/raid1/www/Hosts/bankrupt/TCRLA_Public/020626.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
Wednesday, June 26, 2002, Vol. 3, Issue 125
Headlines
A R G E N T I N A
BANCO EDIFICADORA: Central Bank Grants 30-Day Suspension
BANCO RIO: Spanish Parent Sticks With Argentina For Now
BANCO SABADELL: Argentine Difficulty Prompts Local Unit Closure
LA LACTEO: Macri Concludes Sale
NAHUELSAT SA: Restructuring $70M of Debt; Seeks Concessions
PEREZ COMPANC: Distressed Exchange Prompts Fitch Downgrade
PEREZ COMPANC: HSBC Argentina Rejects Unit's Debt Payment
SCOTIABANK QUILMES: Parent May Ask For Formal Liquidation
TGN: Reiterates Customer Commitment Despite Financial Woes
B E R M U D A
GLOBAL CROSSING: Stockholder Seeks Trustee, Examiner to Probe
TYCO INTERNATIONAL: Fitch Expects To Raise CIT's Sr. Debt To 'A'
B O L I V I A
HUANUNI: Facing Bleak Future; Seeks Government Intervention
B R A Z I L
AES CORP.: Brazilian Assets Sale Still Undecided
BCP: Controller Confronts Brazil's Deepening Problems
CELESC: Government Agrees To Take On Debt
CLOROX: Shutters Brazilian Factory As Part Of Restructuring
NET SERVICOS: Board Approves Capital Stock Increase
TELEFONICA: Latin American Customers To Be Charged In Advance
VARIG: Recapitalization Could Exceed BRL800M
C O L O M B I A
PAZ DEL RIO: Searches For Partner To Fund Cement Project
M E X I C O
CINTRA: Mexico Considers Several Options For Sale Structure
FARBEN: BBVA-Bancomer May Divest Stake To Controllers
GRUPO BITAL: SCH Delays Audit Pending Clarifications
U R U G U A Y
BANCO COMERCIAL: Moody's Reviewing For Potential Downgrade
BANCO DE MONTEVIDEO: Moody's Lowers BSFR Following Intervention
- - - - - - - - - -
=================
A R G E N T I N A
=================
BANCO EDIFICADORA: Central Bank Grants 30-Day Suspension
--------------------------------------------------------
Argentina's central bank will grant a request by Banco de la
Edificadora de Olavarria to have its banking operations suspended
after staff froze operations demanding a rescue package. The
troubled bank is to be suspended for 30 days.
The bank is suffering a liquidity crisis due to the government's
restriction on deposits six months ago. The government's deposit
regulatiosn, aimed to prevent massive withdrawals from
depositors, have jeopardized the bank's credit and loans
businesses.
The bank's 230 staff is demanding measures that will protect
their jobs and its nine branches.
Local and foreign Argentine banks was hit by the country's 4-year
recession which led to a default on part of the US$140-billion
national debt, and by the devaluation which reduced the Argentine
currency 72% in value.
CONTACT: BANCO DE LA EDIFICADORA DE OLAVARRIA
Rivadavia 3000
C.P. B7400CUN
OlavarrĦa / Buenos Aires
Phone: (02284) 427646
442646 al 55
Fax: (02284) 442272
E-mail: banco@edificadora.com.ar
Home Page: http://www.edificadora.com.ar/
Contact:
E-mail: aguirrec@edificadora.com.ar
BANCO RIO: Spanish Parent Sticks With Argentina For Now
--------------------------------------------------------
Banco Santander Central Hispano SA has 'no immediate plans' to
withdraw its presence in Argentina, reports AFX, citing chief
executive Alfredo Saenz. The Spanish bank operates in Argentina
through its subsidiary Banco Rio de la Plata. According to Saenz,
the bank "has not set a timetable" for withdrawing from its
Argentine unit.
"We want to continue working for (Argentina's) economic and
financial development," he added.
Saenz reiterated that SCH has "fully provisioned" for its
investments in Argentina, including the goodwill related to the
acquisition of Banco Rio de la Plata.
Banco Rio, one of Argentina's largest banking companies, has
US$1.4 billion in total debt; about US$605 million of which
matures by May 2003 and another US$250 million matures by May
2004.
In May, officials from its Spanish parent said that Banco Rio had
just three months' worth of capital left, and that Santander
would not send new money to Argentina until the Duhalde
administration stabilized the country's finances and strengthened
the weakened banking system.
CONTACT: SANTANDER CENTRAL HISPANO S.A.
Plaza de Canalejas,1
28014 Madrid, Spain
Phone: +34-91-558-10-31
Fax: +34-91-552-66-70
Email: investor@grupo.bsch.es
Home Page: http://www.bsch.es
Contacts:
Ana P. Botn, Chairman, Banesto
Emilio Botn-Sanz, Chairman
Francisco G. Rold n, Financial Division General Manager
Investor Relations:
Phone: + 34.91.558.13.69
+ 34.91.558.10.05
Fax: + 34.91. 558.14.53
+ 34.91.522.66.70
BANCO RIO DE LA PLATA S.A.
Bartolome Mitre 480
1036 Buenos Aires, Argentina
Phone: +54-14-341-1081-1580
Fax: +54-14-341-1074-1084
Home Page: http://www.bancorio.com.ar
Contacts:
Ana Patricia B. S. de Sautuola y O'Shea, Chairman
Jose L. E. Cristofani, Executive Vice Chairman and CEO
Pablo Caride, Corporate Finance
BANCO SABADELL: Argentine Difficulty Prompts Local Unit Closure
---------------------------------------------------------------
Spanish bank Banco Sabadell closed its branch in Argentina
blaming the country's economic crisis, reports Expansion. The
office, located in Avenida Corrientes, central Buenos Aires, was
opened three years ago. Its function was to provide information
to Banco Sabadell's clients about the Argentine market regarding
investment or foreign trade operations.
Banco Sabadell also has branch offices in Munich, Caracas,
Singapore, Mexico City, Milan, Teheran, Guatemala, Peking and
Havana.
To see Company's latest financial statements:
http://www.bancsabadell.es/eng/
CONTACT: Representative Office (ARGENTINA)
Corrientes 456, 7th floor, Office 77
1366 Buenos Aires
Phone. (+ 5411) 43 28 03 61
Fax. (+ 5411) 43 28 32 03
Representative: Mr. Lluis Fernandez
LA LACTEO: Macri Concludes Sale
-------------------------------
Argentine holding company Macri finally completed that sale of
its dairy company La Lacteo. Marcos Martini, a company
specializing in environmental sanitation, got 40% of the shares
of La Lacteo. The remaining 60% has already been acquired by the
British investment fund Yeffreys Investments in April.
The transaction leaves Macri with only the 60% stake of the cold
storage plant Estancias del Sur, operated in partnership with
Rexcel, as investment in local food business.
Macri acquired La Lacteo in 1997, incorporating Italian company
Yomo as partner with a promise of US$10-million investment. Yomo
decided to leave the business early in 2000 prompting Macri to
sell the dairy Company, and concentrate instead in its food
business in Brazil.
La Lacteo has 2 plants in Cordoba province and 1 in San Luis
province, and it turned over ARS33 million in 2001.
CONTACT: LA LACTEO S.A.
Camino Capilla del los Remedios
Km. 5 (5020) Ferreyra
Csrdoba - Argentina
Phone: (0351)4976010
Fax: +54 351 4978255
E-mail: lalacteo@lalacteo.com
Home Page: www.lalacteo.com
Contact:
Joaquin Mehrwaldt, General Manager
Tel: (54351) 4976010
Fax: (54351) 4976010
NAHUELSAT SA: Restructuring $70M of Debt; Seeks Concessions
-----------------------------------------------------------
Nahuelsat SA, an Argentine satellite company, is seeking to
restructure US$70 million in debt, reports Business News
Americas. In addition to that, the Company will also ask to be
forgiven for some of the debt.
"Our bottom line is completely broken, though this is difficult
to understand outside [of Argentina]," said Nahuelsat CEO Jorge
Irigoin. The CEO was scheduled to travel to Rome last week to
assist controlling shareholder, European aerospace giant Eads, in
the negotiations with creditors.
Nahuelsat owes US$60 million to a group of European banks and
US$10 million to the World Bank's investment branch, the
International Finance Corporation (IFC). Aside from that, the
Company still has to complete amortization of the US$300 million
it spent to launch satellite Nahuel I in 1997. Nahuelsat is also
investing another US$300 million toward the launch of Nahuel II
in 2005. However, Irigoin said the economic uncertainty in
Argentina could force the Company to modify the launch schedule.
Efforts to restructure the Company's debt came after Nahuelsat
saw 75% of its contracts lose their value due to the devaluation
of the Argentine peso.
Nahuelsat maintains positive Ebitda, Irgoin however said, adding
that they reported revenues of US$35 million last year. Irigoin
expects to bill a similar amount in pesos this year, even with
the peso devaluation.
PEREZ COMPANC: Shareholders Approve Increased Note Issue
--------------------------------------------------------
Perez Companc S.A.'s unite, Pecom EnergĦa S.A. (Buenos Aires:
PECO), announced authorization at a General Regular and Special
Shareholders' Meeting held on June 20 to increase the maximum
amount of the Program for the Issue of Medium-Term Corporate
Notes in force, with a maximum amount at any time outstanding of
up to US$1 billion, up to a maximum amount at any time
outstanding of US$2.5 billion or its equivalent in other
currencies.
The Program's original amount was approved by the Comisi˘n
Nacional de Valores by means of Certificate Nbr.202, dated May 4,
1988. The increase in the total maximum nominal value of the
Program for the Issue of Corporate Notes is subject to approval
by the Comisi˘n Nacional de Valores.
The Notes to be issued under the Program will be Argentine
negotiable obligations and are expected to be listed on the
Luxembourg Stock Exchange and on the Buenos Aires Stock Exchange
and authorization may be requested for trading the Notes on
Mercado Abierto Electr˘nico S.A.. Notwithstanding the previous
sentence, Pecom EnergĦa S.A. may issue a series of Notes without
listing such series on a stock exchange or may list a series on
stock exchanges other than those mentioned in the previous
sentence.
Pecom EnergĦa S.A., controlled by Perez Companc S.A., is the
largest independently owned energy company in the Latin American
region. Its business activities include oil and gas production
and transportation, refining and petrochemicals, power
generation, transmission and distribution as well as forestry
activities. Headquartered in Buenos Aires, the Company has
operations throughout Argentina, Brazil, Venezuela, Bolivia, Peru
and Ecuador.
To see financial statements:
http://bankrupt.com/misc/Perez_Companc.pdf
CONTACT: PECOM ENERGIA S.A. DE PEREZ COMPANC S.A.
Maipo 1 - Piso 22 - C1084ABA
Buenos Aires, Argentina
Phone: (54-11) 4344-6000
Fax: (54-11) 4344-6315
URL: http://www.pecom.com.ar
PEREZ COMPANC: Distressed Exchange Prompts Fitch Downgrade
----------------------------------------------------------
Fitch Ratings has downgraded Pecom Energia's (Pecom) senior
unsecured foreign and local currency ratings to 'C' from 'CCC'.
The ratings remain on Rating Watch Negative.
The rating actions reflect Pecom's announced US$997.5 million
distressed debt exchange offer. The proposal seeks to refinance
US$97.5 million of 7 7/8% notes due August 2002; US$300.0 million
of 9.0% notes due January 2004; US$200.0 million of 9.0% notes
due May 2006; and US$400.0 million of 8 1/8% notes due July 2007.
The company is offering four series of new notes carrying the
same interest rate of each series of existing notes but extending
their corresponding maturity by three years.
The exchange offer, expiring on July 9, 2002, is contingent on a
minimum acceptance level of 95% for the August 2002 notes; 90%
for the January 2004 notes; and 75% for both the May 2006 notes
and the July 2007 notes. Noteholders that accept the exchange and
its accompanying conditions by June 26, 2002 will receive a
limited capital repayment on the notes tendered for exchange. The
amount to be repaid in cash varies according to the respective
series, ranging from five percent to 15% of the existing notes
tendered. Depending on the final terms and conditions of the
exchange offer, Fitch Ratings will view the exchange as an event
of default to the extent that the replacement issue generates a
loss to the original holders of the notes.
Pecom's actions are part of a comprehensive effort to refinance
an estimated US$1.95 billion in financial obligations. The
company's limited financial flexibility and deteriorating credit
profile are a direct result of the systemic crisis affecting
Argentina following the sovereign's default. Emergency measures
implemented by the Duhalde administration have proved detrimental
to companies operating in the nation's hydrocarbon industry. The
policies, outlined in Law No. 25.561, breached the spirit of the
market-oriented reforms implemented during the last decade.
Pecom's domestic operations have been adversely affected by
adoption of additional hydrocarbon-related taxes, limited crude
oil export capacity and the marked deterioration of its regulated
businesses. The latter refers to the inability of regulated
entitities to completely pass through the devaluation effect on
its product pricing and the general uncertainty surrounding the
power generation segment. As a result, Pecom has written off its
investments in Transener, Citelec, CIESA and TGS, and has reduced
the value of its investment in Distrilec, yielding a loss of
US$568 million.
Fitch believes that Pecom's international revenue generation
ability will also be hindered in the near-term. This is
attributed to OPEC-related production cutbacks in Venezuela and
to the significant cuts in Pecom's capital investment program.
Capital expenditures are projected to total US$100 million this
year, down from the recent annual mean of U$S500 million. This
sharp reduction will delay the monetization of the company's
cross border upstream reserves, adversely affecting expected
output gains over the medium-term.
Pecom Energia is one of the most vertically integrated energy
conglomerates in Latin America. Core business activities include
oil and gas exploration, production and transportation; refining
and marketing; petrochemicals; and electricity. Other businesses
include small investments in agriculture, forestry and mining.
Pecom is controlled (98.21%) by Perez Companc S.A., an Argentine
holding company.
CONTACT: Fitch Ratings
Alejandro Bertuol, 1-212-908-0393
Ana Paula Ares, +54 11 4327-2444
Matt Burkhard, 1-212-908-0540 (Media Relations)
PEREZ COMPANC: HSBC Argentina Rejects Unit's Debt Payment
---------------------------------------------------------
HSBC Bank Argentina, the country's eighth largest bank by assets,
rejected a debt payment originally due in U.S. dollars made in
devalued pesos by Argentine energy holding company Perez Companc.
According to a report by Reuters, Pecom Energia, the main asset
of Perez Companc, offered to pay a US$101-million debt with
ARS104.57 million - worth around US$28 million at market rates.
"The payment...did not faithfully comply with the agreed
conditions by which the payment should have been paid in U.S.
dollars," HSBC Bank Argentina said in a statement to the Buenos
Aires stock exchange.
CONTACT: HSBC ARGENTINA
Av. de Mayo 701, Piso 27, (1084)
Buenos Aires, Argentina
Tel: 54 11 4 344 3333
Fax: 54 11 4 334 6679
Contact: Michael Smith, Chairman and Chief Executive
SCOTIABANK QUILMES: Parent May Ask For Formal Liquidation
---------------------------------------------------------
Bank of Nova Scotia may formally request for the liquidation of
its local unit Scotiabank Quilmes, whose operations have been
suspended until July 19, 2001 on insolvency problems.
According to a report released by AFX, the fourth-largest bank in
Canada has decided to leave the recession-plagued Argentine
market and may wind up its local unit because it has not received
any clear offers for it.
Scotiabank Quilmes was the first foreign-owned bank to be halted
amid Argentina's four-year recession that has pushed the entire
banking system to the brink of bankruptcy after last year's bank
run drained 20% of all deposits.
Scotiabank owes depositors, the Central bank, and private
creditors ARS3.7 billion. The obligation to the Central Bank
consists of ARS200 million in repurchase agreements and ARS170
million in rediscount loans.
The Canadian parent has stopped financing its Argentine
subsidiary after taking a CAD707-million write-down that erased
most of its profits in the first quarter of this fiscal year.
For further information: Pam Agnew, Scotiabank Public Affairs,
(416) 866-7238
LATIN AMERICAN 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
TGN: Reiterates Customer Commitment Despite Financial Woes
-----------------------------------------------------------
Natural gas distributor Transportadora de Gas del Norte (TGN) in
Argentina assured its customers that it would continue to honor
its contractual obligations to them despite missing on debt
payments. TGN defaulted interest payment of US$1 million early in
May as a result of the fund transfer restrictions in Argentina.
Investor relations manager Domingo Sandoval assured that
financial obligations are not affecting the operations. He did
not however, offered forecasts, as, according to him, the future
will depend on the course of events.
TGN's biggest Chilean customers are gas transport company
Gasandes, which accounts for 44% of TGN's total gas exports, and
power generator Colbun.
TGN, which holds a 35-year license to operate northern
Argentina's gas transport system, has been severely hit by the
measures taken by the government, particularly the pesofication
of tariffs, the free-floating of the peso and debt that is
financed in dollars. TGN's short-term debt increased 200% between
1998 and 2001.
The government's regulation on utility tariffs is impeding TGN's
ability to increase revenues.
CONTACT: TRANSPORTADORA DE GAS DEL NORTE (TGN)
Don Bosco 3672, (C120ABF) Buenos Aires, Argentina.
Phone: (+54 11) 4959-2000
Fax: (+54 11) 4959-2242
Home Page: www.tgn.com.ar/
=============
B E R M U D A
=============
GLOBAL CROSSING: Stockholder Seeks Trustee, Examiner to Probe
-------------------------------------------------------------
Michael S. Pascazi, President of Fiber Optek Interconnect Corp.
and a Global Crossing, Ltd. stockholder, filed a motion with the
Bankruptcy Court for the Southern District of New York requesting
appointment of a trustee to oversee the affairs of Global
Crossing. Alternatively, the motion asks the court to appoint an
independent examiner to conduct an investigation of the debtors.
Such an investigation, the motion suggests, should include any
allegations of fraud, dishonesty, incompetence, misconduct,
mismanagement or irregularity in the management of the affairs of
the debtors of or by current or former management of the debtors.
Mr. Pascazi asserts that the company has been and continues to be
mismanaged, providing valid cause for the court to appoint a
trustee. As examples of mismanagement, Mr. Pascazi points to
Global Crossing's $486 million in reported losses since inception
of bankruptcy proceedings and its failure to file its annual
report for the year ending December 31, 2001 with the Securities
and Exchange Commission as required. Meanwhile, the company's
market value has plummeted from a high of approximately $53.3
billion in February, 2000 to about $54 million today for a loss
of approximately $53 billion.
Furthermore, Mr. Pascazi declares, in view of the numerous
investigations swirling around the prior affairs of the company,
as well as the civil litigation that has been filed against
certain members of management, appointment of a trustee would
clearly be in the best interests of creditors, shareholders and
the Global Crossing estate in general.
If a trustee is named, then under Section 1121 of the Bankruptcy
Code, management's exclusive right to file a plan of
reorganization would expire, opening the door for competing plans
to be submitted. Fiber Optek has already expressed its interest
in submitting such a plan of reorganization as soon as
permissible. Mr. Pascazi said today that he and Fiber Optek stand
ready to provide assistance to outside investors considering
participation in restructuring Global Crossing, with an eye
toward Fiber Optek's playing a role in the reorganized concern.
Fiber Optek Interconnect Corp. is a privately-owned leading
developer and installer of fiber optic telecommunications
networks with nearly 20 years experience in the industry.
The full text of the motion filed by Mr. Pascazi may be found at
www.gblxplan.com or on the official website for the U.S.
Bankruptcy Court Southern District of New York.
CONTACT: Fiber Optek Interconnect Corp.
Mr. Michael Pascazi, 845/462-6357
www.info@gblxplan.com
TYCO INTERNATIONAL: Fitch Expects To Raise CIT's Sr. Debt To 'A'
----------------------------------------------------------------
Fitch Ratings anticipates raising CIT Group, Inc.'s (CIT) and
related entities' senior debt, subordinated debt, and preferred
stock upon successful completion of its IPO and effective
separation from Tyco International. CIT Group, Inc.'s (CIT)
current senior debt, subordinated debt, and preferred stock at
'BBB', 'BBB-', and 'BBB-', respectively. The commercial paper
rating is 'F2'. All of the company's ratings are on Rating Watch
Evolving. The indicative long-term rating would be 'A',
subordinated debt and preferred stock would be 'A-'. The
indicative commercial paper rating would be 'F1'. The Rating
Outlook is expected to be Stable and would be removed from Rating
Watch Evolving. Should a transaction not be completed as planned
CIT's and Tyco's ratings would be equalized at Tyco
International's levels (senior currently rated 'BB', Rating Watch
Negative by Fitch).
Fitch's indicative ratings reflect increased comfort with the
current liquidity plan and contemplated reduction of the CP
program going forward (down to $3-5 billion from over $8
billion). Comfort with the liquidity plan stems from the
contingent sources of liquidity the company accessed during this
period - $3 billion in funding through ABS (Equipment and Home
Equity) and new programs it executed - $2 billion in new conduit
facilities (both of which have been tested and repaid) as well as
CIT's ability to re-enter the term unsecured debt market despite
looming concerns for the company under the Tyco umbrella.
Importantly, Fitch's expected actions presume complete
separation.
While CIT has worked diligently to develop contingent sources of
liquidity and takes great comfort in surviving the capital
markets stress it has been under thus far, Fitch believes that
this will be an enduring process for market funded companies
which seek to earn and maintain 'F1' ratings. Issuers such as CIT
must regularly demonstrate their ability to monetize assets to
ensure that in the event they are unable to access unsecured
sources of capital, the company would be in a position to unwind
the portfolio or execute contingency funding plans that are
sufficient to meet all upcoming maturities. Securitization, one
means of demonstrating market accessibility, has accounted for at
least 20% of funding for CIT and that will continue to be the
case at a minimum.
CIT plans to resume a more normal funding strategy which includes
accessing the unsecured capital markets in short order, in
meaningful amounts, including the repayment of its bank funding
by the end of the year. It is important to note that $3.8 billion
of bank borrowings are not actually due until March 2005.
From a capitalization perspective Fitch views CIT as modestly
undercapitalized, however, the company is stronger than it was
pre-Tyco due to some divestitures and improved capital formation,
aided by slowed origination activity resulting from market
conditions. Current asset quality trends are a concern with net
chargeoffs outpacing peak 1991 and 1992 levels. However, CIT's
acquisition of NewCourt and consumer expansion make such
historical comparisons less useful. While a concern that bares
monitoring, portfolio performance remains manageable.
Based in Livingston, NJ, CIT Group, Inc. is one of the largest
commercial finance companies in the world with managed finance
receivables and operating leases of $48 billion March 31, 2002.
The company has leading market positions in a variety of business
segments.
CONTACT: Fitch Ratings
Philip S. Walker, Jr., CFA, 212/908-0624
Thomas J. Abruzzo, 212/908-0793
John S. Olert, 212/908-0663
James Jockle, 212/908-0547 (Media Relations)
=============
B O L I V I A
=============
HUANUNI: Facing Bleak Future; Seeks Government Intervention
-----------------------------------------------------------
The protests and strike at Bolivia's Huanuni tin mine in western
Oruro department subsided Thursday night following an agreement
between the government and Oruro's "defense committee," reports
Business News Americas.
Under the agreement, the government promised to introduce a bill
to modify articles 91 and 95 of Bolivia's mining code, which
prevent the state, via Comibol, from directly administering
mines. This would allow Comibol to swiftly retake the reins in
situations where a joint venture partner faced liquidation, as
occurred in the case of Huanuni, economic development minister
Carlos Kempff said.
Huanuni had been the subject of a joint venture between Comibol
and Britain's RBG Resources, formerly Allied Deals, but the UK
Company collapsed earlier this year amid allegations of a US$600-
million fraud. The same company operated the Vinto tin smelter,
supplied by Huanuni, which was acquired earlier this month by
Bolivia's Comsur mining company and the UK government's
Commonwealth Development Corporation.
Demonstrations at the mine were spurred by an announcement coming
from former deputy mining minister Epifanio Mamani that Huanuni
would return to private hands. Mamani resigned from his post
after he made the announcement, and Bolivia's mining authorities
declared he was not following the government line.
Asked whether the government would invite new bids for Huanuni,
Mamani indicated that its future would be decided by the new
government as a long judicial process awaits.
"A legal ruling has to be made about the Company's
responsibilities, so one can't say anything about what will
happen in the future, but it's clear that it will temporarily
come under the administration of Comibol," he added.
CONTACT: EMPRESA METALURGICA VINTO
(Vinto Foundry Company)
Superintendente de Adquisiciones
Casilla 612
Oruro
Phone: 5273091
Fax: 5278024
===========
B R A Z I L
===========
AES CORP.: Brazilian Assets Sale Still Undecided
------------------------------------------------
Contrary to resurrected market talk that AES was ready to sell
its Brazilian assets, local units Eletropaulo Metropolitana
Eletricidade de Sao Paulo SA and AES Tiete said late Thursday
that the holdings' management has made no decision yet on the
sale of assets or stakes, reports Dow Jones Newswires.
The talks resurfaced last week after Paul T. Hanrahan, AES' new
President and chief executive, said that the Company is
considering strategically spinning off some South American
assets, as well as selling some U.S. assets to generate cash and
pay debt. The executive also said that the power company was
suspending any new investment until it reduces its heavy debt
load.
Eletropaulo has lost ground recently on concerns about its debt
obligations, with BRL1.8 billion in local and international debt
coming due this year. The stock dropped more than 10% Thursday to
BRL40.80 (US$1=BRL2.77), as the market feared the company might
have problems rolling over US$414 million in debt due in August
and September. Eletropaulo slumped further Friday, losing 5.64%
to BRL38.50.
CONTACT: ELETROPAULO METROPOLITANA
Avenida Alfredo Egidio de Souza Aranha 100-B,
13 andar 04726-270 San Paulo
Brazil
Phone: +55-11-548-9461, +55 11 5696 3595
Fax: +55-11-546-1933
URL: http://www.eletropaulo.com.br
Contacts:
Luiz D. Travesso, Chairman and President
Orestes Gonzalves Jr., VP Finance/Investor Relations
AES TIETE SA
Rua Da Consolacao 1875 - 14 Andar
Consolacao - Sao Paulo Sp 01301-100
Brazil
Phone: +55 11 2346773
Praca Professor Jose Lannes, 40 18o Anda
Brooklin 04571-100 Sao Paulo - SP
Brazil
Phone +55 11 5501-7704
Contact:
Luiz D. Travesso, Chairman
Demostenes Barbosa da Silva, Vice Chairman
Andrea C. Ruschmann, Finance Director
BCP: Controller Confronts Brazil's Deepening Problems
-----------------------------------------------------
BellSouth Corp. may find it hard to restructure its embattled
Brazilian unit BCP on mounting worries that the country may be en
route to a debt crisis, Dow Jones Newswires suggests.
In March, the U.S. phone company walked away from a US$375-
million payment its Brazilian wireless carrier BCP owed on a
US$1.6 billion bank loan, telling creditors and BCP co-owner
Banco Safra it wanted to restructure BCP's loan and operations.
Three months later, BellSouth has yet to reach a loan work out
agreement with BCP's 40 creditors. If BCP can't renegotiate its
debt, one or both of the stakeholders may be forced to write-down
their investments or look to sell the Company, which analysts say
has a small footprint that makes little strategic sense on a
stand-alone basis.
Dow Jones relates that Brazilian banking group Safra has said it
"definitively" wants out of money-losing BCP, which generates too
little cash on its own to cover its debt liabilities.
"Safra has a prearranged agreement to exit BCP," said a Safra
official. "But our departure depends on BellSouth reaching an
agreement with the creditors," the official added.
BellSouth, for its part, wouldn't confirm Safra's comments, nor
would the U.S. carrier comment when asked if it may sell or write
down its investment in BCP.
Since mid-April, stock and bond prices in Brazil have plunged,
raising concerns that the South American giant might follow in
Argentina's footsteps toward a debt default. The Brazilian real -
- once trading at better than one- to-one with the dollar --
has weakened to near-record lows of 35 cents. The financial
deterioration puts a further pall on Brazil's near-term growth
prospects as banks and other investors seek to reduce their
Brazil exposure, at least through the country's October election.
CONTACT: BCP TELECOMMUNICACOES, S.A.
Rua Florida, 1970
Sao Paulo, SP, Brasil
CEP 04565-001
Tel. 55-11-5509-6555
Fax 55-11-5509-6257
Home Page: http://www.bcp.com.br
BELLSOUTH CORPORATION
1155 Peachtree St. NE
Atlanta, GA 30309-3610
Phone: 404-249-2000
Fax: 404-249-5599
Home Page: http://www.bellsouth.com
Contacts:
Investor Relations
Phone (US): 800.241.3419
Fax: 404.249.2060
E-mail: investor@bellsouth.com
BANCO SAFRA
Av. Paulista, 2100 - Sao Paulo
Brazil - 01310-930
Phone: (11) 3175-7575
Home Page: http://www.safra.com.br/ingles/index.asp
Contact: Carlos Alberto Vieira, President
CREDITORS: FLEETBOSTON FINANCIAL CORPORATION
100 Federal St.
Boston, MA 02110
Phone: 617-434-2200
Fax: 617-434-6943
Home Page: http://www.fleetboston.com
Contact:
Investor Relations
Phone: 617-434-2200
Terrence Murray, Chairman
Charles K. (Chad) Gifford, President/CEO/Director
Eugene M. McQuade, Vice Chairman and CFO
CITIBANK
Avenida Paulista, 1111
13th floor - room 5
Sao Paulo 01311- 920
Brazil
Home Page: http://www.citibank.com.br
Contact:
Fernando Tafner
Phone: 55-11-5576-2004
E-mail: fernando.tafner@citicorp.com
ABN AMRO HOLDING N.V.
Foppingadreef 22
1102 BS Amsterdam, The Netherlands
Phone: +31-20-628-9393
Fax: +31-20-629-9111
Home Page: http://www.abnamro.com
Contact:
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
E-mail: investorrelations@nl.abnamro.com
CELESC: Government Agrees To Take On Debt
-----------------------------------------
After nearly two years of negotiations, the federal government of
Brazil agreed to assume all of Santa Catarina state-based
electricity CELESC's (Centrais Eletricas de Santa Catarina) debt,
relates Dow Jones Newswires.
The move is part of a BRL685-million deal between the government
of the southern Brazilian state of Santa Catarina and the
development bank BNDES (Banco Nacional de Desenvolvimento
Economico e Social).
According to Celesc Investor Relations director, Aldo Schumacher,
the federal government has opened a credit line with BNDES. The
credits, which will be available in the next few days, will not
only be used to pay up the utility's debt but also in future
investments.
"Out of those credits, Celesc will get around BRL500 million in
cash flow," Schumacher said, adding the Company will be able to
pay off about BRL370 million in debt coming due in the short and
medium term.
CONTACTS: CELESC
Rodovia SC 404 - Km 3
Itacorubi 88034-900 Florianopolis - SC
Brazil
Phone +55 48 231 6011
Home Page http://www.celesc.com.br
Contacts:
Francisco De Asis Kuster, Chairman
Enio Andrade Branco, Finance Director
BNDES
Main Office
Av. Republica do Chile,
100 Rio de Janeiro - RJ
Phone: (021) 2277-7447/6978
Home Page:
http://www.bndes.gov.br/english/welcome.htm
Contacts: Enterprise Information Center
Main Office
Av. Republica do Chile,
100 - 13 andar - Sala 1301
Tel.: (21)2277-8888
Fax: (21) 2220-2615
Email: contact@bndes.gov.br
CLOROX: Shutters Brazilian Factory As Part Of Restructuring
-----------------------------------------------------------
Household products manufacturer and marketer Clorox company is
restructuring its Brazil operations. Part of the process is the
sale of one of its two factories, Clorosul in Gravatai (Rio
Grande do Sul), with the plan of contracting out the production
of the plant.
US company Clorox had problems establishing stable operations in
Brazil, being unable in either way to compete with the stronghold
of giants like Johnson Wax and Unilever, or to adopt the
strategies of smaller companies.
Spreading rumors about the total abandonment of the Brazilian
operations have plagued the company. Henkel, which has a 26.6%
share of Clorox, being into global acquisitions, is seen as a
potential buyer.
Both companies did not make comment. Investment in the sector is
not attractive for the time being. Finding buyers is also
believed to be difficult for Clorox.
Clorox's gross margin in Latin America has fallen in the first
quarter as a result of the crises in Argentina.
CONTACT: THE CLOROX COMPANY
1221 Broadway, Oakland, CA 94612
E-mail: investor.relations@clorox.com
Home Page: http://www.clorox.com/
Contact:
Institutional Investors
Doug Hughes, Director of Investor Relations
Phone:(510) 271-2270
Individual Investors
Janet Hodges, Investor Relations Analyst
Phone:(510) 271-2927
CLOROSUL LTDA
Av. Paulista, 1106, 15§ andar - Cerqueira Csar
Sao Paulo/SP - CEP.:01310-914
Phone:(11)3146-0500
Fax:(11)3146-0599
Home Page: www.clorox.com
HENKEL LTDA.
Av. Naoes Unidas, 10989
04578-000
Sao Paulo Brasil
Phone: (++55 11) 3848-2300
Home Page: http://www.henkel.com
NET SERVICOS: Board Approves Capital Stock Increase
---------------------------------------------------
Net Servicos de Comunicacao S.A. recently disclosed the following
official announcement:
At the meeting held on June 18th, 2002, the Board of Directors
approved the Company's capital stock increase, within the limit
of its authorized capital, through a public offering of up to
575,000,000 (five hundred and seventy five million) common and
preferred shares, all registered shares with no face value, as
well as approved that such amount may be increased up to an
additional 86,250,000 (eighty six million, two hundred and fifty
thousand) preferred shares (the green shoe option).
The public offering is part of the recapitalization of the
Company, as announced in the Relevant Notice dated March 12th,
2002, pursuant the provisions of the Protocol for
Recapitalization of Globo Cabo S.A. (former denomination of the
Company) (the "Protocol"), which was described in the Relevant
Notice dated as of April 15th, 2002.
In addition, the Company discloses that the Second Amendment to
the Protocol ("Second Amendment"), signed on June 19th, 2002,
provides that the shareholders of the Company, parties to the
Protocol, shall capitalize the Company in an amount equivalent
to, at least, R$ 1,000,000,000 (one billion Reais), independent
of the amount of shares subscribed by third parties in the public
offering described herein.
The Second Amendment also states that the obligation to
capitalize the Company in the amount above mentioned, as agreed
by the shareholders, which are parties to the referred Protocol,
is subject to the formalization of commitments to reschedule the
debt profile of the Company, through the structuring of long-term
debt instruments, in a way that the totality of the Company
shareholders which are parties to the referred Protocol consider
satisfactory.
CONTACT: NET SERVI?OS DE COMUNICA?AO S.A.
Leonardo P. Gomes Pereira, Investor Relations & CFO
CNPJ/MF n§ 00.108.786/0001-65
NIRE n§ 35.300.177.240
Companhia Aberta
Rua Verbo Divino n§ 1.356 - 1§a., Sao Paulo-SP
TELEFONICA: Latin American Customers To Be Charged In Advance
-------------------------------------------------------------
Telefonica, Spain's leading telecommunications group, will soon
start charging customers of its Latin American subsidiaries in
advance, says Expansion. The move is part of the Spanish
telecommunications firm's efforts to overhaul its business
strategy in Latin America and reduce the number of non-payments
in the region.
The group reserved EUR1.03 billion euros for insolvencies in
Latin America last year. During the first three months of 2002,
the Company's ailing subsidiaries in Argentina affected the
balance sheet with EUR1.09 billion. The economic crisis in
Argentina had already caused a negative effect of EUR1.79 billion
during the fourth quarter of 2002. Costs soared by 75.6% to
EUR856.1 million between January and March 2002 as a result of
the devaluation of the peso.
The Brazilian real has lost more than 15% of its value against
the dollar since the beginning of 2002. If the real further
weakens, Telefonica will have to pay more to finance the US$5.7
billion debt from Brazil, and will see revenue and earnings from
the country fall, analysts said. Brazil accounts for a quarter of
the Company's earnings before interest, tax, depreciation and
amortization.
CONTACT: TELEFONICA S.A.
Gran Via, 283o Planta
28013 Madrid
Phone: +3491 584 4713
Fax: +3491 531 9347
E-mail: inversor.relations@telefonica.es
Home Page:
http://www.telefonica.com/home_eng.html
Contact:
Ezequiel Nieto, Investor Relations Manager
VARIG: Recapitalization Could Exceed BRL800M
--------------------------------------------
Embattled Brazilian airline Varig may need between BRL800 million
and BRL1 billion, almost half of its BRL2-billion debt, for its
capitalization operation.
According to a report by O Estado de Sao Paulo, BNDES will
contribute BRL300 million, through the issuance of convertible
debentures, while the remainder will be raised through the sale
of shares to new investors.
Unable to post a profit in four years, Varig is yet to get back
on firm footing since the country's domestic air travel market
was opened to competition in the early 1990s and after a currency
devaluation in 1999. The Company also faces the threat of a
strike by pilots, who are asking for higher pay.
CONTACT: VARIG (Viacao Aerea Rio-Grandense, S.A.)
Rua 18 de Novembro No. 800, Sao Joao
90240-040 Porto Alegre,
Rio Grande do Sul, Brazil
Phone: (51) 358-7039/7040
(51) 358-7010/7042
Fax: +55-51-358-7001
Home Page: www.varig.com.br/english/
Contacts:
Dorival Ramos Schultz, EVP Finance and CFO
E-mail: dorival.schultz@varig.com.br
Investor Relations:
Av. Almirante Silvio de Noronha,
n 365-Bloco "B" - s/458 / Centro
Rio de Janeiro, Brazil
===============
C O L O M B I A
===============
PAZ DEL RIO: Searches For Partner To Fund Cement Project
--------------------------------------------------------
Acerias Paz del Rio will look for a national or foreign joint
venture partner to provide capital in a cement project, which the
cash-choked Colombian steelmaker is pinning its hopes on to boost
revenues. Citing company president Enrique Tobo, Business News
Americas reports that the Company will present the plan to its
board.
Another project the Company is looking at is to produce urea, an
important agro-industrial fertilizer required in central
Colombia. The country consumes 500,000t/y of urea of which the
components to produce 400,000t are imported.
"We have the oxygen plant and the gasification system from where
the basic supplies to produce urea are taken," Tobo said.
The company, in a type of bankruptcy protection, has had to sell
various assets such as forestry plantations and cement-maker Paz
del Rio to meet its pension obligations.
CONTACT: ACERIAS PAZ DEL RIO S.A.
Carrera 8 # 13-31, Pisos 7 al 11
Bogota, D.C.
Phone: (091) 282-8111
Fax: (091) 282-6268 282-3480
E-mail: apdr@multi.net.co
===========
M E X I C O
===========
CINTRA: Mexico Considers Several Options For Sale Structure
-----------------------------------------------------------
Mexico is reviewing a variety of options in carrying out the sale
of its 65%-owned Cintra, the controlling company of airlines
Aeromxico and Mexicana.
One of the options is taking the highest offer or the sale of
only a part of the equity, leaving another percentage to go to
the stock exchange, according to sources from the Transport and
Communications Secretariat (SCT).
The SCT said that foreign investors could only hold a maximum of
25% of Cintra, but a change in the Foreign Investment Law made by
the National Commission on Foreign Investment, would allow that
limit to be lifted to 49% through "neutral investment."
Sources from the SCT said that the sale of the two airlines could
be separate, following the suggestion of the Federal Competition
Commission (CFC).
The financial agent for the sale will be Merrill Lynch.
To see Cintra's financial statements:
http://bankrupt.com/misc/Cintra.pdf
CONTACT: AEROMEXICO
Mayte Sera Weitzman of AeroMexico, +1-713-744-8446, or
mweitzman@aeromexico.com
MEXICANA DE AVIACION
Jenny Jenks, Marketing Director, International
Division of Mexicana Airlines, +1-210-491-9764, or
ennyjenks@mexicana.com
CINTRA
Xola 535, Piso 16, Col. del Valle
03100 M,xico, D.F., Mexico
Phone: +52-5-448-8050
Fax: +52-5-448-8055
Contacts:
Jaime Corredor Esnaola, Chairman
Juan Dez-Canedo Ruiz, CEO
Rodrigo Ocejo Rojo, CFO
OR
C.P. Francisco Cuevas Feliu, Investor Relations
Xola 535, Piso 16
Col. del Valle
03100 M,xico, D.F.
Tel. (52) 5 448 80 50
Fax (52) 5 448 80 55
infocintra@cintra.com.mx
SALE AGENT: MERRILL LYNCH & CO., INC.
World Financial Center,
North Tower, 250 Vesey St.
New York, NY 10281
Phone: 212-449-1000
Toll Free: 800-637-7455
Home Page: http://www.merrilllynch.com
Contact:
David H. Komansky, Chairman and CEO
E. Stanley O'Neal, President, COO, and Director
Thomas H. Patrick, EVP and CFO
MERRILL LYNCH MEXICO
Paseo de las Palmas No. 405
Piso 8
Col. Lomas de Chapultepec
11000 Mexico City, Mexico
Phone: 5255-5201-3200
Fax: 5255-5201-3222
Institutional Clients, Individual Clients
FARBEN: BBVA-Bancomer May Divest Stake To Controllers
-----------------------------------------------------
Mexico's Grupo Financiero BBVA-Bancomer SA informed the Mexican
Stock Exchange of its plans to sell its controlling shareholders
a 25.7% stake in pharmacy chain Far-Ben SA.
According to Dow Jones Newswires, BBVA-Bancomer will sell the
stake at MXN2.25 ($1=MXN9.86) per class "B" share. Minority
shareholders will also be eligible to participate in the
transaction, the Company said in its filing with the Mexican
bourse.
As reported, Far-Ben's board authorized a MXN533.3-million
capital increase by investors headed by Fernando Chico Pardo and
majority shareholders of the Benavides family. The proposal also
included tag-along rights.
The stake currently held by BBVA-Bancomer will be diluted once
the capitalization is completed, giving Chico Pardo control of at
least 51% of the Monterrey-based chain. The takeover will also
include a tender offer for minority shareholders of MXN2.25 per
share.
Meanwhile, Far-Ben also announced that it would extend the
deadline to restructure its liabilities to June 28 due to the
complexity of the renegotiation process, which involves obtaining
a handwritten document from each shareholder, who have been asked
to choose the alternatives on offer to carry out the debt
restructuring process.
Far-Ben is based in Monterrey and operates about 640 Benavides
pharmacies.
CONTACT: BENAVIDES (FAR-BEN S.A. DE C.V.)
Benavides (Far-Ben S.A. De C.V.)
602 Pino Suarez South Central
Monterrey Nuevo Leon
Mexico
Phone: +52 50 77 00
Fax: +52 89 99 31
Home Page: http://www.benavides.com.mx/
Contact:
Investor Relations
E-mail: inversionistas@benavides.com.mx
or
Enrique Javier Villarreal Bacco, CFO
Guillermo Benavides Arredondo, COO
Miguel Carlos Peinado Gonz lez, Purchasing and
Merchandising VP
Fernando Benavides Sauceda, Chief Information Officer
GRUPO BITAL: SCH Delays Audit Pending Clarifications
----------------------------------------------------
Spain's Banco Santander Central Hispano SA (SCH), which recently
increased its stake in Grupo Financiero Bital SA to 30% of voting
rights, postponed an investigation into the Mexican group's
credit quality.
According to a Mexico City daily el Economista report, the
Spanish bank was scheduled to kick off its audit last week.
However, Bital directors are still seeking clarification with
Mexican authorities exactly how much capital the bank needs to
meet the 2003 capitalization regulations, thus, delaying the
audit.
In its preliminary report, the National Banking and Securities
Commission (CNBV) had mentioned that Bital would need US$600
million in additional capital. Already, investors have injected
US$100 million earlier this year.
The CNBV does periodical reviews of each bank in the financial
system and in Bital's case it is expected to provide more
information over the next few days.
CONTACT: GRUPO FINANCIERO BITAL
Paseo De La Reforma
No. 243, Cuauhtemoc,
06500, Mexico ,D.F.
Phone: 57.21.52.86
Fax: 57.21.57.83
Home Page: www.bital.com.mx
Contact:
Investor Relations
Act. Ricardo Garza Galindo Salazar
Phone: 57.21.26.40
Fax:57.21.26.26
E-mail: ricaggs@bital.com.mx
SANTANDER CENTRAL HISPANO S.A. (BSCH)
Plaza de Canalejas,1
28014 Madrid, Spain
Phone: +34-91-558-10-31
Fax: +34-91-552-66-70
Email: investor@grupo.bsch.es
Home Page: http://www.bsch.es
Contacts:
Ana P. Botin, Chairman, Banesto
Emilio Botin-Sanz, Chairman
Francisco G. Rold n, Financial Division General Manager
Investor Relations:
Phone: + 34.91.558.13.69
+ 34.91.558.10.05
Fax: + 34.91. 558.14.53
+ 34.91.522.66.70
=============
U R U G U A Y
=============
BANCO COMERCIAL: Moody's Reviewing For Potential Downgrade
----------------------------------------------------------
Moody's Investors Service placed on review for possible downgrade
the Ba3 and B1 long-term foreign currency senior and subordinated
debt ratings of Banco Comercial S.A. (Comercial).
The Central Bank said it would recapitalize Banco Comercial,
which had received an earlier capital infusion of US$133 million
in February from the Central Bank and its private shareholders
after suffering a large deposit loss.
Moody's also confirmed Banco Comercial's bank financial strength
rating (BSFR) at E. The bank's BFSR is stable.
Banco Comercial's B1 foreign currency deposit ratings remain on
review for possible downgrade, in line with Uruguay's country
ceiling for bank deposits. Moody's noted that the deposit ratings
reflect the Central Bank's strong actions in both words and deed
in supporting the obligations of Comercial to date.
Banco Comercial is Uruguay's largest private sector bank and the
third largest overall with US$2.3 billion in assets as of
September 30, 2001.
CONTACT: BANCO COMERCIAL
Cerrito No. 400,
11100 Montevideo
Phone: 960-394/97
Fax: 963-569
Home Page: www.bancocomercial.com.uy/
BANCO DE MONTEVIDEO: Moody's Lowers BSFR Following Intervention
---------------------------------------------------------------
Moody's Investors Service lowered the bank financial strength
rating (BFSR) of Uruguayan bank Banco de Montevideo S.A.
(Montevideo) to `E' from `E+.'
The downgraded came after the Uruguayan Central Bank seized
control of Montevideo in order to facilitate its recapitalization
and to ensure that its obligations are met. The bank reopened on
Monday, June 24th, and continued to meet their obligations with
depositors.
Moody's noted that Montevideo's financial condition has been
steadily deteriorating since the beginning of the year. The bank,
owned by Grupo Velox, a holding company controlled by Uruguay's
Peirano family, has been hit by a system-wide outflow of deposits
as a result of contagion from Argentina's banking crisis.
Montevideo's E bank financial strength rating indicates that the
bank has very weak intrinsic financial strength and requires
external capital support. The bank's BFSR is stable.
Its B1 foreign currency deposit ratings remain on review for
possible downgrade, in line with Uruguay's country ceiling for
bank deposits.
Moody's noted that the deposit ratings reflect the Central Bank's
strong actions in both words and deed in supporting the
obligations of Montevideo to date.
Established in 1941, Banco de Montevideo is Uruguay's second
largest domestically owned private bank, and became the third
largest private bank overall after its acquisition of Banco La
Caja Obrera in November of 2001. As of December 31, 2000,
Montevideo had US$691 million in assets, US$604 million in
deposits and US$52 million in equity.
CONTACT: BANCO MONTEVIDEO
Misiones
1399 - Montevideo
Fax: 9162880
E-mail: info@bm.com.uy
Home Page: http://www.bancomontevideo.com.uy
Contact: Sr. Marcelo Pestarino, President
***********
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.
This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.
Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.
The TCR Latin America subscription rate is $575 per half-year,
delivered via e-mail. Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are $25 each. For subscription information,
contact Christopher Beard at 240/629-3300.
* * * End of Transmission * * *