TCRLA_Public/010608.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, June 8, 2001, Vol. 2, Issue 112

                           Headlines


A R G E N T I N A

AEROLINEAS ARGENTINAS: Cancels Flights To Seven Cities
AEROLINEAS ARGENTINAS: Pays May Wages To Avoid Breakdown In Talks


C H I L E

STARMEDIA: ING Barings Downgrades Rating From `Hold' To `Sell'
TELEFONICA CTC: Begins Firing Workers Wednesday
TELEFONICA CTC: Employees Accelerat Strike Plans


E C U A D O R

FILANBANCO: Reduces Staff To Attract Potential Buyers


M E X I C O

AHMSA: To Submit Debt-Restructuring Agreement In Civil Court
GRUPO SIDEK: Announces Asset Sales Report For May 1 - 31, 2001
GRUPO TELEVISA: Delays Expansion Plans For Publishing Division
STEWART ENTERPRISES: 2Q01 Results; Debt Refinancing, Asset Sales


P A R A G U A Y

ORION/UNION: Banking Superintendence Hires Two New Liquidators


S T .   L U C I A

ACTO: Denies Being On The Brink Of Bankruptcy


     - - - - - - - - - - -


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A R G E N T I N A
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AEROLINEAS ARGENTINAS: Cancels Flights To Seven Cities
------------------------------------------------------
The worsening crisis at Aerolineas Argentinas has forced it to
cancel flights to Miami and six other foreign cities, Bloomberg
revealed Wednesday.

"Because of the company's financial situation, we are suspending
flights starting June 7 and until further notice to Miami, New
York, Auckland, Sydney, Los Angles, Sao Paulo and Rio de
Janeiro," the company said in a statement.

According to Argentine Infrastructure Minister Carlos Bastos, the
government could take away from the ailing airline the routes and
assign them to another carrier if passenger demand isn't met. He
said that the government would monitor the situation for a few
days before making a decision.

"We see the situation as serious and we are going to take a few
days to see if demand is unsatisfied," Bastos stated. "At some
point we'd have to think about substituting these services with
other airlines, preferably Argentine."


AEROLINEAS ARGENTINAS: Pays May Wages To Avoid Breakdown In Talks
-----------------------------------------------------------------
Cash-strapped Argentine airline, Aerolineas Argentinas, began
paying wages to its 6,700 employees on Tuesday in order to avoid
a collapse in negotiations with the unions. Thus far, the unions
have remained defiant to labor agreements drawn up by the Spanish
state holding company (SEPI), according to an El Pais report.
SEPI, which controls 95 percent of the ailing airline, has made a
Pta-68-billion capital injection, which will keep the airline in
operation subject to the signing of these agreements, which
include job and pay cuts.

Bankruptcy looms ahead of Aerolineas, and is most likely to come
at the end of this week, when fuel suppliers will refuse to
refuel the airline's fleet. According to SEPI Chairman Pedro
Ferreras, a solution to the crisis will be decided in a matter of
days. He also warned that the airline is on the verge of ceasing
operations because it does not have the funds to pay for fuel,
catering or maintenance.



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C H I L E
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STARMEDIA: ING Barings Downgrades Rating From `Hold' To `Sell'
--------------------------------------------------------------
European investment bank ING Barings downgraded its `hold' rating
on US Internet company Starmedia Network to `sell,' Business News
Americas revealed Monday. According to a report by ING Barings
Internet analysts Lars Schonander and Roberto Ellinghaus, the
downgrade comes after U.S.-based telco BellSouth, Primedia and JP
Morgan Chase made a capital injection worth US$36 million.

"We see no reason to pay more than Bellsouth, thus we are
downgrading the stock to sell with a target price of US$2.55,"
the analysts said.

Starmedia is adequately funded through the end of 2001 and
probably the next four quarters even if the target of EBITDA
breakeven proves elusive, they said, and the company will now end
the year with US$39 million in cash. However, bankruptcy is still
a possibility in the near term, the analysts said.

"At least that must be the view of the new shareholders that are
buying convertible preferred shares rather than ordinary shares
outstanding in the market."

ING recognizes Bellsouth's strength as a partner, with 12 million
cellular subscribers throughout Latin America, operating in all
of the key markets with the exception of Mexico. But Bellsouth's
cautious approach to an investment in Starmedia means doubts
remain over the long-term viability of the business plan.


TELEFONICA CTC: Begins Firing Workers Wednesday
-----------------------------------------------
In a bid to steer back to profitability following two consecutive
years of losses, Telefonica CTC Chile, the unit of Spain's
Telefonica SA, on Wednesday, fired as many as 1,400 or 15 percent
of the company's total workforce, Bloomberg reported Wednesday.

"This is catastrophic," said union director Pedro Sandoval, who
said union offices received calls from hundreds of fired workers.
"It's really hard to believe how many people are being thrown out
of the company."

Unions filed legal papers asking a Santiago appeals court to stop
Wednesday's layoffs, but the firings proceeded anyway, union
leaders said.

Telefonica CTC Chile, the country's biggest telephone utility,
under its new Chairman Bruno Philippi, opted to slash its
workforce to return to profitability after losing roughly $300
million since mid-1999. The company's top officials attributed
the losses to government-imposed cuts in rates for local phone
calls, the company's biggest business. Since 1999, Telefonica CTC
eliminated 2,000 jobs.

"Given the rate structure they have, the only way they can
improve profitability and margins is to reduce the number of
employees," said Rizwan Ali, a telecommunications analyst at Bear
Stearns & Co. in New York.


TELEFONICA CTC: Employees Accelerat Strike Plans
------------------------------------------------
Instead of the planned Friday (June 8) general strike, the union
representing the workers of Telefonica CTC Chile has moved its
plans to Wednesday. Current speculation is that it could be
extended, according to a report in Business News Americas. The
general strike was organized to show protest to the company's
decision to implement massive staff cuts as part of its
restructuring program initiated on June 1, which has already seen
the departure of 3 VPs and 11 senior managers.

Management didn't provide comments regarding the restructuring
but said that the company has to take the necessary steps to
ensure service and protect company property from vandalism
threats.

In the first quarter of this year, CTC reported net losses of
US$24.1 million, compared to profits of US$18.2 million in the
comparable period in the previous year. The company attributed a
record US$199 million loss last year to a 1999 tariff and access
fee decree that cut revenues per fixed line by some 24.7 percent.
Missteps in the company's mobile business also contributed to the
poor results.



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E C U A D O R
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FILANBANCO: Reduces Staff To Attract Potential Buyers
-----------------------------------------------------
Filanbanco, Ecuador's largest state-owned banking group, is
reducing its staff to make itself more attractive to a future
buyer, El Universo reported Tuesday. The bank plans to dismiss
between 600 and 1,000 of its 4,215 employees at a savings of
US$14 million to tax-payers.

The government, which intervened and took control of the bank
amid the 1998-1999 financial crisis that hit the country's
banking sector, is estimated to have already spent $1 billion
propping up Filanbanco.



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

AHMSA: To Submit Debt-Restructuring Agreement In Civil Court
------------------------------------------------------------
Struggling Mexican steel group Altos Hornos de Mexico (AHMSA)
must submit a copy of its debt-restructuring agreement with
creditors to a civil court in the northern city of Monclova,
where the company is based, Infolatina reported Wednesday. This
step must be taken first in order for the company to legally
declare an end to its two-year suspension of payments. An
assembly of AHMSA creditors will be called as part of the
process. The lifting of the suspension of payment requires more
than 65 percent of the creditors, which will be represented by at
least 50 percent, to vote in favor of lifting the suspension of
payments in accordance with the terms outlined in the debt-
restructuring agreement. AHMSA earlier announced it would lift
temporary receivership in December 2001 and would trade again on
the national stock market and in New York.


GRUPO SIDEK: Announces Asset Sales Report For May 1 - 31, 2001
--------------------------------------------------------------
Grupo Sidek, S.A. de C.V. (OTC Bulletin Board: GPSAY GPSBY) today
announced a report regarding assets sales from May 1, 2001 to May
31, 2001, pursuant to its obligations under the restructuring
agreements entered into with Sidek Creditor Trust:

Assets Sales Report

from May 1, 2001 to May 31, 2001

(Figures in US$ thousands)

Assets with Reorganization

Value higher than

USD$ 5,000 Sales Value Reorganization

Value

I. Hotels 0 0

II. Real Estate 0 0

III. Marinas and Golfs 0 0

IV. Other 0 0

Subtotal 0 0

Assets with Reorganization Value less than USD$ 5,000

Subtotal (transactions) 322 N.A.

Total 322 N.A.


GRUPO TELEVISA: Delays Expansion Plans For Publishing Division
--------------------------------------------------------------
Due to a decline in advertising sales and circulation at Grupo
Televisa's publishing unit, Editorial Televisa, the Mexican media
giant needs to hold off plans to establish several new newspapers
and magazines, Reforma/Infolatina reported Wednesday. Instead,
the company's publishing division in the short term will just
concentrate on existing magazines, according to Editorial
Televisa top executive Ramon Alberto Garza, who spoke at a
conference staged by the Mexican Institute of Financial
Executives (IMEF) in the northern city of Monterrey. Aiming to
boost its circulation in Latin America and among Spanish-speaking
regions in the United States, Editorial Televisa is looking to
launch three or four new magazines in the future.


STEWART ENTERPRISES: 2Q01 Results; Debt Refinancing, Asset Sales
----------------------------------------------------------------
Stewart Enterprises, Inc. (Nasdaq NMS: STEI) announced today its
results for the second quarter of fiscal year 2001. The Company
implemented the Securities and Exchange Commission's Staff
Accounting Bulletin No. 101, "Revenue Recognition in Financial
Statements" ("SAB 101") in the first quarter of fiscal year 2001,
which resulted in changes to its methods of accounting for some
of its preneed sales activities. For a detailed description of
the effects of implementation of SAB 101, see Note 2 of the
Company's Form 10-Q for the quarter ended January 31, 2001 and
Form 8-K dated March 14, 2001. For purposes of comparability,
unless stated otherwise, all 2000 results are presented on a pro
forma basis to reflect the 2001 change in accounting methods as
if it had been implemented at the beginning of fiscal year 2000.

The Company announced that net earnings for the second quarter,
which ended April 30, 2001, were $16.6 million or $0.15 per
share, compared to pro forma net earnings of $16.4 million or
$0.15 per share for the second quarter of fiscal year 2000.

As of May 31, 2001, the Company had cash on hand of approximately
$85 million and outstanding long-term debt of $836.4 million,
after reducing debt by about $32 million since the end of the
first quarter. Thus far this fiscal year, the Company has reduced
debt by approximately $114 million.

William E. Rowe, President and Chief Executive Officer, stated,
"We are proud of the positive results of our operating strategies
during the quarter, particularly in the areas we have worked so
hard to improve - cash flow, the preneed sales organization and
debt reduction. We also promised, a little over 80 days ago, to
have something of substance to report in our second quarter
release regarding our plans to improve our liquidity. We have
worked very hard to make that happen, and the results are
discussed in detail later on in this release."

During the second quarter, funeral revenues were $107.9 million
compared to pro forma funeral revenues of $109.0 million for the
second quarter of 2000. The decrease in revenue is due in part to
a 2.9 percent decline in global core funeral calls and in part to
foreign currency translation.

Although reduced from the comparable period last year, preneed
sales have improved in the second quarter of 2001 as compared to
the first quarter of 2001 primarily in preneed funeral sales, but
also in cemetery property and merchandise sales.

Cemetery revenues for the second quarter were $63.0 million
compared to pro forma cemetery revenues of $73.8 million for the
second quarter of 2000. The decrease was due primarily to a
decline in the number of deaths in markets where the Company
operates its cemeteries and a decline in preneed cemetery
property sales. Preneed cemetery property sales were higher in
the second quarter of fiscal year 2000 before the Company
modified its preneed sales strategies for increased cash
retention.

Brian J. Marlowe, Chief Operating Officer, commented, "Our
results this quarter are in line with our strategy of moderating
the level of preneed sales to manage our investment in the
backlog in the same manner that we would scrutinize any
investment of our cash. As a result of this scrutiny of invested
capital, we have also significantly reduced preneed overhead and
selling costs. Our primary objective is to moderate preneed sales
levels to balance our cash investment while maintaining a
sustainable and predictable level of growth in our backlog.
Accordingly, we would expect domestic cemetery sales for the
remainder of 2001 to approximate those for the first six months."

SECOND QUARTER RESULTS

All 2001 results discussed below reflect the effect of the change
in accounting methods, and all 2000 results are presented on a
pro forma basis to reflect the change in accounting methods as if
they had been implemented at the beginning of fiscal year 2000,
unless otherwise stated.

--  Revenues were $170.9 million compared to $182.8 million (pro
forma) in the second fiscal quarter of 2000.

--  Gross profit was $41.2 million compared to $45.2 million (pro
forma) for the second quarter last year.

--  EBITDA was $57.9 million compared to $60.8 million (pro
forma) for the second quarter last year.

--  Interest expense, net, in the second quarter of 2001 includes
gross interest expense of $14.1 million offset by investment
income of $1.6 million compared to $15.1 million offset by $0.7
million of investment income in the second quarter of 2000.

--  Depreciation and amortization was $17.7 million compared to
$19.7 million (pro forma) for the second quarter of 2000.

--  Net earnings were $16.6 million or $0.15 per share, compared
to $16.4 million or $0.15 per share (pro forma) in the second
quarter of 2000.

--  Operating cash flow, including preneed activity, was $51.0
million compared to $53.0 million (pro forma) for the second
quarter last year.

--  Free cash flow, defined as operating cash flow less
maintenance capital expenditures, was $46.9 million compared to
$48.5 million for the second quarter last year.

--  Net earnings for the quarter ended April 30, 2000 were $19.3
million on an as reported basis, not reflecting the pro forma
effects of SAB 101.

YEAR-TO-DATE RESULTS

--  Revenues were $347.6 million compared to $370.7 million (pro
forma) in fiscal year 2000.

--  Gross profit was $84.3 million compared to $90.6 million (pro
forma) for last fiscal year.

--  EBITDA was $121.2 million compared to $123.3 million (pro
forma) for last fiscal year.

--  Interest expense, net, includes gross interest expense of
$29.5 million offset by investment income of 6 $3.7 million
compared to $30.0 million offset by $1.0 million of investment
income in the first six months of 2000.

--  Depreciation and amortization was $39.1 million compared to
$41.0 million (pro forma) for the prior year.

--  Net earnings were $33.4 million or $0.31 per share, compared
to $33.2 million or $0.31 per share (pro forma) in fiscal year
2000, excluding the $250.0 million after-tax ($2.33 per share)
cumulative effect of the change in accounting principles recorded
in fiscal year 2001 as a result of implementing SAB 101.

--  Operating cash flow, including preneed activity, was $57.3
million compared to $38.4 million (pro forma) for the
corresponding period last year.

--  Free cash flow, defined as operating cash flow less
maintenance capital expenditures, was $50.2 million compared to
$29.6 million for the first six months of last year.

--  Net earnings for the six months ended April 30, 2000 were
$38.2 million on an as reported basis, not reflecting the pro
forma effects of SAB 101.

FUNERAL RESULTS - SECOND QUARTER 2001

--  Funeral revenues were $107.9 million compared to $109.0
million (pro forma) in the second quarter of 2000.

--  Funeral revenues from the Company's core operations decreased
2.6 percent compared to the corresponding period in 2000 (pro
forma) due in part to a 2.9 percent decrease in the number of
core calls performed by its global operations and in part to the
change in foreign currency translation.

--  In addition, the Company experienced a 0.6 percent increase
in the average revenue per domestic funeral service performed by
its core operations, while the number of domestic funeral
services performed by those operations remained flat.

--  Of the total funerals performed in the second quarter of
2001, 21.7 percent were delivered out of the Company's backlog of
preneed funerals, as compared to 19.5 percent in the second
quarter of 2000.

--  Domestic cremations as a percentage of total domestic
funerals performed were 37.9 percent compared to 36.1 percent for
all of fiscal year 2000.

FUNERAL RESULTS - YEAR-TO-DATE

--  Funeral revenues were $215.3 million compared to $223.7
million (pro forma) in the first six months of 2000.

--  Funeral revenues from the Company's core operations decreased
5.3 percent compared to pro forma funeral revenues in the
corresponding period in 2000 due in part to a 6.1 percent
decrease in the number of core calls performed by its global
operations and in part to the change in foreign currency
translation.

--  The Company experienced a 0.9 percent increase in the average
revenue per domestic funeral service performed by its core
operations, partially offset by a 2.9 percent decrease in the
number of domestic funeral services performed by those
operations.

--  Domestic cremations as a percentage of total domestic
funerals performed were 37.4 percent compared to 36.1 percent for
all of fiscal year 2000.

--  Of the total funerals performed in fiscal year 2000, 20.8
percent were delivered out of the Company's backlog of preneed
funerals, as compared to 19.5 percent in fiscal year 2000.

CEMETERY RESULTS

--  Cemetery revenues for the second quarter of 2001 were $63.0
million compared to $73.8 million (pro forma) in the second
quarter of 2000 due to a 1.9 percent decline in domestic services
and a decline in cemetery property sales.

--  Cemetery revenues for the first six months of 2001 were
$132.3 million compared to $147.0 million (pro forma) in fiscal
year 2000 due to a 2.9 percent decline in domestic services and a
decline in cemetery property sales.

PRENEED FUNERAL AND CEMETERY BACKLOG

--  As of April 30, 2001, the Company had a funeral and cemetery
backlog that is expected to generate approximately $2.5 billion
in future revenue.

REFINANCING PLAN

The Company recently announced a tender offer for approximately
$200 million of its $300 million publicly held senior notes as
the first step in a comprehensive plan to refinance substantially
all of its long-term debt. Pursuant to that plan, the Company
also expects to refinance its $600 million revolving credit
facility (of which $442.0 million was outstanding as of May 31,
2001) and redeem all of its privately held senior notes ($64.8
million was outstanding as of May 31, 2001).

In order to provide the funds necessary to refinance those
obligations and pay related tender premiums, prepayment
penalties, fees and expenses, the Company plans to privately
place under Rule 144A, $300 million in notes and to enter into
new senior secured credit facilities consisting of a $225 million
four-year revolving credit facility, a $75 million 18-month asset
sale term loan and a $250 million five-year term loan B.

The purpose of these transactions is primarily to improve the
Company's liquidity by retiring its $600 million revolving credit
facility, which matures on April 30, 2002, and replacing it with
the smaller revolving credit facility, which will be due in 2005.
In addition, the refinancing plan will generally extend the
maturities of the Company's other long-term debt, except for the
18-month asset sale term loan, which will provide the Company
with shorter-term financing while it pursues the sale of its
foreign operations, excess cemetery property and certain other
assets. Although the Company's refinancing plan is designed to
improve the Company's liquidity, the new financing will result in
significantly higher interest costs, and the covenants to be
contained in the new credit agreement will be significantly more
restrictive than the covenants in its current credit agreement.
Upon completion of the refinancing, the Company expects that its
average borrowing cost will increase by 350 to 400 basis points.
In addition, the Company expects to incur charges in the range of
$5 million to $6 million after taxes in the quarter ending July
31, 2001, relating to the early extinguishment of debt.

Each of the refinancing transactions will be conditioned on the
completion of the others, and none are yet the subject of
definitive agreements. Accordingly, no assurance can be given
that any of the refinancing transactions will be completed
successfully.

ASSET SALES

The Company has decided to pursue the sale of its foreign
operations. Its financial advisors have completed their
evaluation of those operations, and except for Argentina, have
submitted financial and other information to prospective buyers
and have received one or more indications of interest and/or
formal proposals for the purchase of each of the Company's
foreign operations. The sale process in Argentina will begin in
the near term. The Company is now in various stages of
negotiations with prospective buyers and believes that it will be
able to dispose of all foreign operations at acceptable prices,
resulting in cash proceeds within the range of $200.0 million to
$250.0 million including tax benefits. Further, the Company
expects these sales to be completed before the end of fiscal year
2002. The revenues, operating earnings and EBITDA for the
Company's foreign operations in fiscal year 2000 were $139.8
million ($129.7 million funeral and $10.1 million cemetery),
$22.7 million and $36.4 million, respectively. After applying all
proceeds to reduce debt, the net reduction in earnings per share,
assuming all sales are consummated, is expected to be
approximately $0.04.

Based on its progress to date and management's and the Board of
Directors' decision to proceed with these sales if acceptable
prices and terms can be obtained, the Company will be writing
down the aggregate value of these assets to their estimated fair
value. As a result, the Company estimates that it will incur an
aggregate pre-tax noncash charge to earnings of $230.0 million to
$250.0 million ($175.0 million to $195.0 million, or $1.62 to
$1.81 per share, after tax) in the quarter ending July 31, 2001.
Since the Company has already reduced equity for the cumulative
foreign translation adjustment incurred in each period that it
has owned these businesses, the Company estimates that the total
charge to shareholders' equity will be $115.0 million to $135.0
million after tax, all of which will be recorded in the quarter
ending July 31, 2001.

The Company announced in a press release dated June 4, 2001, that
it has entered into a definitive agreement to sell its operations
in Mexico. The proceeds from the sale will be approximately $70
million, which will be used to pay down the asset sale term loan.
The Company expects to recognize a small gain or loss on that
sale, although the exact amount will depend on the exchange rate
of the Mexican peso and the U.S. dollar at the time of closing.
The transaction is scheduled to close in approximately 60 days
and is subject to customary closing conditions and a 45-day
antitrust review period under Mexican antitrust laws. The
revenues, operating earnings and EBITDA for the Company's Mexican
operations in fiscal year 2000 were $22.8 million, $10.1 million
and $12.7 million, respectively.

The Company has identified certain assets, primarily excess
cemetery property and funeral home real estate, that it expects
to sell. In addition, it has reviewed noncompetition agreements
that it entered into with sellers, key employees and others in
connection with previous acquisitions, and it is considering
relieving some of these individuals from the obligation not to
compete, although it would continue to make the payments in
accordance with the contract terms. As a result of the foregoing,
the Company estimates that it would incur an aggregate pre-tax
noncash charge to earnings of $15.0 million to $30.0 million
($9.0 million to $18.0 million, or $.08 to $.17 per share, after
tax) in the quarter ending July 31, 2001.

PROPOSED CHANGE IN ACCOUNTING FOR GOODWILL

In February 2001, the Financial Accounting Standards Board issued
an exposure draft of a proposed Statement, "Business Combinations
and Intangible Assets - Accounting for Goodwill." If adopted, the
exposure draft would eliminate the amortization of goodwill, but
would require that goodwill be tested for impairment using a
fair-value approach. Based on the current version of the exposure
draft, the Company would not be required or allowed to adopt the
provisions of the exposure draft until the first quarter of
fiscal year 2002. If the exposure draft is issued as currently
proposed and on the schedule currently contemplated, the Company
estimates that it would incur a pre-tax noncash impairment charge
of between $100.0 million and $300.0 million for the Company's
domestic operations. However, the Company would no longer be
required to amortize goodwill, which amounted to $19.6 million
($14.4 million related to domestic operations) in fiscal year
2000. The exposure draft may or may not be issued as currently
proposed, and any changes in its terms or effective date, or
changes in the fair value of the Company's relevant businesses,
could change the estimated impairment charge materially.

Forward-looking statements are based on assumptions about future
events and are therefore inherently uncertain; actual results may
differ materially from those projected. See cautionary statements
below.

Founded in 1910, Stewart Enterprises is the third largest
provider of products and services in the death care industry in
the United States, currently owning and operating 612 funeral
homes and 161 cemeteries in North America, South America, Europe
and the Pacific Rim.



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

ORION/UNION: Banking Superintendence Hires Two New Liquidators
--------------------------------------------------------------
A banking regulator spokesperson revealed in a Business News
Americas report published Tuesday that the Paraguayan Banking
Superintendence hired two new liquidators at the end of May to
manage the liquidation of intervened banks Orion and Union. The
liquidators were hired on a 90-day contract. If necessary, the
liquidation period could be extended for another 90 days.



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S T .   L U C I A
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ACTO: Denies Being On The Brink Of Bankruptcy
---------------------------------------------
The Agricultural Commodities Trading Company (ACTO), one of four
private companies operating in the banana industry in St. Lucia,
denied being close to bankruptcy, Caribbean Business News Agency
reported last week. However, the company's Managing Director,
Andrew Desir, admitted that just like any other local banana
company, its revenues are low. Desir says that ACTO is now taking
necessary steps to cut losses by setting up an experimental
arrangement with Windward Islands Banana Development and
Exporting Company (WIBDECO). The arrangement calls for Wibdeco to
buy ACTO fruit here on the island rather than in the United
Kingdom, eliminating the risk element of fruit quality
deterioration in shipping. The arrangement has been in place for
the past three weeks, according to Desir.





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
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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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Information contained herein is obtained from sources believed to
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