/raid1/www/Hosts/bankrupt/TCRLA_Public/021119.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

           Tuesday, November 19, 2002, Vol. 3, Issue 229

                           Headlines



A R G E N T I N A

AOL LATIN AMERICA: Parent Expects Lengthy Probe, May Book Charge
AT&T LATIN AMERICA: Warns of Bankruptcy If Restructuring Fails
CORMINE: Andacollo Liquidation Nears Completion
REPSOL-YPF: Increases Bandurria Exploration Stake


B E R M U D A

SEA CONTAINERS: Company Profile


B O L I V I A

HUANUNI: Seeks New Partner After RBG JV Dissolves


B R A Z I L


BEC: Central Bank Delays Sale To Dec. 9 On Bidding Issues
LIGHT: Narrows Net Loss In First 9 Months of 2002
UOL: Currency Trouble, Advertising Slump Widen 9-Month Loss
USIMINAS: Net Loss Balloons In The 3Q02 Over Devaluation


C H I L E

AES GENER: Totihue Project Mired In Environmental Issues
CAP: Reverses Last Year's Losses
ENERSIS: Expects Supreme Court Decision After New Year
NII HOLDINGS: Analyzes Future of Chilean Unit


C O L O M B I A

GILAT: Finalizes Details of Debt Restructuring Plan
GILAT: Gets $65M Colombian Project
SEVEN SEAS: Delays Filing 3Q02 Results Over Accounting Issues
* Colombia: $3B World Bank Aid Package In Place


M E X I C O

ALESTRA: Misses Interest Payments
BITAL: HSBC Expects 90% of Shareholders To Accept Offer
GRUPO MEXICO: Bank Consortium OK's Asarco Revolver Concessions
GRUPO MEXICO: Production At San Luis Plant Resumes


T R I N I D A D   &   T O B A G O


BWIA: Challenges Airport Authority Debt Claim


U R U G U A Y

URUGUAYAN BANKS: Uruguay Braces For Delayed IMF Aid


   - - - - - - - - - - -


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

AOL LATIN AMERICA: Parent Expects Lengthy Probe, May Book Charge
----------------------------------------------------------------
AOL Time Warner Incorporated said on Thursday in a regulatory
filing that it expects the investigation of the accounting
practices of AOL Latin America, one of its units, to continue
into next year. A report from Reuters Friday indicated that the
Company may also take a noncash charge in the decline in the
value of its investments, including its Latin American unit,
which amounts to US$733 million this year.

Findings of an internal review of the Company prompted it to
restate its results for two years.

AOL's loss before interest, taxes, depreciation and amortization
has widened this year due to added expenses on legal and
professional services it needed.

AOL Latin America had posted a narrower loss for the third
quarter of this year, but revenues declined due to the currency
devaluation and an advertising slump.

AOL Time Warner executives added they do not expect any write-off
to affect the Company's liquidity or cause it violate debt
covenants.

A sharp slowdown in America Online and lowered growth projections
caused AOL's stock to fall by nearly 70 percent since AOL
acquired Time Warner, according to the report.

AOL Time Warner shares went up 8 cents to US$15.30 at the New
York Stock Exchange trade closing.

AOL Latin America closed at 53 cents on Nasdaq.

CONTACT:  AOL TIME WARNER INC.
          Head Office
          75 Rockefeller Plaza
          New York
          NEW YORK
          United States
          10019
          Tel  +1 212 484-8000
          Web  http://www.aoltimewarner.com
          Contacts:
          Stephen M. Chase, Chairman
          Richard D. Parsons, Chief Executive Officer



AT&T LATIN AMERICA: Warns of Bankruptcy If Restructuring Fails
--------------------------------------------------------------
AT&T Latin America Corp. (Nasdaq: ATTL), a facilities-based
provider of integrated business communications services and
solutions in five Latin American countries, reported continued
improvements in EBITDA loss and gross margin for the fifth
consecutive quarter.

EBITDA loss totaled $10.8 million, a 57.0 percent improvement
compared to the year-ago period and better by 18.4 percent versus
the second quarter. Gross margin reached 38.9 percent compared to
18.7 percent for the year-ago period and 36.9 percent for the
second quarter. These improvements were mainly due to lower
leased line expenses in Brazil, lower domestic and international
leased capacity expenses in Chile and Peru, a continued shift to
higher-margin customers and services, and lower employee-related
expenses due to headcount reductions.

Consolidated revenue for the quarter totaled $39.9 million, a 1.7
percent increase from the same period in 2001 and a 4.9 percent
decline from second quarter 2002. Consolidated data/Internet
services revenue increased 10.3 percent compared to the year-ago
period to $24.7 million. Compared to the second quarter,
consolidated data/Internet services revenue dropped 9.1 percent
due primarily to foreign currency fluctuations. Voice services
revenue totaled $15.2 million, a 9.8 percent decline compared to
the year-ago period and a 2.8 percent increase compared to the
second quarter. On a constant currency basis, consolidated
revenue would have increased 26.8 percent year over year, and 3.9
percent quarter over quarter.

The company previously announced an anticipated funding gap
commencing in the fourth quarter and running through 2003 of up
to approximately $40 million, assuming continued access to its
senior secured vendor financing facility. The company also
reported that it is now out of compliance with third-quarter
revenue targets under terms of its senior secured vendor
financing facilities and expects to be out of compliance with
other targets under those facilities by year end. The company
said it expects to retain a financial advisor shortly to help it
in connection with measures to address the funding gap and to
review strategic options.

The company said it has implemented a company-wide cash
conservation plan. These measures include the acceleration of
headcount reduction planned in connection with its
regionalization project, the reduction or elimination of
discretionary spending, redirection of sales efforts to pursue
new opportunities that do not require significant new investments
and renegotiating arrangements with certain suppliers.

The company also said it will need to defer near-term obligations
to creditors, restructure its debt and obtain additional third
party financing to address the funding gap. It has initiated
discussions with key creditors regarding a restructuring of its
debt. The company said if these discussions are unsuccessful, it
would likely need to seek protection from creditors under U.S.
bankruptcy law and/or the laws of the countries in which it
operates, potentially during the fourth quarter. Other
alternatives include the sale of the company or a portion of its
assets.

"We are seeking to address our liquidity gap by comprehensively
restructuring the business," said Patricio Northland, president
and CEO of AT&T Latin America. "We plan to redesign our business
to be cash-flow positive as soon as possible while maintaining
tough cash-preservation measures throughout our operations. In
addition, we'll soon announce the hiring of a financial advisor
to guide us on the best way to improve our capital structure.
We're also focused on continuity of service for our customers --
which is one of our top priorities. Finally, we've had
preliminary discussions with a select group of investors
regarding a possible acquisition of all or portions of our assets
-- subject to a significant restructuring of our capital
structure."

FINANCIAL AND OPERATIONAL ACHIEVEMENTS

The company has connected more than 7,300 corporate buildings to
its advanced ATM/IP fiber optic network and has nearly 40,000
corporate offices on-net. It has activated more than 20,000
data/Internet ports serving over 5,300 business customers and
continues to expand its service portfolio, which includes local
telephony and long distance, data/Internet, web hosting and value
added services.

The company continues to enjoy success in serving the financial
sector, particularly in Brazil, Colombia and Peru, where nearly
all financial institutions are connected to the company's secure
backbone. The company also provides services to almost 800
multinational corporations, out of a total of approximately 3,300
MNCs with operations in the region.

Overall gross margin improved to 38.9 percent in the third
quarter compared to 18.7 percent in the year-ago period and 36.9
percent in the second quarter. This has been achieved through a
combination of targeting more profitable customer segments,
improving operational costs of services, renegotiating third
party supplier arrangements and reduction of headcount, while at
the same time retaining a high level of service quality. The
company is also using alternative arrangements to acquire and
install customer premise equipment, maintaining installation
deadlines while reducing cash and financing requirements to
support growth and customer commitments.

A regionalization plan is underway designed to improve the
company's efficiencies by centralizing back office and other
operations, reducing redundancies, cutting costs while improving
service.

At the country level, the company also has achieved several
operational improvements. Argentina, the smallest operation, with
less than 500 corporate buildings on-net, continues to deliver
revenue growth in data/Internet services, driven by customer wins
in the multinational sector. Today, nearly 90 MNC accounts
complement additions of new high-profile domestic accounts. Voice
revenue declined in Argentina, as a result of regulatory price
controls and existing long-term contracts with incumbents, both
of which hurt the company's ability to offer these services on a
profitable basis. The company believes that such controls are
likely to be removed as Argentina proceeds with its economic
plan.

In Brazil, the company's largest market, the company has secured
a license for local voice service and expects to obtain approval
shortly for a license to provide long distance voice services.
These licenses will allow the company to compete for a broader
base of business customers and will complement the company's
data/Internet offerings. The company believes these licenses will
enable it to increase its share of wallet for its existing 1,000
corporate customers in Brazil, while at the same time giving the
company the ability to increase market share among 14,000 other
potential customers that operate in buildings connected to its
network.

Chile continues its efforts to shift from a focus on wholesale
voice services to corporate data/Internet services. While Chilean
operations continue to experience significant competitive
pressure from well-established incumbents. The company provides
services to nearly 48 percent of on-net customers. Data/Internet
revenue growth was relatively flat quarter over quarter due to
competitive pressures. Voice revenue, both retail and wholesale,
declined because of the company's decision to de-emphasize low-
margin services, including wholesale voice services. Compared to
the second quarter, there was a 4 percent increase in buildings
connected, a 2 percent rise in ports in service, a 3 percent
increase in active PVCs, and a 5 percent increase in
data/Internet customers. Revenue from MNCs grew 11.9 percent in
Chile compared to the second quarter.

In Colombia, revenue from MNCs grew 1.9 percent compared to the
second quarter, while cost of revenue declined 4 percent compared
to the same period due to lower interconnection fees. SG&A also
dropped, largely due to reductions in employee headcount. For the
second consecutive quarter, Colombia showed positive EBITDA of
$599,000 for the quarter compared to $10,000 in the second
quarter, mainly due to lower SG&A expenses. Major indicators all
improved: the number of buildings connected grew 5 percent,
active PVCs grew 4 percent and the number of data/Internet
customers grew 8 percent compared to the second quarter.

In Peru, the company is the second largest carrier overall, and
leading provider of data/Internet services to business customers.
The company operates an extensive fiber based network in Lima,
and today has succeeded in penetrating almost 20 percent of
business customers in Peru. In 2002, the company introduced local
telephony services, resulting in a nearly 100 percent revenue
growth in that product in less than 12 months.

Third Quarter 2002 Review

Consolidated Revenue

Consolidated revenue totaled $39.9 million, a 1.7 percent
increase compared to the year-ago period and a 4.9 percent
decline versus the second quarter. Growth compared to the year-
ago period was mainly due to an increase in the number of
customers and the number of ports in service, which reflected
increased selling of services to both existing and new customers.
Revenue increases were offset by lower voice-wholesale revenue in
Chile and the translation effect of the weakening of the
Argentine peso and the Brazilian real against the U.S. dollar.
Primary revenue contributors were Brazil with $11.4 million or
28.6 percent of consolidated revenue; Peru with $10.9 million or
27.3 percent; and Chile with $7.9 million or 19.9 percent. On a
constant currency basis, consolidated revenue increased 26.8
percent year over year and 3.9 percent quarter over quarter.

Strategic accounts revenue, including multinationals, large
national accounts, carriers and ISPs, totaled $21.6 million, a
110.3 percent increase year over year and 3.9 percent decrease
quarter over quarter. Strategic accounts represented 54.2 percent
of third quarter consolidated revenue compared to 26.2 percent in
the year-ago period and 53.7 percent in the second quarter.
During the quarter, Brazil (39.0 percent) and Colombia (20.8
percent) were the largest country revenue contributors in the
strategic accounts segment.

Consolidated data/Internet services revenue totaled $24.7
million, a 10.3 percent increase year over year and a 9.1 percent
decrease versus the second quarter. The increase compared to the
year-ago period was largely due to increased demand from existing
business customers and growth in the customer base. On a constant
currency basis, data/Internet services revenue increased 35.7
percent year over year and 1.1 percent quarter over quarter.
Data/Internet services accounted for 61.8 percent of revenue
during the quarter.

Consolidated voice services revenue totaled $15.2 million, a 9.8
percent decline compared to the same period last year and a 2.8
percent increase versus the second quarter. The decrease compared
to the year-ago period was mainly due to lower voice-wholesale
revenue in Chile and the translation effect of the weakening of
foreign currency exchange rates versus the U.S. dollar in
Argentina. On a constant currency basis, voice services revenue
increased 14.9 percent year over year and 9.1 percent quarter
over quarter.

Consolidated Operating Expenses

Consolidated cost of revenue totaled $24.4 million, a 23.6
percent decrease year over year and a 7.9 percent decrease
compared to the second quarter. The year over year decrease was
mainly due to lower leased lines in Brazil as a result of new
supplier agreements, lower labor costs from headcount reductions,
as well as lower reported cost of revenue in Argentina and Brazil
due to the translation effect of the weakening of their local
currencies compared to the U.S. dollar. Consolidated cost of
revenue as a percent of consolidated revenue reached 61.1
percent, compared to 81.3 percent in the year-ago period and 63.1
percent versus the second quarter. On a constant currency basis,
cost of revenue would have decreased 0.3 percent quarter over
quarter. Consolidated gross profit was $15.5 million, a 111.3
percent increase year over year and relatively flat compared to
the second quarter. Consolidated gross margin improved to 38.9
percent, the fifth consecutive quarterly improvement compared to
18.7 percent in the year-ago period and 36.9 percent in the
second quarter.

Consolidated SG&A expenses totaled $26.3 million, a 18.8 percent
decrease compared to the same period last year and a 8.3 percent
decrease compared to the second quarter. The decrease compared to
the year-ago period was primarily due to the translation effect
of the weakening of the Argentine peso and Brazilian real
compared to the U.S. dollar and lower headcount. The company said
it expects SG&A expenses to continue to be reduced as a result of
cost-cutting initiatives. As a percent of revenue, consolidated
SG&A expenses were 65.9 percent versus 82.6 percent in the same
period last year and 68.4 percent in the second quarter.

Consolidated EBITDA loss improved for the fifth consecutive
quarter, totaling $10.8 million, a 57.0 percent improvement year
over year and a 18.4 percent improvement compared to the second
quarter. The year over year improvement was largely due to lower
transport costs, lower fees for licensing and rights of way,
lower employee-related expenses due to headcount reductions, as
well as lower third-party contracted services. Consolidated
EBITDA margin reached -27.0 percent, compared to -63.8 percent in
the year-ago period and -31.5 percent in the second quarter.

Depreciation and amortization totaled $43.6 million, a 72.8
percent increase compared to the year-ago period and 73.2 percent
increase versus the second quarter. The increase compared to the
year-ago period was attributed to incremental depreciation of
about $25.3 million on certain non-core assets and excess
property and equipment not deployed on our country operations,
offset by the adoption of SFAS 142, under which the company no
longer amortizes goodwill but instead reviews it annually for
impairment - or more frequently if impairment indicators arise.

Goodwill Impairment. As a result of SFAS 142, the company
recorded a transitional impairment loss of $267.8 million as of
January 1, 2002. Also, during the third quarter, an additional
impairment of $413.5 million has been recorded. Based on a review
of the company's business plan, cash flow and liquidity position,
market capitalization based on the trading price of the company's
shares of Class A common stock as of the valuation date and
economic conditions in the five countries in which AT&T Latin
America operates, the company assessed the value of its goodwill
and recorded an impairment.

Interest expense totaled $35.5 million, a 64.9 percent increase
compared to the year-ago period and a 9.3 percent increase
compared to the second quarter. The increase compared to the
year-ago period was mainly due to higher debt outstanding and
higher interest rates on AT&T Corp. financing facilities,
partially offset by lower interest rates on the senior secured
vendor financing. Non-cash interest represented 85.1 percent out
of total interest expense during the third quarter given the
current terms of the AT&T Corp. and the vendor financing
facilities.

Other expense, net totaled $28.8 million, a 252.7 percent
increase over the year-ago period and a 16.6 percent reduction
compared to the second quarter. During the third quarter, the
company discontinued cash flow hedge accounting for certain
forward contracts, resulting in a charge to other expenses of
$29.3 million, offset by unrealized gains on certain other
undesignated forward contracts.

Net loss totaled $532.3 million compared to a loss of $79.7
million in the same period last year and a loss of $103.3 million
in the second quarter. The year over year increase in net loss
was mainly due to the impairment loss on goodwill of $413.5
million, which is a non-cash in nature. Excluding the impairment
loss on goodwill, net loss for the quarter would have totaled
$118.8 million, a 49.1 percent increase versus the year-ago
period.

Net loss per share amounted to $4.48 compared to $0.69 year over
year and $0.87 in the second quarter. Excluding the impairment
loss on goodwill, net loss per share would have been $1.00 in the
third quarter.

Total Debt and Capital Expenditures

Total debt amounted to $849.1 million as of September 30, 2002
versus $662.1 million as of December 31, 2001. As of September
30, 2002, total debt extended by AT&T Corp. consisted of $603.9
million and amounts outstanding under our senior secured vendor
financing totaled $162.4 million. Additionally, $47.6 million is
related to other bank facilities and $35.2 million to other
vendor notes. As noted, the company is out of compliance with the
minimum revenue target for the third quarter under its senior
secured vendor facilities and expects to be out of compliance
with other covenants by year-end. As a result, the vendors are
entitled to accelerate all outstanding amounts under the
facilities and to commence foreclosure proceedings on the
company's assets, including on the shares of its operating
companies. The company is also in default under certain other
facilities, which would entitle the lenders to seek remedies. If
the creditors were to pursue available remedies, the company
would likely need to seek protection from its creditors under
U.S. bankruptcy laws and/or under the laws of the countries in
which it operates, potentially during the fourth quarter.

Capital expenditures totaled $9.3 million, a 82.0 percent decline
from the same period last year and a 27.1 percent decline
compared to the second quarter. Capital expenditures allocation
by country included $2.9 million or 30.9 percent in Brazil, $2.0
million or 21.8 percent in Peru, and $1.8 million or 19.2 percent
in Chile. Capital expenditures remained decreasing as the company
continues to maximize the utilization of its existing
infrastructure.

Guidance

The company expects full-year revenue to fall in the range of
$160-$170 million and EBITDA losses to amount to between $44 and
$48 million. Capex will be substantially lower than previous
guidance of $60-$70 million, based in part on assumptions of the
company's inability to access its senior secured vendor financing
in the near term, and lower than anticipated growth and a more
austere build-out plan.

To see financial statements: http://bankrupt.com/misc/AT&T.htm

CONTACT:  Media Relations
          Jim McGann
          +1-202-689-6337
          james.mcgann@attla.com

          Lydia Rodriguez
          +1-202-689-6323
          lydia.rodriguez@attla.com

          Investor Relations
          Catherine Castro
          +1-202-689-6336
          catherine.castro@attla.com
          URL: http://www.attla.com


CORMINE: Andacollo Liquidation Nears Completion
-----------------------------------------------
Operations at the Andacollo Gold plant in Argentina's Neuquen
province are back on course signaling that the liquidation of
provincial mining company Cormine is about to close, suggests
Business News Americas.

"Everything is proceeding in accordance with the program
established," Cormine liquidator Hector Agostino said, adding the
strategy was to have Andacollo Gold returned to the provincial
government at full capacity.

The plant recommenced processing between 100t and 200t/d and it
is estimated that by January throughput of 500t/d is expected.

"I calculate that before year-end we should have the first batch
[of gold] through," Agostino said.

Andacollo Gold was set up as a cooperative in 1995 when the
provincial government handed over the Erica and Sofia gold mines
to 50 former Cormine employees. The plan, part of a program to
offload state assets, was expected to produce 2t of gold in seven
years, but never reached commercial operations.

In August of 2001, Andacollo Gold and the Neuquen government
signed an agreement under which the province pledged financial
assistance and to provide the Company with energy at a
preferential price. In return, Andacollo Gold pledged to use
local labor and to install, within nine months, a smelter.

Andacollo Gold now holds the concessions to Erica, Sofia, Julia,
Rosario and El Peludo mines. The company's headquarters have been
in Neuquen since December 1998, when it started mining the gold
veins with initial investment of US$2.5 million

Cormine has 107 mining properties, which are due to be sold off
before the company is formally dissolved. Buenos Aires-based
consultants Mabromata y Asociados is managing the Company's
liquidation.

CONTACTS:  Corporacion Minera del Neuquen (Cormine)
           Dr. Miguel Angel Bruna, President
           LuisMonti339
           (8340)Zapala - Neuquen
           Argentina
           Tel. 54-299-430063





REPSOL-YPF: Increases Bandurria Exploration Stake
-------------------------------------------------
Spanish-Argentine oil group Repsol-YPF bought French oil company
TotalFinaElf's stake in the Bandurria exploration block in
Argentina's Neuquen province, Business News Americas reports.
As a result, Repsol-YPF now owns 37.5% of Bandurria, Germany's
Wintershall owns 37.5% and Argentina's Pan American Energy owns
25%.

TotalFinaElf, which held the stake in Bandurria through local
subsidiary Total Austral, decided to withdraw from the consortium
on concern that exploration drilling in Bandurria would not be
profitable with gas prices frozen at US$0.35 per million BTU and
the government still dragging its heels on energy rates
increases.

According to newspaper Infobae, Repsol still has no immediate
plans to start drilling on the block but it hopes to find
reserves to match or exceed those of its adjacent Loma de La Lata
block, which has some six trillion cubic feet of reserves and 480
production wells.

CONTACT: Repsol YPF SA
         Head Office
         Paseo de la Castellana 278
         28046 Madrid
         Spain
         Tel  +34 91 348 81 00
         Fax  +34 91 348 28 21
         Telex  48162 RESOLE
         Web  http://www.repsol.com/
         Contacts:
         Alfonso Cortina de Alcocer, Chairman
         Jose Vilarasu Salat, Vice Chairman
         Antonio Hernandez, Vice Chairman



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

SEA CONTAINERS: Company Profile
-------------------------------
NAME: Sea Containers Ltd
      41 Cedar Avenue
      P.O. Box HM 1179
      Hamilton HM EX
      Bermuda

PHONE: + 1 (441) 295 2244

FAX: + 1 (441) 292 8666

EMAIL: investorinfo@seacontainers.com

WEBSITE: www.seacontainers.com

EXECUTIVES: Daniel J. O'Sullivan, Senior Vice President, CFO
            David G. Benson, Senior VP - Passenger Transport
            Simon M.C. Sherwood, Pres - Orient-Express Hotels
            Robert S. Ward, Senior VP - Containers
            Angus R. Frew, VP, Containers
            James A. Beveridge, VP - Administration and
                                      Property
            Christopher W.M. Garnett, VP - Rail
            Guy N. Sanders, VP - Funding
            James G. Struthers, VP - Controller

NUMBER OF EMPLOYEES: 10,600 (last reported count)

TYPE OF BUSINESS: Sea Containers Ltd. is a Bermuda registered
company with regional operating offices in London, Genoa, New
York City, Rio de Janeiro, Singapore and Sydney. The company is
owned almost entirely by U.S. shareholders and its primary
listing is in the New York Stock Exchange. The company is engaged
in three main businesses: passenger transport, leisure and marine
container leasing.

TRIGGER EVENT: Although it registered a higher third quarter net
income of US$17.9 million, or 84 cents per share, from a net
income of $6.6 million, or 35 cents per share in the same-year
ago period, Sea Containers Ltd. said it would have to sell assets
to meet heavy debt payments. The company said it is facing heavy
debt repayments in 2003, including $158 million of senior notes
falling due on July 1. The company said it had intended to sell
part of its stake in Orient-Express Hotels Ltd. to meet this
obligation but that company's share price has declined since May
to about $13 from $20, making the planned sale of $100 million
worth of shares unattractive.

SIC:  WATER TRANSPORTATION [4400]

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

Last TCRLA Headline: Monday, November 18, 2002, Vol. 3, Issue 228



=============
B O L I V I A
=============

HUANUNI: Seeks New Partner After RBG JV Dissolves
-------------------------------------------------
Bolivia's state mining authority Comibol is in the market for a
private sector partner for its Huanuni tin mine after it formally
rescinded its joint venture contract with RBG Resources last
week, relates Business News Americas. Comibol nullified the
former joint venture agreement with RBG due to the UK-based
company's failure to comply with several clauses of the contract.

According to a Comibol spokesperson, the state entity is now in
talks with workers. The idea is to reach an agreement whereby
Comibol would manage the mine for a certain period, and
strengthen the operation financially before a new partner is
sought, the spokesperson said.

In the meantime, the government is guaranteeing Huanuni miners,
who reportedly want Comibol to hold on to the property, will be
paid and operations will continue.

Allied Deals, as RBG was known at the time, took over Huanuni
under the joint venture contract with Comibol in April 2000. The
same company bought the Vinto tin smelter, which is supplied by
the mine, from Comibol for US$14.7 million and a pledge to invest
US$14 million.

But RBG went belly-up after becoming embroiled in a US$600-
million fraud scandal. The court-appointed liquidator obliged it
to sell Vinto to Bolivian mining company Comsur and the UK
government's Commonwealth Development Corporation in June this
year for US$6 million.

CONTACT:  EMPRESA METALURGICA VINTO
          (Vinto Foundry Company)
          Superintendente de Adquisiciones
          Casilla 612
          Oruro
          Phone: 5273091
          Fax: 5278024


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


BEC: Central Bank Delays Sale To Dec. 9 On Bidding Issues
---------------------------------------------------------
Brazil's central bank suffered another setback in its goal to
privatize state banks this year. Banco do Estado Do Ceara SA
(BEC), which operates 70 branches, of which 26 are in the state
capital Fortaleza, was supposed to go on the block Nov. 26 with a
minimum bid price of BRL274 million.

However, according to a report by news services Valor Online, the
central bank decided to delay the process to Dec. 9 after the
local government took issue with certain points in the bidding
rules. This is the fifth time this year that the process was
delayed.

At the end of September 2001, BEC had total assets of BRL978
million, a loan portfolio of BRL127 million, deposits of BRL513
million, and net equity of BRL158 million. Pre-qualified bidders
include Brazil's top three private banks in terms of assets:
Bradesco, Itau and Unibanco.


LIGHT: Narrows Net Loss In First 9 Months of 2002
-------------------------------------------------
Light, which serves 3.28 million customers in 33 municipalities
in Rio de Janeiro state, experienced improved financial results
in the first nine months of this year. Citing a company
statement, Business News Americas reports that the Brazilian
utility narrowed its net loss to BRL407 million (US$110mn) in the
first nine months of 2002, from a net loss of BRL754 million in
the same period a year ago.

The Company also recorded a 6.6%-increase in revenues in the
first nine months of this year, to BRL2.66 billion, against the
figure posted on the corresponding period last year.

Light's financial costs were BRL5.27 billion, with some BRL3.26
billion of this sum being paid in the third quarter this year,
when the biggest effect of the devaluation of the real was felt.
Operating costs were BRL844 million for the nine months this
year.

Just this month, Light received approval for a 17.1% hike in
regulated prices from Brazil's power regulator Aneel.

CONTACT:  LIGHT SERVICOS DE ELETRICIDADE S.A.
          Avenida Marechal Floriano, 168
          20080-002 Rio de Janeiro, Brazil
          Phone: +55-21-2211-2794
          Fax:   +55-21-2211-2993
          Home Page: http://www.lightrio.com.br
          Contacts:
          Bo Gosta K"llstrand, Chairman
          Michel Gaillard, President and CEO
          Paulo Roberto Ribeiro Pinto, Executive Director,
                                  Investor Relations and CFO


UOL: Currency Trouble, Advertising Slump Widen 9-Month Loss
-----------------------------------------------------------
Brazilian ISP and portal Universo Online (www.uol.com) reported
loss of BRL240 million (US$64.8 million) for the first nine
months of this year. Business News Americas reported that this
year's loss is 84.7 percent wider than for the same period last
year.

The Company, which has operations in Argentina, Chile, Colombia,
Mexico Venezuela and USA, cites the depreciation of the real
against the US dollar, the amortization costs related to the
premium on the acquisition of youth portal Zip.Net and a decline
in advertising revenues, as the causes of this year's loss.

A 23.8 percent increase in net revenues had failed to stem the
reported loss. Clients increased by 16 percent bringing net
revenues to a total of BRL329 million.

The Company had a subscriber base of 1.52 million users as of the
end of September. Advertising revenues went down 32 percent to
BRL32.1 million. Operational costs claimed went up 69.7 percent
to BRL269 million. IT includes the BRL45.2 million for Zip.net
amortization.

UOL shareholders include Grupo Folha, Grupo Abril and a private
investor headed by Morgan Stanley.


USIMINAS: Net Loss Balloons In The 3Q02 Over Devaluation
--------------------------------------------------------
Brazilian flat steelmaker Usiminas failed to escape from the
effects of the depreciation of the real currency on its dollar-
denominated debt. According to Business News Americas, the Belo
Horizonte-based steelmaker widened its consolidated net loss in
the third quarter of this year to BRL684 million (currently
US$185mn), from the BRL23 million loss posted in the same-period
2001.

The Company's accounting procedures also contributed to Usiminas'
loss since BRL969 million is a result of future export guarantee
contracts from the steelmaker's subsidiary, Sao Paulo-based flat
steelmaker Cosipa.

Operationally, Usiminas gained from improved sales, higher prices
and a better product mix, all of which pushed up Ebitda 39% to
BRL620 million in the third quarter of 2002, compared to same-
period 2001.

Net revenues increased 37% to BRL1.68 billion in the same
quarterly comparison due to price increases on the international
and domestic markets, the positive impact of foreign exchange
fluctuations on export receipts and better sales of higher value-
added products. Average prices in the third quarter rose 18% to
BRL877/t.

Sales volumes improved 16% to 1.9Mt for the quarter compared to
the same quarter in the past year, with exports increasing 33% to
624,000t. Usiminas and Cosipa made record sales on the local
market in October of 496,800t.

Usiminas' net debt totaled BRL9.69 billion at the end of
September, up 17% from a year ago.

CONTACT:  USIMINAS
          Rua Prof. Jos, Vieira de MendonOa 3011
          Engenheiro Nogueira
          31310-260 Belo Horizonte
          Minas Gerais, Brazil
          Phone: +55-31-3499-8000
          Fax: +55-31-3499-8899
          Web http://www.usiminas.com.br



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

AES GENER: Totihue Project Mired In Environmental Issues
--------------------------------------------------------
The 740MW Totihue thermoelectric project of Chilean generator AES
Gener is under attack by vineyard owners in Region VI's Cachapoal
Valley, where the project would be located. According to a report
by Business News Americas, Vineyard owners believe the plant will
affect the image of their vineyards, cause atmospheric pollution
and consume subterranean water sources.

The project may not materialize should a report by the national
agriculture commission stating a warning of the project's
negative effects on wine production in the area, will be
approved. The report recommended that AES Gener find another site
for the project

Already, the congress' lower house has approved the report, which
will be submitted to President Ricardo Lagos, the agriculture
ministry, the national energy commission (CNE), and Conama.
Region VI environmental authority Corema is currently studying
the project's EIS, and a decision is expected in 1Q03.

AES Gener, however, in a statement Friday, expressed its
confidence that it can demonstrate that the said project
"complies absolutely" with environmental and social protection
laws.


CAP: Reverses Last Year's Losses
--------------------------------
CAP, an iron and steel group in Chile reported profits of US$3.19
million for the first three quarters of this year, a significant
improvement from an US$8.90 million loss from the same period of
last year.

The Company had posted profits despite a number of setbacks such
as lower steel prices and a three-month shutdown of a blast
furnace, which cost the company at least US$10 million.

The report indicated that sales revenues for the first nine
months were US$347 million, about 4.9 percent lower from the same
period last year.

This year's 9-month domestic sales volume was 608,704 tons, some
42,171 tons less than last year's.

According to Business News Americas, the Company benefited from a
weaker Chilean peso and a refinancing of US$100 million in debt,
which enabled it to overcome the setbacks. Chile's exemption from
safeguards on US steel imports since March enabled the company to
boost exports.

CAP also operates Huachipato in central-southern Region VIII,
Chile's largest steel mill.

CONTACT:  CAP
          Head Office
          167-D
          669 Huerfanos Piso8
          Santiago
          Chile
          Tel  +56 2 520 2000
          Fax  +56 2 633 7082
          Web  http://www.cap.cl/
          Contacts:
          Roberto de Andraca Barbas, Chairman
          Engr. Juan Rassmuss Echecopar, Vice Chairman


ENERSIS: Expects Supreme Court Decision After New Year
------------------------------------------------------
Chile's Supreme Court is likely to make a decision in three
months' time regarding the appeal made by lawyers Ramon Briones
and Hernan Bosselin against a ruling by the country's antitrust
commission signaling approval to the vertical integration of
Enersis' assets.

Briones and Bosselin claimed that the vertical integration
between Enersis and its subsidiaries gives the Company unfair
control over the end-price paid by power consumers.

Enersis lawyers countered the claim, saying it was unfounded
since the Company sold its transmission subsidiary Transelec to
Canada's Hydro Quebec for US$1.1 billion in 2001.

On October 31, the antitrust commission rejected the claim by
Briones and Bosselin, voting four to one in favor of Enersis.
Briones and Bosselin have appealed the decision to the Supreme
Court.

"The Supreme Court has not made any decision yet, but we expect
the court will ratify the decision of the antitrust commission,"
Enersis spokesperson Marcelo Castillo told Business News
Americas.

Enersis owns 60% of generator Endesa Chile, which has 3,935MW
installed capacity in the central grid (SIC), representing 55% of
the SIC. Enersis also owns 98.5% of the distributor Chilectra,
which has a 40% market share in the SIC.

Enersis, which is controlled by Endesa Spain, can't buy or sell
shares in Endesa Chile pending a ruling by the Supreme Court,
which was the position when the matter was before the antitrust
commission. Furthermore, no board member of Enersis, Chilectra or
Endesa Chile can sit on the board of one of the other two
companies.

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

CONTACT:  ENERSIS
          Investor Relations:
          Ricardo Alvial
          Chief Investments & Risks Officer of Enersis
          Email: ram@e.enersis.cl
          Phone: (562) 353-4682

          Susana Rey, srm@e.enersis.cl
          Ximena Rivas, mxra@e.enersis.cl
          Pablo Lanyi-Grunfeldt, pll@e.enersis.cl


NII HOLDINGS: Analyzes Future of Chilean Unit
---------------------------------------------
Regional digital trunking operator NII Holdings is currently
contemplating all available options for its Chilean unit, the
least mature of its five Latin American units. The Chilean unit
remains the weak link in NII's operations.

"We are in the process of evaluating several alternatives. We
want to determine the best approach and timing for expanding our
services in Chile," NII VP and CFO Byron Siliezar told Business
News Americas.

NII serves 431,000 and 423,000 customers in Brazil and Mexico,
its main markets, plus 185,000 and 117,000 in Argentina and Peru.
However, the Company provides analog trunking services to only
about 6,000 clients in the regions covering the Chilean capital
Santiago and major port Valparaiso.

Meanwhile, Siliezar also revealed that NII Holdings is looking to
exit the Philippines within three months as part of the Company's
post-Chapter 11 strategy to place exclusive focus on Latin
America. NII had about 52,000 customers in the Philippines at
end-March of this year.

In a statement Thursday, NII revealed its reorganization plan
will reduce the Company's total indebtedness from US$2.8 billion
to US$500 million. Debt reduction, according to Siliezar, comes
primarily from an agreement with creditors and bondholders to
exchange US$2.4 billion of the Company's high-yield liabilities
for equity positions.

"We believe we have a fully funded business plan with annual
revenues in excess of US$700 million, less than US$500 million in
debt and 1.2 million wireless subscribers with the best ARPU in
Latin America," NII CEO Steve Shindler said in the statement.

NII parent Nextel Communications will see its 99% stake in the
Company diluted to 36% as a result of the debt-for-equity swap,
Siliezar said. US-based financial institutions Mackay Shields and
Merrill Lynch enter as the Company's second- and third-largest
shareholders, with 22% and 13% stakes respectively, he said.

The remaining 30% of the Company is widely distributed. "We will
have about 500 shareholders altogether," Siliezar said.

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

CONTACT:  NII Holdings, Inc., Reston
          Investor Relations:
          Byron R. Siliezar, 703/390-5170
          Byron.siliezar@nextel.com

          Media Relations:
          Claudia E. Restrepo, 786/251-7020
          Claudia.restrepo@nextel.com
          URL: http://www.nextelinternational.com



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

GILAT: Finalizes Details of Debt Restructuring Plan
---------------------------------------------------
Gilat Satellite Networks Ltd. (Nasdaq:GILTF), a worldwide leader
in satellite networking technology, announced Thursday that it
has reached agreement with its major bank and holders of a
majority of bonds on the details of its restructuring plan. The
Company, its major banking creditor and bondholders holding a
majority of the US $350 million (face value), 4.25 percent
Convertible Subordinated Notes due 2005, have agreed on the
details of the debt restructuring plan and requested that the
Israeli District Court in Tel Aviv convene a meeting of the
bondholders and banks to approve the arrangement.

If the Court accepts the application, the Tel-Aviv District Court
will convene a meeting to be tentatively scheduled for early
January 2003, of the Company's banking creditors and bondholders
to vote on the restructuring plan. The Company expects to
distribute proxy information to the bondholders during December.
The plan as submitted has been approved by the Company's primary
lender and holders of a majority of the bonds, but is subject to
finalization of definitive agreements with the banks, bondholders
and another major vendor.

Gilat Chairman and CEO Yoel Gat said, "We have reached an
agreement with our banks and a majority of bondholders, thus
enabling us to move forward with the procedural closing phase in
order to complete our debt restructuring. Closing will mark the
end of our restructuring plan and will position the Company on a
path of growth, with a significantly improved balance sheet and
operating structure."

The plan as submitted to the Court stipulates that bondholders
will convert approximately 77% of its debt of $361,974,000, or
$278,720,000 into approximately 80% of the outstanding shares
post restructuring or $1.38 of debt per share. In addition, the
bondholders will receive in exchange for the remaining debt of
$83,254,000 a new, 10-year convertible bond, with a 4% annual
interest rate and a voluntary conversion price of $0.87 per
share. The interest payments will be deferred in 2003 and 2004,
after which time the interest payments commence semi-annually in
2005. Principle repayment of the bonds will begin in 2010 and
2011 with $5 million each year, and principle balance due in
2012. The Company will have the right to force conversion under
certain conditions.

The plan calls for the Company's lead banker, Bank Hapoalim, to
convert $25,500,000 of its existing bank debt to new equity equal
to approximately 7.31% of the outstanding equity post
restructuring and $5,100,000 into new convertible bonds. The Bank
is also a bondholder and its expecting holdings post-structuring
will be 14.1%. The Bank has also agreed that the remaining debt
of $71,400,000 will be under the following terms: Interest -
Libor plus 2.5%, payable semi-annually; 10 year term with 2 year
grace period on principal, partial grace period in 2005 and 7
remaining years of full payment. The plan contemplates that the
other banks will amend their loans under substantially the same
terms.

"The bondholder representatives and banks have made an
exceptional effort to conclude an arrangement that will shrink
the Company's debt to a manageable size and enable future
growth," said Yoel Gat. "We will make every effort to make Gilat
successful and reward their confidence and cooperation with real
value in the near future."

About Gilat Satellite Networks Ltd.

Gilat Satellite Networks Ltd., with its global subsidiaries
Spacenet Inc. and Gilat Latin America, is a leading provider of
telecommunications solutions based on Very Small Aperture
Terminal (VSAT) satellite network technology - with nearly
400,000 VSATs shipped worldwide. Gilat markets the Skystar
Advantage, DialAw@y IP, FaraWay, Skystar 360E and SkyBlaster* 360
VSAT products in more than 70 countries around the world. The
Company provides satellite-based, end-to-end enterprise
networking and rural telephony solutions to customers across six
continents, and markets interactive broadband data services. The
Company is a joint venture partner in SATLYNX, a provider of two-
way satellite broadband services in Europe, with SES GLOBAL.
Skystar Advantage(R), Skystar 360(TM), DialAw@y IP(TM) and
FaraWay(TM) are trademarks or registered trademarks of Gilat
Satellite Networks Ltd. or its subsidiaries. Visit Gilat at
http://www.gilat.com.

CONTACT: Gilat Satellite Networks Ltd.
         Tim Perrott, 703/848-1515
         tim.perrott@spacenet.com


GILAT: Gets $65M Colombian Project
----------------------------------
Gilat Satellite Networks Ltd. (Nasdaq:GILTF), announced Thursday
that the Colombian government has awarded the company two
Compartel projects including the installation and operation of
500 telecenters that will provide Internet connectivity and
telephony services in cities and towns throughout Colombia and a
3,000-site fixed rural satellite telephony network. The Company
must still complete definitive agreements with the Colombian
government. Compartel is the program of social
telecommunications, financed by the Communications Fund and
National Development Fund - Fonade in Colombia.

Gilat was the sole bidder for the telecenters project and was the
lowest bidder for the telephony project. However, earlier this
year, Gilat's bid for the telecenters project was declared as
deserted by the previous Colombian administration. Gilat appealed
this ruling. The new Colombian government reversed this ruling,
awarding the telecenters project to Gilat. Together with the
telephony project, awarded to Gilat in the second half of
October, the total value of the contracts is approximately $65
million.

The telecenters project will be powered by Gilat's Skystar 360E
broadband VSAT platform, while the telephony project will deploy
the company's DialAw@y IP telephony and Internet platform.

Gilat already operates a substantial VSAT network for Compartel,
consisting of 7,415 telephony sites including 670 Internet sites,
serving 4 million people throughout all the municipalities of
Colombia. The network, initiated in 1999, was installed by Gilat
and has been in operation during the past two years.

Rolando Fernandez, President, Gilat Networks Colombia, SA E.S.P.,
said, "This project will benefit the rural communities in
Colombia, not only in the telecommunications field, but also in
health and education programs. With the arrival of the Compartel
Telecentros Program, the digital divide will be bridged in the
500 communities, providing the population with cultural, economic
and social opportunities they never had before."

Gilat Chairman and CEO Yoel Gat said, "We are very pleased with
the Colombian government's decision. In the past, we have
demonstrated our dedication and commitment to the Colombian
market as illustrated by the first network we deployed for
Compartel, one of the most successful projects of its kind in the
world. We are pleased to expand our connection with the Colombian
government and people who will be able to enrich their lives with
our technology."

About Gilat Satellite Networks Ltd.

Gilat Satellite Networks Ltd., with its global subsidiaries
Spacenet Inc. and Gilat Latin America, is a leading provider of
telecommunications solutions based on Very Small Aperture
Terminal (VSAT) satellite network technology - with nearly
400,000 VSATs shipped worldwide. Gilat markets the Skystar
Advantage, DialAw@y IP, FaraWay, Skystar 360E and SkyBlaster* 360
VSAT products in more than 70 countries around the world. The
Company provides satellite-based, end-to-end enterprise
networking and rural telephony solutions to customers across six
continents, and markets interactive broadband data services. The
Company is a joint venture partner in SATLYNX, a provider of two-
way satellite broadband services in Europe, with SES GLOBAL.
Skystar Advantage(R), Skystar 360(TM), DialAw@y IP(TM) and
FaraWay(TM) are trademarks or registered trademarks of Gilat
Satellite Networks Ltd. or its subsidiaries. Visit Gilat at
www.gilat.com. (*SkyBlaster is marketed in the United States by
StarBand Communications Inc. under its own brand name.)

CONTACT:  Gilat Satellite Networks Ltd.
          Media Contact:
          Barry Spielman, Director, Corporate Marketing
          +972-3-925-2201
          barrys@gilat.com

          Investor Contact:
          Tim Perrott, Vice President, Investor Relations
          703/848-1515
          tim.perrott@spacenet.com


SEVEN SEAS: Delays Filing 3Q02 Results Over Accounting Issues
-------------------------------------------------------------
Seven Seas Petroleum Inc. (Amex: SEV) announced Friday that the
Company was unable to complete a timely filing of the third
quarter Form 10-Q because of pending changes to its accounting
for deferred taxes that affect the second quarter of 2002. An
amended second quarter Form 10-Q/A is being prepared to reflect
changes to the previously reported treatment of deferred taxes.

The Company has filed Form 12b-25 Notification of Late Filing
with the Securities and Exchange Commission and intends to file
the third quarter Form 10-Q no later than November 19, 2002.

Semiannual Interest Payment

The Company did not make the $6,875,000 semiannual interest
payment on its 12.5% $110 Million Senior Subordinated Notes
("Senior Notes") due today. The Company has 30 days to make this
payment and avoid being in default under the terms of those
notes. The failure to comply with the terms of the Senior Notes
will also create a default under the terms of the Chesapeake Note
Purchase and Loan Agreement if not cured within 20 days and all
debt will become immediately due. The Company will discuss with
Chesapeake Energy Corporation whether it will extend the cure
period to 30 days, parallel with the cure period provided by the
Senior Notes.

Seven Seas Petroleum Inc. is an independent oil and gas
exploration and production company operating in Colombia, South
America.


* Colombia: $3B World Bank Aid Package In Place
-----------------------------------------------
The World Bank will grant Colombia US$3 billion in financially
assistance. A report from Bloomberg confirms the latest aid,
which follows a US$2 billion aid from the Inter-American
Development Bank, another US$3.5 billion from the Andean
Development Corporation and US$2 billion from the International
Monetary Fund.

The sudden increase in the number of aid pledges came after the
United States promised US$350 million in aid to the country.
The Bush administration is asking for US$439 million for economic
and military assistance to the country. Colombia is currently
trying to overcome two left-wing guerilla forces, a right wing
paramiliatary group and armed drug gangs.

Aid from the U.S. prompted investors to say the country stands
out as an "island of pro-US ideology". The capital infusions had
strengthened the Colombian peso, which had recorded a 6 percent
rise since the end of September.

Analysts say the credit will prove that market economies work.
Colombia's neighbors had been struggling with recession and weak
economies.



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

ALESTRA: Misses Interest Payments
---------------------------------
Sergio Bravo, treasurer for Alestra SA, disclosed Friday that the
Mexican long-distance carrier would miss interest payments on
US$570 million of bonds due that day, relates Bloomberg. A US$35-
million interest payment on US$270 million of 12 1/8% bonds
maturing in 2006, as well as a US$300-million of 12 5/8% bonds
maturing in 2009 came due Friday. The Company will have 30 days
to make the payments and reverse the default.

The missed payments came after Alestra failed to boost enough
profits to service the debt amid slowing demand for its products
and services domestically and from the U.S. At the end of
September, the Company reported cash on hand of US$10 million.

AT&T, which owns 49% of Alestra, hasn't said how much cash it is
willing to provide to help the unit restructure debt with
bondholders, analysts said. AT&T's unit in Canada filed for
bankruptcy protection last month and AT&T Latin America Corp.
said Monday it may file for bankruptcy after third-quarter loses
widened.

"The question is how does Alestra fall into AT&T's long-term
strategy," said Denis Parisien, a debt analyst with Standard
Miami, a unit of Standard Securities in New York. "The answer
isn't clear."

CONTACT:  ALESTRA S.A. DE R.L. DE C.V
          Av. Paseo de las Palmas No. 405
          Col. Lomas de Chapultepec
          11000 Mexico, D.F.
          Phone: 5201-5020
                 5201-5019
          Fax: 5201-5031
               5201-5027
          Web site: http://www.alestra.com.mx/cgi-
          Executives: Rolando Zubiran, Chief Executive Officer
                      Eduardo Lazos, V.P. Engineering & Ops
          Investor Relations: Alberto Guajardo
                              Phone: (52-818) 625-2219
          E-mail: aguajard@alestra.com.mx

FINANCIAL ADVISOR: MORGAN STANLEY
                   Worldwide Headquarters
                   1585 Broadway
                   New York, NY 10036
                   Phone: (212) 761-4000
                   Fax: (212) 761-0086
                   Home Page: http://www.morganstanley.com/
                   Contact:
                   Investor Relations
                   Phone: (212) 762-8131

                   In Mexico:
                   MORGAN STANLEY & CO. INCORPORATED
                   Oficina de Representaci>n en M,xico
                   Andres Bello 10
                   8o Piso
                   Colonia Polanco
                   11560 Mexico, D.F.
                   Phone: 011-525-282-6700
                   Fax: 011-525-282-9200


BITAL: HSBC Expects 90% of Shareholders To Accept Offer
-------------------------------------------------------
HSBC Holdings Plc, which is angling for control of Grupo
Financiero Bital SA, expects at least 90% of the Mexican bank's
shareholders to sell their stock in a US$1.14-billion takeover
offer, reports Bloomberg.

HSBC is offering to buy shares from shareholders of Bital, at
US$1.20 each, or 20% more than the shares were trading at the
time of the Aug. 21 offer. Bital's shares were unchanged at
MXN12.1 pesos (US$1.18). The tender offer expires November 22.

Bital board have advised shareholders that the offer is
financially sound and, given that it covers 100% of the group's
shares, also safeguards the rights of the minority shareholders.

With 90% of shareholders selling their stock, HSBC would have
control of Bital, said Alexander Flockhart, HSBC's executive vice
president for U.S. commercial banking. The remaining shares would
be put into trust and the stock would be removed from the Mexican
stock exchange.

HSBC is buying a bank that Mexican regulators had said didn't
have enough capital to back its loans and deposits. Government
regulators say HSBC may have to add as much as $500 million in
new capital to meet requirements.

CONTACT: HSBC
         London
         Richard Beck or Adrian Russell, 44/20-7260-6757/8211

         New York
         Linda Stryker-Luftig, 212/525-3800

         Hong Kong SAR
         Gareth Hewett or Viginia Lo, 852/2822-4929/4930

         GF Bital
         Mexico City
         Hill & Knowlton
         Jose Antonio Tamayo or Juan A Lozano, 52/55-5729-4010


GRUPO MEXICO: Bank Consortium OK's Asarco Revolver Concessions
--------------------------------------------------------------
Asarco Inc., a subsidiary of Grupo Mexico, S.A. de C.V., on
Friday, signed an agreement with a consortium of lenders, led by
JP Morgan Chase, to provide additional time for the company to
repay a revolving credit line of $450 million, which originally
was scheduled to mature on Nov. 10.

Under the terms of the extension agreement, Asarco now has until
Jan. 31, 2003, to pay off the balance on the loan. This time
frame will permit Grupo Mexico and Asarco to make new
arrangements with other banks and with U.S. authorities to fully
settle the debt.

Asarco is a longstanding producer of copper and other metals. It
operates as a subsidiary of Americas Mining Corp. (AMC), which is
the mining division of Grupo Mexico, S.A. de C.V. AMC is among
the world's largest integrated mining and refining companies and
is the world's third-largest producer of copper. AMC includes
Grupo Mexico's interests in Asarco Inc. (100 percent), Minera
Mexico (98.8 percent) and Southern Peru Copper Corp. (54.2
percent) through Asarco.

CONTACT:          Asarco Inc., Phoenix
                  Clay Allen, 602/977-6515


GRUPO MEXICO: Production At San Luis Plant Resumes
--------------------------------------------------
A ruling by the Mexican labor ministry's Federal Conciliation and
Arbitration Board ended a strike at mining giant Grupo Mexico's
San Luis Potosi refinery. The government arbitration panel
ordered striking workers to hand the plant back to the Company
after the union failed to fulfill legal obligations to uphold
strike.

Following the ruling, zinc production at the plant, which
produces 160,000 tonnes of zinc, cadmium and sulfuric acid per
year, resumed. Grupo Mexico didn't give an estimate of lost
output.

Work halted at the zinc refinery in central Mexico on Nov 3, as
all the workers at the plant left the job five days after a
strike by some workers began.

Grupo Mexico and the Mexican miners union met last Friday to
negotiate an end to a strike amid a union threat to widen the
dispute to all Grupo Mexico's Mexican operations on Nov. 30 if
their strike was not resolved.

CONTACT:  GRUPO MEXICO S.A. DE C.V.
          Avenida Baja California 200,
          Colonia Roma Sur
          06760 M,xico, D.F., Mexico
          Phone: +52-55-5264-7775
          Fax: +52-55-5264-7769
          Home Page: http://www.gmexico.com
          Contacts:
          Germ n Larrea Mota-Velasco, Chairman and CEO
          Xavier Garca de Quevedo Topete, President and COO
          Alfredo Casar P,rez, COO, Ferrocarril Mexicano
          Daniel Ch vez Carre¢n, COO, Industrial Minera M,xico
          Daniel Tellechea Salido, VP and Administration and
                                   Finance  President



=================================
T R I N I D A D   &   T O B A G O
=================================


BWIA: Challenges Airport Authority Debt Claim
---------------------------------------------
BWIA is denying claims that it owes the Airports Authority of
Trinidad and Tobago (AATT) about US$29 million, as disclosed by
AATT chairman Linus Rogers. A report from The Trinidad Express
showed that Rogers described the AATT as in extreme financial
crisis and that BWIA owed US$29 million to it during his
testimony of the hearing of the Commission of Enquiry into the
Piarco Airport Development Project held Thursday.

BWIA responded the following day refuting Rogers' statements. The
airline said that it is current with AATT as of October 31. In a
statement, BWIA said that it does not owe US$29 million (or
anything close to it) to the Airports Authority.

The statement also gave some clarifications that it has advised
the Airport Authority many times of a mistake in the billing for
the past 18 months, adding that the news have put the airline in
a "poor and undeserving" light.

BWIA Chief Executive Conrad Aleong said that they understand that
almost any event concerning BWIA would be considered news, but
the sensationalizing of differences such as this one hurts the
airline internationally.

Mr. Aleong explained that in the international arena, negative
publicity, particularly one that starts at home, affects bookings
adversely.



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

URUGUAYAN BANKS: Uruguay Braces For Delayed IMF Aid
---------------------------------------------------
Uruguay may have to wait a while longer before receiving
financial assistance from the International Monetary Fund
following its decision to extend the suspension of operations of
four intervened banks, Reuters indicates. Uruguay is extending
the suspension of operations at Banco Comercial, Banco de
Credito, Banco Caja Obrera and Banco Montevideo, which were
suspended earlier this year amid a run on banks.

"There will be an extension. We don't know for how long," a
government source said on condition of anonymity.

Uruguay is waiting for a US$400-million payment from the IMF,
which it is planning to use to meet upcoming debt payments in
December and head off the specter of a debt default like in
neighboring Argentina. However, the payment from the IMF won't
come unless Uruguay resolves the suspensions of the said banks.
This was a condition for receiving funds from a $2.8 billion
program approved by the IMF in August.





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S U B S C R I P T I O N   I N F O R M A T I O N

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