TCRLA_Public/021114.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, November 14, 2002, Vol. 3, Issue 226



AEROLINEAS ARGENTINAS: Expanding, Upgrading Aircraft Fleet
ARGENTINE BANKS: Prior Underwriting Banks Shut Out of New Talks
DISCO: Reports Widening Losses As Recession Deepens
GRUPO GALICIA: Soothes Investor Fears
REPSOL YPF: Raises Net Profit By 5.1% To Over EUR1,760 Mln
* World Bank Prepares For Possible Argentine Default


FOSTER WHEELER: Posts $150 million Net Loss for 3Q02
TRENWICK GROUP: Company Profile
TRENWICK GROUP: Shares Fall To 52-Week Low
TYCO INTERNATIONAL: Director Ashcroft Quits Board
TYCO INTERNATIONAL: Tentative Trial Date Set For June 1


AES SUL: Moody's Lowers Sr. Secured Notes On Re-Fi Concerns
BANCO SUDAMERIS: Stock Purchase Negotiations Collapse
CELG: Goias Seeks To Renegotiate Debt With Eletrobras
CSN: Analysts Expect BRL298.6 Mln Net Loss For 3Q02
NET SERVICOS: NasdaqNM Advises ADRs Trading Below Compliance


COEUR D' ALENE: Decreases Costs, Reduces Indebtedness In 3Q02


* WB Argentina Decision Threatens Colombia's Planned Bond Sale


MEXICAN COMPANIES: Fitch Urges Deadline Extensions For Liquidity
SATMEX: Reports Lower 3Q02 Results


FERTINITRO FINANCE: Fitch Cuts Ratings to 'CCC'

     - - - - - - - - - -


AEROLINEAS ARGENTINAS: Expanding, Upgrading Aircraft Fleet
Aerolineas Argentinas, a unit of Spanish travel group Marsans, is
considering the purchase of eight planes, as part of an effort to
upgrade and expand its fleet, reports EFE. The firm revealed it
has received offers from aerospace giants Boeing and Airbus in
recent weeks, adding that it would purchase or lease new planes
by December.

Aerolineas said it would invest US$30 million for the expansion,
which it said had been made possible by its financial
restructuring, the deal it cut with creditors and the favorable
operational results achieved during the past year.

Marsans acquired Aerolineas from Spanish state-owned holding
company SEPI for ARS2.5 billion (US$700 million) in October 2001
and provided a ARS1.23-billion (US$346 million) capital infusion
to pull the airline out of bankruptcy.

          Torre Bouchard 547, 1106 Buenos Aires, ARGENTINA
          Phone: (54-11) 4310-3000
          Fax: (54-11) 4310-3585
          Home Page:
          Patricio Zabalia Lagos, President

ARGENTINE BANKS: Prior Underwriting Banks Shut Out of New Talks
Argentina has disqualified banks, which helped sell Argentine
bonds prior to the country's default, from bidding to advise the
country on renegotiations of its debts reports Bloomberg. The
country's Economy Minister Roberto Lavagna had announced that
talks would probably be handled by a group of banks. Analysts say
the advisory fees would total at least $100 million.

The Economy Ministry had announced that it will start accepting
offers on Dec. 2, and advised banks that managed a debt
transaction for the country 24 months prior to the default not to

Banks that underwrote debt sales within the two-year period
include Goldman Sachs Group Inc., Merrill Lynch & Co., Deutsche
Bank AG, Morgan Stanley & Co. and BNP Paribas SA. The report also
mentioned Credit Suisse First Boston, Citigroup Inc., J.P. Morgan
Chase & Co. and rival banks.

Many of the disqualified banks are among the country's largest
creditors. Firms that may qualify include the Bank of America
Corp. and the Interamerican Finance Corp., which is assembling a
group to bid for the role.

According to the report, the decision may further isolate the
country from international capital markets.

           16, Boulevard des Italiens
           75009 Paris Cedex 09, France
           Phone: +33-1-40-14-45-46
           Fax: +33-1-40-14-75-46
           Home Page:
           Michel Pebereau, Chairman and Chief Executive Officer
           Baudouin Prot, President and COO
           Investor Relations and Financial Information:
           3 Rue d'Antin
           75078 Paris Cedex 02
           Phone : 33 1 40 14 63 58
           Fax : 33 1 42 98 21 22

           CITIGROUP INC.
           399 Park Ave.
           New York, NY 10043
           Phone: 212-559-1000
           Fax: 212-793-3946
           Home Page:
           Sanford I. (Sandy) Weill, Chairman and CEO
           Todd S. Thomson, EVP, Finance and Investments and CFO

           New York-Headquarters
           11 Madison Ave.
           New York, NY 10010
           Phone: 212-325-2000
           Fax: 212-325-8249
           Home Page:
           Joe L. Roby, Senior Advisor
           John J. Mack, Vice Chairman and CEO
           Richard E. Thornburgh, Vice Chairman, Executive Board,

           Taunusanlage 12
           60262 Frankfurt, Germany
           Phone: +49-69-910-91000
           Fax: +49-69-910-34227
           Home Page:
           Investor Relations in New York:
           Libor Vincent
           Deutsche Bank AG
           31 West 52nd Street
           29th Floor
           New York, NY 10019-6160
           Tel.: +1-212-469-7125
           Fax: +1-212-469-7322

           GOLDMAN SACHS & CO.
           85 Broad Street
           New York, NY 10004
           United States of America
           Phone: 1-212-902-1000
           Fax: 212-902-3000
           Henry M. Paulson Jr., Chairman and CEO
           John A. Thain, President, Co-COO, and Director
           John L. Thornton, President, Co-COO, and Director
           David A. Viniar, Executive Vice President and CFO

           J.P. MORGAN CHASE & CO.
           270 Park Avenue
           New York, NY 10017
           Phone: (212) 270-6000
           Fax: (212) 270-1648
           Home Page:
           William Harrison, Jr., Chairman and Chief Executive
           Dina Dublon, Chief Financial Officer
           Geoffrey Boisi, Co-CEO of the Investment Bank
           Investor Relations
           Phone: (1-212) 270-6000

           MERRYL LYNCH, & CO.
           World Financial Center,
           North Tower, 250 Vesey St.
           New York, NY 10281
           Phone: 212-449-1000
           Toll Free: 800-637-7455
           Home Page:
           David H. Komansky, Chairman and CEO
           E. Stanley O'Neal, President, COO, and Director
           Thomas H. Patrick, EVP and CFO

           MORGAN STANLEY & CO.
           1585 Broadway
           New York, New York 10036
           United States
           Phone: +1 212 761-4000
           Fax: (212) 761-0086
           Home Page
           Philip J. Purcell, Chairman & Chief Executive
           Robert G. Scott, President & Chief Operating Officer
           Investor Relations
           Phone: (212) 762-8131

           Bank of America Corporate Ctr.
           100 North Tryon St., 18th Fl.
           Charlotte, NC 28255
           Phone: (800) 299-2265
           Fax: (704) 386-8486
           Home Page:
           Hugh L. McColl Jr., Chairman Emeritus
           Kenneth D. Lewis, Chairman, President, and CEO
           James H. Hance Jr., Vice Chairman and CFO

DISCO: Reports Widening Losses As Recession Deepens
Losses at Argentina's leading supermarket chains Disco SA
ballooned to ARS1.76 billion in the first nine months of 2002,
from losses of ARS28.5 million in the same period in the previous
year, reports Dow Jones. Losses in the third quarter of 2002
amounted to ARS159.5 million, compared with a loss of ARS9.4
million a year earlier.

According to the Company, which is owned by Dutch firm
Koninklijke Ahold N.V. (AHO) - also known as Royal Ahold, it was
deeply affected by the financial chaos that came after Argentina
defaulted on its public debt and the steep devaluation of the
local currency, including spiraling inflation.

Disco, which owns 236 supermarkets in Argentina and employs more
than 12,000 people, said the figures they presented were adjusted
for inflation, with all figures given in constant prices as of
Sept. 30 2002. This is in line with Argentine regulations.

The Company saw a 32.1%-decrease in net sales in the first nine
months of 2002, to ARS2.15 billion this year, compared to the
same period last year. The slump in sales was part of the
collapse in consumer demand for even the most basic necessities,
in a year that could see the Argentine economy contract 11%-12%.

However, Disco managed to cut expenses aggressively in the first
nine months of this year compared with the same period in 2001.
Still, Disco's operating income - a measure of a company's
profits on its regular activities - was ARS16.3 million in the
first nine months of 2002, 89.3% below its level of a year

The main losses for the Company however came from the effects of
the 70% devaluation of the peso between January and September and
the inflation it sparked.

The Company posted a nine-month loss of ARS711.7 million from the
effects of inflation on the value of its fixed assts. Disco also
said its financial expenses were ARS1.03 billion in the first
nine months of 2002, up from just ARS160 million in the same
period of 2001. The Company attributed the rise to the increased
costs of servicing its dollar-debts because of the devalued peso
and the effect of the linking of the Company's peso debts to the
rising inflation rate.

In the third quarter, Disco had net sales of just ARS597.4
million, 43% lower than a year earlier.

However, Disco can take some comfort in its debt ratio results.
Despite the higher cost of its dollar-denominated debt, the
Company's total debt to total capitalization ratio only lifted to
0.8, from 0.6 a year earlier.

In the statement, Disco Chief Executive Officer Eduardo R. Orteu
said this was largely thanks to shareholders who boosted the
Company's capitalization by US$83.6 million since August.

At the close of September, the Company's total outstanding debt
was ARS1.6 billion, compared with ARS1.5 billion a year earlier.

          Larrea 847, Piso 1
          1117 Buenos Aires, Argentina
          Phone: +54-11-4964-8000
          Fax: +54-11-4964-8039
          Home Page:
          Eduardo R. Orteu, Chief Executive Officer
          Jose Sanch

GRUPO GALICIA: Soothes Investor Fears
Grupo Financiero Galicia tried to calm investors who have been
apprehensive since May that the holding company for Argentina's
No. 1 private sector bank would issue new shares, a move that
would dilute existing equity. Citing market sources, Reuters
reports that Grupo Galicia has no plans of issuing new shares as
part of an upcoming debt restructuring with foreign banks.

In May, Grupo Galicia revealed it would swap shares with foreign
banks in return for forgiveness of an unspecified part of its
US$1.5 billion in debt held abroad. Although no official details
on the transaction have been publicized, sources, who asked not
to be named, revealed that 22 foreign banks had signed letters of
intent to take part in the operation, which under terms still
being negotiated, would reduce Grupo Galicia's foreign debt to
around US$900 million.

"Nothing is finalized yet, but talks are advanced and the first
meeting with foreign banks in Argentina is going on today
[Tuesday]," one source said.

According to these sources, shares to be swapped would come from
the three controlling families that currently hold about 45% of
Grupo Galicia's shares.

Under terms currently being discussed, the families would
transfer about 7% of Grupo Galicia's shares to the group of
foreign banks, the sources said. The remaining foreign debt would
be paid out over roughly a 10-year period.

"The process should be finished in three or four months. There
will be no issuance of new shares," one of the sources said.

          Teniente General Juan D. Per>n 456, Piso 3
          1038 Buenos Aires, Argentina
          Phone: (54 11) 4343 7528 / 9475
          Home Page:
          Eduardo J. Escasany,  Chairman and CEO
          Sergio Grinenco, CFO, Banco de Galicia y Buenos Aires

REPSOL YPF: Raises Net Profit By 5.1% To Over EUR1,760 Mln
In its official report for the first nine months of 2002, Repsol
YPF posted net income of Eu1,763 million, showing a year-on-year
increase of 5.1%.  Operating income was Eu2,445 million, and cash
flow was Eu3,571 million.  Oil and gas production rose to
1,014,700 barrels per day. The Company views the results as
particularly significant in view of the adverse international
scenario and the situation in Argentina.

Although oil prices rose from January to September 2002, they
remained below those for the period in 2001, and international
refining margins were at much lower levels than in recent years.
On the positive side, the signs of improvement in chemicals in
the first months of the year were confirmed, and the first three
quarters of the year closed with a positive operating income,
whilst gas & power continued to show income growth in Spain.


The impact of the crisis in Argentina, which has adversely
affected company income, has lessened as the situation there
gradually improved. To date this year, the drop in Argentina has
slowed considerably;

the monthly inflation rate has been progressively curtailed (from
4% in May to 0.2% in October);  the Central Bank's currency
reserves have begun a slow recovery, and the Governor of the
Argentine Republic has adopted a series of measures to increase
normalisation for the oil sector.

At 30 September last, the exchange rate of the peso against the
dollar was 3.69 pesos/$ in comparison to 3.75 pesos/$ at 30 June
2002.  For the first time following the break with the
peso/dollar conversion equivalence, and as a result of the
peso/dollar stability, the Company has made a positive asset
adjustment on its balance sheet of Eu26 million.  Neither has the
company been obliged to make additional provisions against the
financial result, rather the contrary:  thanks to the
denomination in pesos of some debts in Argentina and the
strengthening of the peso against the dollar, Repsol YPF has
retracted provisions in Argentina to the value of Eu76 million.

In addition, to compensate for the Brazilian real devaluation
against the dollar, Repsol YPF has made foreign currency
translation adjustments amounting to Euro 205 million.  At 30
September 2002, Repsol YPF assets in Brazil represented 1.6% of
the company's total assets.


Investments from January to September 2002 were Eu1,853 million,
showing a 41.9% fall in comparison to the year before.  This
reduction is in line with the policy of contention and caution
undertaken by the company, lower costs because of the peso
devaluation against the dollar in Argentina, and the change in
the consolidation method for Gas Natural SDG.

Investments in the exploration & production business area
amounted to Eu753 million, mainly for development in Argentina,
Bolivia, Trinidad & Tobago and Venezuela.  In refining &
marketing, Eu355 million were spent to increase conversion
capacity, enhance energy efficiency at the refineries and
strengthen the company's control over the service station
network.  Eu59 million were invested in chemicals, mostly for
capacity revamps and the upgrading of existing units.  Finally,
Eu562 million were invested in the gas & power area, of which
Eu156 million went to increase the company's interests in Brazil
and Colombia.


From January to September 2002, Repsol YPF made divestments
amounting to Eu 2,750 million. Apart from the sale of a 23% stake
in Gas Natural SDG, with a divestment of Eu 2,008 million, and
the sale by Gas Natural SDG of a 65% stake in Enagas, the company
reduced its stake in CLH from 61.46% to 31.79%.


From January to September net finantial debt reduced by 47%,
Eu7,816 million. Net financial debt at 30 September was Eu 8,739
million in comparison to Eu16,555 million a year earlier, and the
debt to capitalisation ratio fell to 31.9% as against 42.2% at
the close of 2001.  This debt reduction was mainly the result of
a high cash flow generated over the period, the moderation of the
investment schedule, the divestments carried out, changes in the
consolidation perimeter (mainly Gas Natural).  In the third
quarter, despite a negative accounting effect because of the
depreciation of the dollar against the Euro, raising net debt by
Eu119 million, the company has pursued its ongoing debt reduction
policy, achieving a reduction of Euro 221 million.

This important cut in net debt over the first nine months of the
year has lowered the company's financial costs by 26%, as a
result of which the financial result evolved from a cost of Eu898
million to Eu660 million.

By areas of activity, these are the highlights for January to
September 2002:


In Exploration & Production, operating income was Eu1,196
million, showing a 46.9% drop against the first three quarters of
2001.  This fall was mainly caused by lower benchmark oil prices,
and the exceptional circumstances in Argentina.

The average price of Brent oil over the period was $24.4 per
barrel, as against $26..2 per barrel from January to September
2001.  The Repsol YPF crude realisation price averaged $20.0 per
barrel, in comparison to $23.8 per barrel a year earlier.  The
increase in the differential regarding reference crude was mainly
due to the 20% tax applied by the Argentine government on crude
oil exports; the oil-producing industry's practice in Argentina
of effecting sales to the domestic market at a discount varying
from 20% to 8% on the international price; and the larger
percentage of heavy crude in the Repsol YPF basket following the
sale of assets in Indonesia.

Average gas prices over the quarter were 49% lower than the 2001
equivalent, mainly because of the situation in Argentina.  Gas
tariffs in Argentina are still essentially in pesos, that is,
prices are still frozen in pesos, not having undergone any
adjustment following devaluation, with the exception of exports
and sales to exporting industries.  Negotiations are underway for
the residential sector and the non-exporting industry which will
permit a progressive referencing of internal prices.

In spite of the crisis in Argentina and the sale of assets in
Indonesia, the Company has continued to fulfil its strategic
objective of increasing its oil and gas production.  Accumulated
production up to September 2002 was 1,014,700 barrels per day, as
against 1,013,700 barrels per day a year earlier.  On equivalent
terms, that is, basing calculation on the same asset
participations as in 2002, average daily production would have
risen 7.2% from one year to the next.  The rise in liquids on
equivalent terms would have been 0.3%, and 18.5% in gas.

The total oil and gas production for the period in Argentina was
0.2% down on 2001, at 730,400 barrels of oil equivalent per day
(boepd).  Oil and liquids production was 0.9% down, and gas rose
0.9% year-on-year.

The company made important discoveries in Libya, Argentina and
Trinidad & Tobago during the first nine months of 2002.  During
the third quarter, in Argentina, at the Ca¤ad˘n Amarillo block,
in the NEuro quina basin, the Rinc˘n Blanco x-1 exploration well
found oil at a depth of 800 metres, giving a flow of 610 barrels
of oil per day during production tests.  In Trinidad & Tobago, an
important discovery of 28 bcm of gas was made in the Iron Horse
field, offshore to the east of Trinidad.


Accumulated operating income from the Refining & Marketing area
was 48.5% down on the equivalent figure the year before, at Eu604
million.  Performance here showed the effect of not entering CLH
operating activity on accounts in 2002; and was mainly the result
of weak international refining margins, which despite a recovery
in the third quarter, produced a 64% drop in the company's index;
and marketing margins which, although recovering normal levels in
Spain, were damaged by the crisis in Argentina.

LPG sales in Europe remained stable with respect to the first
three quarters of 2001, thanks to favourable temperatures, which
were cooler than the year before, and despite competition from
alternative energies.

Total oil product sales in Spain sales rose 0.5% year-on-year,
reaching 36.7 million tons, showing a varying performance
depending on the market.  Whilst in Spain sales rose 8% to over
20 million tons, in Argentina overall sales, at 6 million tons,
fell 8.9%.  Gasoline and gas-oil sales to our own network fell
0.6% in Spain, and 2% in Argentina.


For the first three quarters 2002, there was an operating income
of Eu93 million in Chemicals, compared to loss of Eu5 million in
the equivalent period 2001.  This rise was mainly the outcome of
a 6% sales growth in derivative chemicals, and higher
international margins on some products, especially styrene,
acrylonitrile and aromatics.  These factors, underpinned by a
favourable sales structure, more than offset lower income from
base chemicals.  Our products in Argentine have also proved more
competitive, as costs have been reduced by the peso devaluation.

Overall sales of petrochemical products were 2,639 thousand tons,
showing a rise of 4.3% in comparison to 2001 (2,529 thousand
tons).  This sales growth was mainly the result of consolidating
production from the PO/SM plant in Tarragona, and the urea plant
in Bahˇa Blanca (Profertil).


In Gas & Power, operating income was Eu579 million for the first
nine months of 2002, against Eu773 million the year before,
showing a drop of 25.1%.  This descent was the result of
proportional consolidation of the 24% stake in Gas Natural since
the end of May, and the crisis in Argentina.  If there had been
24% Gas Natural consolidation over the period in both 2001 and
2002, income would have dropped 19.6%.

First three quarter sales from the Repsol YPF natural gas
activity totalled 19.75 billion cubic metres (bcm), and were
15.1% higher than at September 2001.  This was the result of
higher sales to Spanish thermal plants, transmission and third-
party access sales, and sales growth in Mexico, Brazil and

As for the sale of electricity, the company held an approximately
4% share of the liberalised power market, having won a total of
1,887 contracts, equivalent to an annualised consumption of 2,963

(*) For a correct analysis of the results herein, the change in
the consolidation method for Gas Natural from global integration
to proportional integration from May 2002 should be taken into

         Head Office
         Paseo de la Castellana 278
         28046 Madrid
         Tel  +34 91 348 81 00
         Fax  +34 91 348 28 21
         Telex  48162 RESOLE
         Alfonso Cortina de Alcocer, Chairman
         Jose Vilarasu Salat, Vice Chairman
         Antonio Hernandez, Vice Chairman

* World Bank Prepares For Possible Argentine Default
A regulatory filing reveals that the World Bank has set aside
US$26 million to guard against borrower's failure to repay loans.
Though it did not mention Argentina or any other financially
troubled Latin American Nation in the filing, the move is seen as
a precautionary step as Argentina threatens not to pay US$805
million due the bank on Thursday. The world's largest development
lender now has loan-loss reserves of US$4.3 billion, after its
latest infusion.

The bank reported its third quarter income fell to less than half
of its US$587 million income from the same period last year. This
year's income for the July-September period was only US$265

Credit rating agencies say that a default by Argentina would not
undermine the World Bank' triple-A rating, or its status as being
the first in line to collect payments from member nations. It
would take another two or three significant borrowers to default,
in addition to a default by Argentina, to hurt the World Banks
ability to borrow cheaply to replenish its funds.

Argentine officials had said that the country could afford to
make the payment due on the deadline, unless it receives a new
loan package from the International Monetary Fund. Negotiations
with the IMF had been ongoing for ten months, without producing a

Among the IMF's demands on Argentina is to hike tax and utilities
rates. So far, the country has refused to impose the measures
saying they would worsen the quality of life for its population.
A United Nations report indicates a marked increase of poverty in
the country.

Argentine Finance Minister Roberto Lavagna will meet with IMF
officials to continue talks, and hopefully come up with a loan to
pay the World Bank on time. Keeping up-to-date with payments to
the World Bank keeps Argentina's access to further aid from the

Under World Bank rules, Argentina can't receive any more loans if
it is 30 days late on a payment. After 60 days, the World Bank
stops disbursing loans it has previously agreed on. After six
months, the World Bank declares the loan is overdue.

Argentina had also said that it would not use its US$9.7 reserves
to keep the stability of the local currency, which has plunged
this year.

However, local daily Clarin reported Argentina may pay US$280
million on Thursday, from its reserves as a gesture of goodwill.


FOSTER WHEELER: Posts $150 million Net Loss for 3Q02
Foster Wheeler Ltd. (NYSE:FWC) reported Tuesday revenues for the
third quarter 2002 of $814.2 million, and a net loss of $150.6
million, or $3.68 per share diluted, including pre-tax special
charges of $146.3 million.

The special charges include:

-- $65.9 million for re-evaluation of contract cost estimates and
provisions for uncollectible receivables;

-- $37.7 million for revisions to project claim estimates and
related costs;

-- $29.3 million of costs in connection with the company's
refinancing and restructuring efforts, performance
intervention activities, employee severance, and other
charges; and

-- $13.4 million provision for impairment loss on a domestic
manufacturing facility, in accordance with the provisions of
SFAS 144, "Accounting for the Impairment or Disposal of
Long-Lived Assets."

Of the total of $146.3 million in special charges, approximately
$108 million were non-cash. Excluding all special charges, net
income for the quarter was $2.5 million, or $0.06 per share

During the same period in 2001, revenues were $819.2 million, and
net earnings were $0.8 million, or $0.02 per share diluted,
including a $1.1 million after-tax charge for increased pension
costs. Excluding this charge, the net earnings for the third
quarter 2001 were $1.9 million, or $0.05 per share diluted.

Cash balances worldwide at the end of the quarter were $521.7
million, compared to $168.9 million at the end of the third
quarter 2001. As of September 27, 2002, the company's
indebtedness was $1.2 billion, essentially unchanged from the
level at the end of the same period last year. Net debt was
$633.0 million, down from $932.8 million at the end of third
quarter 2001.

The company generated $46 million in cash during the quarter from
settlement of claims and collection of receivables, consistent
with its plan to generate $150 million in cash proceeds from
asset sales, collection of receivables and resolution of disputed
claims by the end of February 2003.

New orders booked during the third quarter 2002 were $1,043
million, up 17 percent compared to $894 million of new bookings
in the third quarter of last year. Backlog was $5.8 billion,
compared to $6.4 billion at the close of the third quarter 2001.

For the nine months ended September 2002, revenues were $2.6
billion, a 9 percent increase from $2.4 billion in the first nine
months of last year, attributable primarily to increased activity
in the company's European operations. The net loss for the period
was $334.9 million, or $8.18 per share diluted, including pre-tax
special charges of $343.2 million. These results compare to net
earnings during the first nine months of 2001 of $8.7 million, or
$0.21 per share diluted, including pre-tax special charges of
$11.1 million.

"We continue to work our way through what is an extremely
difficult and extensive restructuring process," said Raymond J.
Milchovich, chairman, president and chief executive officer of
Foster Wheeler. "While I am disappointed in the level of
restructuring that is required and therefore the time it has
taken, I am optimistic about the quality of the core businesses,
the potential of our company, and the progress we are making.

"Our cash position is very strong, our international engineering,
construction, and energy businesses continue to perform at very
high levels and obtain quality new bookings, and the changes we
are implementing are systemic and will be long-lasting. Our
objective has been and remains to position the company to
generate consistent earnings and to grow. I believe that we are
making significant progress towards accomplishing this goal."

Restatement of Prior Year Financial Statements

Subsequent to the filing of the company's second quarter 2002
financial results, management determined that the assets,
liabilities, and related impact on results of operations
associated with one of the company benefit plans were not
properly accounted for in accordance with SFAS 112, "Employers'
Accounting for Post-Employment Benefits." The company has
adjusted its previously reported results for 2001 and 2002, and
will amend its previous filings accordingly. These adjustments
include an additional net liability of $38 million at the end of
the third quarter 2002, and pre-tax expenses of approximately
$1.3 million for the first nine months of 2002.

Senior Credit Facility Amended

In August 2002, the company finalized a new senior credit
facility. The company has subsequently obtained an amendment to
its senior credit facility to exclude the pre-tax special charges
announced today from the covenant calculations under the
agreement. The amendment further provides that up to an
additional $63 million in pre-tax special charges related to
specific contingencies may be excluded from the calculations
through December 31, 2003, if incurred. All other provisions of
the facility remain unchanged. "We are pleased to have the
support of our lenders as evidenced by their positive response to
our amendment request accommodating the special charges this
quarter," said Joseph T. Doyle, senior vice president and chief
financial officer of Foster Wheeler.

Engineering and Construction (E&C) Group Results

Third-quarter revenues were $462.5 million, compared to $466.9
million during the same period of 2001. New bookings for the
quarter were $469.9 million, compared to $653.4 million in the
third quarter of 2001. However, the level of bookings in the
third quarter of 2001 included a large contract award in excess
of $250 million. The Group's ending backlog was $4.3 billion,
essentially unchanged from 2001. For the first nine months of the
year, E&C bookings were $1.4 billion, down from $1.7 billion for
the first nine months of 2001. Revenues for the nine months were
$1,443.8 million, up 6 percent compared to $1,361.4 million in
the same period last year.

Energy Group Results

Revenues were $355.8 million, compared to $399.5 million in the
same quarter of 2001. New bookings during the third quarter were
$579.5 million, up 135 percent compared to $247.1 million in
third quarter 2001. The increase was due to several major
contract awards in Europe.

Backlog as of September 2002 was $1.6 billion, compared to $2.1
billion as of September 2001. The backlog of the company's
Finland subsidiary, Foster Wheeler Energia Oy, reached its
highest level ever during the quarter. For the nine-month period,
bookings for the Group were $1,131.5 million, compared to
$1,274.4 million in 2001. Revenues for the nine-month period were
up 8 percent to $1,155.1 million, from $1,066.3 million in the
same period last year.

Anticipated Fourth-Quarter Accounting Adjustments

The company expects to complete its annual pension revaluation
during the fourth quarter, and anticipates that declines in
financial markets have unfavorably impacted its pension-plan
asset values, resulting in under-funded pension plans. Depending
on the actual results, the company currently expects to record a
non-cash charge of approximately $140 million associated with
these plans during the fourth quarter. The funding requirements
for 2002 and 2003 will remain essentially unchanged.

In addition, as announced in August 2002, management determined
that approximately $77.0 million in goodwill at a reporting unit
in its Energy Group might be impaired. The company is completing
the necessary step two evaluation procedures during the fourth
quarter, and will determine if any write-off is required under
SFAS 142, "Goodwill and Other Intangible Assets."

Foster Wheeler Ltd. is a global company offering, through its
subsidiaries, a broad range of design, engineering, construction,
manufacturing, project development and management, research,
plant operation and environmental services. The corporation is
based in Hamilton, Bermuda, and its operational headquarters are
in Clinton, New Jersey. For more information about Foster
Wheeler, visit our Web site at

To see tables and financial statements:

CONTACT: Foster Wheeler
         Media Contact:
         Sherry Peske, 908/730-4444
         Shareholder Contact:
         John Doyle, 908/730-4270
         Other Inquiries:

TRENWICK GROUP: Company Profile
NAME:  Trenwick Group Ltd.
       Continental Building
       25 Church Street
       Hamilton HM12, Bermuda

PHONE: (441) 292-4985

FAX: (441) 292-2656



EXECUTIVES: James F. Billet Jr., Chairman, President and CEO
            Alan L. Hunte , Executive Vice President and
                              Chief Financial Officer
            Paul Feldsher, Executive Vice President and Chief
                              Underwriting Officer
            Robert A. Giambo, Executive Vice President and
                              Chief Actuary


NUMBER OF EMPLOYEES: 429 (last reported count)

TYPE OF BUSINESS: Trenwick Group Ltd. is a holding company whose
principal subsidiaries underwrite specialty insurance and
reinsurance. It was formed to acquire two publicly held
companies, Trenwick Group Inc. and LaSalle Re Holdings Limited,
and the minority interest in LaSalle Re Limited, a subsidiary of
LaSalle Re Holdings Limited.


AUDITOR:  PricewaterhouseCoopers LLP
          1177 Avenue of the Americas
          New York, NY 10036
          Telephone (646) 471-4000
          Facsimile (646) 471-4100

To see latest financial statements:

TRENWICK GROUP: Shares Fall To 52-Week Low
Bermuda insurer Trenwick Group Ltd., whose share price has seen a
beating in recent months, fell to a 52-week low after the Company
reported a net loss of nearly US$140 million for the third
quarter of this year, relates the Royal Gazette. On Monday, the
stock fell 40% - closing at US$1.56. The new low stands in marked
contrast to the Company's 52-week high of $11.05.

The troubled insurer posted an operating loss of US$135 million
for the third quarter period ending September 30 and net loss of
US$137.2 million. For the nine months, the company posted an
operating loss of US$142.6 million and net loss of US$188

On Monday, Standard & Poor's lowered its counterparty credit
rating on Trenwick to 'CCC+' from 'B'. The ratings agency also
said it lowered its ratings on the Company's various operating
subsidiaries and that the ratings remain on CreditWatch negative.
The downgrades came after the group released its third-quarter

"With the reserve additions there is a diminished likelihood of
sufficient dividends from the operating companies and, as a
result, more uncertainty surrounding Trenwick's ability to meet
its 2003 debt repayment and debt service requirements," noted
credit analyst Karole Dill Barkley.

"Considerable uncertainty remains about whether banks will renew
letters of credit that allow continued underwriting at Lloyds, as
well as the potential for additional reserve development from the
fourth-quarter 2002 reserve study."

The creditors under Trenwick's credit agreement are expected to
decide by Nov. 22, 2002 whether to renew and extend the group's
$230 million letters of credit. If the banks elect not to renew,
or to demand cash collateral, there is substantial doubt as to
Trenwick's ability to continue underwriting at Lloyds or continue
as an ongoing concern.

Management has disclosed that Trenwick and/or one or more of its
subsidiaries may be forced to seek protection from creditors.

Standard & Poor's will continue to monitor developments at
Trenwick in the next few weeks, and will review the ratings
following the bank decision whether to extend its letters of
credit at Lloyds, following the completion and Standard & Poor's
review of a third-party reserve study currently underway for all
key operating platforms, and after any other material
developments. At that time, ratings on the entitities could be
affirmed or lowered.

Trenwick was also recently delisted from the Bermuda Stock
Exchange (BSX).

TYCO INTERNATIONAL: Director Ashcroft Quits Board
Tyco International Ltd. Board Member Lord Michael Ashcroft has
submitted his letter of resignation to the Company's new chief
executive Edward Breen. The Associated Press reports that
Ashcroft felt obligated to carry out his proposal for a mass
resignation of the members of the board who served under indicted
CEO Dennis Kozlowski.

Kozlowski faces charges of grand larceny and enterprise
corruption for allegedly stealing company funds. The Company's
former finance chief Mark Swartz also faces the same charges.
Both offered a plea of not guilty.

Earlier reports show that the Company had plans to retain
Ashcroft, along with another former board member for the sake of
continuity. However, the Company's decision was met by quite a
number of protests that the board had voted to reject it.

Instead, Breen would be choosing two directors to stay as non-
voting consultants. Reports say that Ashcroft, who has served the
board for 18 years, is a strong candidate to be one of the
chosen, but he has told Breen that he would not be interested.

The Company had been trying to regain investor confidence after
shares dived as reports on the corporate scandal broke out.
Shares of Tyco fell $1.83, or 11 percent, to close at $14.85
Monday on the New York Stock Exchange.

         Corporate Office
         The Zurich Centre, Second Floor
         90 Pitts Bay Road
         Pembroke HM 08, Bermuda
         Phone: 441-292-8674
         Home Page:

TYCO INTERNATIONAL: Tentative Trial Date Set For June 1
State Supreme Court Justice Michael Obus, the judge handling the
larceny case against former executives of Tyco International Ltd.
had set June 1 as a tentative trial date according to a report
from the Associated Press.

Judge Obus is also working out schedules for motions and exchange
of materials between the defense and prosecution. The next court
date will be Feb. 7.

Judge Obus had modified the restrictions on Swartz' US$50 million
bail to allow him to travel to California to spend the holidays
with his in-laws.

Tyco's former chief executive Dennis Kozlowski and former finance
chief Mark Swartz face US$600 million larceny and enterprise
corruption charges. Both have pleaded not guilty and are out on
bail, after some difficulties.


AES SUL: Moody's Lowers Sr. Secured Notes On Re-Fi Concerns
Rio Grande do Sul-based AES Sul Distribuidora Gaucha de Energia
S.A. (AES Sul), which is 96.7%-owned by a subsidiary of the AES
Corporation, had its senior secured BRL250 million senior notes
downgraded to Caa1 from B3 (global local currency scale) by
Moody's Investors Service. The rating outlook is negative.

Moody's is concerned about the Company's ability to refinance
upcoming debt maturities in an environment in which new financing
has become more difficult due to the effects of the devaluation
of the Brazilian Real against the dollar.

The Brazilian Real has deteriorated substantially against the US
dollar. AES Sul currently has a US$300-million US dollar
denominated bank loan. The mismatch of its revenues and
liabilities is further exacerbated by the volatility and limited
access to the capital markets. The mismatch stems from a Real
based revenue stream derived from the collection of distribution
tariffs in local currency and the US dollar denominated debt. AES
Sul's near term liquidity position appears strained and is
dependent upon its banks' willingness to extend the maturity of
the US$300 million loan, as well as its ability to restructure
the repayment of the BRL187.5-million debentures.

What also affected the downgrade are the uncertain regulatory
prospects for the recovery of power costs. In a regulatory
ruling, Brazilian regulator ANEEL alleged that Sul could not buy
power from Itaipu and resell it in the wholesale market, thereby
generating wholesale market revenues accrued by Sul in its income
statement in 2001. Total disallowed revenues amount to BRL350
million. AES Sul is challenging ANEEL's decision in court. The
judge has ruled in favor of Sul and ANEEL is expected to appeal
the judge's decision in the Appeals Court. Unless ANEEL's
position is overturned by the courts, Sul faces a write-down of
its accrual for expected collections, and will not collect all or
a portion of the cash related to these accruals.

The negative outlook reflects the uncertainty that the Company
can achieve its on-going refinancing needs or improve its weak
financial performance.

BANCO SUDAMERIS: Stock Purchase Negotiations Collapse
Brazilian bank Itau, Italian bank IntesaBci, and Banque Sudameris
announced Tuesday that they had agreed to terminate the Stock
Purchase Agreement under which they had been negotiating the sale
of 94.58% of the shares of Banco Sudameris Brasil to Itau. The
agreement was terminated, as the parties were unable to agree on
the necessary adjustments to the purchase price; the termination
will not result in penalties for any of the parties to the
original agreement.

Itau began negotiating the acquisition of IntesaBci's Brazilian
franchise Sudameris in May this year. Under the terms of the
original sales agreement, Itau said it would pay the Italians the
adjusted net equity of Sudameris plus a US$925 million (BRL2.2
billion) premium. However, differences over Sudameris' adjusted
equity led the two banks to hire an arbitrator in September.

CONTACT: IntesaBci SpA
         Piazza Paolo Ferrari 10
         20121 Milano
         Tel  +39 02 88 441
         Fax  +39 02 8844 3638
         Contact: Corrado Passera - Chief Executive Officer
                  Giampio Bracchi - Vice Chairman
                  Gianfranco Gutty - Vice Chairman

CELG: Goias Seeks To Renegotiate Debt With Eletrobras
The Brazilian state government of Goias revealed a plan to
renegotiate electricity distributor Companhia Energetica de
Goias' (Celg) short-term debt with federal electricity holding
Centrais Eletricas Brasileiras (Eletrobras). Citing a Celg
spokeswoman, Dow Jones reveals that Celg owes Eletrobras, a
financing agent for Brazil's electricity sector, BRL800 million,
a larger part of which comes due in the next 60 days.

The spokeswoman said that the state government of Goias plans to
renegotiate Celg's debt by seeking to extend maturities with the
federal generator. The move follows a recent decision by the
state to abandon a plan to sell its 49% stake in Celg to
Eletrobras, a deal, which was supposedly part of Goias state's
debt renegotiations with the federal government,

Celg has significant debts with a number of generation companies,
but Eletrobras is its most significant creditor. Goias abandoned
the plan following a valuation that fell short of the state
government's expectations.

Brazilian bank Unibanco Holdings SA's recently released an
analysis for Eletrobras putting Celg's valuation at between BRL44
million and BRL126 million.

"That is way below our expected reference price and much lower
than an evaluation of BRL350 million made by Eletrobras a few
months ago," Goias state governor Marconi Perillo said in a
statement last week.

According to press reports, Celg President Altino Ventura Filho
said the valuation was like a "symbolic price" and the state
wouldn't sell state assets at "banana prices."

          Rua 2 - Qd. A-37 - Edificio Gileno Godoi
          Jardim Goias - Goiania - Goias
          CEP: 74805-180
          Phone:  (0XX62)   243-2222
          Fax:  (0XX62) 243-2100
          Home Page:
          Jose Walter Vazquez Filho,  President
          Phone: (0XX62) 243-1001
          Samuel Albernaz, Administrative Director
          Phone: (0XX62) 243-1031
          Javahe de Lima, Economic-Financial Dir./Investor
          Phone: (0XX62) 243-1041

           Avenida Presidente Vargas 409, 13 Andar
           20071-003 Rio de Janeiro Brazil
           Phone: (21) 2514-5151
           Fax: +55-21-2242-2697
           Home Page:
           Cladio da Silva avila, President
           Jose Alexandre Nogueira de Resende, Director of
                                 Financial and Market Relations

           Investor Relations Division
           Phone: (0XX21) 2514-6207 / 2514-6333
           Av. Presidente Vargas, 409 - 9  andar
           20071-003 - Rio de Janeiro - RJ

CSN: Analysts Expect BRL298.6 Mln Net Loss For 3Q02
Analysts expect Brazilian steelmaker Companhia Siderurgica
Nacional (CSN) to post a net loss Wednesday when it discloses its
third quarter 2002 results. According to estimates of three
analysts polled by Dow Jones Newswires, CSN is expected to post a
net loss of BRL298.6 million, with estimates of the loss ranging
from BRL216 million to BRL430 million. The forecasted figure
would be a contradiction to a BRL606.4-million net profit in the
same three-month period last year.

CSN's operational results this quarter and in the past quarters
have been affected by the weakening of the real. The local
currency slumped about 25% in the July-September period.

With more than 85% of CSN's total debt of BRL7.5 billion linked
to the dollar, the depreciation of the real likely drilled a hole
in the steelmaker's gains, analysts said. Financial expenses'
estimates point to a steep loss of BRL988 million in the third

But while CSN's financial expenses ballooned in the period,
analysts said that the Company's operational results were likely
better than past quarters.

Earnings before interest, tax, depreciation and amortization are
forecast at around BRL500 million, compared with BRL233.1 million
in the same period last year.

Brazil's Pactual equity research sees a better sales-export as a
key positive impact on 3Q operational results. The bank forecast
CSN exported 30% of its total sales, compared with 26% in the
previous quarter and 10% in the same quarter last year.

"As a result of the higher export mix, the 24% depreciation of
the real ... and the increase in commodity prices - slabs export
prices increased 18% - we expect CSN's revenues to reach BRL1.15
billion," the bank said in a research note Tuesday. In the third
quarter of 2001, CSN posted a net revenue of BRL716 million.

The international steel price scenario was also better, helping
push CSN's sales revenues higher. Brazil's Brascan bank said
steel product prices were not only better during 3Q, but exports
by CSN were also higher.

Steel prices surpassed $300 a ton in September, compared with
$190 on average at the end of 2Q, Brascan said. CSN's current
slab production price is a competitive US$100 a ton, analysts

CSN is looking to complete a merger with Anglo-Dutch steel group
Corus in the first quarter of 2003. Both companies are currently
undertaking due diligence on each other's operations. The process
is expected to complete November 17.

The stock-swap deal, which was announced in July, would create a
company with installed capacity of 24Mt/y of crude steel and
annual revenues of US$14 billion. Corus shareholders would hold
62.4% of the enlarged group and CSN shareholders the rest, via a
new Brazilian-listed holding company.

Rumors have surfaced that Corus was considering abandoning the
merger, seen by some as an acquisition of CSN, but as always, CSN
denies the rumors, saying that the operation is proceeding as

Brazil's state development bank BNDES, one of CSN's major
creditors, and regulatory authorities must approve the merger.
Rio de Janeiro-based CSN must also wait for creditor and
regulator approval before initiating a new round of investments.

CONTACT:  Jose Marcos Treiger
          CSN - Investor Relations General Manager
          Tel. +55 21 2586 1442

NET SERVICOS: NasdaqNM Advises ADRs Trading Below Compliance
Net Servicos de Comunicacao S.A. ("Company"), a publicly held
company, with its headquarters located in the City and State of
Sao Paulo, at Rua Verbo Divino n. 1,356, 1st floor, Chacara Santo
Antonio, enrolled under the CNPJ/MF (Tax ID)# 00.108.786/0001-65,
discloses herein, the following relevant notice:

The Company has received a note from The Nasdaq Stock Market,
Inc., "Nasdaq" dated November 4th, 2002, regarding the listing of
ADRs issued by the Company. In the note, Nasdaq informs that, in
the last 30 days, the closing price of NET's ADRs was below US$
1.00, what is a requirement of Listing Rule # 4450(a) (5) of The
Nasdaq National Market. According to Listing Rule #4450 (e) (2),
the Company has 90 days, that is, until February 3rd, 2003 to
resume compliance with such rule. The fulfillment of such
requirement is confirmed when the bid price of the Company's ADRs
remains above US$ 1.00 for at least 10 consecutive trading days.

After the aforementioned deadline, in case the company doesn't
meet such requirement, the Company can transfer its securities to
the Nasdaq SmallCap Market, therefore maintaining its listing at
Nasdaq. Thus, as per the aforementioned reason, there is no risk
of NET's ADRs being delisted from Nasdaq.

Sao Paulo November 12th, 2002
Leonardo P. Gomes Pereira
Investor Relations and Chief Financial Officer
Net Servicos de Comunicacao S.A.


COEUR D' ALENE: Decreases Costs, Reduces Indebtedness In 3Q02

--  Produced a record 3.8 million ounces of silver during the
quarter (up 47% over last year's third quarter)

--  For the first nine months, Coeur produced a record 10.0
million ounces of silver (a 28% increase compared to last year's
first nine months)

--  Achieved consolidated silver cash costs of $2.92 per ounce
during the third quarter, compared to $4.07 per ounce in last
year's third quarter, representing a 28% decline

--  Cerro Bayo produced nearly 900,000 ounces of silver in the
third quarter at a silver cash cost of $0.91 per ounce

--  Reduced total outstanding indebtedness $25 million, or nearly
19%, since June 30, 2002

--  Generated positive exploration results in Chile and Argentina

Dennis E. Wheeler, Chairman and Chief Executive Officer, said,
"Coeur continued its turnaround during the third quarter. Once
again, production increased dramatically, costs decreased
significantly, and our outstanding indebtedness was considerably
reduced. On the exploration front, we continue to discover new
veins at Cerro Bayo in Chile, while recent drill results at
Martha in Argentina continue to return spectacular widths and
grades. Production continued to ramp up at Cerro Bayo and Martha
and we expect increased production and even lower cash costs in
the fourth quarter. In North America, both of our operations
remain on-track to meet and possibly exceed our previous 2002
production estimates. Company-wide, we expect to finish 2002 with
approximately 14.5 million ounces of silver production, 110,000
ounces of gold production, and consolidated silver cash costs of
approximately $3.00 per ounce. Finally, although silver prices
softened during the third quarter, we have seen recent
strengthening in the price for silver and in our share price. We
continue to believe that the fundamentals remain strong and
maintain our positive outlook for silver prices going forward."

Financial Summary

During the third quarter, Coeur d'Alene Mines Corporation
("Coeur" or "the Company") (NYSE: CDE) generated $26.5 million of
revenues, a 55% increase from the third quarter of 2001. For the
first nine months of 2002, Coeur reported revenues of $65.7
million compared to $55.1 million of revenues for the first nine
months of 2001. These increases are mostly attributable to
revenues generated by Cerro Bayo, which began production in April
of this year.

Coeur's mines continued to operate more efficiently during the
third quarter and the first nine months of this year, a trend
that is expected to continue in the fourth quarter and into 2003
as production increases from the low-cost Cerro Bayo and Martha
mines. Cash used in operating activities was $2.3 million during
the third quarter, which represents a significant improvement
compared to the $9.8 million of cash used in operating activities
during last year's third quarter. For the first nine months of
2002, $7.7 million was used in operating activities compared to
$25.7 million during the first nine months of 2001. Coeur
generated $2.8 million of positive net cash flow during the month
of September and the Company expects to generate continued
positive cash flow throughout the remainder of the year.

The Company's balance sheet continues to strengthen. At September
30, 2002, working capital was $38.8 million, while cash, cash
equivalents, and short-term investments totaled $7.4 million.
Shareholders' equity was $52.6 million at the end of the quarter,
up from $26.8 million at December 31, 2001. Total debt at the end
of the third quarter was $103.7 million, down from $145.5 million
at December 31, 2001. During the third quarter of 2002, holders
of $24 million of the Series I and II 13 3/8% Notes voluntarily
converted into 17.7 million shares of common stock, bringing the
Company's total outstanding common shares to 100.3 million at
September 30, 2002.

For the quarter, Coeur reported a net loss of $12.3 million, or
$0.14 per share. This compares to $26.9 million, or $0.62 per
share, of net income during the third quarter of 2001, which
included a $39.2 million gain on the early retirement of debt.
For the first nine months of 2002, Coeur reported a net loss of
$35.1 million, or $0.51 per share, which compares to $15.2
million of reported net income, or $0.37 per share, during the
first nine months of 2001, which included a $48.2 million gain on
the early retirement of debt.

Excluding the 2001 gains on the early retirement of debt, Coeur's
net loss remained consistent with last year's comparable periods.
Increased revenues and lower unit cash costs were off-set by
higher interest expense during this year's third quarter and nine
months of $4.1 million and $6.6 million as a result of make-whole
interest payments made to holders of the Company's 13 3/8% Senior
Notes who voluntarily converted their Notes into equity. The
make-whole interest was paid with common shares.

For the third quarter, Coeur sold its silver at an average price
of $4.65 per ounce compared to an average realized price during
last year's third quarter of $4.26 per ounce. For its gold
production, Coeur realized an average price of $315 per ounce
during the third quarter compared to an average gold price of
$278 per ounce during the same period last year.

Overview of Operations

South America

Cerro Bayo (Chile)

--  881,000 ounces of silver and 15,000 ounces of gold produced
during the third quarter

--  Cash costs of $0.91 per ounce of silver

--  Silver production expected to double and gold production
expected to increase 50% in current quarter; cash costs expected
to decline to $0.65 per ounce of silver

--  New high-grade vein structures intersected during recent
drilling program

--  On track to produce 3.0 million ounces of silver and 44,000
ounces of gold for 2002

During its first full quarter of operations, Cerro Bayo tripled
its silver production and more than doubled its gold production
compared to the second quarter. Cash costs during the quarter
were $0.91 per ounce of silver, down 61% from the second quarter.

Wider than anticipated veins, primarily the Lucero vein, required
expanded stope development during the quarter. As a result,
production levels for the quarter were somewhat lower than
projected. However, production during the fourth quarter and into
early 2003 will increase as these additional ounces are mined. In
addition, Coeur expects silver production to double and gold
production to increase 50% in the fourth quarter while cash costs
are expected to decline a further 30% to $0.65 per ounce of

The Company stepped-up its exploration activities during the
third quarter. Four drill rigs are currently active on the
property and the program has been designed to increase reserves
and resources and improve the Company's geologic understanding of
the highly prospective 5 km wide by 10 km long Cerro Bayo
mineralized zone. While drilling on the Celia vein -- one of the
main sources of new reserves -- Coeur intersected two new veins.
Select values from these intercepts on the new Marta vein located
80 feet west of the Celia vein included 6.6 feet of 36.3 oz/ton
silver and 0.17 oz/ton gold and 4.0 feet of 42.9 oz/ton silver
and 0.39 oz/ton gold. Drilling activities are scheduled to
continue throughout the fourth quarter.

Martha (Argentina)

--  Hauled approximately 1,800 tons of ore to Cerro Bayo
averaging 98 ounces per ton silver during the third quarter

--  Poor weather conditions during third quarter slowed the
transportation of ore to Cerro Bayo for processing

--  Positive exploration results were achieved during the quarter

Coeur began hauling ore from Martha to Cerro Bayo for processing
during the third quarter. However, record rainfall in the region
restricted the amount of ore that was transported. The Company
expects to triple the tons of ore that are shipped to Cerro Bayo
during the fourth quarter.

On November 5, Coeur announced continued exploration success at
Martha. Since commencing a reverse circulation drill program in
August, Coeur has drilled a total of 52 holes totaling
approximately 3,500 meters (11,550 feet). Based on these results,
Coeur has increased the total resource at Martha 24% to 4.0
million silver equivalent ounces with an average grade of 3,800
grams per tonne silver (110 ounces per ton). These new resources
are located immediately adjacent to and below the current
underground workings and should extend Martha's mine life.
Drilling is also delineating additional high grade mineralization
in the eastern part of the Martha mine, which has the potential
to further increase the total amount of resources.

Additional resources are also being delineated along the main
Martha vein at the R-4 prospect located 100 meters (330 feet)
east of the Martha mine. Select values from these reverse
circulation holes include:

--  1.0 meter (3.3 feet) of 11,008 grams per tonne silver
equivalent (322 ounces per ton).

--  11.5 meters (38.0 feet) of 4,165 grams per tonne silver
equivalent (122 ounces per ton). Within this intercept, 6.0
meters (20.0 feet) of 7,273 grams per tonne silver equivalent
(212 ounces per ton) was intersected.

--  20.5 meters (67.0 feet) of 1,067 grams per tonne silver
equivalent (31 ounces per ton). Within this intercept, 3.5 meters
(11.5 feet) of 3,947 grams per tonne silver equivalent (115
ounces per ton) was intersected.

The Company's exploration efforts to date indicate that the main
Martha vein is prospective over a 1,600 meter (5,250 feet) strike
length. Drilling continues on the Martha vein and on the two new
veins that have been identified in the area. Over the coming
weeks, Coeur is confident that nearly all of the current 4.0
million ounces of existing resources will be converted to proven
and probable reserves and that additional mineralized material
will be added.

North America

Rochester Mine (Nevada) -- World's 7th largest silver mine

--  1.7 million ounces of silver and 19,000 ounces of gold
produced during the third quarter

--  4.8 million ounces of silver and 52,400 ounces of gold
produced during the first nine months of 2002

--  Cash costs of $2.83 per ounce of silver during the third
quarter -- a 17% decrease from last year's third quarter

--  Projecting approximately 6.3 million ounces of silver and
65,000 ounces of gold production for 2002 at an average cash cost
of approximately $3.20 per ounce of silver

Rochester's silver production of 1.7 million ounces represented a
16% increase over last year's third quarter. Gold production for
the same period increased 4% compared to last year. The
production increases are primarily due to several process
modifications that were implemented earlier this year.

Preparations for mining the adjacent Nevada Packard deposit are
nearly complete and ore production is commencing this current

Looking ahead to 2003, the Company expects to move its existing
crusher facilities to access additional ounces. Combined with
mining from Nevada Packard, Coeur now expects mining at Rochester
to continue into 2007, at which time residual leaching will

Coeur Silver Valley -- Galena Mine (Idaho) - World's 11th largest
silver mine

--  1.2 million ounces of silver produced during the quarter,
representing a 12% increase from last year's third quarter

--  4.0 million ounces produced during the first nine months of
2002, a 26% increase from the first nine months of 2001

--  Cash costs of $4.54 per ounce during the third quarter - a 9%
decrease from last year's third quarter. Cash costs for the first
nine months of 2002 were $4.20 per ounce compared to $4.64 per
ounce during the first nine months of 2001

--  Projecting 5.2 million ounces of silver production for 2002
at an average cash cost of approximately $4.30 per ounce

Silver Valley remained on track during the third quarter to
achieve record 2002 silver production of 5.2 million ounces.
Production continues to increase and costs continue to decrease
compared to prior periods due to the introduction of mechanized
mining in select areas of the mine earlier this year.

During the third quarter, development work took place in the
"upper country" of the mine to allow the Company to introduce
lower cost long-hole bulk mining in select areas of the mine next


Coeur does not currently have any of its silver production
hedged. The Company currently has 30,000 ounces of gold sold
forward over the next 15 months at an average price of $324 per

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

To see financial statements:

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


* WB Argentina Decision Threatens Colombia's Planned Bond Sale
Lack of investor confidence on repayment guarantees triggered by
the World Bank's decision to postpone Argentina's payment
deadlines on a bond guarantee may cause Colombia's planned bond
issue to falter, despite having strong backing. A report from
Bloomberg's Tuesday edition revealed Colombia plans to sell US$1
billion worth of bonds, guaranteed by the Inter-American
Development Bank.

J.P. Morgan Chase & Co. analyst Martin Anidjar said the World
Bank decision has caused "severe damage to the prospects for use
of multilateral guarantees as sovereign credit enhancements".

He added that it also reduces the International Monetary Fund and
other government-backed lenders to use guarantees to restructure
the debts of nations in default.

Other country's proposed bond sales were affected by the
Argentine payment deadline extension. Negative results ensued for
the sale of Peru's US$500 million in bonds backed by the Andean
Development Corporation and Philippine bonds backed by the Asian
Development Bank. Governments rely on the development bank
guarantees to cut borrowing costs as capital flow to poor nations

Colombia's director of public credit Carlos Alberto Rodriguez
said that the country and the IDB are working on a bond
guarantee. He added that the soonest possible time for the sale
to take place would be next year.

Rodriguez said that the country will continue consulting with
private creditors about the bond. The proposed sale would be the
biggest by an emerging market country since Mexico sold $1.75
billion in 20- year notes on Sept. 17.

The country is also in talks with the Andean Development Bank to
guarantee a US$280 million syndicated loan.


MEXICAN COMPANIES: Fitch Urges Deadline Extensions For Liquidity
Fitch Mexico, in a report from Notimex, recommend that local
companies extend their debt deadlines in an effort to maintain
high current liquidity. The regional companies are threatened by
global financial instability and the possibility of armed
conflict in Iraq.

The report quoted Fitch saying, "it is important for companies to
extend the profile of the debt expirations as much as possible
and procure adequate liquidity."

Fitch noted that a possible conflict in Iraq may trigger drops in
the international stock markets. The agency cited the lack of
clarity in the progress of the structural reforms in Mexico and
the economic slowdown in the United States as more reasons to
maintain high liquidity and postpone debt deadlines.

The report indicates that the Business Financial Risk Index
(IRFE) had registered a slight decrease during the third quarter
of this year, adding to the declining trend throughout the last
year. The IRFE reached 80.9 points at the end of September, a
decline of 15.6% year-on-year.

SATMEX: Reports Lower 3Q02 Results
Mexico City, November 11, 2002. Satelites Mexicanos, S.A. de C.V.
("Satmex") announced its financial results for the quarter ended
September 30, 2002, posting revenue of $19.4 million, and EBITDA
(earnings before interest, taxes, depreciation and amortization)
of $10.6 million, a 55% EBITDA margin.

Third Quarter Highlights
- Third quarter bookings of $ 10.6 million
- Backlog of $349.6 million at September 30, 2002
- Weighted average contract life of 4.8 years
- $18 million prepayment of Senior Secured Notes

Financial Results for the Period Ended September 30, 2002


Revenue for the third quarter of 2002 was $19.4 million, as
compared to $30.9 million for the same quarter in 2001. The year
over year decrease is due mainly to lower capacity utilization of
Solidaridad 2 caused by contract cancellations and nonrenewals.

The capacity utilization as of 3Q-02 was 70%, as compared to 71%
for 2Q-02 and 87% for 3Q-01. The transponder lease for Satmex's
largest customer, Innova, ended on March 31, 2002. Innova
represented approximately 19% of service revenue for the quarter
ended June 30, 2001 and accounts for approximately half of the
decline in revenue.

Operating Expenses and Profitability

Cash operating expenses (total operating expenses excluding
depreciation and amortization) decreased 23% to $8.8 million in
the third quarter of 2002, compared to $11.5 million during the
third quarter a year ago.

- Satellite operating costs, which consist primarily of satellite
insurance and personnel costs related to the operation of the
satellites, were $3.7 million for the third quarter of 2002, a
24% decrease compared to $4.9 million in the same quarter of last

- Selling and administrative expenses in the third quarter of
2002 decreased 17% to $4.8 million, from $5.8 million in the same
quarter last year. The decrease was primarily due to planned
expense and personnel reductions.

EBITDA was $10.6 million (margin 55%) in the third quarter of
2002, as compared to $19.4 million (margin 63%) during the third
quarter last year. Depreciation and amortization expense was
$11.8 million in each quarter.

Liquidity and Capital Resources

At September 30, 2002, Satmex had cash and cash equivalents of
$4.8 million, as well as $24.5 million of restricted and
segregated cash of which $16.9 million is available for debt
service on the senior secured notes and revolving credit facility
and $7.6 million is available to fund the construction and launch
of Satmex 6. On September 30, 2002, Satmex prepaid $18 million of
its Senior Secured Notes.

Currently $204.6 million is outstanding under this facility. The
$15.8 million revolving credit facility is undrawn.

Capital expenditures for the first nine months of 2002 were
$115.3 million, which included $112.2 million for the
construction of Satmex 6 and $2.9 million for capital
expenditures not related to Satmex 6. In the first nine months of
2002, $107.0 million of the cost of Satmex 6 was funded through
the use of the restricted and segregated cash account. Capital
expenditures are expected to be in the $120 -130 million range
for all of 2002, primarily to fund the construction and launch of
Satmex 6.

At September 30, 2002, Satmex had total debt of $524.6 million.
At September 30, 2002, Satmex was in compliance with all
covenants governing its debt agreements.

About Satmex

Satmex, the leading Mexican satellite operator in the Americas,
owns and operates a satellite system through which it offers
broadcast, telephone and telecommunications services to 39
countries in the region. The Satmex fleet also helps develop
rural areas by offering distance learning and rural telephony
services. And, through its
business partners in the NAFTA region and Latin America, Satmex
provides highspeed connectivity to ISPs and Digital Broadcast
Services (DBS), thus contributing to the integration of Latin
America with the rest of the Continent. Satmex is ISO 9001

Satmex is a member of the Loral Global Alliance and offers its
customers the advantages of a worldwide network of satellite
capacity, providing global satellite solutions to the needs and
requirements of the Americas.

About Principia

Principia is a leading Mexican telecommunications company that is
majority owned by certain members of the Autrey family and Mr.
Lauro Gonzalez. In 1997, Principia and Loral Space &
Communications were selected to acquire 75 percent of Satmex in
connection with the privatization of Mexico's fixed satellite

About Loral

Loral Space & Communications is a high technology company that
concentrates primarily on satellite-based services and satellite
manufacturing, including broadcast transponder leasing and value
added services, domestic and international corporate data
networks, broadband data transmission and Internet services.

CONTACTS:  Kristi King Etchberger: + (52) 55 5201-0804 (Satmex)
           Tony Doumlele: (212) 338-5214 (Loral)


FERTINITRO FINANCE: Fitch Cuts Ratings to 'CCC'
Fitch Ratings lowered the rating of FertiNitro Finance Inc.'s
(FertiNitro) US$250 million 8.29% secured bonds due 2020 to 'CCC'
from 'B-'. The rating remains on Rating Watch Negative.

The rating action reflects FertiNitro's escalating financial
deterioration, resulting in heightened dependence on external
liquidity sources to address the project's immediate cash needs.
The combination of lower-than-expected production levels, weaker-
than-projected fertilizer prices, and a higher level of senior
debt has contributed to FertiNitro's distressed liquidity
position and limited debt service capacity. While the project has
been generating sufficient cashflow to cover fixed operating
expenses on a monthly basis, FertiNitro will require external
liquidity to fully cover its US$44 million debt service payment
in April 2003, funds of up to US$10 million to finance capital
expenditures related to critical repairs, and up to an additional
US$15 million to cover costs associated with the extended outage
for the repairs. FertiNitro views these critical repairs to be
necessary to enhance the plant's ability to operate at production
levels closer to its nameplate capacity on an ongoing basis.
Furthermore, management believes that the costs related to the
critical repairs should be covered under the EPC Contractor's
warranty obligations. Currently, the warranty-related capital
costs are under dispute with the EPC Contractor and,if
negotiations are unsuccessful, could result in arbitration.

While FertiNitro achieved completion earlier this year, due to
subsequent problems, the plant has not yet demonstrated its
ability to consistently perform at steady-state production levels
close to nameplate capacity. From January through October 2002,
ammonia and urea production averaged 73% and 59%, respectively,
of base case projections. It is uncertain whether FertiNitro will
be able to sustain more normal production levels absent the
critical repairs that are needed by early 2003.

Fitch believes FertiNitro's ability to obtain external funds in
the next several weeks to address its distressed liquidity
position is crucial. Although FertiNitro made its October debt
service as scheduled, the project has now exhausted most of its
presently committed available funds. These liquidity sources
include the debt service reserve account that was used earlier
this year for the April 2002 debt service, and the US$20 million
contractual sponsor equity support facility, which was recently
used for the October 2002 debt service payment. Although the
US$60 million debt service reserve facility is still available,
Fitch believes this source is not a viable alternative to
FertiNitro's current liquidity needs, given its upcoming
expiration at the end of April 2003. As a result, FertiNitro's
ability to obtain additional external liquidity will dictate the
likelihood of the project's ability to avoid default on its debt
obligations. Both the sponsors and lenders are currently
evaluating FertiNitro's situation to determine the feasibility of
providing additional capital injections.

The Rating Watch Negative status reflects the uncertainty of
FertiNitro's ability to formally resolve its immediate liquidity
needs over the coming weeks either through additional sponsor
financial support or negotiations with the lenders to address
FertiNitro's immediate short-term liquidity needs.

Fertilizantes Nitrogenados de Venezuela, FertiNitro, C.E.C. (the
Project) is a US$1.1 billion fertilizer plant with projected
annual production capacity of 1.3 million mt of ammonia and 1.5
million mt of urea. Timely debt repayment to lenders and
bondholders relies on FertiNitro's ability to generate revenues
from producing ammonia and urea products for export into the
international markets. While the project has long-term offtake
contracts with an affiliate of Koch Nitrogen Company and
ISPL/Pequiven for the plant's production volumes, bondholders are
fully exposed to the volatility of international fertilizer

FertiNitro is owned 35% by a Koch Industries, Inc. subsidiary,
35% by Petroquimica de Venezuela, S.A. (Pequiven), a wholly owned
subsidiary of Petroleos de Venezuela S.A. (PDVSA), 20% by a
Snamprogetti S.p.A. subsidiary, and 10% by a Cerveceria Polar,
C.A. (Polar) subsidiary.

CONTACT:  Fitch Ratings
          Caren Y. Chang, 312/368-3151
          John W. Kunkle, CFA, 312/606-2329
          Joy Guttschow, 312/368-3140
          Alejandro Bertuol, 212/908-0393
          James Jockle, 212/908-0547 (Media Relations)


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 Oona G. Oyangoren, 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 * * *