TCRLA_Public/050712.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, July 12, 2005, Vol. 6, Issue 136

                           Headlines


A R G E N T I N A

AEROLINEAS ARGENTINAS: Refuses to Give in to APLA
AGUAS ARGENTINAS: Submits Final Proposal to Uniren
ANTARTIDA 2000: Debt Payments Halted, Moves to Reorganize
CELERITAS S.A.: Gets Court Approval for Reorganization
CLINICIEN SISTEMA: Court Assigns New Trustee

DEPORMAR S.R.L.: Seeks Reorganization Approval From Court
DOS GRUPOS: Enters Bankruptcy on Court Orders
LAS BAYAS: Liquidating Assets to Pay Debts
LAS LOMAS: Court Grants Reorganization Plea
PROTECTIO S.R.L.: Debt Payments Halted, Set To Reorganize

SEGURIDAD JAGUAR: Court Rules for Liquidation
SEGURIVIGBA S.R.L.: Enters Bankruptcy on Court Orders
TECNOALUMINIO S.R.L.: Liquidation Pending
TENANCO S.A.C.I.F.I.A.: Asset Liquidation Planned
YEARLING S.A.: Asks Court for Reorganization

* CHACO: Moody's Moves Rating (National Scale) to D.ar


B E R M U D A

GROSVENOR TECHNOLOGY: To be Wound Up Voluntarily
LASALLE RE: Morrison, Wardrop to Continue as JPLs
LORAL SPACE: JPLs to Seek Authorization Order on July 11
SHADWELL INVESTORS: Names Liquidator


B R A Z I L

TELEMAR: Sells BRL150 Mln Debentures Due 2010


C H I L E

COEUR D'ALENE: Amends Employment Agreements


C O L O M B I A

TELECOM: To Enter Mobile Market By Yearend


E L   S A L V A D O R

* EL SALVADOR: IMF to Deepen Dialogue With Authorities


J A M A I C A

DYOLL GROUP: Meeting With Creditors Postponed to July 29


M E X I C O

GRUPO IUSACELL: Analysts Skeptical of TV Mobile Service
SATMEX: Asks Court to Dismiss Involuntary Petition
SATMEX: Bondholders Will Contest Case Dismissal
SATMEX: Mexicans See Debt Restructuring Unfolding in Mexico


P E R U

* PERU: Places PEN1.5 Bln in 12-Yr Treasury Bonds

     -  -  -  -  -  -  -  -

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

AEROLINEAS ARGENTINAS: Refuses to Give in to APLA
-------------------------------------------------
Aerolineas Argentinas confirmed on July 7 its firm position of
not yielding to the pilot's strike organized and carried out by
a group of union leaders of the Air Line Pilots Association -
Asociacion de Pilotos de Lineas Aereas (APLA).

The strike, according to the Company, is an irresponsible
measure far and away from any attitude of dialogue, which
virtually took as hostages more than 60,000 trusting Company
investors.

Aerolineas Argentinas states that it is open to negotiations,
but is not giving up before unfair and ill-timed claims of a
minority sector whose real objective is to destabilize the
Company.

In the face of the announcement made by APLA Chairman Jorge
Perez Tamayo of a 48-hour pilot strike demanding a 40% salary
restructuring, Aerolineas Argentinas states the following:

- It is a coercive measure taken against the Company by a group
of APLA leaders, measure that is not supported by most of the
Company pilots.

- The 40% raise claim is inadmissible, since Company pilots
receive salaries well above the average in other sectors of
Aerolineas, they are the highest salaries paid in the Argentine
airline market, and they have been adjusted.

- The aim of the APLA leaders is to destabilize the Company
with goals that go beyond the mentioned raise for their members.

- During the last few weeks, supervised by the Ministry of
Labor, APLA leaders held conciliatory meetings with Company
directors, showing in all cases fierce positions aimed at
delaying and/or canceling any type of arrangement. In no case
any conciliatory position was sensed, on the contrary, there
were noticed speculative and blackmail maneuvers against the
Company, with the sole intention of implementing drastic
measures precisely during the weekend when winter holidays
start.

- With this irresponsible action, APLA leaders, led by Mr. Sr
Pérez Tamayo, are taking more than 60 thousand passengers as
hostages, passengers that between next Friday and Sunday are
scheduled to take domestic, regional and international flights.

-Aerolineas Argentinas confirms its firm position of not
yielding to pressure, coercive actions or blackmail by certain
leaders who do not have the support of their represented
workers. Likewise, it reserves the right to act before the
administrative and judicial authorities in claim of any type of
damage that might be brought about by the irresponsible action
taken by APLA leaders.

CONTACT:  AEROLINEAS ARGENTINAS
          Torre Bouchard 547, 1106 Buenos Aires, ARGENTINA
          Phone: (54-11) 4310-3000
          Fax: (54-11) 4310-3585
          E-mail: volar@aerolineas.com.ar
          Home Page: www.aerolineas.com.ar
          Officer: Patricio Zabalia Lagos, President


AGUAS ARGENTINAS: Submits Final Proposal to Uniren
--------------------------------------------------
Water utility Aguas Argentinas, controlled by French water giant
Suez, has submitted to the Argentine government's contract
renegotiation unit (Uniren) its final and definite proposal for
the renegotiation of its contract.

The Company's board of directors warned that if no agreement is
reached with the government by the next board meeting, scheduled
for July 26, it would "be obliged to consider other courses of
action",

That "other course of action" means a Suez departure, said a
person familiar with the negotiations, who added that July 26 is
truly the Company's final, make-or-break date.

Aguas Argentinas declined to provide details on the proposal's
terms. But according to local daily La Nacion, the Company's
board said it could accept that its rates would not be raised
until 2006, but in return requested a subsidy until year-end to
run the concession. The subsidy would be ARS100 million - ARS125
million (US$35mn-44mn).

The government has been loathe to grant a rate hike to Aguas
Argentinas, given the political unpopularity of raising costs
for residents while roughly half of the country still lives in
poverty. President Nestor Kirchner told a crowd at a January
speech in Buenos Aires province that Aguas Argentinas "cared
only about its own profits at the cost of all of you...it is
crazy that we're going to increase (rates) - first let them give
water to the people."

An added complication is that with important congressional
elections coming up in October, political sensitivity is running
especially high and Kirchner won't want to appear as if he's
backing down against a multinational utility company.


ANTARTIDA 2000: Debt Payments Halted, Moves to Reorganize
---------------------------------------------------------
Court No. 16 of Buenos Aires' civil and commercial tribunal is
studying the request for reorganization submitted by local
company Antartida 2000 S.A., says Infobae.

The report adds that that the Company filed a "Concurso
Preventivo" petition following cessation of debt payments.

The city's Clerk No. 31 assists the court on this case.

CONTACT: Antartida 2000 S.A.
         Avda. Cordoba 3478
         Buenos Aires


CELERITAS S.A.: Gets Court Approval for Reorganization
------------------------------------------------------
Celeritas S.A. will begin reorganization following the approval
of its petition by Court No. 3 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.

Ernesto Resnizky will oversee the reorganization proceedings as
the court-appointed trustee. He will verify creditors' claims
until Sep. 12, 2005. The validated claims will be presented in
court as individual reports on Oct. 25, 2005.

Mr. Resnizky is also required by the court to submit a general
report essentially auditing the Company's accounting and
business records as well as summarizing important events
pertaining to the reorganization. The report will be presented
in court on Dec. 7, 2005.

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 June 2, 2006.

Clerk No. 6 assists the court on this case.

CONTACT: Celeritas S.A.
         Azcuenaga 1077
         Buenos Aires

         Mr. Ernesto Resnizky, Liquidator
         Caracas 4330
         Buenos Aires


CLINICIEN SISTEMA: Court Assigns New Trustee
--------------------------------------------
Court No. 19 of Buenos Aires' civil and commercial tribunal has
appointed a new trustee for the Clinicien Sistema de Salud S.A.
bankruptcy case, reports Infobae.

The court assigned Estudio Carlen, Paulin, Sanzone, Suarez y
Asociados to supervise to verify creditors' claims until Sep. 9,
2005 and then prepare the individual and the general reports.

The court, with the assistance of Clerk No. 37, declared the
Company "Quiebra,". The declaration started the bankruptcy
proceedings and placed the Company under the supervision of the
trustee. The case will close with the liquidation of the
Company's assets to repay creditors.

CONTACT: Estudio Carlen, Paulin, Sanzone, Suarez y Asociados
         Trustee
         Uruguay 782
         Buenos Aires


DEPORMAR S.R.L.: Seeks Reorganization Approval From Court
---------------------------------------------------------
Buenos Aires' civil and commercial Court No. 19, with the
assistance of Clerk No. 38, is currently reviewing the merits of
the reorganization petition filed by Depormar S.R.L.

Infobae reports that the Company filed the request after
defaulting on its debt payments.

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

CONTACT: Depormar S.R.L.
         Avda Santa Fe 2811
         Buenos Aires


DOS GRUPOS: Enters Bankruptcy on Court Orders
---------------------------------------------
Dos Grupos S.A. enters bankruptcy protection after Court No. 1
of Buenos Aires' civil and commercial tribunal, with the
assistance of Clerk No. 1, 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 Gonzalo Cueva as
trustee. Mr. Cueva will be verifying creditors' proofs of claim
until the end of the verification phase on Sep. 2, 2005.

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 Oct. 14, 2005 followed by the general report, which is due on
Nov. 25, 2005.

CONTACT: Mr. Gonzalo Cueva, Trustee
         Terrero 1752
         Buenos Aires


LAS BAYAS: Liquidating Assets to Pay Debts
------------------------------------------
Buenos Aires-based Las Bayas S.C.A. will begin liquidating its
assets following the pronouncement of the city's civil and
commercial Court No. 1 that the Company is bankrupt, reports
Infobae.

The bankruptcy ruling places the Company under the supervision
of court-appointed trustee, Lydia Elsa Albite. The trustee will
verify creditors' proofs of claim until Aug. 4, 2005. The
validated claims will be presented in court as individual
reports on Sep. 15, 2005.

Ms. Albite 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 Oct. 27, 2005.

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

CONTACT: Las Bayas S.C.A.
         Jose Cubas 3141
         Buenos Aires

         Ms. Lydia Elsa Albite, Trustee
         Tacuari 119
         Buenos Aires


LAS LOMAS: Court Grants Reorganization Plea
-------------------------------------------
Las Lomas S.C.S. successfully petitioned for reorganization
after San Isidros' civil and commercial Court No. 8 issued a
resolution opening the Company's insolvency proceedings.

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

Infobae relates that Gabriel Marcelo Ail will serve as trustee
during the course of the reorganization. The trustee will be
accepting creditors' proofs of claim for verification until Aug.
22, 2005.

After verifications, the trustee will prepare the individual
reports and submit it in court on Oct. 4, 2005. He will also
present a general report for court review on Nov. 16, 2005.

The Company will endorse the settlement proposal, drafted from
the submitted claims, for approval by the creditors during the
informative assembly.

CONTACT: Mr. Gabriel Marcelo Ail, Trustee
         Avda Maipu 669
         Vicente Lopez


PROTECTIO S.R.L.: Debt Payments Halted, Set To Reorganize
---------------------------------------------------------
Court No. 18 of Buenos Aires' civil and commercial tribunal is
reviewing the merits of Protectio S.R.L. petition to reorganize.
Infobae recalls that the Company filed the petition following
cessation of debt payments. Reorganization will allow the
Company to avoid bankruptcy by negotiating a settlement with its
creditors.

Clerk No. 35 is assisting the court on the Company's case.

CONTACT: Protectio S.R.L.
         Federico Lacroze 2453
         Buenos Aires


SEGURIDAD JAGUAR: Court Rules for Liquidation
---------------------------------------------
Court No. 23 of Buenos Aires' civil and commercial tribunal
ordered the liquidation of Seguridad Jaguar S.R.L. after the
Company defaulted on its obligations, Infobae reveals. The
liquidation pronouncement will effectively place the Company's
affairs as well as its assets under the control of Hector
Guillermo Calle, the court-appointed trustee.

Mr. Calle will verify creditors' proofs of claim until Sep. 12,
2005. The verified claims will serve as basis for the individual
reports to be submitted in court on Oct. 25, 2005. The
submission of the general report follows on Dec. 6, 2005.

Clerk No. 45 assists the court on this case, which will end with
the disposal of the Company's assets in favor of its creditors.

CONTACT: Seguridad Jaguar S.R.L.
         Cochabamba 718
         Buenos Aires

         Mr. Hector Guillermo Calle, Trustee
         Lavalle 1528
         Buenos Aires


SEGURIVIGBA S.R.L.: Enters Bankruptcy on Court Orders
-----------------------------------------------------
Buenos Aires' civil and commercial Court No. 16 declared
Segurivigba S.R.L. bankrupt after the Company defaulted on its
debt payments. The bankruptcy order effectively places the
Company's affairs as well as its assets under the control of
court-appointed trustee, Luciano Melegari.

As the trustee, Mr. Melegari is tasked with verifying the
authenticity of claims presented by the Company's creditors. The
verification phase is ongoing until Aug. 23, 2005.

Following claims verification, the trustee will submit the
individual reports based on the forwarded claims for final
approval by the court on Oct. 6, 2005. A general report will
also be submitted on Nov. 22, 2005.

Infobae reports that Clerk No. 32 assists the court on this
case, which will end with the disposal of the Company's assets
in favor of its creditors.

CONTACT: Segurivigba S.R.L.
         Riobamba 1190
         Buenos Aires

         Mr. Luciano Melegari, Trustee
         Bartolome Mitre 1131
         Buenos Aires


TECNOALUMINIO S.R.L.: Liquidation Pending
-----------------------------------------
Tecnoaluminio S.R.L. of Buenos Aires will begin liquidating its
assets after Court No. 18 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, Elsa Taborcias.

The trustee will review claims forwarded by the Company's
creditors until Sep. 29, 2005. After claims verification, Ms.
Taborcias will submit the individual reports for court approval.
After individual reports, the trustee will pass a general
report. Clerk No. 36 assists the court on this case.

CONTACT: Tecnoaluminio S.R.L.
         Giribone 1202
         Buenos Aires

         Ms. Elsa Taborcias, Trustee
         Carlos Pellegrini 1063
         Buenos Aires


TENANCO S.A.C.I.F.I.A.: Asset Liquidations Planned
--------------------------------------------------
Tenanco S.A.C.I.F.I.A. will begin liquidating its assets
following the pronouncement of the city's civil and commercial
Court No. 9 that the Company is bankrupt, Infobae reports.

The bankruptcy ruling places the Company under the supervision
of court-appointed trustee, Jorge Luis Blazquez. The trustee
will verify creditors' proofs of claim until Sep. 12, 2005. The
validated claims will be presented in court as individual
reports on Nov. 3, 2005.

Mr. Blazquez will also submit a general report, containing a
summary of the Company's financial status as well as relevant
events pertaining to the bankruptcy, Dec. 22, 2005.

The bankruptcy process will end with the disposal of the
Company's assets in favor of its creditors. Clerk No. 17 assists
the court on the proceedings.

CONTACT: Mr. Jorge Luis Blazquez, Trustee
         Fray Justo Santa Maria de Oro 2381
         Buenos Aires


YEARLING S.A.: Asks Court for Reorganization
--------------------------------------------
Yearling S.A., a company operating in Buenos Aires, has
requested for reorganization after failing to pay its
liabilities, reports 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 liquidation.

The case is pending before the city's civil and commercial Court
No. 15. Clerk No. 30 assists on this case.

CONTACT: Yearling S.A.
         Vidal 2840
         Buenos Aires


* CHACO: Moody's Moves Rating (National Scale) to D.ar
------------------------------------------------------
Moody's Latin America S.A changed to D.ar from Ca.ar (Argentina
National Scale) the rating assigned to the Province of Chaco's
Co--participation Tax Revenue Secured Notes initially
denominated in dollars and "pesified" in February 2002. Payment
on these bonds continues in default. The Ca (Global Scale)
rating is unchanged and the rating outlook is stable.



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B E R M U D A
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GROSVENOR TECHNOLOGY: To be Wound Up Voluntarily
------------------------------------------------
IN THE MATTER OF THE COMPANIES ACT 1981

                   and

IN THE MATTER OF Grosvenor Technology Fund Limited

The Member of Grosvenor Technology Fund Limited, acting by
written consent without a meeting on July 4, 2005 passed the
following resolutions:

1) The Company be wound up voluntarily, pursuant to the
provisions of the Companies Act 1981; and

2) Dan Voth be and is hereby appointed Liquidator for the
purposes of such winding up, such appointment to be effective
forthwith.

- Creditors of Grosvenor Technology Fund Limited, which is
being voluntarily wound up, are required on or before August 8,
2005 to send their full names and addresses, full particulars of
their debts or claims and the names and addresses of their
lawyers (if any) to the Liquidator of the Company at Mercury
House, 101 Front Street, Hamilton, Bermuda and if so required by
notice in writing from the Liquidator, to come in and prove
their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- A final general meeting of the Member of Grosvenor Technology
Fund Limited will be held at the offices of Grosvenor Fund
Administration Limited, Mercury House, 101 Front Street,
Hamilton, Bermuda on Friday, August 12, 2005 at 10:00 a.m. for
the purposes of:

1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and hearing any explanation that may be
given by the Liquidator;

2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and

3) by resolution dissolving the Company.

CONTACT: Mr. Dan Voth, Liquidator
         Mercury House
         101 Front Street,
         Hamilton, Bermuda


LASALLE RE: Morrison, Wardrop to Continue as JPLs
-------------------------------------------------
IN THE MATTER OF Lasalle Re Holdings Limited

                   and

   IN THE MATTER OF THE COMPANIES ACT 1981

ADVERTISEMENT OF WINDING-UP ORDER
AND APPOINTMENT OF JOINT PROVISIONAL LIQUIDATORS

NOTICE is hereby given that on April 15, 2005:

1. A winding-up order was made against LaSalle Re Holdings
Limited; and

2. It was ordered that Michael Morrison and John Wardrop, the
Joint Provisional Liquidators appointed by Order of this
Honourable Court dated August 22, 2003, continue as Joint
Provisional Liquidators of the Company.


LORAL SPACE: JPLs to Seek Authorization Order on July 11
--------------------------------------------------------
         IN THE MATTER OF Loral Licensing LTD.

                         and

   IN THE MATTER OF Loral Space & Communications LTD.

                         and

         IN THE MATTER OF THE COMPANIES ACT 1981

NOTICE TO CREDITORS:

WHEREAS Loral Licensing Ltd. & Loral Space & Communications Ltd.
(together, the "Bermudian Debtors") filed for protection under
Chapter 11 of the United States Bankruptcy Code in the United
States Bankruptcy Court for the Southern District of New York on
15 July 2003 ("the Chapter 11 proceedings") along with eighteen
of their affiliated companies (together the "Debtors");

AND WHEREAS a petition to wind up the Bermudian Debtors was
filed in the Supreme Court of Bermuda on 15 July 2003 and on the
same day Michael Morrison, a managing director of KPMG Financial
Advisory Services Limited in Bermuda and Philip Wallace and
Christine Laverty, partners of KPMG LLP in England were
appointed joint provisional liquidators of the Bermudian Debtors
("the JPLs") by the Bermuda Court;

AND WHEREAS the Debtors filed a fourth amended plan of
reorganization ("the Plan") in the Chapter 11 proceedings on 3
June 2005;

AND WHEREAS the JPLs intend upon being so satisfied to seek the
authorisation of the Bermuda Court to take whatever steps are
required by the provisions of the Plan to be taken by the
Bermudian Debtors for its implementation; including the transfer
of the assets of the Bermudian Debtors in accordance with the
Plan to a new company; such authorization to be sought
conditional upon the Plan being confirmed by the US Bankruptcy
Court;

AND WHEREAS it is intended to give notice to persons who would
be or who may claim to be entitled to prove as creditors of the
Bermudian Debtors under Bermuda law and whose claims will not be
extinguished by the Plan of the intention of the JPLs to seek
such authorization upon the conditions previously stated being
fulfilled;

NOW TAKE NOTICE that the JPLs of the Bermudian Debtors intend to
apply to the Supreme Court of Bermuda at a hearing on 11 July
2005 at 11 a.m. ("the Authorisation Hearing") for an order
authorizing the JPLs to take such steps for and on behalf of and
in the name of the Bermudian Debtors as may be required to
implement the Plan; including the transfer of their assets
and/or otherwise.

AND FURTHER TAKE NOTICE that only creditors of the Bermudian
Debtors whose claims will not be extinguished by the Plan are
entitled to be heard at the Authorisation Hearing (in person or
by their Bermudian legal representatives).

PLEASE TAKE FURTHER NOTICE that any such creditor who wishes to
make representations to the Bermuda Court that the authorization
should not be given, should file an affidavit in the Bermuda
Court setting forth the name of the objector, the nature and
amount of claims or interests held or asserted by the objector
against the particular Bermudian Debtors and the basis and
specific grounds for the objection. The affidavit must be filed
in the Bermuda Court at the Registry of the Supreme Court, 113
Front Street, Hamilton, Bermuda and served so as to be actually
received by the following parties no later than 4:00 p.m.,
Bermuda time (3:00 p.m. prevailing Eastern Time) on 7 July 2005:

The Joint Provisional
Liquidators of Loral Ltd
KPMG
Crown House
4 Par-la-Ville Road
Hamilton HM08
Bermuda
Attn: Mr. Meke Morrison
      Mr. Robert Ware

Weil, Gotshal & Manges LLP
767 Fifth Avenue
New York, New York 10153
Attn: Mr. Stephen Karotkin, Esq.
      Ms. Lori R. Fife, Esq.
      Ms. Shai Y. Waisman, Esq.
      Attorneys for the Debtors

Attorneys for Committee of Unsecured Creditors
Appointed in Chapter 11
Proceedings
Akin Gump Strauss Hauer & Feld LLP
590 Madison Avenue
New York, New York 10022
Attn: Mr. David H. Botter, Esq.


Copies of (a) the Plan and (b) the Disclosure Statement 3 June
2005 may be obtained:

a. In Bermuda from:
   Appleby Spurling Hunter
   Canon's Court
   22 Victoria Street
   Hamilton HM 12
   Bermuda
   Attention: Jannifer Fraser

b. In the USA from:
   Weil, Gotshal & Manges LLP
   767 Fifth Avenue
   New York, New York 10153
   Attention: Mr. Stephen Karotkin, Esq.

CONTACT: Mr. Chris Laverty
         Mr. Michael Morrison
         Mr. Philip Wallace
         Joint Provisional Liquidators


SHADWELL INVESTORS: Names Liquidator
------------------------------------
IN THE MATTER OF THE COMPANIES ACT 1981

                 and

IN THE MATTER OF Shadwell Investors, Ltd.

The following Resolutions of Shadwell Investors, Ltd. were
adopted by the sole Member by written consent on July 6, 2005:

a) that the Company be wound up voluntarily pursuant to the
provisions of The Companies Act, 1981; and

b) that Nicholas Hoskins be appointed Liquidator for the
purposes of such winding-up, such appointment to be effective
forthwith.

- Creditors of Shadwell Investors, Ltd., which is being
voluntarily wound up, are required, on or before August 5, 2005
to send their full Christian and Surnames, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their attorneys (if any) to Mr. Hoskins
of Shadwell Investors, Ltd. at Wakefield Quin, Chancery Hall, 52
Reid Street, Hamilton, Bermuda and if so required by notice in
writing from the Liquidator, and personally or by their
attorneys, to come in and prove their debts or claims at such
time and place as shall be specified in such notice, or in
default thereof they will be excluded from the benefit of any
distribution made before such debts are proved.

- A Final General Meeting of the Members of Shadwell Investors,
Ltd. will be held at the offices of Wakefield Quin, Chancery
Hall, 52 Reid Street, Hamilton, Bermuda on August 12, 2005 at
10:00 a.m., or soon as possible thereafter, for the purposes of:

a) having an account laid before them showing the manner in
which the winding-up has been conducted and how the property of
the Company has been disposed of and of hearing any explanation
that may be given by the Liquidator;

b) determining by Resolution the manner in which the books,
accounts and documents of the Company and of the Liquidator
thereof, shall be disposed of; and

c) by Resolution dissolving the Company.

CONTACT: Mr. Nicholas Hoskins, Liquidator
         Chancery Hall
         52 Reid Street, Hamilton
         Bermuda



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B R A Z I L
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TELEMAR: Sells BRL150 Mln Debentures Due 2010
---------------------------------------------
Tele Norte Leste Participacoes SA (Telemar), the country's
largest phone company, has sold BRL150 million non-convertible
debentures in an operation coordinated by Banco do Brasil
Investimentos. According to Dow Jones Newswires, the debentures,
which will mature in April 2010, will pay an annual interest
rate equivalent to 104.1% of the CDI interbank rate.

CONTACT: Tele Norte Leste Participacoes S.A.
         Phone: (212) 815-2921
         Fax: (212) 571-3050
         Web Site: http://www.telemar.com.br/

         Investor Relations
         Email: invest@telemar.com.br
         Roberto Terziani 55 21 3131 1208
         IR Team 55 21 3131 1313 - 1317
         Fax: 55 21 3131 1155

         The Global Consulting Group
         Kevin Kirkeby (kkirkeby@hfgcg.com)
         Tel: 1-646-284-9416
         Fax: 1-646-284-9494




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C H I L E
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COEUR D'ALENE: Amends Employment Agreements
-------------------------------------------
Coeur D'Alene Mines Corp. amended and restated employment
agreements with Harry F. Cougher, Mitchell J. Krebs and Donald
Birak, which took effect on July 1, 2005.

Mr. Cougher is the Registrant's Senior Vice President North
American Operations. The term of Mr. Cougher's employment
agreement is from July 1, 2005 through June 30, 2007 and is
renewable, at the option of the Registrant, each year for an
additional period of 12 months. Pursuant to the terms of the
employment agreement, Mr. Cougher will be paid $216,000
annually. The employment agreement entitles Mr. Cougher to
receive an annual incentive bonus payable in cash, pursuant to
the Registrant's Annual Incentive Plan, in an amount equal to at
least 40% of his then current annual salary. Mr. Cougher also is
entitled to receive a long-term incentive bonus under the
Registrant's 2003 Long-Term Incentive Plan (at a target level of
75% of the then current annual salary). Additionally, Mr.
Cougher may receive other payments under certain compensation
and benefit plans of the Registrant.

Mr. Krebs is the Registrant's Vice President Corporate
Development. The term of Mr. Krebs's employment agreement is
from July 1, 2005 through June 30, 2007 and is renewable, at the
option of the Registrant, each year for an additional period of
12 months. Pursuant to the terms of the employment agreement,
Mr. Krebs will be paid $216,000 annually. The employment
agreement entitles Mr. Krebs to receive an annual incentive
bonus payable in cash, pursuant to the Registrant's Annual
Incentive Plan, in an amount equal to at least 40% of his then
current annual salary. Mr. Krebs also is entitled to receive a
long-term incentive bonus under the Registrant's 2003 Long-Term
Incentive Plan (at a target level of 50% of his then current
annual salary). Additionally, Mr. Krebs may receive other
payments under certain compensation and benefit plans of the
Registrant.

Mr. Birak is the Registrant's Senior Vice President Exploration.
The term of Mr. Birak's employment agreement is from July 1,
2005 through June 30, 2007 and is renewable, at the option of
the Registrant, each year for an additional period of 12 months.
Pursuant to the terms of the employment agreement, Mr. Birak
will be paid $215,000 annually. The employment agreement
entitles Mr. Birak to receive an annual incentive bonus payable
in cash, pursuant to the Registrant's Annual Incentive Plan, in
an amount equal to at least 40% of his then current annual
salary. Mr. Birak also is entitled to receive a long-term
incentive bonus under the Registrant's 2003 Long-Term Incentive
Plan (at a target level of 75% of his then current annual
salary). Additionally, Mr. Birak may receive other payments
under certain compensation and benefit plans of the Registrant.

Each of the amended employment agreements contain change in
control provisions that entitle each officer to receive certain
payments if the officer is terminated following a change in
control of the Registrant. Such payments include, but are not
limited to, payment of the full annual salary effective
immediately prior to such termination (in addition to certain
bonuses and medical/disability benefits) for a two-year period
after termination.

The foregoing descriptions of the terms of the amended and
restated employment agreements are intended to serve as a
summary of the compensation and benefit terms set forth in the
agreements. The Registrant intends to include these amended
employment agreements as exhibits to its Quarterly Report on
Form 10-Q for the quarter ended June 30, 2005.

CONTACT: Coeur D'Alenes Mines Corp.
         400 Coeur d'Alene Mines Bldg.
         505 Front Ave.
         P.O. Box I
         Coeur d'Alene, ID 83816-0316
         USA
         Phone: 208-667-3511



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

TELECOM: To Enter Mobile Market By Yearend
------------------------------------------
In an effort to generate revenues to compensate for the drop in
the fixed telephony area, state-owned telco Colombia
Telecomunicaciones (Telecom) will enter the mobile market by
December this year, reports Business News Americas.

Telecom is looking at three ways to enter the market. First, to
become a mobile virtual network operator (MVNO) by using other
operators' mobile networks to offer mobile telephony under the
Telecom brand.

Second, to act as a reseller for other mobile operators. This
way, current mobile operators would be able to use Telecom's
sales network that includes over 5,000 sales points in Colombia.

Finally, to merge the Company's operations with local operator
ETB and with the new firm resulting from the separation of
Medellín-based utility company EPM's telecoms operations.

If none of these options works out, Telecom will launch the
mobile offering itself.

The government earlier revealed plans to directly award the
country's fourth mobile license to Telecom.

Telecom was liquidated in July 2003 and its assets were taken
over by Colombia Telecomunicaciones, which continues to use the
Telecom brand name.



=====================
E L   S A L V A D O R
=====================

* EL SALVADOR: IMF to Deepen Dialogue With Authorities
------------------------------------------------------
International Monetary Fund (IMF) Deputy Managing Director
Agustín Carstens made the following statement in San Salvador on
July 7, 2005:

"This is my first visit to El Salvador as Deputy Managing
Director of the Fund, and it is a great pleasure for me to be
here. Today, I had the privilege of meeting with President Elias
Antonio Saca and his economic team, including the Technical
Secretary to the Presidency Eduardo Zablah and Finance Minister
Guillermo Lopez Suarez. I also had very productive meetings with
key representatives of Congress, political parties, bankers,
entrepreneurs, and civil society. This visit has provided a
valuable opportunity for us at the Fund to deepen the dialogue
with the Salvadorian authorities.

"El Salvador's strong record of economic reforms since the early
1990s has brought major benefits in terms of macroeconomic
stability, improved social conditions, and access to financial
markets. The country's commitment to an outward-oriented,
market-based development strategy was reaffirmed by its early
ratification of the Central Amedrica Free Trade Agreement
(CAFTA) with the United States, as the first country to have
done so. Nevertheless, the economy continues to face important
challenges: Growth has lagged relative to other, more dynamic
emerging market economies, and activity has been recently
further dampened by the recent sharp increase in world oil
prices and strong competition from Asia. And, although official
dollarization has brought important benefits, it is also a very
demanding policy framework that requires very sound supporting
macro and structural policies.

"I was reassured by the clear recognition among everybody I met
that El Salvador needs to grow faster, reduce poverty further,
and lower vulnerabilities against shocks. In particular, there
was broad agreement on the need for fiscal consolidation to set
to public debt/GDP ratio on a firm downward path while
strengthening key social and infrastructure programs. In this
regard, I welcomed and encouraged the authorities' efforts to
build a broad national consensus on needed reforms to strengthen
the revenue effort and contain non-priority spending.

"The government's structural reform agenda to strengthen
productivity and competitiveness should help raise El Salvador's
growth potential in the context of the official dollarization
regime. In particular, I welcomed plans to further strengthen
the banking system, broaden the role of the private sector in
infrastructure, and introduce reforms to improve the business
climate, enhance human capital, and strengthen institutions.
Implementation of this agenda will support and complement
further trade and financial integration, including under CAFTA."

"Overall, El Salvador has a clear potential to achieve sustained
rapid growth and social progress in the years ahead. It is now
important that all segments of society work together to
implement the reforms needed to realize this potential. I
assured the President that the IMF looks forward to continuing
its close relationship with El Salvador, and we stand ready to
support the country's efforts to meet the challenges ahead."

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

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



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

DYOLL GROUP: Meeting With Creditors Postponed to July 29
--------------------------------------------------------
Court appointed provisional liquidator of Dyoll Insurance
Company, Keith Hartley Cooper, announced that the date for the
meeting of the 6,000 creditors of the Company has been reset to
July 28 at the Jamaica Conference.

"Notices will be published in the press with the information
necessary to enable policy holders of Dyoll, third party
claimants and other creditors in Jamaica, the Cayman and
elsewhere to submit their claims and vote at that meeting,"
Cooper said.

The meeting had been originally set for July 4 at the same venue
to consider the appointment of a 'liquidator', a position that
insolvency practitioners from leading accounting firms are
showing keen interest in. The meeting will also consider whether
Cooper himself should be given the responsibility to wind up the
insurance company.

Creditors now have until noon on July 26 to submit their claims
against Dyoll.

"Creditors who do not put in their claims in accordance with the
notices that will be published, will not be able to participate
in voting to determine who is to be appointed to wind up the
company," said Cooper.

"Any creditor failing to claim early might also not benefit from
a payout by the liquidator when appointed."



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

GRUPO IUSACELL: Analysts Skeptical of TV Mobile Service
-------------------------------------------------------
Mobile operator Grupo Iusacell has earmarked US$21 million to
develop a sophisticated service for cell phone users in Mexico,
reports Business News Americas.

Iusacell's data manager Carlos Silva revealed that the Company
plans to develop what it claims will be the first television
service for cell phones in Mexico.

The service, which is due to become available at the end of the
year, allows a subscriber to view six channels: Fashion TV,
Turner Cartoons, ABC News, Comedy Time and TV Azteca's channels
7 and 13.

Meanwhile, analysts are concerned that Mexicans may not find
this service attractive considering the cost, which is MXN100
(US$9.30) a month. This could result to a negative impact on
Iusacell's revenues.

"I think it's a good [development for Iusacell] but I don't
think that 99% of Mexicans can afford, not just getting the
handset, but paying for the service," said Jack Deino, analyst
with APS Financial Corporation.

"I think that where most money is going to be made is in
exploiting the C, D and E class subscriber, which is middle and
lower class subscribers that use wireless telephony as a
substitution to fixed line," Deino added.


SATMEX: Asks Court to Dismiss Involuntary Petition
--------------------------------------------------
Satelites Mexicanos, S.A. dec C.V., (Satmex) asks the U.S.
Bankruptcy Court for the Southern District of New York to
dismiss the involuntary chapter 11 petition filed by a group of
secured and unsecured noteholders holding in excess of $379
million of the Debtor's outstanding notes.

The Debtor tells the Court that substantially all of its assets
and operations are located in Mexico and that it has no offices
or employees in the United States.  The Debtor said it has de
minimis assets in the United States consisting of less than
$500,000 in cash used to retain its professionals.  Satmex wants
the Court to dismiss the case because the majority of its non-
bondholder creditors are located in Mexico.  Also, substantially
all of Satmex's contracts and obligations are governed by
Mexican law or laws of countries othern than the United States.

Satmex's principal indebtedness includes:

     (i) $320 million in principal amount of high yield bonds
         due November 2004, issued on Feb. 2, 1998, between
         Satmex and The Bank of New York as Indenture Trustee;
         and

    (ii) $203.4 million in principal amount of senior secured
         floating rate notes due June 2004, issued on March 4,
         1998, between Satmex and Citibank, N.A., as Indenture
         Trustee.

As of May 25, 2005, the full principal amount and certain
accrued and unpaid interest remained outstanding on the high
yield bonds and the floating rate notes.

Menoscabo Default

In 1997, Firmamento Mexicano, S. de R.L. de C.V., a joint
venture between Loral Space & Communication, Ltd., and
Principia, S.A. de C.V., consummated an acquisition of 75% of
the then-issued outstanding capital stock of Satmex from the
Mexican government.  As a result, Satmex became a wholly owned
direct subsidiary of Servicios Corporativos Satelitales, S.A. de
C.V., which is in turn a wholly owned subsidiary of Firmamento.
The remaining 25% of Satmex's outstanding capital stock, at the
time, was retained by the Mexican government.

In connection with the purchase, Servicios agreed to pay the
Mexican government $125.1 million plus interest, which is
reflected in a promissory note referred to as a menoscabo.
Payment of the menoscabo is secured by Loral's and Principia's
interests in Firmamento.  The Mexican government, which
currently owns 23.57% of Satmex's outstanding common stock,
indirectly holds a security interest in another 70.71% equity
interest in Satmex as collateral securing the menoscabo.

On Sept. 30, 2003, Servicios defaulted on the menoscabo debt.
As a result of the default, the Mexican government could
initiate proceedings against Servicios, which may include
foreclosure on the Firmamento equity and possibly transfer of
that equity.  The menoscabo default also constituted a default
under the indentures.

Mexican Bankruptcy Filing

On June 29, 2005, the Debtor filed a voluntary concurso
mercantil in Mexico to the dismay of the U.S. bondholders.

As reported in the Troubled Company Reporter on July 1, 2005,
the creditors believed that Satmex may have filed a voluntary
concurso mercantil not because it is in the best interest of the
Company and its customers but rather due to pressure from the
Mexican government.  The creditors' belief is due to Mexican
press reports suggesting that officials of Mexico's Ministry of
Transportation and Communications have pressured the Company
into a concurso mercantil filing to allow the Mexican Government
to extract value from Satmex for a debt that is owed to the
Mexican Government not by Satmex but rather by Satmex's parent
company, Servicios Corporativos.

These press reports suggest that SCT officials want the Satmex
restructuring to proceed in Mexico where they believe the
menoscabo and the Mexican Government's position as minority
shareholder will be treated more favorably than in a U.S. court.
The creditors stressed that their U.S. Chapter 11 restructuring
plan would not compromise the menoscabo debt owed by Servicios
Corporativos.  On the contrary, the creditors fully support the
payment in full of the Mexican Government's menoscabo debt ahead
of any distributions to Satmex shareholders.

Given that the menoscabo debt would not be compromised under the
proposed Chapter 11 restructuring plan, the creditors are
surprised that the Mexican Government, a shareholder in the
Company, would not consider and respond to the creditors'
proposal, which has the support and approval of more than two-
thirds of Satmex's creditors and which would quickly provide the
Company with badly-needed new financing.

Headquartered in Mexico, Satelites Mexicanos, S.A. de C.V.,
derives over 50% of its revenues from United States business,
and all of the Company's over US$500 million in debt was issued
in the United States and is governed by New York law.  The
Company's largest shareholder, Loral Space & Communications
Ltd., is a United States public company also undergoing a
Chapter 11 reorganization in the U.S. Bankruptcy Court for the
Southern District of New York.  The Company is forced into
chapter 11 by a group of secured and unsecured noteholders on
May 25, 2005 (Bankr. S.D.N.Y. Case No. 05-13862).  The
noteholders are represented by Wilmer Cutler Pickering Hale and
Dorr LLP and Akin Gump Strauss Hauer & Feld LLP.  On June 29,
2005, the Debtor filed a voluntary concurso mercantil to
restructure under Mexican laws.


SATMEX: Bondholders Will Contest Case Dismissal
-----------------------------------------------
The ad hoc committees of holders of:

   -- the Senior Secured Floating Rate Notes due 2004 and
   -- the 10-1/8% Senior Notes due 2004,

of Satelites Mexicanos, S.A. de C.V., will contest the Company's
motion to dismiss the involuntary chapter 11 petition they filed
in the U.S. Bankruptcy Court for the Southern District of New
York on May 25, 2005.  The noteholders are made up of U.S.-based
creditors holding more than two-thirds in amount of Satmex's
outstanding debt.

In a press statement, Satmex said:

   "The Motion to Dismiss is in furtherance of the strategy of
the Mexican government to force the restructuring of Satmex into
the Mexican courts where the government has extraordinary powers
that will enable it to obtain unfairly favorable treatment for a
debt owed to the government by the shareholders of Satmex.

   "The Creditors reiterate their belief that the United States
is the proper venue for a court-supervised restructuring.
Satmex chose to avail itself of the U.S. capital markets by
issuing debt in the U.S. that is governed by U.S. law.  Satmex
also agreed that the Southern District of New York would have
jurisdiction over any legal proceedings relating to the bond
debt, which is the only debt of Satmex that would be compromised
under the proposed restructuring in the U.S.

"The Creditors believe that the Satmex motion to dismiss sends a
chilling message to international investors.  The Company agreed
to U.S. jurisdiction for legal proceedings related to its bond
debt and is attempting to go back on that agreement now that
this debt needs to be restructured.

"Given that the Government's debt, the so-called menoscabo, is
not a debt of Satmex and therefore would not be compromised
under the proposed U.S. restructuring, the Mexican Government's
position and the Company's motion to dismiss serve only to
further delay the injection of necessary capital into the
Company and harm the creditors and other Satmex constituencies.

"The Mexican Government's refusal to consider the Creditors'
restructuring proposal ignores the rights of Satmex creditors
and the financial well being of the Company.  Under the U.S.
Bankruptcy Code and the proposal put forth by the Creditors, a
fair and equitable restructuring in accordance with creditors'
economic interests can be accomplished in as little as 90 days.
This would quickly provide Satmex with badly-needed new
financing sufficient to launch Satmex 6.

"The U.S. Chapter 11 proceedings will not interfere with the
Mexican Government's right to review the restructuring for
compliance with regulatory requirements.  The U.S.-based
restructuring will be subject to all regulatory requirements of
Mexico and the United States.  Therefore, there appears to be no
practical reason for the Mexican Government to oppose a U.S.-
based restructuring and there is no legal requirement that this
restructuring take place in Mexico.  The Mexican Government and
Satmex have not provided any compelling reason for moving this
restructuring to Mexico nor have they explained how a successful
and expedient restructuring could be accomplished there.

"Satmex emphasizes in its motion the importance of its satellite
services to Mexico's national security and defense.  The Company
states that it is 'the largest provider of the Satellite
services to the Mexican government' and says that those services
are 'crucial to the Mexican government's national security and
defense operations.'

"The importance of Satmex to Mexico makes it even more crucial
that Satmex restructure its debt as quickly as possible so that
it can launch Satmex 6.  A U.S. Chapter 11 restructuring
provides the most expedient form for accomplishing those goals
while assuring Satmex's continued viability and preserving all
of the Mexican government's rights as a regulator.

"By comparison, an expedient restructuring in Mexican courts
under Concurso Mercantil is highly unlikely given the fact that
two years of discussions in Mexico between shareholders and
management have yet to result in a financial solution.  Neither
the Company nor the Government have offered or negotiated a
reasonable alternative to the Creditors' proposals since they
were presented in December 2004.

"Another concern is the role of Mexico's Ministry of
Transportation and Communications.  As a regulator SCT receives
extraordinary powers to appoint the judicial official to oversee
a Concurso Mercantil, a position which could permit SCT to
continue to hold the restructuring hostage to the payment of the
menoscabo, a debt owed to the Mexican Government not by Satmex
but rather by Satmex's parent company, Servicios Corporativos.

"The restructuring proposal, agreed to by U.S.-based Creditors
holding more than two-thirds in amount of the outstanding debt
of Satmex, includes significant concessions by the bondholders
and treats existing shareholders of Satmex, including the
government, very generously by preserving a significant equity
stake for them.

"The proposal would leave the shareholders with an ongoing
equity stake in a restructured Satmex sufficient to allow them
to restructure the menoscabo debt obligation to the Mexican
Government on terms acceptable to the Government.  The Creditors
fully support payment of the menoscabo prior to any payments to
the ultimate shareholders of Satmex.

Evercore Partners is the financial advisor to the Senior Secured
Floating Rate noteholders.  Chanin Capital Partners is the
financial advisor to the 10-1/8% Senior noteholders.

Headquartered in Mexico, Satelites Mexicanos, S.A. de C.V.,
derives over 50% of its revenues from United States business,
and all of the Company's over US$500 million in debt was issued
in the United States and is governed by New York law.  The
Company's largest shareholder, Loral Space & Communications
Ltd., is a United States public company also undergoing a
Chapter 11 reorganization in the U.S. Bankruptcy Court for the
Southern District of New York.  The Company is forced into
chapter 11 by a group of secured and unsecured noteholders on
May 25, 2005 (Bankr. S.D.N.Y. Case No. 05-13862).  The
noteholders are represented by Wilmer Cutler Pickering Hale and
Dorr LLP and Akin Gump Strauss Hauer & Feld LLP.  On June 29,
2005, the Debtor filed a voluntary concurso mercantil to
restructure under Mexican laws.


SATMEX: Mexicans See Debt Restructuring Unfolding in Mexico
-----------------------------------------------------------
The federal agency that administers and oversees the Mexican
court system expects Satmex debt restructuring to proceed in
Mexico, assuming local bankruptcy proceedings are granted,
reports Dow Jones Newswires.

"Although it's uncertain what decisions the U.S. judge will
make, there are several paths to follow," the agency said. "The
ideal and most likely one, is that the U.S. court will defer,
and the trial will only continue in Mexico."

The Mexican court agency said local bankruptcy law "doesn't
differentiate or grant preference" to any creditors Mexican or
foreign.

It noted the government's role in the proceedings as a
shareholder and regulator of SatMex, but made no mention of the
US$188 million that SatMex holding company Servicios
Corporativos owes the government stemming from the privatization
of SatMex in 1997.

That equity-backed debt, called the "menoscabo" loan, is the
sore point in the proceedings. U.S. creditors treat it as
subordinate to the senior notes they hold, although officials at
the Communications and Transport Ministry insist it must be
paid.

According to Rodolfo Salgado, head of privatizations and other
projects at the ministry, the "menoscabo" debt "is part of the
entire restructuring package" since it originated from the sale
of SatMex.

The holding company Servicios Corporativos is "practically the
owner of SatMex," he added in comments to reporters.



=======
P E R U
=======

* PERU: Places PEN1.5 Bln in 12-Yr Treasury Bonds
-------------------------------------------------
Peru placed Thursday PEN1.5 billion ($1=PEN3.2505) in 12-year
treasury bonds at a nominal annual yield of 8.6%, as part of a
plan to buy back debt held by the Paris Club of nations.
According to Dow Jones Newswires, demand for the bonds reached
PEN3.3 billion.

The Paris Club recently approved Peru's request to prepay up to
US$2 billion in debt falling due between August 2005 and
December 2009.

Peru negotiated to prepay up to US$1.55 billion as part of the
repurchase plan, and expects to go shortly to international
capital markets to finish raising the funds.

The government has said the repurchase will allow it to reduce
debt payments on the order of US$350 million a year.

The international debt placements will be led by JP Morgan
Securities Ltd.(JPM) and by UBS Securities LLC.(UBS)

As of the end of March 2005, Peru's debt with the Paris Club
totaled US$8.13 billion, or about 34% of Peru's total external
public debt.

Paris Club members who are creditors of Peru include Belgium,
France, Canada, Germany, Italy, Japan, the Netherlands, Norway,
Spain, Sweden, Austria, the U.S. and the U.K.

The Paris Club, founded in 1956, comprises 19 nations including
the U.S., the U.K., Switzerland, Sweden, Spain, Russia, Norway,
the Netherlands, Japan, Italy, Ireland, Germany, France,
Finland, Denmark, Canada, Belgium, Australia and Austria.





                            ***********


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
Sheryl Joy P. Olano, 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
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Information contained herein is obtained from sources believed
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* * * End of Transmission * * *