TCRLA_Public/030304.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, March 4, 2003, Vol. 4, Issue 44

                           Headlines


A N T I G U A   &   B A R B U D A

LIAT: Cash Shortage May Lead To Repossession Of Two Airplanes
LIAT: Seeks Routes for Trinidad, Tobago Despite Money Worries


A R G E N T I N A

AEROLINEAS ARGENTINAS: Reports First Profits in 5 Years
ARGENTINE UTILITIES: Rate Hike Edict May Cause Chaos
CTG: Debt Swap Offer Results Viewed Favorably
DISCO: Ahold Shares Recover on Completed Investigation

* Notice to Holders of Argentine Floating Rate Bonds Due 2023
* Notice to Holders of Argentine Fixed Rate Bonds Due 2023


B A R B A D O S

CABLE & WIRELESS: BWU Slams Staff Reduction Plans


B E R M U D A

GLOBAL CROSSING: To Extend Direct Dial Services Across LatAm
TRENWICK GROUP: Continues Restructuring Discussions
TYCO INTERNATIONAL: Board Will Discuss Possible Move to U.S.


B R A Z I L

CEB: Moody's Places Ratings Under Review For Downgrade
ELETROPAULO METROPOLITANA: Awaits BNDES Answer On Extension
TELEMAR: Reports $117M Net Loss For 2002
TELEMAR: S&P Says Outlook Stable Despite Recent Results
USIMINAS: Enters Technology Partnership With US Praxair
VARIG-TAM: Brazil Approves Code-Sharing Agreements


C H I L E

COEUR D'ALENE: Selling $37.2M, 9% Senior Note Private Placement
COEUR D'ALENE: 2002 Operations Report Shows Improvement
ENERSIS: Analyst Expects Moody's Ratings Downgrade


E C U A D O R

BANCO DEL PACIFICO: Ecuador Seeks Bank To Evaluate Assets


J A M A I C A

AIR JAMAICA: Forecasts $35M Loss For 2003, Seeks Government Aid


M E X I C O

CFE: Secures $36M Loan From EDC
GRUPO BITAL: Releases 2002 Highlights, Annual Results
GRUPO MEXICO: Posts Fourth Quarter 2002 CEO Report
MAXCOM TELECOMUNICACIONES: 4Q02 Results Improve


T R I N I D A D   &   T O B A G O

CARONI LTD.: Ships First Load of Sugar to U.K.
CARONI LTD: Cabinet Introduces Measure For Debt Payment Help


U R U G U A Y

BANCO DE CREDITO: To Close After Investor Shuns Buy Back Offer


V E N E Z U E L A

PETROZUATA: Normal Operations Resume, S&P Remains Cautious


     - - - - - - - - - -

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

LIAT: Cash Shortage May Lead To Repossession Of Two Airplanes
-------------------------------------------------------------
Troubled Antiguan airline LIAT is at risk of losing at least two
airplanes if it fails to receive an EC$25 million (US$9 million)
capital infusion soon, according to RJR News. LIAT Chief
Executive Gary Cullen said that, although regional governments
offered their assistance, the airline has not received offers of
fresh capital. The Antigua Sun reported that the planes could be
grounded in a matter of days, if no money comes in from
shareholders.

Mr. Cullen said, " Hopefully, shareholders will do what
shareholders have to do."

The Company has taken steps to keep itself afloat. Recent efforts
to reduce costs are estimated to save about EC$30 million for the
airline over the next six months.

Mr. Cullen said the senior managers, pilots and engineers agreed
to take a 10 percent pay cut effective this month. The pay
reduction is to take effect for six months, said the report. The
airline has also reduced operating costs by 25 percent and staff
by 35 percent.

Although the cuts are generating savings, LIAT still hopes to
size down its staff to 550 persons, in order to cut costs
further.

Mr. Cullen also confirmed that the airline is studying a possible
merger with fellow regional carrier BWIA.

CONTACT:  LIAT Corporate Headquarters
          V.C. Bird International Airport,
          P.O. Box 819,
          St. John's, Antigua West Indies
          Phone: 1 (268) 480-5600/1/2/3/4/5/6
          Fax: 1 (268) 480-5625
          Home Page: http://www.liatairline.com/
          Contacts:
          Garry Cullen, Chief Executive Officer
          David Stuart, Vice President of Marketing

          British West Indies Airways
          Phone: + 868 627 2942
          E-mail: mailto:mail@bwee.com
          Home Page: http://www.bwee.com/
          Contacts:
          Conrad Aleong, President and CEO (Trinidad)
          Beatrix Carrington, VP Marketing and Sales (Barbados)
          Paul Schutz, CFO (Trinidad)


LIAT: Seeks Routes for Trinidad, Tobago Despite Money Worries
-------------------------------------------------------------
Antigua-based airline, LIAT is seeking permission from Guyana
civil aviation authorities to operate flights between Port-of-
Spain and Georgetown despite having financial difficulties, the
Antigua Sun reports. The airline is asking to be allowed to
operate 10 flights per week over a five-year period.

LIAT's application indicated that it wants to start servicing the
route on April 15. However, local reports said that LIAT may lose
at least two of its airplanes, if it is unable to procure an
EC$25 million in fresh capital soon. The airline may find
difficulties in serving the route if the said planes happen to be
repossessed.

The airline's chief executive Gary Cullen admitted that LIAT's
debt is close to EC$100 million, and is having cash-flow
problems.

LIAT is 29 percent owned by Trinidad and Tobago flag carrier,
BWIA. Last month, rumors that BWIA would put another subsidiary
in direct competition with LIAT flared out, but was later said to
be untrue.

Last year, the airline was reported to be losing due to the
alleged predatory pricing practiced by competitor, Caribbean Sun.



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

AEROLINEAS ARGENTINAS: Reports First Profits in 5 Years
-------------------------------------------------------
Spanish investment group Marsans' ARS2.5-billion (US$700mn)
takeover of Argentine airline Aerolineas Argentinas in October
2001 proved to be a positive move. According to a report by EFE,
Aerolineas posted earnings of US$13 million in 2002, its first
positive return in five years. The turnaround comes on 2002
revenue of US$410 million, less than the US$425.5 million posted
in 2001.

Most of the drop in dollar-denominated revenue stems from the
sharp devaluation of the peso last year, CEO Antonio Mata said.
Aerolineas, which has accumulated losses of more than US$1.06
billion since 1998, began to recover after the June 2001
creditors' meeting that resulted in a cut on the airline's US$2.5
billion debt by 36%.

CONTACT:  AEROLINEAS ARGENTINAS
          Torre Bouchard 547, 1106 Buenos Aires, ARGENTINA
          Phone: (54-11) 4310-3000
          Fax: (54-11) 4310-3585
          E-mail: volar@aerolineas.com.ar
          Home Page: www.aerolineas.com.ar
          Contact:
          Patricio Zabalia Lagos, President


ARGENTINE UTILITIES: Rate Hike Edict May Cause Chaos
----------------------------------------------------
A ruling concerning the implementation of rate hikes is expected
to create pandemonium in the Argentine electricity and natural
gas sector. Dow Jones recalls that the Argentine government
decreed in January to increase electricity charges by 9% and
natural gas bills by 7.2% for residential users. Industrial use
rates increased as much as 20%. The move had long been called for
by the International Monetary Fund and the cash-strapped
utilities.

However, last Tuesday, after one court allowed the rate increases
to go ahead last week, a lower court declared the decree
unconstitutional.  On Thursday, electricity and natural gas
regulators ordered the utility companies to return any money
gained from the rate increases back to consumers.

The government has appealed the lower court's decision and on
Friday told electricity and natural gas companies not to give the
money back until an appeal court had ruled on the legality of the
rate hikes.

A decision on the appeal may not come for months and chaos may
now ensue as some companies follow the government's suggestion
and others obey their regulators.


CTG: Debt Swap Offer Results Viewed Favorably
---------------------------------------------
Argentine thermo generator Central Termica Guemes (CTG) expressed
satisfaction toward the results of the Company's offer to
exchange US$54 million of debentures, relates Business News
Americas. Brushing aside concerns of a looming bankruptcy, CTG
revealed that about 58% of creditors subscribed to the offer.

"We are very satisfied with the result, given the circumstances,
because the majority of the creditors accepted the offer," CTG
CEO Carlos Peralta told Business News Americas.

Argentine authorities are studying the proposal and are expected
to approve the offer by March 11, he added.

All of the creditors who subscribed to the offer opted for the
second of two options, which entails swapping existing notes for
new notes that mature in 2013. CTG will pay 2% a year interest on
the outstanding interest payments, and a bonus of US$7.50 for
every US$1,000 worth of bonds.

The alternative was to convert the debentures into shares in CTG.

"The investors chose the option that best suited their interests.
They probably wanted to maintain the nominal value of their
capital and not obtain shares, which was the other alternative,"
Peralta said.

Institutional investors expressed most interest in the exchange
offer, Peralta said, adding that the majority of investors are
foreign.

"I don't know if they have more confidence, but they recognize
the need to adapt to what has happened in Argentina and they see
it as more favorable to maintain the source of cash-flow
generation than get into a situation of financial stress," he
said.

CTG will decide at a later date about what to do about the
remaining 42% of creditors who did not subscribe to the offer,
Peralta said.

CTG operates a 260MW thermoelectric plant in Salta province in
northwest Argentina. The company is 60% owned by local company
Powerco, 30% state-owned, and 10% owned by its employees.

CONTACT:  Central Termica Guemes S.A.
          Avenida Leandro N Alam 822
          Piso 12
          Ciudad Autonoma de Buenos Aires C1001AAQ
          ARGENTINA
          Tel. +54 4311-6064/6065/6066


DISCO: Ahold Shares Recover on Completed Investigation
------------------------------------------------------
Finalizing the financial probe at Disco SA brought relief to its
Dutch parent Ahold. According to a report by Reuters, Ahold
shares bounced back more than 26% on Thursday to EUR3.54, after
the world's third-biggest retailer said it had completed an
investigation into the accounts of its Argentine business and
found nothing that would hurt its earnings.

"We have already seen the worst for Ahold now. The end of the
Disco problem with no financial impact erases a lot of concerns,"
said Florian van Laar, asset manager at Eureffect.

"Based on the information so far I think that the share is likely
to continue to recover -- at least for now -- and I would rate it
a short term 'buy'," added van Laar, who said he had bought Ahold
shares earlier in the day.

"The Disco news certainly makes it seem that the company is
taking decisive steps right now," one Dutch trader said. "It may
take a while to rebuild confidence, but I think that from this
point they are standing on pretty firm ground," he added.

Ahold entered its Disco joint venture with Argentine group Velox
Retail Holdings in 1998. Last year, Ahold was forced to buy out
its partner and take on its liabilities after Velox defaulted on
its debts.

Ahold, which said it overstated group earnings for 2001 and 2002
by about $500 million, is being investigated by the U.S.
Securities and Exchange Commission and the U.S. Justice
Department. Multinational European share market operator Euronext
is also investigating whether Ahold disclosed information in
time.

The Dutch public prosecutor's office told Reuters earlier that it
had not received enough evidence to warrant a criminal
investigation into Ahold at this time.

CONTACT:  Ahold
          Corporate Communications
          +31.75.659.5720


* Notice to Holders of Argentine Floating Rate Bonds Due 2023
-------------------------------------------------------------
Notice to the Holders of Republic of Argentina ("Argentina")
Collateralized Floating Rate Bonds Due 2023 (USD Discount Series
L) (the "Bonds"):

Pursuant to the Condition 6(b) of the Terms and Conditions of the
Bonds ("the Terms and Conditions"), Citibank, N.A., as Fiscal
Agent (the "Fiscal Agent") has, at the request of the holders of
at least 25% of the principal amount outstanding of the Bonds,
instructed the Federal Reserve Bank of New York, as Collateral
Agent, to liquidate the necessary amount of collateral to allow
the Fiscal Agent to pay the interest payment that was due on the
Bonds on November 30, 2002. Pursuant to Condition 2(c) of the
Bonds, the Fiscal Agent has set February 26, 2003 as the new
record date (the "New Record Date") for the payment of the above
interest. Payment will be made to persons in whose name the Bonds
are registered at the close of business in New York City as of
the New Record Date. Pursuant to Condition 2(c), payment of the
above interest will be made on March 5, 2003, five Business Days
(as defined in the Terms and Conditions) after the New Record
Date.

CITIBANK, N.A.
as Fiscal Agent


* Notice to Holders of Argentine Fixed Rate Bonds Due 2023
----------------------------------------------------------
Notice to the Holders of Republic of Argentina ("Argentina")
Collateralized Fixed Rate Bonds Due 2023 (USD Par Series L) (the
"Bonds"):

Pursuant to the Condition 6(b) of the Terms and Conditions of the
Bonds ("the Terms and Conditions"), Citibank, N.A., as Fiscal
Agent (the "Fiscal Agent") has, at the request of the holders of
at least 25% of the principal amount outstanding of the Bonds,
instructed the Federal Reserve Bank of New York, as Collateral
Agent, to liquidate the necessary amount of collateral to allow
the Fiscal Agent to pay the interest payment that was due on the
Bonds on November 30, 2002. Pursuant to Condition 2(c) of the
Bonds, the Fiscal Agent has set February 26, 2003 as the new
record date (the "New Record Date") for the payment of the above
interest. Payment will be made to persons in whose name the Bonds
are registered at the close of business in New York City as of
the New Record Date. Pursuant to Condition 2(c), payment of the
above interest will be made on March 5, 2003, five Business Days
(as defined in the Terms and Conditions) after the New Record
Date.

CITIBANK, N.A.
as Fiscal Agent



===============
B A R B A D O S
===============

CABLE & WIRELESS: BWU Slams Staff Reduction Plans
-------------------------------------------------
News of Cable & Wireless plans to lay off 125 workers this year
gained criticism from the Barbados Workers' Union (BWU). A report
by the Barbados Nation quoted BWU General Sectary Sir Roy Trotman
saying that the Company's staff reduction is "done as though you
are burying dead animals."

"We already made it clear that it is totally unacceptable. But
they have compounded it, not by talking about 65 any more, but
talking about 65 plus 60," said Sir Trotman.

The leader said that he was most disappointed that the Barbadian
management would allow itself to be pushed into treating fellow
Barbadians or regional people in such a manner. He also said that
he was embarrassed for the Company, adding that C&W did not
follow proper procedures for laying off its staff.

The Company was supposed to inform the chairperson of the sub-
committee of the Social Partnership about what factors had
changed since the last Memorandum of Understanding in order to be
able to commence the lay-offs.

However, Sir Trotman said that comany merely wrote the sub-
committee not to meet them, but informed them of plans to start
lay offs from March 15.

"People left home having a job, went back home without a job,
and with their names almost completely removed from any records
within the electronic system at the place," said Sir Trotman.

He promised that the union would protest in another way, if there
are no further discussions on the matter.

CONTACT:  Cable & Wireless PLC
          124 Theobalds Road
          London
          England
          WC1X 8RX
          Phone:  +44 (0)20 7315 4000
          Fax:  +44 (0)20 7315 5000
          Home Page:  http://www.cw.com
          Contacts:
          Sir Ralph Robins, Non Executive Chairman
          Sir Winfried W. Bischoff, Non Executive Deputy
                                         Chairman
          Graham M. Wallace, Chief Executive
          Robert E. Lerwill, Executive Director Finance



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

GLOBAL CROSSING: To Extend Direct Dial Services Across LatAm
------------------------------------------------------------
Bankrupt network operator Global Crossing plans to extend its
corporate long distance voice service product Direct Dial
Services to Latin American countries, reports Business News
Americas, citing Pablo Mlikota, the Company's Vice President of
Corporate Sales for Latin America.

The product was launched in Argentina and Chile on Tuesday, and
the Company hopes to be able to extend to other Latin American
countries in the near future. He explained the Company's reasons
for choosing these countries, "We feel that these two markets are
cost savvy, are extremely efficient in the way they use the
network, and also, they are willing to adopt new technologies."

Mr. Mlikota said that the Company is still preparing its business
plan with regards to capex and local regulations.

"The idea is to go to these on- and off-Net countries with the
software very soon," said Mr. Mlikota. The Company has direct
presence through its infrastructure in Mexico, Panama, Brazil,
Venezuela, Argentina, Chile and Peru, and serves the rest of the
region through off-Net connections.

Mr. Mlikota pointed out that the new services "charges the same
cost per minute for calls to any location in its global DDS
network, rather than per distance or time of call."

Presently, the DDS network spans 16 countries worldwide. Voice
traffic is routed over Global Crossing's worldwide fiber optic
network using either packet-based Voice over Internet Protocol
(VoIP) or conventional Time Division Multiplexing (TDM)
technology, said the report.

The Company is focused on the multinational corporate niche
segment. Although date services in Latin America has taken off
during the past two and a half years, the Company needs to
complement the services it offers with voice offering, as part of
its worldwide strategy, said Mr. Mlikota.

CONTACT:  GLOBAL CROSSING
          Press Contacts
          Kendra Langlie
          Phone: + 1 305-808-5912
          E-mail: kendra.langlie@globalcrossing.com

          Analysts/Investors Contact
          Ken Simril
          Phone: +1 310-385-3838
          E-mail: investors@globalcrossing.com


TRENWICK GROUP: Continues Restructuring Discussions
---------------------------------------------------
Trenwick Group Ltd. (NYSE: TWK) announced Friday that it is still
engaged in ongoing negotiations with holders of its senior debt
securities. Included in Trenwick's consolidated indebtedness are
$75 million principal amount of senior notes of Trenwick's
subsidiary, Trenwick America Corporation, which are due April 1,
2003. Trenwick's current focus is to restructure these notes and
it is engaged in discussions with the senior note holders with
respect to such a restructuring.

Trenwick's agreements entered into in connection with the renewal
of its letter of credit facility in December 2002, provide that
Trenwick will replace, refinance or restructure the senior notes
by March 1, 2003. The banks participating in Trenwick's letter of
credit facility have provided to Trenwick an interim waiver of
this March 1, 2003 deadline as discussions with the senior note
holders continue.

Background Information

Trenwick is a Bermuda-based specialty insurance and reinsurance
underwriting organization with two principal businesses operating
through its subsidiaries located in the United States, the United
Kingdom and Bermuda. Trenwick's reinsurance business provides
treaty reinsurance to insurers of property and casualty risks
from offices in the United States and Bermuda. Trenwick's
operations at Lloyd's of London underwrite specialty insurance as
well as treaty and facultative reinsurance on a worldwide basis.
In 2002, Trenwick voluntarily placed into runoff its U.S.
specialty program business and its specialty London market
insurance company, Trenwick International Limited, and sold the
in-force business of LaSalle Re Limited.

CONTACT:  Trenwick Group Ltd.
          Alan L. Hunte
          Phone: 441/292-4985


TYCO INTERNATIONAL: Board Will Discuss Possible Move to U.S.
------------------------------------------------------------
The board of Tyco International, Ltd. will study the possibility
of moving the Company's base back into the United States, said
the Company's general counsel, William Lytton. However, according
to Reuters, Mr. Lytton did not mention a deadline for the
decision, although the board would be meeting in Bermuda this
week. The Company is on record as opposing a resolution submitted
by shareholder groups to have Tyco re-incorporate in the U.S.

"The reason we opposed the shareholder resolution is we thought
we shouldn't reach a conclusion before we had the facts. And we
want to get the facts and then we'll see where we go," explained
Mr. Litton.

But the resolution will still be considered during the annual
shareholders meeting on Thursday.

Mr. Lytton said that Tyco had good reason for incorporating in
Bermuda.

"We got into this situation as a result of a merger with ADP in
1997, and that's the way the deal had to work for the deal to
make sense," he said.

Tyco's new set of officers is trying to recover investors' trust
after its top executives were indicted for allegedly granting
themselves illegal loans. Former Chief Executive Dennis
Kozlowski, and former Finance Chief Mark Swartz are facing
charges of grand larceny and enterprise corruption. Mr. Lytton's
predecessor, Mark Belnick was also charged with grand larceny.
All three officers entered pleas of not guilty, and are out on
bail.

CONTACT: TYCO INTERNATIONAL LTD.
         Corporate Office
         The Zurich Centre, Second Floor
         90 Pitts Bay Road
         Pembroke HM 08, Bermuda
         Phone: 441-292-8674
         Home Page: http://www.tyco.com
         Contacts:
         Gary Holmes (Media)
         Phone: +1-212-424-1314
                 or
         Kathy Manning (Investors)
         Phone: +1-603-778-9700



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

CEB: Moody's Places Ratings Under Review For Downgrade
------------------------------------------------------
Moody's Investors Service is reconsidering ratings of Companhia
Energetica de Brasilia (CEB), placing them under review for
possible downgrade. The affected ratings are CEB's Brazilian
debentures, rated Ba1 on the global local currency scale, and
Aa2.br on the Brazil National Scale.

Moody's move reflects the continued turmoil in the electric
sector in Brazil, concerns over high interest rates on CEB's
adjustable debt, and the potential for intervention by CEB's
majority state owner.

CEB has relatively low debt leverage, at around 30% of the
capital structure of the firm. Morever, the limited amount of
debt at CEB is denominated in reais, the currency in which the
company generates revenues. However, the interest rate on CEB's
floating rate debt has increased in the last year. This has
increased the financial burden of the debt and lowered debt
protection measures.

The review will consider the company's increased financial burden
relative to its cash generation abilities and the potential for
increased dividends to its majority shareholder, Brazil's Federal
District.

CEB, the monopoly electric distribution company for Brazil's
Federal District, is owned 28% by the public (Sao Paulo stock
exchange) and 72% by the Federal District.


ELETROPAULO METROPOLITANA: Awaits BNDES Answer On Extension
-----------------------------------------------------------
AES Corp. is yet to receive a reply from Brazil's state
development bank BNDES regarding its request to extend until
April 15 the deadline for a US$336-million payment owed for the
1998 purchase of Eletropaulo Metropolitana. AES spokesman Kenneth
Woodcock said his company hasn't been notified also of any
decision relating to Eletropaulo Metropolitana.

Meanwhile, a report by O Estado de S. Paulo, which cited
unidentified persons familiar with the situation, revealed BNDES
opted to call in guarantees that will allow it to buy shares in
Eletropaulo.

The decision doesn't mean the bank will be able to take immediate
control of Eletropaulo, as a legal battle likely looms with AES
over any attempt to acquire voting shares in the company, the
newspaper reported.

AES still owes BNDES US$1.2 billion for loans to buy shares of
Eletropaulo from the government. AES missed an US$85-million loan
payment in January.

CONTACT:  ELETROPAULO METROPOLITANA
          Avenida Alfredo Egidio de Souza Aranha 100-B,
          13 andar 04726-270 San Paulo
          Brazil
          Phone: +55-11-548-9461, +55 11 5696 3595
          Fax: +55-11-546-1933
          URL: http://www.eletropaulo.com.br
          Contacts:
          Luiz D. Travesso, Chairman and President
          Orestes Gonzalves Jr., VP Finance/Investor Relations

          AES Corp., Arlington
          Kenneth R. Woodcock, 703/522-1315
          Web site www.aes.com
          Investor relations: investing@aes.com


TELEMAR: Reports $117M Net Loss For 2002
----------------------------------------
Brazil's biggest telecom group, Tele Norte Leste Participacoes SA
(Telemar), posted a net loss of BRL416 million (US$117mn) for
2002, reversing previous profits of BRL140 million during 2001.
According to Business News Americas, the Company blamed last
year's loss on heavy operating expenses in launching its PCS
subsidiary Oi in June.

Telemar increased its EBITDA by 49% in 2002, reaching BRL5.29
billion with a margin of 44.6% or 9.4pp better than its 2001
margin.

"EBITDA was reported as expected, and their bottom line was not
extraordinarily bad, because of investment in Oi, which actually
began six quarters ago," a Wall Street telecoms analyst told
Business News Americas.

Telemar reported an 18% increase in net revenues, to BRL11.9
billion, partly due to new revenues from domestic and
international long distance services launched in 3Q02.

Telemar also suffered from the depreciation of the real against
the US dollar in the period, the analysts said. However, exposure
was limited: of its total debt, about 70% is dollar-denominated,
of which about 85% is hedged against foreign exchange effects.

Revenues for Oi after its first six months of operations were
BRL443 million, equal to 3% of Telemar's group-wide revenues.
Oi's real impact in its first half-year was felt on the bottom
line: net losses amounted to BRL728 million, yielding a negative
Ebitda of BRL303 million.

On the positive side, Oi gathered an impressive subscriber base
of 1.4 million in only six months, taking control of an 8.9%
market share for its 14-state concession area. Oi is expected to
reach Ebitda breakeven in three to four years, the Wall Street
analyst said.

Oi's extensive capex has thus far resulted in a network of 2,467
radio base at year-end, of which 1,496 are its own and 971 are
shared with another mobile operator.

Results were very strong in the holding company's core segment of
basic fixed line services. Rio de Janeiro-based incumbent telco
Telemar grew profits by 133%, to BRL687 million. Growth was
fueled by a 13% year-over-year rise in revenues, at BRL11.5
billion, and a 53% increase for Ebitda, at BRL5.61 billion.
Ebitda margin improved by 12.6 percentage points to 48.8%.

Telemar's net profits in the fourth quarter were higher than
expected due to a much lower than expected financial expenses
level. The operator posted a 382% fourth quarter growth in
profits, earning BRL502 billion, compared to BRL104 million for
4Q01.

"They reported BRL216 million for financial expenses, and we
expected BRL397 million," Edigimar Maximiliano of local bank
Unibanco told Business News Americas, due to inexplicable tax
credits. The operator made a BRL133-million social contribution
under income tax laws, yet showed a mysterious reverse expense of
BRL163 million, he said.

CONTACT:  TNE - INVESTOR RELATIONS
          Roberto Terziani
          Email: terziani@telemar.com.br
          Tel: 55 21 3131 1208
          Fax: 55 21 3131 1155

          Carlos Lacerda
          Email: carlosl@telemar.com.br
          Tel: 55 21 3131 1314
          Fax: 55 21 3131 1155

          GLOBAL CONSULTING GROUP
          Rick Huber
          richard.huber@tfn.com
          Tel: 1 212 807 5026
          Fax: 1 212 807 5025

          Mariana Crespo
          Email: mariana.crespo@tfn.com
          Tel: 1 212 807 5026
          Fax: 1 212 807 5025

TELEMAR: S&P Says Outlook Stable Despite Recent Results
-------------------------------------------------------
Standard & Poor's Ratings Services said on Friday that it revised
the outlook on the local currency rating of telecommunications
provider Tele Norte Leste Participacoes S.A. (TNL) to stable from
negative.

At the same time, the 'BB' local currency and 'B+' foreign
currency corporate credit ratings on TNL were affirmed. The
outlook on the foreign currency rating is negative. As of Dec.
31, 2002, Brazilian-based TNL had about $3.05 billion of total
debt outstanding.

"The outlook revision reflects Standard & Poor's opinion that a
persisting negative economic environment in Brazil and increased
regulatory risk should not have any significant impact on the
company's credit quality in the near future. TNL has managed to
maintain access to credit even during a period of very limited
liquidity in the banking and capital markets, and has already
resolved its refinancing needs for 2003 with adequate debt
instruments," stated Standard & Poor's credit analyst Jean Pierre
Cote Gil.

The constant improvement in operating margins reported so far,
which are related to gains of operating efficiency and
productivity, indicate that TNL could withstand a harsh
macroeconomic environment and still remain free operating cash
flow positive.

The regulatory framework affecting TNL and the ratings is still
unclear. Some pending decisions, such as the concession
contracts' renewal in 2005, still raise concerns about the level
of independence and power that the federal administration will
eventually grant to Anatel (the Brazilian telecommunications
regulatory agency) - certainly a key risk factor in the next few
years. As an independent entity, Anatel should be little affected
by the current transition into the new federal administration.
The rating assumes that the regulatory body will endorse the full
tariff readjustment for the fixed-line operators next June, as it
already did for wireless operators, considering that the new
administration has publicly stated its willingness to continue
respecting contracts.

Residential customers remain TNL's most important cash-
contributor segment. TNL has taken numerous initiatives toward
the cleaning up of its customer base and the maintenance of low
delinquency levels, which have resulted in declining bad debt
levels since the end of 2001. Stricter cost and expense controls,
coupled with the overall reduction of bad-debt levels, eventually
led TNL to successive gains over the last few quarters and,
accordingly, to the maintenance of strong profitability levels.

TNL has reported an EBITDA margin of 45% in 2002, in line with
our expectations, and quite above the 34% posted last year. Total
debt to EBITDA has dropped to 2.0x from 2.6x in 2001, and FFO to
debt reached 43%, slightly up from 40% posted in the year before.

The mounting results from the fixed-line business have been
partly offset by a still non-profitable wireless operation.
Standard & Poor's expects TNL's wireless operations ("Oi") to
become a cash-contributor to the group only in 2005, as
subscribers' acquisition costs (SAC) should remain high, pushed
by tough competition and the company's need for scale, while most
of the customer's base fits in the less-profitable prepaid
services.


USIMINAS: Enters Technology Partnership With US Praxair
-------------------------------------------------------
Brazilian flat steel maker, Usiminas, is joining forces with US
Praxair, according to an article released by Hoover's in its Web
site. The partnership is aimed at marketing Cojet technology,
which increases productivity and quality in steel production, to
other steel companies.

Praxair developed Cojet technology, and tested it in Usiminas
during the second half of last year. Usiminas licensed Praxair
patent for a ten-year period at the end of last year, after it
added 160,000 extra mtpy to the current 4.7 million m tons
production using the Company's five electric furnaces.

The two companies said that they are in negotiations with
companies in North America, South Americas, Asia and Europe. They
are also in talks with other companies in Brazil, where another
20 electric furnaces are working in steel plants.

The partners aim to create al least four businesses over the next
year.

CONTACT:  Usinas Siderurgicas de Minas Gerais Usiminas PN A
          Rua Prof. Jose Vieira de
          Mendonca, 3011
          Engenheiro Nogueira
          31310-260 Belo Horizonte - MG
          Brazil
          Phone:  +55 31 3499-8000
          Fax:  +55 31 3499-8475
          Home Page:  http://www.usiminas.com.br
          Contact:
          Jose Augusto Muller de Oliveira Gomes, Chairman


VARIG-TAM: Brazil Approves Code-Sharing Agreements
--------------------------------------------------
The Brazilian government gave Varig and Tam, the country's two
biggest airlines, green light to proceed with a plan to share
flights this month as they study a proposal to merger their
operations, Reuters indicates.

In Feb., the two airlines announced that beginning March 10, they
would share 113 daily flights to nine domestic destinations in
order to trim costs. The operation is seen as a first step
towards an eventual merger.

But under a deal with Brazil's CADE anti-monopoly body, Varig and
TAM agreed they would not return any airplanes, share pricing
information, unify their commercial strategies or take any
further measures until after March 19.

By then, the government should have a more concrete ruling on the
joint operations.

"The decision is so that companies don't take any irreversible
measures until they can specify their future actions," CADE
President Joao Grandino Rodas told reporters.

As part of the code-sharing deal announced on Monday, Varig said
it planned to return six 191-seat Boeing 767-200 jets under lease
with General Electric Co.'s GE Capital and look into also ending
the lease of three 285-seat MD-11s from the U.S. company.

CONTACT:      VARIG (Viacao Aerea Rio-Grandense, S.A.)
              Rua 18 de Novembro No. 800, Sao Joao
              90240-040 Porto Alegre,
              Rio Grande do Sul, Brazil
              Phone: (51) 358-7039/7040
                     (51) 358-7010/7042
              Fax: +55-51-358-7001
              Home Page: www.varig.com.br/english/
              Contacts:
              Dorival Ramos Schultz, EVP Finance and CFO
              E-mail: dorival.schultz@varig.com.br

              Investor Relations:
              Av. Almirante Silvio de Noronha,
              n  365-Bloco "B" - s/458 / Centro
              Rio de Janeiro, Brazil

              KPMG Brazil
              Belo Horizonte
              Rua Paraba, 1122
              13th Floor
              30130-918 Belo Horizonte MG
              Telephone 55 (31) 3261 5444
              Telefax 55 (31) 3261 5151
                       or
              Brasilia
              SBS Quadra 2 BL A N 1
              Edificio Casa de Sao Paulo SL 502
              70078-900 Braslia - DF
              Telephone 55 (61) 223 2024
              Telefax 55 (61) 224 0473

              BAIN & CO
              Primary Contact: Wendy Miller
              Two Copley Place, Boston, MA 02116
              USA
              Phone: +1-617-572-2000
              Fax: +1-617-572-2461
              Email: miles.cook@bain.com
              URL: http://www.bain.com

              TAM
              Daniel Mandelli Martin, President
              Buenos Aires
              Tel. (54) (11) 4816-0001
              URL: www.tam.com.br



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

COEUR D'ALENE: Selling $37.2M, 9% Senior Note Private Placement
---------------------------------------------------------------
Coeur d'Alene Mines Corporation (NYSE:CDE) announced Friday it
has entered into an agreement to complete a private placement of
$37.2 million of 9.0% Senior Convertible Notes. The net proceeds
of approximately $33.8 million will be used to retire the
majority of the remaining $28 million of the Company's 6.375%
Subordinated Convertible Debentures due January 2004 and will
provide working capital for general corporate purposes.

Dennis E. Wheeler, Coeur's Chairman and Chief Executive Officer
stated, "This financing substantially completes the Company's
debt restructuring efforts, which began in 1998. Coeur's balance
sheet will be considerably re-shaped and strengthened. We are now
in a position to aggressively pursue new growth opportunities."

Under the purchase agreement, Coeur agreed to issue $37.2 million
of new 9.0% Senior Convertible Notes ("New Notes") for $33.8
million in proceeds. The New Notes will be convertible into
common stock at a conversion price of $1.60 per share and will
mature in 2007. Coeur expects to close this transaction by the
end of February. Houlihan Lokey Howard & Zukin Capital has served
as the Company's financial advisor on this transaction.

Coeur d'Alene Mines Corporation is the world's largest primary
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.

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


COEUR D'ALENE: 2002 Operations Report Shows Improvement
-------------------------------------------------
Coeur d'Alene Mines Corporation (NYSE:CDE) announced Friday that
its operations exceeded 2002 production expectations and reduced
consolidated cash costs to a record low of $2.89 per ounce of
silver.

The Company also announced continued outstanding exploration
results at its 100%-owned high-grade silver Martha mine located
in Santa Cruz Province, Argentina.

2002 Results from Operations

2002 silver production totaled 14,832,681 ounces, a 36% increase
in production over 2001. Gold production also increased
significantly to 117,114 ounces, representing a 22% increase over
2001.

Coeur's Chairman and Chief Executive Officer Dennis E. Wheeler
commented, "2002 represented a turnaround year for Coeur. We have
re-established the company as the world's dominant primary silver
producer by focusing on new low-cost gold/silver operations in
South America, optimizing our existing operations here in North
America, and reducing the Company's debt."

Coeur introduced two new mines in South America during 2002,
which was the primary reason for the Company's considerable
production growth and reduction in cash costs. Together, the
high-grade Cerro Bayo and Martha mines produced 3.1 million
ounces of silver and 45,200 ounces of gold. The average total
cash costs during 2002 were an extremely low $0.38 per ounce of
silver. Mr. Wheeler noted, "These new properties are providing
Coeur with significant cash flow. Based on the excellent
exploration results during 2002, we have every expectation that
we will be producing high-grade silver and gold in Southern Chile
and Argentina for many years."

The Rochester mine in Nevada exceeded its 2002 silver and gold
production estimates while lowering its cash costs to $3.00 per
ounce of silver. For the year, Rochester produced 6.4 million
ounces of silver and 71,905 ounces of gold. Wheeler remarked,
"Our people at Rochester have done an excellent job of
identifying opportunities to operate more efficiently, which has
resulted in a further reduction in the mine's cash costs.
Rochester continues to be a consistent performer for Coeur."

Coeur Silver Valley in Idaho achieved record production of 5.3
million ounces of silver during 2002, representing an 18%
increase over 2001. Average total cash costs declined 8% from
2001 to $4.25 per ounce. Since acquiring operating control of the
Silver Valley operations in 1999, cash costs have declined nearly
17% while production has increased 64%. Coeur Silver Valley's
mines have produced over 160 million ounces of silver since
production began in 1955 and have a strong track record of
reserve replacement. During the fourth quarter of 2002, the
Company expects to adjust the carrying value of its Silver Valley
operations down by $20-$24 million to give effect to a long term
silver price of $5.00 per ounce and to reflect the economics
associated with this lower long-term silver price assumption. The
non-cash write-down pursuant to FAS 144 will be reflected in the
Company's financial statements for the year ended December 31,
2002, to be issued next month. The Company is conducting an
exploration and development program in 2003 to increase the
mine's reserves and resources. In addition, Coeur plans to
introduce additional mechanized mining methods at Silver Valley
during 2003, which should positively impact cash costs.

Exploration Success at Martha Mine and Surrounding Properties in
Argentina

Coeur also announced continued outstanding exploration results at
its 100%-owned high-grade silver Martha mine located in Santa
Cruz Province, Argentina. The underground mine is approximately
270 miles southeast of Coeur's Cerro Bayo property located in
Southern Chile.
Coeur acquired the Martha mine in April 2002 and began
transporting high-grade ore to its Cerro Bayo mill in June 2002.

Reserves at the Martha mine property have grown to 5.3 million
silver equivalent ounces, representing a 96% increase since the
property was acquired from Yamana Resources, Inc. New reserves
discovered on the Martha mine property during the second half of
2002 totaled 4.6 million silver equivalent ounces, averaging 150
ounces of silver equivalent per ton. They were discovered at an
exceptionally low cost of $.037 per silver equivalent ounce.
During 2002, Martha produced approximately 1.4 million silver
equivalent ounces.

Coeur commenced exploration efforts during the second half of
2002 and focused primarily on the Martha vein located within the
100 acre
Martha mine property. The Martha vein, which is exposed for over
one mile, is one of six presently known veins that have had very
limited exploration prior to Coeur's acquisition of the property.
Coeur's efforts in 2002 consisted of mapping, sampling and the
drilling of 89 holes totaling 21,320 feet.

Exploration was successful in discovering extensions of high
grade ore along the strike of the Martha vein within the mine
itself as well as locating an entirely new high-grade ore shoot
called the R 4 Zone located approximately 300 feet southeast of
the mine. The R 4 zone remains open at depth and along strike,
indicating additional high-grade reserves should be discovered
during 2003.

The R 4 Zone is a significant new discovery that is expected to
extend the Martha mine life through the end of 2004. At the
present time, the proven and probable reserves in the R 4 Zone
alone totals 27,928 tons averaging 0.12 ounces per ton gold and
143 ounces per ton silver for a total of 4.2 MM silver equivalent
ounces. A select drill intercept has a true thickness of 44.0
feet of 0.42 ounces per ton of gold and 666 ounces per ton of
silver, which equates to a silver equivalent grade of 694 ounces
per ton. An ongoing drill program is expected to expand the high
grade reserve in the R 4 zone to the southeast.

Coeur has also initiated ground reconnaissance on its large land
package in Santa Cruz Province surrounding the Martha mine as
well as 90 miles to the north surrounding its Lejano property,
which also contains a significant silver resource. Numerous new
epithermal veins are being discovered that contain high grade
gold and silver mineralization on the surface. These veins have
never been sampled or drilled. One of these veins is up to 13
feet wide and has been continuously mapped for over 3.5 miles.
The Company plans to map, sample and drill as many of these veins
as possible during 2003.

Based on the Company's initial review of these landholdings,
Coeur believes there is the potential to discover over fifty
million silver equivalent ounces on prospects located on this
land package outside the Martha mine property. As a result of
this positive initial review, Coeur has purchased a 10% net
profit interest from Yamana Resources for $75,000 which relates
to the properties located outside the Martha mine area.

Dieter Krewedl, Coeur's Senior Vice President of Exploration,
commented, "The Santa Cruz Province in Southern Argentina
represents a major new gold/silver district. Because of the
highly prospective nature of the region and our excellent results
to date, Coeur has increased its land position by nearly 50% to
352 square miles. In addition, the Company has increased its 2003
exploration budget for
Argentina five-fold and we have high expectations of finding
additional high-grade reserves and resources."

Coeur d'Alene Mines Corporation is the world's largest primary
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.



ENERSIS: Analyst Expects Moody's Ratings Downgrade
--------------------------------------------------
Chilean Enersis SA, the second-largest power company in the
region, may have its credit rating downgraded by Moody's
Investors Service after the agency downgraded the ratings of
Enersis' parent, the Spanish power company Endesa SA.
Moody's last week downgraded Endesa's credit rating citing
concerns about Endesa's plan to sell assets to reduce EUR22.7
billion ($24.4 billion) of debt.

Moody's cut Endesa's senior unsecured debt rating two levels to
Baa1 from A2, and its short-term rating to Prime- 2 from Prime-1.
The outlook on the ratings is stable, Moody's said in an e-mailed
statement.

Endesa's debt rose on the back of a EUR6.4-billion expansion in
Latin America, where it controls Enersis SA. According to Michael
Dolan, a credit analyst at Banc of America, the rating cut may be
followed at Enersis, whose credit rating was cut by Standard &
Poor's to BBB- less than two weeks ago.

Meanwhile, Enersis said it is close to completing a US$2.3-
billion debt deal with its four main creditor banks. The unit
said it has reached an agreement "in principle" with the banks.
Details of its terms were not revealed due to confidentiality
agreements.

As a result of last year's regional turmoil, Enersis suffered a
CLP223.75-billion loss for the whole of 2002, principally due to
writedowns on the value of its investments in Argentina and
Brazil.

Enersis recently revealed it would increase its capital by $2
billion, up from a $1.5 billion hike previously. The exact
amount, price and period of the increase will be presented to the
shareholders at an extraordinary meeting March 31.

Enersis said the decision to beef up the capital increase by
US$500 million came in response to Spain's Endesa, which wants to
capitalize the total debt Enersis has with it, some US$1.3
billion.

At the extraordinary meeting, the shareholders will also have to
give their approval to the proposed sale of the Rio Maipo
electricity utility.

Enersis said that in January it had received 13 offers for Rio
Maipo and an Endesa Chile company up for sale, and that the
bidders are now undertaking due diligence of the companies.

CONTACT:  ENERSIS
          Investor Relations:
          Ricardo Alvial
          Chief Investments & Risks Officer of Enersis
          Email: ram@e.enersis.cl
          Phone: (562) 353-4682
          Contacts:
          Susana Rey, srm@e.enersis.cl
          Ximena Rivas, mxra@e.enersis.cl
          Pablo Lanyi-Grunfeldt, pll@e.enersis.cl



=============
E C U A D O R
=============

BANCO DEL PACIFICO: Ecuador Seeks Bank To Evaluate Assets
---------------------------------------------------------
The Ecuadorian Central Bank will hire an investment bank to
evaluate the assets of the intervened Banco del Pacifico.
The move, according to South American Business Information, is
part of an effort to privatize the bank, a process included in
the letter of intentions signed by the government with the IMF.

The assets to be evaluated include related companies such as
Pacific National Bank, Banco del Pacifico Panama, Seguros Sucre,
Contifondos, Pacificard, Calpacifico, and Almagro. Other assets
to be divested are the ISP Ecuanet to be sold in the stock
market, Club del Pacifico, estimated to be worth US$3-4 million,
and the funds manager Adpacific worth US$600,000.

Banco del Pacifico currently managed by Interdin has restructured
and is saving operating costs of US$1 million per month.

On January - February it granted credits of US$4.5 million and
collected US$1.5 million for prior operations.

Banco del Pacifico was among those taken over by the government
following the country's financial crises in 1998-1999.

CONTACTS:  BANCO DEL PACIFICO
           Ec. Javier S nchez Pulley, Presidente del Directorio
           Dr. Felix Herrero Bachmeier, Presidente Ejecutivo

           P. Ycasa 200 GUAYAQUIL Ecuador
           Tel:  + 593 566010
           Fax:  + 593 564636



=============
J A M A I C A
=============

AIR JAMAICA: Forecasts $35M Loss For 2003, Seeks Government Aid
---------------------------------------------------------------
Air Jamaica is projecting a loss of $35 million this year,
compared to the $140 million-loss projection last year. A report
by the Caribbean Investor said that Air Jamaica posted a loss of
only $80 million.

Air Jamaica Deputy Chairman and Chief Executive Officer
Christopher Zacca said that Air Jamaica's long-term future is
safe, but it needs to overcome its immediate problems. He also
said that the government is working with the airline.

Mr. Zacca said that the airline is looking for aid from the
government, but the specific nature of the said aid is yet to be
determined. The report said that things would be clearer after
the board committee and the management finalizes work on a
budget.

A few weeks earlier, Britain has imposed a visa requirement for
Jamaicans flying to Britain. The airline's officials said they
are not certain on how it will affect the airline, although some
estimates reportedly said that it might cause losses of about $5
million for Air Jamaica.

Air Jamaica, which flies more that one-half of the total
passengers into the country, is expecting to further reduce its
operating costs by rationalizing its fleet. The airline plans to
use the same aggressive measures that allowed it to post losses
that were less than expected. However, although passenger loads
have increased, the airline still has low yields, not enough to
cover all its costs.

CONTACT: Air Jamaica
         4 St. Lucia Avenue
         Kingston 5,
         Jamaica
         Phone: 876/922-3460
         Fax: 929-5643
         Email: webinfo@airjamaica.com
         Contact:
         Gordon Stewart, Chairman
         Allen Chastanet, Vice President for Marketing and Sales



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

CFE: Secures $36M Loan From EDC
-------------------------------
Export Development Canada (EDC) is providing US $36 million in
financing for the sale of gas turbine generator equipment and
related services by Siemens Westinghouse to the Comision Federal
de Electricidad(CFE). The loan is being provided to Comision
Federal de Electricidad(CFE), Mexico's state-owned power utility,
and will be used to buy gas turbine generator equipment and
related services for the El Encino power plant in the state of
Chihuahua and the El Sauz II power plant in Queretaro.

"This new financing builds on an already strong Canadian presence
in the Mexican market and reinforces the close relationship that
EDC maintains with the CFE," says Marvin Hough, EDC's regional
director, Mexico and Central America, based in Mexico City.

Last year, EDC extended CAD $2.3 billion in trade finance and
risk management services to 404 Canadian companies exporting to
Mexico. As a result of increased trade with Mexico and rising
investment levels, EDC established a second permanent
representative in Mexico in the city of Monterrey in 2002 to meet
the growing needs of Canadian exporters.EDC provides trade
finance and risk management services to Canadian exporters and
investors in up to 200 markets. Founded in 1944, EDC is a Crown
corporation that operates as a commercial financial institution.

Media contact:  Daniela Pizzuto
                EDC Public Affairs
                Tel: (613) 598-6829
                Email: dpizzuto@edc.ca
                URL: www.edc.ca


GRUPO BITAL: Releases 2002 Highlights, Annual Results
-----------------------------------------------------
- HSBC Holdings plc (HSBC) completed the acquisition of Grupo
Financiero Bital (GFBital) on 25 November 2002.

- The price paid for shares tendered to HSBC was US$1,135
million.

- Prior to year-end, HSBC subscribed for additional capital
totalling US$800 million, which resulted in ownership of 99.8 per
cent of GFBital at 31 December 2002.

- This additional capital was used to strengthen GFBital's
balance sheet and bolster reserves in line with local and
international standards. GFBital reported a full year net loss of
MXP6,575 million for 2002.*

- The total capital ratio at year-end 2002 was 10.96 per cent for
Banco Internacional, the principal subsidiary of GFBital.

*Within the HSBC Holdings plc 2002 consolidated financial
results, which will be published on 3 March 2003, GFBital will
provide a small positive contribution to earnings, reflecting
December results post-acquisition. The losses referred to above
arose pre-acquisition and therefore were reflected in the opening
balance sheet acquired by HSBC.

Comment from the Chief Executive Officer:

Sandy Flockhart, GFBital's Chief Executive Officer, said: "I am
pleased with the pace of integration to date. We have already
made progress in implementing within GFBital some of the HSBC
Group standards in risk management, internal control, and expense
discipline which will benefit this institution in 2003. Our
challenge is to instill these standards while maintaining the
sales culture and positive business momentum which has been the
trademark of GFBital.

"GFBital's full year 2002 results include the financial
strengthening exercise undertaken by HSBC upon acquisition, which
was funded by a US$800 million capital injection. These results
are entirely consistent with HSBC's expectations from our due
diligence process in July through completion of the tender offer
process in November. As a consequence of the recapitalisation,
Banco Internacional, the principal subsidiary of GFBital,
reported a capital adequacy ratio of 10.96 per cent at year-end
2002, which exceeded the 10.00 per cent target established by the
Mexican regulators.

"Many of the underlying financial trends within GFBital are
promising. Core customer deposits increased 15 per cent and local
market share rose by 1 per cent from a year ago. Fees and
commissions rose 16 per cent in 2002 compared with the year ended
31 December 2001 due to higher transaction volumes and new
customers. The profitability of our insurance joint venture
increased 68 per cent. HSBC's broad product expertise and global
customer base complements GFBital's existing business platform.
These synergies will provide competitive advantages for GFBital
and a solid foundation for future growth."

Financial Notes:

GFBital recorded a net loss of MXP6,575 million for the year
ended 31 December 2002. The loss principally reflected provisions
as required by the CNBV (Comisi›n Nacional Bancaria) to reflect
GFBital's share of loss-sharing in Fobaproa (Fondo Bancario de
Protecci›n al Ahorro) programmes, to bring commercial loan loss
reserves in line with CNBV requirements and to revalue or write
off assets to their recoverable value. An injection of US$800
million capital was made by HSBC to recapitalise the bank.

Prior to the HSBC acquisition, GFBital acquired all of the assets
and liabilities of Banco del Atlantico effective 1 October 2002,
consistent with agreements in place with the Mexican regulatory
authorities. The composition of GFBital's balance sheet changed
considerably as a result of this transaction. The most notable
impact was the increase in loans to Fobaproa and IPAB (Instituto
de Protecci›n al Ahorro Bancario) to MXP57,595 million.

GFBital is one of the five major banking and financial services
institutions in Mexico, with some 1,400 branches, 4,000 ATMs, and
17,500 employees. GFBital is well positioned to complement HSBC's
Asian, European and North American operations.

GFBital is a directly held, majority-owned subsidiary of HSBC
Holdings plc. Headquartered in London, with over 8,000 offices in
80 countries and territories and assets of US$746 billion at 30
June 2002, the HSBC Group is one of the world's leading banking
and financial services organizations.

BITAL:  Grupo Financiero Bital, SA de CV
        Reforma 156, Colonia Juarez, 06600 Mexico, D. F. Mexico
        Tel: 52 55 5721 2903 / 2987
        Fax: 52 55 5721 2993
        Group General Manager & CEO: Sandy Flockhart


GRUPO MEXICO: Posts Fourth Quarter 2002 CEO Report
--------------------------------------------------
Grupo Mexico (G.Mexico) consolidated financial results for the 12
months ended on December 31, 2002, included the operations of
Americas Mining Corporation (AMC) and Infraestructura y
Transportes M,xico (ITM), which consolidate the results of the
operating companies: Minera Mexico (MM), ASARCO, Southern Peru
Copper Corporation (SPCC), Grupo Ferroviario Mexicano (GFM), and
Ferromex.

Applies to US GAAP:

G.Mexico consolidated results for the fourth quarter and the 12
months ended December 31, 2002, are highlighted by improved
efficiencies that allowed us to obtain significant operating and
administrative cost savings at all of our subsidiaries. These
savings were the result of various measures, including
significant personnel reductions and the temporary and/or partial
suspension of some of our mining operations that are not
profitable under current metals prices, as well as adjustments to
our smelting plants and refineries in response to the prevailing
conditions of the mining industry, and also a significant
contribution to the Group from the railroad division.

At December 31, 2002, reductions in costs and expenses added
$552.0 million representing a 23.5% improvement compared to the
same period of the previous year. This decrease in costs and
expenses also allowed us to mitigate the effect of the reduction
of copper prices (1.2%) and zinc prices (12.2%) by approximately
$354.2 million. G.Mexico's consolidated and accumulated sales as
of December 31, 2002, were $2.5 billion, compared to $2.9 billion
during the same period of the previous year. This decrease can be
attributed primarily to the lower metal prices and to lower
volumes sold as a result of our strategy of favoring margin over
volume.

During the 12 months of the year, non-recurring costs of $56.8
million were incurred primarily for $35 million reserves that
were created for extraordinary maintenance and rehabilitation of
major equipment, administrative expenses, financial
restructuring, and the cost for the prepayment of the balance of
the Secured Note Program equivalent to
$9.2 million reflected in the financial cost.

At year-end December 31, 2002, operating earnings were $241.8
million, representing 9.7% of sales compared to 3.5% during the
same period of the previous year. At December 31, 2002, the
operating cash flow (EBITDA) was $518.7 million, representing
20.8% of sales compared to 13.4% during the same period of the
previous year.

Investments
The investment program carried out during the year has reached
$261.3 million, of which $200.7 million corresponds to the mining
division. The expansion and modernization of the Toquepala
concentrator in Peru was completed in August 2002. In addition,
we continue investing in the Cananea open-pit mine and reached
nearly $38.2 million during the year in stripping ore, which will
allow to access to mineralized zones.

Financing
In consideration of the prevailing market circumstances and with
the purpose of adjusting to current credit conditions and
obligations, we are currently in the final stage of negotiations
with our banks and investors in order to obtain conditions more
in accordance with current needs. The total debt outstanding at
December 31, 2002, is $2.9 billion, with available cash of $533.1
million, which is equivalent to a net debt of $2.5 billion.

MINING DIVISION
Americas Mining Corporation (AMC)
Americas Mining Corporation consolidated financial results for
the fourth quarter ended December 31, 2002, includes the
operations of the following companies: Minera Mexico (MM),
ASARCO, and Southern Peru Copper Corporation (SPCC), which
represent our mining operations in Mexico, the United States and
Peru.

At December 31, 2002, accumulated sales were $1.9 billion
compared to $2.3 billion in 2001. This decrease can be attributed
primarily to lower metals prices and lower volume sold.

At December 31, 2002, sales volumes for copper registered a total
reduction of 168,729 metric tons, 15.8% lower than the same
period in 2001. Zinc and silver have also shown the same trend
with a decrease of 32.6% and 24.7% respectively during the same
period.

Operating earnings at year-end December 31, 2002, were $100.3
million, an increase of 3004% compared with the same period of
the previous year, due to a significant reduction in costs of
production.

EBITDA for the full year of 2002 is $290.0 million, 45.1% higher
than the same period of the previous year. Net financing costs
for the 12 months of 2002 is $192.5 million, 17.8% lower than the
$234.3 million of the same period of the previous year due
primarily to the reduction of a bank loan at SPCC.

During the 12 months of the year, non-recurring costs of $56.8
million were incurred primarily for $35 million reserves were
created for extraordinary maintenance and rehabilitation of major
equipment, administrative expenses, financial restructuring, and
the cost for the prepayment of the balance of the Secured Note
Program equivalent to $9.2 million in SPCC, reflected in the
financial cost.

The accumulated net loss after taxes at December 31, 2002, was
$144.6 million, 61.8% lower with respect to the $378.6 million
net loss after taxes for the same period of 2001.
Despite the fall of the metals prices, especially for our main
products copper and zinc, and despite non-recurrent expenses,
this improvement was possible due to an intense program of
reduction in costs and expenses during the year.

RAILROAD DIVISION

Grupo Ferroviario Mexicano (GFM)

Revenues from railroad transport services at year-end 2002, was
$619.4 million compared to $566.9 million in the same period last
year, as a result of higher transport volumes.

With respect to investment projects and acquisition of other
assets, Grupo Ferroviario invested $28.2 million during the
fourth quarter of 2002 and had invested an accumulated total of
$60.6 million at year-end 2002, for the construction, expansion
and rehabilitation of tracks, terminals, rail yards, bridges,
tunnels and sewers, and for the acquisition of telecommunications
systems. These investments are part of an integrated, planned
investment program of $700 million, which at year-end is 77%
completed.

Simultaneously, the company continues with implementation of a
long-term modernization program for all of its railroad routes in
conjunction with the railroad workers union. The program will
permit the company to increase transport volumes, will help train
a new generation of employees, and will update technology to
place it on levels similar to other class 1 railroad lines of the
United States.

For the 12 months ended December 31, 2002, EBITDA for GFM was
$235.3 million, representing 38% of sales income, and an increase
in EBITDA of 25.6% over the same period last year.

Applies to Mexican GAAP:
G.Mexico consolidated results for the 12 months ended December
31, 2002, are highlighted by improved efficiencies that allowed
us to obtain significant operating and administrative cost
savings at all of our subsidiaries. These savings were the result
of various measures taken last year, including significant
personnel reductions, the suspension of some of our mining
operations due to low metal prices, and adjustments to our
smelting plants and refineries in response to the current
conditions of the mining industry, and also to a significant
contribution to the Group by the railroad division.

At December 31, 2002, the reduction in cost of sales reached
$6,260.5 million pesos, which represented a reduction of 26%
compared to the same period of the previous year. This decrease
allowed us to mitigate the effect of the reduction of copper
prices (1.2%) and zinc prices (12.2%), by an amount of
approximately $3,639.0 million pesos, compared to prices lars in
comparison with the same period of the previous year. G.Mexico
consolidated and accumulated sales at December 31, 2002, were
$24,803.8 million pesos, compared to $28,794.6 million pesos for
the same period of 2001. This decrease can be attributed
primarily to the lower metal prices and to lower volumes sold,
and to the policy of favoring margins over volumes.

During the 12 months of the year, non-recurring costs of $585.8
million pesos were originated, primarily for $360.9 million pesos
in reserves that were created for extraordinary maintenance and
rehabilitation of major equipment, administrative expenses,
financial restructuring, and the cost for the prepayment of the
balance of the Secured Note Program equivalent to $94.9 million
pesos, reflected in the financial cost. The operating cash flow
(EBITDA) for the full year 2002 was $5,342.1 million pesos,
representing 21.5% of sales compared to 12.2% during the same
period

As of December 31, 2002, G.Mexico's operating earnings were
$1,419.1 million pesos, which represented 5.7% of sales.

The consolidated financing cost, based in Mexican GAAP,
represents a net cost of $2,287.5 million pesos at December 31,
2002, due basically to the debt financing cost of $1,938.1
million pesos, for the monetary position profit of $1,207.6
million pesos, a profit in derivatives for $72.6 million pesos,
and a loss in foreign exchange due primarily to the appreciation
of the Mexican peso against the dollar for $1,629.6 million
pesos.

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

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


MAXCOM TELECOMUNICACIONES: 4Q02 Results Improve
-----------------------------------------------
Maxcom Telecomunicaciones announces results for the fourth
quarter.

HIGHLIGHTS:

- Revenues increased 35% over 4Q01, and 16% over 3Q02.

- EBITDA loss improved by 54% over 4Q01, and declined 49% from
3Q02.

- EBITDA before one-time restructuring costs became positive at
Ps$1.7 million.

- Lines in service grew 61% over 4Q01, and 14% over 3Q02.

- Number of customers increased 91% over 4Q01, and 21% over 3Q02.

- Revenues and lines grew 61% from 2001 to 2002.

LINES:

The number of lines in service at the end of 4Q02 increased 61%
to 125,231 lines, from 77,981 lines at the end of 4Q01, and 14%
when compared to 109,903 lines in service at the end of 3Q02. Out
of the total outstanding lines at the end of 4Q02, 4,480 lines or
3.6% were from Wholesale customers, which compares to 5,690 lines
or 7.3% at the end of 4Q01, and 5,190 lines or 4.7% at the end of
3Q02.

During 4Q02 line construction was higher by 6% at 4,414 lines,
from 4,173 constructed lines in the same period of last year;
and, lower by 87% when compared to 34,129 constructed lines
during 3Q02, when the Company nearly finished its cluster
construction program for 2002. Inventory of constructed lines for
sale at the end of the quarter was 59,406 lines.

During 4Q02, 22,983 new lines were installed, 5% below the 24,117
(25,407 as reported**) lines installed during 4Q01. When compared
to 3Q02, the number of installations decreased 2% from 23,567
lines.

During 4Q02, the monthly churn rate was 2.1%, which compares to
1.2% (2.0% as reported)1 monthly average churn in 4Q01. When
compared to 3Q02, churn rate remained flat at 2.1%. Voluntary
churn in 4Q02 resulted in the disconnection of 2,308 lines, a
rate of 0.7%, which compares favorably to 0.8%, or 2,327
disconnected lines in 3Q02. Involuntary churn resulted in the
disconnection of 4,637 lines, a rate of 1.4%, which compares to
3,606 disconnected lines, or 1.3% during 3Q02.

During 4Q02, net disconnections for Wholesale customers were 710
lines, which compare to 660 net disconnections during 4Q01 and
1,260 net additions during 3Q02.

As of last quarter, Maxcom started reporting results for each of
its three business units separately: Voice, Data and Wholesale.
Revenues from Data and Wholesale are reported separately and do
not contribute to ARPU; Wholesale lines in service are reported
separately from Voice lines. For comparison purposes and where
applicable, this report includes adjusted numbers after these
changes as well as the originally reported numbers (For a broader
explanation see: "Maxcom Telecomunicaciones announces third
quarter unaudited results", released on October 29, 2002).

CUSTOMERS:

Total customers grew 91% to 89,950 at the end of 4Q02, from
47,196 at the end of 4Q01, and 21% when compared to 74,127
customers as of the end of 3Q02.

The growth in number of customers by region was distributed as
follows: (i) in Mexico City customers increased by 115% from 4Q01
and 22% from 3Q02; and, (ii) in Puebla the increase was 65% from
4Q01 and 16% from 3Q02. During 4Q02 we launched operations in
Queretaro and the number of customers at the end of the quarter
was 1,952.

The growth in number of customers by segment was the following:
(i) business customers increased by 20% from 4Q01 and decreased
1% from 3Q02; and, (ii) residential customers rose by 96% from
4Q01 and 23% from 3Q02.

REVENUES:

Revenues for 4Q02 increased 35% to Ps$161.7 million, from
Ps$120.2 million reported in 4Q01. Annual revenues grew 61% in
2002 to Ps$535.9 million, from Ps$332.3 million reported in 2001.

Voice revenues for 4Q02 increased 42% to Ps$145.5 million, from
Ps$102.2 million during 4Q01, mainly driven by a 67% increase in
voice lines, and offset by a 19% decrease in ARPU. Data revenues
for 4Q02 were Ps$3.7 million and contributed with 2% of total
revenues; during 4Q01 Maxcom did not report data revenues.
Wholesale revenues for 4Q02 were Ps$12.5 million, a 30% reduction
from Ps$17.9 million in 4Q01, as the Company continued focusing
on targeting its core business customers.

Revenues for 4Q02 increased 16% to Ps$161.7 million, from
Ps$138.9 million reported in 3Q02.

Voice revenues increased 15% to Ps$145.5 million, from Ps$126.5
million during 3Q02. The net change in revenue reflected a 15%
growth in voice lines. Data revenues in 4Q02 increased 20% to
Ps$3.7 million, from Ps$3.1 million during 3Q02, as the Company
continued building up this business unit. During 4Q02, revenues
from Wholesale customers increased 34% to Ps$12.5 million, from
Ps$9.3 million in 3Q02.

COST OF NETWORK OPERATION:

Cost of Network Operation in 4Q02 was Ps$60.8 million, an 11%
increase when compared to Ps$54.6 million in 4Q01. This increase
was generated by: (i) Ps$16.9 million, or 64% increase in network
operating services, due to a 61% growth in lines in service; (ii)
41%, or Ps$5.8 million lower technical expenses, mainly due to
lower provisioning for inventory obsolescence partially offset by
higher maintenance costs; and, (iii) lower installation expenses
and cost of disconnected lines in the amount of Ps$4.9 million.

Cost of Network Operation increased 16% when compared to Ps$52.5
million in 3Q02. This net increase was mainly generated by: (i)
Ps$7.7 million, or 22% increase in network operating services,
due to a 14% growth in lines in service; (ii) 17%, or Ps$1.7
million lower technical expenses, mainly due to lower network
maintenance expenses; and, (iii) higher installation expenses and
cost of disconnected lines in the amount of Ps$2.3 million, or
33%, due to higher installation costs related to an increased
billing of installation charges to customers.

SG&A:

As previously announced, the Company decided to push ahead with
cost reduction measures planned for 2003. During 4Q02, the
Company took a special charge of Ps$26.4 million to reflect one-
time restructuring costs.

SG&A expenses were Ps$125.6 million in 4Q02, which compares to
Ps$119.0 million in 4Q01. The 6% increase was mainly originated
by: (i) one- time restructuring costs of Ps$ 26.4 million; (ii)
higher consulting fees of Ps$2.5 million; (iii) higher
advertising expenses of Ps$2.3 million; (iv) higher external
sales commissions of Ps$1.4 million; (v) higher bad debt
provisioning of Ps$0.8 million; and, (v) higher leasing and
maintenance costs of Ps$0.4 million, which were partially offset
by: (i) lower salaries, wages and benefits of Ps$25.9 million;
and, (ii) lower general, administrative expenses and insurance
costs of Ps$1.3 million.

Before the one-time restructuring costs, SG&A expenses decreased
17% to Ps$99.2 million in 4Q02, from Ps$119.0 million in 4Q01.

SG&A expenses in 4Q02 increased 22%, from Ps$103.0 million in
3Q02. This variation was mainly originated by: (i) one-time
restructuring costs of Ps$ 26.4 million; (ii) higher external
sales commissions of Ps$2.2 million; (iii) higher leasing and
maintenance costs of Ps$2.0 million; (iv) higher bad debt
provisioning of Ps$1.7 million; and, (v) higher advertising
expenses of Ps$0.4 million; partially offset by: (i) lower
salaries, wages and benefits of Ps$5.0 million; (ii) lower
consulting fees of Ps$3.2 million; and, (iii) lower general and
administrative expenses of Ps$1.9 million.

Before restructuring costs, SG&A expenses decreased 4% to Ps$99.2
million in 4Q02, from Ps$103.0 million in 3Q02.

EBITDA:

EBITDA for 4Q02 was a negative Ps$24.8 million, compared to
negative Ps$53.4 million reported in 4Q01 and negative Ps$16.7
million registered in 3Q02. EBITDA margin went from a negative
44% in 4Q01 and negative 12% in 3Q02, to negative 15% in 4Q02.

EBITDA for 4Q02 before one-time restructuring costs was positive
Ps$1.7 million, representing a positive EBITDA margin of 1%.

CAPITAL EXPENDITURES:

Capital Expenditures for 4Q02 were Ps$59.8 million, a 69%
decrease when compared to Ps$191.7 million in 4Q01, and an 80%
decrease when compared to Ps$292.1 million in 3Q02.

CASH POSITION:

Maxcom's Cash position at the end of 4Q02 was Ps$115.7 million in
Cash and Cash Equivalents, compared to Ps$182.4 million in Cash
and Cash Equivalents, and Ps$197.5 million in Restricted Cash at
the end of 4Q01. Cash and Cash Equivalents at the end of 3Q02
were Ps$195.4 million.

Maxcom Telecomunicaciones, S.A. de C.V., headquartered in Mexico
City, Mexico, is a facilities-based telecommunications provider
using a "smart- build" approach to deliver last-mile connectivity
to micro, small and medium- sized businesses and residential
customers in the Mexican territory. Maxcom launched commercial
operations in May 1999 and is currently offering Local, Long
Distance and Internet & Data services in greater metropolitan
Mexico City, Puebla and Queretaro.

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

CONTACT:  Maxcom Telecomunicaciones, Mexico City
          Jose-Antonio Solbes
          Tel: (52 55) 5147 1125
          Email: investor.relations@maxcom.com

          Citigate Financial Intelligence, New York, NY
          Lucia Domville
          Tel: (212) 840-0008 Ext. 268
          Email: lucia.domville@citigatefi.com



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

CARONI LTD.: Ships First Load of Sugar to U.K.
----------------------------------------------
Trinidad and Tobago state sugar company, Caroni (1975), Ltd., was
able to ship sugar to the Untied Kingdom, despite facing a number
of production obstacles. The Trinidad Guardian says that the
Company sent its first shipment of 11,500 metric tones of sugar
on Wednesday. The $40 million shipment left Point Lisas Port
aboard the NIDA bound for Tate and Lyle in the UK, the report
reveals.

The shipment was due to be sent earlier this month, but problems
with the Company's restructuring delayed it until Wednesday last
week, said Caroni Chief Executive William Washington.

This year, the Company is getting a better cane to sugar ratio,
compared to last year. Mr. Washington attributed the good results
to the better weather conditions during the planting season.

Last month, about 9,000 workers received Voluntary Separation of
Employment offers from the government, as part of the Company's
restructuring. The government is still awaiting the workers
decisions. Earlier reports say that those who refuse to accept
the offer may stay in the Company, but will have to face eventual
redundancy.

CONTACT:  Caroni Limited
          Old Southern Main Road, Caroni,
          Trinidad & Tobago
          Phone: (868) 663-1781 or 662-0879
          Fax: (868) 663-1404


CARONI LTD: Cabinet Introduces Measure For Debt Payment Help
------------------------------------------------------------
The Cabinet is pushing for a measure to help refinance the short-
term debt of the ailing Trinidad and Tobago state sugar company
Caroni Ltd. According to a report by the Trinidad Guardian, the
Cabinet ordered the Republic Finance and Merchant Bank on
Thursday to arrange and fully underwrite a fixed rate bond issue
of US$518.5 million on behalf of Caroni (1975) Ltd.

Prime Minister Patrick Manning said the issue would initially be
secured by a letter of comfort to be converted to a full
Government guarantee, which will be approved by the Attorney
General under the guarantee of Loans Companies Act.



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

BANCO DE CREDITO: To Close After Investor Shuns Buy Back Offer
--------------------------------------------------------------
The move by Rev. Sun Myung Moon's Unification Church to turn a
cold shoulder on a proposal to buy back a majority stake it once
owned in Uruguayan bank Banco de Credito SA led to a decision to
close the bank. According to Bloomberg, Uruguay, which has held a
51% stake in the bank since 1998, will shut Banco de Credito and
liquidate its assets after St. George, the investment arm of the
Unification Church, refused to boost its stake and replenish the
bank's capital.

Banco de Credito has been physically closed since a run on
deposits in August left it without cash. The bank had US$661
million in assets as of July 2002, according to the central bank.

Central bank President Julio de Brun met President Jorge Batlle
on Friday to review the plan to close Banco de Credito, central
bank spokesman Roberto Altieri said.

"Considering the refusal by St. George and the difficulties we
have faced in trying to reopen the Banco de Credito, we have
decided to liquidate it," de Brun told reporters in Montevideo.

Meanwhile, economists expect Banco de Credito's closure to bring
in more problems for the government.

"The liquidation of Banco de Credito will generate serious
problems for the government," said economist Jorge Caumont, a
Montevideo-based business consultant who advises banks.

Mr. Caumont said the government can expect "countless" lawsuits
from depositors as they seek to recover their money.

The bank had US$379 million in deposits at the end of 2002, down
from US$525 million in August and US$756 million at the end of
2001, according to central bank figures.



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

PETROZUATA: Normal Operations Resume, S&P Remains Cautious
----------------------------------------------------------
The Petrozuata Finance Inc. (B/Watch Neg/--) heavy oil production
and processing project in Venezuela has restarted operations
following the delivery of natural gas and hydrogen feedstocks to
the upgrader. The company is operating the upgrader at 75% of
capacity, and plans to return to normal production rates on March
1.

Field production is ramping up as upgrader charge rates rise.
While these developments are positive, the ability of Petroleos
de Venezuela S.A. and third parties to provide a stable supply of
feedstocks remains questionable, given the continued political
and social divisions in the country. Petrozuata plans to have
800,000 barrels of syncrude production shipped to ConocoPhillips
in early March. The company's liquidity position remains adequate
for the very near term, with about US$70 million in a six-month
debt service reserve and about US$190 million to US$200 million
in cash. This liquidity will enable Petrozuata to meet its April
2003 semiannual debt payment. To consider taking positive actions
on Petrozuata's rating, Standard & Poor's will need a longer
demonstration period of consistent feedstock supply and
performance under recently announced foreign exchange controls.
Furthermore, Standard & Poor's will need to achieve greater
confidence that labor strife will not reignite in the near
future.

ANALYSTS:  Terry A Pratt, New York (1) 212-438-2080
           Bruce Schwartz, CFA, New York (1) 212-438-7809



               ***********


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 2003.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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Information contained herein is obtained from sources believed to
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