/raid1/www/Hosts/bankrupt/TCRLA_Public/040521.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

             Friday, May 21, 2004, Vol. 5, Issue 100

                            Headlines


A R G E N T I N A

41 PLAZA: Defaults on Debts, Faces Bankruptcy
ALDO RIZZI INGENIERIA: Court Sets Verification Date
AMERITRANS: Enters Bankruptcy on Court Orders
AUTOTINT: Begins Bankruptcy Proceedings
ADVANCE LINE: Entering Bankruptcy Process

COMPANIA AGROGANADERA: Files Petition to Reorganize
COMPANIA AUSTRAL: Verification Cut-off Set
COMUNICACION GRUPO TRES: Court OKs Reorganization Plea
CONSULTORA TECNICA: Prepares for Bankruptcy
CORPORACION OLIMPIA: Liquidating Assets to Cover Claims

DIRECTV LA: Objects to Liability Claims
DISCOS Y CAMPANA: Court Issues Bankruptcy Ruling
INGERED: Court Sets Date for Verification
IRSA: Starts Payment to Holders of 3rd Installment of Notes
PARMALAT ARGENTINA: Nestle "Not Interested" Says Exec

PETRO-RIBERA: Defaults on Creditors, Faces Liquidation
PISOS INDUSTRIALES: Receives Order for Liquidation
STOCK & STOCK: Declared Bankrupt by Court
TELECOM ARGENTINA: To Sign Interim Deal With Govt


B E R M U D A

GLOBAL CROSSING: Secures $100M Bridge Loan From ST Telemedia


B R A Z I L

CFLCL: Reports 1Q04 Losses of US$1.4mln
EMBRATEL: Anatel May Decide on Sale By Month's End
EMBRATEL: Slim Vows Tough Brazilian Telecom Competition


C H I L E

TELEFONICA CTC: Board OKs Sale of Telefonica Movil Chile


C O L O M B I A

AVIANCA: Embarks on E-ticket Program To Improve Services


E C U A D O R

* IMF Extends Ecuador's Repayment Expectation Dates


J A M A I C A

WESTERN CEMENT: May Be Sold This Week


M E X I C O

GRUPO SIMEC: To Acquire Grupo Sidenor's Manufacturing Facilities
PEMEX: Schedules Second MSC Round for July-August
VITRO: Studies Opening of China Glassware Plant


N I C A R A G U A

* IDB Approves $727M In Debt Relief For Nicaragua


U R U G U A Y

UTE: Calling in Bids from Brazilian Generators for 70MW Supply


V E N E Z U E L A

SIDOR: Amazonia Welcomes New Stockholders

     -  -  -  -  -  -  -  -

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

41 PLAZA: Defaults on Debts, Faces Bankruptcy
---------------------------------------------
41 Plaza S.R.L. will undergo bankruptcy after Buenos Aires Court
No. 11 approved a creditor's petition for its liquidation. This
pronouncement will effectively transfer control of the Company's
assets to Mr. Miguel Angel Marceesi, the court-appointed
trustee.

Infobae states that the trustee will verify creditors' claims
until July 6, 2004. The individual reports based on the
forwarded claims will be presented in court on September 2,
2004. The trustee will also submit a general report summarizing
the company's financial status and other information relevant to
the liquidation on October 15, 2004.

CONTACT: Mr. Miguel Angel Marceesi, Trustee
         Avellaneda 1135
         Buenos Aires


ALDO RIZZI INGENIERIA: Court Sets Verification Date
---------------------------------------------------
Aldo Rizzi Ingenieria S.R.L. entered bankruptcy on orders from
Buenos Aires Court No. 12, reveals Infobae. Working with Clerk
No. 23, the court assigned Mr. Salvador Militello as trustee. He
is to verify creditors' claims until June 21 2004.

Creditors who fail to have their claims validated before the
deadline will be disqualified from receiving any payments to be
made after the Company's assets are liquidated.

The individual reports, which are due on August 17, 2004, are to
be prepared upon completion of the verification process. The
court also requires the trustee to prepare a general report and
file it on September 28, 2004. This report contains a summary of
the results in the individual reports.

CONTACT: Mr. Salvador Militello, Trustee
         Tucuman 1506
         Buenos Aires


AMERITRANS: Enters Bankruptcy on Court Orders
---------------------------------------------
Buenos Aires Court No. 12 placed Ameritrans S.R.L. under the
supervision of Mr. Mario Nicolas Degese, trustee, following the
declaration of the Company's bankruptcy. Infobae reports that
the court has set July 12, 2004 as the deadline for the
authentication of creditors' claims.

Mr. Degese is required by the court to submit individual and
general reports pertaining to the bankruptcy on September 7,
2004 and October 19, 2004 respectively. Clerk No. 24 assists on
this case.

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

CONTACT:  Mr. Mario Nicolas Degese, Trustee
          Bouchard 468
          Buenos Aires


AUTOTINT: Begins Bankruptcy Proceedings
---------------------------------------
Buneos Aries Court No. 8 declared Autotint S.R.L. "Quiebra,"
reports Infobae. Clerk No. 15 assists the court on the case,
which will close with the liquidation of the Company's assets to
repay creditors.

Mr. Ricardo Sukiassian, who has been appointed as trustee, will
verify creditors' claims until July 2, 2004 and then prepare the
individual reports for court presentation based on the results
of the verification process.

The individual reports will be submitted to the court on August
31, 2004, followed by the general report on October 13, 2004.

CONTACT: Autotint S.R.L.
         Av Libertador 6601
         Buenos Aires

         Mr. Ricardo Sukiassian, Trustee
         San Martin 1009
         Buenos Aires


ADVANCE LINE: Entering Bankruptcy Process
-----------------------------------------
Buenos Aires Judge No. 11, assisted by Clerk No. 21, instructed
Advance Line S.A. to begin bankruptcy proceedings after ruling
that the Company is "Quiebra". An Infobae notice states that Mr.
Carlos Eduardo Foresti will be supervising the liquidation as
Trustee.

Verification of creditors' claims is slated until June 4, 2004.
The trustee will present a report based on these claims on July
20, 2004 followed by a general report on September 15, 2004.

CONTACT: Mr. Carlos Eduardo Foresti, Trustee
         Av Callao 449
         Buenos Aires


COMPANIA AGROGANADERA: Files Petition to Reorganize
---------------------------------------------------
Compania Agroganadera Santa Fe S.A. filed a "Concurso
Preventivo" motion, reports Infobae. The Company is seeking to
reorganize its finances after defaulting on its debt payments.
The Company's case is pending before Court No. 11, who is
assisted by Clerk No. 21.

CONTACT: Compania Agroganadera Santa Fe S.A.
         Buenos Aires  


COMPANIA AUSTRAL: Verification Cut-off Set
------------------------------------------
Infobae reports that the verification of claims against Compania
Austral de Mantenimiento S.A. in connection with the Company's
ongoing liquidation is set to end on May 31, 2004. The Company's
case has been assigned to Bahia Blanca Court No. 7. Mr. Jose
Luis Roubio serves as trustee for the liquidation.

CONTACT:  Compania Austral de Mantenimiento S.A.
          Av Colon 763
          Bahia Blanca

          Mr. Jose Luis Roubio, Trustee
          Sarmiento 548
          Bahia Blanca


COMUNICACION GRUPO TRES: Court OKs Reorganization Plea
------------------------------------------------------
Buenos Aires Judge No.16 approved the petition of Comunicacion
Grupo Tres S.A. for a preventive reorganization, reports
Infobae. This authorization allows the Company to avoid
bankruptcy by negotiating a settlement with its creditors.

The accounting firm Estudio, Wainstein, Garbarini, will oversee
the reorganization proceeding as court-appointed trustees.
Creditors must have their claims substantiated during the
verification phase scheduled until August 27, 2004.

The trustee will submit the individual reports for court
approval on August 10, 2004. The individual reports explain the
basis for the approved and rejected claims. A general report
containing details of the reorganization will also be presented
for court review on November 22, 2004.

The informative assembly, the final stage of a reorganization,
is scheduled on June 1, 2005. Clerk No. 32 assists the court on
this case.

CONTACT: Comunicacion Grupo Tres S.A.
         Suipacha 1380
         Buenos Aires

         Estudio, Wainstein, Garbarini - TRUSTEES
         Trustees
         Presidente Peron 1558
         Buenos Aires


CONSULTORA TECNICA: Prepares for Bankruptcy
-------------------------------------------
Consultora Tecnica S.R.L., operating in Buenos Aires, entered
bankruptcy as the city's Court No. 20 ruled that it is
"Quiebra." Infobae reveals that Clerk No. 40 aids the court on
the process.

The court appointed Mr. Julio Coy as the Company's trustee.
Creditors must submit their proofs of claims to Mr. Coy for
verification before June 25, 2004. The Trustee is also required
to prepare the individual and general reports on the bankruptcy
process and present them in court on August 24, 2004 and October
5, 2004, respectively.

CONTACT: Mr. Julio Coy, Trustee
         Piedras 181
         Buenos Aires


CORPORACION OLIMPIA: Liquidating Assets to Cover Claims
-------------------------------------------------------
Infobae reports that Corporacion Olimpia S.R.L. will begin
liquidating its assets after Buenos Aires Court No. 1 declared
the Company bankrupt. This declaration will place the Company's
activities under the supervision of Mr. Jose Maria Larrory, the
court-appointed trustee. The Trustee will verify creditors
claims until July 6, 2004.

CONTACT: Mr. Jose Maria Larrory, Trustee
         Viamonte 1348
         Buenos Aires


DIRECTV LA: Objects to Liability Claims
---------------------------------------
M. Blake Cleary, Esq., at Young, Conaway, Stargatt & Taylor,
LLP, in Wilmington, Delaware, relates that DirecTV Latin
America, LLC, and its professionals have determined that certain
claims do not reflect actual liabilities of the Debtor or its
estate.  Moreover, the liabilities set forth in the No Liability
Claims do not appear on DirecTV's Schedules.  DirecTV maintains
that the proper liability for the No Liability Claims is set
forth in its Books and Records and in its Schedules.

Accordingly, DirecTV asks the Court to disallow and expunge
eight No Liability Claims in their entirety:

   (1) Blue Cross & Blue Shield of Florida, Inc.'s Claim No. 34
       for $3,350.  Claim No. 34 was filed on account of
       April 2003 premiums allegedly owed. Upon reviewing
       DirecTV's books and records, no evidence was found
       supporting Claim No. 34. Subsequent to the filing of
       Claim No. 34, Blue Cross told DirecTV that the
       liabilities outlined in Claim No. 34 do not exist;

   (2) Conceito's Claim No. 113, an unsecured claim for $1,309,
       is for prepetition goods sold to DirecTV. No evidence was
       found supporting Claim No. 113. According to DirecTV's
       books and records, DirecTV has paid all prepetition
       amounts owed to Conceito;

   (3) Health Options, Inc.'s Claim No. 35 for $5,106 was filed
       on account of premiums allegedly owed for March and April
       2003. DirecTV has found no evidence supporting Claim
       No. 35. Subsequent to the filing of Claim No. 35, Health
       Options told DirecTV that the liabilities outlined in
       Claim No. 35 do not exist;

   (4) Indigo Film Television's Claim No. 14 is an unsecured
       claim for $481 against DirecTV. The amounts set forth in
       Claim No. 14 consist entirely of Pay Per View invoice
       #0757 filed to collect outstanding licensing fees
       incurred in October and November 2002. According to its
       books and records, DirecTV has paid all prepetition
       amounts owed to Indigo;

   (5) MLB Properties, Inc.'s Claim No. 87 is an unsecured claim
       for $372,980 against DirecTV. Claim No. 87 was filed on
       account of unpaid amounts due in accordance with a 2000
       Memorandum of Understanding and a 2003 Broadcast Rights
       Agreement. Upon a review of its books and records,
       DirecTV found no evidences supporting Claim No. 87. The
       amounts owed for rights to broadcast the 2002 baseball
       season were paid in three separate payments amounting to
       $600,000. A $120,000 payment was made on May 2, 2002.  
       The remaining two payments of $240,000 were made on
       July 11, 2002 and on December 17, 2002. All unpaid
       amounts of the 2003 baseball season were paid and settled
       before the start of the 2004 baseball season by one
       payment of $254,000 made on April 5, 2004;

   (6) Newco Programadora E Productora De Communicacao, Ltd.,
       Band Sports filed Claim No. 82 as an unsecured claim
       against DirecTV for $263,440. Upon reviewing its books
       and records, DirecTV found no evidence supporting Claim
       No. 82. Newco's claim was entirely paid and satisfied by
       a DirecTV subsidiary;

   (7) Skillpath Seminars' Claim No. 12 for $199 relates to
       DirecTV's participation in a seminar provided by
       Skillpath. No evidence was found supporting Claim No.
       12. DirecTV believes that the filed claim is a
       liability of another company entirely; and

   (8) Speed Channel, Inc.'s Claim No. 66 alleges a $24,614
       unsecured claim against DirecTV for amounts owed for
       distribution of Speed Channel programming. No evidence
       was found supporting Claim No. 66 upon review of
       DirecTV'sbooks and records.  The amounts were entirely
       paid and satisfied by a subsidiary of DirecTV in
       accordance with DirecTV's ordinary course of business.
       (DirecTV Latin America Bankruptcy News, Issue No. 24;
       Bankruptcy Creditors' Service, Inc., 215/945-7000)


DISCOS Y CAMPANA: Court Issues Bankruptcy Ruling
------------------------------------------------
Discos y Campana M.G. S.A. will now enter bankruptcy after
Buenos Aires Court No. 12 declared it "Quiebra," reports
Infobae.

With assistance from Clerk No. 23, the court named Mr. Hugo
Daniel Pantaleo as trustee. He will verify creditors' claims
until June 7, 2004.

Following claims verification, the trustee will submit the
individual reports, which were prepared based on the
verification results, to the court on September 2, 2004. The
general report is due for submission on September 30, 2004.

The Company's bankruptcy case will close with the liquidation of
its assets to pay its creditors.

CONTACT: Mr. Hugo Daniel Pantaleo, Trustee
         Av Corrientes 1450
         Buenos Aires


INGERED: Court Sets Date for Verification
-----------------------------------------
Infobae announced that Buenos Aires Court No. 1 has reset the
verification deadline for creditors' claims in connection with
the Ingered S.R.L. bankruptcy to July 16, 2004. Mr. Lajbisz Barg
serves as trustee on this case.

CONTACT: Mr. Lajbisz Barg, Trustee
         Paraguay 2630
         Buenos Aires


IRSA: Starts Payment to Holders of 3rd Installment of Notes
-----------------------------------------------------------
IRSA Inversiones y Representaciones S.A. Convertible Notes in a
principal amount of US$ 100,000.000, Due 2007

The Company informs that on May 14, 2004, it started the payment
to the holders of the third installment of interests related to
the Convertible Notes issued on November 14, 2002.

Payment Agent: The Bank of New York.

Payment date: May 14, 2004

Payment hours: From 10 am to 3 pm

Installment number: third installment of interests

Period comprised by the payment: November 14, 2003/ May 14, 2004

Concept of payment: Interests (100%)

Payment currency: United States Dollars

Capital Outstanding: US$ 92,507,920

Annual Nominal Interest: 8.00%

Amount of interests being paid: US$ 3,700,316.8

The interests will be paid to the people who were registered
with the Register Agent, as holder of the Convertible Notes, on
May 1, 2004.


PARMALAT ARGENTINA: Nestle "Not Interested" Says Exec
-----------------------------------------------------
Reacting to media reports that Nestle S.A. (NESN.VX) is keen on
acquiring the local unit of collapsed Italian dairy giant
Parmalat Finanziaria SpA (PRF.MI), Nestle Argentina President
Pablo Devoto clarified Tuesday that the Swiss company is "not
interested" in bidding for Parmalat Argentina, which was put up
for sale in March, Dow Jones reports.

His comments confirmed an earlier statement by Nestle CEO Peter
Brabeck that the company, which has seven plants in Argentina,
has no interest in parts of Parmalat, which collapsed last year
after its disclosure of an accounting scandal.

Despite the troubles that plagued its Italian parent, Parmalat
Argentina saw few problems in supply or missed payments. The
company ranks sixth in Argentina in liquid milk sales and second
in a variety of other dairy products.


PETRO-RIBERA: Defaults on Creditors, Faces Liquidation
------------------------------------------------------
Petro-Ribera S.R.L. will commence with the bankruptcy process
following the declaration of Buenos Aires Court No. 20 that the
Company is "Quiebra".  Infobae relates that the court, assisted
by Clerk No. 40, appointed Mr. Jorge Wilcke as Trustee.

The Trustee will receive creditors' claims for verification
until July 16, 2004. The result of the verification will be
presented in court as individual reports on September 13, 2004.
A general report covering aspects of the company's financial
status as well as events during the course of the liquidation
will also be submitted on October 26, 2004.

CONTACT: Mr. Jorge Wilcke, Trustee
         Paraguay 435
         Buenos Aires
     

PISOS INDUSTRIALES: Receives Order for Liquidation
--------------------------------------------------
Pisos Industriales S.R.L. is set to wind-up its operations
following orders by Buenos Aires Court No. 12 for liquidation.
Concurrent with this declaration, Mr. Hector Rodolfo Arzu, the
court-appointed trustee, will assume control of the Company's
assets.

Infobae reports that creditors can submit proofs of claims to
the Trustee until June 7, 2004. The submission of the individual
and general reports is scheduled on August 3, 2004 and September
14, 2004, respectively.

CONTACT: Pisos Industriales S.R.L.
         Libertad 877
         Buenos Aires

         Mr. Hector Rodolfo Arzu, Trustee
         Junin 55 Capital Federal
         Buenos Aires


STOCK & STOCK: Declared Bankrupt by Court
-----------------------------------------
Stock & Stock S.A. is now bankrupt after Buenos Aires Court No.
12 declared it "Quiebra", Infobae reports. The court, with the
assistance of Clerk No. 23 appointed Mr. Hector Rodolfo Arzu as
trustee.

Mr. Arzu will be reviewing creditors' claims until June 6, 2004.
Analyzing these claims is important because the outcome of the
process will determine the amount each creditor will get after
all the assets of the Company are liquidated.

Individual reports based on the verified claims are due for
court submission on September 1, 2004. The submission of the
general report follows on September 29, 2004.

CONTACT: Mr. Hector Rodolfo Arzu, Trustee
         Junin 55
         Buenos Aires


TELECOM ARGENTINA: To Sign Interim Deal With Govt
-------------------------------------------------
The press office of Argentine fixed-line provider Telecom
Argentina (TEO) confirmed Wednesday that it will be signing
Thursday a temporary agreement with the government in line with
President Nestor Kirchner's recent policy of renegotiating all
61 of the country's public service contracts, reveals Dow Jones.
The bridge accords are necessary to give both sides time to work
on longer-term contracts.

No details on the agreement were given, but local reports said
the bridge contracts will keep fixed-line rates at the same
level at which they were frozen more than two years ago, when
the government converted all utility rates into devalued pesos
and capped them.

The rate freeze is one of the more delicate issues between the
government and Argentina's privatized utilities. So far, only
gas and power companies have received increases.

Telecom Argentina is scheduled to sign the agreement Thursday
together with its competitor, Spanish-owned Telefonica de
Argentina (TAR).



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

GLOBAL CROSSING: Secures $100M Bridge Loan From ST Telemedia
------------------------------------------------------------
Global Crossing (NASDAQ: GLBCE) announced Wednesday that it has
finalized an agreement with an affiliate of Singapore
Technologies Telemedia (ST Telemedia) providing for availability
of up to $100 million of secured bridge financing for Global
Crossing's business operations.

"Our financing arrangement with ST Telemedia will allow Global
Crossing to focus on what we do best: meeting our customers'
needs," said John Legere, CEO. "The advanced IP solutions we
deliver over our unique network consistently achieve high marks
for performance, and we will continue pursuing our goal of
becoming an industry leader."

"Global Crossing has overcome many obstacles during its
restructuring, in part due to the dedication and talent of its
employees, and we are pleased to provide the company with $100
million of financing at this time," said Lee Theng Kiat, ST
Telemedia's president and CEO.

Under the facility, which matures on December 31, 2004, Global
Crossing may borrow in phases over the next several months. The
loan agreement contains a number of significant conditions
related to financial targets and the company's cost of access
review, all of which are set forth in the company's Form 8-K
filing with the Securities and Exchange Commission.

ABOUT GLOBAL CROSSING

Global Crossing (Nasdaq: GLBCE) provides telecommunications
solutions over the world's first integrated global IP-based
network. Its core network connects more than 300 cities and 30
countries worldwide, and delivers services to more than 500
major cities, 50 countries and 6 continents around the globe.
The company's global sales and support model matches the network
footprint and, like the network, delivers a consistent customer
experience worldwide.

Global Crossing IP services are global in scale, linking the
world's enterprises, governments and carriers with customers,
employees and partners worldwide in a secure environment that is
ideally suited for IP-based business applications, allowing e-
commerce to thrive. The company offers a full range of managed
data and voice products including Global Crossing IP VPN
Service, Global Crossing Managed Services and Global Crossing
VoIP services, to more than 40 percent of the Fortune 500, as
well as 700 carriers, mobile operators and ISPs.

CONTACT: GLOBAL CROSSING
         Press Contacts

         Becky Yeamans
         + 1 973-937-0155
         PR@globalcrossing.com

         Tisha Kresler
         +1 973-937-0146
         PR@globalcrossing.com

         Catherine Berthier
         +1 646-256-8502
         PR@globalcrossing.com

         Kendra Langlie
         Latin America
         +1 305-808-5912
         LatAmPR@globalcrossing.com

         Mish Desmidt
         Europe
         + 44 (0) 7771-668438
         EuropePR@globalcrossing.com

         Analysts/Investors Contact

         Mitch Burd
         +1 800-836-0342
         glbc@globalcrossing.com



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

CFLCL: Reports 1Q04 Losses of US$1.4mln
---------------------------------------
In a statement to the Sao Paulo stock exchange, Brazilian power
company CFLCL reported net losses of BRL4.5 million (US$1.4mln)
in the first quarter of 2004, lower than the BRL15.6 it posted
in the same period last year, says BNamericas.

As power rates increased by 76%, CFLCL said revenues from power
sales reached BRL384 million, a 34% increase from what it
reported in 1Q03. Power sales, however, dropped 4.3% to
1,426GWh, still below the 1,480GWh sold in 2001, the first year
of the 2001-2002 power rationing in Brazil, according to the
statement.

With three large clients opting to purchase power from other
suppliers, the company said sales to industrial clients, which
account for 32% of power sales, fell 12.4%, while residential
clients, who make up 45% of total power sales, increased 0.7%
from the same period a year ago.

The statement also revealed that the company's net financial
expenses fell to BRL50.1 million in the first quarter from
BRL55.5 million, while its debts stood at BRL1.17 billion at the
end of the period.

Minas Gerais state-based CFLCL sells power to 1.8 million people
in three states.


EMBRATEL: Anatel May Decide on Sale By Month's End
--------------------------------------------------
Pedro Ziller, president of Brazil's telecoms regulator Anatel,
indicated to a lower house public hearing Wednesday that the
agency's decision on the sale of local telecoms operator
Embratel (NYSE: EMT) to Mexico's Telmex (NYSE: TMX) may come by
the end of this month or by the first week of June, relates
Business News Americas.

The public hearing was called by three lower house committees to
examine the deal. These were for science and technology,
communications and informatics, and consumer protection.

Fernando Ferro, a lower house Workers' Party member, said the
meeting was "positive" but he indicated that there could be
another meeting since the latest one didn't really clarify
questions over the transparency of information during the sale
process. Nor did he fully comprehend why MCI chose to accept the
lower offer of US$400 million of Telmex when the Calais
consortium had offered US$550 million.

CONTACT:  Silvia M.R. Pereira, Investor Relations
          Tel: (55 21) 2121-9662
          Fax: (55 21) 2121-6388
          E-mail: silvia.pereira@embratel.com.br
                  invest@embratel.com.br


EMBRATEL: Slim Vows Tough Brazilian Telecom Competition
-------------------------------------------------------
Telmex owner Carlos Slim said Wednesday that his company's entry
into the Brazilian local phone service market through the
acquisition of the country's largest long distance carrier
Embratel would bring tough competition into a field he said is
controlled by a "monopoly", Reuters relates.

Mr. Slim, the richest man in Latin America, made the comments
after a meeting with Brazilian President Luiz Inacio Lula da
Silva and his ministers.

"Embratel today is precisely the alternative and the competition
to what today is a monopoly," he said, likely in reference to  
dominant carriers Telesp, controlled by Spain's Telefonica;
Brasil Telecom; and Tele Norte Leste Participacoes (Telemar).
Incidentally, the three carriers make up the Calais consortium,
Telmex's fiercest competitor in the bidding war for Embratel.
Telmex won, but the Embratel deal still awaits approval from
Brazilian regulators.

"There is a lot of competition in mobile telephony, there is
competition in long-distance services, but in local services
there is no competition," Mr. Slim said.



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

TELEFONICA CTC: Board OKs Sale of Telefonica Movil Chile
---------------------------------------------------------
At its regular meeting held on May 18, 2004, the Board of
Directors of Compania de Telecomunicaciones de Chile S.A. (NYSE:
CTC) unanimously approved to recommend to shareholders the
approval of the offer made by Telefonica Moviles S.A ("TEM") to
acquire 100% of the Company's subsidiary, Telefonica Movil Chile
S.A.

The price offered by TEM is US$1,007 million to be paid in cash
upon closure of the transaction. Similarly, TEM will pay the
debt Telefonica Movil Chile S.A. has with Telefonica CTC Chile
at the closure of the transaction. As of March 31, 2004, this
debt totaled US$243 million*.

Completion of the transaction will require shareholder approval
at an Extraordinary Shareholders' Meeting, to be held within the
next 60 days, and will require creditor approval as well.

As a related party transaction and in accordance with Chilean
Corporate Governance Law, this transaction was examined and
unanimously approved by the Company's Director's Committee.

Currently, Telefonica S.A. holds a 43.6% participation in
Telefonica CTC Chile S.A. Telefonica S.A. also holds a 92.44%
controlling interest in TEM.

Additionally, the Board will propose an extraordinary dividend
payment in the amount of US million at the Extraordinary
Shareholder's Meeting being held for approval of the
transaction.

*Considers an exchange rate of CH$638.22 per US$

Compania de Telecomunicaciones de Chile S.A., the first South
American company to list shares on the New York Stock Exchange,
is the largest telecommunications enterprise in Chile, providing
local service, as well as domestic and international long
distance services throughout the country. Additionally, the
Company provides equipment marketing, data transmission, value-
added services and information systems services.

CONTACT: TELEFONICA CTC CHILE
         Sofia Chellew
         E-mail: schelle@ctc.cl
         Tel.:56-2-691 3867

         Veronica Gaete
         E-mail: vgaete@ctc.cl
         Tel.:56-2-691 3867

         M.Jose Rodriguez
         E-mail: mjrodri@ctc.cl
         Tel.:56-2-691 3867

         Florencia Acosta
         E-mail: macosta@ctc.cl
         Tel.:56-2-691 3867

         THE GLOBAL CONSULTING GROUP
         Kevin Kirkeby
         E-mail: kirkeby@hfgcg.com
         Tel.:1-646-284-9416



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

AVIANCA: Embarks on E-ticket Program To Improve Services
--------------------------------------------------------
In an effort to improve services for its clients as well as cut
operating costs, Aerovia Nacionales de Colombia (Avianca) will
set up electronic ticket and check in, reports Portafolio.

With the new electronic program, which requires the Colombian
airline to invest US$100,000, the Company aims to sell 1,000
tickers per day, a significant increase from the current 100.

Furthermore, the Company plans to invest US$9 million in
security this year.

Avianca, which is in the middle of bankruptcy proceedings in a
U.S. court, reported a net profit of US$18 million and operating
income of US$23 million in the first quarter of 2004.

Earlier, Brazilian oil entrepreneur German Efromovich warned
Avianca's owners that he would abandon his offer to buy the
bankrupt airline if they can't decide on his offer by May 31.

Mr. Efromovich had offered through his Brazilian company Sinergy
to buy 75% of Avianca with a US$64 million capital infusion and
the assumption of its debt totaling US$300 million.

Mr. Efromovich issued his warning after another interested
bidder -- a partnership between Continental Airlines and
Panama's Copa Airlines --announced its US$360-million offer for
Avianca. The partnership, however, has yet to reveal details of
their bid. Avianca's owners have said they are studying both
proposals.



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

* IMF Extends Ecuador's Repayment Expectation Dates
---------------------------------------------------
The Executive Board of the International Monetary Fund (IMF) has
approved a one-year extension on repayment expectations in the
total amount equivalent to SDR 33.071 million (about US$48
million) arising during the remainder of 2004 from drawings
under Ecuador's April 19, 2000 Stand-By Arrangement (see Press
Release No. 00/32). The repayments were expected on May 28, July
2, August 30, October 1 and November 30, 2004, and will now fall
due exactly one year after these dates. IMF policy on repayment
expectations allows for such extension.

CONTACT: IMF EXTERNAL RELATIONS DEPARTMENT
         700 19th Street, NW
         Washington, D.C. 20431 USA
         Public Affairs: 202-623-7300 - Fax: 202-623-6278
         Media Relations: 202-623-7100 - Fax: 202-623-6772

         Web Site: www.imf.org



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

WESTERN CEMENT: May Be Sold This Week
-------------------------------------
Business Observer sources indicated that the purchase of the
defunct Western Cement by a Jamaican consortium could be
concluded by the end of the week.

Reports have it that the consortium, headed by Maxie Bell, a
prominent Mandeville businessman, has offered the National
Investment Bank of Jamaica (NIBJ), which is in charge of
divesting Western Cement, US$2 million for the operation.

Western Cement, a quicklime mining and processing operation, was
established in 1997 by developer Robert Cartade; lawyer David
Wong Ken; engineer Jack Koonce; and businessman Shirley
Shakespare. The group was reported to have injected an estimated
amount of US$15 million into the project, some of which was
raised from banks that went bust in the financial sector crisis
of the late 1990s.

The project was profitable until May 2002 when heavy floods
severely damaged the refractor, eventually putting the plant out
of operation. With its debts mounting and Western Cement at
loggerheads with its insurers, NIBJ stepped in to secure the
interests of the banks it had bailed out. NIBJ appointed a
receiver for Western Cement.



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

GRUPO SIMEC: To Acquire Grupo Sidenor's Manufacturing Facilities
----------------------------------------------------------------
Grupo Simec, S.A. de C.V. (Amex: SIM - News; "Simec") announced
Wednesday, that subject to approval of the Mexican Comision
Federal de Competencia (Federal Commission of Competition),
Industrias CH, S.A. de C.V. ("ICH") will acquire the Mexican
steel-making facilities of Industrias Ferricas del Norte, S.A.
("Grupo Sidenor"). It is currently intended that the acquisition
would be made by ICH's subsidiary, Simec and its subsidiaries,
due to the greater synergy and economies of scale between the
plants of Simec in Mexicali and Guadalajara and the plants that
Grupo Sidenor owns in Apizaco, Tlaxcala and Cholula, Puebla.
With this acquisition, it is expected that Simec would increase
its installed capacity approximately 40%, its sales would
increase approximately 45% and its employees would increase by
approximately 800 persons. The acquisition is expected to be
financed with internally generated resources of ICH and Simec.


PEMEX: Schedules Second MSC Round for July-August
-------------------------------------------------
Mexico's state oil company Pemex will hold the second round of
multiple service contracts (MSCs) in July - August, reports
Business News Americas.

In the upcoming round, the Company, according to Pemex Gas y
Petroquimica Basica director general Marcos Ramirez, will offer
four blocks consisting of two unassigned blocks left over from
the first round - Ricos and Corindon-Pandura (to be split into
three) and the Burgos basin.

Only 5 of 7 blocks were awarded and bids were few during the
first MSC round. But even so, Mexico's energy minister Felipe
Calderon said he "was not disappointed at all."


VITRO: Studies Opening of China Glassware Plant
-----------------------------------------------
Dow Jones relates that Mexican glass maker Vitro SA (VTO) is
conducting a study to determine the feasibility of opening a
glassware plant in China, said chief financial officer Alvaro
Rodriguez Tuesday.

Mr. Rodriguez said the company is considering the option in
order to serve its customers in China who are into manufacturing
coffee makers, blenders and other products. He, however,
declined to name the customers it plans to work with in the
country.

Should Vitro push through with its China plant plans, it would
become an addition to the dozens of manufacturing plants that
have relocated to China from Mexico in the past few years. This
has raised concerns that Mexico's manufacturing industry is
losing competitiveness to China's cheaper labor market. Still, a
plant in Asia could help Vitro diversify its sales, the bulk of
which stem from Mexico and the U.S.

Vitro, one of the world's largest glass companies, has annual
sales of more than US$2 billion in 70 countries.



=================
N I C A R A G U A
=================

* IDB Approves $727M In Debt Relief For Nicaragua
-------------------------------------------------
The Inter-American Development Bank's Board of Executive
Directors has approved full debt relief benefits for Nicaragua
under the enhanced initiative for Heavily Indebted Poor
Countries (HIPC), the IDB announced Wednesday.

As Nicaragua's leading source of multilateral financing, the IDB
will provide irrevocable debt relief of $727 million ($391.2
million in net present values) for 2001-2019, one of the largest
contributions among international financial institutions.

The IDB's support adds to relief granted by the International
Monetary Fund and the World Bank, whose boards determined in
January that Nicaragua had reached HIPC's "completion point".
The Central American Bank for Economic Integration is also
taking part in the debt relief initiative.

As a member of the international community, the IDB expects this
relief of Nicaragua's financial burden will help the country
strengthen the economic stability achieved in recent years,
encourage sustainable and inclusive growth and reduce poverty by
focalizing public spending on the neediest groups of its
population.

The IDB had been providing Nicaragua interim debt relief since
2001, supporting the country's efforts to reach various HIPC
goals, particularly in developing a social safety net for
vulnerable social groups, modernizing its comptroller's office
and justice administration system, increasing transparency in
public sector procurement and carrying out reforms in its
pensions system and electricity sector.

The IDB has approved more than $450 million in soft loans to
Nicaragua since the country reached HIPC's "decision point" in
December 2000, supporting various social programs in its poverty
reduction strategy



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

UTE: Calling in Bids from Brazilian Generators for 70MW Supply
--------------------------------------------------------------
Uruguay's state power company UTE is now calling on Brazilian
generators to submit their bids to contract 70MW capacity, says
BNamericas.

Submission of bids will run through May 25. Bids should be
expressed in Brazilian reais/MWh.

Before selecting a winner, UTE will verify with Brazil's
electricity regulator Aneel first to make sure that the bidder
is technically able to fulfill the contract.

The resulting contract is for uninterruptible power and will run
through November 30, 2004.

The contracts with Brazil are a stopgap solution designed to
lower generation costs in Uruguay and make up for an energy
shortfall after Argentina suspended export contracts for 338MW
in March.



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

SIDOR: Amazonia Welcomes New Stockholders
-----------------------------------------
The Amazonia consortium, which owns 60% of Venezuelan iron and
steel company Siderurgica del Orinoco (SIDOR), is delighted with
the state's sale of type B Sidor stock to the first group of
eligible employees in the worker participation program, Business
News Americas reports, citing a Sidor executive.

The state owns 40% of Sidor stock and is selling 20% of that
stock to company workers.

"With this the workers will become stockholders, and Amazonia is
pleased with this because it will gain a new ally - in becoming
shareholders the employees will see the company in a different
light," the unnamed Sidor official said.

Eligible employees will have the option to buy a total of 3
million shares, the value of which is set at US$62 million.

Workers recently ended a 20-day strike at the steelmaker after
accepting a one-time government wage bonus. Losses during the
conflict were estimated at around US$60 million.



                            ***********


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 2004.  All rights reserved.  ISSN 1529-2746.

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