/raid1/www/Hosts/bankrupt/TCRLA_Public/040218.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

          Wednesday, February 18, 2004, Vol. 5, Issue 34

                          Headlines

A R G E N T I N A

059: General Report Filing Deadline Today
AGRISUR INT: Receiver To File Individual Reports Today
CORREO ARGENTINO: U.S. Court Orders Asset Freeze
DELLI: Individual Reports Due at Court Today
DF ABASTICIMIENTO HOSPITARIO: Receiver To Oversee Reorganization

EL JOKER: Enters Bankruptcy on Court Orders
GASTROAR: Court Declares Company Bankrupt
GAYOSO Y CIA: Receiver to Start Preparing Individual Reports
INSTITUTO ARGENTINO: Reorganization Schedule Set
INSTITUTO DE CORONEL: General Report Due Today

LA ELENA: General Report Due at Court Today
LA TRADICION AGROPECUARIA: Credit Review Ends Today
LAKANT: Receiver Closes Credit Verification Process
MARISTELLA: Court Assigns Receiver To Oversee Bankruptcy
METROVIAS: Reports Lower Net Loss in 2003

ROCVILS: Credit Review Ends March 19
SERVINTSA: Last Day for General Report Filing Arrives
SEYPRO: Files "Concurso Preventivo" Motion at Court
SIAN TRAVEL: Receiver Closes Credit Verification Process
SYST: Credit Verification Review for Bankruptcy Ends Today

TELEFONICA DE ARGENTINA: Prisa Makes $16M Offer For Radios
TGS: Confirms 4Q, Year-Ended Dec 31, 2003 Earnings
TOP STAFF: Credit Check Ends March 25


B E R M U D A

GLOBAL CROSSING: Court Disallows $4.2M Paid Tax Claims


B R A Z I L

AHOLD: Wal-Mart Has Eyes Only For Bompreco
CFLCL: Cancels Feb. 18 Extraordinary Shareholders' Meeting
GERDAU: Unit To Purchase Potter Form & Tie Co. Assets
PARMALAT BRASIL: Govt. Introduces Measures To Help Save Jobs
PARMALAT BRASIL: Former Head Denies Reports of Arrest

PARMALAT BRASIL: Fails To Make $19M Payment to Banco do Brasil
VARIG: In Talks With Argentine Airline Over Sale of Pluna Stake


M E X I C O

PARMALAT DE MEXICO: Pays Wages to 400 Workers
SATMEX: PanAmSat Belies Accusations


P A R A G U A Y

COPACO: Conatel Insists on Legitimacy of Board Participation


V E N E Z U E L A

PDVSA: To Boost Planned Spending On Government Programs

     -  -  -  -  -  -  -  -

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

059: General Report Filing Deadline Today
-----------------------------------------
The general report for the bankruptcy of Argentine company 059
S.R.L. is due at the court today, as detailed earlier by the
Troubled Company Reporter - Latin America. The Company's
receiver, Mr. Carlos Alberto Vicente, prepared the report after
the individual reports, which contain the results of the credit
verification process were processed at court.

The Company's assets will be liquidated to repay its debts.
Payments will be based on the results of the credit verification
process, after costs from the bankruptcy proceedings are
deducted.

CONTACT:  Carlos Alberto Vicente
          Ave. Corrientes
          Buenos Aires


AGRISUR INT: Receiver To File Individual Reports Today
------------------------------------------------------
Mr. Ricardo Felix Fernandez, receiver for Agrisur Int S.A., is
due to file the individual reports on the Company's
reorganization today. These reports include the results of the
credit verification process done to determine the nature and
amount of the Company's debts.

The general report, which the receiver should prepare after the
individual reports are processed at court, must be filed on March
31.

An earlier report by the Troubled Company Reporter - Latin
America indicated that Buenos Aires Court No. 20 and Clerk No. 39
handle the Company's case. The court ordered the informative
assembly to be held on August 27.

CONTACT:  Agrisur Int S.A.
          Lavalle 2762
          Buenos Aires

          Ricardo Felix Fernandez
          Tucuman 1567
          Buenos Aires


CORREO ARGENTINO: U.S. Court Orders Asset Freeze
------------------------------------------------
Correo Argentino S.A., a heavily indebted Argentine mail delivery
company, had its assets frozen by a U.S. court, reports Reuters.

On Friday, U.S. District Judge Thomas Griesa ordered to freeze
the assets of Correo Argentino at the behest of an investor
trying to recoup money lost in the country's 2002 bond default.

"We asked the judge to hold money in the New York accounts of
Correo Argentino until it is determined to whom those funds
belong," said Guillermo Gleizer, lawyer for Macrotecnic
International, an Uruguayan company that holds US$550,000 in
defaulted Argentine bonds.

Gleizer claims no knowledge as to how much money is in Correo
Argentino's accounts but Argentine media said it totaled US$11
million.

Correo Argentino was owned by Argentina's Macri Group until the
government in November stripped it of the country's indebted
concession. The postal office had filed for bankruptcy protection
after failing to pay state concession fees and running up heavy
debts.


DELLI: Individual Reports Due at Court Today
--------------------------------------------
Buenos Aires Court No. 15 requires the receiver for Delli S.A. to
file the individual reports on the Company's reorganization
process today. These reports contain the results of the credit
verification process completed late last year.

The Troubled Company Reporter - Latin America said in an earlier
report that the receiver, Mr. Adalberto Abel Corbelleri, will
prepare a general report after the individual reports are
processed at court. This report is due for filing on March 31.

The court also set the informative assembly to take place on
August 5.

CONTACT:  Delli S.A.
          Tucuman 1673
          Buenos Aires

          Adalberto Abel Corbelleri
          Carabobo 238
          Buenos Aires


DF ABASTICIMIENTO HOSPITARIO: Receiver To Oversee Reorganization
----------------------------------------------------------------
Argentine accountant Gerardo Miguel Seghezzo will oversee the
bankruptcy of Buenos Aires' D.F. Abastecimiento Hospitario
S.R.L., relates local news portal Infobae. The receiver will
authenticate creditors' claims until April 9.

Buenos Aires Court No. 11 ordered the receiver to file the
individual reports, which contain the verification results, on
May 20. The receiver is also required to prepare a general report
and submit it on July 2.

Clerk No. 21 assists the court on the case, which will close with
the liquidation of the Company's assets.

CONTACT:  Gerardo Miguel Seghezzo
          Compate de los Pozos 129
          Buenos Aires


EL JOKER: Enters Bankruptcy on Court Orders
-------------------------------------------
Argentine company El Joker S.R.L. enters bankruptcy on orders
from Buenos Aires Court No. 19. Clerk No. 37 assists the court on
the case, relates local news portal Infobae.

Creditors are required to file their claims before March 24. The
Company's receiver, Mr. Jorge Alberto Arias, will examine and
authenticate creditors' claims to determine the nature and amount
of the Company's debts.

The receiver is also required to prepare the individual and
general reports on the case, but the source did not indicate
whether the court has set the filing deadlines for these.

CONTACT:  El Joker S.R.L.
          Tucuman 2395
          Buenos Aires

          Jorge Alberto Arias
          Ave Rivadavia 1227
          Buenos Aires


GASTROAR: Court Declares Company Bankrupt
-----------------------------------------
Buenos Aires Court No. 16 declared local company Gastroar S.A.
"Quiebra" recently. The Company will undergo bankruptcy
proceedings with local accountant Miguel Antonio Suppicich as its
receiver.

The credit verification process will end on March 22. Working
with Clerk No. 32, the court requires the receiver to file the
individual reports on May 5, followed by the general report on
June 18.

CONTACT:  Miguel Antonio Suppicich
          Ave Argentina 5785
          Buenos Aires


GAYOSO Y CIA: Receiver to Start Preparing Individual Reports
------------------------------------------------------------
The reorganization of Gayoso y cia S.A.C.E.I. will proceed with
the preparation of the individual reports as the credit
verification period is slated to expire today. The Company's
receiver, Mr. Manuel Alberto Cebeira examined and authenticated
creditors' claims to ascertain the nature and amount of the
Company's debts.

Buenos Aires Court No. 7, which approved the Company's motion for
"Concurso Preventivo", requires the receiver to file the
individual reports on March 31. After these are processed, the
receiver will prepare a general report to be submitted on May 19.

Clerk No. 7 assists the court on the case. The informative
assembly, to be held on November 3, is one of the last parts of a
reorganization process.

CONTACT:  Manuel Alberto Cebeira
          Ave Cordoba 1247
          Buenos Aires


INSTITUTO ARGENTINO: Reorganization Schedule Set
------------------------------------------------
Buenos Aires Court No. 7 requires the individual reports for the
reorganization of Instituto Argentino de Neurociencia S.A. to be
filed on June 18, followed by the general report on August 18,
reports Infobae.

The Company's receiver, Mr. Jose Antonio Planas, will prepare the
individual reports after the credit verification process is
closed on May 6. The general report will be prepared after the
individual reports are processed at court. The informative
assembly will take place on October 28, the source adds.

Clerk No. 13 assists the court on the case.

CONTACT:  Jose Antonio Planas
          Paraguay 631
          Buenos Aires


INSTITUTO DE CORONEL: General Report Due Today
----------------------------------------------
Court No. 5 of the Civil and Commercial Tribunal of Bahia Blanca
requires the receiver for Instituto de Coronel Rosales S.A. to
file the general report today. Mr. Alfredo Horacio Lopez, the
receiver, prepared the report after the individual reports are
processed at court.

The receiver prepared the individual reports on the results of
credit verification process. Creditors' claims were examined to
determine the nature and amount of the Company's debts. The
verification results will be used as basis for payments to be
made after the Company's assets are liquidated.

Clerk No. 2 works with the court on the case, the Troubled
Company Reporter - Latin America said in an earlier report.

CONTACT:  Instituto de Coronel Rosales S.A.
          Colon 259
          Punta Alta, Bahia Blanca

          Alfredo Horacio Lopez
          Alsina 19
          Bahia Blanca


LA ELENA: General Report Due at Court Today
-------------------------------------------
Court No. 3 of the Civil and Commercial Tribunal of Rosario in
Santa Fe requires the receiver for Argentine company La Elena
S.A. to file the general report on the Company's reorganization
process today. Ms. Silvana Beatriz Vescio, the Company's
receiver, prepared the report after the individual reports are
processed at court.

The Company started its reorganization process after the court
approved its motion for "Concurso Preventivo". The informative
assembly will be held on August 5.

CONTACT:  La Elena S.A.
          Avenida Pte Peron 7299
          Rosario, Santa Fe

          Silvana Beatriz Vescio
          San Martin 6055
          Rosario, Santa Fe


LA TRADICION AGROPECUARIA: Credit Review Ends Today
---------------------------------------------------
The credit verification period for the bankruptcy of Argentine
company La Tradicion Agropecuaria S.A. ends today. The court-
appointed receiver, Mr. Juan Torres, will prepare the individual
reports, as ordered by the court.

In an earlier report, the Troubled Company Reporter - Latin
America reported that Buenos Aires Court No. 21 declared the
Company bankrupt. The city's Clerk No. 41, Dr. Melnitzky, assists
the insolvency judge, Dr. Paez Castaneda, on the case.

CONTACT:  La Tradicion Agropecuaria S.A.
          Arevalo 1549
          Buenos Aires

          Juan Torres
          Bogota 4090
          Buenos Aires


LAKANT: Receiver Closes Credit Verification Process
---------------------------------------------------
Buenos Aires accountant Marcelo Edgardo Mirasso, receiver for
local company Lakant S.A., closes the credit verification process
for the Company's bankruptcy today. Verifications were done to
determine the nature and amount of the Company's debts and to set
a standard for the distribution of payments to be made after the
Company's assets are liquidated.

An earlier report by the Troubled Company Reporter - Latin
America mentioned that Court No. 25 ordered the receiver to file
the individual reports on March 31. These reports contain the
results of the verification process.

The receiver will also prepare a general report after the
individual reports are processed at court. This must be submitted
to the court on May 17.

Clerk No. 50 assists the court on the case.

CONTACT:  Marcelo Edgardo Mirasso
          Lavalle 1675
          Buenos Aires


MARISTELLA: Court Assigns Receiver To Oversee Bankruptcy
--------------------------------------------------------
Buenos Aires Court No. 10 assigned Mr. Eduardo Hector Vasini as
receiver for the bankruptcy of local company Maristella
C.E.I.S.A., reports local news portal Infobae. The receiver will
authenticate creditors' claims until March 26.

The court ordered the receiver to file the individual reports no
later than May 12. The general report is due at the court on June
25. The Company's assets will be liquidated at the end of the
bankruptcy process to repay creditors.

Clerk No. 19 assists the court on the case.

CONTACT:  Eduardo Hector Vasini
          Ave Rivadavia 4783
          Buenos Aires


METROVIAS: Reports Lower Net Loss in 2003
-----------------------------------------
Argentine public transport company Metrovias saw an improvement
in its financial standing last year due to increased efficiency
through procedural and cost adjustments, reports Business News
Americas.

In a statement to the country's securities regulator, the CNV,
Metrovias, which operates Buenos Aires' subway system, revealed a
ARS1.15-million net loss in 2003, compared to a ARS27.6-million
net loss the year before.

For the period, operating loss declined to just ARS3.78 million
from ARS29.9 million in 2002, while revenue was down 22.5% to
ARS154 million.

Metrovias is a division of local infrastructure and services
company Clisa, which in turn is the infrastructure holding for
Argentina's Grupo Roggio.


ROCVILS: Credit Review Ends March 19
------------------------------------
The credit verification process for the bankruptcy of Buenos
Aires-based Rocvils S.A. ends today. According to a report by
Infobae, creditors must present their claims to the Company's
receiver, Mr. Jorge Wilke, before March 19.

Buenos Aires Court No. 20 requires the receiver to submit the
individual reports on May 7. These reports will relay to the
court the results of the verification process.

The general report, a consolidation of the individual reports
after being processed at court, is due for filing on June 22. The
Company's assets will be liquidated at the end of the bankruptcy
process to repay creditors.

CONTACT:  Jorge Wilke
          Paraguay 435
          Buenos Aires


SERVINTSA: Last Day for General Report Filing Arrives
-----------------------------------------------------
The general report for the bankruptcy of Argentine Servintsa S.A.
is due for filing at Buenos Aires Court No. 25 today, an earlier
report from the Troubled Company Reporter - Latin America
indicated. The Company's receiver, Mr. Victor Roberto Bellaria,
prepared the report after the individual reports, which bore the
results of the credit verifications, were processed at court.

CONTACT:  Victor Roberto Bellaria
          Uruguay 660
          Buenos Aires


SEYPRO: Files "Concurso Preventivo" Motion at Court
---------------------------------------------------
Seypro S.A., which is based in Buenos Aires, seeks court
permission to undergo reorganization. A report by local news
source Infobae indicates that the Company has voluntarily
submitted its motion for "Concurso Preventivo" at the city's
Court No. 16. Clerk No. 32 aids the court on the case.

CONTACT:  Seypro S.A.
          Suipacha 965
          Buenos Aires


SIAN TRAVEL: Receiver Closes Credit Verification Process
--------------------------------------------------------
Mr. Miguel Angel Marceesi, receiver for Argentine company Sian
Travel Way S.A., closes the credit verification process for the
Company's bankruptcy today. On orders from Buenos Aires Court No.
11, the receiver will prepare the individual reports on the
verification results.

Working with Clerk No. 22, the court ordered the receiver to
submit the individual reports o March 31. The receiver is also
required to file a general report, prepared after the individual
reports are processed at court, on May 12.

The bankruptcy process will close with the liquidation of the
Company's assets to pay off creditors. The results of the
verification process will determine the distribution of payments.

CONTACT:  Miguel Angel Marceesi
          Avellaneda 1135
          Buenos Aires


SYST: Credit Verification Review for Bankruptcy Ends Today
----------------------------------------------------------
The credit verification period for the bankruptcy of Argentine
company Syst S.R.L. ends today. The Troubled Company Reporter -
Latin America said in an earlier report that the receiver, Ms.
Susana Graciela Marino, examined and authenticated creditors'
claims to study the nature and amount of the Company's debts.

The receiver will prepare the individual reports on the
verification results. These reports are due at the court on March
31. The general report is due at the court on May 13. The
receiver will prepare this report after the individual reports
are processed at court.

CONTACT:  Susana Graciela Marino
          Uruguay 560
          Buenos Aires


TELEFONICA DE ARGENTINA: Prisa Makes $16M Offer For Radios
----------------------------------------------------------
Telefonica de Argentina, the country's biggest telephone company,
has attracted the interest of Spanish media group Prisa in its
plan to sell its radio stations.

According to Infobae, Prisa has offered US$16 million to buy
Radio Continental and FM Hit radio stations. Prisa is reported to
have been interested in acquiring Argentine radio stations for
some time, and secured four licenses but was never able to get
them up and running. Its only Argentine asset is the Santillana
Ediciones Generales publishing house.

Telefonica de Argentina is selling its radio stations as part of
broader plans to divest its media assets, Infobae says, adding
that the Company's only remaining media asset would be the Telefe
television station.

Telefonica de Argentina, controlled by Spanish telecoms giant
Telefonica, reported a net profit of ARS405 million (US$137
million) in 2003, reversing the previous year's loss of ARS3.58
billion.

The Company was one of the few Argentine firms not to default on
its dollar-denominated debt. The Company said its short- and
long-term debt totaled ARS4.535 billion by the end of 2003.

CONTACT:  TELEFONICA DE ARGENTINA
          Tucuman 1, 18th Floor, 1049
          Buenos Aires, Argentina
          Phone: (212) 688-6840
          Home Page: http://www.telefonica.com.ar
          Contacts:
          Carlos Fernandez-Prida Mendez Nunez, Chairman
          Paul Burton Savoldelli, Vice Chairman
          Fernando Raul Borio, Secretary


TGS: Confirms 4Q, Year-Ended Dec 31, 2003 Earnings
--------------------------------------------------
Transportadora de Gas del Sur S.A. ("TGS" or "the Company")
(NYSE: TGS, MERVAL:TGSU2) announced that its Board of Directors
approved Monday the financial statements for the fourth quarter
and fiscal year ended December 31, 2003. The earnings and
exhibits reported in the Company's press release issued on
February 5, 2004 were confirmed.

TGS, with a current delivery capacity of approximately 62.5
MMm3/d or 2.2 Bcf/d is Argentina's leading transporter of natural
gas. The Company is also Argentina's leading processor of natural
gas and one of the largest marketers of natural gas liquids. TGS
is quoted on both the New York and Buenos Aires stock exchanges
under the ticker symbols TGS and TGSU2, respectively. TGS's
controlling shareholder is Compania de Inversiones de Energia
S.A. ("CIESA"), which together with Petrobras EnergĦa and Enron
Corp. subsidiaries, hold approximately 70% of the Company's
common stock. CIESA is currently owned 50% by Petrobras Energia
S.A. and a subsidiary, and 50% by subsidiaries of Enron Corp.

CONTACTS IN BUENOS AIRES:

    Investor Relations:
    Eduardo Pawluszek, Finance & Investor Relations Manager
    Gonzalo Castro Olivera, Investor Relations
    Email: gonzalo_olivera@tgs.com.ar
              or
    Maria Victoria Quade, Investor Relations
    Email: victoria_quade@tgs.com.ar
    Tel: (54-11) 4865-9077

    Media Relation:
    Rafael Rodriguez Roda
    Tel: (54-11) 4865-9050 ext. 1238

CONTACTS IN NEW YORK:

     Mariana Crespo, Associate Director
     Email: mcrespo@hfgcg.com
     Tel: (646) 284-9407



TOP STAFF: Credit Check Ends March 25
-------------------------------------
Creditors of bankrupt Argentine company Top Staff S.A. must have
their claims authenticated by the receiver, Jorge Osvaldo
Stanislavsky, before March 25. The verification process is done
to ascertain the nature and amount of the Company's debts.

The individual reports on the verification results are due at the
court on May 27. The receiver is also required to prepare the
general report after the individual reports are processed at
court. This is due at the court on July 13.

The Company's assets will be liquidated at the end of the
bankruptcy process.

CONTACT:  Jorge Osvaldo Stanislavsky
          Talcahuano 768
          Buenos Aires



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

GLOBAL CROSSING: Court Disallows $4.2M Paid Tax Claims
------------------------------------------------------
On the Petition Date, the Court:

(a) authorized the Global Crossing Debtors to pay Prepetition
Sales and Use Taxes and Regulatory Fees; and

(b) directed Financial Institutions to honor and process checks
and transfers related to Prepetition Sales and Use Taxes and
Regulatory Fees.

Michael F. Walsh, Esq., at Weil, Gotshal & Manges LLP, in New
York, states that the Debtors have reviewed each of the proofs of
claim filed in their cases and have concluded that the
obligations represented by 117 tax claims, totaling $7,952,230,
have been paid in full after the Petition Date, pursuant to the
Sales and Use Tax Order and various settlements entered into by
the Debtors.

At the Debtors' request, the Court disallows and expunges 113 of
the Paid Tax Claims in their entirety. The 113 disallowed and
expunged Tax Claims, aggregating $4,261,284, include:

Claimant                        Claim No.      Amount
--------                        ---------      ------
Fairfax County, Virginia          9877       $118,044
Fulton County Tax Commissioner    1153        952,732
Indiana Department of Revenue    10966        297,735
King County Treasury Operations  10846        165,320
New York State Department of
  Taxation & Finance               688        318,713
                                    23        107,356
                                   852        212,068
State of Ohio, Dept of
  Taxation                        1397        267,634
                                  1398        221,352
Pennsylvania Dept of Revenue       975        175,509
Commonwealth of Pennsylvania
  Department of Revenue           9857        175,509
City of Phoenix                   8291        104,035

The Pennsylvania Department of Revenue withdrew its claim, Claim
No. 8345, for $3,684,215.

The hearing on the Debtors' objection to these claims is
continued:

Claimant                      Claim No.           Amount
--------                      ---------           ------
State of Iowa                    378              $5,372
City of Pasadena                6153               1,358
City of Portland               10079                   0

(Global Crossing Bankruptcy News, Issue No. 55; Bankruptcy
Creditors' Service, Inc., 215/945-7000)



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

AHOLD: Wal-Mart Has Eyes Only For Bompreco
------------------------------------------
Wal-Mart Stores Inc. decided to buy only the 119-store Bompreco
Supermercados do Nordeste chain from Dutch retailer Ahold and not
the smaller G. Barbosa Comercial chain, as once expected, Estado
de S. Paulo newspaper reports, citing unnamed sources.

If confirmed, the purchase, which is expected to be announced in
the next couple of weeks, would propel Wal-Mart to the No. 3
position in Brazil's retail market from sixth, says Reuters. It
would be Wal-Mart's first Brazilian acquisition even though it
has been in the South American country since 1995, the report
adds.

Retail analysts have estimated Bompreco would carry a price tag
of about US$370 million.

Ahold put its Brazilian stores, including 32-store G. Barbosa
Comercial, Brazil's No.8 retailer, up for sale early last year as
part of a wider exit from South American markets following a
EUR1-billion accounting scandal.


CFLCL: Cancels Feb. 18 Extraordinary Shareholders' Meeting
----------------------------------------------------------
The Company's Board of Directors, which includes representatives
of the shareholders party to the "Shareholders' Agreement",
notifies the Company's shareholders that it has unanimously
decided that the Extraordinary Shareholders' Meeting to be
originally held in February 18, 2004 at 10:00 am shall not be
held. The Call Notices published in the Minas Gerais newspaper on
January 17, 20 and 22, 2004, and in the Gazeta Mercantil
newspaper on January 16, 19 and 20, 2004 have therefore been
annulled.


GERDAU: Unit To Purchase Potter Form & Tie Co. Assets
-----------------------------------------------------
Gerdau Ameristeel announced Monday that it has entered into a
definitive agreement for the purchase of substantially all the
assets of Potter Form & Tie Co., headquartered in Belvidere,
Illinois.

For more than 30 years, Potter Form & Tie Co. has been a leading
supplier in the Midwest for fabricated rebar and concrete
construction supplies for the concrete construction industry.
Potter has facilities in Belvidere, Urbana, and Decatur,
Illinois; Madison and Appleton, Wisconsin; and Eldridge, Iowa.

Subject to completion and approval of the regulatory authorities,
the transaction is expected to close in late March, 2004. In
combination with Gerdau Ameristeel's 16 reinforcing steel
fabricating facilities, the Potter Form & Tie operations will
provide engineering, operational and sales talent as well as
effective geographic expansion into the densely populated Midwest
corridor.

Commenting on the acquisition, Phillip E. Casey, Gerdau
Ameristeel's President and Chief Executive Officer, said, "The
Potter Form & Tie organization has an established tradition of
industry leadership and a well-deserved market reputation for
quality and dependable service. Gerdau Ameristeel is honored to
be entrusted with the responsibility for continuing this proud
heritage."

Gerdau Ameristeel is the second largest mini-mill steel producer
in North America with annual manufacturing capacity of over 6.8
million tons of mill finished steel products. Through its
vertically integrated network of 11 mini-mills (including one
50%-owned mini-mill), 14 scrap recycling facilities, and 26
downstream operations, Gerdau Ameristeel primarily serves
customers in the eastern half of North America. Gerdau
Ameristeel's common shares are traded on the Toronto Stock
Exchange under the symbol GNA.TO.

CONTACT:  Gerdau Ameristeel
          Tom J. Landa, Vice President & Chief Financial Officer

          5100 W. Lemon St., Suite 312
          Tampa, Florida 33609
          Phone: 813-207-2300
          Fax: 813-207-2328
          URL: www.gerdauameristeel.com


PARMALAT BRASIL: Govt. Introduces Measures To Help Save Jobs
------------------------------------------------------------
The Brazilian government is stepping up efforts to help save jobs
at an ailing subsidiary of Italian dairy giant Parmalat, Xinhua
indicates.

Brazil's Agricultural Development Minister Miguel Rossetto
revealed that local banks will open up credit lines to finance
projects for Parmalat Brasil.

"The government's concern is not to save Parmalat but to support
the maintenance of the jobs created by the company," the minister
said.

The government is seeking to guarantee payments to milk producers
and the operation of the firm's industrial units.

On Friday, the new court-appointed president of Parmalat Brasil,
Keyler Carvalho Rocha, appealed to creditors for fresh funding to
keep the Company afloat.

"This is an emergency situation...We need creditors to open these
credit lines; otherwise the company won't survive," said Keyler.

Parmalat Brasil plunged into financial difficulty after its
Italian parent company bankrupted with the exposure of an
accounting fraud involving billions of euros and the arrest of
its founder in December 2003.

Parmalat's Brazil units are the country's biggest seller of
processed liquid milk and the second-biggest buyer of milk from
small producers and cooperatives. The company's eight processing
units, which employ more than 6,000 workers, make up one sixth of
Parmalat's total work force across the world.

The National Bank of Social and Economic Development and the Bank
of FebBrazil are analyzing the credit lines to support the
activities of milk producers and help Parmalat's employees.


PARMALAT BRASIL: Former Head Denies Reports of Arrest
-----------------------------------------------------
The former head of Parmalat Brasil Industria de Alimentos refuted
local media reports that said he had been detained as part of a
probe into the Italian parent company's dealings in Brazil,
relates Reuters.

GloboNews television reported that the Interpol has arrested
Gianni Grisendi, who was president of Parmalat Brasil for 11
years until 2000, at the request of Italian authorities.

"I have not been arrested. If I was, I wouldn't be able to talk
on my cellular phone," Grisendi said, adding, "I haven't received
any arrest warrants."

The press office for the Federal Police headquarters in Brasilia
also said it was not aware of any actions involving Grisendi,
including any requests by Italian authorities for his arrest.

Police and lawmakers have launched a probe into Parmalat Brasil
after its parent company unveiled a multibillion-euro hole in its
accounts two months ago. A number of Parmalat Brasil executives,
including Grisendi, have been questioned by a judge leading the
probe, but no one has been arrested in Brazil. Investigators want
to see if the company funneled any of the missing money through
Brazil.


PARMALAT BRASIL: Fails To Make $19M Payment to Banco do Brasil
--------------------------------------------------------------
Parmalat Brasil missed a BRL55-million (US$19 million) payment
Friday to Banco do Brasil SA, its biggest creditor, Bloomberg
News reports, citing Folha de S. Paulo.

It's not the first time the unit has failed to make payments to
Banco do Brasil, the newspaper said.

The Company needs BRL75 million - BRL100 million to maintain its
operations, Folha said, adding it has another credit line of
EUR40 million at a retail bank it can still use.

The paper didn't supply the bank's name.


VARIG: In Talks With Argentine Airline Over Sale of Pluna Stake
---------------------------------------------------------------
Brazilian air transportation company, Varig, is looking to sell
its 49% stake in Uruguayan airline Pluna, which it acquired in
1994. According to O Estado de Sao Paulo, Varig is now in
negotiations with Argentine airline Aerolineas Argentinas over
its planned sale. Varig is responsible for the management of the
Uruguayan airline.



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

PARMALAT DE MEXICO: Pays Wages to 400 Workers
---------------------------------------------
Parmalat de Mexico said Monday it was able to pay wages to its
400 employees, but payments to milk producers due this week were
still pending, relates Reuters.

On Friday, the Company was unable to withdraw money needed to pay
salaries over the weekend because U.S.-based financial giant
Citigroup, via its Mexican arm Banamex, froze its accounts.

It's still not known whether Citigroup lifted the freeze on the
accounts or if Parmalat de Mexico obtained the money through a
third-party loan.

Parmalat's Mexican operations are "totally viable" but are
threatened by the freezing of its accounts, the Italian parent
said.


SATMEX: PanAmSat Belies Accusations
-----------------------------------
Contrary to Satelites Mexicanos' allegations, PanAmSat de Mexico
has not stolen a single customer from Satmex, reports El
Universal.

Manuel Gomez Ortigoza, chairman of the PanAmSat board, said
Satmex's financial position has been deteriorating since it
gained the concession to the Mexican satellite system.

The owners of Satmex paid 43% more than what the business was
worth and that financial cost "is killing it," Gomez pointed out.
Since satellite contracts are long-term - of four or five years -
it could not be so easy for customers to change to other
companies, he added.

"These are some of the lies that Satmex has been telling. Our
intention was not to come to Mexico to do that [steal
customers]," said the executive.

PanAmSat might even decide to propose an alliance with Satmex
once the latter finds a solution to its financial problems.



===============
P A R A G U A Y
===============

COPACO: Conatel Insists on Legitimacy of Board Participation
------------------------------------------------------------
Paraguay's telecoms regulator Conatel rebuffed reports that four
out of five members of the board are on authorized leave of
absence from the payroll of state telecoms company Copaco,
relates Business News Americas.

Local newspaper Ultima Hora earlier reported that Omar Javier
Ramos - the current president of Conatel - as well as Luis
Antonio Reinoso, Francisco Rigoberto Delgado and Lidio
Estigarribia are still on the payroll at Copaco. This contravenes
article 11 of the telecoms law, which states that Conatel
employees cannot be employed by any of the companies, which fall
under the regulator's supervision.

But a Conatel source claimed that Ramos resigned from Copaco in
early 2003, long before the election of President Nicanor Duarte
in August 2003 and Ramos' subsequent appointment.

Similarly, Reinoso, Delgado and Estigarribia all resigned from
Copaco before taking jobs with Conatel, the spokesperson added.

When President Duarte took office in August 2003, he promised to
crack down on public-sector corruption.



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

PDVSA: To Boost Planned Spending On Government Programs
-------------------------------------------------------
State oil company Petroleos de Venezuela SA said it will increase
planned spending on government agricultural and social programs
this year, reports Bloomberg News.

According to PDVSA President Ali Rodriguez, the Company will
provide a total of VEB2.3 trillion (US$1.2 billion) -- about half
for social programs and the rest for farming.

Previously, the Company said it would spend US$616 million this
year on social programs, compared with spending of US$29 million
in 2003. The Company is also funding government adult literacy
and employment programs.

The decision to increase funding comes after Venezuelan President
Hugo Chavez failed in an effort to persuade the central bank to
turn over US$1 billion for the projects from international
reserves.

"PDVSA has a social and ethical responsibility to reduce the
serious problems the population faces," Rodriguez said in an
interview with the Venpres state news agency.

By turning to PDVSA for more funds, Chavez risks cutting into
investment needed to boost production by PDVSA, according to
analysts such as David Voght, managing director for IPD Latin
America, an energy consulting company with offices in Caracas.

In January, Rodriguez said that the Company planned to invest
US$5 billion this year to help boost oil production capacity.

"I don't think they will be able to maintain production," Voght
said in an interview.

In a separate report, Bloomberg says PDVSA will spend up to
US$408 million dollars with the country's state heavy industries
holding company on industrial projects aimed at replacing
imports.

In a press statement, the Company has identified 10 potential
projects with Corporacion Venezolana de Guayana. The projects
include aluminum and fishing. It gave no breakdown of the
investments it would fund.



               ***********


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