TCRLA_Public/020208.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, February 08, 2002, Vol. 3, Issue 28

                           Headlines


A R G E N T I N A

EDESUR: Fitch Places Enersis on Rating Watch Negative
MULTICANAL: S&P Lowers, Affirms Ratings
REPSOL-YPF: Aims To Restart Argentine Plant By Late-March
REPSOL YPF: Argentine Operations To Continue Normally



B E R M U D A

GLOBAL CROSSING: Insiders Cashing In Stocks Prior To Breakdown
GLOBAL CROSSING: Milberg Weiss Files Suit Against Officers
GLOBAL CROSSING: Cauley Geller Commences Class Action Lawsuit
GLOBAL CROSSING: Schiffrin & Barroway Joins Class Action Fray


B O L I V I A

LAB: Majority Shareholder Makes Progress In Restructuring Effort


B R A Z I L

ELETROPAULO METROPOLITANA: Shares Down On Controller's Woes
EMBRAER: No Plans Of Setting Up Assembly Plant In China
EMBRATEL: Announces Measures To Get Back In The Black
ENRON: Petrobras To Stand By Antitrust Ruling
LIGHT/ELETROPAULO METROPOLITANA: AES Concludes Share Swap


C O L O M B I A

SEVEN SEAS: Announces Preliminary Results of Tres Pasos 6-E Well


M E X I C O

EMPRESAS ICA: Fitch Likes Airport Bid Prospects


P A R A G U A Y

CORPOSANA: SNRE Reveals Modifications To Privatization Timetable


     - - - - - - - - - -


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

EDESUR: Fitch Places Enersis on Rating Watch Negative
-----------------------------------------------------
Fitch Ratings has placed the 'A-' local and foreign currency
ratings of Enersis S.A. (Enersis) on Rating Watch Negative. The
'A-' local and foreign currency ratings of Endesa-Chile have also
been placed on Rating Watch Negative. Enersis owns 60% of Endesa-
Chile.

The rating action on Enersis reflects pressured financial
flexibility, a condition exacerbated by the prospective reduction
of consolidated EBITDA and cash flow stemming from the crisis in
Argentina. Rating pressure is also a result of recent sovereign
deterioration in Colombia, Fitch rated 'BB', and Brazil, Fitch
rated 'BB-' with a negative rating outlook. The Rating Watch
status will be resolved in the near term.

Enersis' investments in Argentina have been acutely affected by
recent events in the country, most notably the devaluation of the
peso, 'pesofication' and freezing of regulated tariffs. Under
current conditions, tariff increases to offset the costs of
devaluation are highly unlikely which will pressure credit
quality of Enersis' 65%-owned Empresa Distribuidora Sur S.A.
(Edesur) and essentially eliminate cash flow contribution to
Enersis. Edesur, as well as other affected public service
companies, are expected to try to renegotiate their concession
agreements to provide some sort of compensation for the
government's actions. The result and timing of the negotiations
is uncertain, yet the ultimate impact is expected to pressure
credit quality at Enersis.

Edesur's 2001 annualized EBITDA is estimated at approximately
$250 million, or 19% of consolidated EBITDA for Enersis; all of
Argentina is expected to account for approximately 22% of
Enersis' consolidated EBITDA. Edesur itself is a very strong
electricity distribution company with EBITDA-to-interest of 15.0x
and should manage to cover its own debt service barring
government transfer or convertibility controls. However, the cash
benefit to Enersis outside of Argentina will be unrealized in the
near term. Longer term, EBITDA contribution will be affected due
to the extreme difficulty of obtaining tariff increases in the
current political and economic environment in Argentina.

The lower EBITDA and elimination of dividends from Enersis and
Endesa-Chile's Argentine subsidiaries adversely affects the
companies' abilities to meet their previously estimated targets
for interest coverage. Current coverage levels are weak for the
'A-' rating category.

Positively, Enersis' Chilean operations are performing well and
contribute the majority of consolidated EBITDA, currently 42%,
and is likely to increase to 48% as demand growth continues and
Argentine contribution declines. Enersis is able to service its
Chilean debt without cash flow from its foreign subsidiaries.
However, such dividend cash flow provides diversification
benefits that add strength to the company's consolidated credit
profile and is a source of cash to reduce consolidated debt
levels. Operations in Colombia and Brazil continue to improve as
well. But, recent sovereign rating deterioration in Colombia and
Brazil and the crisis in Argentina increase the risk level of
cash flow from investments in these companies and temper the
diversification gains.

Both Enersis and Endesa-Chile benefit from the ownership of
Endesa-Spain (Fitch rated 'A+'). Future equity increases at both
Enersis and Endesa-Chile will depend on additional investment
from Endesa-Spain to maintain its level of ownership in the South
American companies. Eventual conversion of approximately US$1.5
billion in subordinated debt from Endesa-Spain is expected to be
a primary source of additional equity for Enersis going forward,
but without the cash flow benefit. Enersis' credit fundamentals
are expected to be supported over the intermediate to long term
from implementation of Project Genesis, continued overall growth
in electricity demand throughout Latin America and debt
reductions, although realization of previously identified targets
may be delayed due to expected lower future cash flow from
Argentina.

Enersis is the largest private electricity distribution group in
Latin America. The company has varying ownership interests in
electric distribution companies in Argentina, Brazil, Chile,
Colombia and Peru; electric generating companies in Argentina,
Brazil, Chile, Colombia and Peru; and electric utility-related
service companies. Enersis is 65%-owned by Endesa-Spain.

Endesa-Chile is the largest electricity generation company in
Chile and owns and operates approximately 48% of the country's
total generating capacity. Endesa-Spain is Spain's largest
electrical utility, which holds existing energy investments in
South America. All three companies have direct and indirect
stakes in companies located in Chile, Argentina, Colombia, Brazil
and Peru.

CONTACT:  Fitch Ratings
          Jason T. Todd, 1-312-368-3217
          Daniel R. Kastholm, 1-312 368-2070
          Carlos Diez, 011 562 206-7171
          James Jockle, 1-212-908-0547 (Media Relations)


MULTICANAL: S&P Lowers, Affirms Ratings
---------------------------------------
International credit rating agency Standard & Poor's (S&P)
downgraded the ratings of Argentina-based cable TV operator
Multicanal following the Company's failure to make the principal
and interest payments on the notes maturing in 2002 and the
interest payments on the notes maturing in 2007.

According to S&P, the missed payments constitute an event of
default under the indenture of the other rated bonds but do not
trigger automatic acceleration (which can, nevertheless, be
requested, in each case, by the bondholders).

Ratings lowered:

- 9.25% senior unsecured notes due Feb. 1, 2002 to 'D' from 'CC'

- 10.5% US$125 million senior unsecured notes due Feb. 1, 2007 to
'D' from 'CC'

- local currency corporate credit ratings to 'D' from 'CC'

- foreign currency corporate credit ratings to 'D' from 'SD'
(selective default)

S&P also affirmed its ratings on all other rated debt of
Multicanal. These ratings will be lowered when an effective
default occurs in each
security.

- US$144mn floating rate medium-term series J notes due Aug. 22,
2003 `CC'

- US$150mn 10.5% medium-term series C notes due April 15, 2018
`CC'

- US$175mn 13.125% medium-term series E notes due April 15, 2009
`CC'

- US$1.05bn senior unsecured medium-term notes `CC'

In August 2001, Multicanal closed a two-year US$144-million
floating-rate note and the sale of a put option on 4 percent of
Direct TV Latin America for US$150 million. The proceeds of these
transactions were used to refinance US$164 million in floating-
rate notes that matured in August 2001, to pay US$25-million in
commercial paper due September 2001, to pay other maturities for
about US$20 million, and to build up cash reserves.

Multicanal was able to slash its financial debt to US$560 million
from US$797 million shown in the September 30, 2001, financial
statements, the Company said in a press release dated February 1.

Furthermore, it also announced its intention to devote all
current resources to fund operations and to renegotiate the terms
of the notes to adjust them to its expected cash generation,
remaining indebtedness, and the distressed economic environment
in Argentina.

Multicanal is one of the two largest cable TV providers in
Argentina, with about 1.33 million subscribers as of September
2001.


REPSOL-YPF: Aims To Restart Argentine Plant By Late-March
---------------------------------------------------------
Spanish energy company Repsol YPF is looking to resume by late
March production at its new methanol plant in Argentina. The
operation was shut down in December when a fire occurred soon
after startup, reports Business News Americas.

According to a company official, the Company is still reviewing
the operations and still completing repairs at the plant, which
is located in Plaza Huincul in Neuquen province.

Once production resumes at the plant, Argentina will be on track
as a net exporter of methanol. The facility has a 400,000-ton
annual production capacity, most of which is destined for export
markets. Annual domestic demand stands at some 100,000 tons.

Repsol-YPF plans to transport the product by rail to port
facilities at its La Ensenada complex. Delays in the granting of
permits from local authorities have posed an obstacle to
construction of closer port facilities in Bahia Blanca.

CONTACTS:  REPSOL YPF/YPF
           Alfonso Cortina De Alcocer, Chairman & CEO
           Ramon Blanco Balin, Vice Chairman
           Carmelo De Las Morenas Lopez, CFO

           Their Address:
           Paseo de la Castellana 278
           28046 Madrid, Spain
           Phone   +34 91 348 81 00
           Home Page: http://www.repsol.com

           or
           Av. Roque S enz Pe a, 777.
           C.P 1364. Buenos Aires
           Argentina


REPSOL YPF: Argentine Operations To Continue Normally
-----------------------------------------------------
Operations of Repsol YPF in Argentine will continue as it is,
while also maintaining the current employment levels, the Spanish
oil giant said in an EFE report. Repsol YPF employs 8,500 workers
directly and 6,000 workers in indirect jobs throughout the
recession-plagued country.

"To date, Repsol YPF has not taken any actions that would affect
the company's number of direct or indirect workers," the Company
said in a statement.

According to Repsol YPF: "like the rest of the petroleum
industry, the Company is studying the economic measures expected
to be adopted by the government to determine their impact on the
company."

Repsol YPF executives said Monday in Madrid that the Argentine
government's decision to convert the economy to pesos was
expected to result in lower operating costs for Repsol YPF.

The oil giant is awaiting President Eduardo Duhalde's
clarification of contributions to be made by oil companies in an
effort to help Argentina overcome the economic crisis.



=============
B E R M U D A
=============

GLOBAL CROSSING: Insiders Cashing In Stocks Prior To Breakdown
--------------------------------------------------------------
Insiders at the Bermuda and California-based Global Crossing were
able to cash in US$1.3 billion worth of stock in the three years
prior to the Company's filing for bankruptcy protection last
week, according to an article of The Wall Street Journal.

According to data from Thomson Financial/Lancer Analytics, there
were US$150 million worth of disposals last year.

Global Crossing, once an investor favorite, filed for Chapter 11
bankruptcy protection in late January under the weight of debts
incurred by its aggressive construction of a network of fibre-
optic cables.

For more info about the Company's bankruptcy filing:
http://bankrupt.com/misc/Global_Crossing1.txt
http://bankrupt.com/misc/Global_Crossing2.pdf


GLOBAL CROSSING: Milberg Weiss Files Suit Against Officers
----------------------------------------------------------
Milberg Weiss ( http://www.milberg.com/global/)announced
Wednesday that a class action has been commenced in the United
States District Court for the Central District of California on
behalf of purchasers of Global Crossing Ltd. ("Global Crossing")
(NYSE:GX) publicly traded securities during the period between
Jan. 2, 2001 and Oct. 4, 2001 (the "Class Period").

The complaint charges certain of Global Crossing's officers and
directors with violations of the Securities Exchange Act of 1934.
Due to its recent bankruptcy filing, Global Crossing is not named
as a defendant in the action. The complaint alleges that during
the Class Period, defendants issued false and misleading
statements and press releases concerning Global Crossing's
financial statements, their ability to offset declining wholesale
demand for bandwidth capacity with higher-margin, customized data
services and the Company's ability to generate sufficient cash
revenue to service its debt. During the Class Period, before the
disclosure of the true facts, the Individual Defendants and
certain Global Crossing insiders sold their personally held
Global Crossing common stock generating more than $149 million in
proceeds and the Company raised $1 billion in an offering of
senior notes.

However, the full extent of Global Crossing's cash flow crisis,
and its failure to compete in the market for customized
communications services, began to emerge on Oct. 4, 2001. On that
date, the Company issued a string of stunning announcements: cash
revenues in the third quarter would be approximately $1.2
billion, $400 million less than the $1.6 billion expected by a
consensus of analysts surveyed by Thomson Financial/First Call.
The cash revenue shortfall was purportedly the result of a "sharp
falloff" in wholesale IRU sales to carrier customers. The Company
further announced that it expected recurring adjusted EBITDA to
be "significantly less than $100 million" compared to forecasts
of $400 million. Following these announcements, Global Crossing's
share priced plunged by 49% to $1.07 per share.

Plaintiff seeks to recover damages on behalf of all purchasers of
Global Crossing publicly traded securities during the Class
Period (the "Class"). The plaintiff is represented by Milberg
Weiss Bershad Hynes & Lerach LLP, who has expertise in
prosecuting investor class actions and extensive experience in
actions involving financial fraud.

Milberg Weiss Bershad Hynes & Lerach LLP, a 170-lawyer firm with
offices in New York, San Diego, San Francisco, Los Angeles, Boca
Raton, Seattle and Philadelphia, is active in major litigations
pending in federal and state courts throughout the United States.
Milberg Weiss has taken a leading role in many important actions
on behalf of defrauded investors, consumers, and companies, as
well as victims of World War II and other human rights
violations, and has been responsible for more than $30 billion in
aggregate recoveries. The Milberg Weiss Web site (
http://www.milberg.com)has more information about the firm.

CONTACT:  Milberg Weiss Bershad Hynes & Lerach LLP
          William Lerach, 800/449-4900
          wsl@milberg.com

          GLOBAL CROSSING
          Press Contacts: Dan Coulter, 973/410-5810
          Daniel.coulter@globalcrossing.com

          Press Contact
          Becky Yeamans
          +1 973-410-5857
          rebecca.yeamans@globalcrossing.com

          Analysts/Investors Contact
          Ken Simril
          +1 310-385-5200
          investors@globalcrossing.com


GLOBAL CROSSING: Cauley Geller Bowman & Coates, LLP Announces
Class Action Lawsuit
-------------------------------------------------------------
The Law Firm of Cauley Geller Bowman & Coates, LLP announced
Wednesday that a class action has been filed in the United States
District Court for the Western District of New York on behalf of
purchasers of Global Crossing, LTD. (NYSE: GX; OTC Bulletin
Board: GBLXQ) ("Global" or the "Company") common stock during the
period between April 28, 1999 and October 4, 2001, inclusive (the
"Class Period"). A copy of the complaint filed in this action is
available from the Court, or can be viewed on the firm's website
at http://www.classlawyer.com/pr/global--crossing.pdf.

The complaint charges certain of Global's officers and directors
violated the Securities Exchange Act of 1934. The complaint
charges that during the Class period, defendants issued false and
misleading statements, press releases, and SEC filings concerning
Global's financial condition, as well as the Company's ability to
generate sufficient Cash Revenue from new revenue sources
considering the failing market for broadband access. Prior to the
disclosure of Global's true financial condition, the Individual
Defendants and other Global insiders sold holdings of Global's
common stock for proceeds of more than $149 million. In addition,
during the Class Period defendants caused the Company to sell
notes on favorable terms to itself which generated $1 billion in
investor capital.

On October 4, 2001 Global announced that Cash Revenues in the
third quarter would be approximately $1.2 billion, $400 million
less than the $1.6 billion expected by analysts and forecast
several times earlier in the year by defendants. In addition,
Global and the defendants stated that they expected recurring
adjusted EBITDA to be "significantly less than $1000 million"
compared to forecasts of $400 million made several times earlier
in the year. Following this series of announcements, Global's
share price plummeted nearly 50% to $1.07 per share on extremely
heavy trading volume. Subsequently, with its stock trading at
well under a dollar per share of common stock, Global filed for
Chapter 11 Bankruptcy protection on January 28, 2002 after
becoming unable to service its debt.

CONTACTS:  CAULEY GELLER BOWMAN & COATES, LLP
           Investor Relations Department:
           Jackie Addison, Sue Null or Shelly Nicholson
           P.O. Box 25438
           Little Rock, AR 72221-5438
           Toll Free: 1-888-551-9944
           E-mail: info@classlawyer.com
           OR
           Charlie Gastineau
           Tel. +1-888-551-9944


GLOBAL CROSSING: Schiffrin & Barroway Joins Class Action Fray
-------------------------------------------------------------
The following statement was issued Wednesday by the law firm of
Schiffrin & Barroway, LLP:

Notice is hereby given that a class action lawsuit was filed in
the United States District Court for the Western District of New
York on behalf of all purchasers of the common stock of Global
Crossing, LTD. ("Global" or the "Company")(NYSE: GX) (OTC
Bulletin Board: GBLXQ) from April 28, 1999 through October 4,
2001, inclusive (the "Class Period").

The complaint alleges that certain of Global's officers and
directors violated the Securities Exchange Act of 1934. The
complaint charges that during the Class Period, defendants issued
false and misleading statements, press releases, and SEC filings
concerning Global's financial condition, as well as the Company's
ability to generate sufficient Cash Revenue from new revenue
sources considering the failing market for broadband access.
Prior to the disclosure of Global's true financial condition, the
Individual Defendants and other Global insiders sold holdings of
Global's common stock for proceeds of more than $149 million. In
addition, during the class period defendants caused the Company
to sell notes on favorable terms to itself which generated $1
billion in investor capital.

On Oct. 4, 2001 Global announced that Cash Revenues in the third
quarter would be approximately $1.2 billion, $400 million less
than the $1.6 billion expected by analysts and forecast several
times earlier in the year by defendants. In addition, Global and
the defendants stated that they expected recurring adjusted
EBITDA to be "significantly less than $100 million" compared to
forecasts of $400 million made several times earlier in the year.
Following this series of announcements, Global's share priced
plummeted nearly 50% to $1.07 per share on extremely heavy
trading volume. Subsequently, with its stock trading at well
under a dollar per share of common stock, Global filed for
Chapter 11 Bankruptcy protection on January 28, 2002 after
becoming unable to service its debt.

Plaintiff seeks to recover damages on behalf of class members and
is represented by the law firm of Schiffrin & Barroway, LLP,
which has significant experience and expertise prosecuting class
actions on behalf of investors and shareholders. For more
information on Schiffrin & Barroway visit www.sbclasslaw.com.

CONTACT:  Schiffrin & Barroway, LLP
          Marc A. Topaz, Esq.
          Stuart L. Berman, Esq.
          Three Bala Plaza East, Suite 400
          Bala Cynwyd, PA  19004
          Toll free: 1-888-299-7706
                     1-610-667-7706
          E-mail: info@sbclasslaw.com



=============
B O L I V I A
=============

LAB: Majority Shareholder Makes Progress In Restructuring Effort
----------------------------------------------------------------
Ernesto Asbun, Lloyd Aereo Bolivian's (LAB) majority shareholder,
is moving ahead in its restructuring efforts to keep the Bolivian
flag airline afloat. According to a report by La Razon, Asbun
struck an agreement with trade unions to reduce the Company's
labor force by 100 employees.

The employees were taken in by VASP, the Brazilian transportation
company that previously managed LAB, to be included among their
1,735 employees.

LAB posted annual losses of US$24 million and the management is
looking to balance the Company's finances.



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

ELETROPAULO METROPOLITANA: Shares Down On Controller's Woes
-----------------------------------------------------------
Shares of Eletropaulo Metropolitana de Sao Paulo SA, the power
distributor for Sao Paulo city, fell 5.3 percent to BRL68.71,
following a 14-percent drop in shares of controlling shareholder
AES Corp.

AES said fourth-quarter net income fell 80 percent to $44 million
on losses from discontinued businesses in Latin America and the
U.S.

"Problems with AES affect not only Eletropaulo but also its other
subsidiaries," said Horacio Piedras, electricity analyst with BES
Securities SA in Rio de Janeiro. "For Eletropaulo there's another
point of concern as the utility has $850 million debt due this
year."


EMBRAER: No Plans Of Setting Up Assembly Plant In China
-------------------------------------------------------
Brazilian aircraft maker Embraer denied an article published
Tuesday by the Brazilian O Estado de S. Paulo that the Company is
trying to set up an assembly plant in China. The report alleged
the company was encountering difficulties with local authorities
over formalities.

According to a report by Reuters, the world's fourth-largest
aircraft manufacturer admitted it was keen to sell more planes in
the Asian country. However, it denied reports that the firm would
add to the commercial office and spare parts distribution unit it
operates in the Chinese capital, Beijing. Executives of the
Brazilian regional jet manufacturer have talked repeatedly of a
desire to make commercial inroads into China.

"China is a market of great potential which we are very
interested in and we are following the market with keen
interest," Embraer President Mauricio Botelho said recently.

Embraer has sold five 50-seat ERJ-145 regional jets to China's
Sichuan Airlines. Sources say it has also been waiting for
several months for official Chinese approval to sell 20 ERJ-145s
to China Southern Airlines with an option for 10 more.

Embraer has refused to make a comment on the deal reports in
accordance with company policy of not discussing a deal until it
is signed and sealed.

CONTACTS:  EMBRAER
           Bob Sharp, Press office mgr.
           bob.sharp@embraer.com.br
           OR
           Wagner Gonzalez, Press officer
           wagner.gonzalez@embraer.com.br
           Phone +55 12 3945 1311
           Fax + 55 12 3945 2411


EMBRATEL: Announces Measures To Get Back In The Black
-----------------------------------------------------
After posting a loss of BRL554 million (US$231 million) for the
year 2001, Brazil's leading long-distance telephone operator
Embratel revealed Wednesday strategies to restore profitability
this year.

Embratel, in a report released by Reuters, revealed it would
focus on products with greater profit margins, crack down on non-
payment of bills by customers and cut its focus on boosting
revenues.

Embratel's stock has fallen 21 percent this year but only slipped
slightly Wednesday after the release of its 2001 results after
the markets closed Tuesday.

"We are reflecting the sentiment of markets and shareholders, we
will no longer only chase revenues, but make the company deliver
profits," Embratel's president Jorge Rodriguez said Wednesday.

Rodriguez said last year's results were also caused by a price
war with its main long-distance competitor, Intelig. Embratel
rates were cut between 15 percent and 20 percent last year
because of the competition, he said.

To see financial statements:
http://bankrupt.com/misc/Embratel.doc

CONTACT:  Embratel Participacoes S.A.
          Silvia M.R. Pereira
          Investor Relations
          tel: (55 21) 2519-9662
          fax: (55 21) 2519-6388
          email: silvia.pereira@embratel.com.br
          or invest@embratel.com.br
          or
          Helena Duncan/Mariana Palmeira
          Press Relations
          tel: (55 21) 2519-3653/3654
          fax: (55 21) 2519-8010
          email: hduncan@embratel.com.br
          or mpalm@embratel.com.br


ENRON: Petrobras To Stand By Antitrust Ruling
---------------------------------------------
Petroleo Brasiliero SA's (Petrobras) vertical control of the
natural gas supply chain - in this case from extraction in
Bolivia to the end consumer in Brazil - is still under
investigation by the country's antitrust regulators, SDE and
Cade.

The investigation followed an announcement made by Petrobras last
year that it was planning to buy bankrupt U.S. energy company
Enron's stakes in Rio de Janeiro natural gas distributors CEG and
CEG Rio.

The authorities may require Petrobras to sell down its
participation in the Bolivia-Brazil natural gas pipeline
companies and relinquish operational control. According to
Francisco Gros, Petrobras president, the Company will stand by
whatever decision the antitrust regulators will come up with.
Gros denied that the Company would monopolize the natural gas
chain.

An unnamed market source, however, predicted that the Company may
try to preempt the antitrust authority by presenting an
alternative to selling control of the pipeline company by mid-
February.

That initiative "may or may not be acceptable to the
authorities," the source said.

Petrobras is looking to buy Enron's 25.3 percent of shares in CEG
and 33.7 percent of shares in CEG Rio. Petrobras already owns a
25 percent stake in CEG Rio.

Petrobras is examining all the legal ramifications if it proceeds
with this purchase, Gros said. The Company's lawyers are working
to ensure that Petrobras cannot be liable for any future lawsuits
from disgruntled Enron shareholders should it purchase shares in
the two companies.


LIGHT/ELETROPAULO METROPOLITANA: AES Concludes Share Swap
---------------------------------------------------------
The AES Corporation (NYSE:AES) announced Wednesday that its
subsidiaries have exchanged, with Electricite de France (EdF),
their shares representing a 24% interest in Light Servicos de
Eletricidade, S.A. (Light) for 88% of the shares of AES Elpa S.A.
(formerly Lightgas Ltda).

AES Elpa owns 77% of the voting capital (31% of total capital) of
Eletropaulo Metropolitana Eletricidade de Sao Paulo, S.A.
(Eletropaulo) and 100% of Light Telecom.

The actions concluded today represent the final steps of a
restructuring process whereby AES has acquired a controlling
interest in Eletropaulo. By acquiring a controlling interest, AES
has increased its ownership from 19% of the voting capital and
50% of the total capital of Eletropaulo to 68% and 70%,
respectively. At fiscal year-end 2001, Eletropaulo had
consolidated gross revenues of approximately US $2.9 billion, US
$ 4.7 billion in total assets, and US $2.8 billion total debt.

The restructuring process began in 1999, when AES and EdF jointly
acquired shares of Light owned by Reliant Energy Inc., Companhia
Siderurgica Nacional (CSN) and Banco Nacional de Desenvolvimento
Social (BNDES). The consummation of the share swap required the
approval of regulatory agencies, creditors, and minority
shareholders, among others. Those approvals now are complete.

Luiz David Travesso, Vice President of AES, stated, "Today's
announcement brings a very satisfying end to the long and complex
process of acquiring control of Eletropaulo. By acquiring a
controlling interest, AES will be able to increase the benefits
from the ongoing restructuring process at Eletropaulo, and the
implementation of AES' business approach. We are excited by the
prospects for Eletropaulo, and are delighted to have the chance
to serve the people of Sao Paulo."

Roger W. Sant, Chairman of AES, "We now begin a new chapter in
our service to the people of Brazil. Acquiring a controlling
interest in Eletropaulo has been an important, long-standing AES
objective. We have greatly enjoyed our working relationship with
the people of EdF."

AES is a leading global power company comprised of competitive
generation, distribution and retail supply businesses in
Argentina, Australia, Bangladesh, Brazil, Cameroon, Canada,
Chile, China, Colombia, Czech. Republic, Dominican Republic, El
Salvador, Georgia, Germany, Hungary, India, Italy, Kazakhstan,
the Netherlands, Nigeria, Mexico, Oman, Pakistan, Panama, Qatar,
Sri Lanka, Tanzania, Uganda, Ukraine, the United Kingdom, the
United States and Venezuela.

CONTACT:  AES Corporation
          Kenneth R. Woodcock, 703/522 1315



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

SEVEN SEAS: Announces Preliminary Results of Tres Pasos 6-E Well
----------------------------------------------------------------
In an official press release, Seven Seas Petroleum Inc. (Amex:
SEV) announced Wednesday that the Tres Pasos 6-E well has reached
a total measured depth of 6,179 feet, but did not encounter
sufficient fractures in the Cimarrona reservoir. As a result, the
Company is preparing to side-track the well to improve the
connectivity with the fracture system. The Company previously
drilled four development wells capable of producing at an average
rate per well of approximately 2,200 barrels of oil per day.

Escuela 2 Update

The Escuela 2 subthrust exploration well is currently drilling at
a depth of 10,240 feet in 12 1/4-inch hole. The Company posts
updates on the progress of this well on its web site (
www.sevenseaspetro.com ) each Tuesday morning.

Production Update

Gross production from the Guaduas Oil Field is approximately
10,400 barrels of oil per day (4,800 barrels net to Seven Seas).
Gross production continues to be temporarily curtailed by
approximately 2,500 barrels per day due to high gas-oil ratios on
certain wells and may continue to fluctuate until excess gas
production can be re-injected into the field. The facilities
required for gas re-injection are expected to be complete in
April 2002.

Series A Warrant Shares Registered with SEC

Seven Seas' registration statement registering (1) shares held by
certain Seven Seas security holders and (2) the 12,619,500 shares
underlying the Series A warrants has been declared effective by
the U.S. Securities and Exchange Commission, making the Series A
warrants exercisable. The Series A warrants accompanied the $22.5
million senior secured notes that the Company issued in December
2001 as part of a rights issue to its shareholders. The Series A
warrants are identifiable by CUSIP number 817917115.

Copies of the prospectus may be obtained by writing or calling:

     Bryan Sanchez, Investor Relations
     Seven Seas Petroleum Inc.
     5555 San Felipe, Suite 1700
     Houston, Texas  77056
     Telephone:  (713) 622-8218
     Email:  infossp@sevenseaspetro.com

Seven Seas Petroleum Inc. is an independent oil and gas
exploration and production company operating in Colombia, South
America. The Company's primary emphasis is on the development and
production of the Guaduas Oil Field and exploration of the
Subthrust Dindal Prospect, both of which are located in
Colombia's prolific Magdalena Basin.



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

EMPRESAS ICA: Fitch Likes Airport Bid Prospects
-----------------------------------------------
Fitch analyst Roberto Guerra believes that Mexican engineering,
procurement and construction (EPA) group Empresas ICA is in a
good position to bid for the new Mexico City international
airport at Texcoco, reports Business News Americas.

According to Guerra, the Company, which has formed a consortium
with Mexican cement giant Cemex and four other local construction
companies to bid for the US$2.8-billion project, may convince the
government to offer breaks for Mexican companies to be awarded
the construction work.

The Texcoco airport concession and state oil company Pemex's
plans to invest US$14bn in new projects will be key for ICA, he
added.

Fitch recently cut its ratings on Empresas ICA's senior unsecured
long-term foreign currency and senior unsecured local currency
debt ratings to 'B' from 'BB-'. The ratings remained on Rating
Watch Negative.

The rating action reflected Empresas ICA's limited financial
flexibility, stressed credit protection measures, changing
operating environment, increased competition and an uncertain
regional economic outlook.

Empresas ICA has also been affected by under-performing regional
concessions, various contract disputes, severance costs and the
completion of the Cantarell and Esti natural gas projects in
Mexico. Catching up on a backlog of projects will be key to the
company generating more cashflow throughout the year, Guerra
said.

CONTACTS:  EMPRESAS ICA SOCIEDAD CONTROLADORA S.A. DE C.V.
           Bernardo Quintana Isaac, Chairman/Pres/CEO
           Jos, L. Guerrero Alvarez, EVP Finance and CFO

           THEIR ADDRESS:
           Mineria No. 145, Colonia Escand>n
           11800 M,xico, D.F., Mexico
           Phone: +52-55-5272-9991
           Fax: +52-55-5227-5012
           URL: http://www.ica.com.mx



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

CORPOSANA: SNRE Reveals Modifications To Privatization Timetable
----------------------------------------------------------------
Paraguay's state reform agency SNRE changed the timetable for
privatizing water utility Corposana following the recommendation
of Spanish banking group Santander Central Hispano (SCH), reports
Business News Americas.

The deadline to purchase pre-qualification guidelines for the
sale has been extended to March 11, 2002, instead of February 8.
Questions regarding the guidelines will be taken until March 15,
company background information is due March 25, pre-qualification
results will be known April 5, while the June 27 offer submission
date remains.

According to a Corposana spokesperson, SCH, which is one of the
sale advisors, recommended the modification considering that
there are many more interested companies that could purchase the
guidelines.

Companies that have purchased guidelines so far include:

- UK's Anglian and International Water
- Spain's Canal de Isabel II
- France's Proactiva Medio Ambiente (Vivendi-FCC) and Ondeo
- A consortium made up of Uruguay's state water utility OSE and
Spain's Aguas de Valencia
- Paraguayan firms Compania Internacional de Aguas, Consorcio
EMSA-ECOMIPA, Fluoder and Consorcio EDB
- Italy's Acea
- A consortium made up of Corposana workers.

Chicago-based firm Baker & McKenzie is the sale's legal adviser,
while SCH is the financial consultant and Spanish consulting firm
Nmas1 is managing the sale process.

CONTACTS:  CORPOSANA LEGAL ADVISER:
           Baker & McKenzie
           Latin America Regional Council
           c/o Eduardo de Cerqueira Leite - Chairman
           Av. Dr. Chucri Zaidan 920, 8th floor
           Market Place Tower I
           04583-904 Sao Paulo, SP, Brazil
           Tel: (55-11) 3048-6800
           Fax: (55-11) 5506-3455
           Email: info-latinamerica@bakernet.com
           Marketing Manager: Ellen Van-Waveren

           Baker & McKenzie Headquarters:
           1 Prudential Plaza, 130 E. Randolph Dr., Ste. 2500
           Chicago, IL 60601
           Phone: 312-861-8800
           Fax: 312-861-2899
           Bakerinfo.com

           FINANCIAL CONSULTANT:
           Banco Santander Central Hispano
           Plaza de Canalejas,1
           28014 Madrid, Spain
           Phone: +34-91-558-10-31
           Fax: +34-91-552-66-70

           CORPOSANA:
           Emilio Botn-Sanz, Chairman
           Angel Corc>stegui Guraya, First Vice-Chairman and CEO
           Jos, Luis del Valle, EVP Finance



               ***********


S U B S C R I P T I O N   I N F O R M A T I O N

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Copyright 2002.  All rights reserved.  ISSN 1529-2746.

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