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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

            Tuesday, December 11, 2001, Vol. 2, Issue 241

                           Headlines


A R G E N T I N A


AGUAS ARGENTINAS, S.A.: Fitch Downs Local Currency, Watch Neg
CAPEX, S.A.: Fitch Lowers Local, Foreign Currency Ratings
COMPANIA MEGA, S.A.: Fitch Lowers Senior Debt Rating
EDENOR, S.A.: Fitch Ratings on Currency, GAIN Trust Notes
HIDROELECTRICA PIEDRA DEL AGUILA, S.A.: Fitch Lowers Ratings

IMAGEN SATELITAL, S.A.: Fitch Lowers Currency Rating, Watch Neg
METROGAS, S.A.:  Fitch Lowers Local, Foreign Ratings; Watch Neg
MOLINOS RIO DE LA PLATA S.A.: Fitch Drops Local, Foreign Ratings
TELECOM ARGENTINA S.A.: Fitch Lowers Local, Foreign Ratings
TRANSPORTADORA DE GAS DEL NORTE S.A.: Fitch Lowers Four Ratings

TRANSPORTADORA DE GAS DEL SUR S.A.: Fitch Lowers Currency, Loan
YPF S.A.: Fitch Drops Local Currency, Export Notes Ratings
ALFAJORES BALCARCE: Files For Bankruptcy
GRUPO GALICIA: Refutes Bond Payment Default Rumors


B R A Z I L

BANCO ECONOMICO: Gerdau Gets Acominas Stake
CVRD: Finalizes Acquisition of CAEMI
ENRON: May Sell LA Holdings To Raise Cash, Analysts Say
ENRON: Petrobras To Proceed With Purchase Of Brazilian Stakes


C H I L E

LAN CHILE: Takes Majority Control of Aerolinheas Brasileiras


C O L O M B I A

TEJIDOS UNICA: Goes Out of Business With Zero Equity


J A M A I C A

AIR JAMAICA: Official Expects Financial Recovery Next Year


M E X I C O

ABC-NACO: Mexican Units Not Included In Recent Rail Asset Sale
AEROMEXICO/MEXICANA: Congress To Approve P$1B Airline Aid
BANCA SERFIN: Fitch Upgrades Individual Rating To "C" from "D"
BANCRECER: Banamex Predicts Acquisition To Lower Banorte Profits
BANCO ATLANTICO: Bital To Pay 1.535B Pesos To IPAB

CYDSA: Strikes Deal With Banks To Restructure $200M In Debt
GRUPO SIDEK: Asset Sales Report For November 2001
INDICADOR: CNBV Intervenes Due To Lack Of Capital
INDUSTRIAS FRONTERIZAS: Affiliate Included In Hayes Lemmerz Case
MINERA AUTLAN: To Sell Unprofitable Assets For Debt Pay Down

SEPOMEX/TELECOMM: SCT Minister Calls For Modernization
TMM: Completes Funding for $25 Million Securitization


P E R U

NUEVO MUNDO: Six Firms Qualify for Liquidation Contract
PESQUERA SAN ANTONIO: Copeinca Abandons Acquisition


     - - - - - - - - - - - - -


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


AGUAS ARGENTINAS, S.A.: Fitch Downs Local Currency, Watch Neg
-------------------------------------------------------------
In a series of related announcements, Fitch included Aguas
Argentinas, S.A. with the following changes in its ratings on
company debt (From/To):

-- Local Currency `B+'/`BB', Rating Watch Negative;
-- IDB `B' Loan Part. `B+'/`BB', Rating Watch Negative;
-- Foreign Currency `CC'/`CCC+', Rating Watch Negative.


CAPEX, S.A.: Fitch Lowers Local, Foreign Currency Ratings
---------------------------------------------------------
In a series of related announcements, Fitch included Capex, S.A.
with the following changes in its ratings on company debt
(From/To):

-- Local Currency `B'/`BB-', Rating Watch Negative;
-- Foreign Currency `CC'/`CCC+', Rating Watch Negative.


COMPANIA MEGA, S.A.: Fitch Lowers Senior Debt Rating
----------------------------------------------------
In a series of announcements related to economic and monetary
conditions in Argentina, Fitch included Compania Mega, S.A. with
the following changes in its ratings on company debt (From/To):

-- Senior Project Debt `B+'/`BB-'.


EDENOR, S.A.: Fitch Ratings on Currency, GAIN Trust Notes
---------------------------------------------------------
In a series of announcements related to economic and monetary
conditions in Argentina, Fitch included Edenor, S.A. with the
following changes in its ratings on company debt (From/To):

-- Local Currency `B+'/`BB', Rating Watch Negative;
-- GAIN Trust Notes `B+'/`BB', Rating Watch Negative;
-- Foreign Currency `CC'/`CCC+', Rating Watch Negative.



HIDROELECTRICA PIEDRA DEL AGUILA, S.A.: Fitch Lowers Ratings
------------------------------------------------------------
In a series of announcements related to economic and monetary
conditions in Argentina, Fitch included Hidroelectrica Piedra Del
Aguila, S.A. with the following changes in its ratings on company
debt (From/To):

-- Foreign Currency `CC'/`CCC+', Rating Watch Negative.


IMAGEN SATELITAL, S.A.: Fitch Lowers Currency Rating, Watch Neg
---------------------------------------------------------------
In a series of announcements related to economic and monetary
conditions in Argentina, Fitch included Imagen Satelital S.A.
with the following changes in its ratings on company debt
(From/To):

-- Foreign Currency `CC'/`CCC+', Rating Watch Negative.


METROGAS, S.A.:  Fitch Lowers Local, Foreign Ratings; Watch Neg
---------------------------------------------------------------
In a series of announcements related to economic and monetary
conditions in Argentina, Fitch included MetroGas S.A. with the
following changes in its ratings on company debt (From/To):

-- Local Currency `B+'/`BB', Rating Watch Negative;
-- Foreign Currency `CC'/`CCC+', Rating Watch Negative.


MOLINOS RIO DE LA PLATA S.A.: Fitch Drops Local, Foreign Ratings
----------------------------------------------------------------
In a series of announcements related to economic and monetary
conditions in Argentina, Fitch included Molinos Rio de la Plata
S.A. with the following changes in its ratings on company debt
(From/To):

-- Local Currency `B+'/`BB', Rating Watch Negative;
-- Secured Export Notes `B+'/`BB', Rating Watch Negative.


TELECOM ARGENTINA S.A.: Fitch Lowers Local, Foreign Ratings
-----------------------------------------------------------
In a series of announcements related to economic and monetary
conditions in Argentina, Fitch included Telecom Argentina S.A.
with the following changes in its ratings on company debt
(From/To):

-- Local Currency `B+'/`BB', Rating Watch Negative;
-- Foreign Currency `CC'/`CCC+', Rating Watch Negative.



TRANSPORTADORA DE GAS DEL NORTE S.A.: Fitch Lowers Four Ratings
---------------------------------------------------------------
In a series of announcements related to economic and monetary
conditions in Argentina, Fitch included Transportadora de Gas del
Norte S.A. with the following changes in its ratings on company
debt (From/To):



-- Local Currency `B+'/ `BB', Rating Watch Negative;
-- TGN CRIBs `B+'/`BB', Rating Watch Negative;
-- IFC `B' Loan Part. `B+'/`BB', Rating Watch Negative;
-- Foreign Currency `CC'/`CCC+', Rating Watch Negative.


TRANSPORTADORA DE GAS DEL SUR S.A.: Fitch Lowers Currency, Loan
---------------------------------------------------------------
In a series of announcements related to economic and monetary
conditions in Argentina, Fitch included Transportadora de Gas del
Sur S.A. with the following changes in its ratings on company
debt (From/To):

-- Local Currency `B+'/`BB', Rating Watch Negative;
-- IDB `B' Loan Part. `B+'/`BB', Rating Watch Negative;
-- Foreign Currency `CC'/`CCC+', Rating Watch Negative.


YPF S.A.: Fitch Drops Local Currency, Export Notes Ratings
----------------------------------------------------------
In a series of announcements related to economic and monetary
conditions in Argentina, Fitch included YPF S.A. with the
following changes in its ratings on company debt (From/To):

-- Local Currency `BBB-'/`BBB', Rating Watch Negative;
-- Sec. Export Notes `BBB-'/`BBB', Rating Watch Negative.
Ratings Affirmed and Placed on Ratings Watch Negative:
Hidroelectrica Piedra del Aguila S.A.
-- Foreign Currency `BBB-', Rating Watch Negative.


FITCH RATINGS NOTES:  The rating actions reflect events of the
past weekend, as the Argentine government instituted a series of
capital controls designed to halt capital flows out of Argentina.
According to the government decree, usage of local bank deposits
for private sector external debt service will henceforth require
authorization from Argentina's central bank. As a result, Fitch
has lowered its country ceiling to `CC' from `CCC+'. Furthermore,
the government placed limitations on cash withdrawals from
Argentine financial institutions.

In general, most of these Fitch-rated companies continue to
exhibit credit statistic and business fundamentals stronger than
indicated by their corresponding credit ratings. Despite the
continued economic recession and other sovereign pressures, these
companies are supported by continued demand for products and
service, stable pricing and controllable costs. However, the
conditions of the Argentine environment may limit these
companies' abilities to obtain and more importantly transfer,
dollars to meet debt payments.

The imposition of controls raises doubts about the ability of
institutions to make foreign currency payments abroad. At this
time, it is unclear whether approvals will be granted for payment
transfers on all foreign debt. However, several of the credits
above utilize structured finance transactions, which provide
mitigants against transfer and convertibility controls.
Transactions that have political risk policies or preferred
creditor A/B loan structures insuring against this risk may have
sufficient coverage to make timely payments in the event that
approvals are not granted. Uncertainties remain regarding the
government's ability to allow such payments given the
deteriorating financial condition of the banking system and
sovereign environment. At this time, it does not appear that the
government will take additional action to prevent the companies
from making registered debt service payments, yet such action
remains a risk. Fitch will continue to monitor the situation
closely.

Argentine companies continue to face higher refinancing risks and
slower growth. Entities with debt maturities over the ensuing 18
months are likely to have fewer and more expensive financing
options, further limiting financial flexibility and pressuring
credit-protection indicators.

CONTACT: Fitch
Daniel R. Kastholm, CFA 312/368-2070, Chicago
Lorna Martin, +5411 4327-2444, Buenos Aires


ALFAJORES BALCARCE: Files For Bankruptcy
----------------------------------------
Alfajores Balcarce, one of Argentina's most traditional makers of
cakes and pastries, went bankrupt following a request of its
parent company, Dondero Hnos & CIA, reports South American
Business Information.

The Company's bankruptcy came amid efforts by its employees and
union leaders to stave off the unfortunate conclusion.

Subsequently, the Company's factory was closed indefinitely
because of the lack of raw materials. Retail shops though remain
open for the time being.

The Company says it is looking to make money to purchase raw
materials. Alfajores is also pursuing a buyer of the firm, which
owes nearly 3 million pesos in taxes.


GRUPO GALICIA: Refutes Bond Payment Default Rumors
--------------------------------------------------
Grupo Financiero Galicia S.A. says there is no truth to recent
speculation that it has missed payment on a US$47 million bond
that came due Wednesday last week.

In a company statement, the bank said the group's credit card
subsidiaries Tarjeta Naranja and Tarjeta del Mar were able to
make the necessary payment on time.

Rumors on the missed payment last week dropped the group's share
value at the benchmark Merval stock index to 46 centavos.



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

BANCO ECONOMICO: Gerdau Gets Acominas Stake
-------------------------------------------
Gerdau, a Porto Alegre-based long products steelmaker, acquired
the 17.76-percent Acominas stake Friday that was held by the
Central bank following the collapse of Banco Economico, according
to a Business News Americas report.

Gerdau increased its 38.05-percent ownership in the semi-finished
and long products maker Acominas by bidding the minimum price of
426.55 million reais (US$174 million at current exchange rates)
for the stake.

"The decision to make the offer was taken after a thorough
analysis of the strategic role Acominas has for our current
business and our alternatives for future growth and increasing
our profits," said Jorge Gerdau Johannpeter, president of the
Gerdau Group.

According to liquidator Natalicio Pegorini, Gerdau was the only
company to put in a bid.

Previously, long products steelmaker Belgo-Mineira had expressed
an interest in the stake, but Pegorini said he hasn't heard from
the Belo Horizonte-based company.


CVRD: Finalizes Acquisition of CAEMI
------------------------------------
In an official press release, Companhia Vale do Rio Doce (NYSE:
RIO_p) (CVRD), the largest diversified mining company of the
Americas, informs that its wholly owned subsidiary, Itabira Rio
Doce Company Limited (ITACO), acquired Thursday from Cayman Iron
Ore Investment Co., Ltd., a company wholly owned by the Japanese
trading company MITSUI & Co., Ltd. (MITSUI), all shares of Amazon
Iron Ore Overseas Co., Ltd. (AMAZON) for US$278,710,381.84.

AMAZON holds 659,375,000 common shares of CAEMI Mineracao e
Metalurgia S.A. (CAEMI), which corresponds to 50% of its voting
capital. CAEMI, a Brazilian company headquartered in Rio de
Janeiro, is a non-operational holding with relevant stakes in
iron ore, kaolin and refractory bauxite mining and railroad
transportation.

The acquisition was approved by the European Commission, with a
commitment of CVRD and MITSUI to divest CAEMI's 50% interest in
Quebec Cartier Mining Company (QCM), a Canadian iron ore and
pellets producer. The commitment removes the Commission's
competition concerns in relation to the supply of these products.

As a result of the above-mentioned transaction, CVRD and MITSUI
will share equally CAEMI's shareholding control.

CVRD and MITSUI, as the new controlling shareholders of CAEMI,
celebrated an agreement in accordance to article 118 of the
Brazilian Corporate Law 6,404/76. Pursuant to the terms and
conditions agreed in that instrument both parties intend to keep
CAEMI as a publicly traded company, independently managed in
accordance with the best corporate governance practices.

The new CAEMI controlling shareholders will analyze, during the
next months, alternative strategic solutions to focus on its core
businesses and value creation. As soon as these solutions are
defined, the market will be informed.

The CAEMI acquisition represents the conclusion by CVRD of a
relevant step towards the consolidation of its participation in
the global iron ore industry.

CONTACT:  Roberto Castello Branco
          castello@cvrd.com.br
          +55-21-3814-4540

          Andreia Reis
          andreis@cvrd.com.br
          +55-21-3814-4643

          Barbara Geluda
          geluda@cvrd.com.br
          +55-21-3814-4557

          Daniela Tinoco
          daniela@cvrd.com.br
          +55-21-3814-4946


ENRON: May Sell LA Holdings To Raise Cash, Analysts Say
-------------------------------------------------------
Analysts expect indebted U.S. energy giant Enron Corp, which
filed for bankruptcy last week after rival Dynegy Inc. withdrew a
US$9.3-billion all-stock takeover bid, to sell its Latin American
holdings in coming months to raise cash to pay off creditors,
reports the National Post.

"I think they probably need to just cash in their chips in Latin
America," Victor Galliano, a Latam utilities analyst at BBVA
Securities in New York, said yesterday. "They are in a situation
where they are just trying to raise cash."

But sector specialists say the financial weakness of the company
and the elevated risk associated with investing in Latin America
could mean Enron is forced to bite its lip on the price it gets
for fleeing the region.

In Brazil, where the firm owns electricity distributor
Electricidade e Servicos SA (Elektro), a couple of power plants
and a stake in the Bolivia-Brazil gas pipeline, the economy is
slowing and the country is rationing energy.

Meanwhile, Argentina, the region's No. 3 economy where Enron has
a 35 percent stake in Transportadora de Gas del Sur (TGS), is
deep in a debt crisis and in its fourth year of economic
stagnation.


ENRON: Petrobras To Proceed With Purchase Of Brazilian Stakes
-------------------------------------------------------------
Enron's current financial situation won't affect Petrobras'
purchase of the Company's shares in Rio de Janeiro-based natural
gas distributors CEG and CEG-Rio, according to Petrobras Gas
director Antonio Luiz de Menezes.

In a report in Business News Americas, Luiz de Menezes made it
clear that the deal, under which Petrobras agreed to pay US$240
million for 25.3 percent of CEG and 33.7 percent of CEG-Rio, had
already been closed before the Enron bankruptcy proceeding was
announced.

"We have merely stopped the payment process because we don't know
whom we have to pay," explained the director.

Petrobras' legal department expects the US justice system to
designate the preferred creditors by December 20. The most likely
scenario is that Petrobras will then negotiate the transfer of
the money to those creditors, Menezes said.

Sudameris sector analyst Marcos Severine said that the price paid
by Petrobras for the stakes was fair despite speculation that
Petrobras could get a better price now that Enron has fallen
apart.




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

LAN CHILE: Takes Majority Control of Aerolinheas Brasileiras
------------------------------------------------------------
Lan Chile S.A. (NYSE: LFL) announced late last week in a company
press release that it has purchased, through its subsidiary
LanCargo Overseas Limited and from entities related to LanChile's
majority shareholders, a 73.3 percent stake in Aerolinheas
Brasileiras S.A. (ABSA) for approximately US$2.1 million.

Specifically, LanChile acquired 20 percent of the voting shares
and 100 percent of the preferred shares (which have no voting
rights) in ABSA.

This strategic investment strengthens the company's commercial
and operating relationship with ABSA and enhances LanChile's
Latin American network.

ABSA is one of the largest cargo operators in Brazil and operates
freighter aircraft to, from, and within Brazil. It has annual
sales of approximately $25 million and has been designated as a
regular international carrier by Brazilian authorities. In
addition to a complete freighter service, ABSA also provides
handling to other companies including Cargolux and British
Airways.

ABSA's headquarters are located in Viracopos International
Airport, the largest cargo airport in Latin America, which is
located in the Sao Paulo area.

Lan Chile S.A. is the largest domestic and international
passenger/cargo air carrier in Chile. It currently operates 46
passenger aircraft and ten cargo freighters.

    CONTACT: LanChile S.A., Chile
             Alejandro de la Fuente
             Daniel Jones - djones@lanchile.cl
             Andris Bianchi - abianchi@lanchile.cl
             562/565-2538 / 6812
                 or
             i-advize Corporate Communications, Inc., New York
             Maria Barona, mbarona@i-advize.com
             Blanca Hirani, bhirani@i-advize.com
             212/406-3691


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

TEJIDOS UNICA: Goes Out of Business With Zero Equity
----------------------------------------------------
Productora de Hilados y Tejidos Unica of Manizales, Colombia,
went out of business after operating in the textiles and trade
industry for more than 70 years, says South American Business
Information.

Accordingly, the Company, which has been in a clash with its 350
workers lately, halted operations with zero equity on its books.

Productora de Hilados y Tejidos Unica was formed following a
merger between Tejidos de Occidente and Textilera Manizales in
1929.



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

AIR JAMAICA: Official Expects Financial Recovery Next Year
----------------------------------------------------------
Chris Zacca, Chief Executive Officer of Air Jamaica, believes
that the national air carrier will be able to see a turnaround in
its financial performance by next March, according to a report by
RJR Radio Jamaica.

Air Jamaica, like most international airlines, has suffered a
serious decline in revenue due to a fall-off in travel triggered
by the September 11 terrorist attacks in the United States.

Zacca expects the airline to recover next year, as this has been
able to lessen the negative effects of the fall-out by
implementing several steps.



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

ABC-NACO: Mexican Units Not Included In Recent Rail Asset Sale
--------------------------------------------------------------
ABC-NACO Inc. announced recently that it has agreed to sell all
of its operating assets to TCF Railco Acquisition Corp. for US$75
million, subject to certain adjustments and assumption of certain
liabilities.

The assets sold include all of the United States operating assets
of the company's Rail Products, Track Products and Rail Services
units together with the stock of the company's subsidiaries in
Europe and its joint ventures in China.

The Canadian and Mexican subsidiaries in the Rail Products Group
were not included in this sale.

The Asset Purchase Agreement was executed with TCF in accordance
with the court-authorized sales process and is subject to a
confirmation hearing by the U.S. Bankruptcy Court for the
Northern District of Illinois.

In addition, the sale is subject to review under the Hart-Scott-
Rodino Antitrust Improvements Act. The parties intend to close
the sale as soon as possible after the necessary approvals have
been received

TCF is owned by Three Cities Funds III, L.P. and affiliates. The
Three Cities Funds are primarily engaged in making control
investments in medium-sized companies, where its investment can
lead to a meaningful, positive influence on the future direction
of the enterprise.

In October, ABC-NACO and its U.S. subsidiaries voluntarily filed
for reorganization under Chapter 11 of the U.S. Bankruptcy Code
in the U.S. Bankruptcy Court for the Northern District of
Illinois.

The petitions are currently handled by the Honorable Judge Eugene
R. Wedoff and are being jointly administered under the Case No.
01 B 36484 for ABC-NACO Inc.

The Company is one of the world's leading suppliers of
technologically advanced products to the rail industry.

CONTACT: Wayne R. Rockenbach of ABC-NACO
         Phone: 630/792-2010


AEROMEXICO/MEXICANA: Congress To Approve P$1B Airline Aid
---------------------------------------------------------
Mexico's Congress is expected to approve Tuesday the 1-billion-
peso ($109 million) support for Mexico's airlines, including
Aeromexico and Mexicana, to help pay rising insurance fees, says
Bloomberg.

Accordingly, the money will come from the Development Bank and
will be used to offset insurance fees that rose substantially
following the September 11 terrorist attacks in the U.S.

Meanwhile, the government has also discounted jet fuel and
airport services fees by 10 percent to help carriers cope with
the drop in air traffic.

CONTACT:  AEROMEXICO
          Mayte Sera Weitzman of AeroMexico, +1-713-744-8446, or
          mweitzman@aeromexico.com

          MEXICANA DE AVIACION
          Jenny Jenks, Marketing Director, International
          Division of Mexicana Airlines, +1-210-491-9764, or
          ennyjenks@mexicana.com


BANCA SERFIN: Fitch Upgrades Individual Rating To "C" from "D"
--------------------------------------------------------------
Fitch, the international rating agency, has upgraded Banca
Serfin's (Serfin) Individual rating from 'D' to 'C'. The bank's
foreign currency Short-term 'B', Long-term 'BB+' (Rating Outlook
Positive), local currency Short-term 'F2', Long-term 'BBB', and
Support '3T' ratings were also affirmed.

The upgrade in its Individual rating reflects the bank's improved
financial profile after the clean-up process launched by the
Mexican deposit insurance agency (IPAB) prior to its sale and its
successful restructuring program under BSCH, which has resulted
in a solid capital base, good asset quality, and efficiency and
profitability indicators that are among the best in the system.

Serfin's Short and Long-term ratings reflect the strength of
support of its parent as well as the benefits derived from
forming part of Spain's Banco Santander Central Hispano's (BSCH)
Latin American operations and are constrained by the country's
sovereign rating.

For more information, contact Fitch through Gustavo Lopez, Peter
Shaw, Aurelio Cavazos or Alejandro Garcia by Phone: 212/908-0853,
212/908-0553, (5281) 8335 or 7299


BANCRECER: Banamex Predicts Acquisition To Lower Banorte Profits
----------------------------------------------------------------
Grupo Financiero Banamex expects Grupo Financiero Banorte to
register a 34-percent drop in net profits next year, to close to
1.087 billion dollars, as a result of its acquisition of
Bancrecer, reports Mexican financial daily El Economista.

Banamex is predicting lower profits for the Company next year, as
it has to deal with higher costs associated with the operation of
Bancrecer, as well as costs related to the integration of the two
banks, including layoffs and branch closures.

Although the acquisition will result to a drop in profits for
Banorte in the next year, it is also expected to bring in long-
term benefits for the company.


BANCO ATLANTICO: Bital To Pay 1.535B Pesos To IPAB
--------------------------------------------------
Grupo Financiero Bital agreed to pay 1.535 billion pesos to the
Mexican bank bailout agency IPAB as part of its acquisition of
Banco del Atlantico, reports Reuters.

In October, Bital, Mexico's No. 5 financial group, reached a deal
to acquire Atlantico after almost four years of negotiations with
IPAB.

Both Atlantico and Bital have been choked with enormous amounts
of debt since the December 1994 peso crash. The crisis
consequently led to an economic disaster that sent interest rates
soaring over 100 percent causing millions of debtors to default
on loans.

Atlantico bank was overwhelmed by bad debt when it was taken over
by IPAB.


CYDSA: Strikes Deal With Banks To Restructure $200M In Debt
-----------------------------------------------------------
In a bid to fulfill its debt obligations, Cydsa SA, a chemical,
textile and packaging-materials maker, managed to restructure
$200 million of debt with its bankers, says Bloomberg.

Details of the new terms of the debt were not revealed. But the
report says that even with an extended maturity on the bank debt,
the Company still must roll over or raise cash to pay a $200-
million bond coming due in June next year.

"Cydsa and its subsidiaries have completed a process to
reschedule its debt to medium-term with commercial banks for an
amount of $200 million," the Company said in a statement.

Cydsa has watched its profits dwindling for several quarters due
to lower prices and demand for its chemical products.


GRUPO SIDEK: Asset Sales Report For November 2001
-------------------------------------------------
In its monthly official press release, Grupo Sidek, S.A. de C.V.
(OTC Bulletin Board: GPSAY GPSBY) announced Thursday its report
regarding assets sales from November 1, 2001 to November 30,
2001, pursuant to its obligations under the restructuring
agreements entered into with Sidek Creditor Trust:

                             Assets Sales Report
                  From November 1, 2001 to November 30, 2001
                             (Figures in US$ Thousands)

Assets with Reorganization
Value higher than
USD$ 5,000               Sales Value    Reorganization Value
I. Hotels                      12,000                  12,331
II. Real Estate                     0                       0
III. Marinas and Golfs              0                       0
IV. Other                           0                       0
Subtotal                       12,000                  12,331

Assets with Reorganization
Value less than USD$ 5,000
Subtotal (transactions)           401                    N.A.
Total                          12,401                    N.A.


CONTACT:  Alejandro Giordano Trejo de Grupo Sidek, S.A. de C.V.
          in Mexico, 011-523-678-5911


INDICADOR: CNBV Intervenes Due To Lack Of Capital
-------------------------------------------------
Financial regulator the National Banking and Securities
Commission (CNBV) intervened in Indicador, the foreign exchange
operator sited at Mexico's City's Zona Rosa tourism center.

According to a report by Mexico City daily El Universal, the CNBV
was prompted to intervene in the foreign exchange operator due to
a lack of capital.

Intervention follows a detection of irregularities in the
Company's operations, including errors in its accounting
practices.

Subsequently, Indicador's transactions will be analyzed over the
next few days in order to determine whether laws were broken,
said CNBV Vice President Pablo Escalante.


INDUSTRIAS FRONTERIZAS: Affiliate Included In Hayes Lemmerz Case
----------------------------------------------------------------
Hayes Lemmerz International, Inc., (NYSE: HAZ) a leading global
supplier of automotive and commercial highway wheels, brakes,
powertrain, suspension, structural and other lightweight
components, announced today that it had received court approval
to, among other things, pay pre-petition and post-petition
employee wages and salaries during its voluntary restructuring
under Chapter 11.

The court also granted the Company approval to use up to $45
million of its $200 million debtor-in-possession (DIP) financing
on an interim basis to continue operations, pay employees, and
purchase goods and services going forward during the
restructuring period. Hayes Lemmerz had previously received
commitments for its DIP financing from a group of its lenders led
by CIBC World Markets Corp. The final hearing on the DIP
financing has been set for January 4, 2002.

In a related decision, the Court approved the Company's motion to
pay certain pre-petition amounts owed to freight transporters in
the normal course of business.

As announced December 5, 2001, to reduce its debt and restructure
its balance sheet, Hayes Lemmerz, its direct and indirect
domestic subsidiaries and one subsidiary in Nuevo Laredo, Mexico
filed voluntary petitions for reorganization under Chapter 11.

Its Mexican subsidiary, Industrias Fronterizas HLI, S.A. de C.V.,
was the only non-US unit that sought the protection.

Hayes Lemmerz Chairman and Chief Executive Officer Curtis Clawson
said he was pleased with the court's approval of its "first-day"
orders and interim DIP financing.

"We fully anticipate that the combination of DIP financing and
positive cash flow from our businesses will provide adequate
funding for our post-petition supplier and employee obligations
and business investments," said Mr. Clawson.

"Our customers have expressed their support of our action and
pledged their commitment to us as a valued supplier. In fact, we
are being invited to bid on new business, in recognition that the
Chapter 11 process will make us a stronger and more competitive
supplier. Similarly, our major vendors have expressed a
willingness to continue to do business with us on normal terms
going forward," Mr. Clawson said.

Employee wages and salaries will continue as before. The Company
expects no job losses or facility closures as a direct result of
the filings. All suppliers will be paid on normal terms for goods
furnished and services provided after the filing date.

The Chapter 11 petitions were filed in the U.S. Bankruptcy Court
for the District of Delaware, in Wilmington. The case was
assigned to the Honorable Mary F. Walrath. The case number is 01-
11490MFW.

CONTACT:  Hayes Lemmerz International
          Marika Diamond
          +1-734-737-5162

          Lew Phelps of Sitrick And Company
          +1-310-788-2850

          Industrias Fronterizas HLI, S.A. de C.V.
          Parque Industrial O.L. Longoria
          Nuevo Laredo, Tamaulipas, Mexico
          Phone: 52-871-08800
          Fax: 52.871.30907


MINERA AUTLAN: To Sell Unprofitable Assets For Debt Pay Down
------------------------------------------------------------
In an effort to keep bankruptcy at bay, Mineral Autlan reached an
agreement with its creditors to pay all of its debts, totaling
1.755 billion pesos, reports Mexican financial daily El
Economista.

Under the agreement, the Company will be selling all of its
assets which have historically never returned a profit.

Minera Autlan is just one of the several companies that have been
hit hard by historically low metal prices and sales.

According to Bursametrica analyst Miguel Gaitan, metal prices
this year have declined on average by 20 percent, while sales
have slid by between 40 percent and 60 percent.

Ixe Casa de Bolsa analysts have urged Minera Autlan to associate
itself with a larger steel company to become its provider of
primary materials. Otherwise, it is likely to get into serious
financial trouble by the middle of next year.


SEPOMEX/TELECOMM: SCT Minister Calls For Modernization
------------------------------------------------------
Communications and Transport (SCT) Minister Pedro Cerisola is
pushing for the modernization of the Mexican Postal Service
(Sepomex) and National Telegraphs of Mexico (Telecomm), saying
that they are bankrupt and obsolete, reports Mexico City daily
Reforma.

"Their financial situation is seriously unhealthy, and the
conventional system has become expensive," said the minister.

"The problem is that the mail has been seen as a situation to
benefit the public. Several (government) institutions are exempt
from paying for postal service, including political parties,
Congress and others," said Cerisola.

Sepomex registered third-quarter losses of 163 million pesos. Its
modernization and restructuring will likely include the
reservation of one market segment for the organization, in order
to guarantee its financial viability.

"A process of postal reform is required that reserves an area for
official mail," said a Sepomex document.

The segment reserved for the state would be correspondence
weighing less than 350 grams. Private companies would be able to
deliver mail under 350 grams, but would have to charge double
Sepomex's fee.


TMM: Completes Funding for $25 Million Securitization
-----------------------------------------------------
In an official press release, Transportacion Maritima Mexicana,
S.A. de C.V. (NYSE: TMM and TMM/A), the largest Latin American
multi-modal transportation and logistics company and owner of the
controlling interest in Mexico's busiest railway, TFM, announced
the funding of a $25 million dollar securitization program.
Javier Segovia, president of TMM stated, "This new facility
provides the company with improved financial flexibility and
fulfills another preannounced commitment to our investors."

CONTACT:  TMM
          Jacinto Marina, Chief Financial Officer
          +011-52555-629-8790, jacinto.marina@tmm.com.mx,

          Brad Skinner, Senior Vice President
          Investor Relations, +1-011-52555-629-8725,
          brad.skinner@tmm.com.mx,

          Luis Cavillo,
          Executive Vice President and Media Relations
          +011-52555-629-8758, luis.cavillo@tmm.com.mx

          OR
          general investors, analysts and media
          Kristine Walczak Dresner Corporate Services
          +1-312-726-3600, kwalczak@dresnerco.com



=======
P E R U
=======

NUEVO MUNDO: Six Firms Qualify for Liquidation Contract
-------------------------------------------------------
Peru's banking regulator revealed six local companies have
qualified to bid for the liquidation contract of intervened
Peruvian bank Banco del Neuvo Mundo, reports Business News
Americas.

The financial bids for the Nuevo Mundo liquidation contract will
be opened on December 11.

Nuevo Mundo and fellow Peruvian bank NBK Bank were intervened in
December last year following a run in deposits, triggered by
former President Alberto Fujimori's resignation announced by fax
from Japan.


PESQUERA SAN ANTONIO: Copeinca Abandons Acquisition
---------------------------------------------------
Indecopi's decision with regard to the restructuring of Pesquera
San Antonio (CPSA) led Copeinca to give up on its acquisition of
the Peruvian fishing company, says South American Business
Information.

According to the report, Indecopi had suggested liquidating San
Antonio made the most business sense.

Copeinca, however, thinks that the move would take a long time.
Furthermore, Copeinca also believes that existing fishing
production conditions will prevent San Antonio from achieving its
goals.

Copeinca had formed a consortium with Pesquera Diamante in August
to acquire San Antonio. The consortium's restructuring plan was
previously approved by the creditors of San Antonio.

San Antonio listed debts of US$86.2 million last year.




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 and Edem
Psamathe P. Alfeche, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed to
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