/raid1/www/Hosts/bankrupt/TCRLA_Public/020221.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

            Thursday, February 21, 2002, Vol. 3, Issue 37

                           Headlines


A R G E N T I N A

ACINDAR: S&P Cuts Ratings On Bonds Following Default
AGUAS ARGENTINAS: S&P Lowers US$108 Mln Loan to 'D'
BANCO GALICIA: Hires Goldman Sachs To Help Find Partner
BGN: Board Members Step Down Amid Fraud Allegations
MOULINEX: BGH May Lose Rights To Sell Products In Argentina


B E R M U D A

GLOBAL CROSSING: Internal Study Reveals Questionable Deals
GLOBAL CROSSING: Berger & Montague, P.C. Files Class Action Suit


B R A Z I L

COPEL: Shareholders Approve US$212M Bond Sale
EDITORA CAMELOT: New Owners Restart Publication Of Magazines
ENRON: Riogen Attracts Four Firms
TELETRUST: Inquiry Uncovers Fraudulent Practices
TRANSBRASIL: Another Airline To Takeover Facilities By March


M E X I C O

BANCA QUADRUM: Issues Second Call For Shareholders' Meeting
HAYES LEMMERZ: Completes Financial Review, Restatements
HAYES LEMMERZ: Schedules Of Mexico's Assets & Liabilities
HAYES LEMMERZ: Industrias Fronterizas' Assets & Liabilities
MINERA AUTLAN: Creditors Shun Proposal; Faces Bankruptcy Threat


T R I N I D A D   &   T O B A G O

BWIA: Workers Brace For Retrenchment


V E N E Z U E L A

AES CORP: Reducing Capital Expenditures; LA Assets To Be Sold
AES CORP: Shares Plunge After Announcement Of Restructuring Plan


     - - - - - - - - - -


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

ACINDAR: S&P Cuts Ratings On Bonds Following Default
----------------------------------------------------
Standard & Poor's downgraded US$100 million of bonds issued by
Acindar to 'D' after the Argentine long products steelmaker
defaulted on a February 15 interest payment for its senior
unsecured notes, reports Business News Americas.

The Company had earlier warned it wouldn't make the interest
payment the deadline due to a strained financial situation
stemming from Argentina's economic condition. Acindar, which is
controlled by the Acevedo family and Brazil's Belgo Mineira, has
been beset by the slump in Argentina's construction sector.

In December, Acindar announced it was postponing principal and
interest payments on debt of some US$356 million. Credit Suisse
First Boston investment bank is working on the Company's behalf
to help renegotiate its liabilities.

However, S&P analyst Silvina Aldeco-Martinez said given the
macroeconomic uncertainties in Argentina, "it is unlikely that a
new restructuring agreement on the debt will be reached any time
soon."

Even so, Aldeco-Martinez believes Acindar enjoys relatively good
long-term growth potential.

Acindar's corporate credit rating is 'D'.

CONTACTS:  Jose I. Giraudo, Investor Relations Manager.
           Acindar S.A.
           Tel. (54 11) 4719 8674

           Andrea Dala
           Investor Relations Officer
           Acindar S.A.
           (54 11) 4719 8672

           CREDIT SUISSE FIRST BOSTON
           Esmeralda 130
           Piso 22
           1035 Buenos Aires
           Argentina
           Tel: 011 54 11 4131 2700
           Fax: 011 54 11 4131 2730

           Credit Suisse First Boston
           AVDA. Bouchard #547
           Piso 11
           Buenos Aires 1106
           Argentina
           Tel: 011 54 11 4312 3505


AGUAS ARGENTINAS: S&P Lowers US$108 Mln Loan to 'D'
---------------------------------------------------
Argentina's largest water utility had its foreign currency rating
lowered Tuesday by Standard & Poor's. Aguas Argentinas S.A.'s,
five-year, $108 million senior unsecured bank loan due in 2005
dropped to a rating of 'D' from double-'C', following the
company's failure to meet the interest payments due.
Concurrently, Standard & Poor's lowered its local currency rating
on Aguas to selective default ('SD') from triple-'C'-minus, while
the foreign currency rating remains at 'SD'.

Aguas' financial and economic performance has been negatively
affected by the pesofication of tariffs and the unsettling
devaluation of the Argentine peso during 2002. Aguas' debt
repayment capacity was weaken dramatically due to the mismatch
between the now peso-denominated generated cash and the mostly
dollar-denominated debt.

Aguas has a 30-year exclusive concession that was granted in 1993
to operate the largest water and sewage system in Argentina,
serving a densely populated area of approximately 9.5 million
people in the city of Buenos Aires and 17 districts of the
metropolitan area of Buenos Aires.

CONTACT:  Sergio Fuentes, +54-114-891-2131, or Lidia Polakovic,
          +54-114-891-2130, both of Standard & Poor's


BANCO GALICIA: Hires Goldman Sachs To Help Find Partner
-------------------------------------------------------
Banco de Galicia y Buenos Aires is seeking the professional
assistance of Goldman Sachs Group, Inc. in its pursuit of a
partner that would take management control and capitalize it to
avert collapse, reports Bloomberg.

Previous reports suggested that Argentine state bank Banco de la
Nacion Argentina would take over Galicia, and that economy
minister Jorge Remes Lenicov and central bank president Mario
Blejer were still trying to consider moves on how to put the
takeover into effect.

Banco Galicia, which has 260 branches throughout Argentina, has
lost billions of dollars in deposits in recent months and holds
more government debt -- on which the government has defaulted --
than any other bank.

Last week, the bank closed its Uruguayan unit for at least 90
days after it lost US$500 million, or a third, of deposits there
since November.

A judge has prohibited Banco Galicia chairman, Eduardo Escasany,
from leaving the country while investigations continue into
allegations he funneled cash out of Argentina after former
President Fernando de la Rua banned international money transfers
without central bank approval. Escasany has denied he or the bank
broke any rules.


BGN: Board Members Step Down Amid Fraud Allegations
---------------------------------------------------
Banco General de Negocios SA (BGN) is losing most of its board as
they quit their posts after one of the bank's officials was
arrested on fraud allegations, reports Bloomberg.

Credit Suisse Group Chief Executive Officer Lukas Muehlemann,
who's been on the board of the Argentine bank since 1998, along
with CSFB International Chairman David Mulford, will step down at
the bank's annual shareholders meeting in April.

Bloomberg also reveals that top executives from U.S. and European
banks, including J.P. Morgan Chase & Co. and Dresdner Bank AG,
are also planning to relinquish their supervisory roles at Buenos
Aires-based BGN.

Credit Suisse, which owns 26.37 percent of BGN, has been asked by
Swiss regulators for details of its role in the affair.

Carlos Rohm, the Argentine bank's vice president, was arrested on
fraud charges after Argentine officials started an investigation
into money transfers of as much as US$260 million. Such transfers
have been banned since December.

J.P. Morgan and Dresdner own 26.03 percent, and 26.08 percent,
respectively, in BGN.

CONTACTS:  BANCO GENERAL DE NEGOCIOS SA
           Esmeralda 120
           Capital Federal 1035
           Buenos Aires, Argentina
           Phone: 011-4394-3003
           Fax: 011-4320-6138
           Email: interbank@bancobgn.com
           URL: http://www.bancobgn.com

           CREDIT SUISSE GROUP
           P.O. Box 1
           CH-8070 Zrich
           Tel. +41 (1) 212 16 16
           Fax. +41 (1) 333 25 87
           Contact: Lukas Muehlemann, chairman & CEO

           J.P. MORGAN CHASE & CO.
           Investor Relations
           J.P. Morgan Chase & Co.
           270 Park Avenue
           New York, NY 10017-2070
           (1-212) 270-6000
           URL: www.jpmorganchase.com

           DRESDNER BANK LATEINAMERIKA AG
           Neuer Jungfernstieg 16
           20354 Hamburg, Germany
           Tel.:   (+49 40) 3595-0
           Fax:   (+49 40) 3595 3314
           Telex:   214 236-0 dl d
           S.W.I.F.T. DRES DE HL
           E-Mail:   public-relations@dbla.com


MOULINEX: BGH May Lose Rights To Sell Products In Argentina
-----------------------------------------------------------
BGH, the company owned by the Teubal and Hojman families, is
losing its grip on Moulinex's business in Argentina, reports El
Cronista. Moulinex Argentina is a joint venture of BGH and
Moulinex's parent company, and had the rights to sell Moulinex's
products in Argentina.

However, Group SEB acquired the electrical appliances brand
globally last year in its acquisition of part of the firm
Moulinex Franceduring receivership last year. Through this
transaction, Group SEB became the only company with the rights to
trade Moulinex's products.

BGH is now negotiating with Group SEB to reach an agreement.
BGH was the exclusive representative of Moulinex for 25 years,
importing and developing a brand that enjoys a 15 percent market
share.



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

GLOBAL CROSSING: Internal Study Reveals Questionable Deals
----------------------------------------------------------
Global Crossing's swaps of fiber capacity with other
telecommunications companies were of little to no economic value,
a three-month internal study revealed.

A Wall Street Journal report cites two unnamed former company
officials stating that the study found that less than 20 percent
of the traded assets between companies could be added to Global
Crossing's existing network in a cost-efficient manner.

The officials also revealed that some of the deals placed assets
hundreds of miles from the closest Global Crossing offices and
left out some engineers from the consulting process because the
trades were closed near the end of the quarter.

Daniel Coulter, spokesman for Global Crossing, refused to comment
on the allegations but Chief Financial Officer Daniel Cohrs
previously said that all of the Company's transactions were
properly accounted for.

On January 28, 2002, Global Crossing and certain of its
affiliates (excluding Asia Global Crossing and its subsidiaries)
commenced Chapter 11 cases in the United States Bankruptcy Court
for the Southern District of New York and coordinated proceedings
in the Supreme Court of Bermuda.

Since then, the Company has come under scrutiny by federal
investigators and the Securities and Exchange Commission. Roy
Olofson, former vice president of finance, alleges the company
misstated revenue and expenses.

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

CONTACT:  GLOBAL CROSSING
          PRESS:
          Dan Coulter
          +1-973-410-5810
          daniel.coulter@globalcrossing.com

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

          ANALYSTS/INVESTORS:
          Ken Simril
          +1-310-385-5200
          investors@globalcrossing.com


GLOBAL CROSSING: Berger & Montague, P.C. Files Class Action Suit
----------------------------------------------------------------
Berger & Montague, P.C., filed a class action against certain of
the officers and directors of Global Crossing, Ltd (NYSE:GX) in
the United States District Court for the Central District of
California, on behalf of all persons or entities who purchased
Global Crossing, common stock during the period from January 2,
2001 through October 4, 2001.

The Complaint charges certain of the officers and directors of
Global Crossing with violations of Sections 10(b) and 20(a) of
the Securities Exchange Act of 1934 and Rule b0b promulgated
thereunder by the Securities and Exchange Commission. 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 bandwith 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 million 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 price plunged by 49% to $1.07 per share. Plaintiff seeks to
recover damages on behalf of all purchasers of Global Crossing
common stock during the Class Period (the "Class"). The plaintiff
is represented by Berger & Montague, P.C. which has expertise in
prosecuting investor class actions and extensive experience in
actions involving financial fraud.

For more information, contact:

   Berger & Montague, P.C., Philadelphia
   Sherrie R. Savett, Esquire
   Barbara A. Podell, Esquire
   Kimberly A. Walker, Investor Relations Manager

   Address:
   BERGER & MONTAGUE
   P.C.1622 Locust Street
   Philadelphia, PA 19103
   Telephone: (888) 891-2289 or (215) 875-3000
   Fax: (215) 875-5715
   Website: www.bergermontague.com
   Email: InvestorProtect@bm.net



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

COPEL: Shareholders Approve US$212M Bond Sale
---------------------------------------------
Shareholders of Cia. Paranaense de Energia (Copel) approved the
state-owned Brazilian utility's plan to sell BRL500 million
(US$212 million) in bonds to roll over maturing debt and finance
investments until 2004, according to a report released by
Bloomberg.

Copel, in a statement, disclosed the bonds would be sold locally
in three stages - two series of BRL100 million each indexed to
the CDI interbank deposit rate, and a third series worth BRL300
million indexed to the government's IGP-M inflation index. The
company is yet to announce the exact dateof the offering.

The Brazilian state of Parana, which owns Copel, had intended to
sell about 89 percent of Copel's voting, or common, shares for at
least BRL5.07 billion (US$2.1 billion) on Jan. 31. However, the
state scrapped its planned sale last month after changes in
government energy policy and debt default in Argentina scared off
potential investors.

Copel has 17 hydroelectric plants and one thermoelectric plant
with a total capacity of over 4,500 megawatts.

Market analysts believed Copel ended 2001 with a profit of just
BRL148 million compared to the BRL430 million reported in 2000.
The Company's debts still stand at BRL1.6 billion, BRL1 billion
of which is denominated in foreign currency.

CONTACTS:  Ingo Henrique Hobert, Chief Executive Officer
           Deni Lineu Schwartz, Chief Government Relatins Officer
           Ferdinando schauenburg, CFO

           THEIR ADDRESS:
           Companhia Paranaense de Energia (COPEL)
           Dulcidio, 800
           Batel  80420-170 Curitiba - PR
           Brazil
           Phone   +55 41 322-3535
           Home Page http://www.copel.com

           INVESTOR RELATIONS
           Ricardo Portugal Alves
           Email: Ricardo.portugal@copel.com
           AND
           Othon M,der Ribas
           Email: othon@copel.com


EDITORA CAMELOT: New Owners Restart Publication Of Magazines
------------------------------------------------------------
DCI (Diario Comercio & Industria) and the Brazilian version of
the Forbes periodical will restart again shortly. Publication of
the periodicals was interrupted at the beginning of the year when
the Patrimonio bank decided to leave Editora Camelot publishing
company.

According to a South American Business Information report, the
two magazines will now be published by Multimidia, a Jornal do
Brasil company, which struck an agreement with Mr. Aluzio Falcao,
owner of the rights to the publications in Brazil.

Multimidia intends to cut the costs of producing the publications
by 20 percent. The new DCI will have an initial run of 15,000,
with the goal of reaching 30,000 in the short run.

Editora Camelot began searching for another investor in January
this year to ensure the survival of the magazines following
Patrimonio's decision to leave the enterprise. Editora Camelot
had received investments of BRL35 million from Patrimonio, BRL4
million of which had gone into Forbes.


ENRON: Riogen Attracts Four Firms
---------------------------------
A total of four companies - two foreign and two Brazilian - have
expressed interest on taking over the project of thermal electric
power plant Riogen from the recently bankrupted U.S.-based energy
company Enron Corp., reports South American Business Information.

According to the report, the plant will have a capacity of 500MW
and will demand some an investment of US$500 million. Enron is
looking to sell several money-losing assets to help pay down
company debt.

Stephen Cooper, the veteran restructuring specialist chosen to
take the helm of embattled Enron Corp., had earlier expressed
confidence that the fallen energy giant is strong enough to
survive bankruptcy. Cooper said Enron's current organization, its
businesses, its customer base and liquidity remain adequate to
survive its Chapter 11 filing.

Enron filed for bankruptcy protection early December 2001 in the
largest Chapter 11 case ever after Dynegy Inc. abandoned its $23
billion takeover of the Houston-based energy trader.

CONTACTS:  Mark Palmer of Enron Corp., +1-713-853-4738
           Enron Corp.
           Investor Relations Dept.
           P.O. Box 1188, Suite 4926B
           Houston, TX 77251-1188
           (713) 853-3956
           Email: investor-relations@enron.com

           Enron Corp.
           Public Relations Dept.
           P.O. Box 1188, Suite 4712
           Houston, TX 77251-1188
           (713) 853-5670


TELETRUST: Inquiry Uncovers Fraudulent Practices
------------------------------------------------
Authorities, who have lodged an inquiry into Teletrust, founded
in 1994 to offer the service of financing telephone lines,
uncovered fraudulent practices in the Company's operations.

The inquiry focused on how a company with capital of BRL10
million was authorized to issue debentures valued up to BRL400
million, of which only BRL232 million were actually issued.

Between 1996 and 1997, Teletrust issued debentures totalling
BRL232 million to various pension funds. The money was used to
buy telephone lines and then resell them to the public at a cost,
including financing, much below the-then current market rates.

When the government, however, reduced the cost of acquiring
telephone lines, the operation was threatened and the rate of
defaults grew rapidly.

Previa, Valia, Petros, Funcef and Sistel, pension funds that
bought the debentures, are now demanding that Teletrust be
declared bankrupt, as they have not yet received the full return
on their investments.


TRANSBRASIL: Another Airline To Takeover Facilities By March
------------------------------------------------------------
Another Brazilian transportation company is expected to operate
the facilities of Transbrasil later this month when the Infraero
(Empresa Brasileira de Infra-estrutura Aeroportuaria), the
Brazilian airports management company, gives its approval.

TAM requested authorization to operate Transbrasil' desks in
Guarulhos Airport (Sao Paulo), while Gol targets facilities in
the same airport.

Transbrasil, which owes BRL115 million to Infraero, lost its
license to fly after Winthrop Group Investment failed to fulfill
its promise of a US$25 million grant. The funds were supposed to
be paid to the Brazilian businessman Dilson Prado da Fonseca for
the acquisition of air Transbrasil.

Prado has also gone to court to reclaim control of Transbrasil,
which he lost when the sale was scrapped after he failed to
comply with necessary legal requirements to finalize the
acquisition.

Prado has initiated legal action against Celso Cipriani,
Transbrasil's former president, and the Fontana family, which
owns it, accusing them of irregularities and of hiding their
motives for suspending the sale.

CONTACT:  Antonio Celso Cipriani, CFO
          Rua Geral Pantaleao Telles, No. 4,
          Jardim Aeroporto
          04355-040 Sao Paulo, Brazil
          Phone: +55-11-533-7111
          Fax: +55-11-543-9083



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

BANCA QUADRUM: Issues Second Call For Shareholders' Meeting
-----------------------------------------------------------
Banca Quadrum, S.A. announced that its Board of Directors has
issued a second call for a general ordinary and extraordinary
shareholders' meeting scheduled to be held at 10:00 a.m., local
time, on February 28, 2002, at the Company's office, located at
Boulevard Manuel Avila Camacho No. 76, Second Floor, Colonia
Lomas de Chapultepec, 11010 Mexico, D.F. The shareholders'
meeting was originally scheduled for February 15, 2002, but it
was adjourned since the required quorum of shareholders was not
represented at the meeting. If the required quorum of
shareholders is again not represented at the meeting, no
subsequent meeting will be called and the Company's authorization
to operate as a Mexican bank will be revoked and the Company will
be liquidated in accordance with Mexican law.

On May 3, 2001, the Mexican Stock Exchange suspended trading of
the Company's shares due to the Company's failure to file its
annual report for the calendar year ended December 31, 2000 with
the Mexican Banking and Securities Commission as required by
Mexican corporate law. Mexican banking authorities took control
of the Company on August 21, 2001 due to their concerns about the
adequacy of the Company's capital.

During August 2001, Nasdaq delisted the Company's American
Depositary Shares due to the Company's failure to file its annual
report for the calendar year ended December 31, 2000 on Form 20-F
with the Securities and Exchange Commission as required by NASD
Marketplace Rule 4310(c)(14).

At the meeting, shareholders will be asked to review and approve
(i) the Board of Director's annual report and the Company's
audited financial statements for the calendar year ended December
31, 2000 and (ii) the Company's unaudited financial statements
for the period January 1, 2001 through November 30, 2001. The
Company's financial statements reflect total capital losses in
the amount of 733,886 thousands of Mexican pesos (approximately
U.S. $79.2 million). Shareholders will also be asked to (i)
approve the Company's total capital losses and (ii) consider a
proposal to raise 918,875 thousands of Mexican pesos
(approximately U.S. $99.1 million) in new capital for the
Company. If shareholders do not vote in favor of the proposal to
raise new capital, or if shareholders vote in favor of the
proposal to raise new capital but the Company is unable to raise
sufficient new capital, the Company's authorization to operate as
a Mexican bank will be revoked and the Company will be liquidated
in accordance with Mexican law.

CONTACT:  Ernesto Rodriguez, Investor Relations
          Tel. +011-52-55-5284-5693
          Email: erodrigu@quadrum.com.mx


HAYES LEMMERZ: Completes Financial Review, Restatements
-------------------------------------------------------
Hayes Lemmerz International, Inc. (OTC Bulletin Board: HLMMQ)
announced completing its financial review of prior year results
and the institution of numerous changes in its management and
accounting processes, practices and policies. The Company's
auditors, KPMG LLP, have also completed their audits of the
Company's restated financial statements for the 1999 and 2000
fiscal years and their review of the Company's unaudited restated
financial statements for the first quarter of fiscal 2001.

Hayes Lemmerz, a global supplier of automotive and commercial
highway wheels, brakes, powertrain, suspension, structural and
other lightweight components, announced last September that it
had discovered accounting errors in previously reported results,
and that it intended to restate results. Today, the Company has
filed restated financial statements with the Securities and
Exchange Commission for fiscal 1999 and 2000 and the first
quarter of fiscal 2001. The Company expects to file its quarterly
reports on Form 10-Q for the second and third fiscal quarters of
fiscal 2001 in March 2002.

On December 5, 2001, Hayes Lemmerz, along with its U.S.
subsidiaries and one subsidiary in Mexico, filed for
reorganization under Chapter 11 of the U.S. Bankruptcy Code to
restructure their debt. Since then, the Company and its
subsidiaries have continued to operate their businesses as
debtors-in- possession. The Company has also received court
approval for $200 million of debtor-in-possession financing.

The revised financial statements cumulatively reduce previously
reported net income for the 1999 and 2000 fiscal years and the
first quarter of fiscal 2001 by $218.0 million. These adjustments
will have only a minimal impact on current and future cash
resources, and EBITDA, an important measure of the operating
performance of the Company, will be reduced by $96.4 million of
the total adjustments. (EBITDA means net income before interest,
taxes, depreciation, amortization and asset impairments and
restructuring charges.) The remainder of the non-EBITDA
adjustments relate primarily to asset impairment losses,
increases in deferred income tax valuation allowances and
restructuring charges. Overall, the restated results are closely
in line with the estimated results that were announced by the
Company on December 13, 2001.

"The Company's Board of Directors has always expected and
required proper financial reporting. Unfortunately, that view was
not properly reflected in the attitudes and actions of certain
former managers. Our review of prior financial results and events
that led to the mis-statements has been thorough and thoughtful.
Based on that review and other factors, we have significantly
changed senior management," said John S. Rodewig, chairman of the
Audit Committee of Hayes Lemmerz' Board of Directors.

"An unwavering commitment by our management team to accurate
accounting is the single most important means to ensure accurate
and honest reporting," Mr. Rodewig continued. "We now have a
management team that believes accurate reporting of results is
its highest priority. Through the combination of our extensive
management changes and instituting stronger and more rigorous
accounting practices and procedures, I am confident that Hayes
Lemmerz will be able to accurately report its results going
forward."

The Audit Committee's recommendations to the Board -- all of
which have been adopted by the Board and are being implemented by
management of the Company -- include, among other things,
improving the quality and integrity of financial management,
realigning the Company's organizational structure so that plant
and business unit financial management report directly to the
Company's senior corporate financial management, and
strengthening its Code of Conduct.

Curtis J. Clawson, who became president and CEO of Hayes Lemmerz
on August 1, 2001, and was also subsequently named chairman,
said, "Our senior management team is wholly committed to accurate
and complete financial accounting. That commitment provides a
strong foundation for accurate reporting. I want everyone
associated with the Company, whether as employees, investors,
customers or vendors, to understand that our strengthened
accounting processes, practices and policies are fortified by my
absolute commitment to conducting our business with integrity,
and reporting results truthfully and accurately."

Even while it addressed the accounting issues and its Chapter 11
filing, Hayes Lemmerz has taken significant strides forward
operationally, Mr. Clawson noted. "We have continued to serve our
customers' needs, and to discuss new business opportunities. We
have significantly reduced inefficiencies that hindered our
ability to meet customer needs and operate profitably. We have
become leaner, more efficient and have assembled a strong
management team. With our $200 million of debtor-in-possession
financing, we have ample liquidity to meet all business needs. In
short, we are in the midst of transforming Hayes Lemmerz so that
we can achieve our full potential as the industry leader."

Hayes Lemmerz International, Inc. is one of the world's leading
global suppliers of automotive and commercial highway wheels,
brakes, powertrain, suspension, structural and other lightweight
components. The Company has 43 facilities and 2 joint ventures
and 14,000 employees worldwide. Of the total, 22 plants in the
United States and one plant in Nuevo Laredo, Mexico, were
included in the Chapter 11 filings. The company's stock is traded
Over the Counter (OTC) with the symbol HLMMQ. More information
about the Company is available at http://www.hayes-lemmerz.com.

CONTACT:  Marika P. Diamond of Hayes Lemmerz International,
          +1-734-737-5162


HAYES LEMMERZ: Schedules Of Mexico's Assets & Liabilities
---------------------------------------------------------
A.     Real Property                             $             0

B      Personal Property                                       0

       TOTAL SCHEDULED ASSETS                    $             0
       ==========================================================


C.     Property Claimed as Exempt                 Not applicable

D.     Secured Claims
           Canadian Imperial Bank of Commerce         753,797,311
           Bank of Montreal Capital                    37,379,590
           CBL Capital Corporation                     25,318,392

E.     Unsecured Priority Claims                               0

F.     Unsecured Non-Priority Claims
           Bank of New York Sr. Subordinated Notes    316,130,208
           Wells Fargo Bank Sr. Subordinated Notes    637,776,127

       TOTAL SCHEDULED LIABILITIES                $ 1,770,401,628

===========================================================

(Hayes Lemmerz Bankruptcy News, Issue No. 6, Bankruptcy
Creditors' Service, Inc., 609/392-0900)


HAYES LEMMERZ: Industrias Fronterizas' Assets & Liabilities
-----------------------------------------------------------
A.     Real Property
           Nuevo Laredo, Mexico
             Land                                         442,546
             Building                                   6,281,980

B      Personal Property
B.1      Cash on Hand                                      1,669
B.2      Bank Accounts
            Serfin Bank                                   805,260
B.3      Security Deposits                               148,559
B.15     Accounts Receivable
            Trade Receivables                           1,948,361
B.27     Machinery, furniture and fixtures
            Machinery & equipment                         167,331
B.28     Inventory
            Raw materials                               3,059,856
B.33     Other personal property
            Prepaid expenses                               21,137

        TOTAL SCHEDULED ASSETS                    $    12,876,699

==========================================================

C.     Property Claimed as Exempt                 Not applicable

D.     Secured Claims                                          0

E.     Unsecured Priority Claims                               0

F.     Unsecured Non-Priority Claims
           Accounts Payable
             Du Pont de Mexico, S.A. C.V.               1,153,471
             All other accounts payable                   519,055

       TOTAL SCHEDULED LIABILITIES                $     1,672,526

===========================================================

(Hayes Lemmerz Bankruptcy News, Issue No. 6, Bankruptcy
Creditors' Service, Inc., 609/392-0900)


MINERA AUTLAN: Creditors Shun Proposal; Faces Bankruptcy Threat
---------------------------------------------------------------
Mexican manganese producer Minera Autlan, in its attempts to
restructure its debt, suffered a blow a couple of weeks ago when
Mexican and foreign creditors rejected its proposal. Now,
creditors are taking steps to begin a bankruptcy proceeding
against Minera Autlan's.

According to a Mexico City daily Reforma report, the Company,
which is headed by Jose Antonio Rivero Larrea, had presented a
plan to extend the term of an US$82-million debt to 10 years,
without making any cash payments within the time.

Last year, Autlan temporarily shut down some operations after it
has seen its cash dwindling due to poor market, high-energy
prices and a strong Mexican peso.

In July of that same year, the Company launched a search for a
partner, hiring Paribas bank as exclusive agent in the process.
At the same time, it introduced a program to sell off its non-
core assets - mainly land - in a bid to reduce debts.

Bancomer has already embargoed the Company's accounts and other
goods, including an office building in Monterrey.



=================================
T R I N I D A D   &   T O B A G O
=================================

BWIA: Workers Brace For Retrenchment
------------------------------------
A meeting between BWIA and the Aviation Communication and Allied
Workers Union (ACAWU) held early this week failed to settle
concerns over the retrenchment of workers, The Trinidad Guardian
reports.

ACAWU, which had fought to keep all jobs intact, said the airline
is determined to proceed with staff reductions as part of a
restructuring plan to keep the airline in the sky.

Christopher Abraham, ACAWU Labor Relations Officer, said BWIA
didn't specify how many workers are to go, adding that the
meeting was inconclusive and that the union would meet again to
continue discussions.

Meanwhile, BWIA said it was pleased with the outcome of the
meeting, which was intended to get feedback from the union on its
initial restructuring plans.

Corporate Communications Manager, Clint Williams said this was a
critical exercise and meetings with the other unions representing
BWIA employees were scheduled.

Although BWIA will be presenting the unions with proposed
percentages for staff reduction in various departments, Williams
said those figures were subject to change based on the feedback
from unions.

"Reducing employee costs is not negotiable, but the manner in
which it is done is," he said. "The unions have a role to play in
reaching the best possible solution for a more viable, efficient
operation."



=================
V E N E Z U E L A
=================

AES CORP: Reducing Capital Expenditures; LA Assets To Be Sold
-------------------------------------------------------------
In an official company press release, the AES Corporation (NYSE:
AES) announced it has made additional, significant cuts in
capital expenditures and other spending.

As a result, AES currently expects that it will not be necessary
to access the capital markets in 2002 for additional parent
capital. By taking these actions, AES is positioning itself to
rely on its internally generated cash flows to fund operations,
rather than being dependent on the currently uncertain capital
markets. In addition, AES is in the process of selling certain
assets that would provide approximately $1 - $1.5 billion of
additional cash.

AES has reduced planned capital spending by $490 million in 2002.
The bulk of these reductions come from the elimination or
curtailment of spending on a number of AES's projects in
construction. Additional actions include the planned sales of:
(1) Cilcorp, an integrated utility in Illinois, for which
agreements with a buyer are expected to be executed in April; (2)
a minority interest in Ipalco, an integrated utility in Indiana;
(3) AES's interest in Itabo, a coal-fired power facility in the
Dominican Republic, for which agreements with a buyer are
expected to be executed in March; and (4) certain other AES
plants.

In addition, AES announced it intends to reposition itself in the
electric business by fully contracting or divesting its merchant
generation businesses, as well as reduce its concentration of
businesses in Latin America through sales of all or part of its
interests in certain businesses. This decision was made to reduce
earnings volatility and strengthen the balance sheet.

Dennis W. Bakke, President and Chief Executive Officer,
commented, "We are taking aggressive action to restructure and
deleverage AES. Given today's market climate we are going to rely
on the cash flows of our solid operating businesses. We have
taken additional steps to provide a more substantial liquidity
cushion. We believe the actions we have announced will provide
for a more conservative business model."

Roger W. Sant, Chairman, stated, "The Board of Directors has
unanimously approved this plan to deleverage AES and position us
for the future. The cutbacks in construction capital
expenditures, the accelerated sale of businesses and selective
project financings leave us stronger from a cash perspective with
expected results in the short term. All of these steps are being
taken in parallel with the cost-cutting efforts of AES businesses
around the world. We believe these steps will leave us with a
better-capitalized and stronger company with less earnings
volatility. AES in the future will be less concentrated in Latin
America and have greater emphasis on contract generation."

As a consequence of the recent drop in the price of AES's common
shares, margin calls in connection with personal loans of 3
officers of AES have led to common stock transactions to satisfy
such loans. Most notably, Mr. Bakke has entered into a
transaction for the sale of up to 7,000,000 shares to satisfy a
loan of approximately $36 million. Other officer sales in the
aggregate are expected to be less than 500,000 shares.

Investor Call

AES will address the details of the information provided in this
release in a webcasted investor conference call that will be held
at 9:00 a.m. (Eastern Time) on Tuesday, February 19, 2002 as
previously announced. Contact information about that February 19
call was announced in a Friday, February 15, 2002 press release
and is posted on our website. Also, please note that a powerpoint
presentation, entitled "AES Investor Call", will also be posted
on our website in the investor relations section under
presentations.

The company's generating assets include interests in one hundred
and eighty one facilities totaling over 63 gigawatts of capacity.
AES's electricity distribution network has over 946,000 km of
conductor and associated rights of way and sells over 135,000
gigawatt hours per year to over 19 million end-use customers. In
addition, through its various retail electricity supply
businesses, the company sells electricity to over 154,000 end-use
customers.

For more general information visit our web site at www.aesc.com
or contact investor relations at investing@aesc.com.

CONTACTS:  AES Corporation
           Kenneth R. Woodcock
           Roger W. Sant, Chairman
           Dennis W. Bakke, President, CEO, and Director
           Barry J. Sharp, EVP Large Utilities, CFO, and COO

           THEIR ADDRESS:
           AES Corp.
           1001 N. 19th St.
           Arlington, VA 22209
           Phone: 703-522-1315
           Fax: 703-528-4510
           URL: http://www.aesc.com


AES CORP: Shares Plunge After Announcement Of Restructuring Plan
----------------------------------------------------------------
AES Corp. shares took a 32 percent nose-dive Tuesday, closing at
US$4.75, down US$2.25, on the New York Stock Exchange as
investors reacted negatively to a restructuring plan that would
generate more than US$1 billion in cash for power conglomerate,
the Associated Press reports.

Investors are apparently concerned about the Company's cash flow
because of its significant exposure in Venezuela, where the local
currency has been hammered since President Hugo Chavez allowed
the bolivar to float last week.

On Friday, Fitch Ratings downgraded the Company's debt ratings in
response to the president's move.

AES' Venezuelan subsidiary, C.A. La Electricidad de Caracas,
contributed more than 10 percent of AES' cash flow in 2001 and
was expected to do the same in 2002.

AES Corp. has at least partial ownership of 182 power plants in
31 countries. It also distributes electricity to 19 million
customers, of which 16 million are in Latin America.




               ***********


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

Troubled Company Reporter Latin American is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ,
and Beard Group, Inc., Washington, DC. John D. Resnick, Edem
Psamathe P. Alfeche and Fe Ong Va¤o, Editors.

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

This material is copyrighted and any commercial use, resale or
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