TCRLA_Public/020513.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

            Monday, May 13, 2002, Vol. 3, Issue 93



AEROLINEAS ARGENTINAS: Board Sues Administrator For Leaking Info
IMPSA: Amends Exchange Offer, Announces Final Extension
REPSOL YPF: Economic Measure Blocks Half Of Petroleum Exports
REPSOL YPF: Vows To Stay In Argentina Despite Extended Troubles
REPSOL YPF: Gas Ops Losing US$25M Monthly On Economic Woes
SCOTIABANK QUILMES: Analysts Predict New Capital Before Pullout


DOV BERMUDA: Schiffrin & Barroway, LLP Files Class Action Suit


ANDERSEN: KPMG Signs LOI to Acquire Consulting Practices
BCP: BellSouth Receives Proposal From Creditor Banks
BELL CANADA: Moody's Downgrades To "Ca"; Outlook Negative
GLOBOPAR: Owner Pumps In Cash To Help Reduce Debts


EDELNOR: Tractebel To Launch Final Offer In Early June


BANCO DEL PACIFICO: Profit Breaks Three-Year Losing Streak
ZAPPA RESOURCES: To Close Ecuadorian Office


GRUPO DINA: Union Head Urges Labor Secretary To Keep Agreement

T R I N I D A D   &   T O B A G O

BWIA: Executive Says Airline Still "Surviving, Recovering"

     - - - - - - - - - -


AEROLINEAS ARGENTINAS: Board Sues Administrator For Leaking Info
Aerolineas Argentinas' board of directors sued the court-
appointed administrator over breach of confidentiality
allegations EFE reports. In a complaint filed Friday with the
federal criminal court, the board accused the administrator,
named by a judge who ruled in favor of a selection process of
creditors on July 16, of "leaking - for unknown reasons -
information and private documents of the company and the court
where the selection process of creditors is under way."

"We are unaware of the intent, but it affects the interests of
Aerolineas Argentinas. It also goes against the people who have
to defend the administrator, which are the creditors," company
spokesman Julio Scaramella told EFE.

According to EFE, the complaint is aimed at having the
administrator removed and someone else assigned to the case
because the judge in the criminal case will forward information
to the judge in the business case.

Since October, Aerolineas Argentinas has been managed by the
consortium Air Comet, comprised of Spanish companies Viajes
Marsans and Spanair, and Argentina's Air Plus.

Aerolineas Argentinas was created in 1950 by the Argentine
government and privatized in 1990. Since then, the airlines only
made money in 1997 (US$1.4 million) and incurred debts of US$800
million in 2001.

In October 2001, the consortium Air Comet bought 91.2 percent of
the company, which was owned by Spain's state-owned holding
company, SEPI.

IMPSA: Amends Exchange Offer, Announces Final Extension
Industrias Metalurgicas Pescarmona S.A.I.C. y F. (IMPSA)
announced the extension of its pending exchange offer for all
U.S. $137.6 million of its outstanding 9-1/2% Notes due May 31,
2002 (144A - CUSIP No. 45647WAB9, and Reg S - ISIN No.

The expiration date for the Offer has been extended to 5:00 p.m.,
New York City time, on May 22, 2002 from 5:00 p.m., New York City
time, on May 8, 2002. The complete terms of the Offer are
contained in the Offering Memorandum dated March 14, 2002 and the
Supplements thereto dated April 11, 2002, April 25, 2002 and May
8, 2002.

The Supplement dated May 8, 2002 contains a description of the
changes to the Offer in connection with this extension. IMPSA has
also announced that it has reduced the minimum participation
condition to 80% in aggregate principal amount. As of 5:00 p.m.,
New York City time, on May 8, 2002, it had received tenders from
holders of U.S. $87.4 million in aggregate principal amount of
the outstanding Notes.

Banc of America Securities LLC is the exclusive dealer manager
for the Offer. D.F. King & Co., Inc. is the information agent and
Deutsche Bank is the exchange agent. Information concerning the
terms and conditions of the Offer may be obtained by calling D.F.
King at (800) 735-3591 or Banc of America Securities at (1) 888-
292-0070 (U.S. toll-free) or (1) 704-388-4807 (from outside the

The Exchange Notes will not be registered under the United States
Securities Act of 1933, as amended, and will only be offered in
the U.S. to qualified institutional buyers and accredited
investors in private transactions, and outside the U.S. to
persons other than U.S. persons in offshore transactions. The
Exchange Notes will be authorized by the Argentine Comision
Nacional de Valores for their public offering in Argentina.

CONTACT:  Industrias Metalurgicas Pescarmona S.A.I.C. y F.
          Rodolfo Hearne
          Tel.: 54 11-5077-0838

          Banc of America Securities LLC
          Jonah Hirsch
          Tel.: +1-704-388-4807

REPSOL YPF: Economic Measure Blocks Half Of Petroleum Exports
A new decree imposed by the Argentine government, intended to
ensure that domestic market has sufficient energy products, has
blocked half of Repsol YPF SA's petroleum exports from the

According to an El Mundo report, Europe's fifth-biggest oil
company currently has EUR55 million (US$50 million) worth of
crude oil and refined products waiting for export permits.

Banks, energy producers and other companies were forced to comply
with measures implemented by the Argentine government aimed at
protecting savers and consumers after the government devalued its
peso currency in January.

Repsol Chairman Alfonso Cortina supported the export
restrictions, the report said.

           Alfonso Cortina De Alcocer, Chairman & CEO
           Ramon Blanco Balin, Vice Chairman
           Carmelo De Las Morenas Lopez, CFO

           Their Address:
           Paseo de la Castellana 278
           28046 Madrid, Spain
           Phone   +34 91 348 81 00
           Home Page:
           Av. Roque S enz Pe a, 777.
           C.P 1364. Buenos Aires

REPSOL YPF: Vows To Stay In Argentina Despite Extended Troubles
Repsol won't abandon its investments in Argentina, even though
the country's economic crisis will last "many months." This was
the statement that Miguel Angel Remon, Repsol's executive vice
chairman for exploration and production, made in an interview
with Expansion newspaper.

Remon said his group cannot leave Argentina, instead, it will
just make the best out of the situation. Repsol has 42 percent of
its assets invested in Argentina, said Remon, adding that the
group cannot lay off large numbers of workers, since this would
create conflict in Argentina and exacerbate the situation.

The group does plan to reduce investment, however, to EUR3.2
billion this year, compared with the EUR4 billion as set out in
the 2001-2005 plan. Remon believes that the group's losses this
year will be below market predictions.

REPSOL YPF: Gas Ops Losing US$25M Monthly On Economic Woes
Repsol YFP SA's gas operations in Argentina are sustaining losses
of at least US$25 million/month due to the economic crisis and
the impact of the pesification of the economy, reports AFX,
citing financial daily Buenos Aires Economico.

Early last week, Repsol decided to limit its gas supplies to
Camuzzi Gas del Sur to 1.5 million cubic meters/day as Camuzzi
still owes it the equivalent of six months of gas supplies.
As a result, Camuzzi was forced to suspend gas deliveries to some
of its clients.

This could lead the government, through the national gas
regulator, to force three other distributors -- Camuzzi Gas
Pampeana, BG Group PLC affiliate MetroGas SA and Gas Natural BAN
-- to cover for the shortfall and reduce supply shortages in the

The government last week approved a 2-4 percent hike in gas
prices -- equivalent to 0.004 pesos per cubic meter -- to fund
subsidies granted to gas distributors, which supply the Patagonia

While Camuzzi has accumulated debts of ARS60 million, the state
has failed to pay the company ARS160 million worth of subsidies.

According to a Repsol spokesperson, "Camuzzi owes us ARS30
million. We are the only ones who are still supplying gas, but we
cannot continue like this."

Camuzzi, on the other hand, said that Repsol is not responsible
for this situation and blamed the state for failing to pay the

          Alicia Moreau de Justo 240 3 floor, (C1107AAF)
          Buenos Aires, Argentina
          Telephone: 54-11-5776-7033/5776-7088
          Fax: 54-11-5776-7034/4315-6443
          Home Page:
          Jose Manuel Vazquez (C.E.O.) Mazzolini, Investor

SCOTIABANK QUILMES: Analysts Predict New Capital Before Pullout
Bank of Nova Scotia, Canada's fourth-biggest bank, just can't
pull out of Argentina without meeting its obligations. Analysts
see the parent comapny putting up more money into its Argentine
unit Scotiabank Quilmes SA to meet claims from about 250,000
depositors, bondholders and international creditors before it
exits the country.

Among clients with money stuck in Scotiabank Quilmes are a
franchise of Avon Products Inc., the world's largest direct
seller of cosmetics, Argentine retiree funds and employees from a
Buenos Aires clinic, who have thrown eggs and burned tires
outside a bank branch to demand the release of their salaries.

"I don't believe they can leave Argentina slamming the door,"
said Juan Carlos Nougues, a banks consultant and former general
manager of the central bank. The Toronto-based bank, which has
said it won't spend any more in Argentina, "will likely have to
bring in cash," he said.

Scotiabank is the first international bank since Argentina's
December debt default to say it may sell its operation after
writing off CAD707 million (US$450 million) of losses and running
short of cash to cover withdrawals. It won't be easy. Scotiabank
Quilmes, like many banks in Argentina made insolvent by the
economic crisis, may have more liabilities than assets.

Scotiabank Quilmes hasn't reported its assets and liabilities
since December, when one peso equaled one U.S. dollar. The most
recent figures show ARS2.74 billion of assets and ARS2.56 billion
of liabilities, including ARS1.66 billion of deposits and ARS223
million of bonds and international credit lines.

           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


DOV BERMUDA: Schiffrin & Barroway, LLP Files Class Action Suit
The following statement was issued today by the law firm of
Schiffrin & Barroway, LLP:

A class action lawsuit was filed in the United States District
Court for the Southern District of New York on behalf of all
purchasers of the common stock of DOV Pharmaceutical, Inc. ("DOV"
or the "Company") (Nasdaq: DOVP) pursuant and/or traceable to its
initial public offering (the "Offering") on April 25, 2002.

The complaint charges DOV Pharmaceutical, Inc. and certain of its
officers and directors with issuing false and misleading
statements concerning its business and financial condition.
Specifically, the complaint alleges that just before the Offering
priced, DOV made a last-minute change to its Offering documents
to reflect a revision of its 1999 financial results for a joint
venture in Bermuda with Elan Corp. The accounting change widened
the Company's net loss at the venture, known as DOV Bermuda Ltd.,
to $11.9 million in 1999, from a previously-reported loss of
$10.2 million. The complaint alleges that this change was deeply
buried in the revised documents where it was very difficult, if
not impossible, for investors to see and evaluate prior to the
commencement of trading. As a result, the complaint alleges,
investors were deprived of the opportunity to rely on the
Company's new financial information, causing a steep decline in
the price of the Company's shares once they began to be publicly
traded and the Company's true financial information became known.

When DOV shares finally opened for trading for the first time,
the price of DOV shares began trading at $11.25 per share (after
having been priced at $13 per share) and reached an intra-day
high of $12 per share. By the end of the day, the stock had
closed at $8.70 per share, or 33% below the offering price,
making it one of the worst-performing IPOs of the past two years.

Plaintiff seeks to recover damages on behalf of class members and
is represented by the law firm of Schiffrin & Barroway, LLP,
which claims to have significant experience and expertise
prosecuting class actions on behalf of investors and

          Marc A. Topaz, Esq.
          Stuart L. Berman, Esq.
          Three Bala Plaza East, Suite 400, Bala Cynwyd, PA
          Phone: 1-888-299-7706 (toll free) or 1-610-667-7706
          Home Page:


ANDERSEN: KPMG Signs LOI to Acquire Consulting Practices
KPMG Consulting Inc., one of the world's largest business
consulting and systems integration firms, announced Wednesday
that it has signed a Letter of Intent to acquire the Business
Consulting units of member firms of Andersen Worldwide Societe
Cooperative, also known as Andersen Worldwide. The Letter of
Intent is an offer to acquire up to 23 independent Andersen
consulting units at a price of up to $284 million. Additionally,
up to 6.5 million shares of stock will be issued over a three
year period to Andersen's consulting partners who join KPMG
Consulting in connection with the transaction.

The Letter of Intent covers the acquisition of consulting
practices of Andersen Worldwide member firms in Europe, the
United States, Asia Pacific and Latin America. The acquisitions
are subject to the execution of definitive binding agreements and
satisfaction of customary closing conditions with each business
consulting unit. In addition, the acquisition by KPMG Consulting
of the business consulting practice of Arthur Andersen LLP in the
United States is subject to the satisfactory resolution of
potential liability issues. KPMG Consulting has already completed
the purchase of the Andersen consulting practices in Hong Kong
and in China. The combined net revenue of the Andersen consulting
practices included in these proposed transactions was
approximately $1.4 billion in FY01, more than half of which was
generated from Global 2000 clients. Included among the potential
benefits of these acquisitions, KPMG Consulting will:

- Have significantly extended its geographic balance and reach;
- Have increased strength and coverage in the targeted industries
it serves;
- Have increased its client base to more than 700 of the Global
2000 companies; and
- Have added depth and breadth of talent, skills and leadership
in the business with a combined global workforce of more than
16,000 employees.

"Our proposed acquisitions are consistent with KPMG Consulting's
stated business goal of strengthening our ability to service our
global clients," said Rand Blazer, Chairman and CEO, KPMG
Consulting. "Our actions will join the Andersen Business
Consulting world-class professionals with ours in the common
pursuit of client service excellence. We are excited and
delighted with what these acquisitions will mean for our clients,
our professionals worldwide and our shareholders. I am also proud
that KPMG Consulting, with the support of Andersen Business
Consulting Units, is moving decisively and prudently to
strengthen our position as a market leader for business
integration services."

"Joining with KPMG Consulting provides an outstanding opportunity
for the Andersen Business Consulting clients, partners and
employees," said Gail Steinel, the managing partner of Andersen's
Business Consulting practice. "Together, the companies will be
able to continue providing outstanding service to Global 2000
clients worldwide."


KPMG Consulting, Inc., based in McLean, Virginia, is one of the
world's largest business consulting and systems integration firms
with approximately US$2.9 billion in annual revenues for the
fiscal year ended June 30, 2001. Around the world, over 9,000
employees provide business and technology strategy, systems
design and architecture, applications implementation, network and
systems integration, and related services. KPMG helps clients
capitalize on information technology to achieve their business
objectives and build real-time enterprises. Working with market
leading hardware and software companies the Company serves more
than 2,500 clients, including Global 2000 companies, small and
medium-sized businesses, government agencies and other
organizations. KPMG's business and technology solutions are
tailored to meet the specific industry needs and are delivered
through global industry-focused lines of business, including
communications and content companies, consumer and industrial
markets, financial services industries, high technology
companies, and federal, state and local governments.


The Andersen Business Consulting units are systems integrators
with a business driven consulting approach that use technology to
provide complete business solutions from strategy through

Completion of the acquisitions is subject to the execution of
definitive agreements with each of the participating Andersen
Worldwide Member Firms. Each agreement will require appropriate
approvals from local partners and regulatory authorities.

There can be no assurance that all of the acquisitions, or any
specific number of acquisitions, will be completed. In certain
instances, the business consulting practices are discussing
possible transactions with other acquirers. The significance of
the acquisitions to KPMG Consulting is highly dependent on the
number of business consulting units that KPMG Consulting
ultimately acquires, and the specific practices that are
acquired. KPMG Consulting is unable to quantify at this time the
likely significance of the acquisitions that ultimately will be

BCP: BellSouth Receives Proposal From Creditor Banks
BellSouth has received a proposal from a committee of the
creditors of its money-losing subsidiary, the Brazilian wireless
carrier BCP.

The proposal contains two alternatives: First, banks are to
receive the total amount owed, with a discount, by means of an
auction of the repayments to the banks. Second is for banks,
which are not successful in the auction to refinance the BCP debt
for a rate of 5.75 percent per year, plus Libor.

The banks are yet to accept the proposals unanimously since the
alternative requires a long and costly legal action.

The deal between BellSouth and the Banco Safra, a minority
shareholder in BCP, regarding the US company's purchase of
Safra's share depends on reaching an agreement with the banks
which includes a discount.

          1155 Peachtree St. NE
          Atlanta, GA 30309-3610
          Phone: 404-249-2000
          Fax: 404-249-5599
          Home Page:
          Investor Relations
          Phone (US): 800.241.3419
          Fax: 404.249.2060

          Rua Florida, 1970 4o andar
          Sao Paulo - SP
          Tel: 55 11 5509-6428
          Fax: 55 11 5509-6257
          Home Page:

           100 Federal St.
           Boston, MA 02110
           Phone: 617-434-2200
           Fax: 617-434-6943
           Home Page:
           Investor Relations
           Phone: 617-434-2200

           Terrence Murray, Chairman
           Charles K. (Chad) Gifford, President/CEO/Director
           Eugene M. McQuade, Vice Chairman and CFO

           Avenida Paulista, 1111
           13th floor - room 5
           Sao Paulo 01311- 920
           Home Page:
           Fernando Tafner
           Phone: 55-11-5576-2004

           ABN AMRO HOLDING N.V.
           Foppingadreef 22
           1102 BS Amsterdam, The Netherlands
           Phone: +31-20-628-9393
           Fax: +31-20-629-9111
           Home Page:
           Investor Relations(HQ1191)
           Gustav Mahlerlaan 10
           PO Box 283
           1000 EA Amsterdam
           The Netherlands
           Tel. +31 (0) 20 628 78 35
           Phone:  +31 (0) 20 628 78 37

BELL CANADA: Moody's Downgrades To "Ca"; Outlook Negative
Moody's Investors Service said it lowered the senior unsecured
debt and issuer ratings of Bell Canada International Inc. (BCI)
to `Ca' from `B2.' The outlook is negative.

Moody's took the action on concern that renewal of BCI's maturing
bank facility in March, 2003 and its ability to make a
significant guarantee payment the following month are highly

Moody's also said that, prior to those dates, BCI's debt might
cross-default to short-term debt of its 42 percent subsidiary in
Brazil, Telecom Americas Ltd (TAL), and that BCI's assets are
likely worth less than its debt and guarantee obligations.

In February, BCI put a successful refinancing in place that
should take care of its normal course liquidity needs through
March 2003. However, at that time, the bank facility of CAD230
million comes due, followed by a CAD175-million guarantee payment
due the next month.

Moody's noted the Company has stated that it is dependent on
asset sales and refinancings in order to meet its obligations.

Since TAL is BCI's primary asset, and TAL is also 46-percent
owned by America Movil, Moody's believes it will be difficult for
BCI to sell its stake, except perhaps to America Movil, which is
highly uncertain.

A refinancing could also prove challenging, as TAL does not
provide cash distributions to BCI, and therefore lending
decisions will be based on wireless asset valuations, which have
weakened considerably over the past year and could deteriorate
further, Moody's said.

Bell Canada International Inc. is a holding company for Latin
American wireless and cable investments, and it is headquartered
in Montreal, Quebec, Canada.

          Marie-Lise Gauthier, 514/392-2318

GLOBOPAR: Owner Pumps In Cash To Help Reduce Debts
Globo Comunicacoes e Participacoes SA (Globopar), the financial
holding arm of the Brazilian media giant Organizacoes Globo SA,
got a shot in the arm from its owner, the Marinho family.

The US$135-million capital injection is the first step of a
broader capitalization plan of US$150 million to US$200 million,
which Globopar hopes will be completed in six months. The plan
will also involve the sale of certain local television
affiliates. Unibanco is acting as advisor in the project.

"This is a positive development for Globopar," said Roberto
Kadlec, a corporate debt analyst with Banc of America Securities
in Sao Paulo. "The move shows the market the shareholders are
taking the necessary measures to remedy Globopar's financial

Globopar, which owns stakes in cable and satellite television
operators, television programming companies and music publishers,
is looking to cut its debt load of BRL2.6 billion (US$1=BRR2.45).

The Company has about US$273 million in debt due this year,
including a EUR50-million (US$45.4 million) bond due Monday.

Globopar's Chief Financial Officer Ronnie Vaz Moreira said last
month the holding company had about US$80 million of cash on
hand, an amount he said was "below desired level."

The holding company has been trying to reduce debt because of a
decline in revenue due to an economic slowdown in Brazil.

          Rua Afranio de Melo Franco
          135/4 andar- Leblon
          Rio de Janeiro - RJ
          CEP: 22430-060
          Phone: (21) 240.2000
          Fax: (21) 259.6586
          Home Page:
          Mr. Roberto Marinho, President - Board of Directors
          Mauro Molchansky, Executive Director
          Marcos Carneiro, Director - Corporate Relations


EDELNOR: Tractebel To Launch Final Offer In Early June
Franco-Belgian energy conglomerate Tractebel Energia SA will
launch a tender offer for the financially-troubled Chilean
electricity generator Edelnor in the first days of June, Chilean
daily El Diario reports, citing Tractebel's representative in
Chile, Maglio Alessi.

"We have reached on agreement and we are set to launch the final
public offer in the first days of June," he said.

Alessi told El Diario they are still ironing out the details of
the transaction, after investment vehicle F.S. Inversiones worked
out a plan to renegotiate Edelnor's US$340 million in debt.

F.S. Inversiones bought Edelnor from U.S.-based electricity
company Mirant Corp. in January for US$4.5 million in cash. Also
at that time, F.S. Inversiones granted Tractebel, one of Chile's
three largest electricity companies, an option to buy Edelnor for
US$5.69 million, if due diligence meets the Belgian company's

F.S Inversiones chief Fernando del Sol said that the Company has
already identified all bondholders.

Tractebel's final public offer in June would involve swapping
Edelnor's current bonds with longer term bonds. The purchase also
includes a cash payment and takes care of Edelnor's US$4.5
million interest payment due next month, Alessi said.

Edelnor, which operates three generation units on Chile's
northern electricity grid, lost the equivalent of US$45 million
in 2001, after losing key contracts due to excessive competition
on the grid.

CONTACT:  Empresa Electrica Del Norte Grande SA (EDELNOR)
          Avenida Grecia 750
          Antofagsta, Chile
          Phone: +56 55 248500
                 +56 55 248094
          Contact: Fernando del Sol, Chairman


BANCO DEL PACIFICO: Profit Breaks Three-Year Losing Streak
Ecuador's second-largest bank, Banco del Pacifico SA, is now back
in the black with a net profit of US$10.6 million in the four
months through April.

The profit, its first in three years, came after the bank cut
costs and increased collections of overdue loans.

Spanish consulting company Interdin & Ahead, which took over the
bank's management in October from the government, said the
improvement in earnings should pave the way for a sale of the
bank to investors. The intervention originally took place at
Pacifico two years earlier to prevent it from collapsing during a
financial crisis

Officials from the Spanish firm expect some US$29.6 million in
earnings this year compared with a loss of US$86 million last

"This will go to strengthen the reserves of the bank," said
Roberto Gonzalez, vice president of Pacifico. "The aim is to
return this bank to the hands of the private sector in the
shortest time possible."

Pacifico plans to hire an investment bank at the end of this year
to prepare the bank for sale in the first quarter of 2003,
Gonzalez said.

Pacifico had US$603.7 million in assets as of April 30, or 10.1
percent of all banking assets in Ecuador, and is the only bank
still under government control out of 16 seized by regulators
between 1998 and 1999 during the country's worst economic crisis
in a century.

           Ec. Javier S nchez Pulley, Presidente del Directorio
           Dr. F,lix Herrero Bachmeier, Presidente Ejecutivo

           P. Ycasa 200 GUAYAQUIL EuroADOR
           Tel:  + 593 566010
           Fax:  + 593 564636

ZAPPA RESOURCES: To Close Ecuadorian Office
Zappa Resources Ltd. has decided to close its office in Quito
Ecuador. The Company has been trying to secure a joint venture
partner for its La Plata property but to date has not been
successful. Cambior Inc., Zappa' joint venture partner and
strategic investor, withdrew from the project and sold its 55% to
Zappa in June of 2001. Zappa considered having 100% of the
property back would make it easier to attract the interest of a
prospective partner. The property remains a unique target but has
not created the interest of a future partner with exploration
dollars. Zappa has however received an offer for La Plata from a
local Ecuadorian mining company of US$200,000 for the project.
Subject to shareholders approval and regulatory approval Zappa
would accept this offer.

Management is reviewing future deals and will inform its
shareholders as soon as possible on which exploration venture is
agreed upon.

At the Annual General Meeting of Shareholders to be held June 7th
2002, shareholders will be requested to approve consolidation on
a five current for one new share basis. Management has not yet
decided to proceed with the consolidation and shareholder
approval is being requested only if the consolidation is deemed

CONTACT:  Zappa Resources Ltd.
          Albert Gerry, President
          TEL:  (604) 632-9880
          FAX:  (604) 632-9881


GRUPO DINA: Union Head Urges Labor Secretary To Keep Agreement
Juan Carlos Castillo, general secretary of the Dina Workers
Union, has demanded that the Secretariat of Labor not fail the
union members in the agreement signed that stipulates the 526
employees of the embattled truck company, Grupo Dina, will
receive their MXN156 million (US$16.5 million) on May 24.

Grupo Dina, which manufactured subway cars, passenger and cargo
trucks and Renault automobiles, closed its plant in Ciudad
Sahagun, Hidalgo last year after more than three decades in

The Company had been facing a series of troubles -- first the
1995 crisis, then the cancellation of the West Star Trucks
contract, and the impossibility of paying the US$6.5 million in
current interest on a US$163-million bond due in 2004.

Failure to meet financial obligations led to a strike in the
Company's plant in Ciudad Sahagun, which ended in its sale.

Dina is now bankrupt and doesn't have options to renegotiate its
liabilities due to the international crisis in the automotive

Nevertheless, Dina executives say all of these events would have
been "bearable" if it were not for the worldwide economic
slowdown and the crisis in Argentina, which has dashed any hopes
for recovery.

          Tlacoquemecatl de Valle
          No 41 Tlacoquemecatl
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T R I N I D A D   &   T O B A G O

BWIA: Executive Says Airline Still "Surviving, Recovering"
Trinidad national carrier BWIA is "not out of the woods yet,"
says chairman Lawrence Duprey. According to a report released by
the Trinidad Express, the airline posted an after-tax loss of
US$66.5 million for the year ended December 31, 2001. Unaudited
profits of US$57 million up to the third quarter were decimated.

However, after offsetting an Extraordinary Credit of US$62.1
million, the loss after tax and extraordinary items was reduced
to US$4.3 million. Duprey admits that much of the last quarter
was "touch and go" for the national airline.

"Surviving, recovering, but still getting by on a day-to-day

In the last quarter of 2001, the airline world was shaken by one
closure after another. Duprey points out that BWIA's unaudited
profits for the first eight months of last year stood at US$57

"Then the events of September 11 shook the world and bright
prospects turned dark and uncertain," Duprey remarks.

Saying that the airline survived "this most challenging year in
aviation history", Duprey points out that BWIA salvaged 2001 with
a minimal net loss of US$4.3 million.

Recalling the first three months after 9/11, airline chief
executive Conrad Aleong says its profits had been eliminated and
"the airline found itself struggling to pay its bills".

The consolidated loss, even though a loss, is a noteworthy
achievement in the circumstances, Aleong says in the carrier's
annual report.

Although profitability was eliminated, the gains in customer
service, infrastructure developments and image, were preserved,
he adds.

"The impact of 9/11 is not permanent, nor has it done any
structural damage," Aleong says, adding, "BWIA will recover to
its pre-September 11 levels and will go on to surpass that; the
open question is that of timing."

The CEO explains that the management sees the keys to success in
2002 as the "continuation of cost reduction gains" and the return
of volumes as the US economy recovers.

In March, BWIA announced the departure of 44 employees who
received separation packages. For shareholders, the prospects
aren't promising these days either.

Trinidad and Tobago Stocks and Shares Ltd notes that BWIA's net
loss is equivalent to negative earnings of two cents a share,
compared to earnings of nine cents a share in 2000.

Total operating revenue increased by US$83.1 million to US$1.69
billion while operating expenses increased by US$103 million to
US$1.7 billion resulting in an operating loss of US$16.4 million,
compared to an operating profit on ordinary activities of US$3.5
million the previous year.

CONTACTS:  BWIA West Indies Airways
           Phone: + 868 627 2942
           Home Page:
           Conrad Aleong, President and CEO (Trinidad)
           Beatrix Carrington, VP Marketing and Sales (Barbados)
           Paul Schutz, Chief Financial Officer (Trinidad)


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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