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       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

            Monday, January 22, 2001, Vol. 2, Issue 15

                             Headlines



A R G E N T I N A

GEORGALOS HNOS: Cadbury Schweppes Acquires Mantecol for $22.6M
IMPSAT: To Provide Ford Integrated Telecom Platform in Brazil


B R A Z I L

ELETROPAULO: Board Approves $50M Euro-Commercial Roll Over
iG: Predicts Adding 50,000 High-Speed Clients This Year
iG: To Establish Partnership With Brazilian Sports Portal
BRASPEROLA: Announces Management Changes
MOINHOS ANACONDA: Admits Difficulties in Retail Operations


M E X I C O

BANCOMER: To Issue Notes No Later Than June 2001
BITAL: To Complete Capitalization by the end of 1Q01
CINTRA: SCT Establishes Work Group To Achieve Cintra Sale
ICA: To Accept $11.5-Million From Colombian Payout
MINERA AUTLAN: Considers Temporary Receivership
MINERA AUTLAN: To Restart Molango Refinery


V E N E Z U E L A

CATANA: Discontinues Trading of Shares at Bolsa





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A R G E N T I N A
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GEORGALOS HNOS: Cadbury Schweppes Acquires Mantecol for $22.6M
--------------------------------------------------------------
Cadbury Schweppes plc announces today the acquisition of the
confectionery brand, Mantecol, in Argentina, for $22.6 million
(15.4 million pounds sterling) from the Argentine company
Georgalos Hnos SAICA. The acquisition also includes associated
equipment and technical expertise.

This acquisition strengthens the portfolio of Cadbury Stani,
Cadbury Schweppes' existing business in Argentina, giving it three
of the top ten selling Argentine confectionery brands - Beldent
chewing gum, No 1, Mantecol, No 6 and Bazooka bubble gum, No 7.

Mantecol, a combination of sugar confectionery and peanut paste,
is a unique product with no direct competition in the Argentine
market. Originally similar to the Middle Eastern product Halva,
but made from peanuts, Mantecol is sold both in plain format and
chocolate coated. Launched in the 1940s and enjoyed both as a
confection and as a dessert at mealtimes, Mantecol had an 11%
share of the chocolate market in 1999.

John Brock, Chief Operating Officer of Cadbury Schweppes plc,
commented on the acquisition, "Mantecol adds another strong,
profitable brand to our portfolio in Argentina. We see good
potential for growth as Mantecol will benefit from our greater
sales coverage."

Mantecol will be incorporated into Cadbury Stani with minimal
additional costs and capital expenditure. The acquisition is
subject to competition authority approval.


IMPSAT: To Provide Ford Integrated Telecom Platform in Brazil
-------------------------------------------------------------
IMPSAT Fiber Networks, Inc. ("IMPSAT" or the "Company")
(NASDAQ:IMPT), a leading provider of broadband telecommunications
and data center services in Latin America with operations in the
United States, today announced the signing of an agreement with
Ford Motor Company of Brazil, (a subsidiary of Ford Motors Company
(NYSE: F), to provide an integrated telecommunications solution of
data, voice, videoconferencing, Internet and housing services in
Brazil.

Under the terms of the US$ 4.7 million agreement, IMPSAT will
develop an integrated telecommunications solution. This solution
features terrestrial connections, broadband international
connectivity and housing services at IMPSAT's IntelliCenter(TM) in
Sao Paulo. The domestic high capacity solution will be provided
over IMPSAT's proprietary broadband network and will connect
Ford's manufacturing plants, commercial branches and distributors
in eight states. In addition, IMPSAT will provide Ford with
Internet backbone access as well as housing services for Ford's
communications equipment in IMPSAT's newly inaugurated
IntelliCenter(TM) of Sao Paulo. Finally, IMPSAT will provide Ford
with an international broadband connection between Sao Paulo and
its U.S. headquarters in Detroit, Michigan.

For IMPSAT, this agreement represents another confirmation of how
its differential capabilities are increasingly being required in
the key market of Brazil. The custom design solution confirms
IMPSAT's unique capabilities to serve the complex needs of
national and multinational corporations in Latin American.

Mr. Ricardo Verdaguer, chief executive officer of IMPSAT, added:
"We are very proud to add such a renowned name as Ford to our list
of corporate customers. The results of IMPSAT's deployment efforts
are increasingly being realized in Brazil. IMPSAT's advance
infrastructure combining data centers and broadband network, as
well as our experience in data solutions provision is attracting
an increasing number of corporations in Brazil."

The Brazilian domestic telecommunications solution provided by
IMPSAT is composed of multiple links with broadband capacities,
including E1 and T1 connections. This solution spans over the
states of Sao Paulo, Rio de Janeiro, Parana, Bahia, Minas Gerais,
Pernambuco, Rio Grande do Sul and Brasilia. The international link
provided by IMPSAT is composed of T1 submarine connections between
South America and the United States. The domestic
telecommunications solution is contracted for 4 years and the
international broadband connection is to be provided for 3 years.
Finally, the comprehensive solution will include related operation
and maintenance services.

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B R A Z I L
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ELETROPAULO: Board Approves $50M Euro-Commercial Roll Over
----------------------------------------------------------
Electricity distributor Eletropaulo Metropolitana's board of
directors has given the go ahead to roll over 357-day euro-
denominated commercial paper, Brazil Financial Wire said Thursday.
The bonds issued last year in July will now be due on January 11,
2002. The utility, according to the minutes of the board's
meeting, is also planning to tap the euro-zone investor in a fresh
fund-raiser for $50 million. Eletropaulo will once again offer a
new batch of 357-day commercial paper, with 2002 maturities.


iG: Predicts Adding 50,000 High-Speed Clients This Year
--------------------------------------------------------
iG predicted about 30,000 to 50,000 users will subscribe to its
recently-launched high-speed broadband access service, Brazil
Financial Wire reported Thursday. The service, which will cost
subscribers R$ 19.90 a month (about $10), will be marketed in
partnership with Telef"nica. iG's managing director Roberto Simoes
expects the broadband service to be available in Rio de Janeiro in
February. However, much of the expansion depends on the fixed
wireline operator servicing that state, Telemar.


iG: To Establish Partnership With Brazilian Sports Portal
---------------------------------------------------------
iG, the "free" Internet access provider, is set to establish a
partnership with Lancenet, the Brazilian sports portal, according
to a report released Thursday by South American Business
Information. The transaction will require R$6mil per year in
investments and income. In addition, the companies are reportedly
in talks with radio and TV stations regarding possible
partnerships. Lancenet dropped its previous partner, Terra, after
a two-year contract.


BRASPEROLA: Announces Management Changes
----------------------------------------
Mr. Peter Rosenfeld, a former member of Brasperola's Board of
Directors, filled the position vacated by Mr. Anastacio Fernandes
Filho, South American Business Information said Thursday.
Brasperola, a textile-producing company, is currently undergoing a
restructuring, facing difficulties with its creditors.

The company reported a net worth of R$27.5 million in late 1999,
while losses reached R$105.3 million. Short-term liabilities were
R$91 million and long-term debt climbed to R$131.3 million. Year
2000 production topped 7.02 million meters of textiles, far
exceeding 1999's output. Gross revenues totaled R$58.5 million, 17
percent of which were credited to export sales. According to Mr.
Rosenfeld, Brasperola is aiming to export between 20 percent and
30 percent of its production.


MOINHOS ANACONDA: Admits Difficulties in Retail Operations
----------------------------------------------------------
Moinhos Anaconda admitted it is experiencing difficulties in its
retail operations. Less than eight months ago, the company
acquired pasta producer Premiatta and Lapa Alimentos' cakes and
gelatin production units formerly held by Sadia. Lapa Alimentos is
a partnership between J. Macedo and Sadia.

Market sources revealed in a report released by South American
Business Information that Anaconda went to court aiming to cancel
the acquisition deal valued at R$14 million executed in May of
last year. Operations at the company were harmed when J. Macedo
launched a pasta similar to Premiatta in a term shorter than what
was stipulated in the contract. In addition, Anaconda also
suspects that value of the shares held by Lapa were overestimated.



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M E X I C O
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BANCOMER: To Issue Notes No Later Than June 2001
------------------------------------------------
Hispano-Mexican bank BBVA-Bancomer said it would issue up to
US$500 million in capitalization notes with ten-year maturity by
June 2001, South American Business Information reported Thursday.
Around 12,000 jobs will be lost because of the BBVA/Bancomer
merger. However, the move will save some US$450 million in
operations with BBVA set to post extraordinary losses as a result
of the merger. The process cost the Spanish bank some US$1,250mil
last year.


BITAL: To Complete Capitalization by the end of 1Q01
----------------------------------------------------
Despite the latest Mexican six-year financial period having ended
in 2000, Mexican bank Bital is still unable to complete its
capitalization process, said South American Business Information
Thursday. Complications in the acquisition of Banco del Atlantico
are blamed for the setbacks. Bital is still awaiting a final
agreement with IPAB, Mexican bank bailout agency. In order to
acquire Atlantico, the banking group needs raise at least US$500
million. The group finds itself in a "catch-22," as potential
partners would prefer to join after the capitalization is
complete. Bital has already sold its pension fund to ING for
US$200 million and promises to raise up to US$750 million, thus
completing its capitalization by the end of first quarter 2001.

IPAB revealed that a restructuring of Atlantico would cost Pesos
$27,500mil. Meanwhile, Bital admitted it has already spent a total
of Pesos $3,000mil just administrating the bank.


CINTRA: SCT Establishes Work Group To Achieve Cintra Sale
---------------------------------------------------------
SCT, Mexico's communications and transport ministry, announced it
has set up a work group to achieve the sale of Cintra without
compromising workers' rights and airline activity, reported South
American Business Information Wednesday. Based on current laws
prohibiting foreign pilots from flying Mexican planes, the ASPA
union is confident the sale will not lead to dismissals. The union
also believes the government will not allow foreign companies to
run a Mexican airline, although they are permitted a 60 percent
investment in the sector.

Cintra owns leading Mexican airlines Aeromexico and Mexicana de
Aviacion. Whether to sell the airlines separately or as a group  
remains undecided.


ICA: To Accept $11.5-Million From Colombian Payout
--------------------------------------------------
In an effort to recover from its financial difficulties, ICA,
Mexico's largest construction firm, will welcome an $11.5-million
payout from the Colombian government in late February,
Reforma/Infolatina said Thursday. Colombian authorities are
required to pay the settlement to ICA as a result of a lawsuit
over the cancellation of several public works projects. The
company reportedly has liabilities of US$1.5 billion and, in order
to alleviate the burden, it may have to sell its non-core
businesses. ICA's sales reportedly plunged from US$1.7 billion in
1999, to US$112 million last year.


MINERA AUTLAN: Considers Temporary Receivership
-----------------------------------------------
Some analysts believe that Minera Autlan, a Mexican mining and
minerals group, may consider going into temporary receivership,
reported South American Business Information Thursday. With
mounting liquidity problems due to soaring natural gas prices, the
company is considering the defensive move. Although sales grew by
8.2 percent through September of last year, profits fell 47
percent for the same period.


MINERA AUTLAN: To Restart Molango Refinery
------------------------------------------
Following the government's approval to subsidize local natural gas
prices, Mexican manganese and iron alloys producer Compania Minera
Autlan announced it will reopen its Molango refinery next month,
Reuters said Thursday. Natural gas prices in Mexico have risen to
nearly $10 per million British Thermal units (BTUs) since 1999,
when the fuel sold for about $2 per million BTUs. The government
said it would fix prices at $4.00 per million BTUs.

"Thanks to the efforts of the government of Mexico in adjusting
gas prices, Autlan has decided to reopen its (refinery)," the
Monterrey-based company said in a statement. In addition, the
company plans to reopen a shuttered iron-alloy producing plant in
the city of Gomez Palacio, in Durango state, sometime next month.



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V E N E Z U E L A
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CATANA: Discontinues Trading of Shares at Bolsa
-----------------------------------------------
CA Tabacalera Nacional (Catana), a Venezuelan tobacco group,
decided to withdraw its shares from the Bolsa de Caracas,
according to a South American Business Information report released
Thursday. The decision made in December 2000 by its shareholders.
The fact that Philip Morris has owned 99.72 percent of the
company's shares in the last two years makes it impractical to
continue trading on the stock exchange. According to the company,
the withdrawal will reduce costs in line with its restructuring in
January 1999.




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 American is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Trenton, NJ, and
Beard Group, Inc., Washington, DC. John D. Resnick, Edem Psamathe
P. Alfeche and Janice Mendoza, Editors.

Copyright 2001.  All rights reserved.  ISSN 1529-2746.

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