/raid1/www/Hosts/bankrupt/TCRLA_Public/020725.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, July 25, 2002, Vol. 3, Issue 146

                           Headlines


A R G E N T I N A

ARGENTINE BANKS: Withdrawals Expected To Top $4.7B In 2H02
BANCO URQUIJO: Exits Argentina Due As Crisis Worsens
METROGAS: Makes One-Time Payment On Notes After Board Approval
PATAGON ARGENTINA: In Sale Talks With Argentine Online Broker
PEREZ COMPANC: Moody's Confirms `Ca' On Pecom's Global Bonds

PEREZ COMPANC: Shares Slip Further on Petrobras Buy
PEREZ COMPANC: To Focus Future Investments in Food Company
TELECOM INDUSTRY: Succumbs To Deteriorating Economic Condition


B E R M U D A

GLOBAL CROSSING: Extends Auction Date for Assets
TYCO INTERNATIONAL: Reports 3Q02 Results; Loss from CIT IPO


B R A Z I L

CEMAR: PPL Reports 2Q Loss On Brazilian Investment Charges
EMBRAER: Gets First Order For 175 Model
EMBRATEL PARTICIPACOES: 2Q02 Net Loss Higher Despite Mild Growth


C H I L E

COEUR D'ALENE: Drops Arthur Andersen As Accountant


C O L O M B I A

TERRA LYCOS: Denies Reports Of Asset Freeze


M E X I C O

AVANTEL: Services To Remain Unaffected By WorldCom Bankruptcy
GRUPO ALFA: Reports Improved 2Q02 Results; Reduces Net Debt
GRUPO BITAL: To Proceed With Capitalization Despite SCH Pullout
GRUPO MEXICO: U.S. Unit Heavily Hit By Insurance Industry Crisis
HYLSAMEX: Posts Better 2Q02 Financial Results



P E R U

BACKUS: Bavaria Defends Purchase of 21.96% Voting Stake
BACKUS: Shares Up On Cisneros' Purchase Offer


U R U G U A Y

GALICIA URUGUAY: S&P Assigns 'D' Ratings After Deposit Runs


V E N E Z U E L A

SUDAMTEX: Schedules New Meeting To Vote On Liquidation


     - - - - - - - - - -


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

ARGENTINE BANKS: Withdrawals Expected To Top $4.7B In 2H02
----------------------------------------------------------
The country is anticipating some US$4.7 billion bank withdrawals
during the balance of the year, including some US$1-1.6 billion
released through lawsuits. On authorized day-to-day withdrawals
alone, the financial system is geared to unlock some US$3
billion.

International Monetary Fund (IMF) officials visiting Argentina to
help the country draw up a monetary program, have suggested that
President Duhalde to scrap the country's current banking
restrictions.

Economy Minister Roberto Lavagna, on the other hand, has warned
that ending the restrictions, which still contains some US$15
billion, could trigger hyperinflation. Argentina has debts and
maturities coming due in September.  It must act fast to avoid
hyperinflation.

The IMF initially proposed that the central allow the return of
half of the deposits frozen in December.  The IMF also suggested
it would approve limited government intervention in currency
markets to hold the peso.

The country's currency has since lost around 75 percent of its
value against the dollar.


BANCO URQUIJO: Exits Argentina Due As Crisis Worsens
----------------------------------------------------
KBL of Luxembourg decided to have its Spanish subsidiary Banco
Urquijo withdraw from the Argentina due to the country's
deepening economic crisis.

The exit, according to the Spanish bank, was unopposed by the
Argentine central bank - meaning, Banco Urquijo complies with all
the regulations, and its obligations to clients, employees and
suppliers. KBL, Banco Urquijo said, decided to conclude its
operations in Argentina in an organized and voluntary manner.

Banco Urquijo, which had just one office in Argentina, opened in
Buenos Aires in the year 2000, is the first Spanish financial
group to withdraw from the Argentine market as a result of the
crisis.

Banco Urquijo also revealed that KBL is suspending its business
plans in Brazil, Chile and Mexico, said.


METROGAS: Makes One-Time Payment On Notes After Board Approval
--------------------------------------------------------------
The board of Argentine natural gas distributor Metrogas SA (MGS)
approved a one-time payment of interest accrued through April 30
using proceeds of an early termination of a cross-currency swap,
Dow Jones reports.

Under the plan, holders of the Company's US$100 million in Series
A 9.875% notes due 2003 will receive US$57.33 per $1,000 of
notes; holders of US$130 million of Series C floating rate notes
due 2004 will receive US$10.59 per $1,000 of notes; and holders
of EUR110 million Series B 7.375% notes due 2002 will receive
EUR44.05 per EUR1,000 of notes. The Company intends to pay on
August 12 note holders listed as of July 31.

MetroGas defaulted on an interest payment under a US$100-million
bond issuance on April 2, 2002. While the cure period on this
security has not yet expired, the Company stated on March 25,
2002, it intends not to pay any principal or interest service on
all of its financial indebtedness.

The Company's decision follows the alteration of its concession
agreement by the Argentine Public Emergency Law N. 25.561, which
includes the suspension of tariff adjustments and the tariff's
pesofication. These changes, combined with the devaluation
impact, have materially affected the financial condition of
MetroGas, given the mismatch between its income in pesos and its
debt in hard currency.

Metrogas is currently negotiating contracts with Argentina to
make necessary adjustments for changes brought by the Public
Emergency Law. It hopes to restructure all its financial
obligations after the negotiations, and has hired J.P. Morgan
Securities Inc. as legal advisers.

MetroGas is the largest of eight natural gas distribution
companies. MetroGas is 70%-owned by Gas Argentino S.A., 10%-owned
by employees and 20% is traded in the Buenos Aires Stock
Exchange. Gas Argentino S.A. is a consortium composed by British
Gas PLS (54.7%), and Repsol-YPF (45.3%).

The Company's New York Stock Exchange-listed American depository
receipts last traded at $1.39, down 7 cents, or 4.8%.

CONTACT: METROGAS
         Alberto Alfredo Alvarez, President
         William Harvey Adamson, First VP
         Gen. Director Enrique Barruti, HR Director
         Fernando Aceiro New Bus. Director
         Luis Domenech Admin. and Fin. Director

         Their Address:
         G. Araoz de Lamadrid 1360
         1267 Buenos Aires, Argentina
         Phone: (800) 422-2066
         Fax: (201) 262-2541
         Email: info@metrogas.com.ar

         J.P. MORGAN SECURITIES INC.
         60 Wall Street, 39th Floor
         New York, NY 10260-0060
         Phone: 212-648-3496
         Fax: 212-648-5134


PATAGON ARGENTINA: In Sale Talks With Argentine Online Broker
-------------------------------------------------------------
Negotiations between embattled online bank Patagon Argentina and
Argentine online broker Invertironline
(www.invertironline.com.ar) regarding the sale of Patagon's local
operations are now ongoing, Business News Americas reports,
citing Invertironline CEO Facundo Garreton.

Invertironline recently submitted its second offer after Patagon
Argentina, a unit of regional online bank and financial services
provider Patagon Americas (wwww.patagon.com), rejected a previous
offer made two weeks ago, Garreton said, without revealing
figures.

Garreton expects Patagon to make a decision next week since the
other bidder, local brokerage Puente Hermanos, has pulled out of
the running.

Invertironline is a US-based holding formed in 1999, and has
operations in Argentina, Brazil and Mexico.

Patagon Argentina still has its funds embargoed as a result of a
labor lawsuit currently under litigation

Spanish financial group SCH sold Patagon Americas back to the
online bank's founders Wenceslao Casares and Guillermo Kirchner
in May for EUR10.7 million euros (US$10.6 million). The two
executives have been accused by Patagon Argentina operations
director Andres Valentina of irregularities at his division.

CONTACT:  PATAGON (Argentina)
          Peru 375, 6 Piso
          Buenos Aires, Argentina
          Belen Galleppi
          Tel: 00-54-11-4343-7200
          Home Page:
          http://www.patagon.com.ar/Default.asp?rnd=0.211651
          Contact: Javier Bolzico, Market manager


PEREZ COMPANC: Moody's Confirms `Ca' On Pecom's Global Bonds
------------------------------------------------------------
Moody's Investor's Service confirmed the Ca rating for
Argentina's Pecom Energia S.A.'s global bonds in response to
Brazilian oil giant Petrobras's announced agreement in principal
to acquire a controlling 58.6% interest in Perez Companc S.A.
Pecom Energia is 98%-owned by Perez Companc.

Petrobras announced Monday that it has reached a preliminary
agreement to buy Perez Companc for just over US$1.1 billion. In a
statement, Petrobras said it would pay US$754.6 million in cash
and US$370.5 million in seven-year bonds for 58.6% of Perez
Companc's total capital. The Brazilian company also has agreed to
buy 47.1% of the Petrolera Perez Companc company, wholly owned by
the Perez Companc family, for US$56.7 million in cash.

Pecom's ratings confirmed include long-term foreign currency bond
rating of Ca and its foreign currency issuer rating of Ca.
Pecom's global bonds are currently subject to an exchange offer
and financial restructuring initiated by Perez Companc in June
2002. Pecom's Ca senior ratings reflect the constraints imposed
by Argentina's sovereign ceiling, and the impact of recession and
government actions, which have affected Perez Companc's ability
to recover its domestic costs, to generate cash flow to fund its
capital spending program, and to access external capital.

The deal is still subject to several conditions, including a debt
swap operation in bonds of Perez Companc subsidiary Pecom Energia
SA and refinancing of Pecom's bank debt.

Perez Companc is a diversified company with investments in oil
and gas, refining and petrochemicals, electricity generation,
transmission and distribution, and agribusiness headquartered in
Buenos Aires, Argentina.

CONTACT:  PETROLEO BRASILEIRO S/A - PETROBRAS S.A.
          Investor Relations Department
          Av. Republica do Chile, 65 - office 401 E
          20035-900 - Rio de Janeiro - RJ - Centro
          Phone: (55 21) 2534-1510 or 2534-9947
          Fax: (55 21) 2534-6055
          E-mail: petroinvest@petrobras.com.br
          Home Page:
http://www2.petrobras.com.br/ingles/index.asp


PEREZ COMPANC: Shares Slip Further on Petrobras Buy
---------------------------------------------------
Shares of Perez Company SA continued to trend downward after
Petrobras agreed to buy control of Argentina's second biggest
energy company for about US$1.1 billion.

According to a report by Bloomberg, Perez Companc American
depositary receipts slipped 9.7% to US$5.10, adding to a 5% drop
Monday. On the Buenos Aires Stock Exchange, the Company's shares
fell 6.8% to ARS1.91.

Petrobras, which agreed to buy a 58.7% stake in Perez Companc,
said it has no immediate plans to buy the rest of Perez Companc
stock, raising concern among other investors that the value of
their shares may fall.

"It is a negative for minority shareholders, the stock market,
for Petrobras, and for Argentina," said Edward Bozaan, who
manages US$20 million for the hedge fund Waterford Partners in
New York and owns Perez Companc shares. He didn't say how many.

Perez Companc has seen its revenue fall after the government
imposed new taxes on oil exports and barred public utilities from
raising prices to reduce the cost to consumers of a weaker peso.
Argentina's peso has lost more than 70% of its value since the
January devaluation.

The Company reported a first-quarter loss of ARS681 million, or
32 centavos per share, compared with profit of ARS149 million, or
7 centavos, a year earlier. Second-quarter earnings are due to be
released Aug 12.

"Keeping Perez stock is contingent on many things for us," said
Bruce Stout, who manages US$1 million in Perez Companc ADRs and
US$30 million in Petrobras shares for Aberdeen Asset Management
in Glasgow. "The outlook for Perez was very poor anyway and its
prospects without Petrobras aren't good, but it depends on the
outcome of the Brazilian elections and whether Perez refinances
its debt."

He said he would sell the stock if Petrobras offers US$9 for each
ADR.


PEREZ COMPANC: To Focus Future Investments in Food Company
----------------------------------------------------------
Perez Companc family will focus most of its future investments in
Molinos, the number two food company in Argentina, reports El
Cronista.

Perez Companc acquired the food company from Bunge for US$400
million in 1999. When Perez Companc took over Molinos, the
company was making losses of US$40 million and had a net
financial debt of US$400 million. But in 2001, with the company's
restructuring, Molinos reversed the losses, making net profits of
US$40 million. In addition to that, the debt was also reduced to
US$160 million.

Molinos is reportedly eyeing more brands and companies. At the
moment, Perez Companc is talking with the dairy company SanCor.
Mastellone Hermanos, owner of La Serenisima dairy brand is also a
candidate to be acquired by Perez Companc.

To see Pecom's 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


TELECOM INDUSTRY: Succumbs To Deteriorating Economic Condition
--------------------------------------------------------------
Argentina's telecommunications industry has finally caught the
economic ailment affecting the country. The evidnece was shown by
the decrease in number of fixed telephone lines after a decade of
growth.

U.S.-owned service providers as well as maintenance service
businesses are dropping out. Even bigger service provider such as
Telecom Argentina Stet-France has defaulted on approximately
US$3.2 billion of debt.

The decline is believed to be caused by the global telecom
meltdown, currency devaluation, political and social upheaval, as
well as the country's four-year recession. Argentina, Latin
America's third-largest economy has devaluated its currency and
defaulted on most of its US$141 billion in public debt.

Some 400,000 fixed phone lines are estimated to have been
canceled during the first half of the year, bringing the total
number of lines in service down to around 7.6 million. Total
investment in the sector, which averaged US$2 billion annually in
the dozen years since Argentina carved up and privatized its
state-owned phone provider, is seen dropping to US$200 million in
2002.

The telecommunications sector is heavily indebted in dollars, but
is currently servicing on peso-denominated rates, which is months
behind of being adjusted.

Companies in the sector usually cannot expect fresh capital from
parent companies, and are relying mostly from built-in
investments. Parent companies often are focusing on other
operations in South America, while others are limiting their
exposure in the country.



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

GLOBAL CROSSING: Extends Auction Date for Assets
------------------------------------------------
In accordance with the bidding procedures order originally
approved by the United States Bankruptcy Court for the Southern
District of New York, Global Crossing announced Tuesday that it
has moved the date of the auction to determine the successful
bidder from July 24, 2002 to July 31, 2002. The auction will take
place at the offices of Weil, Gotshal & Manges LLP, 767 Fifth
Avenue, New York, New York 10153. The auction hearing is
currently scheduled for August 7, 2002.

"We are extending the date of the auction in order to give the
company more time to review the investment proposals it has
received," said John Legere, chief executive officer of Global
Crossing.

ABOUT GLOBAL CROSSING

Global Crossing provides telecommunications solutions over the
world's first integrated global IP-based network, which reaches
27 countries and more than 200 major cities around the globe.
Global Crossing serves many of the world's largest corporations,
providing a full range of managed data and voice products and
services. Global Crossing operates throughout the Americas and
Europe, and provides services in Asia through its subsidiary,
Asia Global Crossing.

On January 28, 2002, Global Crossing and certain of its
affiliates (excluding Asia Global Crossing and its subsidiaries)
commenced Chapter 11 cases in the United States Bankruptcy Court
for the Southern District of New York and coordinated proceedings
in the Supreme Court of Bermuda. On the same date, the Bermuda
Court granted an order appointing joint provisional liquidators
with the power to oversee the continuation and reorganization of
the Bermuda-incorporated companies' businesses under the control
of their boards of directors and under the supervision of the
U.S. Bankruptcy Court and the Supreme Court of Bermuda. On April
23, 2002, Global Crossing commenced a Chapter 11 case in the
United States Bankruptcy Court for the Southern District of New
York for its affiliate, GT UK, Ltd. Global Crossing does not
expect that any plan of reorganization, if and when approved by
the Bankruptcy Court, would include a capital structure in which
existing common or preferred equity would retain any value.

CONTACT:

GLOBAL CROSSING:
Press Contacts

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

Tisha Kresler
+ 1 973-410-8666
Tisha.Kresler@globalcrossing.com

Kevin Burgoyne
+1 305 808 5925
kevin.burgoyne@globalcrossing.com

Mish Desmidt
Tel: +44 (0) 118 908 6788
Mobile: +44 (0) 7771 66 84 38
mish.desmidt@globalcrossing.com
Analysts/Investors Contact
Ken Simril
+ 1 310-385-3838
investors@globalcrossing.com


TYCO INTERNATIONAL: Reports 3Q02 Results; Loss from CIT IPO
-----------------------------------------------------------
Tyco International Ltd. (NYSE: TYC; BSX: TYC; LSE: TYI), a
diversified manufacturing and service company, reported Tuesday
that revenues from continuing operations for the third quarter
ended June 30, 2002 were $9.12 billion, an increase of 5.1% as
compared to $8.68 billion for the quarter ended June 30, 2001,
and an increase of 5.3% as compared to the $8.66 billion for the
Company's fiscal second quarter.

Including impairment, restructuring and other unusual charges
from continuing operations, which are discussed below, the loss
for the quarter ended June 30, 2002 from continuing operations
was 4 cents per share.

Diluted pro forma earnings from continuing operations for the
third quarter were 45 cents per share as compared to 73 cents per
share for the third quarter of fiscal 2001. The 45 cents per
share in the current quarter was a decrease of 6.3% as compared
to pro forma earnings of 48 cents per share for the second
quarter of fiscal 2002. Pro forma results from continuing
operations for the third quarter of fiscal 2002 are presented
excluding the discontinued operations of CIT, are before
impairment, restructuring and other unusual charges, and assume
the Company's year-to-date tax rate of 18.5%. Assuming the 26.4%
tax rate which was accrued for the quarter on earnings from
continuing operations, earnings were 41 cents per share. The
difference between the accrued and pro forma tax rate reflects
the classification of CIT as a discontinued operation and the
need to provide for the Company's expected full year tax rate of
18.5%.

Lead Director John Fort said: "Despite a tough economic
environment and the issues that have faced the company in recent
months, Tyco's businesses have continued to achieve a solid
performance and demonstrate their strong fundamentals. We are
committed to building these world-class operations, and to
enhancing the global leadership positions they have forged in
their industries. Toward this objective, one of our key
priorities is to complete as rapidly as possible the search for a
new CEO who has the right combination of skills to lead our
company forward."

CASH AND LIQUIDITY

Free cash flow, after deducting $184 million in spending on the
Tyco Global Network (TGN), was approximately $657 million in the
quarter, or 73% of pro forma income from continuing operations.
If TGN spending were excluded, free cash flow would have totaled
approximately $841 million in the third quarter of fiscal 2002,
or 93% of pro forma income from continuing operations. Free cash
flow for the quarter ended June 30, 2002 was below the Company's
initial estimate of $900 million to $1.1 billion, primarily as a
result of an accounts payable balance of approximately $336
million less than expected due to stricter payment terms stemming
from perceived liquidity issues.

Tyco refers to the net amount of cash generated from operating
activities, less capital expenditures and dividends, as "free
cash flow." "Free cash flow" is not a substitute for cash flow
from operating activities as determined in accordance with
generally accepted accounting principles (GAAP). Included as a
reduction of operating cash flows in the third quarter of fiscal
2002 is $178 million related to cash spending on restructuring
and other unusual items, as compared with $58 million in the
third quarter of fiscal 2001.

The Company paid $559 million in cash for acquisitions in the
quarter, including $396 million for the acquisition of dealer
accounts, $63 million relating to purchase accounting liabilities
and $81 million related to contingent deferred purchase price on
prior acquisitions. Free cash flow is calculated before these
expenditures.

Tyco Industrial's debt-to-capitalization ratio was 49.0% at June
30, 2002 compared to 48.7% at March 31, 2002. The net debt-to-
capitalization ratios were 43.8% and 41.5%, respectively, for the
same periods. The change in the ratios reflect the loss on
discontinued operations during the third quarter without the
benefit from the proceeds of the CIT IPO. On a pro forma basis to
reflect the proceeds received subsequent to June 30, net debt-to-
capitalization is 35.5%.

IMPAIRMENT, RESTRUCTURING AND OTHER UNUSUAL CHARGES

The impairment, restructuring and other unusual charges from
continuing operations consisted of the following:

* Goodwill write-offs - $513 million pre-tax, or 26 cents per
share after-tax, related to the impairment of goodwill at the
Tyco Telecommunications and Tyco Engineered Products and Services
businesses.

These are all non-cash charges.

* Impairment of long-lived assets - $239 million pre-tax, or 10
cents per share after-tax, of which $125 million relates to
intangibles associated with Healthcare businesses which have been
exited and $105 million relates to software development projects
at ADT which have been cancelled. These are all non-cash charges.

* Restructuring costs - $72 million pre-tax or 3 cents per share
after-tax. This is a cash charge, and is related primarily to
severance and facility closings associated with streamlining
initiatives in each of the Company's business segments as well as
Tyco's Corporate group. These streamlining plans involve 1,300
employees, 4 manufacturing plants and 42 sales and distribution
facilities worldwide. These plans were all announced during the
quarter ended June 30, 2002.

* Other charges - $131 million pre-tax or 6 cents per share
after-tax. Approximately 83% is a cash charge, and is comprised
primarily of charges associated with the termination of the
Company's break-up plan.

* Taxes - $87 million, or 4 cents per share, related to the tax
rate on continuing operations.

PRO FORMA QUARTERLY RESULTS FROM CONTINUING OPERATIONS

Quarterly segment profits and margins for the Company's
Electronics, Healthcare and Specialty Products, Fire and Security
Services, and Engineered Products and Services segments that are
presented in the discussions below are operating profits before
impairment, restructuring and other unusual charges and credits
and, for the period ended June 30, 2001, goodwill amortization.
Additionally, results for the period ended June 30, 2001 reflect
the adoption of SAB101. We have presented our Engineered Products
and Services group, formerly Tyco Flow Control, as a separate
segment for all periods presented to conform with current
internal reporting structures. Previously, its results were
included in the Electronics and Fire and Security Services
segments. Results before impairment, restructuring and other
unusual charges are commonly used as a basis for operating
performance, but should not be considered an alternative to
operating income determined in accordance with GAAP. For GAAP
results by segment, see the accompanying table to this press
release. All dollar amounts are stated in millions.

ELECTRONICS
                   June 30, 2002  March 31, 2002 June 30, 2001

Segment revenues    $ 2,650.7        $2,493.9     $ 3,462.7
Segment profit         $338.3          $373.1        $862.1
Segment margins          12.8%           15.0%         24.9%

For the quarter ended June 30, 2002 as compared to the quarter
ended June 30, 2001, revenues for Tyco's electronics businesses,
excluding Tyco Telecommunications which is discussed below,
decreased approximately 12% to $2.51 billion. Earnings at Tyco's
electronics businesses, excluding Tyco Telecommunications, were
$361.5 million, or 14.4% margin, for the quarter ended June 30,
2002 compared to $719.5 million, or 25.1% margin for the quarter
ended June 30, 2001. On a sequential quarterly basis, revenues
increased 8% and earnings declined 8%. The year over year
decrease in revenues resulted from a continued softness in demand
in the end markets the Company serves, with weak market
conditions across all geographic regions. The business units most
severely impacted serve the telecommunications, power systems,
communications, and printed circuit markets of Electronics.
Sequentially, revenues have improved in each of the major end
markets, most notably computer and consumer electronics,
industrial, and distribution. The year over year margin decline
was predominantly caused by decreased volume, partially offset by
improvements in selling, general, and administrative expenses.
Sequentially, price erosion continues, though at a lower level
than previous quarters.

The outlook for the Electronics end markets remains difficult for
telecommunications products and revenues are expected to be
sequentially flat. The remaining end markets should provide 2 to
5% growth within their area. Book to bill ratios are improving
for all end markets except telecommunications. The division
continues to focus on product innovation and customer service, as
evidenced by the following recent awards and new contracts:
Celestica Partners in Performance award; Arrow Electronics award
for fastest growing supplier; TTI, Inc. Supplier Excellence
Award; Honda Motor Company's Honda Quality Performance Award; and
M/A-COM's $33 million contract for its OpenSky network in Oakland
County, MI in support of Homeland Security.

Revenues at Tyco Telecommunications decreased year over year over
77%, and sequentially 14%, to $139.4 million, due to fewer third-
party manufacturing contracts and a very weak undersea capacity
sales market. It is expected that this business will continue to
generate operating losses for the near term, as this market is
not expected to show signs of recovery for the foreseeable
future.

HEALTHCARE AND SPECIALTY PRODUCTS

                    June 30, 2002  March 31, 2002 June 30, 2001

Segment revenues      $ 2,526.0        $2,446.8     $ 2,261.2
Segment profit           $525.0          $505.1        $539.5
Segment margins            20.8%           20.6%         23.9%

The Healthcare and Specialty Products segment revenues for the
third quarter of fiscal 2002 increased 12% over the same period a
year ago, and 3% from the previous sequential quarter. Changes
related to the components within the segment are detailed below.

Tyco Healthcare revenues increased year over year 13% to $2.04
billion, and 4% from the previous sequential quarter. Within Tyco
Healthcare, the revenue increase was driven primarily by the
acquisition of Paragon Trade Brands in January of 2002, but also
by sales from new products at USSC and Valleylab, and increases
in each of Mallinckrodt's major product categories. The
International group continued its strong performance as well.
These increases were partially offset by declines in certain
product lines as a result of competitive pressures and the
exiting of certain businesses. Earnings were $452.3 million for
the third quarter of fiscal 2002, or flat with the prior year.
Margins decreased as compared to June 30, 2001 in the healthcare
business as the benefits of ongoing cost reduction plans and
higher volume were offset by margins at Paragon, which are lower
than the segment average, product mix, and higher selling
expenses in certain areas. The outlook for Healthcare remains
fundamentally strong, and it should continue to see increased
revenues from recent new product launches such as USSC's Spiral
Radius product, Valleylab's LigaSure ATLAS and AXS instruments,
and Mallinckrodt's Fluoxetine product line.

Tyco Plastics' revenues increased 6% year over year, and 1% from
the previous sequential quarter, to $483.9 million. Revenue
increases for both periods were due to acquisitions, as organic
revenues declined as a result of general market weakness which
has impacted volumes and selling prices in the hangar business,
as well as volume declines at the adhesives business due to the
loss or delay of certain customer contracts. Margins were down
year over year in the group as a result of the volume shortfalls
and pricing issues.

FIRE AND SECURITY SERVICES

                    June 30, 2002  March 31, 2002 June 30, 2001

Segment revenues      $ 2,711.3        $2,569.5     $ 1,913.3
Segment profit           $350.3          $400.7        $305.2
Segment margins            12.9%           15.6%         15.9%

Tyco Fire and Security achieved revenue increases of 42% year
over year and 6% from the previous sequential quarter. Year over
year the increase is primarily the result of acquisitions, such
as Sensormatic, Security Link and Edison and strong performance
from the ADT Authorized Dealer sales programs. Strong performance
by Fire Protection in Europe and Simplex/Grinnell in the U.S.
contributed as well. Sequentially, the Security business is down
slightly, as increased demand generated in the post-September 11
environment has now declined.

While segment profits increased year over year, they were down
sequentially, and down as a percentage of revenues for both
periods due to increased amortization expense in the current year
third quarter in the Security business, primarily Sensormatic,
losses on contracts in Northern Europe and Australian fire
protection businesses, and lower profitability in non-U.S.
security businesses as a result of more difficult commercial
markets.

The Fire and Security businesses continue to focus on providing
comprehensive solutions for their customers. Among the new
program launches and contracts awarded recently are the
following: T-DAR, launched by ADT US, is a new detection system
for airports utilizing optical tracking technology; AssetPro, an
anti-shoplifting solution designed specifically for small and
mid-size retailers; Thunderstorm 1x3 from Ansul, a new foam fire
suppression product developed and sold exclusively for Williams
Fire & Hazard; Homeland Security Contracts -- ADT has won a
number of contracts that cover airports, water and sewer
facilities, and government locations; National agreement with the
#1 pharmacy in America awarded to Simplex/Grinnell to provide
life-safety services; Sommerton (Australia) Power Station --
project involves products and services from multiple Tyco
companies, including Tyco Fire & Security Australia, Wormald,
ADT, and O'Donnell Griffin Water Technology.

ENGINEERED PRODUCTS AND SERVICES

                     June 30, 2002  March 31, 2002 June 30, 2001

Segment revenues       $ 1,235.7        $1,151.3     $ 1,043.2
Segment profit            $197.7          $177.4        $224.0
Segment margins             16.0%           15.4%         21.5%

At Tyco Engineered Products and Services (formerly Tyco Flow
Control), revenues increased by approximately 18% over the prior
year and 7% from the previous sequential quarter, resulting from
a combination of small acquisitions, higher volume and increased
selling prices in certain sectors. Tyco Valves & Controls
benefited from the integration of several smaller acquisitions
and strong efforts to generate additional volume to offset
continued global market pressures, particularly in the industrial
process, oil and gas, power, and water markets. Within Tyco
Electrical and Metal Products, pricing increases and the
acquisition of Century Tube offset weak product demand in certain
areas. Tyco Infrastructure and Tyco Fire and Building Products
both experienced strong year over year growth, although the
current weak commercial construction markets and economic
uncertainties are causing some project delays and a more
competitive market environment. Segment profits were down year
over year primarily due to decreases in royalty payments from
divested businesses. While there is weakness in certain of the
markets the businesses serve, as well as worldwide competitive
pressures, measures in place to control costs enabled each of the
businesses to achieve a sequential increase in profits.

FISCAL 2002 AND 2003 GUIDANCE

Earnings per share from continuing operations are expected to be
in a range of 45 cents to 47 cents, before unusual items, for the
fourth quarter, which would put the full year pro forma earnings
in a range of $1.99 to $2.01, on total revenues of approximately
$36 billion. Free cash flow, after deducting spending on the TGN,
is expected to approximate $1 billion in the fourth quarter of
fiscal 2002 and $2.5 billion for the full fiscal year. The
Company anticipates that fiscal 2003 earnings per share will be
in a range of $2.10 to $2.25, on total revenues of approximately
$38 billion, and free cash flow will be in a range of $4 billion
to $4.5 billion.

ABOUT TYCO INTERNATIONAL

Tyco International Ltd. is a diversified manufacturing and
service company. Tyco is the world's largest manufacturer and
servicer of electrical and electronic components; the world's
largest designer, manufacturer, installer and servicer of
undersea telecommunications systems; the world's largest
manufacturer, installer and provider of fire protection systems
and electronic security services and the world's largest
manufacturer of specialty valves. Tyco also holds strong
leadership positions in medical device products, and plastics and
adhesives. Tyco operates in more than 100 countries and had
fiscal 2001 revenues from continuing operations of approximately
$34 billion.

To see financial statements:
http://bankrupt.com/misc/Tyco_International.htm

CONTACT:  TYCO INTERNATIONAL LTD.
          Media: Gary Holmes
          Tel: +1-212-424-1314 or +1-212-424-1307

          Investor Relations: Kathy Manning
          Tel: +1-603-778-9700



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

CEMAR: PPL Reports Loss For the 2Q Due To Brazilian Investment
Charges
--------------------------------------------------------------
Due to two unusual charges, PPL Corporation (NYSE: PPL) today
reported a loss per share of $0.18 for the second quarter of
2002. The charges, primarily non-cash in nature, relate to CEMAR,
PPL's Brazilian distribution company ($94 million or $0.64 per
share), and to expenses incurred with regard to the seven percent
reduction in the company's workforce announced last month ($74
million or $0.29 per share).

PPL reported second-quarter earnings from its core business
operations of $0.75 per share, exceeding Thomson Financial's
First Call consensus earnings estimate of $0.60 per share from
core operations. PPL reported record second- quarter earnings of
$0.80 per share from core operations a year ago.

This performance keeps PPL on track to achieve its 2002 earnings
forecast of between $3.30 and $3.50 per share from core
operations. In addition, PPL reaffirmed its projection, announced
earlier this year, for mid-single-digit growth in earnings per
share from core operations for 2003.

Second-quarter earnings per share from core operations were $0.05
lower than last year, primarily due to lower margins on energy
sales in the western United States. The positive drivers for
second-quarter core earnings were increased margins on energy
transactions in the eastern United States and success in
continuing to reduce operating costs.

"The continued relatively strong performance of PPL's earnings
from core operations has demonstrated the value of our hedging
strategy," said William F. Hecht, PPL's chairman, president and
chief executive officer. "There continue to be many unanswered
questions regarding the structure of our industry, and this has
reinforced our belief in the value of multi-year sales contracts
to reduce unpredictability in earnings, to reduce risk and to
improve returns."

PPL's integrated corporate strategy encompasses generating and
selling energy in key U.S. markets through an optimum balance of
energy supply and customer load under multi-year contracts and
operating high-quality energy delivery businesses in select
regions. "Our solid performance in core operations in the second
quarter and our reaffirmation of PPL's growth rate validate our
strategy," Hecht said. "Our plans also call for maintaining a
strong liquidity and credit-quality position to give us the
flexibility to respond to changing business conditions, while
serving as a platform to pursue disciplined growth
opportunities," said Hecht.

About 82 percent of PPL's earnings from core operations in 2002
are expected to come from electricity generation that is
dedicated to supplying energy under long-term contracts, from its
regulated energy delivery business in Pennsylvania and from
short-term energy sales in the first half of 2002.

By the end of this month, the company expects to place more than
1,000 megawatts of electricity generating capacity into
commercial operation in new generating facilities in Illinois,
Arizona and New York. Hecht said, "The new plants are uniquely
positioned to serve the growing demands of the Chicago, Phoenix
and Long Island metropolitan areas, where power imports are
restricted because of transmission congestion."

PPL reported a loss of $0.20 per share for the first half of
2002, due primarily to several unusual charges. The company
recorded a first-quarter charge of $1.02 per share related to
changes in accounting rules for goodwill that affect its Latin
American investments. Also affecting PPL's earnings for the first
half of 2002 were the second-quarter charges associated with its
Brazilian investment and its workforce reduction program.

Earnings from PPL's core operations in the first half of 2002
were $1.77 per share compared to $2.31 per share for the first
half of 2001. While reflecting the lower margins on energy sales
in the western United States from a year ago, this year-to-date
performance keeps PPL on track to achieve its forecast for core
earnings per share for 2002. The positive drivers of PPL's core
earnings for the first half of 2002 were: increased margins on
energy transactions in the eastern United States, improved
earnings contributions from energy-related businesses such as
PPL's synthetic fuel operations, and success in continuing to
reduce operating costs.

For the 12 months ended June 30, 2002, PPL reported a loss of
$1.29 per share due to impairment charges on PPL's Latin American
and United Kingdom electricity delivery businesses, changes in
accounting rules for goodwill that affect its Latin American
investments, the decision to cancel several domestic power plant
projects, staffing cuts associated with its workforce reduction
program, and charges associated with the bankruptcy of Enron.
These charges were partially offset by a credit to earnings
relating to a change in pension accounting. PPL's 12-month
earnings from core operations were $3.68 per share compared to
$4.00 per share for the same period of 2001.

In late January 2002, PPL announced that it had taken an
impairment charge of $217 million, for December 2001, with
respect to CEMAR and also said it would provide no additional
funding for CEMAR. That impairment charge represented the net
asset value of CEMAR at the end of 2001.

In the first quarter of 2002, PPL recorded a $6 million pre-tax
charge for an early-January investment made prior to its decision
to invest no additional funds in CEMAR. In the second quarter of
2002, PPL recorded a charge for the balance of its exposure to
CEMAR of about $94 million, an amount that was previously
reported and that is primarily related to the cumulative
translation adjustment (CTA). The CTA is the amount of currency
devaluation of PPL's original investment in CEMAR since the date
of purchase. That balance could not be written off previously
because of applicable accounting rules.

On Monday, July 22, PPL announced a proposal to sell CEMAR to
Franklin Park Energy LLC of McLean, Va. To expedite the
transaction, CEMAR has requested that the Brazilian regulator act
by mid-August on the sale proposal. If the transaction is
approved, Franklin Park would purchase CEMAR for a nominal price
and would assume the responsibility to operate CEMAR.

The proposed sale of CEMAR to Franklin Park does not affect PPL's
earnings forecast. PPL has reiterated that any operating losses
for CEMAR in 2002 would be offset accordingly upon exiting the
investment in CEMAR.

PPL Corporation, headquartered in Allentown, Pa., controls or
owns more than 10,000 megawatts of generating capacity in the
United States, sells energy in key U.S. markets, and delivers
electricity to nearly 6 million customers in Pennsylvania, the
United Kingdom and Latin America.
To see financial statements: http://bankrupt.com/misc/PPL.htm

CONTACT:  PPL Corporation
          For media: Dan McCarthy, +1-610-774-5758
          For financial analysts: Tim Paukovits, +1-610-774-4124
          Fax: +1-610-774-5281


EMBRAER: Gets First Order For 175 Model
---------------------------------------
Empresa Brasileiras De Aeronautica S.A. (Embraer), the world's
No. 4 maker of civilian aircraft, received the first order for
its 175 model, which is to be certified in June 2004.

Dow Jones reports that Indian airline Jet Airways agreed to pay
up to US$520 million for 10 embraer 175s with options for 10
more. If Jet Airways doesn't convert its options, the order will
be worth US$260 million.

The Indian airline will take delivery of the planes between June
2004 and 2007, the Brazilian company's chief executive, Mauricio
Botelho, said.

Jet Airways has selected GE Aircraft, a unit of General Electric
Co. (GE), to provide the engines.

The transaction followed a recent disclosure by Embraer that
commercial and corporate deliveries declined in the second
quarter of the year.

Embraer said it only delivered 30 commercial and corporate
airplanes in the second quarter compared to 44 jets in the same
period a year ago. The Company has said it would deliver a total
of 135 planes in 2002, a forecast it had to cut from 205 after
the Sept. 11 attacks in the United States cut into demand for air
travel and plunged the airline industry into a steep crisis.

CONTACTS:  EMBRAER
           Press office:
           Phone +55 12 3927 1311
           Fax + 55 12 3927 2411
           Press office mgr. Bob Sharp
           Email: bob.sharp@embraer.com.br
              OR
           Press officer Wagner Gonzalez
           Email: wagner.gonzalez@embraer.com.br


EMBRATEL PARTICIPACOES: 2Q02 Net Loss Higher Despite Mild Growth
----------------------------------------------------------------
Embratel Participacoes S.A. (Embratel Participacoes or the
"Company") NYSE: EMT; BOVESPA: EBTP3, EBTP4 The Company holds
98.8 percent of Empresa Brasileira de Telecomunicacoes S.A.
("Embratel").

All financial figures are in Reais and based on consolidated
financial statements in "Legislacao Societaria".

2002 Second Quarter Highlights

Embratel Participacoes' net revenues were R$ 1.8 billion in the
quarter;

Buildout of points-of-interconnection enabled line costs to drop
from 47.6 percent to 46.4 percent of net revenues quarter-over-
quarter; EBITDA was R$ 361 million;

EBITDA margin rose to 19.9 percent, an increase of more than a
percentage point quarter-over-quarter and 6.3 percentage points
from the FY2001 Ebitda margin;

EBIT rose 32.2 percent quarter-over-quarter reflecting improving
operating performance; a second quarter of improvement when
compared to the 2001 EBIT loss;

Net loss for the quarter was R$152 million arising primarily from
the impact of the devaluation of the Real on debt;

On a year-to-date basis, net revenues and net losses were,
respectively, R$3.6 billion and R$189 million.

Data Communication Service

Client base and bandwidth demand continues to grow

Second quarter data revenues rose 4.9 percent to R$456 million
compared to the same quarter of 2001. Data services revenue which
includes corporate networks, frame relay services and Internet
grew 8.5 percent when compared to the same quarter of the
previous year. Frame relay and Internet services were the main
contributors for this growth. The company continues to experience
price declines in dedicated services including dedicated Internet
links.

As anticipated, wholesale revenues continued to decline.

Embratel continues to grow its client base adding new customers
in the mid-sized company environment. Demand for bandwidth and
ports is also strong.

On an accumulated basis, data and Internet services grew 5.2
percent compared to the first six months of the previous year.
Wholesale revenues declined 44.5 percent in the same period.
Total accumulated data revenues were R$906 million, representing
a 1.3 percent growth compared to the first six months of 2001.

Voice Services

Domestic Long Distance

Revenue stability maintained

Domestic long distance revenues were R$1.1 billion in the second
quarter of 2002 comparable to the year ago quarter. Compared to
the previous quarter, domestic long distance revenues rose 1.3
percent reflecting both a better traffic mix as well as an
increase in business days in the season.

Embratel continues to actively manage calls and an average of 2.7
million non-performing lines were prevented from completing calls
during the quarter.

Year-to-date, domestic long distance revenues were R$2.3 billion,
representing a slight increase from the comparable 2001 six month
period. This revenue performance reflects primarily the company's
efforts to manage non-performing calls. Embratel's efforts to
manage calls continues to have a positive impact on operating
performance and voice margins.

International Long Distance

Market volume grows

As expected, international long distance revenues continued to
decline primarily due to lower market prices. Embratel volumes
continue to be strong reflecting market volume growth. The
company has maintained its efforts to reduce fraudulent
international calls and capture traffic from services provided by
illegal operators. In the second quarter, international revenues
were R$162 million representing a R$11 million decline from the
first quarter of 2002. Compared to the second quarter of 2001,
international revenues fell 31.3 percent. Price declines in the
international voice segment were anticipated. This sharp year-
over-year revenue decline evidences the changing fundamentals of
the international voice segment.

On an year-to-date basis, international long distance revenues
were R$335 million compared to R$456 million in the first six
months of 2001. International revenues represented 9.3 percent of
the company's total revenues compared to 12.3 percent in the
first six months of 2001.

EBITDA

EBITDA was R$361 million in the second quarter of 2002. Compared
to the previous 2002 quarter, EBITDA rose 8.3 percent. EBITDA
margin rose by more than a percentage point to 19.9 percent
quarter-over-quarter. Compared to the FY2001 EBITDA margin of
13.8 percent there was an increase of 6.3 percentage points.

Embratel installed 47 points-of-presence for interconnection
(PPI) in the second quarter of 2002 totaling 75 new PPIs since
the beginning of the year. PPIs enable the company to replace a
per minute long distance interconnection tariff (TU-RIU) with its
own network causing a reduction in interconnection costs. Total
access costs dropped to 46.4 percent of net revenues in the
second quarter of 2002 compared to 47.6 percent in the first
quarter of this year. As a result, EBITDA improved.

The company paid approximately R$19 million of PIS and COFINS
associated with hedge income during the second quarter of 2002.
This was an unusual amount of transaction tax expense that
resulted from the devaluation of the Real vis-a-vis the US
dollar. Under "Legislacao Societaria" accounting rules, these
types of transaction taxes are recorded as an operating expense
even though the income to which this tax relates is recorded as a
financial income (non-operating). The hedge income accrued during
a devaluation generates an increase in such tax expenses.

In addition, active call management continued to contribute to
the improved operating performance and productivity. The
provision for doubtful receivables was R$163 million in the
quarter, or 9.0 percent of net revenues (6.8 percent of gross
revenues) representing an improvement when compared to 9.7
percent in the first quarter of 2002 and to the FY2001
provisioning level of 15.5 percent. This is the second
consecutive quarter of declining provisions for doubtful
accounts.

The reduction in interconnection costs and provision for doubtful
accounts were the main factors contributing to the increase in
EBITDA margin to 19.9 percent in the second quarter of 2002 from
18.6 percent in the first quarter of 2002 and 13.5 percent in
FY2001.

Year-to-date SG&A excluding bad debt was R$666 million compared
to R$572 million in the same period a year ago. This increase was
mainly caused by higher operating expenses such as billing and
asset maintenance associated with the company's adaptation to
dealing with mass markets and tightening management controls.
These expense items are related to collection efforts and
internal systems which permit closer management of operations.
These management systems have a positive impact on bad debt
provisions, capital expenditures and internal asset allocation
and contribute to the long term improvement of operating
performance.

As of early July 2002, the price cap on local access
interconnection rates (TU-RL) rose 1.7 percent. We expect this
increase to be fully implemented in August as tariffs continue to
be set at the cap due to the lack of competition in local access.

EBIT

Operating income (EBIT) was R$81 million in the second quarter of
2002 representing a 32.2 percent increase quarter-over-quarter.
This increase reflects the reduction in interconnection costs and
the improvement in provisions for doubtful accounts.

Year-to-date, EBIT was R$142 million compared to R$314 million in
the first half of 2001. The decline is explained not only by
higher provisions for doubtful accounts but also by increased
billing and asset maintenance expenses.

Net Income

The net loss for the second quarter of 2002 was R$152 million.
The loss, which was created by the effect of the devaluation of
the Real vis-a-vis the US dollar (22.4 percent in the quarter) on
the Company's foreign currency debt (see Financial Position
below), was partially offset by an ILL tax recovery.

The Imposto Sobre Lucro Liquido (ILL) was a Federal Government
Tax imposed between 1989 and 1992. In 1996 the Brazilian Supreme
Court ruled that the ILL was unconstitutional. Embratel filed a
lawsuit. In 2001 the Tribunal Regional Federal - second judicial
level - ruled in favor of Embratel and in May 2002, the
administrative Tax Court ruled that the ILL recovery was not
subject to income tax. Considering that this issue could not be
subject to any further appeal at the Judicial level, Embratel
recognized a non-cash tax recovery of R$193 million including
interest in the second quarter of 2002. This tax recovery was
recorded under Other non-operating income.

On an accumulated basis, the net loss reached R$189 million in
the first six months of 2002 compared to a net loss of R$73
million in the first half of 2001.

Financial Position

Embratel Participacoes ended the quarter with a cash position of
R$617 million. Net debt outstanding as of June 30, 2002 was R$3.8
billion (total debt of R$4.4 billion). Short term debt was R$1.4
billion. The devaluation of the Real increased Embratel's overall
debt position by R$588 million, net of hedging income. Had
hedging not been done, total debt would have increased by almost
R$1 billion. During the quarter the company received funds of
R$212 million and paid R$248 million of interest and principal.

The Company increased its short-term hedged position to 75
percent. Embratel's policy is to seek to hedge all debt with
maturities of less than one year whenever market conditions
permit. This policy aims at achieving a balance between
preserving cash and protecting the balance sheet. The company's
hedged debt and respective average debt cost are in table 16
below.

Table 16

During the quarter Embratel obtained from Fortis, a European
bank, a five-year US$ 25 million credit line that we plan to use
before June 2003. Our debt is due to export credit agencies such
as the Eximbank-USA, the EDC-Canada, the Coface-France and the
EKN-Germany, and to banks directly or in the form of syndicates.
Forty seven percent of our outstanding debt is due to ECAs or are
trade related. There are no bonds or commercial paper. Embratel's
debt carries no financial covenants (other than standard cross-
default) and no controlling shareholder guarantees. Embratel does
not provide financial guarantees to non-affiliates.

For the 2002 period Embratel requires no new refinancing.
Embratel has approximately US$777 million of debt principal
maturing in 2003. There is debt maturing every quarter although
some concentration exists in the first and third quarters. As of
June 30, 2002, 89.0 percent of the debt due in the first quarter
of 2003 was hedged and 67.0 percent of all debt maturing in 2003
was hedged. The table 17 below shows the hedged portion of debt
maturing per quarter in 2003.

Table 17

The company has initiated its 2003 refinancing program
contemplating a continued improvement in cash generation,
decrease in capital expenditures and additional funding
alternatives such as the BNDES, ECA credit, use of available
credit lines and possible sale of non-strategic assets, among
other activities.

Accounts Receivables

The Company's net receivable position on June 30, 2002 was R$1.9
billion. Gross receivables were R$3.7 billion in the second
quarter of 2002 compared to R$3.4 billion in the first quarter of
2002. This increase was caused by the impact of the devaluation
of the Real on receivables from foreign administrators. Provision
for doubtful accounts balance was R$1.7 million at the end of the
second quarter of 2002. Net account receivables fell to R$ 1.9
billion in the second quarter of 2002 from R$2.6 billion in the
second quarter of 2001.

Embratel's call management system has now been fully operational
for a full quarter. The same is true for CACs, the collection's
system. These tools are helping us to tighten collection efforts
over non-payers and we continue to improve collections.

Table 18 and 19

Capital Expenditures

During the second quarter, capital expenditures were R$296
million. The breakout of this expenditure is the following: local
infrastructure and access - 19.5 percent (including PPIs); data
and Internet services - 24 percent; network infrastructure - 7.2
percent and others - 49.3 percent. Other includes approximately
R$50 million spent on Star One's new satellite. Cumulative
capital expenditure has been R$544 million in 2002. Our capex
figures to date do not include any capitalized interest.

Tariffs

On July 1, 2002, Embratel was authorized to raise domestic long
distance tariffs by 5.0 percent on average. International long
distance tariffs price cap declined by 7.0 percent having no
impact on market prices.

Guidance

Embratel is working diligently to improve the company's
operations and overall performance, however, in view of the sharp
depreciation of the currency and the persisting economic
uncertainty, the company is no longer providing financial
guidance.

Interconnection and Competition

The Brazilian Telecommunications Model established as primary
objectives "Universalization of Services" and "Competition", to
ensure availability, choice and innovation in telecommunications.
To enable TRUE AND FAIR COMPETITION, Embratel has been taking
various initiatives, primarily our Petition to Anatel (Press
Release April 24, 2002) and the injunctions requested through the
judicial process. Embratel understands that only through the
enforcement of existing Laws and Regulations that prohibit anti-
competitive behavior, competition will be allowed to flourish,
enabling fair value and quality telecommunication services to the
Brazilian consumer.

Embratel is the premier communications provider in Brazil
offering a wide array of advanced communications services over
its own state of the art network. It is the leading provider of
data and Internet services in the country. Service offerings:
include advanced voice, high-speed data communication services,
Internet, satellite data communications and corporate networks.
Embratel is uniquely positioned to be the all-distance
telecommunications network of South America. The Company's
network is has countrywide coverage with 28,868 km of fiber
cables comprising 1,068,657 km of optic fibers.

CONTACT:  Embratel
          nvestor Relations
          Silvia Pereira
          Phone: (55 21) 2519-9662
          Fax: (55 21) 2519-6388
          E-mail: Silvia.Pereira@embratel.com.br
               or
          E-mail: invest@embratel.com.br



=========
C H I L E
=========

COEUR D'ALENE: Drops Arthur Andersen As Accountant
--------------------------------------------------
Coeur d'Alene Mines Corporation, in a Securities and Exchange
Commision filing, had advised Arthur Andersen LLP that it would
no longer be the company's independent accounting firm.  Earlier,
Andersen had informed the Commission it would cease practicing
before the Commission starting August 31, 2002.  Andersen was the
company's auditor since October 1999. The company has chosen KPMG
LLP as its new auditing firm starting July 22.

Coeur d'Alene Mines Corporation is the country's largest silver
producer, as well as a significant producer of gold. It has
mining interests in Nevada, Idaho, Alaska, Argentina, Chile and
Bolivia.

The Company needs to generate about US$7 million this year to pay
for development projects at its Cerro Bayo project in Southern
Chile, its Rochester Mine in Nevada, and its Galena Mine in the
Silver Valley.

To see financial statements:
http://bankrupt.com/misc/Coeur_d::Alene.txt

CONTACT:  Coeur d'Alene Mines Corporation
          Mitchell J. Krebs
          Phone: 208/769-8155



===============
C O L O M B I A
===============

TERRA LYCOS: Denies Reports Of Asset Freeze
-------------------------------------------
Spain-based ISP and content provider Terra Lycos has been
reportedly granted an arbitration status that freezes its current
accounts and assets. According to a report released by Business
News Americas, the arbitration was issued after Terra failed to
appeal against a January ruling that ordered it to assume the
EUR18-million debt of its 36%-owned web consultancy Teknoland.
The ruling also ordered Terra to pay the consultancy's four
founders- Luis Cifuentes, David and Colman Lopez Candolla and
Jesus Suarez - EUR21 million (US$18.7 million) to buy out their
64% stake.

The January ruling stemmed from a February 2001 lawsuit in which
Teknoland accused Terra of breach of contract because it did not
participate in the capital increase through which it would gain
control of the Company.

Terra, however, denied awareness of any court order to freeze its
accounts and assets as a result the lawsuit.

"Terra is unaware of any embargo on current accounts or assets as
a result of the arbitration award in the lawsuit filed by
Teknoland's founders," a Terra spokesman said.

Hypothetically, if there was an account freeze, Terra would
challenge it on grounds that the arbitration award makes no
mention of a specific monetary sanction against Terra, the
spokesman said.

Teknoland (www.teknoland.com) suspended payments to Terra in
February 2001 and claimed damages of US$47 million in the breach
of contract lawsuit. Teknoland based the legal action on the 1999
contract Terra signed to acquire its original stake. The contract
included a financing clause, which Terra later retracted after
performing due diligence.

Terra has operations in Argentina, Brazil, Colombia, Costa Rica,
Chile, El Salvador, Spain, Guatemala, Honduras, Mexico,
Nicaragua, Panama, Venezuela, Peru, the Dominican Republic, the
US and Uruguay.

CONTACT:  TERRA LYCOS
          Corporate Headquarters and
          Office of the Executive Chairman:
          Terra Lycos
          Calle Nicaragua, 54
          Barcelona, Spain
          Tel: 34-91452-3000

          Operating Headquarters:
          Terra Lycos
          400-2 Totten Pond Road
          Waltham, MA. 02451 U.S.A.
          Tel: 781-370-2700
          Fax: 781-370-2600
          Home Page: http://www.terralycos.com/
          Contact:
          Jose Carlos Duran, Director of Investor Relations
          Tel: 34-91-4523274

          TERRA LYCOS IN COLOMBIA
          Carrera 13, Numero 93-68
          Oficina 302
          Bogota, Colombia

          TERRA COLOMBIA
          Home Page: http://www.terra.com.co



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

AVANTEL: Services To Remain Unaffected By WorldCom Bankruptcy
-------------------------------------------------------------
Avantel, a Mexican long-distance company, said that the
bankruptcy of WorldCom Inc. will not affect the services it
offers because it is an independent company and is autonomous,
reports Mexico City daily el Economista.

The Mexican unit claimed that its relationship with the U.S.
company is based on commercial accords for long-distance
international traffic and for the provision of various services.

Avantel said that it was an independent Mexican company whose
capital was indirectly owned by Grupo Financiero Banamex (55%)
and WorldCom (45%). As a result "it does not depend on
shareholders because it is integrally managed by a group of
Mexican directors.

However, according to Democratic Revolution Party (PRD) Deputy
V¡ctor Manuel Ochoa Camposeco, member of the Parliamentary
Conference on Telecommunications, "Avantel is going through a
grave economic situation, and as a result, the share held by
WorldCom will have to be sold."

Reports have it that Avantel is currently under pressure by
Mexico's Transport and Communications Secretariat (SCT) to
resolve its financial situation, particularly with regards to its
equity structure. The Company generates an estimated US$65
million in earnings before interest, taxes, depreciation and
amortization (EBITDA), but has debt estimated at US$600 million.

Avantel operates an 8,000 kilometer fiber optic network in Mexico
through which provides long distance and broadband services to
corporate and residential customers in the country.

CONTACT:  WORLDCOM
          500 Clinton Center Drive
          Clinton, MS 39056
          1-877-624-9266
          Phone: (601) 460-5600
          Fax: (601) 460-8350
          E-mail: http://www.worldcom.com/
          Contact:
          John Sidgmore, President and CEO

          AVANTEL SERVICIOS LOCALES, S.A. (AVANTEL LOCAL)
          Reforma No. 265, 6o piso, Col.
          Cuauhtemoc, 06500, M,xico, D.F.
          Tel: 5242-1004
          Fax: 5242-1060
          Home Page: www.avantel.com.mx/


GRUPO ALFA: Reports Improved 2Q02 Results; Reduces Net Debt
-----------------------------------------------------------
During 2Q02, Grupo Alfa S.A. de C.V.reported its best quarter
since 2Q00, on the back of higher sales volume in general and
better pricing in some of its businesses. Sales volume grew 13%
as compared to 1Q02 and 25% compared to 2Q01. The increase in
sales volume was noticeable in all business lines, especially
flat steel products, PTA and PET resins, textile nylon and food.
Average pricing was 6% higher in dollars in 2Q02 than in 1Q02.

Second-quarter 2002 revenues amounted to MXN12,817 million (US$
1,348 million), which is 23% higher (20% higher, in dollars) than
MXN10,394 million (US$ 1,123 million) reported in 1Q02. Relative
to 2Q01, ALFA reported 6% higher revenues in pesos and 8% higher
revenues in dollars. During the first half of 2002, ALFA has
reported revenues 8% higher than in the same period of 2001, in
dollars.

Second-quarter 2002 EBITDA amounted to US$ 222 million, which is
38% and 35% higher than the US$ 161 million and US$ 164 million
reported in 1Q02 and 2Q01, respectively. All business groups
reported EBITDA increases. This is the highest quarterly EBITDA
since 2Q00. The EBITDA increase is the result of the higher sales
volume and better average pricing of the quarter, coupled with
cost and expense savings in some of the subsidiaries. 1H02 EBITDA
was US$ 382 million, 22% higher than 1H01.

Consolidated net debt decreased by US$ 170 million during 2Q02,
for a balance of US$ 2,436 million as of June 30, 2002. A
noticeable improvement in financial ratios as compared to the
previous quarter was accomplished, due to the reduction of debt
and the higher cash flow generation. Since 1Q00, when it reached
its highest level, ALFA's consolidated debt has been reduced by
US$464 million, mainly through the divestiture of non-core
businesses and the reduction of capital expenditures and net
working capital to free up resources for debt repayment. Although
financial ratios were aligned to corporate targets during 2Q02
based 2Q02 EBITDA, efforts to further reduce debt will continue,
particularly at the steel and petrochemicals subsidiaries.

On July 22, Hylsa announced it had reached an agreement to
restructure its debt obligations. Terms and conditions were
basically in line with those proposed to creditors in December,
2001.

A majority net loss of MXN479 or -MXN0.81 per share was reported
during 2Q02, mainly as a result of exchange losses due to the
depreciation of the peso that took effect during the quarter.
Also, losses from associated companies Alestra and Sidor
influenced the quarter's net loss figure.

To see financial statements: http://bankrupt.com/misc/Alfa.pdf

CONTACTS:  ALFA, S.A. de C.V.
           Ave. Gomez Morin 1111 Sur, Col. Carrizalejo
           Garza Garcia, N. L. Mexico C.P. 66254
           Tel: 52 8748-1111
           Fax: 52 8748-2552


GRUPO BITAL: To Proceed With Capitalization Despite SCH Pullout
---------------------------------------------------------------
Grupo Financiero Bital will go forward with its recapitalization
plans despite Banco Santander Central Hispano's (SCH) decision to
drop a bid for the majority of the bank's shares. This was
confirmed by Bital director general Jaime Ruiz Sacristan in a
Mexico City daily El Universal report.

"We are not worried, but busy concluding the restructuring of the
institution within the deadline fixed by the authorities," said
Ruiz Sacrist n. "We are still working to conclude the
capitalization process as soon as possible," he continued.

Ruiz Sacrist n said that the agreement with ING will be
maintained after the company promised to contribute US$200
million to the process in exchange for 17.5% of the stock.

"We do not know when the restructure will be terminated, but we
are sure that it will be in a very short time," said the
executive.

SCH abandoned a plan to launch a bid to raise its stake in Bital,
saying that "price expectations" of the Mexican bank's
controlling shareholders were too high.

Eduardo Olmedo, Bursam‚trica analyst, estimated that foreign
investors would pay between US$1.0-1.2 billion for the whole
Bital stock package.

The Spanish bank's move came after HSBC Holdings PLC, Europe's
biggest bank by market value (about US$109 billion), announced
its intentions to buy a controlling stake in Bital.

Investors believe that SCH, whose market value is about a third
of HSBC's, stood little chance against the European bank in a
bidding war.

Bital, which has a market value of MXN6.7 billion (US$690
million), is one of two remaining Mexican banks not controlled by
international owners.

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

          HSBC HOLDINGS PLC
          10 Lower Thames St.
          London EC3R 6AE, United Kingdom
          Phone: +44-020-7260-0500
          Fax: +44-020-7260-0501
          Home Page: http://www.hsbc.com
          Contacts:
          Sir John R. H. Bond, Group Chairman/Executive Director
          Sir Brian Moffat, Deputy Chairman/Senior Non-Executive
                                            Director
          Keith R. Whitson, Group Chief Executive


GRUPO MEXICO: U.S. Unit Heavily Hit By Insurance Industry Crisis
----------------------------------------------------------------
The U.S. unit of Grupo Mexico SA is one of the companies affected
by the crisis in the insurance industry, Bloomberg says, citing a
Wall Street Journal report. Heavy losses in the industry have
forced insurers not to risk issuing reclamation bonds, on which
companies such as the Grupo Mexico unit depend. The bonds are
financial guarantees that a company could properly clean up lands
affected by mining.

Adding to the difficulty of such companies is the tightening of
bonding requirements of state and federal agencies.

Grupo Mexico's Asarco unit on its part was ordered to increase
the reclamation bond for its Black Pine silver mine to US$8
million from US$70,000.

Asarco is currently looking to use assets as collateral after it
failed to underwrite from an insurer.

CONTACTS:  GRUPO MEXICO S.A. DE C.V
           Avenida Baja California 200,
           Colonia Roma Sur
           06760 Mexico, D.F.
           Mexico
           Phone: +52-55-5264-7775
           Fax: +52-55-5264-7769
           http://www.gmexico.com
           Contacts:
           German Larrea Mota-Velasco, Chairman & CEO
           Xavier Garcia de Quevedo Topete, President & COO

           ASARCO, INC.
           2575 E. Camelback Rd., Ste. 500
           Phoenix, AZ 85016
           Phone: 602-977-6500
           Fax: 602-977-6701
           Home Page: http://www.asarco.com
           Contacts:
           German Larea Mota-Velasco, Chairman & CEO
           Genaro Larrea Mota-Velasco, President
           Daniel Tellechea Salido, VP & CFO


HYLSAMEX: Posts Better 2Q02 Financial Results
---------------------------------------------
Hylsamex's financial performance during the second quarter of
2002 improved markedly. Cash generation during the period,
measured as EBITDA, totaled US$52 million, rising 73% quarter-on-
quarter and 42% year over year. Improved trends and fundamentals
in the steel market allowed Hylsamex to increase its gross and
EBITDA margins by 487 basis points and 472 bps, respectively, on
a sequential basis

During the second quarter of 2002, Hylsamex implemented price
increases on spot sales of flat products, resulting in an average
revenue per ton increase of 8% in pesos and 5% in dollars versus
the previous quarter. This trend is similar to that experienced
across the international steel industry, where prices have
rebounded sizably from January to May 2002.

According to preliminary data from CANACERO, domestic steel
consumption of flat products -hot and cold rolled steel- has
shown a significant recovery during 2002, reaching by May a level
unseen since August 2000. Accordingly, domestic production has
captured the most benefits, reaching its highest level since mid-
2000, when the energy crisis and the US economic slowdown
significantly depressed the industry. Notwithstanding, imports
have also been on the rise (note the increasing import trend in
the graph above). The increase in import tariffs that the Mexican
Ministry of Economy announced on March this year -from 25% to
35%- has helped limit imports of steel products at dumping
conditions. It is worth mentioning that the import mix has become
healthier, as the ratio of imports from countries with Free Trade
Agreements with Mexico versus those without has gone from 38%/62%
from January to May 2001 to 72%/28% for the same period of 2002.
Moreover, Mexican producers' domestic shipments (shown as a
dotted line in the graph above) have increased from 1.45 million
tons in the period January-May 2001 to 1.58 million tons during
the same period of 2002. This increase in sales has allowed some
domestic producers, including Hylsamex, to increase their
utilization rates.

Given the surge in domestic steel demand, management decided to
increase production rates of Mill#1 in the Flat Products
Division, from 13 thousand tons in 1Q02 to 66 thousand tons in
2Q02. This plant was first shut down in December 2000, but had
been running tests since September 2001 with specially designed
slabs purchased in the market. On account of the increase in slab
prices and the limited offer, in May of this year, one out of
three electric arch furnaces in the meltshop -with an overall
installed capacity of 720 TPY- started producing steel ingots to
feed the hot rolling mill at the plant. The flexibility of the
plant to restart and shut down the meltshop as needed allows for
a quick shift in raw materials, from slabs to ingots and vice
versa. Mill #2 of the same Division, which reached full capacity
during last quarter, has been able to sustain production levels
and continues at full capacity.

On July 22, 2002, Hylsamex announced that its subsidiary Hylsa
reached a final agreement to restructure its debt obligations.
The refinancing of Hylsa's debt was based on the proposal
presented to creditors on December 11, 2001. As a result these
agreement, Hylsa's financial condition will be significantly
enhanced, reducing its total level of debt while extending debt
maturities.

To see financial statements:
http://bankrupt.com/misc/Hylsamex.htm

CONTACT:  HYLSAMEX
          Investor Relations
          Margarita Gutierrez
          E-Mail: mgutierrez@hylsamex.com.mx

          Ricardo Sada
          E-Mail: rsada@hylsamex.com.mx
          Phone: (52) 81 8865 1224
                 (52) 81 8865 1201
          Munich 101,
          San Nicolas de los Garza N.L., 66452
          Mexico



=======
P E R U
=======

BACKUS: Bavaria Defends Purchase of 21.96% Voting Stake
-------------------------------------------------------
Colombian brewer Bavaria SA claimed that its purchase last week
of a 21.96% voting stake in Peruvian beer firm Backus & Johnston
had the approval of the regulators and the backing of the
shareholders, relates Dow Jones Newswires.

Bavaria's claim came in response to a complaint lodged by
Venezuelan brewer Empresas Polar SA, which owns 22% stake in
Backus, to the authorities that the sale was illegal and that the
Colombian is seeking to takeover the firm.

"Polar, which has had all the time to buy shares in Backus since
it entered the company in 1998, insists on criticizing the
transaction that has been totally approved by local authorities,"
Bavaria said in a statement.

"Bavaria continues to think the most responsible role of an
investor is the creation of value for Backus, instead of the
publication of baseless accusations," the statement added.

Backus is the largest brewer in Peru and the sixth largest brewer
in Latin America, with 2001 sales of US$507 million.

Email: cobackus@backus.com.pe
URL: http://www.backus.com.pe/INDEX-I.HTM


BACKUS: Shares Up On Cisneros' Purchase Offer
---------------------------------------------
The move by Venezuela's Cisneros Group, the parent company of
Cerveceria Regional CA, to buy 7.3% of the Class A voting stock
of UCP Backus & Johnston SA boosted the Peruvian brewer's shares.

According to a Bloomberg report, Backus Class A shares rose 26%
to PEN56 (US$16) in Tuesday's mid-morning trading after Cisneros
offered to buy the stock at a 26% premium to Monday's closing
price, intensifying a battle for control over Peru's biggest
brewer that began last week.

On Tuesday, Cisneros acquired an option to purchase 16% of the
voting shares from a group of investors that included the
Company's chief executive and chairman a week after Peru's
Brescia family sold a 22% stake to Bavaria SA, Colombia's biggest
brewer. Sale of the stake to Bavaria and the option to Cisneros
has intensified rivalry for control of the brewer.

"I think that in the long run one of the four bigger groups will
be interested in acquiring the control of Backus," said Claudia
Morante, an analyst at Interfip SAB brokerage.

Cisneros in a statement said that it planned to buy the shares as
an investment and didn't intend to purchase more than 25% in
Backus, the limit beyond which it would have to make a public
offer for the entire company.

Jose Odon, Cerveceria's president, said in an interview Monday
that the company would offer to buy the shares through the
brokerage Santander Central Hispano Investment SAB.



=============
U R U G U A Y
=============

GALICIA URUGUAY: S&P Assigns 'D' Ratings After Deposit Runs
-----------------------------------------------------------
Standard & Poor's Ratings Services said Monday that it issued its
'D' local and foreign currency counterparty credit ratings, as
well as its 'D' local and foreign CD ratings, on Banco Galicia
Uruguay S.A. (BGU).

BGU is a wholly owned subsidiary of Banco de Galicia y Buenos
Aires S.A. ('D'), which operates a full banking license in
Uruguay. On Feb. 13, 2002, BGU was intervened and suspended by
the Uruguay Central Bank (BCU), as a preemptive measure to stop
the large deposit run that the bank was suffering. On June 10,
2002, the bank presented a restructuring plan to BCU where it
would allow its depositors to exchange deposits for a 3% up-front
cash payment, and for the remaining balance, either a new CD or a
medium-term bond, both with the same amortization schedule and 2%
annual interest rate. The bank plans to pay back the principal in
annual installments of 15% the first two years, and 10% for the
remaining time until maturity in September 2011.

The cash flow to pay back the new obligations will come from the
collection efforts that both the bank and its parent, who in
Argentina acts on account of BGU, will carry out on the bank's
loan portfolio.

"The complexities of a legal liquidation procedure, in which the
Uruguayan liquidator would have to collect on a portfolio in
another country's jurisdiction, do not bring much comfort to
trapped depositors," said credit analyst Cristian Krossler.

Standard & Poor's believes that the fate of BGU's restructuring
plan is inextricably intertwined with the ability of Banco de
Galicia y Buenos Aires, its parent, to successfully solve its
financial difficulties, to ensure that it can continue operating
and hence enable its subsidiary to collect on its loan portfolio.

The Uruguayan bank had about US$1 billion of deposits, US$1.67
billion in assets and US$231 million in shareholders equity as of
Dec. 31.  It has some 13,000 clients, most of them Argentines.

Analyst: Cristian Krossler, Buenos Aires (54) 114-891-2100;
Carina Lopez, Buenos Aires (54) 11-4891-2118

CONTACT:  BANCO DE GALICIA Y BUENOS AIRES S.A., HEAD OFFICE
          Tte. Gral Juan D. Peron 407
          1038 Buenos Aires, Argentina
          Phone: +54-11-6329-0000
          Fax: +54-11-6329-6100
          Home Page: http://www.bancogalicia.com.ar

          BANCO GALICIA URUGUAY S.A.
          World Trade Center
          Luis A. Herrera 1248 Piso 22 Montevideo
          Uruguay
          Tel.:(+598-2) 628-1230
          www.bancogalicia.com.uy




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

SUDAMTEX: Schedules New Meeting To Vote On Liquidation
------------------------------------------------------
Sudamtex de Venezuela SACA, Venezuela's largest textile company,
will schedule a new assembly shortly for shareholders to vote for
its liquidation and sale of all the Company's assets, reports
Bloomberg.

The move came after the recent meeting, in which shareholders
were supposed to vote, failed to see the required number of
attendance. The meeting was reportedly attended by shareholders
holding only 35% of its stock. The attendance fell short of the
75% requirement.

Sudamtex is the largest of several Venezuelan textile companies
to close in recent years after coming under pressure from cheaper
Asian imports. The Company, which lost US$38 million for the year
ended June 30, said two months ago that it was not able to meet
debt payments and hoped to renegotiate US$45 million in bank
loans for the second time in a year.

The bankruptcy is Venezuela's largest since the collapse of
airline Venezolana Internacional de Aviacion SA in early 1998.

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




               ***********


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 * * *