/raid1/www/Hosts/bankrupt/TCRLA_Public/040108.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, January 8, 2004, Vol. 5, Issue 5

                          Headlines


A R G E N T I N A

AMERICAN RESTAURANT: Court Declares Company Bankrupt
MERCAVER: Enters Bankruptcy On Court's Order
NOA FERROCARRILES: Court Issues Bankruptcy Decree
NOVOA HERMANOS: Enters Bankruptcy On Court's Ruling
SISIC: Court Rules Bankruptcy

TRANSENER: Notified of Dolphin Deal
URBONAS: Bankruptcy Initiated by Court Order


B O L I V I A

HIDROELECTRICA BOLIVIANA: Fitch Cuts Bond Ratings Substantially


B R A Z I L

ACESITA: Issues $125M, 3-Year Notes To Refinance Debt
PARMALAT: Bankruptcy Worries Brazilian Dairy Farmers
PARMALAT: To Finalize Sale Of Brazilian Plant Soon


C H I L E

COEUR D'ALENE: Reports Convertible Notes Offering
ENAMI: Details $5M, 3-Year Investment Program
INVERLINK: Stock Brokerage Declared Bankrupt


E C U A D O R

PARMALAT: Regulator Refutes Allegations on Scandal Involvement


E L   S A L V A D O R

CAESS/EEO/DEUSEM: S&P Affirms Ratings; Outlook Negative


M E X I C O

DESC: Successfully Concludes Financial Restructuring
GRUPO TMM: KCS Responds to Court Decision With Further Details
PARMALAT: Mexican Executive Downplays Effects of Italian Scandal


P E R U

SIDERPERU: Waning Steel Imports Expected to Boost Industry


     - - - - - - - - - -


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

AMERICAN RESTAURANT: Court Declares Company Bankrupt
----------------------------------------------------
Buenos Aires Court No. 26 issued an order pronouncing American
Restaurant Argentina S.A. bankrupt ("Quiebra Decretada"), local
news source Infobae reports. The Company, domiciled at Senillosa
543 Buenos Aires, will undergo the bankruptcy process, which will
end with the liquidation of its assets.

The court, assisted by Clerk No. 52, is yet to assign a receiver
who will oversee the Company's bankruptcy process. Important
dates, such as the claims verification period, as well as the
submission of individual and general reports, will be announced
later.


MERCAVER: Enters Bankruptcy On Court's Order
--------------------------------------------
Argentine company Mercaver S.A. entered bankruptcy after Buenos
Aires Court No. 25 declared it "Quiebra Decretada," reports
Infobae. Maria Marta Sonmariva, of Florida 930 Buenos Aires, has
been named receiver, who will oversee the bankruptcy process,
which will start with the verification of the Company's
creditors' claims. The receiver is given until March 23 this year
to complete this particular stage of the bankruptcy process,
which is designed to determine the nature and amount of the
Company's debts.

The individual reports, to be prepared after the claims
verification process is completed, must be submitted to the court
on May 7, 2004, followed by the general report on June 22 of the
same year. The general report is prepared after the individual
reports are processed at the court.

The city's Clerk No. 49 assists the court on the case, which will
end with the liquidation of Mercaver's assets.


NOA FERROCARRILES: Court Issues Bankruptcy Decree
-------------------------------------------------
Buenos Aires Court No. 11 declared Noa Ferrocarriles S.A.
"Quiebra Decretada," reports Infobae. Assisted by Clerk No. 21,
court appointed receiver Jorge Guillermo Podesta, the Company's
bankruptcy process will start by verifying creditors' claims. The
receiver will have until March 19, 2004 to complete the
verification process.

After that, he will prepare the individual reports, based on the
results of the verification process, and submit these reports to
court on April 30. After these particular reports are processed
at the court, the receiver will then prepare the general report,
which is to be submitted to the court on June 14.

CONTACT:  Jorge Guillermo Podesta, Receiver
          Reconquista 336
          Buenos Aires


NOVOA HERMANOS: Enters Bankruptcy On Court's Ruling
---------------------------------------------------
Novoa Hermanos S.A. entered bankruptcy after Buenos Aires Court
No. 3 declared it "Quiebra Decretada." According to Infobae, the
court, assisted by Clerk No. 6, appointed Maria Cenatiempo as
receiver, who will oversee the bankruptcy process, which will
start with the verification of creditors' claims. Creditors will
have until March 8, 2004 to submit their claims. After which, the
receiver will prepare the individual reports based on the result
of the proof of claims process, and then submit these reports to
the court on April 22.

After these reports are processed at the court, the receiver will
then prepare the general report and then hand this report over to
the court on June 30.

CONTACT:  Maria Cenatiempo, Receiver
          Avenida de Mayo 1365
          Buenos Aires


SISIC: Court Rules Bankruptcy
-----------------------------
Buenos Aires Court No. 10 declared Sisic S.A.I.C. y A. G.
"Quiebra Decretada," says Infobae. The court, assisted by Clerk
No. 19, appointed Ricardo Norberto Belli as receiver. Mr. Billi
will oversee the bankruptcy process starting with the
verification of creditors' claims. Creditors will have until
March 30, 2004 to submit their claims. After which, the receiver
will prepare the individual reports based on the result of the
verification process, and then submit these reports to the court
on May 14.

After these reports are processed at the court, the receiver will
then prepare the general report and then hand this report over to
the court on June 29.

CONTACT:  Ricardo Norberto Belli, Receiver
          Avenida Santa Fe 960
          Buenos Aires


TRANSENER: Notified of Dolphin Deal
-----------------------------------
Argentine electricity transporter Transener SA acknowledged that
its holding company Citelec SA has transferred a 7.14% stake in
the unit to local investment group Dolphin Fund Management SA,
relates Dow Jones. The transaction was first reported in mid-
December. However, Transener, in a brief statement to the Buenos
Aires stock exchange, said that Citelec has informed the unit of
the transaction on Monday.

Dolphin purchased the stake in Transener from a private equity
fund called The Argentine Investment Company (Taico). Local
newspaper Clarin valued the deal between US$3 million and US$4
million.

Dow Jones relates that Transener's two largest shareholders,
Argentine energy company Petrobras Energia SA and Britain's
National Grid Transco PLC, can each exercise a right of refusal
to match the Dolphin offer. But sources familiar with the deal
say the two shareholders are interested in divesting, rather than
increasing, their Transener holdings.

Transener is Argentina's leading transporter of high voltage
electricity. When Brazilian energy giant Petroleo Brasileiro SA
(PETR4.BR), or Petrobras, bought Argentine energy company Perez
Company SA in 2003, Petrobras agreed to divest its 49.9%
Transener holding to soothe the Argentine government's concerns
of an important power company passing into foreign hands.


URBONAS: Bankruptcy Initiated by Court Order
--------------------------------------------
Argentine company Urbonas S.R.L. entered bankruptcy after Buenos
Aires Court No. 10 declared it "Quiebra Decretada," reports
Infobae. Jorge David Jalfin, of Sarmiento 1452 Buenos Aires, has
been named receiver, who will oversee the bankruptcy process,
which will start with the verification of the Company's
creditors' claims. The receiver is given until April 20 this year
to complete this particular stage of the bankruptcy process,
which is done to determine the nature and amount of the Company's
debts.

The individual reports, which are prepared after the claims
verification process is completed, must be submitted to the court
on June 2 followed by the general report on July 16 of the same
year. The general report is prepared after the individual reports
are processed at the court.

The city's Clerk No. 20 assists the court on the case, which will
end with the liquidation of the Company's assets.



=============
B O L I V I A
=============

HIDROELECTRICA BOLIVIANA: Fitch Cuts Bond Ratings Substantially
---------------------------------------------------------------
Credit ratings agency Fitch Ratings slashed the risk rating on
Bolivian generator Hidroelectrica Boliviana (HB) to BBB- from A-,
reports Business News Americas. In a statement, the agency said
the downgrade affects the series A and B bonds issued by the
generator. The outlook is stable.

The rating downgrade is based on HB's weak cash flow generation
compared to its initial forecast, overestimated sales
projections, unfavorable conditions in the generation market and
depressed energy demand. The rating is also restricted by the
Company's high level of debt.

However, Fitch views as an important element the fact that HB's
generation plants - La Chojlla and Yanacachi - are operational
and overcame construction risks, as well as management's proven
ability to increase cash flow by means of firm energy increases,
sales of carbon credits, and operating and transmission costs
reductions.



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

ACESITA: Issues $125M, 3-Year Notes To Refinance Debt
-----------------------------------------------------
Brazilian stainless steelmaker Acesita informed the market that
on Dec. 31, 2003, it issued US$125 million in three-year notes
backed by export receivables, relates Business News Americas.
Proceeds of the issue will be used to roll over and extend the
Company's debt.

In 2003, the Belo Horizonte-based company, which is controlled by
European steel group Arcelor and local pension funds, raised
US$310 million in long-term financing and has 67% of its debt
classed as long-term. The Company's net debt as of Sep. 30, 2003
stood at BRL1.49 billion (US$514 million).

"I can guarantee that our debt remains very manageable at 2.9
times cash flow," Gilberto Audelino Correa, head of investor
relations, was quoted by business daily Gazeta Mercantil.

In the first nine months of 2003, cash flow as measured by Ebitda
totaled BRL359 million.

"We completed the goal of our debt restructuring for the year,"
said Correa.


PARMALAT: Bankruptcy Worries Brazilian Dairy Farmers
----------------------------------------------------
Thousands of small dairy farmers across Brazil are now getting
jittery after reports of Italian foodmaker Parmalat's bankruptcy.
According to Bloomberg News, Parmalat's Brazilian unit is the
second-biggest maker of dairy products in the country and the
heart of a South American business that contributed a quarter of
the Company's 2002 operating profit of EUR613 million (US$580
million) at the average exchange rate that year.

Parmalat Brazil buys almost 1 billion liters (263 million
gallons) of milk a year, about 16% of Brazil's output, from
12,605 farmers, according to figures from the country's Dairy
Producers' Association.

"There are many milk producers that are suffering because of the
situation with Parmalat," said Linneu Carlos da Costa Lima,
secretary for production and marketing at Brazil's Agriculture
Ministry in Brasilia. "Small producers are delivering to Parmalat
without receiving any money."

On December 15, Parmalat's Brazilian unit failed to pay BRL2.3
million due to milk cooperatives in Rio de Janeiro state,
according to Cristiano Aureo da Silva, the state agriculture
secretary. Parmalat said it has since paid 30% of the money owed.

Moacir Vieira Serodio, president of Cooperativa Agro- Pecuaria de
Itaperuna, a cooperative representing 2,000 dairy farmers in Rio
de Janeiro state, said Parmalat failed to pay another BRL2.75
million due Monday.

"It's a state of calamity for us because the whole region depends
on milk," Serodio said. The cooperative supplies exclusively to
Parmalat and can't find another buyer for its milk, he said.

The Company also owes BRL600,000 to six cooperatives that are
members of Cooperativa Central de Laticinios de Goias, a group of
dairy cooperatives in the state, said Haroldo Max de Sousa,
president of the group. Parmalat Brazil promised to pay suppliers
by Jan. 17 and in the meantime is offering to settle debts with
tins of powdered milk in lieu of cash, said Sousa.


PARMALAT: To Finalize Sale Of Brazilian Plant Soon
--------------------------------------------------
Parmalat is about to finalize the sale of its plant in the
Brazilian state of Rio Grande do Norte to the Intergrupo holding
company for an undisclosed amount, says Gazeta Mercantil.
According to the embattled dairy company, the sale of the said
plant, as well as the other possible sales of its other assets in
Brazil, have nothing to do with its current financial state. The
Company claims the measures are part of a strategy to sell non-
strategic assets, which began long before the current problems.



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

COEUR D'ALENE: Reports Convertible Notes Offering
-------------------------------------------------
Coeur d'Alene Mines Corporation (NYSE: CDE), the world's largest
primary silver producer, announced Tuesday that it intends to
offer, subject to market and other conditions, $130 million in
principal amount of Convertible Senior Notes due 2024 (the
"Notes"). Coeur intends to use the proceeds of the Notes for
general corporate purposes, which may include the development of
its Kensington gold project and its San Bartolome silver project,
each of which are pending the completion of updated feasibility
studies and final construction decisions. The Notes will be
general unsecured obligations, senior in right of payment to
Coeur's other indebtedness. The Notes will be convertible at the
option of the holder under certain circumstances prior to
maturity into shares of Coeur's common stock at a conversion
price to be determined. Coeur expects to grant the underwriters
in this offering a 30-day option to purchase up to an additional
$19.5 million in principal amount of Notes to cover over-
allotments.

The offering is being made through an underwriting led by
Deutsche Bank Securities. Offering of the Notes will be made only
by means of a prospectus under Coeur's existing shelf
registration statement, including the accompanying prospectus
supplement relating to the Notes. Copies of a prospectus and the
accompanying prospectus supplement included will be available
from Deutsche Bank Securities Inc., 60 Wall Street, New York, New
York 10005.

This release shall not constitute an offer to sell or a
solicitation of an offer to buy the Notes, nor shall there be any
sale of the Notes in any state in which such offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of such state or jurisdiction.

Coeur d'Alene Mines Corporation is the world's largest primary
silver producer, as well as a significant, low-cost producer of
gold. The Company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile and Bolivia.

CONTACT:  COEUR D'ALENE MINES CORPORATION
          Tony Ebersole, Investor Relations
          800-523-1535


ENAMI: Details $5M, 3-Year Investment Program
---------------------------------------------
Chile's state mining company Enami will invest close to CLP3
billion (US$5 million) over the next five years on a
decontamination project in the communities of Puchuncavi and
Quintero. Citing a La Segunda report, Business News Americas
reports that the investments will be made through Enami's
Ventanas copper smelter-refinery.

The project, which is part of a voluntary agreement between Enami
and the government's environment commission Conama, focuses on
community education and emission controls.

Business News Americas recalls that high pollution levels at
Ventanas in the country's central Region V have negatively
impacted local health levels and agricultural activities.

CONTACT:  ENAMI (Empresa Nacional de Mineria)
          MacIver 459,
          Santiago, Chile
          Phone: 637 52 78
                 637 50 00
          Fax:   637 54 52
          Email: webmaster@enami.cl
          Home Page: www.enami.cl/
          Contact:
          Jorge Rodriguez Grossi, President


INVERLINK: Stock Brokerage Declared Bankrupt
--------------------------------------------
Chile's Inverlink Corredores de Bolsa, the stock brokerage arm of
the defunct local financial services group Inverlink, has been
declared bankrupt, according to local news service Valor Futuro.

In this light, Cristian Heerwagen, who has been appointed as
receiver, will confiscate the Company's assets.

Business News Americas suggests that the stock brokerage's
bankruptcy is unusual given that it comes in response to a
request from the legal counsel of Inverlink's ex-chairman Eduardo
Monasterio, currently facing charges related to the theft of
millions of dollars of deposits from state business development
agency Corfo and fraud against the country's central bank.

Inverlink trustees see the bankruptcy of the brokerage unit as an
essential step in ongoing legal action in the country's appeal
court targeted to recover US$60 million in funds withdrawn from
the Company's coffers prior to its collapse.



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

PARMALAT: Regulator Refutes Allegations on Scandal Involvement
--------------------------------------------------------------
Ecuador's Superintendence of Businesses, the country's top
business regulator, rejected suspicions that the founder of
Italy's Parmalat, Calisto Tanzi, diverted US$1 billion in missing
funds to its Ecuadorean affiliate, Parmalat-Ecuador. Italian
Judge Guido Salvini has called for an investigation into
Parmalat's activities in the South American nation and said he
suspected Tanzi's visit to Ecuador just before his arrest in
December might be related to the massive financial scandal
surrounding the Italian company.

But the Ecuadorean regulator has said it has checked Parmalat's
books in the country and found all to be in order.

"From the information we have about this business, no
irregularity can be inferred whatsoever," Fabian Albuja, the
government's Superintendent of Businesses, told The Associated
Press. "The balance sheets overall are absolutely normal."

Meanwhile, the president of Parmalat del Ecuador, Rafael Arcuri,
told a news conference that the subsidiary's assets of US$21
million were dwarfed by the missing billions of euros in cash
being sought by Italian authorities.

"You're talking about a figure which is completely out of the
range of the numbers Parmalat manages in Ecuador," said Arcuri.

He said he knew nothing about the motives for a trip by Tanzi to
Ecuador just before his arrest in December.

"The last time I saw Mr. Tanzi was in November 2002. After that
date I never saw Mr. Tanzi personally," Arcuri said.



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

CAESS/EEO/DEUSEM: S&P Affirms Ratings; Outlook Negative
-------------------------------------------------------
Standard & Poor's Ratings Services said Tuesday that it affirmed
its 'BB+' rating on the $120 million bank loan secured by
Compa¤ia de Alumbrado El‚ctrico de San Salvador S.A. de C.V.
(CAESS), Empresa El‚ctrica de Oriente S.A. de C.V. (EEO), and
Distribuidora El‚ctrica de Usulut n, S.A. de C.V. (DEUSEM). The
outlook is negative.

"The stable outlook reflects expectations that the regulators
will treat the tariff adjustments fairly. Both CAESS and EEO are
expected to continue to be central in the country's distribution
sector," said Standard & Poor's credit analyst Fabiola Ortiz.

"The challenge for the companies is to manage the regulatory
process in a deregulated and privatized industry," added Ms.
Ortiz.

The AES Corp., through its subsidiaries, holds a majority
interest in the electric distribution companies, CAESS (75.11%)
and EEO (89.32%). CAESS, in turn, owns 98.2% of the shares in
DEUSEM. These companies distribute electricity to 50% of El
Salvador's population, including the country's capital city of
San Salvador.

The project involves three privatized electricity distribution
companies in El Salvador to expand service to rural areas,
improve system reliability, reduce losses, and fund other capital
expenditures.

ANALYSTS:  Fabiola Ortiz, Mexico City (52) 55-5279-2049
           Santiago Carniado, Mexico City (52) 55-5279-2013



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

DESC: Successfully Concludes Financial Restructuring
----------------------------------------------------
DESC, S.A. de C.V. (NYSE: DES; BMV: DESC) announced Tuesday that
it reached agreements with all of its bank creditors to sign
syndicated loan facilities which would refinance the prior
syndicated loans and substantially all of the Company's short
term debt. This refinancing also cures the leverage covenant
default under the prior syndicated loans. The amount of the
restructured debt is approximately US $720 million, representing
nearly 70% of the group's consolidated debt, which at the close
of 2003 was at approximately US $1,090 million and nearly US
$1,023 million in net debt.

This process, that began in the second quarter of 2003, and which
was successfully concluded, that includes US $479 million in
long-term debt, Ps. $1,300 million in long-term debt and US $112
million in revolving credit.

The transaction was led by Citigroup, with BBVA Bancomer and
Banco Inbursa as co-leads banks. The rest of the participating
banks included Bancomext, Banorte, Comerica Bank, Credit Suisse
First Boston, Credit Lyonnais, EDC, HSBC Bank USA, Banco Invex,
Ixe Banco, Deutsche Bank, JP Morgan Chase Bank and The Toronto
Dominion Bank.

The terms of the transaction included a 5-year maturity and a
grace period for the payment of capital of 30 months beginning in
January 2004. This substantially reduces the Company's short and
medium term financial requirements as the maturities for the
remaining debt are US $27 million for 2004 and US $18 million for
2005.

The new interest rate, which will apply beginning in the first
quarter of this year, will be as follows: for the dollar-
denominated debt, LIBOR + 350 basis points and for the peso-
denominated debt, the rate will be TIIE + 350 basis points. These
facilities provide for reduction in spreads if financial leverage
improves. For the revolving credit, the new rate will be LIBOR +
300 basis points.

As a reflection of Desc's strategy of reducing indebtedness, at
the closing of this transaction, a US $40 million prepayment was
made to the participating financial institutions.

Management considers that the signing of this agreement along
with a series of internal measures, which the Company has taken
towards improving Desc's competitiveness, will strengthen the
Company's financial position. Desc will continue to meet the
needs of its creditors, suppliers and clients.

Fernando Senderos Mestre, Desc's Chief Executive Officer and
Chairman of the Board stated, "We are very satisfied with this
negotiation and are confident that, together with the economic
recovery in Mexico and the United States as well as the renewed
stimulus of internal productivity, we will be again on the road
to profitability and value creation."

Desc, S.A. de C.V. is one of Mexico's largest industrial groups
with sales of approximately US$ 2 billion during 2002, and over
16,000 employees. Through its subsidiaries, the Company is a
leading operator in the Autoparts, Chemical, Food and Real Estate
Sectors.

CONTACTS:  Arturo D'Acosta Ruiz
           Alejandro de la Barreda
           Tel: (5255) 5261-8037
           Email: alejandro.delabarreda@desc.com.mx

           Maria Barona
           Melanie Carpenter
           Tel: 212-406-3690
           Email: desc@i-advize.com
           URL: www.desc.com.mx


GRUPO TMM: KCS Responds to Court Decision With Further Details
--------------------------------------------------------------
Kansas City Southern (KCS) (NYSE:KSU) issued the following
statement in response to Tuesday's ruling by the Delaware Court
of Chancery regarding a motion to enforce injunction and hold
Grupo TMM, S.A. (TMM) in contempt in the dispute between KCS and
TMM over the Acquisition Agreement:

"The Delaware Court of Chancery held TMM in contempt of court for
taking action inconsistent with its October 29, 2003 order that
TMM abide by the terms and conditions of the Acquisition
Agreement pending arbitration of the parties' dispute over the
Agreement. The court held that by TMM causing its subsidiary
Grupo TFM (GTFM) to revoke powers of attorney requiring the
signature of a KCS representative for transactions in excess of
$2.5 million and in granting new powers of attorney to TMM
directors, Jose Serrano and Mario Mohar to act on behalf of the
company, TMM violated provisions of the Acquisition Agreement.
The previous order of the court required TMM to cause GTFM to
conduct its business in accordance with past practices and not to
directly or indirectly amend its organizational documents. The
court ordered TMM to take the actions necessary to revoke the new
powers of attorney, to re-enact the original powers of attorney,
and to pay KCS its costs and attorney fees for bringing this
motion for contempt. KCS believes the Delaware Court's decision
is appropriate and upholds KCS's belief that TMM cannot
arbitrarily take actions without KCS's concurrence."

KCS is a transportation holding company that has railroad
investments in the United States, Mexico and Panama. Its primary
holding is The Kansas City Southern Railway Company (KCSR).
Headquartered in Kansas City, Missouri, KCSR serves customers in
the central and south central regions of the U.S. KCS' rail
holdings and investments are primary components of a NAFTA
Railway system that links the commercial and industrial centers
of the United States, Canada and Mexico.

CONTACT: Warren K. Erdman, 816-983-1454, warren.k.erdman@kcsr.com


PARMALAT: Mexican Executive Downplays Effects of Italian Scandal
----------------------------------------------------------------
Hugo Lara, the general director of the Mexican subsidiary of
Parmalat, considers the local unit safe from the financial
scandal currently occurring in Italy, reports Cronica. The reason
behind this is that Parmalat of Mexico is a subsidiary of
Parmalat's North American multinational division. The local unit,
which has a staff of 400, sells pasteurized milk in self-serve
stores throughout Mexico holding 15.0% of the domestic market.



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P E R U
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SIDERPERU: Waning Steel Imports Expected to Boost Industry
----------------------------------------------------------
Arturo Torres-Calderon, CEO of local steelmaker Siderperu, is
seeing an improvement in the country's steel industry, Business
News Americas suggests. According to the executive, the industry
likely registered 5% growth last quarter and will continue to
expand at a similar rate this year due to diminished imports.

However, 2003 steel sales will not register growth compared to
2002, considering production strikes hindered the sector in the
first half of last year. Steel prices will continue to grow this
quarter by 5-6%.

Last month, Siderperu's creditors approved the Company's proposal
to reprogram debt payments contained in its global refinancing
agreement (AGR) of April 2002. The Company's debt repayment
performance will continue to be closely watched by the creditors'
audit committee, Siderperu said earlier.

Peruvian holding company Sider Corp. controls Siderperu.




               ***********


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