/raid1/www/Hosts/bankrupt/TCRLA_Public/020808.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, August 8, 2002, Vol. 3, Issue 156
Headlines
A R G E N T I N A
BANCO HIPOTECARIO: Fitch Affirms, Withdraws Ratings
FLEETBOSTON FINANCIAL: Hosts Conference Call To Confront Rumors
METROGAS: Delay Earnings Release To Integrate Accounting Change
PEREZ COMPANC: Posts Volumes, Prices for 2QFY02
PEREZ COMPANC: Petrobras Moves To Accelerate Acquisition
REPSOL: Analyzes Potential of Two New Discoveries
TRANSENER: New Division Created to Expand LatAm Contracts
B E R M U D A
CAROLINA RE: Court Denies Delloitte's Motion to Quash Subpoenas
TYCO INTERNATIONAL: Appoints New Senior VP Corporate Governance
TYCO INTERNATIONAL: Appoints John A. Krol to Board of Directors
TYCO INTERNATIONAL: Rethinks Change in Board Size, Make-Up
B R A Z I L
AES CORP: Hires Bank of America To Sell Brazilian Businesses
BANCO BRADESCO: Brazil's Woes Put Bank In A Risky Position
FLEETBOSTON FINANCIAL: Meirelles Resigns to Run for Congress
TELEMAR: Approves Share Buyback Program
VARIG: VEM Inks Deal With Embraer
C H I L E
ENAMI: New Project Requires Some $2.25M in Investments
M E X I C O
BANCO ANAHUAC: IPAB Gives Clients 60 Days To Present Claims
GRUPO IUSACELL: Announces Change In Senior Management
GRUPO SIDEK: No Large Asset Sales Posted In July 2002 Report
PEGASO: Approval On Spanish Firm's Acquisition Expected Soon
SATMEX: Issues 2Q02 Financial Highlights Correction
U R U G U A Y
BANCO COMERCIAL: Central Bank Halts Operations For 1 Month
URUGUAY BANKS: Losses Reach $100M Following Reopening
V E N E Z U E L A
AES VENEZUELA: Gets 7-Year, $25M Loan From US Exim Bank
- - - - - - - - - -
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A R G E N T I N A
=================
BANCO HIPOTECARIO: Fitch Affirms, Withdraws Ratings
---------------------------------------------------
Fitch Ratings affirmed the ratings of Banco Hipotecario listed
below and simultaneously withdraws the ratings. The ratings
withdrawal was at the request of the issuer and Fitch will no
longer provide analytical services or coverage of this issuer.
Ratings Withdrawn:
Banco Hipotecario
--Individual 'E';
--Support: '4T'.
Foreign Currency:
--Long-Term 'DDD' (Rating Watch Negative);
--Short-Term 'D'.
Local Currency:
--Long-Term 'DDD' (Rating Watch Negative);
--Short-Term 'D'.
CONTACT: New York: Peter Shaw
Phone: +1-212-908-0553
Ricardo Chaves
Phone: +1-212-908-0606
Linda Hammel
Phone: +1 212 908 0303
Buenos Aires: Lorna Martin
Ana Gavuzzo
Phone: +54 11 4327 2444.
BANCO HIPOTECARIO SA
Reconquista 101
(1005) - Capital Federal
Buenos Aires
Argentina
Phone: 0800-999-4476
Fax: (54-11) 4347-5278
E-mail: ri@hipotecario.com.ar
Home Page: http://www.e-hipotecario.com.ar
Contact:
Miguel A. Kiguel, Chairman
FLEETBOSTON FINANCIAL: Hosts Conference Call To Confront Rumors
---------------------------------------------------------------
FleetBoston Financial Corp., struggling throught the effects of
big losses from its Argentine operations, hosted a conference
call Tuesday to deal with rumors suggesting deteriorating
financial health.
In the conference call, the bank's executives insisted that
FleetBoston's core business and balance sheet are strong and that
it is tackling problems in Argentina.
The executives denied rumors about cutting dividend payments.
They said they had no immediate plans to cut dividends and that
they would stick with current estimates of US$1.2 billion in
earnings over the final six months of the year.
Eugene M. McQuade, FleetBoston's Chief Financial Officer and Vice
Chairman, said the Company continues to expect revenue growth of
between 5% and 7 percent, and earnings growth between 8% and 10%.
McQuade also denied speculation that the Company was in talks to
be acquired by Citigroup, or another large bank.
FleetBoston suffered a 76% earnings drop in 2001 and surprised
investors with another US$1 billion in charges in the latest
quarter, largely tied to continued losses in Argentina and the
dissolution of its Robertson Stephens investment banking unit,
the once-highflying underwriter of tech IPOs, after it failed to
find a buyer. The bank has charged off about US$2.3 billion in
Argentina since the start of the financial crisis there, and now
investors are worried about its large presence in Brazil.
Chad Gifford, president and chief executive officer of the bank,
said while there is clearly risk in Brazil, he doesn't believe
the situation there will be an all-out "meltdown" of the banking
system as in Argentina. According to him, its exposure to the
government has been cut down to US$1 billion from US$1.5 billion
and the Company recently took a US$63 million pretax charge to
convert a trading portfolio from dollars to reals. He also said
that the Company was reducing its overall exposure and constantly
lowering the maturities on its loans there.
Gifford views Argentina as a "work-out situation" and said while
he can't give a definitive answer whether it will require the
bank to set aside more money, "I can say with conviction we are
very heavily reserved by almost any definition."
McQuade said the Company has US$3 billion in liquidity and would
expect that to grow to US$3.5 billion once Robertson Stephens is
completely liquidated.
"Liquidity is not an issue right now, nor are the capital
triggers written into the law," McQuade said, "We are among the
most liquid banks in the U.S.," adding that the Company has no
need to issue debt for the remainder of the year.
CONTACTS: FLEETBOSTON FINANCIAL CORP.
100 Federal Street
Boston, MA 02110
Phone: (617) 434-2200
Fax: (617) 434-6943
URL: http://www.fleet.com/home.asp
METROGAS: Delay Earnings Release To Integrate Accounting Change
---------------------------------------------------------------
Metrogas S.A. expects to release its second quarter results
August 21, after the Buenos Aires Stock Exchange granted the gas
distributor one-month extension to file the reports, Dow Jones
reported.
The Argentine natural gas distributor asked for the extra time to
iron out difficulties regarding the implementation of a new
accounting rule, which was adopted by the National Securities
Exchange July 25 and is retroactive to January 1. The rule takes
into consideration the effects of inflation.
Meanwhile, Metrogas told the bourse it won't be making interest
payments on series C debentures that come due August 7 due to the
financial difficulties stemming from Argentina's economic
recession.
The Company said however that it will make interest and capital
payments on series C and two other debenture issues on August 12
to noteholders of record as of July 31.
Metrogas will pay US$4.94 million capital on its US$100 million
series A debentures due 2003, as well as US$5.73 million
interest; EUR4.84 million (US$4.75 million) on its EUR110 million
series B due 2002; and US$1.38 million on its US$130 million
series C due 2004.
The Company's first quarter results have been affected by the
country's currency devaluation and conversion of all utility
contracts into pesos from dollars.
MetroGas is the largest of eight natural gas distribution
companies. It 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%).
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
PEREZ COMPANC: Posts Volumes, Prices for 2QFY02
-----------------------------------------------
Perez Companc S.A. (Buenos Aires: PC NYSE: PC), controlling
shareholder with a 98.21% stake in Pecom EnergĦa S.A. (Buenos
Aires: PECO) announces the volumes and net average prices of the
primary products marketed by Pecom EnergĦa S.A. for the second
quarter ended June 30, 2002.
(All prices are stated in Argentine pesos inflation-adjusted.)
To see table: http://bankrupt.com/misc/Table1.htm
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: Petrobras Moves To Accelerate Acquisition
--------------------------------------------------------
It seems like Brazilian oil firm Petroleo Brasileiro SA
(Petrobras) is in a hurry to take over Perez Companc SA.
Citing financial daily El Cronista, AFX reports that Petrobras is
seeking to move the closing date forward for the US$1.13-
billion acquisition of Perez Companc SA to Aug 30 from Oct 1.
According to the daily, President Eduardo Duhalde has already
told the companies' representatives in Argentina that he does not
oppose the takeover. This puts an end to rumors that the
Argentine leader might block the takeover on concern that much of
the country's strategic energy reserves would fall into the hands
of an oil company controlled by a foreign economic power.
Petrobras signed a preliminary agreement in July to buy 58.6%
stake in Perez Companc for US$754.6 million in cash and US$370.5
million in seven-year bonds. Petrobras also said it wanted a
47.1% stake in Petrolera Perez Companc, a smaller oil company
which is wholly owned by the Perez Companc family, for US$56.7
million in cash.
Perez Companc is controlled by a family of the same name. The
Company, an integrated energy firm based in Buenos Aires, has oil
and natural gas fields scattered throughout Argentina and Latin
America.
The company also owns roadside gasoline retailers, refineries,
power-generating assets, and has a stake in the country's largest
natural gas transportation line, TGS SA.
REPSOL: Analyzes Potential of Two New Discoveries
-------------------------------------------------
Spanish oil company Repsol YPF is conducting studies on the
prospective capacity of two new oil reserves discovered during
1H02 in Argentina, Business News Americas reports, citing
Repsol's spokeperson in the country. The discoveries are both in
the Gulf of San Jorge basin.
The first discovery, called the Creenbe x-610, is in the
Manantiales Behr area of Chubut province. It has been considered
"not a very deep well," and so is expected to be a cheaper
project by the lower price of excavation it would need. The area
is an extension of wells already in production, according to the
spokesperson.
The second discovery is Estancia Sarai Oeste x-1, in the Los
Perales-Las Mesetas area, 60km from Las Heras in Santa Cruz
province. It is a new project as the rest of the nearby oilfields
have already been explored.
The details about the drilling start date, amount of investment,
and the companies participating in the project will be released
after the study is completed, the spokesperson said.
Meanwhile, production at some gas and oil wells of Repsol YPF in
Santa Cruz state was interrupted following a strike staged by
unemployed workers, according to an AFX report.
The incident resulted in some 12 people being injured after a van
ran over protesters who barricaded the access to the company's
facilities. Around 20 of them also threatened to blow up one of
Repsol's oil tanks.
Later, by the end of the afternoon the protesters settled for
waiting on a meeting with the provincial government.
The interruption is expected to interfere with supply of
electricity in the Patagonia region.
Repsol YPF is Argentina's largest energy company, employing close
to 8,500 workers and exporting US$1.83 billion worth of oil and
natural gas per year.
CONTACTS: REPSOL YPF
Alfonso Cortina De Alcocer, Chairman & CEO
Ramon Blanco Balin, Vice Chairman
Carmelo De Las Morenas Lopez, CFO
Their Address:
Paseo de la Castellana 278
28046 Madrid, Spain
Phone +34 91 348 81 00
Home Page: http://www.repsol.com
or
Av. Roque S enz Pe a, 777.
C.P 1364. Buenos Aires
Argentina
TRANSENER: New Division Created to Expand LatAm Contracts
---------------------------------------------------------
Transener is looking to expand outside Argentina, reports El
Cronista. As part of its efforts, the main operator of high-
tension lines in Argentina designated a new division called
Transener Internacional to be responsible for acquiring contracts
in Latin America.
This new division will participate in bids to build, maintain and
operate electricity transport lines. By the end of this year,
regional activities will generate 5-7% of the income of the
company, which reaches between US$7 million to US$10 million
(between ARS25.2 million and ARS36 million).
Transener International already has five contracts. In Brazil,
the Company won contracts to operate, maintain and pre-inspect
two high-tension networks. In Paraguay, the Company is building a
15-kilometer line financed by the IDB, and it will also build an
electricity transformer plant. In Peru, the Company contracted by
the Peruvian government is in charge of the pre-inspection of the
interconnected electricity system. This division will also
participate in bids in Mexico, Panama, Venezuela, Ecuador and
Bolivia.
Transener posted losses of up to ARS494 million at the end of
March 31, 2002 due to the devaluation of the Argentine peso. The
impact of the devaluation is mainly due to a dollar-denominated
debt of almost US$270 million, which relates to the 1,290km
Cuarta Linea (Fourth Line)transmission project linking the south
with the center of the country. Transener charges access rights
for the line in pesos.
Late in April, Transener, which is majority-owned by Britain's
National Grid Group PLC (NGG) and for the time being, by the
local company PeCom Energia until Petrobras acquires this
company, suspended all current and future loan payments, pending
the renegotiation of US$470 million in debts.
The Company has selected Morgan Stanley as financial advisor to
help in developing a restructuring plan for all its debts.
Carlos A. Gonzalez, Transener's finance and administration
manager, disclosed that about US$250 million of Transener's debt
is in corporate bonds. About US$100 million of the bonds mature
in 2003 and US$150 million mature in 2008, Gonzalez said.
The Company has US$180 million in bank debt due this year and
US$40 million worth of bank debt due in 2003, Gonzalez added.
CONTACT: COMPANIA DE TRANSPORTE DE ENERGIA ELECTRICA EN ALTA
TENSION (Transener S.A.)
Av. Paseo Colon 728, 6"Piso - (1063)
Buenos Aires, Argentina
Tel. (5411) 4342-6925
Business Development:
Carlos A. Jeifetz (jeifecar@transx.com.ar)
Gerardo Baseotto (baseoger@transx.com.ar)
Tel.: (54-11) 4334-0182 / 4342-6925
Fax: (54-11) 4342-4861
MORGAN STANLEY, DEAN WITTER & COMPANY
1585 Broadway
New York, New York 10036
United States
Phone: +1 212 761-4000
Home Page http://www.msdw.com
=============
B E R M U D A
=============
CAROLINA RE: Court Denies Delloitte's Motion to Quash Subpoenas
---------------------------------------------------------------
The Honorable Judge Burton R. Lifland of the U.S. Bankruptcy
Court for the Southern District of New York denied Deloitte &
Touche LLP's motion to quash the subpoenas served by Carolina
Reinsurance Limited's Liquidators.
Although Carolina Re is incorporated in Bermuda, it operated from
North Carolina, and most of the audit work was performed in the
United States. Ms. Kristan Meehan, (Deloitte, Hartford,
Connecticut office) was a manager on certain of Carolina Re's
audits and Mr. John Slusarski provided actuarial services with
the audits of Fortress Re and Carolina Re. Following the
production of the requested documents-pursuant to the Preliminary
Injunction Order--the Joint Liquidators subpoenaed Ms. Meehan and
Mr. Slusarski for depositions.
Deloitte wishes to quash the subpoenas issued to its employees,
claiming that:
(1) the depositions are being sought for an improper
purpose which is to try to establish a claim against
Deloitte; and
(2) in the context of a 304 ancillary proceeding, United
States courts cannot order discovery beyond that which
would be available in the home court, and that a
Bermuda court would not permit depositions under these
circumstances.
The Court points out that the investigation of potential claims
on behalf of a debtor is not an improper use of Rule 2004
discovery. Rule 2004 provides that "courts have the authority to
order examinations with respect to the financial matters of
debtors as well as other matters affecting the administration of
the estate." Moreover, the Court reminds that Section 304
intends to provide U.S. Courts with broad authority and
flexibility to enable foreign representatives to administer
assets located in the United States.
The Court acknowledges that the liquidation of Carolina Re is a
laborious process and the financial affairs of Carolina Re are
complex. According to the Joint Liquidators, many of the
documents pertaining to the financial matters are unclear and
require further explanation and interpretation. Section 195 gives
a Bermuda court the power to summon before it any person the
court deems capable of "giving information concerning the . . .
[insolvent] company." The information and knowledge the Deloitte
employees maintain are essential to this investigation, the Court
contends.
The Court further explains that the Joint Liquidators' action is
consistent with their powers and duties entrusted by the Bermuda
Court, section 304 of the Bankruptcy Code and Rule 2004 of the
Federal Rules of Bankruptcy Procedure.
Moreover, the Court believes that Deloitte's request for help in
explaining Carolina Re's substantial losses is not oppressive,
and trusts that the Bermuda Court would concede that the
requirements of the Joint Liquidators outweigh any perceived
oppression to the two Deloitte employees.
TYCO INTERNATIONAL: Appoints New Senior VP Corporate Governance
---------------------------------------------------------------
Tyco International Ltd. (NYSE: TYC, BSX: TYC, LSE: TYI) announced
Tuesday that the Company has appointed Eric M. Pillmore to the
newly created position of Senior Vice President of Corporate
Governance, effective immediately. Mr. Pillmore has been serving
as the Senior Vice President, CFO and Secretary of Multilink
Technology Corporation.
Mr. Pillmore reportedly had close working ties with CEO Breen at
General Instrument and 17 Years Experience in finance and audit
at General Electric
Ed Breen, newly-appointed Chairman and Chief Executive Officer of
Tyco, said, "I have made an absolute commitment to establishing
the highest standards of corporate governance in every aspect of
this company's financial reporting, operations and management.
The appointment of Eric to the new position of Senior Vice
President of Corporate Governance underscores that
commitment. His two decades of experience in key financial and
audit positions, primarily with General Electric and General
Instrument, have provided him with a very sophisticated
understanding of a wide variety of governance, financial and
management issues. Eric's credentials for the job are impeccable
and he has a well-earned reputation for integrity, precision and
diligence in all that he does."
Mr. Breen continued, "I worked closely with Eric at General
Instrument, where he was my CFO. From my own personal experience
with his uncompromising professionalism, I know Eric is the ideal
person to be Tyco's senior corporate governance officer and an
integral member of the team that will lead this Company forward."
Mr. Pillmore said, "I am thrilled to be joining the Tyco
leadership team. This company has a solid foundation of operating
businesses, and my new job presents a tremendous opportunity to
work with Ed and all the people of Tyco to build on its many
strengths and realize its true potential. In particular, I am
very excited about the opportunity to help Tyco establish the
highest standards of corporate governance and ethics."
Mr. Pillmore added, "In the coming weeks, I will be working
closely with Ed and the rest of his team to develop a specific
action plan to address Tyco's top priorities: restoring
confidence in the Company with our employees, suppliers,
customers and the financial community; enhancing and
strengthening the core businesses; ensuring that we have the
highest standards of corporate governance in place; and creating
value for shareholders."
Mr. Pillmore has been serving as the Senior Vice President, Chief
Financial Officer and Secretary of Multilink Technology
Corporation since July 2000. Multilink is a leading provider of
advanced semiconductor based components, modules and higher-level
assemblies for use in high-speed optical networks. Mr. Pillmore
also has been Chief Financial Officer and Vice President of
Finance and Administration for McData Corporation and Senior Vice
President of Finance and Director for the Broadband
Communications Sector of Motorola Corporation, the successor by
acquisition to General Instrument Corporation, or GI.
Mr. Pillmore worked for GI from 1996 to 2000, ultimately holding
the position of Senior Vice President of Finance and Chief
Financial Officer. From January 1994 to February 1996, he was
Manager of Finance for the Plastics Americas Division of General
Electric Company. Prior to that, he served as Manager of Finance
for GE Medical Systems Asia, Ltd., as well as Director of Finance
for GE/Yokogawa Medical Systems, Ltd. He had worked in various
financial positions for GE since 1979, including six years as GE
Corporate Auditor from 1981 to 1987.
Pillmore is a 1975 graduate of the University of New Mexico,
Albuquerque, NM, with a BBA from the Andersen School of
Business. He has been married to his wife Pamela for 23 years
and they have five children. Mr. Pillmore currently resides in
Doylestown, PA.
About Tyco International Ltd.
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 disposable medical products and plastics
and adhesives. Tyco operates in more than 100 countries and had
fiscal 2001 revenues from continuing operations of approximately
$34 billion.
CONTACT: TYCO INTERNATIONAL LTD.
Walter Montgomery, +1-212-424-1314
Investors: Kathy Manning, +1-603-778-9700
TYCO INTERNATIONAL: Appoints John A. Krol to Board of Directors
---------------------------------------------------------------
Tyco International Ltd. (NYSE: TYC, BSX: TYC, LSE: TYI) announced
Tuesday that the Company has appointed John A. Krol, the former
Chairman and Chief Executive of E.I. du Pont de Nemours &
Company, to Tyco's Board of Directors.
Ed Breen, the newly appointed Chairman and CEO of Tyco, said,
"Jack Krol personifies the highest standards of corporate
leadership. He has an international reputation not only for his
intellect and business skills but also for his honesty and
integrity. I have committed Tyco to establishing the best
corporate governance practices, while also building our
businesses for our shareholders, employees and customers. As a
new member of our Board of Directors and a valued advisor to me
and our management team, Jack Krol will be a key figure in
helping achieve both of those goals. I have the greatest respect
and admiration for Jack's many accomplishments over the years and
welcome him to the Board."
Mr. Krol, 65, joined E.I. du Pont de Nemours & Company in 1963 as
a chemist, working his way up through the company to senior
management positions, and was appointed Vice Chairman of the
company in 1992 and Chairman and CEO in 1998. E.I. du Pont
Nemours is a global research and technology- based company
serving worldwide markets, including food and nutrition, health
care, agriculture, fashion and apparel, home and construction,
electronics and transportation.
Mr. Krol also serves on the Board of Directors for Ace Ltd.,
Armstrong Holdings, Inc., MeadWestvaco Corporation, Milliken &
Company and Molecular Circuitry, Inc.
TYCO INTERNATIONAL: Rethinks Change in Board Size, Make-Up
----------------------------------------------------------
Tyco International Ltd. (NYSE: TYC, BSX: TYC, LSE: TYI) said
Tuesday that the company will not go forward at this time with
its previously announced proxy statement, which proposed an
increase in the maximum size of the Board of Directors from 11 to
15 directors.
As announced last week, Ed Breen, Tyco's newly appointed Chairman
and Chief Executive Officer, has initiated a comprehensive review
of corporate governance at Tyco and will work with the Board to
determine appropriate actions to be taken, including changes to
the composition of the Board. Mr. Breen has made an absolute
commitment to addressing governance matters quickly and
effectively. His stated goal is to make the Company a leader in
instituting a "best practices" approach to corporate governance.
===========
B R A Z I L
===========
AES CORP: Hires Bank of America To Sell Brazilian Businesses
------------------------------------------------------------
U.S.-based AES Corp. will sell its businesses in Brazil as it
seeks to reduce negative results accumulated in the country. The
Company has already contracted the Bank of America to act as sale
agent.
AES owns domestic largest energy distributor Eletropaulo, AES Sul
and the energy generator Cesp Tiete. It posted a loss of US$115
million over the second-quarter of 2002 (Apr-Jun) and has
suspended investments in the country due to the lack of rules in
the energy sector.
In the Company's latest earnings release, AES Chief Executive
Officer, Paul Hanrahan, stated, "Given the uncertain regulatory
environment in Brazil, we are not willing to inject more capital
into our Brazilian businesses. Fundamental market and industry
reforms need to be made in Brazil and we decided not to inject
capital into the Brazilian sector until such changes are made,
even if that means risking our current investment in some of our
businesses there. Our commitment to AES lenders and shareholders
requires we take this position. All of the debt associated with
Eletropaulo, both at the operating company and the holding
company levels, is non-recourse to AES and AES has no obligation
to make any further investments into Brazil
Eletropaulo has debts of approximately US$753 million maturing
during the remainder of 2002. Since January 2002, the Company has
repaid more than US$200 million of maturities with cash generated
from operations and US$119 million in BNDES (Brazil's state-owned
national development bank) proceeds as part of the revenue
recovery agreement for 2001. The balance of 2002 maturities are
concentrated this month, August, (US$422 million), September
(US$99 million) and December (US$116 million).
To see financial statements:
http://bankrupt.com/misc/AES_Corp.htm
CONTACT: The AES Corporation, Arlington
Investor Relations Contact Person:
Kenneth R. Woodcock
(703) 522 1315
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
BANCO BRADESCO: Brazil's Woes Put Bank In A Risky Position
----------------------------------------------------------
Analysts warned that Bradesco SA may not be able to escape from
Brazil's economic woes, despite the measures implemented by the
bank's head, Bloomberg suggests.
As Brazil deals with the loss of a quarter of the value of its
currency since April, Bradesco President Marcio Laurelli Cypriano
moved foreign exchange gains from his overseas businesses to help
cover losses on credit extended in reais, analysts said. He has
also cut loans to industries that analysts say have suffered
most.
However, analysts think these moves may not be enough. According
to some investors, the bank faces a great risk in the event that
South America's largest economy defaults because more than a
quarter of Bradesco's assets are in state debt.
The bank also is the biggest lender to the government after
state-owned Banco do Brasil. Bradesco's government debt holdings,
which totaled BRL31.9 billion at the end of March, were almost
three times those of Banco Itau SA, which after Bradesco is the
largest Brazilian bank not owned by the state. Itau had a total
of BRL11.3 billion of state bonds, representing about 14% of
assets.
Bradesco's government bonds are valued at about 3.2 times its
shareholder's equity, or total assets minus liabilities, compared
with 1.4 times shareholders equity for Itau.
A debt renegotiation that reduced the value of Brazilian bonds by
50% would cut Bradesco's shareholder's equity by 92% and Itau's
by 41%. A 30% reduction would cut Bradesco's capital by 55%
compared with 24% for Itau, Bruno Pereira, a banking analyst at
UBS Warburg in Rio de Janeiro, said in a report.
"We didn't like the level of risk we were seeing," said Mead
Welles, who manages about US$160 million in emerging market debt
for Octagon Asset Management LLC. He finished selling all his
Brazilian sovereign and bank bond holdings a month ago.
A renegotiation of Brazil's BRL1 trillion of debt "could lead to
big problems for all the banks," said Roberto Nemr, who helps
manage US$180 million, including Bradesco shares, at Genesis
Asset Management in Sao Paulo. "To me, Bradesco looks riskier."
Bradesco recent revealed it earned second-quarter profit of
BRL479 million (US$159.4 million), or 33 centavos per 1,000
shares, down from BRL621.6 million, or 43 centavos a share a year
earlier. The result was higher than the BRL448 million profit
predicted in a Bloomberg survey of the estimates of five
analysts. Some investors say Bradesco's US$567-million purchase
of Banco Mercantil de Sao Paulo SA in January may depress profit.
CONTACT: BANCO BRADESCO S.A.
Jean Philippe Leroy
Technical Director of Investor Relations
Tel: (11) 3684-9229
E-mail: 4260.jean@bradesco.com.br
Bernardo Garcia
Executive Manager of Investor Relations
Tel: (11) 3684-9302
E-mail: 4260.bernardo@bradesco.com.br
FLEETBOSTON FINANCIAL: Meirelles Resigns to Run for Congress
------------------------------------------------------------
FleetBoston Financial on Tuesday confirmed that Henrique de
Campos Meirelles has resigned his position as president of Global
Banking at Fleet in order to run for congress in Brazil.
Meirelles announced his intention to run for congress earlier
Tuesday in Sao Paulo, Brazil.
Meirelles joined the company in 1974 as managing director of
BankBoston Leasing. In 1978, he became vice president in Sao
Paulo, Brazil, and in 1980 was appointed head of the Commercial
Bank in Brazil, responsible for Marketing, Credit, and
Operations. Meirelles was promoted to deputy country manager in
1981 and became president and regional manager in Brazil in 1984.
He was appointed president and chief operating officer of
BankBoston Corporation in 1996, and was named president of
FleetBoston Financial's Global and Wholesale Bank in October,
1999, following the merger of BankBoston and Fleet Financial
Group.
"Under Henrique's leadership, our bank in Brazil grew to be one
of the top franchises in the country, with outstanding management
and financial results," said Chad Gifford, president and chief
executive officer of FleetBoston Financial. "I have valued his
contributions since we asked him to come to Boston in 1996, and I
know that I and the management team in Brazil will still be able
to call on him for his insights in the future. But we understand
and support his desire to serve his country. His understanding of
the Brazilian marketplace and economy make him well qualified for
a leadership position in Brazil, and we wish him well in his bid
for congress."
Meirelles said, "I leave Fleet with mixed feelings, because I
have great regard for the company and valued my time there. I
also look forward to the opportunity and challenge to serve my
country in a different way."
Chad Gifford has asked Eugene M. McQuade, vice chairman and chief
financial officer of FleetBoston Financial, to assume additional
responsibility for oversight of the company's Latin American
operations. Fleet's senior executives in the region, BankBoston
Brazil president Geraldo Carbone and BankBoston Argentina
president Manuel Sacerdote, will report directly to Mr. McQuade.
Meirelles will be available to provide his experience and advice
to McQuade during the transition period. "Chad and I believe we
have strong local management teams in these two key countries,
headed by Geraldo and Manuel. We'll continue to rely heavily on
their expertise as we manage through these difficult times in
Latin America." McQuade said.
FleetBoston Financial is the seventh-largest financial holding
company in the United States, with assets of $191 billion. The
company's principal businesses, Personal Financial Services and
Wholesale Banking, offer a comprehensive array of innovative
financial solutions to 20 million customers. Through its Personal
Financial Services franchise, Fleet offers retail banking, wealth
management and investment services, nationwide brokerage, credit
card and consumer lending services. These services are available
through approximately 1,500 branches and more than 3,500 ATMs in
the Northeast; through Fleet HomeLink, one of the nation's
leading online banking platforms; and through telephone banking.
Fleet's Wholesale Banking division offers commercial banking,
commercial finance, capital markets, and global processing
services. FleetBoston Financial is headquartered in Boston and
listed on the New York Stock Exchange (NYSE: FBF) and the Boston
Stock Exchange (BSE: FBF).
CONTACT: FleetBoston Financial
Media Contact:
James E. Mahoney, 617/434-9552
or
Investor Contact:
John A. Kahwaty, 617/434-3650
TELEMAR: Approves Share Buyback Program
---------------------------------------
TELE NORTE LESTE PARTICIPA?OES S.A. (NYSE: TNE), the holding
company of providers of telecommunications services in the north,
northeastern and eastern regions of Brazil, announced that on
August 02, its Board of Directors authorized a Share (or
equivalent options) Buyback Program of up to 5% and 10% of
outstanding preferred shares and common shares, respectively,
excluding treasury stock (a maximum of 1,863 million common
shares and 7,970 million preferred shares).
In addition, on August 02, 2002 the Board of Directors of Telemar
Norte Leste approved a Program of the same nature, with the same
goals, limited to 10% of common shares (TMAR3) - up to 295.9
million shares - and 10% of preferred shares (TMAR5) - up to
769.3 million shares - excluding treasury stock.
The two Companies may, but are not obligated to, repurchase
shares under this program during the next 90 days, after which
the Boards of Directors can extend the buyback period. Any shares
will be purchased on the open market. Alvaro dos Santos, CFO of
Telemar, said that "the current share prices provide an excellent
opportunity to capture the value inherent in our Companies,
particularly in view of their strong fundamentals, positive
operating environment and solid growth strategy.
We believe this to be a positive step in our continuing efforts
to maximize value for all shareholders."
CONTACT:
TNE- INVESTOR RELATIONS
invest@telemar.com.br
Phone: 55 (21) 3131 1314/1315/1316/1110
THOMSON FINANCIAL IR
Isabel Vieira (isabel.vieira@tfn.com)
Richard Huber (richard.huber@tfn.com)
Phone: 1 (212) 807 5026 / 014 / 110
Fax: 1 (212) 509 5824
VARIG: VEM Inks Deal With Embraer
---------------------------------
Varig Engenharia e Manutencao (VEM), a subsidiary of financially
embattled Brazilian group Varig, signed a contract with Embraer,
aiming to do the maintenance and repair services of Legacy jet
(Embraer's first executive model).
The contract includes a partnership with the Servicos Auxiliares
de Transporte Aereo (Sata), owned by Varig group, which will take
over the pre-sales, sales and logistics services.
Varig is limping under heavy debts, which have been inflated due
to the sharp depreciation of Brazil's currency. It posted an
annual net loss of BRL480 million (US$1=BRL3.15999) at the end of
last year, up from losses of BRL178 million in 2000 and BRL94
million in 1999. Its net equity fell from BRL29 million in 1999
to a negative BRL523 million last year. Adding more to the
Company's woes is the rising competition in the sector.
Already, Varig has reduced its fleet by 18 planes (of GE Capital)
to its current 71 airplanes. There is a possibility of other
leasing companies demanding their airplanes back. According to
market sources, the Company will reduce an additional 15
airplanes from its fleet over the next two months.
Varig is currently awaiting approval of a BRL300-million funding
package to be released within 60 days by the BNDES (Banco
Nacional de Desenvolvimento Economico e Social). The company is
also expected to vote on the inclusion of Rio-Sul, Nordeste and
Rotatur in the BNDES financial package, but claims it will not
merge the companies legally.
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 H I L E
=========
ENAMI: New Project Requires Some $2.25M in Investments
------------------------------------------------------
Chilean state minerals processing Enami needs some US$2.25
million in investments for a project to double copper cathode
output to 4,800t/y at its El Salado SX-EW plant in the Chanaral
district of northern Chile's Region III, reports Business News
Americas. The news is based on documents submitted by the Company
to the environmental regulator Corema.
But according to Enami's mining manager Gustavo Gallo, the figure
for the whole expansion is closer to US$2.8 million, adding that
the expansion will take 14 months to complete. He didn't say when
the project would start.
The project will create 185 jobs at new mining operations in the
area, as well as secure 183 jobs at current mines and another 184
indirect positions, Gallo said.
Enami, which processes minerals for small-and medium-scale mining
operations, as well as some larger mines, has debts amounting
US$480 million. The Chilean government is reviewing options for
restructuring these debts. One possibility under considered is to
transfer its principal operations Ventanas smelter-refinery to
state copper corporation Codelco, although according to El Diario
newspaper, that course of action has now been ruled out.
Enami's small-scale clients were concerned that if Ventanas
became part of Codelco, they would not receive support from the
state.
Ventanas produces some 320,000t/y electrolytic copper, but
Codelco wants to expand it to process more concentrates from its
Andina division when this boosts output to 400,000t/y of
contained copper from 250,000t at present.
CONTACT: ENAMI (Empresa Nacional de Mineria)
MacIver 459,
Santiago, Chile
Phone: 637 52 78
637 50 00
Fax: 637 54 52
Email: webmaster@enami.cl
Home Page: www.enami.cl/
Contact:
Jorge Rodriguez Grossi, President
===========
M E X I C O
===========
BANCO ANAHUAC: IPAB Gives Clients 60 Days To Present Claims
-----------------------------------------------------------
The clients of Banco Anahuac, the Mexican bank currently being
liquidated, will have 60 days from August 5 to present their
corresponding payment requests. The announcement is according to
the Bank Savings Protection Institute (IPAB), which just recently
decided to close the local bank after the Finance Ministry
revoked its banking license.
IPAB said that Anahuac clients will be able to ask for their
funds as stipulated by the law, attaching copies of contracts,
bank statements or other documents to justify the requests.
The decision to liquidate Anahuac came after a technical study
conducted by the consulting firm Deloitte & Touche (D&T) under
IPAB's order indicated that the bank doesn't have any future as a
viable business.
Bank Anahuac, which was taken over by financial regulators in
late 1996, has a capital deficit of totaling US$69 million. At
the close of 2000, Banco Anahuac lost MXN878 million (US$93
million).
CONTACT: IPAB
Varsovia 19 Col. Ju rez
Delegacin Cuauhtemoc C.P. 06600
Phone: 52.09.55.00
E-Mail: investor-relations@ipab.org.mx
Home Page: http://www.ipab.org.mx
Investors Contact:
Adri n Hong
Phone: 5209-5636
E-mail: eahong@ipab.org.mx
Juan Pablo Trevizo
Phone: 5209-5631
E-mail: jptrevizo@ipab.org.mx
Natalia Ize
Phone: 5209-5636
E-mail: nize@ipab.org.mx
Erika Avil,s
Phone: 5209-5500
E-mail: eaviles@ipab.org.mx
GRUPO IUSACELL: Announces Change In Senior Management
-----------------------------------------------------
Grupo Iusacell, S.A. de C.V. (BMV: CEL, NYSE: CEL) announced that
Mr. Alejandro Garcia Acosta was appointed Vice President,
Marketing, effective Tuesday. Mr. Garcia replaces Ms. Koren
Borges, who decided to return to the United States.
Mr. Carlos Espinal G., CEO of Iusacell commented; "We appreciate
Koren's contribution and we wish her the very best in her new
endeavors." Mr. Espinal added: "Alejandro Garcia is an
experienced Mexican executive with a broad vision of the Latin
American market and knowledge of the Mexican consumer dynamics
and satisfaction when is well attended. I am positive that with
his incorporation to the senior management team we are adding
great value and understanding of the local market to the
Company's strategy."
The process of selecting Mr. Garcia was closely supervised by one
of Iusacell's two main shareholders, Vodafone Group, Plc. Prior
to joining Iusacell, Mr. Alejandro Garcia was General Manager for
Mexico and Brazil for Samsonite, and he previously held several
managing positions in marketing areas for companies such as
American Express, Kraft Foods and Procter & Gamble.
Grupo Iusacell, S.A. de C.V. (Iusacell, NYSE: CEL; BMV: CEL) is a
wireless cellular and PCS service provider in seven of Mexico's
nine regions, including Mexico City, Guadalajara, Monterrey,
Tijuana, Acapulco, Puebla, Leon and Merida. The Company's
service regions encompass a total of approximately 91 million
POPs, representing approximately 90% of the country's total
population. Iusacell is under the management and operating
control of subsidiaries of Verizon Communications Inc. (NYSE:
VZ).
Investor Contacts:
Russell A. Olson
Chief Financial Officer
011-5255-5109-5751
russell.olson@iusacell.com.mx
Carlos J. Moctezuma
Manager, Investor Relations
011-5255-5109-5780
carlos.moctezuma@iusacell.com.mx
Web site: http://www.iusacell.com
GRUPO SIDEK: No Large Asset Sales Posted In July 2002 Report
------------------------------------------------------------
Grupo Sidek, S.A. de C.V. (OTC Bulletin Board: GPSAY GPSBY)
announced Tuesday a report regarding assets sales from July 1,
2002 to July 31, 2002, pursuant to its obligations under the
restructuring agreements entered into with Sidek Creditor Trust:
ASSETS SALES REPORT FROM JULY 1, 2002 TO JULY 31, 2002
(Figures in US$ thousands)
Assets with Reorganization Value Sales Reorganization
higher than USD$ 5,000 Value Value
I. Hotels 0 0
II. Real Estate 0 0
III. Marinas and Golfs 0 0
IV. Other 0 0
Subtotal 0 0
Assets with Reorganization Value less
than USD$ 5,000
Subtotal (transactions) 1,131 N.A.
Total 1,131 N.A.
N.A. / Not available.
CONTACT: GRUPO SIDEK, S.A.
Alejandro Giordano Trejo
Tel.: 011-52-55-5726-1227
URL: http://www.sidek.com.mx
PEGASO: Approval On Spanish Firm's Acquisition Expected Soon
------------------------------------------------------------
Alejandro Burillo, chairman of Mexican wireless company Pegaso
PCS, is confident that regulators will approve this month
Telefonica Moviles SA's acquisition of 65% of Pegaso.
In a Bloomberg report, Burillo said the approval would permit a
merger between Moviles' Mexican business and Pegaso by the end of
December, creating the country's second-largest mobile phone
operator with as many as 2.7 million clients.
"We can begin the merger as soon as we receive approval and this
will be in a maximum of three weeks," Burillo said.
Moviles, Spain's biggest wireless company, agreed in May to buy
the stake for US$884 million in cash and assumed debt, with the
Burillo Group as its partner.
Pegaso, which started this year with 700,000 clients, has about
US$800 million of debt, Burillo said. Much of this is owed to
vendors such as Ericsson AB, the world's largest maker of
cellular networks, and Qualcomm Inc., a U.S. maker of chips that
run the phones on Pegaso's network, the Pegaso chairman added.
CONTACT: PEGASO PCS, SA OF CV
Stroll of the Tamarinds 400A,
Floor 4, Forests of Hills
Mexico, DF 05120
Phone: (55) 5806,8700
Fax: (55) 5806.9080
E-mail: atencionclientes@pegasopcs.com.mx
Home Page: http://www.pegasopcs.com.mx/
Contact:
Roberta Lopez Negrete
Manager of Strategic Communication
Phone: 261 66 38 Fax: 261 66 98
Email: rlopez@pegasopcs.com.mx
Eduardo Jimenez Urias
Phone: 261 66 34
Fax: 261 66 91
E-mail: ejimenez@pegasopcs.com.mx
TELEFONICA MOVILES, S.A.
Goya 24
28001 Madrid, Spain
Phone: +34-91-423-4004
Fax: +34-91-423-4010
E-mail: webmaster@telefonicamoviles.com
Home Page: http://www.telefonicamoviles.com
Contact:
Maria Garcia-Legaz, Head of Investor Relations
Arantxa San Rom n Wong
Raimundo de los Reyes
Paseo de Recoletos, n 7-9 2Y Planta
28004 Madrid
Phone: +34 914 23 40 27
Fax: +34 914 23 44 12
E-mail: relaciones.inversores@telefonicamoviles
SATMEX: Issues 2Q02 Financial Highlights Correction
---------------------------------------------------
Corrected Financial Highlights for the Quarter ended June 30:
FINANCIAL HIGHLIGHTS - CORRECTED FORMAT ERROR*
(Amounts in millions of US dollars)
Three months ended Six months ended
June 30, June 30,
2002 2001 2002 2001
Statement of Operations Data:
Revenue 20.4 32.8 43.0 66.7
EBITDA 11.1 21.8 24.1 44.1
Operating income (0.7) 10.0 0.5 20.5
Interest expense, net ** (9.2) (11.7) (19.2) (24.9)
Loss before income taxes (9.9) (1.7) (18.7) (4.3)
** Includes net foreign exchange gain (loss)
Six months ended
June 30,
2002 2001
Other Data:
Capital expenditures
Construction in progress-Satmex 6 69.5 24.3
Other, net 1.0 0.5
Non-Financial Data:
Bookings 52.6 96.8
*Backlog 359.7 426.5
June 30, December
2002 31,
2001
Balance Sheet Data:
Cash and cash equivalents 27.3 26.2
Restricted and segregated cash 66.7 155.5
Other current assets 18.5 18.8
Total current assets 112.5 200.5
Fixed assets 926.2 879.3
Other assets 7.1 9.5
Total assets 1,045.8 1,089.3
Current maturities of long-term debt 1.0 13.6
Total current liabilities 34.0 57.4
Long-term debt 541.9 542.4
Total liabilities 664.9 700.7
Total stockholders' equity 380.9 388.6
Total liabilities and stockholders' equity 1,045.8 1,089.3
CONTACT: SATELITES MEXICANOS, S.A. DE C.V.
Cynthia Pelini of Satmex, +52-55-5201-0808
Tony Doumlele, +1-212-338-5214 of Loral
URL: http://www.satmex.com
=============
U R U G U A Y
=============
BANCO COMERCIAL: Central Bank Halts Operations For 1 Month
----------------------------------------------------------
The central bank of Uruguay has suspended operations at Banco
Comercial for 30 days due to the failure of its foreign
shareholders to outline specific plans for the bank's
recapitalization, AFX reported citing Economy Minister Alejandro
Atchugarry.
In a separate article, Executive Director Paul Elberse has been
cited admitting the bank is seeking new financial partners.
Elbers related that the bank is already negotiating with
international investors who are possible partners.
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. Its foreign shareholders include JP Morgan
Chase & Co, Credit Suisse First Boston and Dresdner Bank AG.
In March CSFB, Dresdner and JP Morgan contributed US$100 million
to the capitalization of Banco Comercial.
CONTACT: BANCO COMERCIAL
Cerrito No. 400,
11100 Montevideo
Phone: 960-394/97
Fax: 963-569
Home Page: www.bancocomercial.com.uy
J.P. MORGAN CHASE & CO.
270 Park Avenue
New York, NY 10017
Phone: (212) 270-6000
Fax: (212) 270-1648
Home Page: http://www.jpmorganchase.com/
Contact:
William Harrison, Jr., Chairman and CEO
Dina Dublon, Chief Financial Officer
Geoffrey Boisi, Co-CEO of the Investment Bank
Investor Relations
Phone: (1-212) 270-6000
DRESDNER BANK AG
Jrgen-Ponto-Platz 1
D-60301 Frankfurt/Main,
Germany
Phone: +49-(0) 69/2 63-0
Fax: General enquiries
+49-(0) 69/2 63-48 31
+49-(0) 69/2 63-40 04
Home Page: http://www.dresdner-bank.de/
Contact:
Dr. Jur. Henning Schulte-Noelle
Chairman of the Supervisory Board of Dresdner Bank AG
Uwe Plucinski
Deputy Chairman of the Supervisory Boa
CREDIT SUISSE FIRST BOSTON
New York-Headquarters
11 Madison Ave.
New York, NY 10010
Phone: 212-325-2000
Fax: 212-325-8249
Home Page: http://www.csfb.com
Contacts:
Joe L. Roby, Senior Advisor
John J. Mack, Vice Chairman and CEO
Richard E. Thornburgh, Vice Chairman, Executive Board,
CFO and Head of Support
URUGUAY BANKS: Losses Reach $100M Following Reopening
-----------------------------------------------------
Uruguayan banks lost an estimated US$100 million after they
opened Monday following a week of closure, Bloomberg reports. The
banks were closed Tuesday last week to stem the tide of massive
withdrawals from panicked depositors.
Out of the total amount lost, state-owned Banco de la Republica
accounted for the US$70 million. Uruguay's state-owned banks were
reopened Monday after the government received US$1.5 billion
emergency loan from the U.S. Federal Reserve.
The bulk of the withdrawal was "equal to two days of withdrawals
before the banks were shut," Daily Clarin reported citing Central
Bank President Julio De Brun.
In June, central bank figures recorded withdrawal from U.S.
dollar accounts by non-resident amounting to US$516 million, or
15%. According to analysts, an additional US$2 billion, or US$100
million a day, was withdrawn in July.
The opening of the state banks were funded by the US$1.5 billion
loan, whereas, private banks have to use their own funds to
return the deposits.
=================
V E N E Z U E L A
=================
AES VENEZUELA: Gets 7-Year, $25M Loan From US Exim Bank
-----------------------------------------------------
CA La Electricidad de Caracas (EDC), the Venezuelan subsidiary of
AES Corp., was able to obtain a seven-year, US$25-million loan
from U.S. Export Import bank, reports Dow Jones.
The fund, which was allotted for the purchase of equipment and
material, increases the Company's loan from the U.S. government's
export promotion agency to US$56 million.
In a company press release, Chief Financial Officer Julian
Nebreda disclosed that the Company's total investment this year
should be USA$67 million, of which US$22 million was spent in the
first half.
CA Electricidad de Caracas lost VEB63.7 billion, or VEB1,020 per
American depositary receipt in the second quarter. Its shares
rose VEB1, or 0.7%, to VEB151 on the Caracas Stock Exchange. AES
shares fell 16 cents, or 7.6%, to US$1.96 on the New York Stock
Exchange.
In the year-ago period, the Company reported an estimated US$40
million profit.
CA Electricidad de Caracas together with Corporacion EDC composes
Grupo EDC. AES Corp took over CA Electricidad de Caracas in June
2000 for US$1.6 billion.
CONTACT: AES VENEZUELA
Avenida Rio de Janeiro
Qta. Tres Pinos
Chuao, VE-1061 Caracas, Venezuela
Phone: +58 14 929 2552
Fax: +58 2 9937296
E-mail: venezuela@aes.org
Contact: Elmar Leal, Chairman
Juan Font, Vice Chairman
***********
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 * * *