The Colombian authorities released a preliminary report of the incident of a Aerosucre 737-200 videotaped by a security camera to be flying very low after takeoff.
The assumptions and initial report indicated an engine failure at the critical stage of the takeoff.
However, the Colombian official preliminary report indicates that the takeoff roll was normal, only the airplane hit a tree with two fully operational engines.
The impact with the tree caused the number one engine to fail, later restarted by the crew during the initial climb. (Sounds kind of weird). The engine was smoking during the pursuant landing.
A video of the occurrence can be seen here
The preliminary report in Spanish is available here