/raid1/www/Hosts/bankrupt/TCRLA_Public/030307.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
Friday, March 7, 2003, Vol. 4, Issue 47
Headlines
A N T I G U A & B A R B U D A
LIAT/BWIA/AIR JAMAICA: CEO's In Talks Regarding Merger
LIAT: Needs Approximately $25M to Bolster Ailing Finances
A R G E N T I N A
DISCO SA: Judge Expects Interpol to Summons Two Ex-Royal Execs
IEBA: Announces Cash Tender Offer on Defaulted Notes
REPSOL YPF: Starts Methanol Exports Produced at Argentine Plant
B E R M U D A
GLOBAL CROSSING: Releases Operating Results for December 2002
TRENWICK GROUP: S&P Places Revises to CreditWatch Negative
B R A Z I L
AES CORP.: S&P Reports on Recent Brazil, BNDES Developments
BSE: BellSouth Signs Deal To Sell Entire Stake
ELETROPAULO METROPOLITANA: Creditors Agree To Payment Extension
C H I L E
EDELNOR: Debt-Restructuring Program Yields Profitable Results
INVERLINK: Scandal Hampers Ability To Meet Debt Obligations
MADECO: Repays 30% of $120M Debt After Controller Boosts Capital
TELEFONICA CTC: VTR Awaits Details On Rates Reevaluation Request
M E X I C O
AEROMEXICO: Mulls Downsizing Operations To Address Market Woes
AZTECA HOLDINGS: S&P Places Ratings on Watch Negative
EMPRESAS ICA: Shares Up On Government Contract Hopes
FERTINAL: Sees End To Strike Following An Agreement With Workers
PEMEX: Repays Pemopro's Senior Secured Bank Facility
SANLUIS CORPORACION: Restructures $559.5M Debt
P A R A G U A Y
* Incumbent Pres. Leaves to Successor Decision on Banking Reform
P E R U
BELLSOUTH PERU: CEO Forecasts Firm Turning the Corner this Year
BELLSOUTH PERU: To Challenge Fixed Line Leader in 2003
- - - - - - - - - -
=================================
A N T I G U A & B A R B U D A
=================================
LIAT/BWIA/AIR JAMAICA: CEO's In Talks Regarding Merger
------------------------------------------------------
A merger could take place between LIAT, BWIA and Air Jamaica,
LIAT CEO Gary Cullen said in response to queries from the local
media Tuesday concerning the future of LIAT, relates the Antigua
Sun.
"Already there have been two meetings involving the three CEO's
and our chairman. The majority of the government's shareholders
in LIAT have also expressed a desire that a merger with BWIA or a
very close co-operation could very well be the solution to both
BWIA's economic difficulties and LIAT," said Mr. Cullen.
"The board of LIAT passed a resolution that supports the merger
of BWIA and LIAT in principle, and they have given not only the
approval but the directive for me to further that plan as best I
can," he said.
Trinidad's Prime Minster Patrick Manning had announced that a
priority for his government was to fully examine the options that
would be achieved by a merger or a very close co-operation
between LIAT, BWIA and Air Jamaica. But Cullen pointed out that
before this becomes a reality a number of models are being
studied.
He pointed out that the government of Trinidad & Tobago received
two separate requests from BWIA and LIAT for capital "so you can
see a possible situation in that the investment will come for
both airlines provided that the level of co-operation is to the
degree that they are satisfied with."
Cullen is of the opinion that in the event of a merger between
BWIA and LIAT, both airlines will lose their individuality.
"What I am convinced of is that the brand name LIAT, as a
separate operating entity is a valuable thing that should keep
going forward and similarly, BWIA," he said.
"My recommendation is that if there is going to be any merger you
keep the two airlines, as two separate entities. The customers
interface will be with LIAT and BWIA as you know it today," he
explained.
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: Needs Approximately $25M to Bolster Ailing Finances
---------------------------------------------------------
LIAT is in urgent need for a $25-million capital boost, CEO Gary
Cullen said in describing the cash-strapped airline's financial
picture, relates the Antigua Sun.
"Our dilemma is that as the process works its way through, our
need for capital injection becomes more urgent because we have
aircrafts that need to be replaced," Mr. Cullen said.
At the recent Caricom Heads of Government meeting in Trinidad,
the airline's board of directors approached regional shareholding
governments for assistance.
"The governments responded to that and they have already been
encouraged by a report from the World Bank who was taking a
preliminary look at LIAT because the government did not want to
commit investment or attract other investments into LIAT," said
the Company's CEO.
The LIAT executive says the governments have decided to appoint a
financial consultant to work with a special committee set up to
carry out a forensic audit of LIAT, review in detail LIAT's
three-year business plan and prepare an investment document for
external investors.
LIAT's need for the injection is part of a request made last
October by the airline for $35 million to continue with its
business plan for 2003. At the time, the company only received
$10.5 million.
Mr. Cullen noted the $25 million would be used to purchase
additional engines, make repayment on aircrafts leased from
General Electric and Bombardier. Five million dollars will go
towards staff redundancy payment. He is hopeful that this support
will be forthcoming from the regional governments who have
indicated a commitment to maintain a regional carrier.
Mr. Cullen noted that if LIAT ceased to operate, its shareholders
stand to lose between $150 - $200 million.
=================
A R G E N T I N A
=================
DISCO SA: Judge Expects Interpol to Summons Two Ex-Royal Execs
--------------------------------------------------------------
Uruguayan judge Pablo Eguren will seek help from the
International Criminal Police Commission, or Interpol, to summon
two former top executives of Royal Ahold NV.
Eguren wants Cees van der Hoeven, former chief executive, and
Michiel Meurs, ex-chief financial officer to appear before him
next week as part the judge's investigation regarding a
transaction between the grocer group and its Latin American
partner.
According to a Financial Times report, Judge Eguren is
investigating what happened to US$492 million paid by Ahold last
August for 100% control of Disco-Ahold International, its joint
venture with Velox Retail Holdings.
The executives in question quit last month after the world's
largest food distributor said it overstated earnings by more than
US$500 million.
IEBA: Announces Cash Tender Offer on Defaulted Notes
----------------------------------------------------
Camuzzi International S.A. ("Camuzzi") announced Tuesday the
launching of a cash tender offer for all senior unsecured notes
issued by its subsidiary, Inversora El‚ctrica de Buenos Aires
S.A. (IEBA; D/--/--). The proposal comprises both IEBA's US$100
million 8.65% notes due in September 2002 and US$130 million 9%
notes due in September 2004. In both cases, the cash tender offer
includes a US$100 cash payment for each US$1,000 of principal.
The proposal does not include any cash payment for unpaid accrued
interest on these notes. Camuzzi also announced that the
completion of the tender requires 90% of acceptance of the
aggregate principal amount of the outstanding notes. The company
was downgraded to 'D' on March 15, 2002, following the company's
announcement that it would not be able to meet the interest
payments due on March 16 on the above-mentioned notes. Therefore,
Standard & Poor's Ratings Services will closely monitor the
acceptance of this proposal, only expecting to revise the current
rating upon the finalization of the present restructuring.
ANALYSTS: Sergio Fuentes, Buenos Aires (54) 114-891-2131
Luciano Gremone, Buenos Aires (54) 11-4891-2143
REPSOL YPF: Starts Methanol Exports Produced at Argentine Plant
---------------------------------------------------------------
Spanish oil company Repsol YPF announced Wednesday it exported
more than 84,500 tons of methanol to the United States. Repsol
indicated that this is the first time that it exported methanol
from Argentina. Methanol, also known as wood alcohol, was
produced at the Repsol YPF's Plaza Huincul facility in the
southern province of Nequen wherein the Company invested about
US$166 million. The facility has a capacity to produce up to
400,000 tons of methanol each year.
The investment in Neuquen has allowed Argentina to replace
methanol imports with the domestically produced product and still
have enough surplus output for exports.
Methanol is used as a fuel additive, solvent, anti-freeze and in
medicines and the manufacturing of plywood.
Meanwhile, the Spanish-Argentine oil and energy company also
announced that its board has approved a 2002 pretax dividend of
EUR0.31, up 48% on the year. Repsol also said it will pay an
extra dividend of EUR0.10, for a total of EUR0.25 in extra
dividends paid on 2002 earnings.
It's still not known when either of the dividends will be paid.
CONTACT: REPSOL YPF SA
Head Office
Paseo de la Castellana 278
28046 Madrid
Spain
Phone: +34 91 348 81 00
Fax: +34 91 348 28 21
Telex: 48162 RESOLE
Web Site: http://www.repsol.com
Contact:
Alfonso Cortina de Alcocer, Chairman
Jose Vilarasu Salat, Vice Chairman
Antonio Hernandez, Vice Chairman
=============
B E R M U D A
=============
GLOBAL CROSSING: Releases Operating Results for December 2002
-------------------------------------------------------------
Global Crossing announced Wednesday that it continued to meet key
performance targets during December 2002. The performance targets
were established for Global Crossing (excluding Asia Global
Crossing) in the operating plan presented to its creditors in
March 2002. The Operating Results that compare to that plan are
described in the following section of this press release.
Results for the month of December as reported in the Monthly
Operating Report (MOR) filed with the U.S. Bankruptcy Court in
the Southern District of New York are summarized later in this
press release.
OPERATING RESULTS
In December 2002, Global Crossing reported Service Revenue of
$239 million, $37 million above the monthly Service Revenue
target set forth in the operating plan. In December, Service
EBITDA was reported at $(8) million, slightly better than the
operating plan.
Total cash in bank accounts exceeded targets set forth in the
operating plan, with $782 million as of December 31, 2002,
compared to a plan of $611 million. Operating expenses of $69
million were behind the operating plan target of $60 million in
December, while third-party maintenance costs were reported at
$11 million in December, beating the operating plan by $4
million.
"In December 2002, Global Crossing continued to achieve its key
financial and operational goals," said John Legere, Global
Crossing's chief executive officer. "We ended the year on a
positive note by increasing our cash in bank accounts for the
second month in a row."
OPERATING RESULTS
OCTOBER THROUGH DECEMBER 2002
RECURRING
SERVICE OPERATING SERVICE CASH
MONTH REVENUE EXPENSES EBITDA IN BANK
December 2002 $239mn $69mn $(8)mn $782mn
November 2002 $229mn $60mn $(9)mn $745mn
October 2002 $242mn $64mn $(6)mn $683mn
MOR RESULTS FOR DECEMBER 2002
Global Crossing filed Wednesday a Monthly Operating Report (MOR)
for the month of December with the U.S. Bankruptcy Court for the
Southern District of New York, as required by its Chapter 11
reorganization process. The MOR results report revenue according
to accounting principles generally accepted in the United States
of America (US GAAP). US GAAP revenue includes revenue from sales
of capacity in the form of indefeasible rights of use (IRUs) that
occurred in prior periods, recognized ratably over the lives of
the relevant contracts. Beginning on October 1, 2002, Global
Crossing ceased recognizing revenue from exchanges of leases of
capacity.
Results reported in the December MOR include the following:
For continuing operations in December 2002, Global Crossing
reported consolidated revenue of approximately $178mn ($238mn
before the impact of restating certain transactions involving
exchanges of capacity -- see Definitions and Notes below).
Consolidated other operating expenses were $120mn (which included
the entire estimated cost of the 2002 annual incentive bonus
program), while access and maintenance costs were reported as
$140mn ($181mn before the impact of restating certain
transactions involving exchanges of capacity -- see Definitions
and Notes below) in December 2002.
Global Crossing reported a consolidated US GAAP cash balance of
approximately $750mn as of December 31, 2002. The US GAAP cash
balance is comprised of $361mn in unrestricted cash, $331mn in
restricted cash and $58mn of cash held by Global Marine.
Global Crossing reported consolidated net income of $192mn for
December 2002. This includes the following non-operating items:
$254mn of income related to settlements of vendor claims, $38mn
of other income related to the termination of certain obligations
to deliver service, and $97mn of income tax benefits.
"In December, our business generated $81mn in cash from operating
activities," said Dan Cohrs, Global Crossing's chief financial
officer.
MOR RESULTS
MONTHLY RESULTS OCTOBER THROUGH DECEMBER 2002
CONSOLIDATED
OTHER NET
CONSOLIDATED OPERATING CONSOLIDATED INCOME
MONTH REVENUE EXPENSES EBITDA (LOSS)
December
2002 $178mn* $120mn** $(82)mn $192mn***
November
2002 $239mn $65mn $(10)mn $(32)mn
October
2002 $256mn $79mn $(16)mn $(150)mn
* $238mn before the impact of restating certain transactions
involving exchanges of capacity.
** Includes an accrual for the full estimated cost of the 2002
annual incentive bonus program.
*** Reflects $389mn of gains on settlements, other income items,
and tax benefits.
Definitions and Notes
"Service Revenue" refers to US GAAP revenue less (i) any revenue
recognized immediately for circuit activations that qualified as
sales-type leases and (ii) revenue recognized due to the
amortization of IRUs sold in prior periods and not recognized as
sales-type leases.
"Service EBITDA" refers to EBITDA (earnings before interest,
taxes, depreciation, and amortization) but excludes the
contribution of any revenue included in US GAAP revenue, but
excluded from Service Revenue.
The results for Global Crossing discussed in the "Operating
Results" section of this release have been prepared on a basis
consistent with targets presented to the creditors of Global
Crossing in March 2002. These operating results exclude Asia
Global Crossing (which is in bankruptcy proceedings separate from
those of Global Crossing and which was deconsolidated by Global
Crossing effective November 18, 2002), exclude Global Marine
(which is a discontinued operation), exclude any revenue
contribution of sales of capacity in the form of IRUs, and
reflect certain eliminations and adjustments not detailed in the
MORs. Cash balances reported in this section are bank balances,
not reflecting the estimated impact of outstanding checks and
other adjustments as required by US GAAP.
The information contained in this press release is qualified in
its entirety by reference to the MORs for the months of February
through December, including the footnotes to the financial
statements contained therein, copies of which are available
through the U.S. Bankruptcy Court for the Southern District of
New York and on Global Crossing's Web site at
http://www.globalcrossing.com/pdf/investors/inv_mor_dec.pdf.
These MORs have been prepared pursuant to the requirements of the
Bankruptcy Code and the unaudited consolidated financial
statements contained in these MORs do not include all footnotes
and certain financial presentations normally required under GAAP.
In addition, any revenues, expenses, realized gains and losses,
and provisions resulting from the reorganization and
restructuring of Global Crossing are reported separately as
reorganization items in these MORs.
As discussed more fully in the footnotes to the financial
statements contained in the MORs, Global Crossing has not yet
filed its Annual Report on Form 10-K for the year ended December
31, 2001. On November 25, 2002, the United States Trustee
appointed Martin E. Cooperman, a partner of Grant Thornton LLP,
as the Examiner in Global Crossing's bankruptcy proceedings. In
general, the Examiner's role is limited to reviewing the
financial statements of the Global Crossing companies in
bankruptcy for the fiscal years ended December 31, 2001 and 2002
and earlier periods if any restatement of those periods is
necessary. As part of his role, the Examiner, with the assistance
of Grant Thornton LLP, will audit any revised financial
statements and issue a report as to such financial statements.
Separately, on January 8, 2003, Grant Thornton was appointed as
independent auditors of Global Crossing effective as of November
25, 2002. The Examiner's first interim report to the Bankruptcy
Court was filed on February 24, 2003.
Certain matters relating to Global Crossing's accounting for, and
disclosure of, concurrent transactions for the purchase and sale
of telecommunications capacity between Global Crossing and its
carrier customers are being investigated by the Securities and
Exchange Commission (SEC) and other governmental authorities. In
addition, the U.S. Department of Labor is conducting an
investigation into the administration of Global Crossing's
benefit plans. These and other investigations are described more
fully in footnote one to the financial statements contained in
the December MOR.
Any changes to the financial statements resulting from any
governmental investigations and adjustments arising out of the
2001 financial statement audit could materially affect the
unaudited consolidated financial statements contained in the MORs
and the information presented in this press release.
On October 21, 2002, Global Crossing announced that it would
restate certain financial statements previously filed with the
SEC. These restatements, which are more fully described in
footnote one to the financial statements contained in the
December MOR, will record exchanges between carriers of leases of
telecommunications capacity at historical carryover basis,
resulting in no recognition of revenue. Reflecting this
accounting treatment, the December MOR excludes amounts
previously recognized as revenue over the lives of the lease
contracts governing these capacity exchanges. The December MOR
also reflects adjustments to December results reflecting the
impact of the restatements for the entire year 2002. These
adjustments comprise reductions to revenues of approximately
$60mn, and to expenses of approximately $58mn, of which $39mn of
revenues and $43mn of expenses relate to transactions involving
Asia Global Crossing and its subsidiaries during 2002 prior to
its deconsolidation on November 18, 2002. The restatements have
no impact on cash flow.
As previously announced, Global Crossing's net loss for the three
months ended December 31, 2001, which has not yet been reported
pending the completion of the audit of financial statements for
2001, is expected to reflect the write-off of the remaining
goodwill and other intangible assets, which total approximately
$8 billion. Furthermore, as previously disclosed, Global Crossing
has determined that it will write down its tangible assets in
light of the terms contained in the previously announced
agreement with Hutchison Telecommunications and Singapore
Technologies Telemedia, and the bankruptcy filings of Asia Global
Crossing and its subsidiary, Pacific Crossing Ltd. Global
Crossing is in the process of evaluating its cash flow forecasts
and other pertinent data to determine the amount of the
impairment of its long-lived tangible assets. The impairment is
now anticipated to be at least $7 billion, an estimate that
excludes any amounts attributable to the restatement of exchanges
of capacity leases described above and excludes any impairment
attributable to the assets of Asia Global Crossing and its
subsidiaries, which Global Crossing deconsolidated effective
November 18, 2002. The financial information included within this
press release and the December MOR reflects the restatement of
exchanges of capacity leases as described above and the $8
billion write-off of all of the goodwill and other identifiable
intangible assets, but does not reflect any write-down of
tangible asset value. Accordingly, the net income of $192mn for
the month of December 2002 (reported above under "MOR Results for
December 2002") would have been increased substantially if the
financial statements in the December MOR had reflected the
reduction in depreciation and amortization expense resulting from
this tangible asset write-down. The write-off of the intangible
assets and the write-downs of tangible assets are described more
fully in the December MOR.
ABOUT GLOBAL CROSSING
Global Crossing provides telecommunications solutions over the
world's first integrated global IP-based network, which reaches
27 countries and more than 200 major cities around the globe.
Global Crossing serves many of the world's largest corporations,
providing a full range of managed data and voice products and
services.
Commencing January 28, 2002, Global Crossing Ltd. and certain of
its subsidiaries (excluding Asia Global Crossing and its
subsidiaries) instituted consolidated Chapter 11 cases in the
United States Bankruptcy Court for the Southern District of New
York (Bankruptcy Court) and coordinated proceedings in the
Supreme Court of Bermuda (Bermuda Court). The Bermuda Court has
appointed joint provisional liquidators with the power to oversee
the continuation and reorganization of the Bermuda-incorporated
companies' businesses under the control of their boards of
directors and under the supervision of the Bankruptcy Court and
the Bermuda Court. Global Crossing's Plan of Reorganization,
which was confirmed by the Bankruptcy Court on December 26, 2002,
includes a capital structure in which existing common and
preferred equity will retain no value. Global Crossing expects to
emerge from bankruptcy in the first half of 2003.
On November 18, 2002, Asia Global Crossing Ltd., a majority-owned
subsidiary of Global Crossing, and its subsidiary, Asia Global
Crossing Development Co., commenced Chapter 11 cases in the
United States Bankruptcy Court for the Southern District of New
York and coordinated proceedings in the Supreme Court of Bermuda,
both of which are separate from the cases of Global Crossing.
Asia Global Crossing has announced that no recovery is expected
for Asia Global Crossing's shareholders.
Please visit http://www.globalcrossing.com/for more information
about Global Crossing.
CONTACT GLOBAL CROSSING:
Press Contacts
Tisha Kresler
+ 1 973-410-8666
Tisha.Kresler@globalcrossing.com
Kendra Langlie
Latin America
+ 1 305-808-5912
Kendra.Langlie@globalcrossing.com
Mish Desmidt
Europe
+ 44 (0) 7771-668438
Mish.Desmidt@globalcrossing.com
Analysts/Investors Contact
Ken Simril
+ 1 310-385-3838
investors@globalcrossing.com
TRENWICK GROUP: S&P Places Revises to CreditWatch Negative
----------------------------------------------------------
Standard & Poor's Ratings Services said Tuesday that it placed
its 'CCC-' counterparty credit ratings on Trenwick Group Ltd. and
the sub-holding companies -- LaSalle Re Holdings Ltd. and
Trenwick America Corp. -- on CreditWatch with negative
implications because it believes the company's ability to
restructure its senior debt to keep it out of default is remote.
Standard & Poor's also said that it placed its 'CCC' counterparty
credit and financial strength ratings on Trenwick America
Reinsurance Corp., Dakota Specialty Insurance Co., LaSalle Re
Ltd., Trenwick International Ltd., and Insurance Corp. of NY on
CreditWatch negative. In addition, Standard & Poor's withdrew is
'CCC' counterparty credit and financial strength ratings on
Chartwell Insurance Co. due to the merger of this company into
Trenwick America Reinsurance Co.
Trenwick had a covenant in its recently renewed bank letter of
credit facility that required a refinancing of its April 1
maturity of $75 million of senior debt by March 1. Although
management has a waiver of the covenant, Standard & Poor's
believes its ability to restructure such that the senior debt is
not in default remains remote. Following the fourth-quarter 2002
reserve additions, tangible net worth at year-end 2002 is
negative $49.7 million after deducting $127.2 million of deferred
acquisition costs. The emergence of earnings and dividend
capacity to service existing creditors in the near-term remains
unlikely.
The CreditWatch status of the holding company ratings will be
resolved following the resolution of the April 1 senior debt
restructuring. Standard & Poor's expects Trenwick to either
default in payment on the debt or restructure in a way that may
be equivalent to a default.
CONTACT: STANDARD & POOR'S
Karole Dill Barkley, New York (1) 212-438-7167
Robert G Partridge, New York (1) 212-438-723
===========
B R A Z I L
===========
AES CORP.: S&P Reports on Recent Brazil, BNDES Developments
-----------------------------------------------------------
Standard & Poor's Ratings Services is closely following the
recent developments in Brazil between The AES Corp.
(B+/Negative/--) and BNDES, and will take no rating action at
this time. AES has disclosed that certain bankruptcy events at
"material subsidiaries" will cross-default to AES' unsecured
notes. AES has indicated that neither AES ELPA nor AES TRANSGAS
is a material subsidiary for purposes of bankruptcy-related
events of default contained in AES' parent company indebtedness
documentation. Therefore, neither default, foreclosure, nor
bankruptcy of ELPA or TRANSGAS, or the foreclosure of BNDES on
AES' equity interests would constitute an event of default under
any of AES' parent level indebtedness.
However, Eletropaulo is a material subsidiary for purposes of
bankruptcy-related events of default contained in AES' indenture
for its unsecured notes (not in its recently issued senior
secured bank facility or senior secured exchange notes).
Therefore, a bankruptcy-type proceeding at Eletropaulo would be
an event of default for the unsecured notes. Standard & Poor's
agrees with AES that a bankruptcy proceeding at Eletropaulo would
generally be an unattractive remedy for Eletropaulo's lenders, as
it would result in a termination of Eletropaulo's concession.
Standard & Poor's also believes any resulting cross-default
stands a fair likelihood of being remedied, due to the fact that
acceleration of AES' unsecured notes would likely result in a
large loss of value. These beliefs are incorporated in AES'
rating and, as Standard & Poor's has stated in previous releases,
this cross-default provision is a contributing factor in its
current negative outlook on AES.
ANALYST: Scott Taylor, New York (1) 212-438-2057
BSE: BellSouth Signs Deal To Sell Entire Stake
----------------------------------------------
BellSouth Corporation (NYSE: BLS) has signed an agreement to sell
its entire holdings in BSE, a cellular communications company
that operates in six states of Brazil's Northeastern region, to
Telecom Americas, a subsidiary of America Movil.
"BellSouth will continue to focus its efforts in Latin America on
our 10 remaining markets, said Ralph de la Vega, President of
BellSouth Latin America. "These companies are leaders in their
respective markets. They have the top brands, and eight of the 10
properties rank #1 or #2 in revenue share in their respective
countries."
BellSouth's interest in its Sao Paulo joint venture, BCP
Telecomunicacoes, is not being sold as part of this transaction.
The transaction is expected to close in the second quarter of
2003 and is subject to several conditions, including approval by
Brazil's regulatory authorities.
About BellSouth
BellSouth Corporation is a Fortune 100 communications services
company headquartered in Atlanta, Georgia, USA, serving more than
44 million customers in the United States and 14 other countries.
In the U.S., where it is consistently recognized for customer
satisfaction, BellSouth provides a full array of broadband data
solutions to large, medium and small businesses. In the
residential domestic market, BellSouth offers DSL high-speed
Internet access, advanced voice features and other services.
BellSouth also offers long distance service throughout its
markets, serving both business and residential customers. The
company's BellSouth Answers(SM) package combines local and long
distance service with an array of calling features; wireless
data, voice and e-mail services; and high- speed DSL or dial-up
Internet service. BellSouth also provides online and directory
advertising services through BellSouthr Real PagesSM.com and The
Real Yellow Pagesr. BellSouth owns 40 percent of Cingular
Wireless, the second largest wireless company in the U.S., which
provides innovative data and voice services.
In Latin America, BellSouth's affiliates in Argentina, Brazil,
Chile, Colombia, Ecuador, Guatemala, Nicaragua, Panama, Peru,
Uruguay and Venezuela offer a wide range of voice and data
wireless communications services.
In addition to historical information, this document contains
forward- looking statements. Factors that could affect future
results and could cause actual results to differ materially from
those expressed or implied in the forward-looking statements
include: (i) a change in economic conditions in domestic or
international markets where we operate or have material
investments which would affect demand for our services; (ii)
currency devaluations and continued economic weakness in certain
international markets in which we operate or have material
investments; (iii) unfavorable regulatory actions and (iv) those
factors contained in the Company's periodic reports filed with
the SEC. The forward-looking information in this document is
given as of this date only, and BellSouth assumes no duty to
update this information.
CONTACT: Maria Schnabel
404-249-4877
maria.schnabel@bellsouth.com
Adena Puchalski
404-249-3872
adena.puchalski@bellsouth.com
ELETROPAULO METROPOLITANA: Creditors Agree To Payment Extension
---------------------------------------------------------------
Creditors of Eletropaulo Metropolitana SA granted the Brazilian
unit of US power giant AES Corp. another year to make a US$50
million loan payment, reports Bloomberg. In a statement sent to
the Sao Paulo stock exchange, the Company, Brazil's largest power
distributor, revealed lenders agreed to extend the maturity on
the loan to December 2006 from December 2005.
At the same time, Eletropaulo, which has BRL6.8 billion ($1.9
billion) in debt at the end of September, said holders of BRL175
million in bonds also agreed to extend deadline for payment to
September 2004. The debt previously was slated to mature on April
1 this year, according to Bloomberg data.
The Company agreed to pay an interest rate of 14.5% on the debt,
up from 12.2% agreed when the debt was sold in April 2000,
Eletropaulo said.
About 99% of the holders of US$100 million in commercial paper
that matured in December last year have now agreed to extend the
deadline for payment, the Company said. About 80% will be paid in
December this year and the rest in February 2004, the Company
added.
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C H I L E
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EDELNOR: Debt-Restructuring Program Yields Profitable Results
-------------------------------------------------------------
Chilean power generator Edelnor reported profits of CLP15.3
billion for 2002, reversing the previous year's losses of CLP30.7
billion, Business News Americas reports, citing a company
statement to Chile's securities regulator, the SVS.
Lower administration and sales costs relative to 2001 as well as
18.7% lower operating costs compensated for a 21.3% fall in
operating income to CLP49.7 billion, leading to a 20.1% reduction
in operating losses, which were CLP781 million in 2002.
Non-operating losses were CLP22.9 billion pesos, 37.4% less than
in 2001. Despite these losses, CLP42.5-billion extraordinary
items that the statement did not specify lifted profits into the
black.
Edelnor's improved results following a US$340-millionn debt
restructuring plan that gained approval from a New York
bankruptcy court last October. The plan paved the way for
Inversiones Mejillones to buy an 82.3% stake in Edelnor from
Chilean investment firm FS Inversiones for US$5.7 million.
Inversiones Mejillones is a joint venture between Belgian energy
company Tractebel and Chile's state copper company Codelco.
Edelnor is based in Mejillones in northern Chile's Region II, and
operates in the country's northern grid (SING). Tractebel and
Codelco also control fellow SING generator Electroandina, based
at Tocopilla in Region II, and plan to merge the two generators
to take advantage of possible synergies.
Electroandina currently operates Edelnor's 12,000 metric tonne
coal storage facility. The companies' combined installed capacity
is 1,749MW.
CONTACT: Empresa Electrica Del Norte Grande SA
Avenida Grecia 750
Antofagasta, Chile
Phone: +56 55 248500
+56 55 248094
Contact: Fernando del Sol, Chairman
Tractebel Energia SA
Registered Office
Rua Antonio Dib Mussi, no 366
Centro
88015 - 110 Florianopolis - SC
Brazil
Tel +55 48 221-7016
Fax +55 48 221-7015
Web http://www.gerasul.com.br
Contacts:
Mauricio Stolle Bahr, Chairman
Eric L.J. de Muynck, Vice Chairman
INVERLINK: Scandal Hampers Ability To Meet Debt Obligations
-----------------------------------------------------------
Chilean financial services group Inverlink is so severely
affected by a scandal involving a former top executive that it is
now having a hard time meeting its debt obligations. Last month,
the Santiago Appeals Court named Judge Patricio Villaroel to work
exclusively on a case in which, the personal secretary of Central
Bank Chief Carlos Massad has allegedly confessed to e-mailing
secret files from Massad's personal computer to her ex-boyfriend,
a stockbroker, in return for cash.
The Central Bank, which detected the e-mail theft earlier in
February, has pressed charges against the secretary, Pamela
Andrada, and the recipient of the privileged information, Enzo
Bertinelli - former head of the Inverlink stock brokerage
Inverlink insists Bertinelli, who resigned from the privately-run
company shortly before the controversy came to light, was alone
in the wrongdoing. It is not clear though how Bertinelli may have
benefited from the information.
Meanwhile, Inverlink's reputation continues to suffer from the
scandal. Business has plummeted at some of its subsidiaries and
the group's creditors have come knocking on the door.
Last week, the group's stock brokerage Inverlink Corredores de
Bolsa said it could not pay a US$13 million debt with fellow
Inverlink subsidiary and life insurer Le Mans Seguros de Vida.
The default led to the suspension of the stock brokerage and the
downgrade of Le Mans by Fitch Ratings.
Inverlink has not said how it will come up with the funds to pay
Le Mans. Local press has reported that the group is studying the
transfer of assets from its other subsidiaries to Le Mans as
payment. Inverlink has also confirmed there are at least five
parties interested in its pension fund manager AFP Magister, but
has said it is not ready to sell.
Things went from bad to worse for Inverlink on Tuesday, with Le
Mans informing regulators that it is short by CLP2.4 billion
(US$3.2mn). The insurer paid Inverlink Corredores de Bolsa the
same amount for helping it buy financial instruments on Chile's
electronic bourse, but the funds were appropriated by local bank
BBVA Banco Bhif to cover a credit line the stock brokerage had
been using. Inverlink officials say they are in talks with the
bank over the situation.
MADECO: Repays 30% of $120M Debt After Controller Boosts Capital
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Quinenco SA, the controlling shareholder of Chilean copper cable
manufacturer Madeco SA, on Tuesday provided the troubled company
with 2.06 billion shares out of a proposed capital increase
amounting to 3.85 billion shares, reports Dow Jones. The move
helped Madeco repay 30% of the US$120 million in debt that it is
renegotiating with creditors.
Madeco made the payment way ahead of the March 31 deadline, which
was stipulated in the restructuring agreement with 14 bank
creditors last December. Madeco will repay the outstanding debt
balance of $85 million in seven years.
Madeco has been undergoing financial restructuring since last
year after problems in Argentina and Brazil hit the company's
earnings, making payment on its $330 million in debt difficult.
Beyond cables, Madeco makes finished and semi-finished non-
ferrous products based on copper, aluminum, related alloys and
optical fiber, as well as flexible packaging products for use in
the mass consumer market for food, snacks and cosmetics products
CONTACT: MADECO
Ureta Cox, 930
San Miguel, Santiago, Chile
Phone: 56-2 5201461
Fax: 56-2 5516413
E-mail: mfl@madeco.cl
Home Page: http://www.madeco.cl
Contacts:
Oscar Ruiz-Tagle Humeres, Chairman
Albert Cussen Mackenna, Chief Executive Officer
Investor Relations
Phone: 56-2 5201380
Fax: 56-2 5201545
E-mail: ir@madeco.cl
TELEFONICA CTC: VTR Awaits Details On Rates Reevaluation Request
----------------------------------------------------------------
Two months have passed since Chilean multiservice telco VTR
GlobalCom and fellow rival Entel asked the country's antimonopoly
commission CRA to publish the arguments put forth by Telefonica
CTC Chile in its request to reevaluate the need for regulation of
its rates.
But up to now, the CRA still hasn't complied with the firms'
request. The CRA, however, has delegated to the fair trade
regulator FNE the task of selecting documents that could be
published.
Business News Americas recalls that CTC filed its request in an
attempt to gain rate-setting freedom before May 2003, when sector
regulator Subtel will start working on a tariff decree to
establish rate ceilings for 2004-2008. CTC filed the request
believing that there are certain zones of the country where
competition now prevails, and it should at least have rate-
setting freedom in those areas.
Given that CTC has an 80% market share and the rate ceilings will
apply for five years, VTR, as a competitor deemed it necessary to
have knowledge about the arguments, VTR chairman Blas Tomic said.
CONTACT: TELEFONICA CTC
Avenida Providencia 111, Piso 2
Santiago, Chile
Phone: +56-2-691-2020
Fax: +56-2-691-2392
Homepage: http://www.ctc.cl
Contacts:
Mr. Bruno Philippi, President
Mr. Jacinto Daz, Vice President
Gisela Escobar, Head of Investor Relations
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M E X I C O
===========
AEROMEXICO: Mulls Downsizing Operations To Address Market Woes
--------------------------------------------------------------
AeroMexico, one of Mexico's two main airlines, is looking at a
possibility of downsizing its operations this year due to tough
market conditions. General economic weakness, combined with
adverse effects of U.S. preparations to assault Iraq, have been
weighing on AeroMexico, which saw its passenger traffic drop 5%
in January and February from a year earlier, while fuel costs
surged 70%.
"We have to take measures to adjust the size of our operations to
the size of the industry," Arturo Barahona, AeroMexico's
director, said at a press conference. "We'll feel the effects of
a war almost immediately."
The airline, which is controlled by government holding company
Cintra SA, has a fleet of 70 planes serving more than 150
destinations in North America, Europe and South America.
According to Alejandro Yberri, the Company's senior vice
president of marketing and costumer services, the airline may
ground as many as five of its 70 airplanes, reducing its 6,530-
strong workforce by as many as 350.
Gloomy market conditions, however, didn't stop AeroMexico from
ordering 15 new planes from Boeing Co. (BA) this year. The planes
will replace older members of AeroMexico's fleet, reducing the
average age of AeroMexico's planes to 11 years from 16.
In a deal announced Wednesday, AeroMexico said it will lease the
planes, which are worth US$500 million, from third parties for
about US$2 million per month. The first planes will arrive toward
the end of 2003, and are expected to lower the carrier's fuel
costs while increasing flight capacities.
CONTACT: CINTRA
Xola 535, Piso 16, Col. del Valle
03100 M,xico, D.F., Mexico
Phone: +52-5-448-8050
Fax: +52-5-448-8055
Contacts:
Jaime Corredor Esnaola, Chairman
Juan Dez-Canedo Ruiz, CEO
Rodrigo Ocejo Rojo, CFO
OR
C.P. Francisco Cuevas Feliu, Investor Relations
Xola 535, Piso 16
Col. del Valle
03100 M,xico, D.F.
Tel. (52) 5 448 80 50
Fax (52) 5 448 80 55
infocintra@cintra.com.mx
CINTRA'S SALE ADVISOR:
MERRILL LYNCH & CO., INC.
World Financial Center,
North Tower, 250 Vesey St.
New York, NY 10281
Phone: 212-449-1000
Toll Free: 800-637-7455
Home Page: http://www.merrilllynch.com
Contact:
David H. Komansky, Chairman and CEO
E. Stanley O'Neal, President, COO, and Director
Thomas H. Patrick, EVP and CFO
MERRILL LYNCH MEXICO
Paseo de las Palmas No. 405
Piso 8
Col. Lomas de Chapultepec
11000 Mexico City, Mexico
Phone: 5255-5201-3200
Fax: 5255-5201-3222
AZTECA HOLDINGS: S&P Places Ratings on Watch Negative
-----------------------------------------------------
Standard & Poor's Ratings Services said Wednesday that it placed
its 'B-' corporate credit rating and senior secured debt rating
of Azteca Holdings S.A. de C.V. on CreditWatch with negative
implications following the announcement that Azteca Holdings will
offer to exchange its outstanding 10 1/2% senior secured notes
due 2003 for its new 10 3/4% senior secured amortizing notes due
2008.
At the same time, Standard & Poor's affirmed the 'B+' corporate
credit rating on subsidiary TV Azteca S.A. de C.V. The outlook on
TV Azteca remains stable. Azteca Holdings controls 55.5% of TV
Azteca. The holding company's debt totals $279 million as of
December 2002.
"Standard & Poor's will meet with management to discuss the terms
of the exchange offer and the potential alternatives to pay the
bondholders that do not agree to the exchange, given the
prevailing difficult conditions in the international capital
markets and the proximity of the maturity of the 10 1/2% bonds,"
said Standard & Poor's credit analyst Beatriz Coll.
The rating affirmation on TV Azteca reflects Standard & Poor's
expectation that TV Azteca's core operation will continue to
generate sufficient cash flow to repay its own debt over time,
assuming a scenario of continued economic growth in the country
and sustained operating margins.
Standard & Poor's has always viewed the ratings of TV Azteca and
Azteca Holdings closely tied, and has assumed that Azteca
Holdings' debt would be repaid over time through TV Azteca's cash
flow. However, at this point in time it is Standard & Poor's view
that given the amount of the maturity and the operating company's
own cash position, it would be complicated for TV Azteca to fund
100% of the amount necessary to pay Azteca Holdings' 10 1/2%
bond. TV Azteca's cost containment efforts and cash flow
generation should allow for the announced debt reduction at the
operating level and planned dividend if relatively evenly
distributed over time, assuming a scenario of continued economic
growth in the country.
ANALYSTS: Beatriz Coll, Mexico City (52) 55-5279-2016
Manuel Guerena, Mexico City (52) 55-5279-2011
EMPRESAS ICA: Shares Up On Government Contract Hopes
----------------------------------------------------
Shares of Empresas ICA Sociedad Controladora SA, the largest
engineering, construction, and procurement company in Mexico,
soared 16 centavos, or 12%, to MXN1.55, says Bloomberg. The boost
came on optimism that the Company will win a government contract
to build an US$812 million hydroelectric plant next week.
"ICA has quite a bit of experience in this business and the stock
is rising on expectations that the company could win this
contract" said Gonzalo Fernandez, an analyst at Grupo Financiero
Santander Serfin SA. A successful bid "would improve the
company's outlook quite a bit," he said.
ICA's total debt as of the end of 2002 fell MXN821 million, or
14%, compared to the end of 2001.
To see financial statements: http://bankrupt.com/misc/ICA.pdf
CONTACT: Dr. Jos, Luis Guerrero
(5255) 5272-9991 x2060
jose.guerrero@ica.com.mx
Lic. Paloma Grediaga
(5255) 5272-9991 x3470
paloma.grediaga@ica.com.mx
In the United States:
Zemi Communications
Daniel Wilson
(212) 689-9560
d.b.m.wilson@zemi.com
FERTINAL: Sees End To Strike Following An Agreement With Workers
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A drawn out strike at Mexico's Fertinal, Latin America's leading
producer of fertilizer, ended Wednesday after the Company reached
an agreement with striking workers, relates EFE. Under the
agreement, the Company will pay a total of MXN100 million (US$9
million) to some 500 employees, who pledged in turn to hand over
the facilities to company representatives.
The move is in preparation for the Company's sale. According to
Alfredo Arroyo, a city hall spokesman in Lazaro Cardenas, where
the Fertinal company is based, several companies have expressed
interest in acquiring Fertinal, although thus far, the
negotiations have been behind closed doors.
Fertinal is 53% owned by former banker Fabio Covarrubias, while
state-owned depositors' insurance institute IPAB owns the
remaining 47%. IPAB obtained the stake in Fertinal when the
institute assumed the bad-loan portfolios of several banks amid
Mexico's 1995 financial crisis.
Fertinal, which was a state-owned firm named Fertimex before
being privatized in 1992, ran into trouble due to massive debts.
The Company's situation got worse when workers lodged a strike in
Nov. 1, 2001 demanding pay raises of 11%.
PEMEX: Repays Pemopro's Senior Secured Bank Facility
----------------------------------------------------
Standard & Poor's Ratings Services said Wednesday that the senior
secured tranche A US$440 million bank loan to Pemopro S.A. de
C.V. (foreign currency rating: BBB-/Stable/--) was fully repaid
by the project's off-taker: the Mexican state-owned oil company,
PEMEX (foreign currency rating: BBB-/Stable/--). According to the
PEMEX deferral election notice, the due date to repay the bank
loan was March 3, 2003, which PEMEX complied with by causing its
financial agents to provide the funds to Pemopro to fully pay off
the bank loan. As Standard & Poor's reported on Oct. 24, 2002,
Pemopro finished the project, avoiding early termination, and all
units received provisional acceptance certificates. The bank
loan's credit quality was directly linked to PEMEX's credit
rating.
The notes and the bank loans financed, in part, modernization and
expansion of the Francisco I. Madero Refinery in Ciudad Madero,
in the state of Tamaulipas, Mexico, pursuant to a financed public
works contract between Pemopro and PEMEX Refining Unit (PEMEX
contract).
ANALYST: Donaji Valencia, Mexico City (52) 55-5279-2054
SANLUIS CORPORACION: Restructures $559.5M Debt
----------------------------------------------
SanLuis Corporacion skirted bankruptcy after it successfully
renegotiated 87% of its US$559.5 million debt, an article
released by Hoover's in its website revealed.
The Company began restructuring in September 2001 and has since
reduced its debt by a total of US$165 million by backing out some
out of some investments and paying off some debt in cash.
According to Sanluis' financial director Sergio Visintini
Freschi, the restructuring was urgent since the Company was
facing reduced sales growing inventories, and was failing to
comply with many short-term commitments.
"In September of 2001 we started a dialogue with the creditors of
the subsidiaries: suspension systems and brakes, with whom we had
debts of US$234.2 million and US$34 million, respectively," he
said. "The negotiations with the creditors of the holding were
put on hold for the company's strategic reasons, and also because
there was no register in existence and SanLuis could not make a
public offer because it was prohibited.
"In light of this, the company was obliged to recognize the
majority of its debt in London, New York and Mexico and make a
private offer in order to complete its restructuring process. On
December 3, 2002 the company not only achieved this, but also
extended the expiration dates for US$356 million in debt for
eight years. The process involved the exchange of US$128.6
million in debt for US$45 million in cash. In terms of nominal
value, US$123.8 million were exchanged one for one for newly
issued bonds.
CONTACT: SANLUIS Corporacion, S.A. de C.V.
Hector Amador
Tel. +11-5255-5229-5838
Fax. +11-5255-5202-6604
Email: hamador@sanluiscorp.com.mex
Web site: www.sanluiscorp.com
===============
P A R A G U A Y
===============
* Incumbent Pres. Leaves to Successor Decision on Banking Reform
----------------------------------------------------------------
The administration of Paraguayan President Luis Gonzales Macchi
has elected to pass on the burden of reforming the banking sector
to his successor, Business News Americas said recently. With
elections slated for April 28, Mr. Macchi has decided to shelve a
plan to merge several state banks and development entities into a
single institution, leaving the final decision to the next
president.
The reform of inefficient and loss-making state banks, according
to the paper, forms part of the broad measures mandated by the
International Monetary Fund last year to kick-start Paraguay's
tattered economy.
A central bank spokesman told Business News Americas that the
Macchi administration has in fact drawn up a plan to solve the
"BNF problem," referring to Banco Nacional de Fomento. This
bank, the paper says, is considered the "big villain" among state
financial institutions, posting chronic past-due loan ratios of
40-50%.
According to the unnamed central bank official, fixing the
finances of BNF is key to the reform of state-run financial
institutions, as it constitutes a significant burden on the
country's already strained public finances. However, he said, the
final decision on the matter should best be made by the next
administration. Mr. Macchi's successor is scheduled to take
office on August 15.
=======
P E R U
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BELLSOUTH PERU: CEO Forecasts Firm Turning the Corner this Year
---------------------------------------------------------------
Chronic losses no more -- this is the goal of BellSouth Peru CEO
Juan Saca, who believes this year will be the turning point for
his company, which has had losses since its birth in 1997.
In a recent press conference, Mr. Saca was quoted by Bloomberg
projecting sales revenue for the year to reach US$150 million, up
from US$140.5 million in 2002. Although Mr. Saca did not provide
a definite profit forecast, the mobile phone company is coming
off a strong performance, cutting losses to 78 million soles from
148.9 million soles in 2001. EBITDA last year was US$23 million,
said Mr. Saca, adding that the company did not rely on parent,
BellSouth, to fund operations in 2002.
With a 22% share of the mobile phone market, Bloomberg says the
company is currently the No. 2 operator in Peru, next to
Telefonica Moviles, a unit of Spain's Telefonica SA, which has a
market share of 52%. Mr. Saca aims to solidify the company's
position in the market this year.
"Whether we have 25 percent, 20 percent or 30 percent isn't our
objective," Mr. Saca said. "Our objective is to have a company
that is secure as No. 2 in the market in terms of income."
To achieve this, he said, the company would begin offering in
April pre-paid fixed-line phone service. The company also plans
to sell about 40,000 fixed-line phones this year to kick-start
its operations in the fixed-line sector. This will be the first
time that the company will lock horns with industry leader,
Telefonica del Peru SA, which operates nearly all of the
country's 1.7 million fixed-phone lines, says Bloomberg.
To date, Atlanta-based BellSouth has a total investment of US$570
million in the local unit, which has been buying assets and
building up a network since 1997. Mr. Saca promises 2003 to be a
breakout year.
BELLSOUTH PERU: To Challenge Fixed Line Leader in 2003
------------------------------------------------------
Bellsouth Peru launched Tuesday an aggressive marketing strategy
to challenge the hegemony of Telefonica del Peru in the local
fixed-line market. According to Reuters, the mobile phone
company has unveiled a prepaid wireless fixed line service that
will only cost 0.011 soles per second compared to Telefonica's
prevailing rate of 0.092 soles.
Reuters says the new service will become available beginning
April 14 in Lima. It represents the first challenge to
Telefonica's virtual monopoly in the fixed line service and could
add to mounting pressure to switch its billing system to per-
second from per-minute.
The BellSouth cordless phone runs on batteries, costing between
350-500 soles (US$100-US$143) and prepaid cards worth up to 100
soles (US$29), says Reuters.
"With BellSouth... people will be able to talk up to twice as
much as they could... with traditional fixed service," Bellsouth
Peru CEO Juan Saca said during the launch of the service.
"We want to offer Peruvians an alternative so that they can
choose what's best for them. In order to make sure they are
charged for that they use, they will be billed by the second,
with no charge for establishing connections," Mr. Saca was
further quoted.
Mr. Saca says his company aims to sign up 40,000 fixed line
customers this year and generate total sales of US$150 million.
He also plans to strengthen the company's hold of the No. 2 spot
in the market. BellSouth lost US$41.5 million last year compared
to a loss of US$63.5 million in 2001, Reuters says.
***********
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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to
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The TCR Latin America subscription rate is $575 per half-year,
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