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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