/raid1/www/Hosts/bankrupt/TCRLA_Public/020502.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, May 2, 2002, Vol. 3, Issue 86
Headlines
A R G E N T I N A
CABLEVISION: To Default On Two Interest Payments
ENERSIS: Non-Operating Losses Widen On High Argentine Provisions
FINANCIAL SYSTEM: IMF Presses Government For Immediate Action
IMAGEN SATELITAL: To Miss Interest Payment On 2005 Sr. Notes
SCOTIABANK QUILMES: Parent May Inject Cash To Reopen Subsidiary
SCOTIABANK QUILMES: Banco Hipotecario Wants To Buy Assets
B E R M U D A
TYCO INTERNATIONAL: Defends Decisions, Liquidity Not An Issue
B R A Z I L
AES CORP.: Infovias Stake Sold to CEMIG for $32 Million
EMBRATEL: Obtains Injunction To Suspend Telefonica's License
C H I L E
DISPUTADA: Anglo To Pay US$1.3 Bln For Exxon Mine
MADECO: Quinenco This Year's Focus for Improved Profitability
M E X I C O
ALESTRA: Considers Other Options To Raise Cash
BANCO INDUSTRIAL/ANAHUAC/SURESTE: IPAB To Decide Fate This Month
BANRURAL: Confronts Another Problem
CYDSA: Sales Down, 1Q02 Operating Loss Totals MXN11 Million
EMPRESAS ICA: Rules Out Making Appealing Court's Decision
ISPAT MEXICANA: Extends Exchange Offer Expiration to May 15
P E R U
AMERICA TELEVISION: Creditors Introduce New Management
V E N E Z U E L A
SUDAMTEX: Seeks New Extension Of Maturities On Debt Payments
- - - - - - - - - -
=================
A R G E N T I N A
=================
CABLEVISION: To Default On Two Interest Payments
------------------------------------------------
Argentina's largest cable television operator CableVision is to
default on interest payments totaling US$36.1 million, reports La
Nacion. The payments correspond to US$18.9 million in interest on
a series of negotiable bonds totaling US$275 million expiring May
1, 2009 and US$17.2 million in interest on negotiable bonds worth
US$250 million expiring at the end of April 2007.
In February, the operator has defaulted on the capital payment
for another negotiable bond for US$100 million, leading to a
ratings downgrade to D from CC/SD by international credit ratings
agency Standard & Poor's.
Early last month, Colorado-based Liberty Media Corp. officially
wrote off its investments in CableVision. Liberty took a US$195
million charge to reflect a permanent decline in the value of its
50 percent interest in CableVision.
At that time, Liberty Media revealed it lost a total of US$733
million last year on CableVision including operating losses and
foreign currency translation losses.
That "reduced the carrying value of our investment to zero as of
Dec. 31, 2001," Liberty said in its disclosure.
Liberty's disclosures were indicative of the troubles of Dallas-
based Hicks, Muse, Tate & Furst in Latin America. Hicks, Muse
owns the other half of CableVision.
CONTACT: CABLEVISION
Bondpland 1773
1414 Buenos Aires
Argentina
Tel: 54 11 47786060
Fax: 54 11 47741016
Home Page: www.cablevision.com.ar
Contacts:
Fabian To de Paul, President
Investor relations
E-mail: spena@cablevision.com.ar
mpigretti@cablevision.com.ar
LIBERTY MEDIA CORPORATION
12300 Liberty Blvd.
Englewood, CO 80112
Phone: 720-875-5400
Fax: 720-875-7469
Home Page: http://www.libertymedia.com
Contacts:
John C. Malone, Chairman
Robert R. Bennett, President, CEO, and Director
Gary S. Howard, EVP, COO, and Director
David J. A. Flowers, SVP and Treasurer
HICKS, MUSE, TATE & FURST INCORPORATED
200 Crescent Ct., Ste. 1600
Dallas, TX 75201
Phone: 214-740-7300
Fax: 214-720-7888
Home Page: none
Contacts:
Thomas O. Hicks, Chairman and Chief Executive Officer
Charles W. Tate, President
John R. Muse, Chief Operating Officer
Darron Ash, Chief Financial Officer
ENERSIS: Non-Operating Losses Widen On High Argentine Provisions
----------------------------------------------------------------
Chilean electricity holding company Enersis SA (ENI) reported
financial results for the first quarter 2002. The results below
were presented on a consolidated basis in a Dow Jones report.
(All figures are stated in Chilean pesos, as reported to Chile's
securities regulator, the SVS said.)
First quarter ended Mar. 31:
2002 2001
Sales 631.30 Bln 706.16 Bln
Operating Income 166.59 Bln 176.24 Bln
Net Equity Income 2.16 Bln 705.5 Mln
Non-Operating Income -117.89 Bln -104.52 Bln
Net Income 15.99 Bln 6.79 Bln
Currency History
Mar. 28, 2002 Mar. 31, 2001
One Dollar = 656.60 Pesos 595.30 Pesos
(Note: The exchange rates shown above are for the period end and
don't necessarily reflect rates used by the Company for
converting financial statement accounts into one currency or the
other.)
Enersis said it booked in its first quarter income statements a
provision equal to CLP19.00 billion to guard against continued
instability in Argentina, where it owns electricity Edesur.
Buenos Aires-based Edesur, Enesis' principal subsidiary in
recession-laden Argentina, has seen its income fall as utility
rates were frozen after the January devaluation of the Argentine
peso, which has fallen over 60 percent since. Previously,
Edesur's rates were indexed to the U.S. dollar.
Enersis said first quarter sales registered an 11 percent fall
resulting from fewer sales from its Brazil operations due to that
nation's government-imposed rationing program, which ended in
February, and lower sales figures in crisis-wracked Argentina.
The Company offset the lower sales in part by an 11 percent
decline in operating costs.
According to the Chilean firm, consolidated physical sales in its
distribution businesses across the region registered a fall of
6.4 percent, as declines in Argentina and Brazil offset increases
at the Company's Chile, Peru and Colombia-based affiliates.
Its generation business increased its operating result by 2.4
percent, on year, to CLP78.48 billion during the quarter, as
stronger results in Chile and Peru offset weaker results in
Brazil and Argentina.
Without providing a number, Enersis said its non-operating losses
widened, as the impact of the Argentina provision and lower
equity income offset the effect of lower financial costs.
CONTACTS: ENERSIS S.A.
Santo Domingo 789
Santiago, Chile
Phone: (562) 688-6840
www.enersis.cl
Contacts:
Alfredo Llorente, Chairman
Enrique Garcia, CEO
Rafael Miranda, Vice Chairman
Mauricio Balbontin, CFO
Domingo Valdes, Gen. Counsel
FINANCIAL SYSTEM: IMF Presses Government For Immediate Action
-------------------------------------------------------------
Anne Krueger, Deputy Managing Director of the International
Monetary Fund, is pressing the Argentine government to act
quickly and decisively to control its economic crisis, according
to a report in The Wall Street Journal.
The official's message was conveyed to Argentina's new economy
minister, Roberto Lavagna, who recently became the country's
sixth economy minister in just over a year.
Lavagna is hoping new IMF loans will help the nation avoid a
collapse of its financial system.
An IMF spokesman welcomed Lavagna's decision to keep the peso
floating after President Eduardo Duhalde last week considered a
return to a fixed-exchange rate, the Journal reveals.
Argentina ditched its currency peg in January, and the peso has
since lost 70 percent of its value against the U.S. dollar.
On Monday, a member of Lavagna's team said Argentina would pay
multilateral debts coming due in May, including about US$300
million to the IMF, even though any new aid isn't likely to
arrive before June, the Journal suggests.
IMAGEN SATELITAL: To Miss Interest Payment On 2005 Sr. Notes
------------------------------------------------------------
Imagen Satelital S.A., an Argentina-based cable programming and
distribution company, announced that it will not make an interest
payment of $4.4 million on its 11% Senior Notes due 2005 (144 A
CUSIP No. -- 45245HAA0 and Reg S ISIN No. -- USP52800AA024). This
interest payment is due tomorrow.
Banc of America LLC ("BAS"), an investment banking firm, has been
engaged to provide financial advice and to assist the company in
evaluating restructuring alternatives. In this regard, the
company is contemplating a bond swap. Imagen Satelital plans to
announce the details of an informal meeting with noteholders over
the next few weeks. The meeting will provide a forum for
preliminary discussions with noteholders. In the meantime, Imagen
Satelital will continue to operate its business and satisfy its
operating expenses consistent with its normal business practice.
Imagen Satelital S.A. is a subsidiary of Claxson Interactive
Group, Inc. (Nasdaq: XSON), a multimedia provider of branded
entertainment content to Spanish and Portuguese speakers around
the world.
CONTACT: Imagen Satelital S.A.
Investors: Sebastian Reynal, +011-54-11-4339-3713
Press: Alfredo Richard, +1-305-894-3588
Banc of America Securities LLC
Investors: Jonah M. Hirsch, +1-888-292-0070, or
+1-704-388-4807
SCOTIABANK QUILMES: Parent May Inject Cash To Reopen Subsidiary
---------------------------------------------------------------
Scotiabank Quilmes SA, whose banking operations were suspended
indefinitely by the Central Bank, may be reopened. Citing an
Argentine central bank official, Dow Jones reveals that Bank of
Nova Scotia, the unit's parent, has altered its course, and
revealed to Argentine central bank officials of its plans to
recapitalize the closed bank.
Exactly how much cash the Canadian bank will provide Scotiabank
Quilmes remains unclear. However, according to the central bank
official, talks aimed at reopening the Argentine unit were almost
complete.
Meanwhile, Scotiabank officials in Canada denied they planned to
recapitalize Scotiabank Quilmes in the short term.
"Nothing has changed," said Pam Agnew, a Scotiabank spokeswoman.
"Since December, we've said repeatedly that the bank will not
consider putting in any new money (to Scotiabank Quilmes) until
we see a clear set of (banking) rules" and a working financial
system established, Agnew said.
On April 18, Argentina's central bank suspended most of
Scotiabank Quilmes' banking operations for 30 days, or until the
Company could boost its operating capital and cash reserves to
the required levels.
At the time, Scotiabank executives blamed the suspension on a
steady loss of deposits, the central bank's refusal to continue
lending it low-cost loans and steep losses stemming from the
government's February decision to convert all dollar-denominated
deposits and loans into pesos at different exchange rates.
Additionally, industry analysts blamed Scotiabank shareholders'
decision earlier this year to withhold additional funding from
Argentina for the suspension in Argentine operations.
After suffering heavy 2001 losses in Argentina, the result of
increasing bad loans and the government's $141 billion debt
default, executives at Scotiabank and other international banks
have adopted a hard line against sending any new cash to South
America's second-largest economy, now in recession since mid-
1998.
CONTACTS: SCOTIABANK QUILMES
Alan Macdonald
Chief Executive Officer
Phone: (54-11) 4338-8000
Fax: (54-11) 4338-8033
Mail: 6th Floor
Gral. J.D. Peron 564
(C1038AAL) Buenos Aires
Roy D. Scott
Vice-President and Managing Director, Latin America
Phone: (54-11) 4394-8726
Fax: (54-11) 4328-1901
Mail: P.O. Box 3955
C1000WBN Correo Central
Buenos Aires, Argentina
E-mail: scotiarep@sinectis.com.ar
SCOTIABANK QUILMES: Banco Hipotecario Wants To Buy Assets
---------------------------------------------------------
Banco Hipotecario SA, Argentina's largest mortgage lender, is
angling for the assets of Scotiabank Quilmes SA, reports El
Cronista. The financial daily, citing an unidentified executive,
reveals that talks between the two banks over the possible sale
of assets have been discussed.
Earlier this year, executives of Banco Hipotecario said they had
plans to build a retail branch network. Quilmes current financial
difficulty may provide an attractive opportunity for Hipotecario.
CONTACT: BANCO HIPOTECARIO SOCIEDAD ANONIMA
151 Reconquista
Buenos Aires, Argentina
Phone: +54 011 4347 5546
http://www.hipotecario.com.ar
=============
B E R M U D A
=============
TYCO INTERNATIONAL: Defends Decisions, Liquidity Not An Issue
-------------------------------------------------------------
Tyco International Ltd. on Tuesday moved to reassure Wall Street
that it has enough cash to continue operating and meet debt
payments, says Reuters.
"Over the next nine months, there is not a liquidity issue," Mark
Swartz, Tyco's chief financial officer told analysts and
investors during a conference call.
"There is not debt ... coming due that cannot be satisfied with
amounts of cash already on our balance sheet," Swartz said. "When
we do get to next February, we do realize that there is US$3.25
billion that needs to be refinanced."
Tyco expects to raise up to US$7.15 billion from its planned
initial public offering of CIT Group. Swartz said proceeds from
the offering will be more than enough to cover the refinancing of
US$3.25 billion in February.
After falling in morning trade on the New York Stock Exchange,
Tyco shares closed up US$1.45, or 8.53 percent, to US$18.45 on
Tuesday. The stock is off about 69 percent this year.
To see financial statements: http://bankrupt.com/misc/Tyco.txt
CONTACT: TYCO INTERNATIONAL INC.
Media Relations:
J. Brad McGee or Peter Ferris
+1-212-424-1300
Investor Relations:
R. Jackson Blackstock
+1-212-424-1344
===========
B R A Z I L
===========
AES CORP.: Infovias Stake Sold to CEMIG for $32 Million
-------------------------------------------------------
Arlington, Va.-based AES Corp. sold its 50.44 stake in data-
transmission company, Infovias, to Brazilian power utility
Companhia Energetica de Minas Gerais SA for US$32 million.
CEMIG, as Brazil's largest integrated power utility is known, now
has total control of the local telecommunications venture, since
it already owned 48 percent of Infovias.
The deal marks the first step in AES's strategy to divest of
several Brazilian assets. The US company was the most aggressive
foreign investor in Brazil's power sector in the late 1990s.
However, earlier this year AES said it would exit businesses that
are outside its core electricity focus, as part of the group's
strategy to reduce risk exposure in Latin America, cut costs and
raise cash.
Along with Mirant Corp. and Brazil's Banco Opportunity, AES owns
32.96 percent of CEMIG, which serves Brazil's second-most
populous state of Minas Gerais.
To see financial statements:
http://bankrupt.com/misc/AES_Corp.txt
CONTACT: AES Corporation
Kenneth R. Woodcock, 703/522-1315
CEMIG
Avenida Barbacena, 1200
Sto Agostinho 30123-970 Belo Horizonte - MG
Brazil
Phone +55 31 299 4900
Home Page http://www.cemig.com.br
Contacts:
Djalma Bastos De Morais, Chairman
Geraldo De Oliveira Faria, Vice Chairman
Cristiano Correa De Barros, Finance Director
EMBRATEL: Obtains Injunction To Suspend Telefonica's License
------------------------------------------------------------
WorldCom unit Embratel Participacoes SA obtained an injunction
from the federal court in Sao Paulo suspending Telefonica SA's
long-distance call license. The case was filed against Brazilian
telecommunications regulator Anatel, which last week awarded
Telefonica a license to operate national and international call
traffic in Brazil.
Brazilian long-distance carrier Embratel has repeatedly said
Anatel shouldn't allow Telefonica to expand outside of its home
region in Sao Paulo state until it unbundles its network and
charges fair prices for network access.
Telefonica has insisted that the rates it charges Embratel are
reasonable.
Meanwhile, previous reports have suggested that WorldCom maybe
selling several of its assets, including Embratel, to meet its
own debt obligations if necessary. However, finding a buyer in
the face of intensifying competition could be a difficult
proposition.
Embratel recently announced its first-quarter loss widened 8
percent to BRL36.4 million (US$15.6 million) from a loss of
BRL33.7 million in the year-ago quarter.
To see financial statements:
http://bankrupt.com/misc/Embratel.txt
CONTACT: EMBRATEL PARTICIPACOES S.A.
Investor Relations
Silvia Pereira
Tel. (55 21) 2519-9662
Fax: (55 21) 2519-6388
Email: Silvia.Pereira@embratel.com.br
invest@embratel.com.br
or
Press Relations:
Helena Duncan/Mariana Palmeira
Tel: (55 21) 2519-3653/3654
Fax: (55 21) 2519-8010
Email: hduncan@embratel.com.br
mpalm@embratel.com.br
=========
C H I L E
=========
DISPUTADA: Anglo To Pay US$1.3 Bln For Exxon Mine
-------------------------------------------------
Anglo American Plc, the world's second-largest mining company,
plans to buy Exxon Mobil Corp.'s Disputada de Las Condes copper
mine in Chile for at least US$1.3 billion, reports Bloomberg.
The mine, which produced 251,900 metric tons of copper last year
and also has a copper smelter, has been on the block since last
year as part of Exxon's strategy to exit non-oil businesses
worldwide after its merger with Mobil Oil Co.
Exxon Mobil invested a total of US$1.2 billion on the mine since
purchasing it in 1978 for US$97 million.
CONTACT: ANGLO AMERICAN PLC
20 Carlton House Terrace
London
SW1Y 5AN
Phone: +44 (0) 20 7698 8888
Fax: +44 (0) 207 698 8500
Contact:
Nick von Schirnding, Investor Relations
Phone +44 (0) 20 7698 8817
Fax: +44 (0) 207 698 8555
Email nvonschirnding@angloamerican.co.uk
PO Box 61587
Marshalltown, Johannesburg
2107 South Africa
Phone: +27 (0) 11 638 9111
Fax: +27 (0) 11 638 3221
Contact:
Anne Dunn, Investor Relations
Phone +27 (0) 11 638 3176
Fax: +27 (0) 11 638 2557
Email: investorrelations@angloamerican.co.za
EXXON MOBIL CORPORATION
5959 Las Colinas Boulevard
Irving, Texas 75039-2298
http://www2.exxonmobil.com/
Contacts:
For all inquiries, call:
ExxonMobil Shareholder Services
Phone: 1 800 252 1800 (within the Continental U.S.)
781 575 2058 (outside the Continental U.S.)
In Chile:
Mobil Cono Sur Ltda.,
Av. Nva Tajamar N. 555 Dpto. 301
Las Condes, Santiago, Chile
Phone: 56 2 364 6000
Home Page: http://www.esso.com/eaff/essocca/
CIA. MINERA DISPUTADA DE LAS CONDES S.A.
Av. Pedro de Valdivia 291
Providencia
Santiago
Chile
Phone: (56 2) 230 6000
Fax: (56 2) 230 6280
MADECO: Quinenco This Year's Focus for Improved Profitability
-------------------------------------------------------------
Chilean industrial and financial group Quinenco announced its
efforts for this year will center on its subsidiary Madeco, the
copper products manufacturer, which has been bleeding cash for
the past two years, relates Reuters.
Quinenco, the investment arm of Chile's powerful Luksic family,
revealed its main task this year is to "dedicate ourselves to the
issue of Madeco," Chairman Guillermo Luksic said.
Earlier this year, Madeco was forced to scale back its operations
in Argentina and begin restructuring its debt to counter the
impact of the neighboring country's deep recession and financial
crisis. In addition to that, Madeco is also scaling back its
fiber-optics production in Brazil.
"We've done all we can to reduce costs but it's clear that this
is a problem of the industry. There are industries that are
cyclical and this is one of them," Luksic said.
Luksic was optimistic that Madeco would reach an agreement with
lenders to restructure its debt to bring it more in line with the
company's cash flows.
Madeco ended 2001 with a net loss of CLP50.096 billion as sales
dropped in Argentina and Brazil for its copper cables and wire
division. The Company also suffered losses in 2000.
To see Madeco's recent financial statements:
http://bankrupt.com/misc/Madeco.doc
CONTACT: MADECO
Marisol Fernandez, Investor Relations
Voice : (56 2) 520-1380
Fax : (56 2) 520-1545
E-mail : mfl@madeco.cl
Web Site: www.madeco.cl
OR
Oscar Ruiz-tagle Humeres, Chairman
Albert Cussen Mackenna, CEO
Santiago Edwards Morice, CFO
Enrique S. Arangua, General Counsel
Their Address:
Ureta Cox 930
Santiago Chile
Phone +56 2 520 1000
===========
M E X I C O
===========
ALESTRA: Considers Other Options To Raise Cash
----------------------------------------------
Shareholders of Mexican long distance and data transmission
company Alestra SA are unlikely to inject capital into the
company as they themselves are also facing financial problems
currently.
Taking into account the possible scenario, Alestra said it is
"analyzing other alternatives" to boost its cash.
Although the operator has a US$50-million syndicated loan deal on
the table, a recent credit downgrade by Moody's Investors Service
has "negatively affected" the conditions of the loan, Alestra
Chief Financial Officer Patricio de la Garza told analysts.
In addition to collateral, the bank organizing the loan, West LB,
has asked for some financial support from Alestra's sponsors.
However no commitments have materialized. Alestra had been hoping
to finalize the loan in April.
Alestra's shareholders consist of AT&T Corp. and Monterrey-based
conglomerate Alfa, which are struggling with their own financial
difficulties as well.
CONTACT: ALESTRA
Edificio ALESTRA
Av. Lazaro Cardenas 2321, p.9
Col. Residencial San Agustn
CP. 66260 San Pedro,
Garza Garcia Nuevo Le›n
Phone: 8625-2100
Megacentro
Av. Munich 175
Col. Cuauhtemoc
CP. 66450 San Nicolas de los Garza Nuevo Leon
Phone: 8748-6100
ALESTRA Guadalajara
Av. Libertad 1955
Col. Americana 44160
Guadalajara, Jalisco
Mexico
Phone: 3540-8300
ALESTRA Mexico
Optima I
Paseo de las Palmas
405, piso 21
Lomas de Chapultepec 11000 M,xico, D.F.
Optima II
Paseo de las Palmas
275, piso 8
Lomas de Chapultepec 11000 Mexico, D.F.
Phone: 8503-5000
Home Page: http://www.att-alestra.com.mx.
Contact:
Jorge Escribano
Alestra - Mexico
Phone: +52 8 503 5011
E-mail: :jescriba@alestra.com.mx
WESTLB
E-mail: enquiries@westlbpanmure.com
Home Page: http://www.westlbpanmure.com
WestLB Panmure
Kurfurstendamm 22
D-10719 Berlin
Germany
Phone: +49 30 88 59 96 0
Contact:
Christian Fest
Phone: +49 30 885 996 26
E-mail: mailto: christian.fest@westlbpanmure.com
WESTLB PANMURE SECURITIES INC
1211 Avenue of the Americas
New York 10036
United States of America
Phone: +1 212 852 6000
Contact:
John Parker
Phone: +1 212 403 3924
E-mail: john_parker@westlb.com
BANCO INDUSTRIAL/ANAHUAC/SURESTE: IPAB To Decide Fate This Month
----------------------------------------------------------------
The future of the three Mexican banks intervened by the banking
and securities regulator CNBV will be known this month, Business
News Americas reports, citing CNBV chairman Jonathan Davis. The
three banks in review are Banco Industrial, Banco Anahuac and
Banco del Sureste.
The country's deposit insurance agency IPAB, which will decide on
the best course of action for the banks -- either liquidation or
sale -- using a report prepared by auditing firm Deloitte &
Touche.
"There is no timetable. The plan is to carry out whichever option
is selected as soon as possible," IPAB secretary Julio Cesar
Mendez said, adding liquidation is a much slower process judging
by the seven cases currently in progress.
The CNBV intervened 10 banks in 1994 and IPAB began liquidating
the first seven - Banca Cremi, Union, Oriente, Obrero, Capital,
Interestatal and Pronorte - in October 2001.
BANRURAL: Confronts Another Problem
-----------------------------------
Already struggling with its weak financial condition, Banrural
now faces administrative problems as well. The development bank,
which has been declared technically bankrupt by the Treasury, is
yet to see the departure of Director Carlos Ruiz Galindo pending
the outcome of the discussions among the bank's board of
directors expected to take place during the week.
Galindo is under investigation for alleged irregularities in his
administration, including misuse of official airplanes and
favoritism in the granting of credits.
Last November, Banrural's capital plunged over 66 percent from
MXN1.531 billion to MXN419 million with accumulated losses of
MXN4.995 billion.
CYDSA: Sales Down, 1Q02 Operating Loss Totals MXN11 Million
-----------------------------------------------------------
Mexican textile and chemicals producer Celulosa y Derivados S.A.
(CYDSA) posted an operating loss of MXN11 million for the first
quarter of 2002, Mexico City daily el Economista reports.
Sales during the period plunged 17.1 percent to MXN1.4 billion
(US$149.5 million). Exports reached US$29.1 million, down 16.5
percent year-on-year.
Cydsa told the Mexico City Stock Exchange that it had bought back
and cancelled US$41 million in promissory notes. The expiration
of the remaining US$159 million was renegotiated for June 2009.
As such, the debt was registered as a long-term liability in the
first-quarter financial statements.
Based in Monterrey, Mexico, Cydsa maintains a presence in several
industrial sectors, including Chemicals and Plastics, Fibers and
Textile Products and Flexible Packaging.
CONTACT: CYDSA, S.A. DE C.V., IN MEXICO
Jesus Montemayor, Treasury Director
+011-528-18-152-4585
E-mail: jmontemayor@cydsa.com
EMPRESAS ICA: Rules Out Making Appealing Court's Decision
---------------------------------------------------------
Fernando Londono, the lawyer representing Expresas ICA, said that
the Mexican construction company won't appeal the Colombian
court's decision ordering it to pay the city of Bogota US$2.24
million for failing to comply with a disastrous 1997 contract to
repair the streets of Colombia's capital, reports Reuters.
However, according to Londono, the Mexican firm would never again
bid on a contract in this Andean nation.
The construction contract, worth US$48.4 million, never succeeded
in fixing Bogota's streets, and both ICA and the city have been
suing each other over alleged damages for years.
ICA has argued it must be compensated for higher-than-expected
costs, while Bogota says the firm abandoned the project.
Last November, the same dispute settlement court ruled against
Bogota for violation of the contract, and the city was ordered
and still must pay ICA US$10.6 million in damages.
ICA recently reported a net loss of MXN$4 billion (US$432
million) for the fourth quarter of 2001, nearly tripling the
MXN1.41-billion (US$152 million) posted in the same period in the
previous year.
The Company's total liabilities during the quarter stood at
MXN12.29 billion (US$1.33 billion), slightly below MXN14.73
billion (US$1.59 billion) that was recorded at the end of the
final quarter of
2000.
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 Mexico, D.F., Mexico
Phone: +52-55-5272-9991
Fax: +52-55-5227-5012
URL: http://www.ica.com.mx
ISPAT MEXICANA: Extends Exchange Offer Expiration to May 15
-----------------------------------------------------------
Ispat International N.V. announced Tuesday that Ispat Mexicana,
S.A. de C.V. ("Imexsa"), Ispat's Mexican operating subsidiary,
has extended its exchange offer for all outstanding 10-1/8%
Senior Structured Export Certificates due 2003 of Imexsa Export
Trust No. 96-1 (the "Senior Certificates"). The exchange offer
will now expire at 5:00 p.m., New York City time, on May 15,
2002, unless otherwise extended or terminated by Imexsa (the
"Expiration Date"). The exchange offer had been scheduled to
expire at 5:00 p.m., New York City time, on April 30, 2002. Under
the terms of the exchange offer, Imexsa has offered to exchange
its 101/8% Senior Notes due 2008 (the "Senior Notes") for Senior
Certificates validly tendered and accepted for exchange. The
Senior Notes will be fully and unconditionally guaranteed by
Ispat on a senior unsecured basis.
The exchange offer is conditioned upon the holders of not less
than 95% of the outstanding principal amount of Senior
Certificates having validly tendered and not withdrawn their
Senior Certificates prior to the Expiration Date and upon the
other terms and conditions set forth in Imexsa's Offering
Memorandum and Consent Solicitation Statement dated January 24,
2002.
In connection with the exchange offer, Imexsa is soliciting
consents from holders of Senior Certificates to amend the
agreements governing the Senior Certificates. Holders tendering
their Senior Certificates in the exchange offer must also deliver
consents. Consents may not be withdrawn after the earlier of (i)
the Expiration Date, or (ii) such time as the requisite consents
required to amend the agreements governing the Senior
Certificates are received.
Dresdner Kleinwort Wasserstein is the dealer manager and
solicitation agent and D.F. King & Co., Inc. is the information
agent for the exchange offer and consent solicitation. Requests
for documentation should be made to D.K. King & Co., Inc. at
(800) 847-4870. Questions regarding the transaction should be
directed to Dresdner Kleinwort Wasserstein at (212) 969-2700.
CONTACT: ISPAT INTERNATIONAL LIMITED
Annanya Sarin, Head of Communications
Phone: +44-20-7543-1162
or
T.N Ramaswamy, Director, Finance,
Phone: +44-20-7543-1147
or
John McInerney
Investor Relations of Citigate Dewe Rogerson
Phone: +1-212-419-4219
=======
P E R U
=======
AMERICA TELEVISION: Creditors Introduce New Management
------------------------------------------------------
America Television's creditors have effectively taken over
administration of the Company, naming new management to head the
debt-ridden business, relates Reuters.
"New managers have taken control of the channel," an America
Television official, requesting anonymity, told Reuters.
America Television, a top Peruvian television station, is under
attack on allegations that its owners, Jose Enrique Crousillat
and his son, Francisco Crousillat, were caught accepting cash
from ex-spy chief Vladimiro Montesinos.
America Television's creditors include Mexico's biggest media
group, Televisa and Peru's No. 2 bank, Banco Wiese Sudameris. The
station has debts of US$222.3 million, said National Institute
for the Defense of Competition and Protection of Intellectual
Property (INDECOPI).
The creditors voted late on Friday to launch a financial
restructuring process and to appoint an independent consultancy,
Cosultoria A, to replace the current management.
The channel's new administrator said there would be no changes to
the its editorial line or programming and that changes would be
administrative.
The government of President Alejandro Toledo, who took office
last year vowing to respect press freedom, said it had no hand in
the affair.
"The government has not stepped in. Our position is that this is
a commercial process of financial restructuring," Prime Minister
Roberto Danino said.
CONTACT: AMERICA TELEVISION
Montero Rosas 1099
Santa Beatriz
Lima-Peru
Tel : (511) 472-8985
Fax : (511) 471-9594
Home Page: www.americatv.com.pe
Contact:
Mr. Jose Francisco Croussillat
BANCO WIESE SUDAMERIS
Dionisio Derteano
102 Esquina con Miguel Seminario
Lima 27, Peru
Phone: +51-1-211-6243
Fax: +51-1-440-4832
Home Page: http://www.bws.com.pe
Contact:
Luis Felipe Wiese de Osma, Chairman
Eugenio Bertini, Chief Executive Officer
Carlos Palacio, Executive Committee President
Rafael Llosa Barrios, Finance
GRUPO TELEVISA, S.A.
Avenida Chapultepec 28
06724 Mexico, D.F., Mexico
Phone: +52-55-5224-5000
Fax: +52-55-5261-2494
Home Page: http://www.televisa.com
Contacts:
Emilio Azcarraga Jean, Chairman, President, and CEO
Jaime Davila Urcullu, EVP and Director
Alfonso de Angoitia Noriega, EVP Corp.
Planning/Director
=================
V E N E Z U E L A
=================
SUDAMTEX: Seeks New Extension Of Maturities On Debt Payments
------------------------------------------------------------
Sudamtex de Venezuela SACA, the country's largest publicly traded
textile company, is trying to stretch out payments on up to US$45
million in bank debt, reports Bloomberg.
In a statement to the Caracas Stock Exchange, Sudamtex said it
can't make payments on its debt, leading it to pursue talks with
bank creditors to extend payments for 18 months.
This will be the second time this year that Sudamtex asked to
delay payments. In April, the Company reached a restructuring
agreement with banks for the extension of maturities on the debt
for five years.
"They're dead," said Alex Dalmady, managing director of research
firm InvestAnalysis. "They are looking for a way to make it as
painless as possible."
Sudamtex, which lost US$38 million for the fiscal year ended June
30, began negotiations in 2000 with eight banks, including the
Andean Development Corp., a regional lending agency, to
restructure its debt. Two unnamed foreign banks and five
Venezuelan banks also hold the Company's debt.
The Company's shares, which have been suspended by the stock
exchange, have lost 97 percent of their value since 1997. The
Class A shares last traded at 90 centavos, down from a high of
VEB31.82 in August 1997.
CONTACT: SUDAMTEX DE VENEZUELA, C.A., S.A.C.A.
Edificio Karam, Piso 2,
Ibarras a Pelotas,
Avenida Urdaneta, Apartado 3025
Caracas, Venezuela
Phone: +58-2-562-9222
Fax: +58-2-562-9411
Home Page: http://www.sudamtex.com/home.htm
Contact:
Alexander J. Furth, President
Carlos F. Van Maanen, VP, Finance and Administration,
Fiberglass
ANDEAN DEVELOPMENT CORPORATION
1224 Washington Avenue
Miami Beach, Florida 33139
Phone: (305) 866-3360
Contact:
Pedro P. Errazuriz, Chairman and CEO
Jose Luis Yrarrazaval, Vice Chairman/CFO/Secretary
***********
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 Ma. Cristina Canson, Editors.
Copyright 2002. All rights reserved. ISSN 1529-2746.
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