UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(Check one): [ ]Form 10-K [x]Form 20-F [ ]Form 10-Q [ ]Form N-SAR
For Period Ended: December 31, 2003
__________________________
[ ] Transition Report on Form 10-K
[ ] Transition Report on Form 20-F
[ ] Transition Report on Form 11-K
[ ] Transition Report on Form 10-Q
[ ] Transition Report on Form N-SAR
For the Transition Period Ended:_____________________
Read Instruction (on back page) Before Preparing Form.
Please Print or Type.
Nothing in this form shall be construed to imply that the Commission
has verified any information contained herein.
If the notification relates to a portion of the filing checked above,
identify the Item(s)to which the notification relates:
_____________________________________________________________________
PART I - REGISTRANT INFORMATION
Corporacion Durango, S.A. de C.V.
_____________________________________________________________________
Full Name of Registrant
N/A
_____________________________________________________________________
Former Name if Applicable
Torre Corporativa Durango, Potasio 150
_____________________________________________________________________
Address of Principal Executive Office (Street and Number)
Ciudad Industrial, Durango, Durango, Mexico 34208
_____________________________________________________________________
City, State and Zip Code
PART II - RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort
or expense and the registrant seeks relief pursuant to Rule 12b-25(b),
the following should be completed. (Check box if appropriate)
(a) The reason described in reasonable detail in Part III of
this form could not be eliminated without unreasonable
effort or expense.
[x] (b) The subject annual report, semi-annual report, transition
report on Form 10-K, Form 20-F, Form 11-K or Form NSAR,
or portion thereof, will be filed on or before the
fifteenth calendar day following the prescribed
due date; or the subject quarterly report or transition
report on Form 10-Q, or portion thereof will be filed on
or before the fifth calendar day following the prescribed
due date; and
(c) The accountant's statement or other exhibit required by
Rule 12b-25(c)
has been attached if applicable.
PART III - NARRATIVE
State below in reasonable detail why forms 10-K, 20-F, 11-K 10-Q,
N-SAR, or thetransition report or portion thereof, could not be filed
within the prescribed time period.
The Registrant is unable to file its Annual Report on Form 20-F
for the year ended December 31, 2003 without unreasonable effort
or expenses as Registrant has been unable to complete its financial
statements in time to file by the filing date due to:
(i) delays in the completion of the U.S. GAAP reconciliation
of the financial statements of the Registrant and the non-wholly
owned subsidiaries that guarantee certain of its debt securities
as a result of the change in the Registrant's auditors during
the 2003 fiscal year; and
(ii) the resolution of accounting and disclosure issues relating to
the Registrant's proposed financial restructuring and concurso
mercantil filing in Mexico.
PART IV - OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
Gabriel Villegas 011 (5255) 5488-0380
________________ ____________ _________________
(Name) (Area Code) (Telephone Number)
(2) Have all other periodic reports required under Section 13 or
15(d) of the Securities Exchange Act of 1934 or Section 30 of
the Investment Company Act of 1940 during the preceding 12
months or for such shorter period that the registrant was
required to file such report(s) been filed? If answer is no,
identify report(s).
Yes[x] No[ ]
________________________________________________________________
(3) Is it anticipated that any significant change in results of
operations from the corresponding period for the last fiscal
year will be reflected by the earnings statements to be
included in the subject report or portion thereof?
Yes[x] No[ ]
If so, attach an explanation of the anticipated change, both
narratively and quantitatively, and, if appropriate,state the
reasons why a reasonable estimate of the results cannot be made.
Based on the financial statements of the Registrant prepared under
Mexican GAAP that were filed under cover of Form 6-K on May 21, 2004,
were filed under cover of Form 6-K on May 21, 2004, net sales for the
year ended December 31, 2003 were Ps 6,831.0 million, representing a
15.9% decrease over net sales of Ps 8,124.5 million for the year ended
December 31, 2002. Net loss in the year ended December 31, 2003 was
Ps (3,354.2) million, or Ps (36.03) per share, compared to net loss
of Ps (3,738.9) million, or Ps (39.78) per share, for the year ended
December 31, 2002.
________________________________________________________________________
Corporacion Durango, S.A. de C.V.
______________________________________________
(Name of Registrant as Specified in Charter)
has caused this notification to be signed on its behalf by the
undersigned hereunto duly authorized.
Date July 1, 2004 By /s/ Gabriel Villegas
___________________ _________________________
Gabriel Villegas
Secretary
INSTRUCTION: The form may be signed by an executive officer of the
registrant or by any other duly authorized representative. The name and
title of the person signing the form shall be typed or printed beneath
the signature. If the statement is signed on behalf of the registrant
by an authorized representative (other than an executive officer),
evidence of the representative's authority to sign on behalf of the
registrant shall be filed with the form.