TCRLA_Public/030424.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                   L A T I N   A M E R I C A

          Thursday, April 24, 2003, Vol. 4, Issue 80

                           Headlines


A R G E N T I N A

BANCO BISEL: Argentine S&P Assigns Default Rating
BANCO BISEL: S&P Rates Short-Term Debt `raD'
BANCO SUQUIA: Argentine S&P Rates $23M of Bonds `raD'
DIRECTV LA: Schedules Of Assets & Liabilities

DIRECTV LA: Statement Of Financial Affairs
DIRECTV LA: Gets Approval To Employ Young Conaway As Counsel
DIRECTV LA: Motion to Reject Music Choice Contract Granted
DIRECTV LA: Withdraws Motion To Continue AP Services Employment

DIRECTV LA: Application to Employ Bankruptcy Services Approved
DIRECTV LA: Interim Order On Motion To Obtain DIP Financing
DIRECTV LA: Application To Employ Mayer Brown Approved
DIRECTV LA: Kirch World Cup Contract Rejected with Court OK

DIRECTV LA: Moves Court To Retain Ordinary Course Professionals
DIRECTV LA: Objects To Infront's Motion To Liquidate Claim
LAPA: Cancels Flights After Government Fuel Subsidies Denied
PECOM ENERGIA: To Make Good On $8.4M In Interest Payments
PEREZ COMPANC: Government Conditions Sale on Transener Deal


B E R M U D A

ALPHASTAR INSURANCE: Announces Delisting Notice From Nasdaq
ALPHASTAR INSURANCE: Wins Appeal At New York Appellate Court


B R A Z I L

AES CORP.: Increases Tender Price for Certain Notes
VARIG/TAM: Industry Officials, Analysts Doubtful About Merger
VARIG: BR Distribuidora Will Continue Uninterrupted Fuel Supply


C H I L E

GASATACAMA: Mulls $250M Loan; Scraps Bond Issue Plans
MANQUEHUE NET: Gasco May Offload Stake to Bolster Balance Sheet


E C U A D O R

FILANBANCO: Government To Ink Restructuring Deals Soon


J A M A I C A

AIR JAMAICA: To Sell 20% of Stake To Government


M E X I C O

GRUPO TFM: S&P Issues Long-Term CreditWatch on Deal Doubts
GRUPO TMM: KCS Deal Yields No Immediate Impact On Ratings
PEMEX: Repsol Sets Up Mexico Office To Prepare For Bids
PEMEX: To Sell Majority Stake in One Fenix Plant
SATMEX: US Approves EX-IM Bank's Loan Contribution


U R U G U A Y

* IMF Managing Director Issues Statement on Uruguay


V E N E Z U E L A

PDVSA: Lifts Force Majeur on Gasoline Exports


     - - - - - - - - - -


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

BANCO BISEL: Argentine S&P Assigns Default Rating
-------------------------------------------------
The Argentine branch of Standard & Poor's International Ratings,
Ltd. rated Banco Bisel S.A.'s corporate bonds `raD' on April 10,
the National Securities Commission of Argentina revealed in its
official Web site.

S&P said that an obligation is rated `raD' when it is in payment
default or the obligor has filed for bankruptcy. The rating is
used when interest or principal payments are not mad on the due
date, even if the applicable grace period has not expired, unless
the rating agency believes that such payments will be made during
such grace period.

Based on the Company's financial health as of the end of last
year, the rating applies to US$300 million worth of bonds
described as "Programa de Emision de Titulos de Deuda a Mediano
Plazo" and US$54 million of "Obligaciones Negociables
Subordinadas." Both set of bonds matured in July 2000.

CONTACT:  Banco Bisel S.A.
          Mitre 602 Rosario
          2000 Santa Fe
          Argentina
          Phone: 0341-4200300
          Home Page: http://www.bancobisel.com.ar/
          Contact:
          Guillermo Harteneck, President
          Jean Luc Perron, Vice President
          Bernard Brousse, Vice President


BANCO BISEL: S&P Rates Short-Term Debt `raD'
--------------------------------------------
Short Term Debt Security issued by Banco Bisel S.A. were rated
`raD' by Standard & Poor's International Ratings, Ltd. Sucursal
Argentina on April 10.

According to the National Securities Commission of Argentina, the
rating affects US$200 million of security described as "Programa
de Titulos Valores de Corto Plazo", classified under "Program."

It also applies to US$100 million worth of securities called
"Programa Global de Ons a Corto Plazo", which matured in August
last year. These securities were also classified under "program."

S&P said that the rating is issued to financial obligations that
are in payment default, or if the Company has filed for
bankruptcy.


BANCO SUQUIA: Argentine S&P Rates $23M of Bonds `raD'
-----------------------------------------------------
A total of US$36 million worth of corporate bond issued by Banco
Suquia S.A. were rated `raD' by Standard & Poor's International
Ratings, Ltd. on April 10.

The rating, based on the Company's financials as of the end of
December 2002, applies to bonds described as "Obligaciones
negociables subordinadas convertibles autorizadas por AGE de
fecha 19.9.97" worth US$13 million. These bonds, classified under
"Simple Issue", mature on May 23, 2005.

Also under "Simple Issue", US$23 million of bonds called
"Obligaciones Negociables subordinadaas, autorizadas por AGO de
fecha 19.12.97", due on November 7, 2005.

The rating, said S&P, are issued to obligations that are under
payment default, or if the Company has filed for bankruptcy
protection. The rating may also be issued when interest or
principal payments are not made on time, even if the grace period
has not expired yet, unless the ratings agency believes that
payment will be made during the grace period.

The Company provides commercial banking services which include
checking and savings deposits, Visa and MasterCard credit cards,
mortgage financing, commercial and personal loans, foreign
currency transactions and electronic banking.


DIRECTV LA: Schedules Of Assets & Liabilities
---------------------------------------------
A.     Real Property                                        None

B.     Personal Property
B.2    Bank accounts
           Citibank - Main Operating Account           $2,343,347
           Suntrust - Payroll Account                     692,236
           Suntrust - Employee Flex Spending Acct
(2,887)
           Citibank - Accounts Payable Account             57,739
           Suntrust - Accounts Payable Account             57,262
B.3    Security deposits
           CBC LLC - G3C5 Transponder                   3,950,000
           CBC LLC - G84 Transponder                    1,000,000
           Atlantic Realty Partners                       300,000
           Coastal Tower                                  100,000
           Vogel Management Warehouse                       1,900
B.15   Accounts Receivable                           650,220,271
B.17   Other liquidated debts
           Hughes Electronic Corporation                   10,282
           Note Receivable                                140,000
B.22   Licenses, franchises, and other intangible
        Assets
           Milticanal AR Cooperation                   20,917,924
           Artear                                      43,579,006
           HBO Argentina                               17,539,796
           Imagen Satelital                               654,217
B.26   Office equipment and furnishings
           Furniture and fixtures                         350,901
           Office equipment and computers               1,811,090
B.27   Machinery, fixtures and equipment
           Machinery and equipment                     15,184,761
           Leasehold improvements                          39,606
           Capitalized Software                        33,554,030
           Assets not yet placed in service            14,025,195
B.33   Other personal property
           Retainer for Professional Services
              Alix Partners LLC                           500,000
              Mayer, Brown, Rowe & Maw                    325,000
              Protiviti                                   250,000
              Young Conaway Stargatt & Taylor             100,000
           Miscellaneous Prepaid Expenses
              Prepaid Marketing Items                      73,048
              Acquisition Costs                         1,467,550
              Prepaid Programming                         100,000

              TOTAL SCHEDULED ASSETS                 $809,342,274

====================================================

C.     Property Claimed as Exempt                 Not Applicable

D.     Secured Claims                               Undetermined

E.     Priority Claims                              Undetermined

F.     Unsecured Non-Priority Claims
           Hughes Electronics Corp.
              Revolving Credit Agreement              471,463,700
              Promissory Note - 01/20/03              795,355,551
              Promissory Note - 01/05/03               17,043,716
           Directv Latin America Holdings, Inc.
              Promissory Note - 03/13/03               83,445,215
              Promissory Note - 03/10/03               14,027,420
           Accounts Payable
              20th Century Fox                            534,341
              ABC, CBS, NBC, Fox                          282,344
              AE1 Collingham Holdings Co.,Ltd             415,670
              Aregentina - Claxson                        671,820
              Argentina - Fox Sports                      563,343
              AXN Latin America Inc.                      573,496
              BBC Worldwide                               590,871
              Bloomberg Information TV                    163,333
              Bravo Company                               265,392
              Brazil - Band Sports                        133,980
              Buena Vista                              32,272,644
              California Broadcast Center LLC          36,067,729
              Corporacion Venezolana de Television      1,456,457
              Discovery Latin America                   2,584,567
              Dreamworks Distribution LLC                 544,911
              DTVLA WC, Inc.                              485,237
              ESPN International                        1,877,383
              Fashion TV                                  232,007
              Fox Sports Mexico Distribution LLC          690,946
              GLA de Argentina S.R.L.                     778,821
              Hallmark Entertainment Networks             725,193
              HBO                                      17,188,863
              Hughes Electronic Corporation             5,134,851
              Imagen Satelital                            774,193
              KirchSport AG                             5,191,000
              LAPTV Atlanta Partners                    6,759,705
              Lantinsat Limited                           127,419
              Metro-Goldwyn-Mayer                         281,892
              Mexico - MVS                              2,620,090
              MGM                                       1,522,079
              MTV Networks Latin America                1,819,044
              Music Choice                              4,141,655
              MVS                                       4,593,312
              NHK                                         108,174
              Paramount Pictures Television Group         521,548
              Playboy TV - Latin America LLC            1,282,292
              Puerto Rico - AMC                           649,027
              Puerto Rico - Discovery/Science             118,189
              Puerto Rico - Nickelodeon                   153,069
              Radio Television Espana                     597,627
              Rainbow Heights                             373,552
              Sony                                      1,567,265
              Troy Limited                              1,466,382
              Turner International, Inc.                4,030,645
              TV Nacional de Chile                        417,823
              Universal Studios Pay Television            549,873
              Vivendi - USA                             2,467,056
              Warner Bros International TV              2,024,184
              Weather Channel Latin America               218,333
              Various other creditors                   1,025,650
           Other Liabilities                              210,469

              TOTAL SCHEDULED DEBTS                $1,531,181,348
              ===================================================

(DirecTV Latin America Bankruptcy News, Issue No. 5, Bankruptcy
Creditors' Service, Inc., 609-392-0900)


DIRECTV LA: Statement Of Financial Affairs
------------------------------------------
Craig Abolt, DirecTV Chief Financial Officer, relates that for
the past three years prior to the Petition Date, DirecTV
generated income from the operation of its business:

    Year                          Amount
    ----                          ------
    01/01/2001 - 12/31/2001     $432,439,440
    01/01/2002 - 12/31/2002      784,104,002
    01/01/2003 - 03/17/2003       85,475,220

DirecTV also earned income from Interest Revenue on these years:

    Year                          Amount
    ----                          ------
    01/01/2001 - 12/31/2001     $1,559,122
    01/01/2002 - 12/31/2002        884,022
    01/01/2003 - 03/17/2003        265,355

Within 90 days prior to the Petition Date, DirecTV made payments
on loans, installment purchases of goods and services totaling
$112,543,308.  Some of the biggest payees are:

    Creditor                                           Amount
    --------                                           ------
    3550 Bassett Street                                $166,800
    Weather Channel                                     316,000
    Warner Brothers International TV Distribution       321,789
    Universal                                           875,000
    Thomson Multimedia                                1,000,000
    Thomson Inc.                                      3,350,000
    Thomson Broadcast                                   285,272
    Telefonics                                          245,374
    Sony                                                140,952
    SAP America Inc.                                    111,869
    Register of Copyrights                              694,813
    Protiviti, Inc.                                     250,000
    Pramer                                              810,341
    NFL                                               1,400,000
    NDS Ltd.                                          1,473,332
    NDS Americas                                        536,781
    NDS                                               1,686,139
    MTV                                                 939,496
    Mindport                                            563,388
    MGM Latin America                                   217,643
    Mayer Brown Rowe                                    325,000
    Locomotion Channel                                1,103,352
    Latinsat                                            350,000
    LAPTV                                             3,369,724
    KirchMedia                                          100,000
    Kekst & Company                                     384,972
    HEC                                              28,000,000
    HBO, for AXN                                        166,287
    HBO                                               3,692,734
    Hallmark                                            266,667
    GLA Investments                                   8,721,537
    GLA Brazil                                       13,200,000
    Fox Sports Mexico                                 1,513,822
    ESPN                                              6,271,194
    DTVLA payroll                                     4,960,486
    Discovery                                         7,500,455
    Deloitte & Touche LLP                               161,314
    Coastal Tower                                       478,652
    Claxson                                           4,036,287
    Brownward County Revenue Collector                  157,403
    Basebal Television Inc.                             240,000
    AXN                                                 561,725
    Alix Partners                                     3,488,252
    AE1 Collingham Holdings Co., Ltd.                   803,467

Mr. Abolt reports that DirecTV paid these entities in preparation
of a bankruptcy petition within one year prior to the Petition
Date:

    Entity                            Amount
    ------                            ------
    AP Services                      $1,950,679
    Mayer, Brown, Rowe & Maw            737,941
    Young Conaway Stargatt & Taylor     100,000
                                    ------------
          TOTAL                      $2,788,620

According to Mr. Abolt, within two years immediately preceding
the Petition Date, DirecTV owned these voting securities:

    Name of Entity                                Share
    --------------                                -----
    DTVLA WC, Inc.                                 100%
    DirecTV Caribbean, Ltda.                       100%
    Galaxy Latin America Investments & Co.         100%
    Galaxy Latin America (Argentina) S.R.L.         99%
    GLA Brazil Ltda.                                99%
    Galaxy Entertainment de Argentina S.A.          51%
    Galaxy Latin America (Brazil) Ltda.             99%
    Galaxy Latin America (Venezuela) S.R.L.         99%
    Galaxy de Colombia Ltda.                        81%
    Galaxy Caribbean Ltda.                         100%
    DirecTV de Uruguay Ldta.                       100%

(DirecTV Latin America Bankruptcy News, Issue No. 5, Bankruptcy
Creditors' Service, Inc., 609-392-0900)


DIRECTV LA: Gets Approval To Employ Young Conaway As Counsel
------------------------------------------------------------
In accordance with Section 327(a) of the Bankruptcy Code, Judge
Walsh authorizes DirecTV to employ Young Conaway Stargatt &
Taylor LLP as its bankruptcy counsel nunc pro tunc to March 18,
2003.  The issue raised by the U.S. Trustee regarding whether
Young Conaway is entitled to hold its retainer as an "evergreen"
retainer is deferred until after a similar issue which has been
briefed and is pending in the Chapter 11 case of In re CTC
Communications Group, Inc., Case No. 02-12873 (PJW) has been
ruled by this Court or otherwise resolved.  After the Court's
ruling or other resolution of the issue in CTC Communications,
Young Conaway, in consultation with the Office of the U.S.
Trustee, may reschedule a hearing on the U.S. Trustee's
Objection.

Pending a further Court order, Young Conaway has agreed to first
apply its retainer to postpetition fees and expenses before
seeking payment from the estate, provided that if this Court
subsequently overrules the U.S. Trustee's Objection, any amounts
applied from the retainer to postpetition fees and expenses will
be replenished by the estate in order to re-establish the
"evergreen" retainer. (DirecTV Latin America Bankruptcy News,
Issue No. 5, Bankruptcy Creditors' Service, Inc., 609-392-0900)


DIRECTV LA: Motion to Reject Music Choice Contract Granted
----------------------------------------------------------
DirecTV received the Court's authority to reject -- effective
March 18, 2003 -- an Affiliation Agreement for International DTH
Satellite Exhibition of Programming, dated as of July 17, 1996,
with Music Choice, formerly Digital Cable Radio Associates,
pursuant to Sections 105(a) and 365(a) of the Bankruptcy Code.

DirecTV Latin America, LLC's financial difficulty is due, in
large part, to its agreements with its Programming Providers.  In
reorganizing its business, DirecTV believes that it is necessary
and appropriate to reject immediately certain of these uneconomic
contracts to avoid incurring postpetition administrative expense
claims for contracts that do not benefit its estate, creditors
and other parties-in-interest.

Joel A. Waite, Esq., at Young Conaway Stargatt & Taylor LLP, in
Wilmington, Delaware, related that the Music Choice Contract
governs the distribution of Music Choice channels by DirecTV in
Latin America.  Under the current terms, the Music Choice
Contract is expected to cost DirecTV $20,000,000 over the
remaining life of the contract -- until June 2006.

Mr. Waite contended that the rejection is warranted, given that:

    (a) DirecTV receives similar programming from another
        provider at a substantially lower price in many of the
        same markets;

    (b) it will allow DirecTV to avoid incurring postpetition
        administrative expense claims with respect to the
        contract; and

    (c) the economic burden of the Music Choice Contract is
        further exacerbated by certain withholding taxes that
        are payable related to payments under this contract.

Moreover, Mr. Waite informed Judge Walsh that DirecTV has already
notified Music Choice of its intention to reject the Music Choice
Contract immediately.  Music Choice has been advised that DirecTV
would cease performing its obligations on the Petition Date.
(DirecTV Latin America Bankruptcy News, Issue No. 5, Bankruptcy
Creditors' Service, Inc., 609-392-0900)


DIRECTV LA: Withdraws Motion To Continue AP Services Employment
---------------------------------------------------------------
The Committee's objection has been resolved and withdrawn.

Accordingly, pursuant to Section 363 of the Bankruptcy Code, the
Court permits the Debtor to continue to employ APS pursuant to
the Engagement Letter provided that:

    (a) The Engagement Letter is revised to provide that APS
        employees serving as officers of the Debtor will be
        entitled to received only whatever indemnities are made
        available, during the term of APS' engagement, to other
        non-APS affiliated officers of the Debtor, whether under
        the Debtor's by-laws, certificate of incorporation,
        applicable corporation laws, or contractual agreements of
        general applicability to the Debtor;

    (b) APS Temporary Employees will not be entitled to
        indemnification the Debtor provided;

    (c) APS will not be entitled to receive a Performance Fee to
        the extent it is terminated for actions constituting
        gross negligence or willful misconduct;

    (d) APS will not be entitled to receive a Performance Fee in
        the event the Debtor's case is converted from a case
        under Chapter 11 to Chapter 7, unless the Chapter 7
        trustee appointed after the conversion ratifies or
        continues the Engagement Letter; and

    (e) the Engagement Letter is revised to provide that the
        Debtor will not owe any payment to APS in the event the
        Debtor hires an APS employee, provided that the Debtor
        will not affirmatively recruit or solicit APS employees.

Moreover, Judge Walsh approves the payments contemplated in the
Engagement Letter.  These payments may be made by the Debtor
without any further Court order, provided that APS complies with
any Court order with respect to interim compensation and upon the
occurrence of a Triggering Event, if any, APS must seek Court
approval of the Performance Fee.  There is no presumption that
the Performance Fee should be paid upon the occurrence of a
Triggering Event. (DirecTV Latin America Bankruptcy News, Issue
No. 5, Bankruptcy Creditors' Service, Inc., 609-392-0900)


DIRECTV LA: Application to Employ Bankruptcy Services Approved
--------------------------------------------------------------
DirecTV Latin America, LLC received the Court's authority to
employ Bankruptcy Services LLC as its notice, claims and
balloting agent, pursuant to Section 156(c) of the Judiciary
Procedures Code.

At the Company's application, Joel A. Waite, Esq., at Young
Conaway Stargatt & Taylor LLP, in Wilmington, Delaware, related
that the numerous creditors and other parties-in-interest
involved in the Chapter 11 case of DirecTV may impose heavy
administrative and other burdens on the Court and the Office of
the Clerk of Court.  To relieve these burdens, DirecTV proposed
to engage the services of Bankruptcy Services.  By appointing
Bankruptcy Services as its notice, claims and balloting agent,
DirecTV's estate and creditors will benefit from Bankruptcy
Services' significant experience as agent in other cases and the
efficient and cost-effective methods it has developed.

Mr. Waite assured the Court that Bankruptcy Services is one of
the country's leading Chapter 11 administrators with experience
in noticing, claims processing, claim reconciliation and
distribution, and balloting and vote tabulation.  In addition,
Bankruptcy Services has substantial experience in the matters in
which it is to be engaged.  Bankruptcy Services has acted has
acted as official notice, claims and balloting agent in several
large cases in a number of jurisdictions, including Chapter 11
cases filed in Delaware.

Moreover, Bankruptcy Services is fully equipped to handle the
volume involved in properly sending the required notices to, and
processing the claims and ballots of, creditors and other
interested parties in this Chapter 11 case.  Bankruptcy Services
will follow the notice, claim and balloting procedures that
conform to the guidelines the Clerk of the Bankruptcy Court and
the Judicial Conference promulgated.

At the request of DirecTV or the Clerk's Office, Bankruptcy
Services will provide computerized bankruptcy support services
and bankruptcy administrative services.  Specifically, Bankruptcy
Services will:

    (a) maintain copies of all proofs of claim and proofs of
        interest filed;

    (b) maintain official claims registers;

    (c) implement necessary security measures to ensure the
        completeness and integrity of claims registers;

    (d) maintain an up-to-date mailing list for all entities that
        have filed a proof of claim or proof of interest, which
        list will be available upon request of a party-in-
        interest or the Clerk's Office;

    (e) provide access to the public for examination of copies of
        the proofs of claims or interest without charge during
        regular business hours;

    (f) record all transfers of claims pursuant to Rule 3001(e)
        of the Federal Rules of Bankruptcy Procedure and provide
        notice of the transfers as required by Bankruptcy Rule
        3001(e);

    (g) comply with applicable federal, state, municipal and
        local statutes, ordinances, rules, regulations, order and
        other requirements;

    (h) promptly comply with further conditions and requirements
        as the Clerk's Office or the Court may at any time
        prescribe;

    (i) provide advice to DirecTV and its professionals regarding
        all aspects of the plan solicitation process, including,
        timing issues, voting and tabulation procedures and
        documents needed for voting;

    (j) mail voting documents to creditors and equity security
        holders, if necessary;

    (k) receive and examine all ballots cast by creditors and
        equity security holders; and

    (l) tabulate all ballots received prior to the voting
        deadline in accordance with established procedures and
        prepare a vote certificate for filing with the Court.

In return, Bankruptcy Services will be compensated in this
manner:

A. Mailing/Noticing

       Print & Mail (first page)           $0.20 each
       Additional Pages                     0.10 each
       Single Page (duplex)                 0.24 each
       Change of Address                    0.46 each

B. Printing and Reproduction

       Reports                              0.10 per page
       Photocopies                          0.15 per page
       Labels                               0.05 per page
       Fax                                  0.50 per page
       Document Imaging                     0.40 per image

C. Newspaper and legal notice publication  quoted as required

D. Professional Fees

       Kathy Gerber                      $210 per hour
       Senior Consultants                 185 per hour
       Programmer                         130 to 160 per hour
       Associates                         135 per hour
       Data Entry/Clerical                 40 to 60 per hour
       Schedule Preparation               225 per hour

In addition, DirecTV further sought the Court's permission to pay
Bankruptcy Services a $15,000 retainer to be applied against the
final invoice.

Ron Jacobs, President of Bankruptcy Services LLC, represents
that, among other things:

    (a) Bankruptcy Services will not consider itself employed by
        the United States government and will not seek any
        compensation from the United States government in its
        capacity as the notice agent and claims agent in this
        Chapter 11 case;

    (b) by accepting employment in this Chapter 11 case,
        Bankruptcy Services waives any rights to receive
        compensation from the Untied States government;

    (c) in its capacity as the notice agent and claims in this
        Chapter 11 case, Bankruptcy Services will not be an agent
        of the United States and will not act on the United
        States' behalf; and

    (d) Bankruptcy Services will not employ any past or present
        employees of DirecTV in connection with its work as the
        notice agent and claims agent in this Chapter 11 case.

Bankruptcy Services also acknowledged that it will perform its
duties if it is retained by DirecTV regardless of payment and, to
the extent it requires redress, it will seek appropriate relief
from the Court.  Bankruptcy Services will also continue to
perform the services contemplated by the Agreement in the event
the Chapter 11 case is converted to a Chapter 7 case.

Furthermore, Mr. Jacobs assures the Court that if Bankruptcy
Services is terminated, it will perform its duties until a
complete transaction with the Clerk's Office or any successor
claims/noticing/balloting agent occurs. (DirecTV Latin America
Bankruptcy News, Issue No. 5, Bankruptcy Creditors' Service,
Inc., 609-392-0900)


DIRECTV LA: Interim Order On Motion To Obtain DIP Financing
-----------------------------------------------------------
At the April 14 hearing, the parties requested an adjournment of
the Final Hearing, subject to the Debtor obtaining the authority
to increase its interim borrowings by $5,000,000.  Because of the
adjournment of the Final Hearing, the Amount of the Debtor's
emergency postpetition borrowings under the DIP Revolving Credit
Agreement authorized by the Interim Order is insufficient to
finance the ordinary cost of the Debtor's operations prior to
entry of the Final Order.  The Lender has indicated a willingness
to increase the amount of the Debtor's interim financing subject
to certain terms and conditions.

Pending the entry of the Final Order, Judge Walsh supplements the
Interim Order to provide that the Revolving Credit Outstandings
will not at any time exceed $35,000,000.  All other terms of the
Interim Order remain in full force and effect. (DirecTV Latin
America Bankruptcy News, Issue No. 5, Bankruptcy Creditors'
Service, Inc., 609-392-0900)


DIRECTV LA: Application To Employ Mayer Brown Approved
------------------------------------------------------
DirecTV Latin America, LLC gained the Court's authority to employ
Mayer, Brown, Rowe & Maw as its bankruptcy counsel, effective as
of March 18, 2003, pursuant to Section 327(a) of the Bankruptcy
Code.

Craig D. Abolt, DLA's Chief Financial Officer, related that Mayer
is well-qualified to represent DirecTV because:

    -- Mayer has extensive experience and knowledge in the field
       of Chapter 11 reorganization; and

    -- Mayer has been advising DirecTV with respect to its
       restructuring alternatives since August 2002, making it
       uniquely familiar with DirecTV's business and affairs and
       many of the potential legal issues, which may arise in the
       context of this Chapter 11 case.

Mr. Abolt related that DirecTV is also employing Young Conaway
Stargatt & Taylor LLP as local bankruptcy co-counsel.  Mr. Abolt
informs Judge Walsh that the two professionals have discussed the
division of responsibilities between the firms regarding this
engagement and will coordinate their efforts in the most
efficient and cost-effective manner possible.  DirecTV believes
that the services Mayer will provide will compliment rather than
duplicate the services Young Conaway will provide.

As DirecTV's counsel, Lawrence K. Snider, Esq., a partner in
Mayer, Brown, Rowe & Maw, relates that Mayer will provide these
services:

    (a) advising and representing DirecTV with respect to its
        rights and duties as debtor-in-possession in this Chapter
        11 case;

    (b) advising DirecTV with respect to legal issues relating to
        confirmation and implementation of a plan of
        reorganization and all matters related thereto;


    (c) advising DirecTV with the development, negotiation and
        implementation of an alternative restructuring or similar
        transaction in the event that a plan of reorganization is
        not confirmed or must be withdrawn, including,
        participation as a representative of DirecTV in
        negotiations with creditors and other parties;

    (d) assisting DirecTV in evaluating, negotiating and
        documenting mergers, acquisitions, stock sales, asset
        sales and other major corporate transactions as may be
        proposed during the course of this Chapter 11 case;

    (e) evaluating, preparing and documenting proposals to
        creditors, employees, shareholders and other parties-in-
        interest in connection with this Chapter 11 case;

    (f) assisting DirecTV's management with presentations made
        regarding this Chapter 11 case;

    (g) advising DirecTV with respect to matters of general
        corporate, corporate, finance, real estate and
        intellectual property law as the advise relates to this
        Chapter 11 case;

    (h) representing DirecTV in its litigation matters, including
        any litigation arising from this Chapter 11 case,
        including assisting DirecTV with respect to the
        evaluation of claims filed against DirecTV's estate and
        resolution of disputes with respect to the claims; and

    (i) performing any and all other legal services that may be
        required from time to time, including court appearances,
        as are in the interests of DirecTV's estate.

Subject to a Court approval and in accordance with Section 330(a)
of the Bankruptcy Code, Mayer will be compensated for legal
service on an hourly basis and be reimbursed from the Debtor's
estate for its actual, necessary expenses and other charges it
will incur.  The principal attorneys and paralegal presently
designated to represent DirecTV are:

    Professional               Position       Hourly Rate
    ------------               --------       -----------
    Lawrence K. Snider         partner            $640
    Stuart M. Rozen            partner             575
    John F. Lawlor             partner             410
    Alex P. Montz              associate           375
    Sean Scott                 associate           300
    Andrew Connor              paralegal           170

Mr. Snider noted that Mayer received a $325,000 retainer as
advance payment of certain of its services in preparation of this
Chapter 11 case.  The Retainer will be applied to pre-petition
billings and any balance will be held to be applied against post-
petition fees and expenses.  During the one year period prior to
the Petition Date, Mayer received payments from DirecTV totaling
$413,000 for professional services rendered and expenses
incurred.

Mr. Snider reported that Mayer has reviewed its database and
related conflicts systems to learn of any conflict of interest in
its representation.

Mr. Snyder assured the Court that his Firm does not represent or
hold any interest adverse to DirecTV or its estate with respect
to the matters on which it is to be employed.  Mr. Snyder said
that Mayer has no present connection with any of DirecTV's
creditors or other significant parties-in-interest in connection
with these cases or the U.S. Trustee in these cased, or any
person employed in the Office of the U.S. Trustee for the
District of Delaware.  Mr. Snyder disclosed that Mayer has
represented certain of DirecTV's creditors and other parties-in-
interest on matters that are completely unrelated to this Chapter
11 case and account for a de minimis portion of Mayer's 2002
annual revenues.  Mayer will not represent any of those entities
in connection with this Chapter 11 case.  Should it be apparent
that Mayer's representation of DirecTV in any specific manner in
this Case conflict with its past or present representation of the
creditor or party-in-interest, Young Conaway will handle the
matter. (DirecTV Latin America Bankruptcy News, Issue No. 5,
Bankruptcy Creditors' Service, Inc., 609-392-0900)


DIRECTV LA: Kirch World Cup Contract Rejected with Court OK
-----------------------------------------------------------
DirecTV's motion to reject two contracts with KirchMedia WM GmbH,
pursuant to Sections 105(a) and 365(a) of the Bankruptcy Code was
approved by the Court.

The Kirch Contracts are:

    (a) World Cup Contract -- License Agreement Letter, dated
        October 11, 2001, as amended, in relation to the 2002
        FIFA World Cup and the 2006 FIFA World Cup; and

    (b) Kirch Side Letter Agreement -- Letter Agreement dated
        October 11, 2001.

According to M. Blake Cleary, Esq., at Young Conaway Stargatt &
Taylor LLP, in Wilmington, Delaware, the World Cup Contract gives
DirecTV the exclusive right to broadcast the 2002 and 2006 FIFA
World Cup soccer matches throughout several Latin American
countries.  The World Cup Contract requires the payment of
$387,000,000 from 2000 to 2006, with approximately $267,000,000
due and payable post-2002.

Mr. Cleary informs the Court that DirecTV lost approximately
$75,000,000 as a result of the World Cup Contract in 2002.
Moreover, DirecTV believes that it would incur even greater
losses for the remainder of the contract.

On the other hand, the Kirch Side Letter Agreement required
DirecTV to pay $5,700,000 to Kirch on July 1, 2003 as full, final
and complete satisfaction of any claim regarding any costs Kirch
incurred in financing its acquisition of the rights licensed to
DirecTV under the World Cup Contract.  The payment would only be
triggered if the World Cup Contract is not fully, finally and
validly terminated prior to July 1, 2003.

On December 24, 2002, DirecTV sent a letter to Kirch, terminating
the World Cup Contract and the Kirch Side Letter Agreement.  To
the extent that this Court or any other Court determined that
DirecTV did not legally terminate the World Cup Contract, DirecTV
seeks to reject this contract through this motion.

Mr. Cleary asserts that the request should be granted because:

    (a) the Contracts do not benefit DirecTV's estate or
        creditors; and

    (b) it will allow DirecTV to avoid incurring postpetition
        administrative expense claims with respect to the
        Contracts.
(DirecTV Latin America Bankruptcy News, Issue No. 5, Bankruptcy
Creditors' Service, Inc., 609-392-0900)


DIRECTV LA: Moves Court To Retain Ordinary Course Professionals
---------------------------------------------------------------
DirecTV Latin America, LLC received the Court's authority to
retain and compensate professionals that the company turns to in
the ordinary course of its business.

Joel A. Waite, Esq., at Young Conaway Stargatt & Taylor, LLP, in
Wilmington, Delaware, related that DirecTV retains various
professionals in the ordinary course of its business to render
services relating to the numerous issues that arise in the
conduct of its regular business affairs unrelated to this Chapter
11 cases.  DirecTV needs these services on a continuing basis.

Rather than file formal employment applications for each and
every professional, DirecTV proposed that each ordinary course
professional be required to file an affidavit with the Bankruptcy
Court providing disclosure about the firm's identity, services to
be performed, compensation arrangements and potential conflicts
within 30 days of their retention.

Mr. Waite indicated that ordinary course professionals are
compensated on an hourly fee basis.  In some instances, the
ordinary course professionals will be owed for accrued pre-
petition fees.  Since the ordinary course professionals that are
attorneys are being retained for matters that would qualify them
as "special" counsel, if retained pursuant to Section 327(e) of
the Bankruptcy Code, DirecTV submits that these ordinary course
professionals should not be required to demonstrate their
disinterestedness as provided by Section 327(a) of the Bankruptcy
Code.  DirecTV has inquired of the Ordinary Course Professionals
and it does not believe that any of them hold or represent any
interest adverse to DirecTV or its estates with respect to the
matters on which they are to be employed.

Furthermore, DirecTV asked the Court to allow it to pay, without
need to file a formal fee application with the Court, 100% of the
fees and expenses of each of the ordinary course professional
upon submission of an invoice setting in reasonable detail the
nature of the services rendered and any corresponding charges and
expenses.  Mr. Waite clarifies that DirecTV expressly reserves
the right to dispute any invoice.

The Debtor agrees, during the pendency of the Chapter 11 case,
that no ordinary course professional will be paid more than
$25,000 per month without an order from the Court authorizing a
higher amount.  In addition, no ordinary course professional will
be paid more than $150,000 in fees in the aggregate during the
pendency of this Chapter 11 cases without a Court order
authorizing a higher amount.

According to Mr. Waite, DirecTV should be allowed to continue to
retain the ordinary course professionals because:

    (a) DirecTV cannot continue to operate its business in
        accordance with sound business practice unless it retains
        and pays for the services of the ordinary course
        professionals;

    (b) it would hinder DirecTV's operations if it was required
        to submit to the Court an application, affidavit and
        proposed retention order for each ordinary course
        professional;

    (c) a number of the ordinary course professionals are
        unfamiliar with the interim and final fee application
        procedures employed in the  bankruptcy cases, with some
        of them unwilling to work with DirecTV if these
        requirements were imposed;

    (d) the cost of preparing and prosecuting the retention
        applications and fee applications, to ultimately be borne
        by the estate, would be significant and unnecessary;

    (e) the requirement that the ordinary course professionals
        each file retention pleadings and follow the usual fee
        application process used by other bankruptcy
        professionals would burden the clerk's office, this Court
        and the Office of the U.S. Trustee with unnecessary fee
        applications;

    (f) the procedures for retention and compensation of ordinary
        course professionals are not unusual given the size of
        DirecTV's estate and the magnitude, complexity and
        multi-jurisdictional nature of its business. (DirecTV
        Latin America Bankruptcy News, Issue No. 5, Bankruptcy
        Creditors' Service, Inc., 609-392-0900)


DIRECTV LA: Objects To Infront's Motion To Liquidate Claim
----------------------------------------------------------
Joel A. Waite, Esq., at Young Conaway Stargatt & Taylor LLP, in
Wilmington, Delaware, contends that Infront has not alleged, much
less demonstrated, sufficient cause to terminate the automatic
stay since:

    (a) the motion is silent regarding the substantial time it
        will take for its claims to be finally resolved in the
        Swiss Litigation.  An assumption of quick resolution is
        false.  In fact, it is unlikely that a resolution of the
        Swiss Litigation could be reached prior to the time
        DirecTV expects to emerge from bankruptcy;

    (b) Infront will not suffer significant hardship if the stay
        remains in place and it is required to resolve any
        disputes regarding its claims through the Bankruptcy
        Court and the procedures provided by the Bankruptcy Code
        and applicable Bankruptcy Rules;

    (c) the Swiss Litigation does not address the issues Infront
        seeks to resolve as the Swiss Litigation will only
        address DirecTV's alleged failure to make the $13,000,000
        prepetition payment;

    (d) Infront will not be significantly harmed by the
        application of Swiss law to these issues, to the extent
        necessary, by the Bankruptcy Court as bankruptcy courts
        are capable of applying non-bankruptcy law; and

    (e) forcing DirecTV to litigate the validity and amount of
        Infront's claims in the Swiss Litigation will require
        DirecTV to expend scarce estate resources to retain Swiss
        counsel, bring necessary witnesses to the Swiss Court and
        otherwise to defend the action.  The expense is
        particularly unnecessary where the disputed issues are
        not yet known and may ultimately prove unnecessary to
        resolve in a contested proceeding.

Moreover, Mr. Waite asserts that Infront has not established a
probability that it will prevail on the merits of its claim.  In
fact, Mr. Waite points out that the potential prejudice to FIFA,
the forum selection clause and international comity do not
require the stay to be lifted.  FIFA is not a party to the World
Cup Contract.  Promoting FIFA's welfare, which is not a direct
party-in-interest in the Bankruptcy Case, at the likely expense
of DirecTV's creditors is inappropriate.  "Any harm to FIFA is
not only entirely speculative, but, more importantly, is
irrelevant to the determination of Infront's request to lift the
automatic stay," Mr. Waite emphasizes.

Accordingly, DirecTV asks the Court to deny Infront's request for
stay relief.

                   Committee Agrees With DirecTV

Kathleen Marshall DePhillips, Esq., at Pachulski, Stang, Ziehl,
Young, Jones & Weintraub P.C., in Wilmington, Delaware, notes
that, at most, Infront has an unsecured unliquidated claim.  "The
Debtors' efforts to achieve a successful reorganization should
not be disrupted by the commencement of litigation of a single
prepetition claim in a distant forum like Switzerland," Ms.
DePhillips points out.  Moreover, the diversion and interference
with DirecTV's interference with the administration of DirecTV's
estate itself should preclude lifting the stay to allow the
proposed action to be filed.

Ms. DePhillips contends that granting Infront's request would
injure DirecTV's estate in at least three ways:

    (a) it will materially disrupt the reorganization process if,
        wholly out of order, DirecTV is required immediately to
        adjudicate a single claim in a distant place when it
        should be focusing on the development of a reorganization
        plan;

    (b) granting relief based on a forum selection clause would
        set a dangerous precedent and would be prejudicial to
        DirecTV's and its creditors' interests; and

    (c) there is no reason to believe that a Swiss court would be
        at all conversant with the limitations that U.S.
        Bankruptcy Courts typically impose on contract rejection
        claims.

In contrast to the obvious prejudice the estate would suffer if
the stay was lifted, Infront will suffer no clear prejudice if
the Motion is denied.  Rather, Infront would still have the
option of asserting its alleged claim in this Chapter 11 case, in
the same manner as every other unsecured creditor.  Infront's
assertions of specific "prejudice" and "comity interests" are not
compelling.  Specifically:

    (a) there is no reason to think that the Court cannot be
        educated as to the damage aspects of Swiss contract law.
        Bankruptcy courts routinely apply the laws of other
        jurisdictions in liquidating claims;

    (b) the "hardship" to Infront of having to liquidate its
        contract rejection claim in this Court is no different
        than the "hardship" faced by every other creditor.  The
        unique sorts of "hardships" typically cited by the courts
        are obviously not present here;

    (c) the perceived hardships to FIFA are irrelevant.  Infront
        has cited no precedent for the proposition that the
        perceived "hardship" of an entity that is not even a
        party to the litigation constitutes a ground for granting
        relief from the automatic stay; and

    (d) Infront's assertion that its motion should be granted on
        the grounds of international "comity" is not well
        founded. "Comity" relates to a demonstration of proper
        deference to foreign governments and foreign courts.  No
        foreign government's interests are implicated here.
        Moreover, the only foreign court whose interests could
        possibly be implicated is a Swiss trial court.  Again,
        Infront has offered no suggestion that this Swiss trial
        court would feel affronted by the fact that Infront
        cannot proceed with such litigation by reason of the
        automatic stay.

Accordingly, the Committee asks the Court to deny Infront's
request motion in its entirety. (DirecTV Latin America Bankruptcy
News, Issue No. 5, Bankruptcy Creditors' Service, Inc., 609-392-
0900)


LAPA: Cancels Flights After Government Fuel Subsidies Denied
------------------------------------------------------------
Pilots, flight attendants and mechanics of Lineas Aereas Privadas
de Argentina's (LAPA) blocked some runways for about 20 minutes
at Buenos Aires' domestic airport Tuesday in protest to the
airline's decision to cancel all flights during the day, the AP
reports.

The flight cancellations came after the Argentine government
refused to subsidize LAPA's fuel costs. The subsidies were one of
the conditions set by LAPA owners to continue operating the
Company, which is co-owned by Bolivia-based Aerosur.

The workers said they were worried about losing their jobs.
Pilots said they had appealed to government officials to step in
to help keep the airline afloat.

LAPA owes some US$4.55 million in airport taxes, aircraft leases
and fuel. Industry Minister Anibal Fernandez said the airline
would be prohibited from flying until new owners could be found.


PECOM ENERGIA: To Make Good On $8.4M In Interest Payments
---------------------------------------------------------
Pecom Energia, a subsidiary of Perez Companc, told the Buenos
Aires stock exchange in a filing that it will make US$8.4 million
in interest payments on US$187 million debentures, reports
Business News Americas. The Company informed the bourse that on
May 2, it will pay US$223,290 interest on class B debentures, and
US$8.2 million interest on series H debentures, both issued in
1998. The interest corresponds to the period November 1 to May 1,
at a rate of 9% a year for both series.

CONTACT:  PECOM ENERGIA S.A. DE PEREZ COMPANC S.A.
          Maipo 1 - Piso 22 - C1084ABA
          Buenos Aires, Argentina
          Phone: (54-11) 4344-6000
          Fax: (54-11) 4344-6315
          URL: http://www.pecom.com.ar/
          Contacts:
          Jorge Gregorio C. Perez Companc, Chairman
          Oscar Anibal Vicente, Vice Chairman


PEREZ COMPANC: Government Conditions Sale on Transener Deal
-----------------------------------------------------------
The Argentine government will approve the sale of energy group
Perez Companc to Brazil's Petroleo Brasileiro, but on one
condition. Citing Argentine daily Ambito Financiero, Dow Jones
reports that the Argentine government has conditioned that the
Brazilian company must sign a statement promising to sell off a
stake in transmission company Transener once the electricity
company is on better financial footing.

Although the sale depends on approval by Argentine regulators,
Petrobras already disbursed US$1.07 billion for Pecom last year.
In case the Argentine government vetoed the transaction, Pecom
would have had to return the sum to Petrobras.

The original deadline for Argentina's antitrust agency to rule on
the deal was Wednesday but sources said the issue could be
further discussed later this week.

CONTACT:  PECOM ENERGIA S.A. DE PEREZ COMPANC S.A.
          Maipo 1 - Piso 22 - C1084ABA
          Buenos Aires, Argentina
          Phone: (54-11) 4344-6000
          Fax: (54-11) 4344-6315
          URL: http://www.pecom.com.ar/
          Contacts:
          Jorge Gregorio C. Perez Companc, Chairman
          Oscar Anibal Vicente, Vice Chairman

          COMPANIA DE TRANSPORTE DE ENERGIA ELECTRICA EN ALTA
          TENSION (Transener S.A.)
          Av. Paseo Colon 728, 6"Piso - (1063)
          Buenos Aires, Argentina
          Tel. (5411) 4342-6925

          Business Development:
          Carlos A. Jeifetz (jeifecar@transx.com.ar)
          Gerardo Baseotto (baseoger@transx.com.ar)
          Tel.: (54-11) 4334-0182 / 4342-6925
          Fax: (54-11) 4342-4861



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

ALPHASTAR INSURANCE: Announces Delisting Notice From Nasdaq
-----------------------------------------------------------
AlphaStar Insurance Group Limited (Nasdaq: ASIG) reported Tuesday
that on April 17, 2003, it received a notification from the
Nasdaq Listing Qualifications Department (the "Staff") that the
Company has failed to comply with the filing requirements for
continued listing set forth in NASD Marketplace Rule 4310 c(14),
and that its securities are, therefore, subject to delisting from
The Nasdaq Stock Market, Inc. NASD Marketplace Rule 4310 c(14)
requires that Nasdaq issuers timely file their periodic reports
in compliance with the reporting obligations under the federal
securities laws. The Company has not timely filed its Annual
Report on Form 10-K for the fiscal year ended December 31, 2002
(the "2002 10-K").

The receipt of this notice was expected, as it is part of normal
Nasdaq operating procedures when a delay in filing a required SEC
document occurs. The 2002 10-K has been substantially completed
and is currently in its final stage of review by the Company's
auditors. The Company expects to be able to file the 2002 10-K
with the next 10 days. The Company does not anticipate that the
2002 Form 10-K will involve any restatement of prior results.

As of the opening of business on April 22, 2002, the Company's
trading symbol, "ASIG," will be amended to include the fifth
character "E" to denote the Company's filing delinquency.

The Company intends to request an appeal hearing before a Nasdaq
Listing Qualification Panel (the "Panel") to review the Staff
determination in accordance with the NASD Marketplace Rule
4820(a). The time and place of such a hearing will be determined
by the Panel. Pursuant to the same NASD Marketplace Rule 4820(a),
a request for a hearing will stay the scheduled delisting of the
Company's securities pending the Panel's determination. Were the
Company not to request an appeal before the Panel to review the
Staff's determination, its securities would be delisted from
Nasdaq at the opening of business on April 28, 2003 without
further notice. There can be no assurance that the Panel will
grant the Company's request for a continued listing. However, the
Company believes that, if it files the 2002 10-K prior to the
hearing, the Panel will grant the Company's request for a
continued listing.

AlphaStar Insurance Group Limited is a Bermuda-domiciled holding
company with subsidiaries in the United States and United
Kingdom. Among its subsidiaries are a property-casualty insurance
company, managing general agencies, and reinsurance
intermediaries.


ALPHASTAR INSURANCE: Wins Appeal At New York Appellate Court
------------------------------------------------------------
AlphaStar Insurance Group Limited (Nasdaq: ASIG) reported Tuesday
that on April 17, 2003, the Appellate Division, First Department,
of the New York State Supreme Court unanimously affirmed an
earlier jury verdict dismissing all of the claims asserted
against ASIG, its London subsidiary Stirling Cooke Brown
Reinsurance Brokers and one of its former employees. The jury
verdict initially had been handed down in December 2001 in an
action brought by AXA Reassurance S.A. and New Hampshire
Insurance Company. In that action, the plaintiffs asserted claims
of fraud and negligent misrepresentation in the placement of
reinsurance contracts entered into in connection with certain
"reinsurance-backed gap film financing". The action was the first
"film finance" case to go to trial among the more than 50 such
cases now pending around the world involving, according to some
observers, more than $1.5 billion in potential coverage.

James Lawless, IV, ASIG's Senior Vice President and General
Counsel, stated that, "We are very gratified that the Court
upheld the jury's finding that there was no basis in fact for the
claims asserted against AlphaStar and its co-defendants. While we
were always confident that this was the right result, this was a
complex and hard-fought piece of litigation, and we are obviously
pleased that we were able to establish this result with
finality." ASIG and its co-defendants were represented at both
the trial and appellate levels by the New York office of Arent
Fox Kintner Plotkin & Kahn.

AlphaStar Insurance Group Limited is a Bermuda-domiciled holding
company with subsidiaries in the United States and United
Kingdom. Among its subsidiaries are a property-casualty insurance
company, managing general agencies, and reinsurance
intermediaries.



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

AES CORP.: Increases Tender Price for Certain Notes
---------------------------------------------------
The AES Corporation (NYSE:AES) announced Tuesday that it had
increased the tender price it was offering for its 10.25% Senior
Subordinated Notes Due 2006, 8.375% Senior Subordinated Notes Due
2007 and 8.50% Senior Subordinated Notes Due 2007 (the "Notes")
and extended the early tender premium deadline for the Notes.

The following table shows the principal amount of each series of
Notes that AES is seeking to purchase, the tender offer
consideration that AES will pay, the early tender premium (which
AES is offering to holders that validly tender their Notes (which
are accepted for purchase by AES) by 5:00 p.m. New York City time
on Friday, April 25, 2003) and the total consideration.

Tenders of Notes may not be withdrawn except under limited
circumstances. AES may increase the principal amount of Notes
that it is seeking to purchase depending on the amount of
proceeds that it receives from the proposed private placement,
provided that the aggregate principal amount of all notes
(including the Notes) purchased in the tender offer will not
exceed $1.3 billion.

The tender offer will expire at 5:00 p.m. New York City time on
Tuesday, May 5, 2003 unless extended or earlier terminated.
Holders, whose Notes are validly tendered and accepted for
purchase, will be paid the applicable total consideration or
tender offer consideration, as the case may be, plus accrued and
unpaid interest to, but not including, the settlement date.

In addition, AES announced that it had extended the expiration
time of the tender offer for its other senior and senior
subordinated notes to 5:00 p.m. New York City time on Tuesday,
May 5, 2003, unless extended or earlier terminated. The other
terms of AES pending tender offer, including the prices offered
for other series of notes, remain unchanged.

                                          Tender
                 Principal   Principal  Offer     Early    Total
                  Amount     Purchase  Consider- Tender Consider-
  The Notes     Outstanding  Amount    ation(1)
Premium(2)ation(2)
-------------- --------------------------------------------------
10.25% Senior
Subordinated
Notes Due
2006          $217,050,000 $55,000,000 $910.00 $20.00 $930.00
8.375% Senior
Subordinated
Notes Due
2007          $303,290,000 $77,000,000 $830.00 $20.00 $850.00
8.50% Senior
Subordinated
Notes Due
2007          $338,165,000 $86,000,000 $830.00 $20.00 $850.00

    (1) Per $1,000 principal amount of Notes that is accepted for
        purchase by AES.

    (2) Per $1,000 principal amount of Notes that is validly
        tendered by 5:00 pm, New York City time on Friday, April
        25, 2003 and is accepted for purchase by AES.

AES's obligation to accept Notes tendered and pay the tender
offer consideration and any early tender premium is subject to a
number of conditions which are set forth in the Offer to Purchase
and Letter of Transmittal for the tender offer. The conditions
include (1) the completion of a proposed private placement and
(2) the effectiveness of the amendment to AES' senior credit
facility.

Citigroup and UBS Warburg LLC are the joint dealer managers for
the tender offer.

Questions concerning the terms of the tender offers should be
directed to Citigroup at 390 Greenwich Street, 4th Floor, New
York, New York 10013, Attn: Liability Management Group,
telephone: 800/558-3745 or UBS Warburg at 677 Washington
Boulevard, Stamford, Connecticut 06901, Attn: Liability
Management Group, telephone: 888/722-9555, ext. 8035.

Wells Fargo Bank Minnesota, National Association is the
depositary and information agent in connection with the tender
offer. Copies of the Offer to Purchase and Letter of Transmittal
may be obtained from the information agent at 800/344-5128.

"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: This news release may contain "forward-
looking statements" regarding The AES Corporation's business.
These statements are not historical facts, but statements that
involve risks and uncertainties. Actual results could differ
materially from those projected in these forward-looking
statements.

For a discussion of such risks and uncertainties, see "Risk
Factors" in the Company's Annual Report or Form 10-K for the most
recently ended fiscal year.

CONTACT:  AES Corporation
          Kenneth R. Woodcock, 703/522-1315


VARIG/TAM: Industry Officials, Analysts Doubtful About Merger
-------------------------------------------------------------
Industry officials and analysts are becoming increasingly dubious
whether Brazilian airlines Viacao Aerea Rio- Grandense SA and TAM
Linhas Aereas SA will be able to carry out their planned merger,
according to the Financial Times.

The paper raised significant points that would possibly block the
said operation: First, Varig uses Boeing aircraft, while Tam uses
Airbus planes. This thing alone would pose leasing and
maintenance difficulties in a merger, the paper said. Second, a
merger would involve about 8,000 job losses, which Brazil's
government would prefer to avoid.

"I can't see it happening," Carlos Albano, an analyst with the
Brazilian bank Uniao de Bancos Brasileiros SA in Sao Paulo, told
the paper. "There are huge operational and management
differences."

Under the proposed merger plan, Varig would get 10% of the new
airline, TAM 30%, and the balance to the Company's creditors. The
merger would need about BRL600 million (US$198 million) in
government support.

Varig, which lost BRL2 billion in the first nine months of 2002,
sees the merger as the only way to prevent a financial collapse.

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

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


VARIG: BR Distribuidora Will Continue Uninterrupted Fuel Supply
---------------------------------------------------------------
Brazilian fuel supplier BR Distribuidora, an arm of the country's
state oil giant Petroleo Brasileiro (PBR), assured Tuesday that
it is not cutting off fuel supplies to Varig as the latter has a
good standing on its debts. Varig has a revolving short-term
credit line of BRL40 million ($1=BRL3.042) from BR Distribuidora.
Long-term debts owed to the fuel supplier, totaling about BRL140
million, were renegotiated in January 2001, BR Distribuidora
said.



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

GASATACAMA: Mulls $250M Loan; Scraps Bond Issue Plans
-----------------------------------------------------
Chilean gas transporter and power generator Gastacama is
considering taking out a US$250-million syndicated loan on the
international market, instead of a previously planned bond issue,
Chilean paper El Diario reports. The Company plans to use the
loan to pay its owners U.S.-based CMS and Chilean generator
Endesa US$100 million each.

Gasatacama chief executive Rudolf Araneda said that the remainder
of the funds after the said payments will be allotted to
transmission expansions and a new line to supply the San
Cristobal mining project in Bolivia.

The executive added that the loan, coupled with the proceeds from
the sale of a package of transmission lines would bring in
resources in the "upper end" of the initial target.

A report by Business News Americas indicated that the Company
initially planned to issue between US$200 million to US$300
million in bonds.


MANQUEHUE NET: Gasco May Offload Stake to Bolster Balance Sheet
---------------------------------------------------------------
Chilean gas distributor Gasco is not ruling out a sale of its
stake in the ailing telco Manquehue Net, Business News Americas
indicates. Gasco owns 25.6% of Santiago-based Manquehue Net
through its Metrogas subsidiary.

During a shareholders meeting held Monday, Gasco chairman Matias
Perez said that the distributor is still open to "the right
offer" for its stake in Manquehue Net.

Manquehue Net recently posted a 2002 net loss of CLP23.7 billion,
doubling its CLP11.7-billion loss in the previous year. According
to Manquehue Net CEO Jorge Troncoso, Manquehue will continue to
be in the red this year, but will turn a profit in 2004.

Manquehue Net is owned by local gas company Metrogas (25.54%),
US-based Williams Communications (23.52%), Capital Trust
(19.14%), Chile's Rabat Group (19.13%) and Xycom (12.67%). It
provides local telephony, corporate telephony, broadband and
dial-up Internet services.

CONTACT:  MANQUEHUE NET S.A.
          Av. Condor 796, Enterprise City,
          Huechuraba Santiago Chile
          Phone: 00 562 243 8800
          Fax: 00 562 248 7292
          EMAIL: info@manquehue.netl
          Home Page: http://www.manquehue.net/
                     http://www.manquehue.cl
          Contact:
          Mr. Miller Williams, President
          Sr.Jos, Luis Rabat Vilaplana, Vice President



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

FILANBANCO: Government To Ink Restructuring Deals Soon
------------------------------------------------------
The Ecuadorian government was expected to sign Wednesday one-year
contracts with two international firms -- which have been
selected to restructure the defunct bank Filanbanco -- and Oscar
Ayerve, secretary general to President Luicio Gutierrez.

The firms, as revealed by Dow Jones in a report, are Mexico's
Thesis Antares and Panama's Gomez-Giraldo & Asociados. The hiring
of international firms to recover depositors' funds was one of
the commitments made by the government to qualify for a new
International Monetary Fund aid package. The Fund approved a
US$205 million credit facility for the country earlier this year.

Filanbanco was intervened by authorities during the 1998-1999
financial crisis. The government is estimated to have injected
US$1.5 billion into the bank to shore up liquidity. However, the
capital infusion failed to resolve the bank's lingering problems,
prompting it to close its doors last July.

Filanbanco, when it entered so-called forced liquidation, owed
its 500,000 clients some US$350 million.

CONTACT:  FILANBANCO
          Av. 9 of 203 October and Pichincha
          Guayaquil, Ecuador
          Phone: 322780 ext. 2885
          Fax: 329451
          E-mail: mailto:administrador@filanbanco.com
          Home Page: http://www.filanbanco.com/
          Contacts:
          International Business Division
          Germania Narv ez Brandon
          E-mail: mailto:mgnarvaez@filanbanco.com

          Legal Divison (Guayaquil)
          Marks Arteaga Valenzuela, Departmental Manager
          E-mail: mailto:mmarteaga@filanbanco.com



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

AIR JAMAICA: To Sell 20% of Stake To Government
-----------------------------------------------
In an effort to prevent a financial collapse, Air Jamaica will
sell 20% of the airline to the government in exchange for the
dismissal of a debt valued at about US$300 million (Jamaican
$16.5 billion), the AP reports, citing Finance Minister Omar
Davies.

The proposed debt-for-equity swap would increase the government's
total ownership of Air Jamaica to 45%, Davies said. The deal, the
minister added, opens the door for the government to regain
majority ownership in the airline at a future date by executing
options on convertible preferred shares.

The government divested its majority shares of Air Jamaica in
1994, but retained a 25% stake.

Air Jamaica has struggled with losses of more than US$80 million
(Jamaican $4.5 billion) last year and has seen reservations fall
by as much as 40% since the U.S.-led war in Iraq began last
month. In order to address the issues, the airline reduced
flights, slashed fares and trimmed its payroll. It is also
seeking US$30 million (Jamaican $1.6 billion) in loans to cover
operating expenses and continue flying.

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



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

GRUPO TFM: S&P Issues Long-Term CreditWatch on Deal Doubts
----------------------------------------------------------
Standard & Poor's Ratings Services said Tuesday that it placed
its 'B+' long-term corporate credit and senior unsecured debt
rating on TFM S.A. de C.V. (TFM) on CreditWatch with developing
implications.

The rating action follows the announcement by Kansas City
Southern (KCS) and Grupo TMM S.A. (TMM) that a series of
agreements have been approved by their respective boards of
directors to place the Kansas City Southern Railway Co., the
Texas Mexican Railway Company, and TFM under the common control
of KCS.

The ratings on KCS remain on CreditWatch with negative
implications, where they were placed on April 1, 2003. TMM's
corporate credit and senior unsecured ratings remain at 'CC'.

The rating action reflects uncertainty regarding the closing of
the transaction, which is subject to shareholder, bondholder, and
regulatory approval. KCS and TMM expect the transaction to close
in three to four months, following approval by U.S. and Mexican
authorities. Although it appears unlikely, failure to complete
the transaction could complicate TMM's debt restructuring process
and in turn could have a negative impact on TFM's credit profile,
which could lead to a negative rating action for the company. The
ratings could be affirmed or a positive rating action could
follow the completion of the transaction, subject to Standard &
Poor's view of KCS' reditworthiness, the relationship between TFM
and its new parent company, and the outlook for TFM's operations.

KCS will gain control of TFM S.A. de C.V. and the Texas Mexican
Railway Co. (Tex-Mex, a short-line railroad currently owned by
TFM that links the TFM system with KCS trackage and the broader
U.S. railroad system). The economic ownership interest in TFM is
currently split as follows: KCS, 37.3%; TMM, 38.8%; and the
Mexican government, 23.9%. KCS will combine the TFM and Tex-Mex
operations with those of its subsidiary, the Kansas City Southern
Railway Co., to form one single transportation company. In
conjunction with the transaction, Kansas City Southern will
change its name to NAFTA Rail.

Under the proposed deal, TMM Multimodal (a subsidiary of TMM)
will receive 18 million shares of NAFTA Rail (representing
approximately 22% of the company); $200 million in cash; and a
potential incentive payment of between $100 million and $180
million, based upon the resolution of certain future
contingencies, including TFM's long-running value-added-tax (VAT)
dispute with the Mexican government. This dispute, which dates
back to the privatization of TFM in 1997, could result in a
significant payment to TFM. The face value of the VAT credit
certificate is $206 million. According to Mexican law, the amount
of recovery would reflect that amount, adjusted for inflation and
interest accruals. The matter is still being debated in the
courts, and the timing of a resolution of this matter is
uncertain.

ANALYSTS:  Jose Coballasi, Mexico City (52) 55-5279-2014
           Manuel Guerena, Mexico City (52) 55-5279-2011


GRUPO TMM: KCS Deal Yields No Immediate Impact On Ratings
---------------------------------------------------------
Standard & Poor's Ratings Services said Tuesday that the
announcement by Kansas City Southern (KCS) and Grupo TMM S.A.
(TMM), which stated that a series of agreements have been
approved by their respective boards of directors to place the
Kansas City Southern Railway Co., the Texas Mexican Railway
Company, and TFM S.A. de C.V. under the common control of KCS,
will have no immediate impact on TMM's ratings and outlook.

TMM has indicated that it intends to use the proceeds from the
announced transaction to reduce debt. Nevertheless, the closing
of the transaction is still subject to shareholder, bondholder,
and regulatory approval. KCS and TMM expect the transaction to
close in three to four months, following the approval of the U.S.
and Mexican authorities.

Under the proposed deal, TMM Multimodal (a subsidiary of TMM)
will receive 18 million shares of NAFTA Rail (representing
approximately 22% of the company); $200 million in cash; and a
potential incentive payment of between $100 million and $180
million, based on the resolution of certain future contingencies
including TFM's long-running value-added-tax (VAT) dispute with
the Mexican government. This dispute, which dates back to the
privatization of TFM in 1997, could result in a significant
payment to TFM. The matter is still being debated in the courts,
and the timing of a resolution of this matter is uncertain.

KCS will gain control of TFM S.A. de C.V. and the Texas Mexican
Railway Co. (Tex-Mex, a short-line railroad currently owned by
TFM that links the TFM system with KCS trackage and the broader
U.S. railroad system). The economic ownership interest in TFM is
currently split as follows: KCS, 37.3%; TMM, 38.8%; and the
Mexican government, 23.9%. KCS will combine the TFM and Tex-Mex
operations with those of its subsidiary, the Kansas City Southern
Railway Co., to form one single transportation company. In
conjunction with the transaction, Kansas City Southern will
change its name to NAFTA Rail.

TMM has also extended its previously announced exchange offers
and consent solicitations for all of its outstanding 9-1/2
percent Senior Notes due 2003 and its 10-1/4 percent Senior Notes
due 2006, to April 25, 2003.

ANALYSTS:  Jose Coballasi, Mexico City (52) 55-5279-2014
           Manuel Guerena, Mexico City (52) 55-5279-2011


PEMEX: Repsol Sets Up Mexico Office To Prepare For Bids
-------------------------------------------------------
Mexico's state oil company Petroleos Mexicanos (Pemex) may expect
bids from Spanish oil company Repsol YPF, as the latter sets up a
permanent office in Mexico. Business News Americas reports that
Repsol's office is where it will manage its participation in bids
for contracts Pemex is offering.

The office will oversee its exploration and production activities
conducted through the Pemex Multiple Service Contracts (CSM),
said the report, citing an announcement from Repsol.

"It will be there to direct the continuing participation in CSM
bidding, and manage the results that Repsol YPF finds in the
various stages of the process. Repsol YPF considers this project
to be very important for industrial development and for the
Mexican economy and has confidence in the energy sector in
Mexico," Repsol's statement said.

Repsol YPF is Latin America's biggest energy company. It is
involved in projects such as hydrocarbon exploration,
transportation of oil products and liquid gasses, and gasoline
distribution.


PEMEX: To Sell Majority Stake in One Fenix Plant
------------------------------------------------
Mexico's state oil company Pemex plans to sell at least 51
percent of a new petrochemicals plant, Business News Americas
reports, adding that the exact percentage to be sold has not been
determined yet.

The plant to be sold is the first of two in PPQ's Fenix project,
which aims to reduce Mexico's estimated US$4 billion annual
petrochemical imports, the report relates, adding that surplus
production for export is not even under consideration. The second
plant, which may be erected in Altamira, would use naptha to make
aromatics.

The country's government forbids the private sector from owning a
majority stake in existing petrochemical plants. Pemex
Petroquimica (PPQ) president Rafael Beverido explained that the
new plants are exempt from the said prohibition.

The plant, whose construction is slated to begin late next year,
will produce some 950,000 tonnes a year of ethylene, and will be
located at either Altamira or Coatzacoalcos on the Gulf coast,
although indications are that it will be the latter, Mr. Beverido
said.

The sale is in answer to the country's investment needs.

"Mexico requires a lot of investment, above all in the
exploration and production of crude and natural gas. These are
strategic areas and where the majority of resources will go,"
said Mr. Beverido.

Aside from the sale, Pemex is also planning a road show in the
coming months to stir investor interest.


SATMEX: US Approves EX-IM Bank's Loan Contribution
--------------------------------------------------
Arturo Gonzalez, operations and corporate communications VP of
Mexican satellite operator Satmex, revealed that the US Congress
has approved the US Export-Import Bank's contribution to a
US$280-million loan, relates Business News Americas.

Satmex asked US$280 million worth of loans from the US-based bank
and the French government's export financing arm Coface.
Following approval from the US Congress, the Company expects to
get these loans, which carry a 5% interest rate and a 10-year
term, within two months.

Satmex will use the loans to pay off ahead of schedule US$205
million in debt that is due June 2004, as well as paying for the
construction of the Satmex 6 satellite, scheduled for launch in
September this year.

The loan should also cover insurance and launch costs for the new
satellite, as well as left over funds that can be used as working
capital.



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

* IMF Managing Director Issues Statement on Uruguay
---------------------------------------------------
April 22, 2003
International Monetary Fund
700 19th Street, NW
Washington, D.C. 20431 USA

Mr. Horst K"hler, the Managing Director of the International
Monetary Fund (IMF), addressed the following letter about Uruguay
to Members of the Financial Community on April 10, 2003:

"The Uruguayan authorities' economic program for 2003 contains
continued macroeconomic adjustment and structural reforms that
set the conditions for a sustained recovery of growth and a
viable external position. A key element of the program is the
authorities' commitment to raise the primary fiscal surplus to
3.2 percent of GDP in 2003, and further to 4 percent of GDP over
the medium term, to assure sustainable debt dynamics. The
authorities are also pressing ahead with restructuring the
banking system and are putting in place other structural reforms
to enhance the productive potential of the economy. Their
economic program is being supported by exceptionally large use of
Fund resources as well as assistance from the World Bank and the
Inter American Development Bank.

"In addition to continued support from international financial
institutions, the success of the authorities' program will depend
on the participation of Uruguay's private creditors. The
authorities have announced a comprehensive debt exchange offer
that aims at two key objectives: (i) to provide sufficient cash
flow relief in order to eliminate any residual financing needs
over the next few years; and (ii) to achieve a sustainable debt
and debt service profile over the medium term. Achieving these
objectives is a condition for completion of the next (third)
review under Uruguay's stand-by arrangement. A successful debt
exchange requires high participation to allow the program to go
forward and the forthcoming review to be completed.

"The Uruguayan authorities are aware of the substantial
challenges ahead, and have reaffirmed their determination to
address the economic imbalances and deepen structural reforms in
order to put the economy on a path of sustained growth and
financial stability. I believe that their program represents a
strong and balanced effort to achieve these goals. The support of
the financial community, including institutional and retail
investors from the private sector, is essential to the success of
this program."

CONTACT:  IMF EXTERNAL RELATIONS DEPARTMENT
          Public Affairs:
          Phone: 202-623-7300
          Fax: 202-623-6278

          Media Relations:
          Phone: 202-623-7100
          Fax: 202-623-6772



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

PDVSA: Lifts Force Majeur on Gasoline Exports
---------------------------------------------
Venezuela's state oil company Petroleos de Venezuela, S.A.
(PDVSA) lifted force majeur on the export of gasoline, Business
News Americas reports, citing a company statement.

PDVSA chairman Ali Rodriguez said, "In this way, we consider that
the phase of total recovery of the corporation's normal
operations is completed. We are now concentrating on
consolidating the results achieved."

The Company has exported 1.89 million barrels of crude since the
end of the strike, as well as 860,000 barrels of products, of
which 90,000 barrels were gasoline, the report recalls.

Some 18,000 PdVSA workers were dismissed as President Hugo Chavez
retaliated to a national strike aimed at deposing him. The strike
almost completely crippled the country's oil industry, which
accounts for a big portion of the country's revenue.


PDVSA FINANCE: Stabilizing; Ratings Improve, CreditWatch Dropped
----------------------------------------------------------------
Standard & Poor's Rating Services removed Tuesday its ratings on
PDVSA Finance Ltd.'s US$3.3 billion and Eur200.0 million rated
debt from CreditWatch, where they were placed Dec. 10, 2002 (see
list).

The rating action reflects the recent improvement in the rating
outlook (to stable from negative) for the Bolivarian Republic of
Venezuela (CCC+/Stable/C) and Petroleos de Venezuela S.A. (PDVSA;
CCC+/Stable/-).

The rating action is also based on a number of recent credit
developments specific to the PDVSA Finance transaction,
including:

     -- A significant recovery in daily oil production by PDVSA;
     -- Improvements in the invoicing of exported production
        after a lengthy interruption;
     -- A sharp increase in the amount of funds flowing through
        the PDVSA Finance collection account; and
     -- Certification by PDVSA of its compliance with all
        transaction performance covenants.

Standard & Poor's met with the management of PDVSA twice in
recent weeks to discuss the company's progress in recovering from
the labor strikes that have negatively affected its ability to
produce, export, and bill its customers since late 2002. PDVSA
indicated that production has recovered to approximately 2.5
million barrels per day after having fallen sharply in the
December 2002 to February 2003 period.

The company is steadily working through its invoicing backlog so
that it can collect payment for product that was previously
shipped, but for which it was unable to bill its customers due to
damage inflicted on its billing systems by striking workers.
PDVSA was able to resume billing customers for current shipments
beginning in March 2003. The company indicated that it has
currently eliminated about half of the backlogged invoicing
volume related to previous oil shipments.

As a result of the production increases and improved billing,
cash flowing through the PDVSA Finance collection account has
increased sharply. Prior to the strikes, approximately $700
million to $1.1 billion in monthly payments flowed through the
PDVSA Finance collection account, with the value of the shipments
fluctuating based on the quantity of oil delivered by PDVSA to
the designated customers and the price of the oil at the time of
delivery. Reflecting the impact of the strike on production and
export volumes, these collection flows dropped to as low as $200
million in January 2003 before recovering slightly in February to
$350 million and to a much stronger level of $960 million in
March. Matching the declines in production and deliveries, the
debt service coverage ratio for the PDVSA Finance transaction
dipped to a low of 4.50 for the month of February 2003 before
recovering to 5.81 in March. The terms of the PDVSA transaction
allow investors to demand an early amortization of the rated
notes if the debt service coverage ratio falls below 4.0.

PDVSA Finance made its February 2003 debt service payment on the
rated securities out of collection account funds and without
recourse to the transaction liquidity facility. Based on the
recovery in production and collections, Standard & Poor's
anticipates PDVSA Finance will be able to maintain timely payment
of debt service due without recourse to this fully funded
liquidity facility in the near future. In addition, PDVSA has
certified to Standard & Poor's that it is-and remained during the
January 2003 through March 2003 period-in compliance with all
PDVSA Finance transaction performance covenants.

RATINGS REMOVED FROM CREDITWATCH
PDVSA Finance Ltd.

Class                                   Rating
                                  To                From
A 6.45% notes due 2004            B-                B-/Watch Neg
B 6.65% notes due 2006            B-                B-/Watch Neg
C 6.80% notes due 2008            B-                B-/Watch Neg
D 7.40% notes due 2016            B-                B-/Watch Neg
E 7.50% notes due 2028            B-                B-/Watch Neg
F 8.75% notes due 2004            B-                B-/Watch Neg
G 6.25% notes due 2006            B-                B-/Watch Neg
H 9.40% notes due 2007            B-                B-/Watch Neg
I 9.75% notes due 2010            B-                B-/Watch Neg
J 9.95% notes due 2020            B-                B-/Watch Neg
K 8.50% notes due 2012            B-                B-/Watch Neg

ANALYSTS:  Kevin Kime, New York (1) 212-438-6223
           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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is $575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
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or balance thereof are $25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


* * * End of Transmission * * *