure but growth capital expenditure
and then buying frequencies," James Harper, director of
corporate research at US investment firm BCP Securities, told
Business News Americas.

Iusacell is currently in negotiations to restructure its
burgeoning debt profile, which totals US$800 million. It has
already defaulted on US$150 million to pay off senior notes due
in 2004 and has US$350 million due 2006 plus a US$266 million
secured syndicated loan.

Meanwhile, Mr. Sergio Rodriguez, an analyst with Fitch Ratings,
believes that the Company has obtained credits or made advances
in its debt restructuring negotiations.

"Something must be happening, because how could they be
negotiating with their creditors and at the same time be
committing money to a new license?" Mr. Rodriguez said.

Mr. Rodriguez also suspects that Iuscells' purchase of PCS
spectrum is part of a technological strategy by businessman
Ricardo Salinas Pliego to share CDMA coverage between Iusacell
and sister company Unefon, while the competition Telcel and
Movistar are both migrating to GSM.

"They (Iusacell and Unefon) both have CDMA. Telcel has TDMA and
is migrating to GSM. Telefónica has some CDMA and is migrating
to GSM ... it seems to be a logical strategy from the
technological point of view," Mr. Rodriguez said.

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


GRUPO MEXICO: Higher Prices Yield 77.4% Sales Jump YoY in 1Q05
--------------------------------------------------------------
Southern Peru Copper Corporation (SPCC) (NYSE and LSE PCU)
reported Thursday net earnings of $187.6 million, or diluted
earnings per share of $2.34, for the first quarter of 2005
compared with net earnings of $86.8 million, or diluted earnings
per share of $1.09, for the first quarter of 2004, an increase
of 116.1% over the 2004 period.

Sales of products were $486.2 million in the first quarter of
2005, compared with $274.1 million in the first quarter of 2004,
an increase of 77.4% over the 2004 period.

The average price for copper on the London Metal Exchange in the
first quarter of 2005 was $1.48 per pound, compared with $1.24
per pound in the 2004 first quarter. The average price for
copper on the New York Commodity Exchange (COMEX) in the first
quarter of 2005 was $1.47 per pound, compared with $1.23 per
pound in the first quarter of 2004. The average price for
molybdenum, one of SPCC's principal by-products, was $31.31 per
pound in the first quarter of 2005, compared to $ 8.27 per pound
in the first quarter of 2004. The price of silver, on the COMEX
was higher at $6.99 per ounce in the first quarter of 2005,
compared to $6.71 per ounce during the first quarter of 2004.

Mine copper production decreased 14.6% to 178.5 million pounds
in the first quarter of 2005 compared with the first quarter of
last year. This decrease of 30.5 million pounds included 7.4
million pounds from the Toquepala mine, 20.0 million pounds from
the Cuajone mine and 3.1 million pounds in solvent
extraction/electrowinning (SX/EW) production. The decrease in
Toquepala production was a result of a lower volume of material
milled and lower ore grade and the decrease in Cuajone
production was a result of lower ore grade in the 2005 period.
The main reason for the 3.1 million pound decrease in SX/EW
production was lower grade of PLS (pregnant leaching solution).
All the above noted production quantities are in line with
amounts forecasted in our 2005 budget.

Commenting on the Company's economic results, for the first
quarter of 2005, Mr. German Larrea, Chairman of SPCC said, "The
improvement in Company earnings for the first quarter of 2005 is
principally due to increase in sales volume of copper and
molybdenum and significant increase in sales price for copper
and molybdenum. SPCC's sale of copper was reduced in the first
quarter of 2004 due to the build-up of inventory needed to
establish the copper rod program."

Reporting on the Company's modernization program, Mr. Oscar
Gonzalez Rocha, President and CEO of SPCC, said "The Ilo smelter
modernization project is moving ahead on schedule with detailed
engineering and preliminary construction work in process in
order to finish by the end of 2006. Additionally the Company's
leaching dump, crushing and conveying project at the Toquepala
mine is also progressing on schedule. The leaching dumps project
investment through March 2005 is $56.1 million. This project is
scheduled for completion in mid-2005 with projected annual
operating cost saving of $25 million."

On April 1, 2005, SPCC completed its acquisition of Minera
Mexico, S.A. de C.V. (MM) pursuant to the Agreement and Plan of
Merger (Agreement), dated as of October 21, 2004. SPCC acquired
a 99.1463% interest in MM in exchange for the issuance of
67,207,640 shares of common stock. Grupo Mexico's interest in
SPCC, through subsidiaries, increased from 54.2% to 75.1%. In
addition, in compliance with the Agreement, SPCC paid in the
first quarter of 2005 a $100 million transaction dividend and MM
reduced its outstanding net debt to less than $1.0 billion. The
first quarter 2005 financial statements included in this report
reflect the results of SPCC at March 31, 2005, prior to the
acquisition of MM on April 1, 2005. Summary pro-forma
information of the combined company is as follows:

First Quarter 2005

                              SPCC alone  SPCC & MM
(dollars in millions)

Sales                             $486.2  $945.0
Net earnings                      $187.6  $324.2
Total assets                    $2,696.6  $5,373.9

Production:

Copper (000s lbs.)               178,500  356,595
Molybdenum (000s lbs.)             6,550  8,864
Silver (000s ozs.)                 1,038  2,770
Zinc (000s lbs.)                       -  76,494

On April 4, 2005, SPCC entered into a Registration Rights
Agreement with its Class A shareholders, which contemplates that
SPCC will file as promptly as practicable a shelf registration
statement on Form S-3 with the Securities and Exchange
Commission, as per the disclosure made on April 8, 2005.

The 2005 shareholders meeting called for April 28, 2005 has been
postponed to May 16, 2005 in order to ensure a major
participation of shareholders.

Southern Peru Copper Corporation is one of Peru's largest
companies and one of the ten largest copper producers worldwide.
The ownership of SPCC's shares, either directly or through
subsidiaries as of April 1st, 2005, is as follows: Grupo Mexico
(75.1%), Cerro Trading Company (7.7%), Phelps Dodge (7.6%) and
other shareholders (9.6%).

CONTACT: GRUPO MEXICO
         Av. Baja California No. 200
         Colonia Roma Sur
         06760 Mexico, D.F.
         Phone: 52 (55) 5080-0050


TFM: Announces Payment for Early Tenders From Noteholders
---------------------------------------------------------
TFM, S.A. de C.V., a subsidiary of Kansas City Southern ("KCS")
(NYSE:KSU), announced that on April 20, 2005, it accepted for
purchase tenders equal to approximately $386.0 million principal
amount of its 11.75% Senior Discount Debentures due 2009 of its
majority owned subsidiary, TFM, S.A. de C.V. ("TFM") (CUSIP
Numbers: 872402AB8 and 872402AD4, ISIN Number: USP91415AB81)
(the "Notes"). The Notes accepted for payment were tendered on
or prior to the Consent Deadline of 5:00 p.m. NYC time, April
14, 2005, pursuant to the previously announced consent
solicitation and tender offer for the Notes, and TFM made
payments to Holders of the Notes of the Total Consideration plus
Accrued Interest.

As part of its pending tender offer for the Notes, TFM was
soliciting consents to eliminate substantially all of the
restrictive covenants included in the indenture under which the
Notes were issued and to reduce the minimum prior notice period
with respect to a redemption date for outstanding Notes from 30
to three days. The supplemental indenture relating to the Notes
containing the proposed changes was executed by TFM and the
Trustee under the indenture, and it became operative on April
20, 2005.

CONTACT:  TFM, S.A. DE C.V.
          Investors:
          William H. Galligan
          Tel: 816-983-1551
          E-mail: william.h.galligan@kcsr.com
                      or
          U.S. Media:
          C. Doniele Kane
          Tel: 816-983-1372
          E-mail: doniele.c.kane@kcsr.com
                      or
          Mexico Media:
          Gabriel Guerra
          Tel: 011-525-55-208-0860
          E-mail: gguerra@gcya.net



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

PDVSA: Paulsboro, Savannah Refineries Set to Go Under the Hammer
----------------------------------------------------------------
The two Citgo Petroleum Corp. refineries that parent company
Petroleos de Venezuela (PDVSA) is putting on the block are the
Paulsboro, New Jersey and Savannah, Georgia asphalt refineries,
reports Business News Americas.

According to a Houston oil industry source, the two refineries
are Citgo's smallest refineries in terms of capacity. Paulsboro
has capacity of 84,000 barrels of oil a day (b/d) and Savannah
has 32,000 b/d. Both are the least likely to affect PDVSA's
gasoline business in the US if sold, since both facilities are
devoted to asphalt making.

In addition, both are 100%-Citgo owned, so the consent of a
third party to sell them is not needed.

Mr. Rafael Ramirez, the president of PDVSA and energy and mines
minister, said earlier that PDVSA is looking to get rid of some
of its US based refineries on the grounds they are losing money.

But according to Mr. Cesar Rincones, a lawmaker, Mr. Ramirez
will have to answer before a panel of lawmakers for the sale.

"The refineries are making profits and are beneficial for the
country. What's happening is that they don't process Venezuelan
oil but rather [oil] from Mexico and Canada, but it must be
understood that the profit is not just in refining national
[Venezuelan] oil but in Citgo's final product," Union Radio
network quoted Mr. Rincones as saying.

Mr. Rincones said PDVSA is not producing the 3 million barrels
of oil a day (Mb/d) it says it is.

"It's not that Citgo isn't profitable, but that Venezuela is not
supplying it with the crude necessary to take the refineries to
their maximum capacity," he said.

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: Executive Clarifies Tax Rate Cap
---------------------------------------
A top PDVSA executive refuted reports that the tax rate for the
four extra heavy-crude upgrading projects in the Orinoco belt
will increase to 50%, reports Business News Americas.

Speaking to reporters in Caracas on Friday, PDVSA internal
director Eulogio del Pino said the tax rate will remain at 34%.

PDVSA president and energy and oil minister Rafael Ramirez "has
clarified that these associations were based on the 1943
hydrocarbons law and their taxes will remain at 34%," Mr. del
Pino said.

"We want to be very clear in this respect. There has been a
misunderstanding," he added.

Orinoco projects, which churn out about 600,000 barrels a day of
synthetic crude, have already seen their royalty rates increase
dramatically this year from 1% to 16%, which is the maximum
allowed under their contracts.




                            ***********


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

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
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Copyright 2005.  All rights reserved.  ISSN 1529-2746.

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