TCRLA_Public/050804.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, August 4, 2005, Vol. 6, Issue 153

                            Headlines


A R G E N T I N A

B. DE T.: Court Approves Concurso Motion
BANCO ITAU: Moody's Assigns New Global Ratings
BANCO PATAGONIA: Moody's Assigns New Global Ratings
CONSTRUCCIONES SAINT: Court Declares Company Bankrupt
DULCEMAX S.R.L.: Required Report Submission Schedule Set

EMPRESA DE TRANSPORTES: Judge Approves Bankruptcy
GEORGEL Y DINDORF: General Report Deadline Set
IMPSAT FIBER: Completes Subsidiary's Debt Restructuring
IRSA: Notesholder Exercises Conversion Right
JOTAPE S.R.L.: Court Designates Trustee for Liquidation

MARLIT S.A.C.I.F.I.: Begins Liquidation Process
M. P. EDICIONES: Debt Payments Halted, Moves to Reorganize
PISCIS S.R.L.: General Report to be Submitted August 8
PONT S.A.: Court Favors Creditor's Involuntary Bankruptcy Motion
SIDECO AMERICANA: Fitch Maintains 'B(arg)' Rating on $56M Bonds

SISTEMA INTEGRADO: Debt Payments Halted, Reorganization Starts
YPF S.A.: Parent Faces Continuing Exposure to Unit - S&P


B E R M U D A

LORAL SPACE: Inks Settlement Pact with Globalstar


B R A Z I L

BANCO BRADESCO: Reaches Credit Pact with Lojas Colombo
BANCO ITAU: To Hold Extraordinary General Meeting Aug. 22
CELPE: Concludes Sale of BRL430 Mln Debentures
LIGHT SERVICOS: BNDES Makes Good on Commitment to Buy Debt
MANGUINHOS/CBPI: Government Decision Expected in Two Weeks

VARIG: Considers Sale of Two Units


C O L O M B I A

BANCAFE: Moody's Withdraws Ratings
BANCOLOMBIA: Fitch Affirms Ratings Following Merger


M E X I C O

GRUPO MEXICO: Asarco Managers to Review Current Offers


P E R U

MINERA VOLCAN: Posts Higher 2Q05 Net Income as Prices Improve


V E N E Z U E L A

BBVA BANCO PROVINCIAL: Moody's Withdraws Ratings
PDVSA: Record Output Claim Prompts Doubts
PDVSA: New Rotating Labor System Upsets Workers


     - - - - - - - - - -


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

B. DE T.: Court Approves Concurso Motion
----------------------------------------
Court No. 12 of Buenos Aires' civil and commercial tribunal
approved a petition for reorganization filed by B. de T. S.A.,
according to a report from Argentine daily La Nacion.

Estudio Picado, Levy, De Angelis y Asociados, the court-
appointed trustee, will verify claims from the Company's
creditors until Sep. 20, 2005. After verification period, the
trustee will submit the individual and general reports in court.
Dates for submission of these reports are yet to be disclosed.

The informational assembly will be held on June 16, 2006.
Creditors will vote to ratify the completed settlement plan
during the said assembly. The city's Clerk No. 24 assists the
court on the case.

CONTACT: B. de T. S.A.
         Avenida Belgrano 1494
         Buenos Aires

         Estudio Picado, Levy, De Angelis y Asociados, Trustee
         Bernardo de Irigoyen 330
         Buenos Aires


BANCO ITAU: Moody's Assigns New Global Ratings
----------------------------------------------
Moody's Investors Service assigned long- and short-term global
foreign currency deposit ratings of Caa1 and Not Prime. The
outlook for these ratings is stable.

A first-time global local currency long- and short-term deposit
ratings of B1 and Not Prime were also assigned, primarily
reflecting the support and risk of its parent bank, Banco Itau
S.A. Itau would not be eligible for any support from the Central
Bank as a foreign bank. The outlook for these ratings is
positive, in line with that of the country ceiling of Brazil.

Moody's also affirmed the bank's national scale rating for local
currency deposits of Aa2.ar. A first time national scale rating
for foreign-currency ratings of Ba1.ar was also assigned. The
foreign-currency national scale rating of Ba1.ar is much lower
than the local-currency national scale rating as it reflects
foreign currency transferability and convertibility risk. The
outlook for these ratings is stable.

Moody's also assigned bank financial strength rating of E, with
a positive outlook. Moody's said that the positive outlook on
the financial strength is based on the improvements in the
bank's fundamentals and potential to increase its recurring
earnings. However existing uncertainties in the legal and
operating environment still constrain the rating.

Moody's national scale ratings for Argentine banks, which carry
the identifier of ".ar", rank the likelihood of credit loss on
local- and foreign-currency obligations of issuers in a
particular country relative to other domestic issuers. The
national scale ratings are intended for domestic use only and
are not globally comparable. Moody's national scale ratings are
not opinions on absolute default risks; therefore, in countries
with overall low credit quality, even highly rated credits on
the national scale may be susceptible to default.

Banco Itau Buen Ayre S.A., based in Buenos Aires, Argentina, is
a wholly owned subsidiary of Banco Itau S.A. of Brazil. As of
March 31, 2005, Itau Buen Ayre was Argentina's 17th largest bank
in terms of deposits with 1% market share. It is primarily a
wholesale bank serving Brazilian corporates and individuals as
well as selected Argentine and multinational firms.

The following rating was affirmed:

- National Scale Rating for Local Currency Deposits: Aa2.ar

The following new ratings were assigned:

- Long-Term Global Local Currency Deposits: B1, positive outlook
- Short-Term Global Local Currency Deposits: Not Prime, positive
outlook
- Bank Financial Strength Rating: E, positive outlook
- Long-Term Foreign Currency Deposits: Caa1, stable outlook
- Short-Term Foreign Currency Deposits: Not Prime, stable
outlook
- National Scale Rating for Foreign Currency Deposits: Ba1.ar,
stable outlook


BANCO PATAGONIA: Moody's Assigns New Global Ratings
---------------------------------------------------
Moody's Investors Service assigned new long- and short-term
global local currency deposit ratings of Ba3 and Not Prime,
respectively, to Banco Patagonia S.A. Moody's also assigned
long- and short-term global foreign currency deposit ratings of
Caa1 and Not Prime.

Moody's also affirmed the bank's national scale rating for local
currency deposits of Aa2.ar. A first time national scale rating
for foreign currency deposits of Ba1.ar was also assigned and,
at this level, the foreign currency national scale rating is
much lower than the local currency national scale rating as it
reflects foreign currency transferability and convertibility
risk.

The outlook for all the deposit ratings is stable.

Moody's noted that the global and national scale local currency
deposit ratings primarily reflect its ownership, as well as
certain priority of institutional support for Banco Patagonia's
local currency deposit obligations based on the importance of
its deposit franchise to the Argentine financial system.

Moody's also assigned Banco Patagonia a bank financial strength
rating of E, with a positive outlook. Moody's explained that the
positive outlook on the financial strength rating is based on
the improvements in the bank's balance sheet since the height of
Argentina's financial crisis in 2002, as well as the expectation
of further enhancement in its core earnings profile, especially
after the acquisition of Lloyd's operations in Argentina.
However existing uncertainties in the legal and operating
environment, including high country risk still constrain the
rating.

Moody's national scale ratings, which carry the identifier of
".ar", rank the likelihood of credit loss on local and foreign
currency obligations of issuers in a particular country relative
to other domestic issuers. The national scale ratings are
intended for domestic use only and are not globally comparable.
Moody's national scale ratings are not opinions on absolute
default risks; therefore, in countries with overall low credit
quality, even highly rated credits on the national scale may be
susceptible to default.

Banco Patagonia S.A. is a universal bank with $ 1.2 billion in
assets. Patagonia became the 11th largest private bank in term
of deposits with $ 760 million and 1.9% market share as of March
31, 2005.

The following rating was affirmed:

- National Scale Rating for Local Currency Deposits: Aa2.ar

The following new ratings were assigned:

- Long- Term Global Local Currency Deposits: Ba3, stable outlook
- Short -Term Global Local Currency Deposits: Not Prime, stable
outlook
- Bank Financial Strength Rating: E, Positive Outlook
- Long -Term Foreign Currency Deposits: Caa1, stable outlook
- Short -Term Foreign Currency Deposits: Not Prime, stable
outlook
- National Scale Rating for Foreign Currency Deposits: Ba1.ar,
stable outlook


CONSTRUCCIONES SAINT: Court Declares Company Bankrupt
-----------------------------------------------------
Court No. 23 of `s civil and commercial tribunal declared local
company Construcciones Saint Mitchel S.A. "Quiebra", relates La
Nacion. The court approved the bankruptcy petition filed by
Liberty ART S.A.

The Company will undergo the bankruptcy process with Jacobo
Beker as trustee. Creditors are required to present proof of
their claims to Mr. Beker for verification before Sep. 21, 2005.
Creditors who fail to submit the required documents by the said
date will not qualify for any post-liquidation distributions.

Clerk No. 26 assists the court on the case.

CONTACT: Construcciones Saint Mitchel S.A.
         Maipu 677
         Buenos Aires

         Mr. Jacobo Beker, Trustee
         Salguero 2244
         Buenos Aires


DULCEMAX S.R.L.: Required Report Submission Schedule Set
--------------------------------------------------------
Ms. Liliana Basso, the trustee assigned to supervise the
liquidation of Dulcemax S.R.L., will submit the validated
individual claims for court approval on Aug. 25, 2005. These
reports explain the basis for the accepted and rejected claims.
The verification for these claims ended on June 30, 2005. The
trustee will also submit a general report of the case on Oct. 6,
2005.

Infobae reports that Court No. 11 of Rosario's civil and
commercial tribunal handles the Company's case.

CONTACT: Dulcemax S.R.L.
         San Martin 961
         Rosario (Santa Fe)
  
         Liliana Basso
         San Lorenzo 1131
         Rosario (Santa Fe)


EMPRESA DE TRANSPORTES: Judge Approves Bankruptcy
-------------------------------------------------
Empresa de Transportes Los Andes S.A.C. was declared bankrupt
after Court No. 12 of Buenos Aires' civil and commercial
tribunal endorsed the petition of Abraham Nachman Herz Schneide
for the Company's liquidation, La Nacion reports.

The court assigned Jorge Podhorzer to supervise the liquidation
process as trustee. Mr. Podhorzer will validate creditors'
proofs of claim until Oct. 3, 2005.

The city's Clerk No. 23 assists the court in resolving this
case.

CONTACT: Empresa de Transportes Los Andes S.A.C.
         Loyola 1628
         Buenos Aires

         Mr. Jorge Podhorzer, Trustee
         Pasaje del Carmen 716
         Buenos Aires


GEORGEL Y DINDORF: General Report Deadline Set
----------------------------------------------
The deadline for the submission of the general report on the
Georgel y Dindorf S.R.L. insolvency case is Aug. 12, 2005,
states Infobae. The general report summarizes events relevant to
the reorganization and provides an audit of the Company's
accounting and business records.

The Company will present the completed settlement proposal to
its creditors during the informative assembly, the last stage of
the reorganization.  

Court No. 1 of San Martin's civil and commercial tribunal
approved the Company's petition for reorganization after it
failed to pay its creditors.

CONTACT: Georgel y Dindorf S.R.L.
         San Martin (Mendoza)


IMPSAT FIBER: Completes Subsidiary's Debt Restructuring
-------------------------------------------------------
IMPSAT Fiber Networks, Inc. ("IMPSAT") (OTC BB:IMFN) announced
that on July 29, 2005, IMPSAT, its Argentine subsidiary, IMPSAT,
S.A. ("IMPSAT Argentina"), and its Brazilian subsidiary, IMPSAT
Comunicacoes Ltda. ("IMPSAT Brazil", and collectively with
IMPSAT Argentina, the "Borrowers"), executed definitive amended
and restated financing agreements to restructure $125.6 million
in aggregate principal outstanding indebtedness (the
"Indebtedness") of IMPSAT Argentina and IMPSAT Brazil pursuant
to separate credit agreements that are each guaranteed by
IMPSAT. The transaction was approved by a special committee of
IMPSAT's board of directors on July 28, 2005.

The special committee, as previously announced, is composed
solely of independent directors, had its own special counsel and
was formed to evaluate and negotiate the restructuring following
the acquisition of the Indebtedness by Morgan Stanley Senior
Funding, Inc. ("Morgan Stanley") and, through participation,
accounts of WRH Partners Global Securities, L.P. and/or certain
of its affiliates (collectively, "WR Huff" and together with
Morgan Stanley, the "Holders"). The special committee retained
Lehman Brothers Inc. as its exclusive financial advisor, and
received an opinion from Lehman Brothers that the restructuring
transaction is fair to IMPSAT, IMPSAT Argentina and IMPSAT
Brazil.

Under the terms of the agreements, following the restructuring:

-- An initial paydown of principal on the Indebtedness of $18.3
million will be made upon the closing of the transaction;

-- the remaining principal amount of the Indebtedness ($38.9
million owed by IMPSAT Argentina and $68.4 million owed by
IMPSAT Brazil) is scheduled to be repaid in the aggregate
amounts of $5 million in 2006, $20 million in 2007, $25 million
in 2008 and $57.3 million in 2009;

-- the outstanding restructured Indebtedness will bear interest
at an annual rate of 12.0%, payable semi-annually in arrears in
cash, and the parties have agreed upon amendments to the
financial covenants to reflect current financial and operating
conditions;

-- the outstanding restructured Indebtedness will be callable by
the Borrowers at a cost of 101% during the first year and at par
thereafter. In addition, the Indebtedness is refinanceable at
par during the first 90 days if IMPSAT and the Borrowers are
able to obtain financing at better terms. The restructured debt
will continue to be unconditionally guaranteed by IMPSAT and to
be secured by security interests in the collateral to the same
extent as the Indebtedness was secured before the restructuring;
and,

-- subject to certain terms and conditions, the Holders and the
Borrowers each have an option to further amend and restate the
agreements to provide that IMPSAT will be the primary obligor,
and each of IMPSAT Argentina and IMPSAT Brazil will guarantee
the agreement under which it is currently the primary obligor
with such guarantees to be secured by the same collateral as is
securing the existing agreements.

Ricardo Verdaguer, President and Chief Executive Officer of
IMPSAT, stated that, "We are pleased to have concluded after 6
months of intensive work and negotiations this financial
restructuring. With this new capital structure, IMPSAT achieves
debt reduction, extension of amortizations at attractive
interest rates, greater flexibility in its covenants. We believe
the Company is now positioned to take advantage of opportunities
to grow and generate additional value."

About IMPSAT:

IMPSAT Fiber Networks, Inc. is a leading provider of private
telecommunications network and Internet services in Latin
America. We offer integrated data, voice, data center and
Internet solutions, with an emphasis on broadband transmission,
including IP/ATM switching, DWDM, and non-zero dispersion fiber
optics. We provide telecommunications, data center and Internet
services through our networks, which consist of owned fiber
optic and wireless links, teleports, earth stations and leased
satellite links. We own and operate 15 metropolitan area
networks in some of the largest cities in Latin America,
including Buenos Aires, Bogota, Caracas, Quito, Guayaquil, Rio
de Janeiro and Sao Paulo. We have also deployed fourteen
facilities to provide hosting services. IMPSAT currently
provides services to nearly 3.000 national and multinational
companies, financial institutions, governmental agencies,
carriers, ISPs and other service providers throughout the
region. We have operations in Argentina, Colombia, Brazil,
Venezuela, Ecuador, Chile, Peru and the United States and also
provide our services in other countries in Latin America Visit
us at www.impsat.com.

CONTACT: IMPSAT FIBER NETWORKS, INC.
         Hector Alonso / Facundo Castro
         Tel: 54-11-5170-3700
         URL: http://www.impsat.com

         THE GLOBAL CONSULTING GROUP
         Kevin Kirkeby / Lauren Puffer
         Tel: 646-284-9400


IRSA: Notesholder Exercises Conversion Right
--------------------------------------------
Inversiones y Representaciones Sociedad Anonima - IRSA informed
the Comision Nacional de Valores through a letter dated July 29,
2005 that a holder of the Company's Convertible Notes exercised
conversion right. As a result, the financial indebtedness of the
Company shall be reduced in US$51,900 and an increase of 95,228
ordinary shares face value pesos 1 each was made.

The conversion was performed according to terms and conditions
established in the prospectus of issuance at the conversion rate
of 1.83486 shares, face value pesos 1 per Convertible Note of
face value US$1.

Following the conversion the amount of shares of the Company
goes from 359,372,256 to 359,467,484. On the other hand, the
amount of registered Convertible Notes is US$57,273,664.

CONTACT: IRSA Inversiones y Representaciones S. A.
         Alejandro Elsztain, Director
         Gabriel Blasi, CFO
         Tel: +011-5411 4323-7449
         E-mail: finanzas@irsa.com.ar


JOTAPE S.R.L.: Court Designates Trustee for Liquidation
-------------------------------------------------------
Buenos Aires accountant Carlos Alberto Chaud Perez was assigned
trustee for the liquidation of local company Jotape S.R.L.,
relates Infobae. Mr. Carlos Alberto Chaud Perez will verify
creditors' claims until Oct. 19, 2005, the source adds. After
that, he will prepare the individual and general reports, which
are to be submitted in court. Deadlines for these reports are
yet to be disclosed.

The city's civil and commercial Court No. 18 handles the
Company's case. Clerk No. 36 assists the court with the wind-up
proceedings.

CONTACT: Jotape S.R.L.
         Vidal 4508
         Buenos Aires

         Mr. Carlos Alberto Chaud Perez, Trustee
         Tacuari 643
         Buenos Aires


MARLIT S.A.C.I.F.I.: Begins Liquidation Process
-----------------------------------------------
Marlit S.A.C.I.F.I. of Buenos Aires will begin liquidating its
assets after Court No. 17 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, Andrea D. Krikorian.

The trustee will review claims forwarded by the Company's
creditors until Aug. 31, 2005. After claims verification, Ms.
Krikorian will submit the individual reports for court approval
on Oct. 13, 2005. The general report will follow on Nov. 14,
2005. Clerk No. 33 assists the court on this case.

CONTACT: Marlit S.A.C.I.F.I.
         Pasteur 351
         Buenos Aires

         Ms. Andrea D. Krikorian, Trustee
         Montevideo 711
         Buenos Aires


M. P. EDICIONES: 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 M. P. Ediciones S.A., says La Nacion. The Company filed
a "Concurso Preventivo" petition following cessation of debt
payments on June 30, 2005. The city's Clerk No. 31 assists the
court on this case.

CONTACT: M. P. Ediciones S.A.
         Moreno 2062
         Buenos Aires


PISCIS S.R.L.: General Report to be Submitted August 8
------------------------------------------------------
The general report for the bankruptcy of Piscis S.R.L. is due
for court submission on Aug. 8, 2005, Infobae reports. Mr.
Hector Daniel Marranzino, the court-appointed trustee, has
submitted the individual reports on June 10, 2005 after
verifying the claims from which the reports were based on April
28, 2005.

Tucuman's civil and commercial Court No. 7 handles the Company's
insolvency case, which progressed from reorganization.

CONTACT: Piscis S.R.L.
         Mendoza 415
         San Miguel de Tucuman (Tucuman)
  
         Mr. Hector Daniel Marranzino, Trustee
         9 de Julio 633
         San Miguel de Tucuman (Tucuman)


PONT S.A.: Court Favors Creditor's Involuntary Bankruptcy Motion
----------------------------------------------------------------
Court No. 12 of Buenos Aires' civil and commercial tribunal
declared Pont S.A. bankrupt, says La Nacion. The ruling comes in
approval of the petition filed by the Company's creditor, Oscar
Avelino Pavon, for nonpayment of debt.

Trustee Juan Fontecha will examine and authenticate creditors'
claims until Sep. 21, 2005. This is done to determine the nature
and amount of the Company's debts. Creditors must have their
claims authenticated by the trustee by the required date in
order to qualify for any payments that may be made after the
Company's assets are liquidated.

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

CONTACT: Pont S.A.
         Paraguay 930
         Buenos Aires

         Mr. Juan Fontecha, Trustee
         Parana 785
         Buenos Aires


SIDECO AMERICANA: Fitch Maintains 'B(arg)' Rating on $56M Bonds
---------------------------------------------------------------
Fitch Argentina Calificadora de Reisgo S.A. maintained the
'B(arg)' rating given to US$56 million worth of corporate bonds
issued by Sideco Americana S.A. The rating, based on the
Company's finances as of March 31, 2005, affects these
issues:

- US$13.5 million worth of bonds described as "Obligaciones
Negociables" that will mature on September 30 2014.

- US$42.5 million worth of bonds described as "Obligaciones
Negociables" with undisclosed maturity date.

Fitch explains that the `B(arg)' rating indicates significant
credit risk although a limited margin of safety remains.
Financial commitments at this point are still being met.
However, capacity for continued payment depends on a sustained,
favorable business and economic environment.

CONTACT: Sideco Americana S.A.
         Carlos Maria Della Paolera 299 P 27 1001)
         Buenos Aires
         Tel: (011) 4319-3800
         Fax:(011) 4319-3880


SISTEMA INTEGRADO: Debt Payments Halted, Reorganization Starts
--------------------------------------------------------------
Court No. 15 of Buenos Aires' civil and commercial tribunal is
studying the request for reorganization submitted by local
company Sistema Integrado de Extension Medica Prev. Siempre
S.A., says Infobae. The Company filed a "Concurso Preventivo"
petition after defaulting on its debt payments. The city's Clerk
No. 30 assists the court on this case.


YPF S.A.: Parent Faces Continuing Exposure to Unit - S&P
--------------------------------------------------------
ISSUER CREDIT RATINGS
Repsol-YPF S.A.:
Corporate Credit Rating - BBB+/Stable/A-2

YPF S.A.:
Corporate Credit Rating
  Local currency - BB+/Positive/--
Corporate Credit Rating
  Foreign currency - BB/Stable/--

AFFIRMED RATINGS
Repsol-YPF S.A.:
Sr unsecd debt - BBB+

CP
Foreign currency - A-2

Pfd stk BBB-
Preference Stock - BBB-
Short-Term Debt
  Local currency - A-2

YPF S.A.:
Sr unsecd debt
  Local currency - BB+
Sr unsecd debt
  Foreign currency - BB

Major Rating Factors

Strengths:

- A large upstream division with low production costs;

- Extensive and profitable Spanish and Argentine refining,
  distribution, and liquid petroleum gas (LPG) operations;

- Profitable exports of crude and oil products from Argentina,
  and of gas from Trinidad and Tobago (Trinidad); increasing
  domestic Argentine gas prices and export prices from Bolivia
  to Argentina; and

- Prudent management of debt, liquidity, and investment-grade
  credit measures, adjusted for Latin-American risks.

Weaknesses:

- Volume and price exposure to the deteriorating fiscal,
  economic, and monetary environments prevailing across
  mainland Latin America, where Repsol's upstream operations
  will remain highly concentrated in the medium term;

- Mature Argentine upstream operations, contributing to very
  weak global hydrocarbon reserve replacement during 2001-2004,
  which is likely to continue in 2005, and to ongoing domestic
  liquid production decline; and

- Upstream, structurally weak price realizations, high taxes,
  and net margins far below those of peers.

Rationale

The ratings on Spain-based integrated oil and gas company
Repsol-YPF S.A. (Repsol) reflect solid domestic and Southern-
Cone operations, strong liquidity, and prudent financial policy,
partially offset by poor reserve replacement rates and exposure
to volatile operating conditions in most mainland South American
countries.

Repsol's large upstream operations, representing one-half of
midcycle consolidated EBIT, benefit from:

- Solid and externally-audited proven hydrocarbon reserves,
  with 4.93 billion barrels of oil equivalent (boe) at year-end
  2004;

- Satisfactory reserve life, at 11.5 years based on 2004
  production of 1.17 million boe per day (boepd); and

- Leading and highly profitable Spanish downstream oil
  operations--accounting for about one-third of midcycle
  consolidated EBIT--that partially mitigate upstream earnings
  volatility.

In 2000-2004, Repsol nevertheless replaced only 57% of its
production organically. The group will consequently increase
exploration and development spending to improve reserve
replacement and support production growth. The other key credit
risk that Repsol faces is continuing exposure to mainland Latin
America (80% of proven reserves), notably Argentina (46.8% of
2004 consolidated EBITDA of EUR7.1 billion ($9.2 billion)) and
Bolivia (1.4% of 2004 operating income).

Management's prudent financial policy explicitly reflects risks
in Argentina and the debt content of preferred stock, and aims
to keep the ratio of net debt to capital within 20%-30% based on
accounts prepared under IFRS.

In 2004, Repsol's operating cash flow of EUR4.24 billion
represented a healthy 59% of net debt of EUR7.2 billion
(adjusted for cash and equivalents, deficits on employee and
asset retirement obligations (AROs), operating leases, and
forward crude sales), or a satisfactory 42% when including EUR3
billion in step-up preferred stock in net debt. In 2005, funds
from operations (FFO) stand to approximate EUR5.5 billion, cover
about 70% of net debt (as defined above) and some 50% of
preferred-adjusted net debt, and fully offset capital
expenditure, dividends, and moderate acquisition payments.
Starting in 2006, under Standard & Poor's Ratings Services'
pricing scenario and excluding YPF's contribution to
consolidated cash flow, apart from a moderate dividend,
preferred-adjusted net debt is likely to be approach 30%, while
free cash flow declines on increasing dividends and capital
spending and ongoing bolt-on acquisitions, but remains positive.

Short-term credit factors

The short-term rating is 'A-2'. Repsol's strong liquidity rests
on the parent company's large cash balances and undrawn
committed bank lines, cash flow-generative domestic operations,
and the confidence lenders derive from them. Combined parent-
company cash and equivalents and undrawn committed credit lines
(about EUR6 billion consolidated, and essentially at parent
level) is likely to continue to significantly exceed short-term
debt (EUR3.195 billion at March 31, 2005, excluding leases).
Over the next quarters, Standard & Poor's estimates that
quarterly consolidated free cash flow--after capital
expenditures of EUR0.7 billion, dividends of some EUR0.3 billion
in the third quarter, and payment for announced acquisitions--
will be resolutely positive, continuing to benefit from high
international hydrocarbon prices. Excluding Argentina, however,
free cash flow will be only slightly positive. Repsol's cash
flow generation is less sensitive to international prices than
that of most of its peers.

Outlook

The stable outlook reflects our expectation that Repsol will
continue to cope adequately with volatile monetary, economic,
and fiscal conditions prevalent across mainland Latin America,
while preserving a degree of access to local cash flow,
maintaining its currently prudent financial and liquidity
policies, and improving organic reserve replacement. With no
significant share repurchases on the horizon, higher capital
spending and modest acquisitions can be accommodated at the
current rating level.

Modest downside risk on the rating could stem from major,
adverse changes in the Latin-American operating environment, a
large acquisition financed by debt and / or unstable third-party
equity interests, or further disappointments in organic reserve
replacement.

Prospects for a higher rating depend on the accelerated dilution
of mainland Latin America's contribution to Repsol's global free
cash flow, a sharp improvement in the local operating
environment and sovereign ratings, strong and sustained reserve
replacement, and somewhat stronger credit measures.

PRIMARY CREDIT ANALYST:
  Emmanuel Dubois-Pelerin, Paris
  Tel: (33) 1-4420-6673
  E-mail: emmanuel_dubois-pelerin@standardandpoors.com

SECONDARY CREDIT ANALYST:
  Pablo Lutereau, Buenos Aires
  Tel: (54) 114-891-2125
  E-mail: pablo_lutereau@standardandpoors.com

  Karl Nietvelt, Paris
  Tel: (33) 1-4420-6751
  E-mail: karl_nietvelt@standardandpoors.com



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

LORAL SPACE: Inks Settlement Pact with Globalstar
-------------------------------------------------
Loral Space & Communications Ltd. and its debtor-affiliates ask
the U.S. Bankruptcy Court for the Southern District of New York
for authority to enter into a settlement agreement with
Globalstar LLC and Globalstar Canada Satellite Co.  The
settlement resolves Loral's satellite telephony operations in
Brazil.

                      The Globalstar Note

The Globalstar entities and their affiliates operate a low-earth
orbit satellite-based wireless digital telecommunications
system, which provides satellite telephone communications
through various service providers around the world.  When
Globalstar filed for bankruptcy on February 15, 2005, Loral was
one of its creditors. As a result of a settlement agreement
between the parties, Loral was given a $4,006,898 note.  
Globalstar is in default of the note on June 30, 2005.

                     Globalstar do Brasil

Globalstar do Brasil S.A., an affiliate of Loral, provides
satellite telephone and related services to about 6,000
customers in Brazil.  Despite its $8.6 million revenue in 2004,
the company isn't financially self-sustaining.

Loral believes GdB is currently in need of additional financing
to become self-sufficient.  Loral estimates that GdB needs about
$4 million in new capital contributions.

                   The Brazilian Satellite
                 Capacity Leasing Agreement

Under a satellite capacity leasing agreement, GdB transferred
the $1,020,000 balance of its mobile phone inventory to
Globalstar in exchange for service credits.  Based on actual
usage, Globalstar says that the credit expired in February
2005.  In addition, GdB owes Globalstar $818,290.  The satellite
agreement allows for the termination of Globalstar's services to
GdB in an event of default.  The result of which is GdB's
inability to provide services to its customer base.

                  The Settlement Agreement

Under a settlement agreement, the parties agreed that Globalstar
will fund GdB's ongoing operations in Brazil.  In exchange,
Globalstar's obligations under the note held by Loral will be
extinguished.

In addition, Globalstar will issue three credit memos in favor
of loral, for:

   * $300,000 to purchase discounted gateway spare parts; this
     credit memo expires on Dec. 31, 2005;

   * $500,000 to purchase phones and related accessories not
     later than Dec. 31, 2005;

   * 1$1,809,026 to purchase: airtime, T3 support, phones,
     gateway and spare parts at standard pricing; Loral
     anticipates utilizing the credit memo from August 2005 to
     October 2006.

The Honorable Robert D. Drain will convene a hearing on August
19, 2005, to consider the Debtors' request.

Loral Space & Communications is a satellite communications
company.  It owns and operates a fleet of telecommunications
satellites used to broadcast video entertainment programming,
distribute broadband data, and provide access to Internet
services and other value-added communications services.  Loral
also is a world-class leader in the design and manufacture of
satellites and satellite systems for commercial and government
applications including direct-to-home television, broadband
communications, wireless telephony, weather monitoring and air
traffic management.

The Company and various affiliates filed for chapter 11
protection (Bankr. S.D.N.Y. Case No. 03-41710) on July 15,
2003.  Stephen Karotkin, Esq., and Lori R. Fife, Esq., at Weil,
Gotshal & Manges LLP, represent the Debtors in their
restructuring efforts.  When the company filed for bankruptcy,
it listed total assets of $2,654,000,000 and total debts of
$3,061,000,000. (Troubled Company Reporter, Wednesday, August
03, 2005, Vol. 9, Issue 182)



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

BANCO BRADESCO: Reaches Credit Pact with Lojas Colombo
------------------------------------------------------
Banco Bradesco S.A., Brazil's largest private bank, signed a
memorandum of understanding to provide consumer credit services
to customers of Lojas Colombo, the country's third-largest
retailer of home appliances and home furnishings, reports Dow
Jones Newswires.

Bradesco, which will pay nothing for the right to service the
retailer's customers, said that it plans to create a separate
joint venture financial unit to meet the credit needs of some
two million clients of Lojas Colombo.

The agreement, which is pending approval from the Central Bank
of Brazil, comes amid a trend in which major Brazilian banks
have increased their consumer credit facilities through
acquisitions and partnerships.

Lojas Colombo has 365 stores located in Rio Grande do Sul, Santa
Catarina, Parana, Sao Paulo and Minas Gerais states. It posted
revenues of BRL1.4 billion ($1=BRL2.367) in 2004.

CONTACT: Banco Bradesco S.A.
         Predio Novo - 4 ANDAR
         Cidade de Deus
         S/N, Osasco
         Sao Paulo, 06029-900
         Brazil
         Phone: 55-11-3684-9229
         Web site: http://www.bradesco.com.br


BANCO ITAU: To Hold Extraordinary General Meeting Aug. 22
---------------------------------------------------------
The Board of Directors of Banco Itau Holding Financeira S.A.
will hold an Extraordinary General Meeting on August 22, 2005 at
3 p.m. in the auditorium at the Company's registered offices at
Praca Alfredo Egydio de Souza Aranha, 100, in the city of Sao
Paulo, to examine the Board of Director's proposal for:

1) cancellation of 2,202,408 book entry shares issued by the
company, held as treasury stock, being made up of 2,408 common
and 2,200,000 preferred shares, with no reduction in the value
of the capital stock;

2) increasing the limits for authorized capital from 200,000,000
to 2,000,000,000 book entry shares with no par value, being
1,000,000,000 common and 1,000,000,000 preferred shares;

3) a stock split in a ratio of 900% of the existing 113,294,129
shares making up the subscribed capital stock, including the
proposed cancellation in item 1 above, total book entry shares
increasing to 1,132,941,290 with no par value, being 605,963,420
common and 526,977,870 preferred shares, with no alteration in
the monetary expression of the capital stock;

3.1 as a result of the stock split: a) the stockholders shall
receive free of cost 9 (nine) new shares for each existing share
of the same type currently held; b) monthly payment of interest
on equity capital shall be adjusted in the same ratio as the
stock split, that is from the existing R$0.21 per share to the
adjusted R$0.021 per share;

3.2 simultaneously to the operation in the Brazilian Market, the
securities traded in the International Market shall be split as
follows:

a) in the United States market (NYSE), where currently every 2
(two) ADR's - American Depositary Receipts represent 1 (one)
preferred share, the ADR's shall be split by a ratio of 400%,
investors receiving free of cost 4 (four) new ADR's for each ADR
currently held; as a result, each ADR shall represent 1 (one)
preferred share;

b) in the Argentinean Market (BCBA), where currently each CEDEAR
- Certificado de Deposito Argentino represents 1 (one) preferred
share, the CEDEAR's shall be split by a ratio of 900%, investors
receiving free of cost 9 (nine) new CEDEAR's for each CEDEAR
currently held; consequently, each CEDEAR shall continue to
represent 1 (one) preferred share;

4) alter the wording of Article 3 (&caption sentence& and 3.1)
of the Bylaws to register the new quantities of shares resulting
from the preceding items and the consequent adjustment in the
value of the minimum annual dividend of R$0.55 per share to
R$0.055 per share.

CONTACT: Banco Itau Holding Financeira S.A.
         Investor Relations
         Mr. Geraldo Soares
         Investor Relations Superintendency
         Praca Alfredo Egydio de Souza Aranha 100
         Torre Conceicao - 110  04344-902
         Sao Paulo
         Phone: 5511 5019-1549
         Fax: 5511 5019-1133
         URL: www.itauri.com.br


CELPE: Concludes Sale of BRL430 Mln Debentures
----------------------------------------------
Electric power distributor Companhia Energetica de Pernambuco SA
(Celpe) has completed the sale of five-year, non-convertible
debentures worth BRL430 million, reports Dow Jones Newswires.  
The debentures will pay an annual interest rate of 10.95%. Banco
Santander, Banco Real ABN Amro, HSBC, Itau BBA and Unibanco
coordinated the operation.

Celpe is a subsidiary of Neoenergia SA, the Brazilian affiliate
of Spanish electric power utility Iberdrola SA (IBE.MC).

Celpe's sister company, power distributor Cosern, is also
planning to sell BRL400 million in local debt. Cosern, which
distributes power in the northeastern state of Rio Grande do
Norte, has scheduled a shareholders' meeting for August 8 to
vote on the debt issue.


LIGHT SERVICOS: BNDES Makes Good on Commitment to Buy Debt
----------------------------------------------------------
Brazil's National Development Bank (BNDES) fulfilled a
commitment to Light Servicos de Electricidade SA by purchasing
BRL727 million (US$308 million) worth of 10-year debentures
issued by the power distributor, reports Business News Americas.

The purchase follows the recent completion of Light's US$1.5
billion debt restructuring.

BNDES agreed to buy the convertible debentures as part of its
electric power credit program. The bank established the special
credit line after a number of electric power utilities ran into
financial problems following a slump in demand resulting from
nine months of government-imposed power rationing in 2001 and
2002.

The BNDES loan will help Light pay down BRL320 million in debts
with federal power holding company Eletrobras and bolster its
cash flow. In three years, BNDES will decide whether to convert
the debentures into Light voting shares.

CONTACT:  LIGHT SERVICOS DE ELETRICIDADE S.A.
          Avenida Marechal Floriano, 168
          20080-002 Rio de Janeiro, Brazil
          Phone: +55-21-2211-2794
          Fax:   +55-21-2211-2993
          Home Page: http://www.lightrio.com.br
          Contact:
          Bo Gosta Kallstrand, Chairman
          Michel Gaillard, President and CEO
          Joel Nicolas, Executive Director, Operation
          Paulo Roberto Ribeiro Pinto, Executive Director,
                                 Investor Relations and CFO


MANGUINHOS/CBPI: Government Decision Expected in Two Weeks
----------------------------------------------------------
Brazil's mines and energy minister Silas Rondeau said the
government will determine in two weeks the fate of the country's
two private refineries - Manguinhos Refinaria and Companhia
Brasileira de Petroleo Ipiranga (CBPI). According to Business
News Americas, the two plants account for some 5% of Brazil's
total refinery output, while the rest is controlled by federal
energy company Petrobras (NYSE: PBR).

The two refineries are facing hardships because of Petrobras'
policy to keep domestic fuel prices stable despite rising
international oil prices. While fuel prices are set by
Petrobras, the two refineries buy oil at high international
prices.

Already, a working group including representatives of national
hydrocarbons regulator ANP has been created to study the
problem. The government recently said it could used the CIDE
fuel tax to subsidize the oil purchases of the two private
refineries or it could ask Petrobras to pay them to continue
producing oil.

Manguinhos is jointly controlled by Spanish oil company Repsol
YPF (NYSE: REP) and local group Peixoto de Castro. Manguinhos
announced Tuesday that it only has enough oil to remain in
operation until around midnight Wednesday. Operations will be
suspended from Thursday until there is a solution to the
international oil situation. The company said the future of its
500 employees remains unclear.

CBPI, on the other hand, folded its refining business in mid-
April this year as part of an effort to curtail losses.

CONTACT:  Companhia Brasileira Petroleo Ipiranga
          329 Rua Francisco Eugenio Sao Cristovao
          Rio de Janeiro - RJ, 20948-900
          Tel: 22.574.5858
          Fax: 22.569.4836
          URL: http://www.ipiranga.com.br/


VARIG: Considers Sale of Two Units
----------------------------------
Troubled Brazilian flag carrier Varig is now mulling the
possibility of selling its two wholly-owned subsidiaries - Varig
Engenharia e Manutencao (VEM) and Variglog - separately. Citing
Varig President Omar Carneiro da Cunha, Gazeta Mercantil reports
that the airline received six proposals from domestic and
international investors to buy the two subsidiaries.

"It will depend a lot on the proposals, but we are analyzing the
possibility. It could be interesting for the company to maintain
participation as a way to benefit the current stockholders," he
said.

Mr. da Cunha said that Variglog and Vem are doing well
operationally but they cannot gain market share because they are
linked to Varig's debts. He added that the the sale of the two
subsidiaries would be concluded after creditors approve Varig's
reorganization plan. Varig has until September 13 to present the
proposal to the court.

Varig sought protection from creditors under the new bankruptcy
law, which took effect June 9, as it struggles to resolve debts
totaling around 9.5 billion reals ($4 billion). Its single
largest creditor is the Brazilian state. Other creditors include
the airline's pension fund, Aerus, as well as firms that lease
aircraft to the stricken company, including units of General
Electric Co., Boeing Co. and Goodrich Corp., along with
International Lease Finance Corp., a unit of American
International Group Inc.

CONTACT:  VARIG S.A. (Viacao Aerea Rio-Grandense)
          Avenida Almirante Silvio de Noronha, 365
          Rio de Janeiro, RJ 20021-010
          Brazil

          VICENTE CERVO - FOREIGN REPRESENTATIVE OF VARIG
          Attorneys for the Foreign Representative:
               PILLSBURY WINTHROP SHAW PITMAN LLP
               1540 Broadway
               New York, New York 10036-4039
               (212) 858-1000 (Phone)
               (212) 858-1500 (Fax)
               Rick B. Antonoff (RBA-4158)



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

BANCAFE: Moody's Withdraws Ratings
----------------------------------
Moody's Investors Service has withdrawn all of its ratings for
Bancafe S.A. for business reasons. The bank has no rated foreign
currency debt outstanding.

This action does not reflect a change in Bancafe S.A.'s
creditworthiness. For further details please refer to Moody's
Withdrawal Policy on moodys.com.

Bancafe S.A., the fourth largest Colombian bank, had a market
share of 6.8% in terms of assets as of March 31, 2005.

The following ratings were withdrawn:

- Long Term Foreign Currency Deposit Rating: Ba3, with negative
outlook
- Short Term Foreign Currency Deposit Rating: Not Prime, with
negative outlook
- Bank Financial Strength Rating: E+, with stable outlook


BANCOLOMBIA: Fitch Affirms Ratings Following Merger
---------------------------------------------------
Fitch Ratings, the international ratings agency, affirmed
Tuesday the ratings assigned to Bancolombia, which are as
follows:

--Long-term/short-term foreign currency 'BB/B';

--Long-term/short-term local currency 'BBB-/F3';

--Individual at 'C';

--Support at '3'.

The Outlook on the long-term ratings is Stable.

The affirmation follows Bancolombia's completion of its merger
with Corporacion Financiera Suramericana S.A. (Corfinsura) and
Banco Conavi (Conavi), two financial institutions that share a
common shareholder with Bancolombia, Suramericana de Inversiones
y Subsidiarias, on July 30, 2005. The merger took place through
a share exchange prior to which, Corfinsura 'spun off' a
significant portion of its equity investments, mainly those in
industrial sectors, as well as a portion of its financial
obligations and equity to comply with Colombian regulations
prohibiting banks from holding such investments. Bancolombia
will be the surviving entity of the merger given its relative
size among the three institutions.

Overall, Fitch views this merger positively. Bancolombia will
have a clear dominance in most market segments, while its asset
market share and client base will expand to roughly 22%, more
than twice the second largest bank, and 4.5 million,
respectively. In addition, it increases the bank's participation
in two market segments in which it has been less active, namely
mortgages and pensions. Conavi provides the bank with the
system's largest mortgage loan portfolio, while the bank's
participation in one of the country's largest pension funds will
rise to 23.4% from 7.4%. Corfinsura also strengthens the bank's
position in corporate and investment banking. The bank plans to
maintain the size of their combined network and expects
efficiency improvements to stem from the revenue side as it
capitalizes on its larger client base to cross sell products.

Based on pro forma figures, it appears that the merger may
result in modest deterioration to some of Bancolombia's
financial indicators, but Fitch expects that Bancolombia will be
able to absorb this in a relatively timely manner, without
materially affecting its financial profile. The merger was
accounted for using the pooling of interest method, and thus no
goodwill has been created.

Bancolombia is Colombia's largest bank by total assets, with a
deposit market share of 12.2% at the end of May 2005. In April
1998, Banco Industrial Colombiano, the sixth largest bank,
acquired and later merged with Banco de Colombia, the country's
third largest bank, and was subsequently renamed Bancolombia.
Following the merger, the bank's consolidated assets and equity
rose to COP 28.5 trillion and COP 2.9 trillion, respectively.

CONTACT:  Linda Hammel +1-212-908-0303, New York
          Peter Shaw +1-212-908-0853, New York

MEDIA RELATIONS: Kenneth Reed +1-212-908-0540, New York



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

GRUPO MEXICO: Asarco Managers to Review Current Offers
------------------------------------------------------
Senior managers at copper miner Asarco, the U.S.-based unit of
Grupo Mexico, will meet Thursday to discuss offers to sell off
parts of its operations, Reuters reports, citing Asarco chief
executive, Daniel Tellechea.

"We have had several phone calls from private funds or miners
interested in some of the existing mining assets of the
company," Mr. Tellechea said.

Asarco, once one of the largest mining companies in the US, has
been dogged with problems since being acquired by Grupo Mexico
in 1999.

Weighed down by debt along with environmental clean-up and
asbestos lawsuits, the Company was forced to cut production
during a downturn in prices that ended two years ago.

Last month, around 1,500 workers walked off their jobs after
protracted contract negotiations collapsed. Talks between Asarco
and the union aimed at ending the strike have been postponed
until Aug. 12. Asarco sent a letter to striking workers warning
the Company was in a delicate financial situation and begging
them to return to work.

Tellechea said Asarco might be able to reopen some of its
strike-hit facilities in Arizona and Texas after 82 workers
crossed the picket line on Tuesday, up from around 50 in recent
weeks.

"Apparently our letter had some effect," he said. "With this
number of people, we might have the possibility to open the
Mission mill and probably start producing a little bit more
concentrate."

Tellechea said that the managers would also discuss during the
Thursday meeting the possibility of re-opening a copper cake
plant at its Amarillo, Texas refinery, which has been closed by
the strike.



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

MINERA VOLCAN: Posts Higher 2Q05 Net Income as Prices Improve
-------------------------------------------------------------
Zinc-lead miner Volcan Compania Minera SAA posted net income of
PEN11.4 million ($1=PEN3.2535) in the second quarter of 2005,
higher than the PEN9.5 million reported in the same year-ago
period. The Company, in a report released to the Peruvian
securities regulatory agency Conasev late Monday, said improving
metals prices helped the results.

Revenues in the second quarter of 2005 totaled PEN168.6 million,
higher than the PEN145.4 million posted in the same quarter last
year.

Volcan's mining operations are located in the central Andean
departments of Junin and Pasco.

CONTACT:  Volcan Compania Minera S.A.A.
          Av Gregorio Escobedo 710 Jesus Maria
          Lima, Peru
          Phone: (51-1) 219-4000
          Fax: (51-1)261-9716
          E-mail: contact@volcan.com.pe



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

BBVA BANCO PROVINCIAL: Moody's Withdraws Ratings
------------------------------------------------
Moody's Investors Service has withdrawn all of its ratings for
BBVA Banco Provincial S.A. for business reasons. The bank has no
rated foreign currency debt outstanding.

This action does not reflect a change in BBVA Banco Provincial
S.A.'s creditworthiness. For further details please refer to
Moody's Withdrawal Policy on moodys.com.

BBVA Banco Provincial S.A., the third largest Venezuelan bank,
had total assets of $3.7 billion as of March 31, 2005.

The following ratings were withdrawn:

- Long Term Foreign Currency Deposit Rating: B3, with stable
outlook
- Short Term Foreign Currency Deposit Rating: Not Prime, with
stable outlook
- Bank Financial Strength Rating: E+, with stable outlook


PDVSA: Record Output Claim Prompts Doubts
-----------------------------------------
State oil firm Petroleos de Venezuela's (PDVSA) claim that it
hit "record production" of 3,336,900 barrels on Monday spurred
confusion rather than slaps on the back, Business News Americas
suggests. Radio and newspaper editorial comments cast doubt on
the amount and even the statement appeared to interchange PDVSA
output with national production.

According to the Company's own figures made available earlier
this year, PDVSA was producing only 2.1Mb/d. Add to that 32
operating agreements chipping in with about 500,000b/d and four
large-scale projects in the Orinoco oil belt producing some
600,000b/d, the national total comes to 3.3Mb/d.

In July, the International Energy Agency (IEA) published a
report stating that June production for the whole country was a
mere 2.7Mb/d, including non-PDVSA output. The IEA maintained
that even if PDVSA could produce slightly more than that, it
would not be able to sustain the higher levels for several
months let alone a whole year.


PDVSA: New Rotating Labor System Upsets Workers
-----------------------------------------------
A union organizer is calling on PDVSA to shelve its new labor
rotating system, saying it is upsetting employees. PDVSA
recently introduced a new labor system called Sistema de
Democratizacian del Empleo (Sisdem) or system to democratize
jobs. The system involves hiring workers for a couple of months
and then replacing them with other temporary labor. Under
Venezuelan law, workers that last less than three months in a
position will have no severance or any other benefits when
dismissed.

According to Bladimiro Blanco, a national leader of labor union
Fedepetrol, PDVSA is running the risk of further alienating its
employees with the new system.

"We are not talking about a strike yet, but this new system, it
will make trouble for PDVSA. We have had meetings on this
situation. We think the company should abandon it. Not even the
pro-Chavez workers like it."

Blanco claims that almost everybody who applies will be given a
job for two or three months, regardless of skills or commitment,
just so that the government can say it is creating more jobs.

Fedepetrol is not considered to be pro-government but is one of
four national oil workers' federations recognized by PDVSA.




                            ***********


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

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. John D. Resnick, Edem Psamathe P. Alfeche and
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Copyright 2005.  All rights reserved.  ISSN 1529-2746.

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