TCRLA_Public/030602.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

          Monday, June 2, 2003, Vol. 4, Issue 107

                           Headlines


A N T I G U A   &   B A R B U D A

LIAT/BWIA: Structure For Single Regional Airline Ready in June
LIAT: Chairman Calls For Cooperation Among Caribbean Carriers


A R G E N T I N A

ADDEX: Seeks Reorganization Proceedings
AMATRIX: Applies For "Concurso Preventivo"
ARTES GRAFICAS PITZEL: "Concurso Preventivo" Now Pending
BRUKMAN: Workers Seek Company Liquidation
EQUIPHOTEL: Commencing Reorganization Proceedings

SCP: Judge Denies BNY's Appeal
SCP: Launches New Debt-Restructuring Proposal


B E R M U D A

ANNUITY & LIFE: A. M. Best Downgrades Ratings


B R A Z I L

CEMIG: Extraordinary Shareholders' Meeting Results Posted
ELETROPAULO METROPOLITANA: BNDES Confident of Auction's Success
SABESP: Clarifies Shareholders' Dividend Payment
SABESP: New CEO Selected
TELEMAR: S&P's Comments on Oi Acquisition


D O M I N I C A N   R E P U B L I C

BANCO INTERCONTINENTAL: Fast-Track Sale May Cause More Harm


J A M A I C A

* Jamaica: Moody's Downgrade Spurs Diverse Reactions


M E X I C O

GRUPO TMM: Starts Restructuring Talks With Bondholders
GRUPO TMM: Shares Resume Trading
PVI: Excludes Mexican Unit From Bankruptcy Filing
ROHN INDUSTRIES: Announces Delisting Notice From Nasdaq
SATMEX: Forms Satmex Maximo As Part of US Expansion Plans


P A N A M A

INTERNATIONAL THUNDERBIRD: Issues Official Shareholders' Update


T R I N I D A D   &   T O B A G O

BWIA: ILFC Representative Arrives For Talks With T&T Government
BWIA: CEO Boosts Offer To Save Airline
CARONI LTD.: Unions Seek Full Recourse For Alleged Violations


     - - - - - - - - - -


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

LIAT/BWIA: Structure For Single Regional Airline Ready in June
--------------------------------------------------------------
A blueprint for the formation of a new transport system is to be
finalized by the end of June. The forthcoming plan is what four
Caribbean governments have agreed on, after airlines in the
region have each struggled with difficult financial situations.

The governments of Antigua & Barbuda, St. Vincent & the
Grenadines, Trinidad & Tobago and Barbados decided to create a
single regional carrier operating within the Easter and South
Caribbean.

A technical committee will discuss a possible merger between BWIA
and LIAT, the Antigua Sun reports. The committee, composed of
senior civil servants, airline officials and the Caricom
secretariat, were scheduled to meet in Barbados on Saturday.

The members are instructed to determine the best structure for a
new airline, if a merger is realized.

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


LIAT: Chairman Calls For Cooperation Among Caribbean Carriers
-------------------------------------------------------------
Wilbur Harrigan, chairman of Antigua-based airline LIAT thinks
that it might be a good time to create a strategic alliance among
carriers in the region.

"I think for the benefit of the people of the region it makes
good business sense for both airlines to start to work together,"
said Mr. Harrigan, as quoted by local paper Antigua Sun on
Thursday.

He admitted that there would still be problems to overcome, but
he is confident that there are certain areas that could be worked
out and benefit the people of the region. As an example, he cited
that core scheduling could be dove tailed more to the benefit of
the people of the region.

Plans for the creation of a single regional carrier have been
floated for some time as a number of flag carriers in the region
are having serious financial problems. However, Air Jamaica has
expressed its disapproval of such a proposal. It is only offering
to share services with other regional airlines.


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

ADDEX: Seeks Reorganization Proceedings
---------------------------------------
Argentine metallurgic machine producer Addex S.A. has applied for
"concurso preventivo", according to an Infobae report. If
approved, the Company may commence reorganization proceedings.

The case, no. 30640184368, is handled by Court No. 22 and
Secretary No. 43 of Buenos Aires.

CONTACT:  ADDEX S.A.
          Gurruchaga 1783
          Buenos Aires


AMATRIX: Applies For "Concurso Preventivo"
------------------------------------------
Amatrix S.A.C.e I., seller of office machines and equipment,
applied for "concurso preventivo," reports Infobae. The Company,
which is located at Montevideo 536, Capital Federal, has been
assigned the case number 30515940487. Amatrix's case is now in
Juzgado Nø 19, Secretar¡a Nø 37, Capital Federal.


ARTES GRAFICAS PITZEL: "Concurso Preventivo" Now Pending
--------------------------------------------------------
Artes Gr ficas Pitzel S.R.L. is seeking to commence
reorganization proceedings. The Company is asking for "concurso
preventivo", through case no. 30618319314.

Buenos Aires Court No. 24 and Secretary No. 47 are handling the
Company's case. The report did not indicate whether a receiver
has been assigned yet.

CONTACT:  ARTES GRAFICAS PITZEL S.R.L.
          Zubiria 2020
          Buenos Aires
          Argentina


BRUKMAN: Workers Seek Company Liquidation
-----------------------------------------
Workers at Brukman, with the help of political party "Partido
Obrero", are seeking to have the Company's assets expropriated. A
report by Infobae indicates that the workers were sent home after
the Company started reorganization proceedings.

A ruling by Judge Jorge Rimondi effectively puts the Company, a
producer of men's suits, under "concurso preventivo." The owner,
Mr. Jacobo Brukman is intending to declare the Company bankrupt,
says the report.


EQUIPHOTEL: Commencing Reorganization Proceedings
-------------------------------------------------
Argentine company Equiphotel applied for reorganization
proceedings, relates Infobae. The Company is under the
jurisdiction of Court No. 4 of Buenos Aires, with case number
33622048669.

The Company describes itself as importers and distributors of
dry, fresh and frozen products to all supermarket chains in
Argentina.

CONTACT:  EQUIPHOTEL SOCIEDAD ANONIMA
          Lavalle 1506,
          Buenos Aires
          Argentina
          Home Page: http://www.equiphotel.com.ar/


SCP: Judge Denies BNY's Appeal
------------------------------
Judge Norma Di Notto, head of Buenos Aires city s commercial
court Nø 15, secretariat 29, ruled in favor of the Argentine
holding Sociedad Comercial del Plata (SCP), in a dispute with one
of its creditors, The Bank of New York.

The sentence emphasizes the application of the Argentine
legislation on the Company's restructuring proceedings and
establishes the guidelines for obtaining consent by bondholders
when it comes to verifying liabilities. Specifically, the court
prevented the bank from applying a collective deposits system for
obtaining consent and highlighted the validity of the 45 bis
article of the Argentine Bankruptcy Law (25.589). The article
establishes a system that takes into account the principal
represented by each creditor instead of the number or quantity of
them during the voting of a debt restructuring proposal.

As such, companies in crisis do not need to obtain acceptance
either from 51% of the principal or from 66% of the creditors,
but only from the main creditors. The rest will have to accept
the accord reached among the indebted firm in question and its
major creditors.


SCP: Launches New Debt-Restructuring Proposal
---------------------------------------------
The Argentine holding Sociedad Comercial del Plata (SCP)
announced a new debt restructuring proposal, in which it offered
to give up its stakes in the tourism train Tren de la Costa and
the theme park Parque de la Costa to guarantee the payment of the
debt. The difference between the new proposal and the previous
one is that this time SCP does not offer its shares in
Trillenium, the casino of Tigre. This business, in which the
holding has a 50% stake, gives SCP some ARS50 million a year.

Last week, SCP managed to refinance the debt of Solfina, reducing
it significantly from US$50 million to ARS8 million and agreeing
to repay it within 18 months and is now working on the
refinancing of the debt of Tren de la Costa and Parque de la
Costa US$150 million.  They want to repay it in Argentine pesos,
within an 18-year term.



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

ANNUITY & LIFE: A. M. Best Downgrades Ratings
---------------------------------------------
A.M. Best Co. has downgraded the financial strength ratings to C+
(Marginal) from B- (Fair) of Annuity and Life Re Holdings' [NYSE:
ANR] life insurance subsidiaries, Annuity and Life Reassurance,
Ltd. (both of Bermuda) and Annuity & Life Reassurance America,
Inc (Connecticut), and removed them from under review. The
outlook for the ratings is stable.

These rating actions reflect the continuing deterioration of the
company's capital base, and the ongoing concern about the
company's ability to meet its collateral obligations, as plans to
raise additional capital have not succeeded. The ratings also
incorporate ANR's expectations for additional losses in the
second quarter of 2003 from the company's efforts to restructure
its balance sheet through the recapture, retrocession, novation
or sale of its in-force business to meet or reduce collateral
obligations. Furthermore, ANR does not currently anticipate
acquiring or accepting any new business.

During the first quarter of 2003, ANR's attempts to improve its
operations and liquidity position resulted in net losses totaling
$52.5 million. Owing to the continuing poor financial results,
A.M. Best believes ANR may not meet its current obligations to
policyholders and is vulnerable to adverse changes in market
conditions.

Concurrently, A.M. Best has withdrawn ANR's financial strength
ratings of C+ (Marginal) and assigned a NR-4 (Not Rated - Company
Request) to the two insurance subsidiaries. This is in response
to management's request to withdraw from the rating process.

CONTACTS:  Public Relations
          Jim Peavy
          Phone: (908) 439-2200, ext. 5644
          Email: james.peavy@ambest.com

          Rachelle Striegel
          Phone: (908) 439-2200, ext. 5378
          Email: rachelle.striegel@ambest.com

          Analyst(s)
          Robert Garofalo
          Phone: (908) 439-2200, ext. 5148
          Email: robert.garofalo@ambest.com

          Richard Major
          Phone: (908) 439-2200, ext. 5755
          Email: richard.major@ambest.com



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B R A Z I L
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CEMIG: Extraordinary Shareholders' Meeting Results Posted
---------------------------------------------------------
The proposal of the Board of Directors to CEMIG's shareholders
was approved in its entirety at the Extraordinary General
Shareholders' Meeting held at 10:00 a.m. on May 28, 2003 at
CEMIG's headquarters, located at Avenida Barbacena, 1200 - 18th
floor, in the city of Belo Horizonte, State of Minas Gerais,
Brazil. The following items were approved:

I Amendments to CEMIG's By-laws:

1. Article 1 was amended, conforming CEMIG's corporate purpose to
legal requirements.

2. Article 2 was amended, allowing CEMIG to establish offices
abroad.

3. The sole paragraph of Article 5 was deleted, conforming the
By-laws to Article 47 of Law 6,404/1976 and its subsequent
amendments;

4. The heading of Article 8 was amended; however, the first and
second paragraphs were preserved, ensuring that the State of
Minas Gerais retains the majority of voting shares unless prior
authorization by the State House of Representatives is given;

5. The sole paragraph of Article 9 was inserted, conforming the
By-laws to Article 126 of Law 6,404/1976 and its subsequent
amendments, as well as expediting the procedures necessary to
call General Shareholders' Meetings;

6. The first paragraph of Article 14 was amended, emphasizing the
requirements of knowledge by all directors at a Board of
Directors' meeting in the event of meetings called on an
expedited basis;

7. Subsections "j" and "l" were inserted into Article 17, better
defining the Board of Directors' responsibilities;

8. The heading of Article 18 was amended, modifying the
constitution of the Board of Executive Officers;

9. The heading of Article 19 was amended, assigning to the
Executive Vice President the authority to act as substitute for
the Chief Executive Officer during his/her temporary absences;

10. Article 22 was amended, modifying the Executive Officers'
duties;

11. Paragraph 3 of Article 21 was amended, reflecting the new
constitution of the Board of Executive Officers;

12. Paragraph 4 of Article 21 was amended, more precisely
defining the Executive Officers' duties;

13. The sole paragraph of Article 23 was inserted, establishing
the criteria to elect the chairperson of the Fiscal Council and
to authorize such person to summon and to chair Fiscal Council
meetings;

14. The sole paragraph of Article 28 and the heading of Article
30 were amended, conforming them to Article 189 of Law 6,404/1976
and its subsequent amendments;

15. Article 33 was amended, clearly providing that the actions
authorized by the By-laws are only authorized to the extent they
comply with applicable law; and

16. Article 12 was amended, modifying the Board of Directors'
composition that is now comprised of 14 directors and their
respective alternates.  Paragraph 3 of Article 12 was inserted,
ensuring that minority holders of common shares and minority
holders of preferred shares have the right to elect, in a
separate voting process, one director and his/her alternate,
respectively.

II Election of directors and their respective alternates in
connection with the amendment of Article 12 modifying the Board
of Directors' composition.

1. Election of the director Francisco Roberto Andre Gros and his
alternate, Arnaldo Jose Vollet, by minority holders of preferred
shares.

2. Election of the remaining 13 directors and their respective
alternates through cumulative voting, in accordance with
Article 141 of Law 6,404/1976, amended by Law 10,303/2001, as
follows:

i. By the shareholder Estado de Minas Gerais:

Wilson Nelio Brumer and his alternate, Fernando Lage de Melo.

Djalma Bastos de Morais and his alternate, Luiz Antonio Athayde
Vasconcelos.

Francelino Pereira dos Santos and his alternate, Marco Antonio
Rodrigues da Cunha.

Antonio Adriano Silva and his alternate, Francisco Sales Dias
Horta.

Flavio Jose Barbosa de Alencastro and his alternate, Guilherme
Horta Goncalves Junior.

Aecio Ferreira da Cunha and his alternate, Eduardo Lery Vieira.

Maria Estela Kubitschek Lopes and her alternate, Fernando
Henrique Schuffner Neto.

Alexandre Heringer Lisboa and his alternate, Franklin Moreira
Goncalves.

ii. By the shareholder Southern Electric Brasil Participacoes
Ltda.:

Oderval Esteves Duarte Filho and his alternate, Geraldo
Dannemann.

Marcelo Pedreira de Oliveira and his alternate, Luiz Felippe Leal
da Fonseca Junior.

Joao Bosco Braga Garcia and his alternate, Carlos Suplicy de
Figueiredo Forbes.

Sergio Lustosa Botelho Martins and his alternate, Marc Leal
Claassen.

Mario Lucio Lobato and his alternate, Andre Luiz Garbuglio.

CONTACT:  Companhia Energetica de Minas Gerais - CEMIG
          Luiz Fernando Rolla, Investor Relations Officer,
          Phone: +55-31-3299-3930
          Fax: +55-31-3299-3933
          Email: lrolla@cemig.com.br
             or
          Eliza Gibbons, The Anne McBride Company
          Phone: +1-303-477-1350
          Fax: +1-212-983-1736
          Email: eliza@annemcbride.com

          Home Page: http://www.cemig.com.br


ELETROPAULO METROPOLITANA: BNDES Confident of Auction's Success
---------------------------------------------------------------
Brazil's development bank BNDES does not believe that a court
decision to seize shares and block the sale of shares held by an
AES Corp. unit in two of the country's largest distributors will
hamper a share sale process it initiated to recover some of the
US$1.2-billion loan given to the U.S. power group in 1998 to buy
Eletropaulo Metropolitana.

BNDES is in the process of selling about US$150 million in
preferred, or nonvoting Eletropaulo shares, which were given as
guarantees for the loan. At the same time, the bank has kicked
off a process to auction the controlling shares in Eletropaulo,
which were also given to the bank as a loan guarantee.

In the event of default, BNDES could use its contractual rights
to foreclose on AES assets here. The seizure of shares and the
injunction blocking the sales were seen delaying the process.

However, according to BNDES president Carlos Lessa, the sale of a
controlling stake and of nonvoting shares in Eletropaulo
continues because the object of the lawsuit is AES Bandeirante, a
local unit of AES.

"The (share sale) process continues normally. The lawsuit
involves a different AES unit," Lessa was quoted by local
newswire Agencia Estado as saying.

Dow Jones recalls that creditors of broadband services provider
Eletronet SA, through the company's bankruptcy administrator,
filed for the seizure of shares owned by the AES unit in
Eletropaulo and in state-owned power company Companhia Energetica
de Minas Gerais (Cemig).

AES controls Eletronet through a 51% stake owned by AES
Bandeirante. Eletronet, a broadband services provider, filed for
bankruptcy recently because AES defaulted on payments to its
unit.

A Rio de Janeiro state court judge ruled in favor of the seizure
of around BRL550 million in common and preferred stocks in
Eletropaulo and Cemig, enough to pay Eletronet's creditors. If
the judge's decision is maintained, the shares will likely be
sold in an auction to guarantee payment to Eletronet's creditors.

Eletronet is bankrupt, and AES is unlikely to pay its creditors.

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


SABESP: Clarifies Shareholders' Dividend Payment
------------------------------------------------
Sabesp - Cia. de Saneamento Basico do Estado de Sao Paulo (NYSE:
SBS) (Bovespa: SBSP3), the largest water and sewage utility
company in the Americas and the third largest in the world (in
terms of number of customers), informs its Shareholders that, in
a meeting held Thursday, the Management Bodies of the Company
made a decision, pursuant to paragraph 2, Article 30 of its By-
laws, concerning the credit and payment of Dividends in the form
of Interest Attributed to Shareholders' Equity, relating to April
2003, to holders of shares on the record date of June 16, 2003.

I - VALUE, DATE AND CREDIT AND PAYMENT TERMS

The Dividends as Interest Attributed to Shareholders' Equity, in
the amount of R$118,190,247.98 (one hundred and eighteen million,
one hundred and ninety thousand, two hundred and forty seven
Reais and ninety eight cents), corresponding to R$ 4.15 (four
Reais and fifteen cents) per 1,000 common shares, will be paid no
later than sixty (60) days after the 2004 Annual Shareholders'
Meeting.

II - WITHHOLDING TAX

Withholding Tax will be deducted from the amount of payment of
Dividends as Interest Attributed to Shareholders' Equity,
pursuant to current legislation, except for exempt shareholders
who provide proof of such condition until July 31, 2003, and the
relevant documents should be delivered to the Company at Rua
Costa Carvalho 300, Sao Paulo, SP, CEP: 05429-900, to the
attention of the Funding and Investor Relations Superintendent
(FI, sala 267).

III - ATTRIBUTION FOR DIVIDENDS

Said Interest Attributed to Shareholders' Equity is declared in
substitution of the Dividends relative to April 2003 and computed
in the calculation of the minimum mandatory dividends, as
provided for in Article 30, item II, letter "b" of Company By-
laws, and in Section 7, Article 9 of Law No. 9249/95.

IV - INSTRUCTIONS FOR CREDIT AND PAYMENT OF INTEREST ATTRIBUTED
TO SHAREHOLDERS' EQUITY

A) Shareholders will have their credits available on the start
date of payment of such right, as set forth in the above item I,
according to their bank account and bank address as provided
Banco Itau S.A.;

B) In regards to shareholders whose information on file does not
contain the CPF/CNPJ (Tax ID) number or indication of
"Bank/Branch and bank account," interest will be credited,
pursuant to item I above, starting on the third business day from
the date the files are updated in Banco Itau S.A.'s electronic
files, which can be done through any of the network's branches or
by mail, addressed to Stocks and Custody Department - Avenida
Engenheiro Armando de Arruda Pereira no 707 - 9o andar, Jabaquara
- Sao Paulo - SP, CEP 04344-902.

V - EX-INTEREST TRADING DATE

The stocks will start being traded ex-interest and ex-dividend on
June 17, 2003.

VI - More information can be obtained during bank hours at the
Banco Itau S.A. branches specialized in serving shareholders.

CONTACT: Helmut Bossert
         (5511) 3388-8664
         hbossert@sabesp.com.br

         Marisa Guimaraes
         (5511) 3388-9135
         marisag@sabesp.com.br

         Web site: www.sabesp.com.br


SABESP: New CEO Selected
-------------------------
Sabesp - Cia. de Saneamento Basico do Estado de Sao Paulo (NYSE:
SBS) (Bovespa: SBSP3), the largest water and sewage utility
company in the Americas and the third largest in the world (in
terms of number of customers), in compliance with CVM Instruction
no. 358 of January 3, 2002, hereby informs the Sao Paulo Stock
Exchange - BOVESPA, financial and capital markets and investors
in general that its Board of Directors, in a meeting held
Thursday, has elected Mr. Dalmo do Valle Nogueira Filho as Chief
Executive Officer of the Company.

This communication is available on Sabesp's website
www.sabesp.com.br and will also be published in the newspaper
Diario Oficial do Estado de Sao Paulo, in the edition of May 30,
2003.


TELEMAR: S&P's Comments on Oi Acquisition
-----------------------------------------
Standard & Poor's Ratings Services said Thursday that Telemar
Norte Leste S.A.'s purchase of all shares of Tele Norte Leste
Participa‡oes S.A.'s (TNL) wireless operator, TNL PCS S.A. (Oi),
has no impact on the ratings of TNL (local currency: BB/Stable/--
; foreign currency: B+/Stable/--). Telemar Norte Leste is a
fixed-line operator ultimately controlled by TNL. Oi was fully
controlled by TNL (99.99% of total capital), so the transaction
will not have an impact on TNL's consolidated balance sheet in
terms of outstanding debt or expected cash-flow generation, which
has been the base for Standard & Poor's analysis.

The company expects the integration of both fixed and wireless
operations to result in a more rational use of resources, and
consequently operating efficiency gains. Additionally, the
transaction should boost Telemar's vertical integration and its
capacity to offer integrated telecom services, particularly in
the business segment, also mitigating the risks related to
increasing fixed line-to-wireless substitution. The company
expects the transaction to result in tax benefits of Brazilian
reais 1.6 billion.

ANALYST: Jean-Pierre Cote Gil, Sao Paulo (55) 11-5501-8946



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D O M I N I C A N   R E P U B L I C
===================================

BANCO INTERCONTINENTAL: Fast-Track Sale May Cause More Harm
-----------------------------------------------------------
Lawyers for the collapsed bank Dominican Republic bank Banco
Intercontinental are claiming that the government's move to
expedite the sale of the bank's assets is illegal, DR1 Daily News
relates. Recent reports are suggesting that the government is
seeking to go through the sale as speedily as possible believing
that the assets could lose value while they remain under
government control.

In addition, the government believes that a liquidation of the
holdings would aim to reduce the Baninter void's negative impact
on the GDP by 11%. However, the legal defense team for Baninter's
president, Ram¢n B ez Figueroa, is calling for the proper
implementation of the laws on money laundering - the same laws
under which the government confiscated the bank's assets to begin
with.

At the same time, Diario Libre comments that the government is
treading on dangerous legal ground, and runs the risk of making
major errors that could land the nation in "a larger hole" than
the one left by Baninter.

Central Bank Governor Jos‚ Lois Malkum told an audience at the
American Chamber of Commerce luncheon Wednesday that the
government would not pick up the tab for money-losing ventures
under the Baninter umbrella, as reported in Hoy newspaper.



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

* Jamaica: Moody's Downgrade Spurs Diverse Reactions
----------------------------------------------------
The downgrade on Jamaica's credit rating by Moody's Investors
Service spurred mixed reactions from the local financial sector,
RJRNews.Com relates. Early last week, Moody's downgraded
Jamaica's ceiling for foreign-currency bonds and notes to Ba3
from B1, as well as the ceiling for foreign-currency bank
deposits to B2 from B1 due to civil unrest and several natural
disasters that have heightened credit risk.

According to Finance Minister Dr. Omar Davies, the change would
not have a negative impact on the economy. Risk and Research
Analyst at Jamaica Money Market Brokers Limited, Faval Williams
shared the same view. According to Ms. Williams the effect will
be minimal.

However, Economist Dr. Omri Evans disputed this view. Dr. Evans
said the downgrading will have a serious impact on Jamaica's
ability to raise funds overseas. He added that in the event that
the Government is successful in obtaining overseas financing, it
will come at a higher cost.

In the meantime, members of the financial sector said they are
awaiting Standard and Poors' rating of Jamaica to determine what
impact recent forecasts from rating agencies will have on
Government of Jamaica bonds on the international capital market.

Williams said the Standard and Poors rating will determine
whether there will be any adverse effects on Government bonds.

Last December, Standard and Poor's revised its outlook for
Jamaica from stable to negative. However, the agency maintained
Jamaica's B sovereign credit rating.



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

GRUPO TMM: Starts Restructuring Talks With Bondholders
------------------------------------------------------
Grupo TMM, S.A. (NYSE: TMM and BMV: TMM A), announced Thursday
that it has initiated discussions with holders of its outstanding
9« percent Notes due 2003 and 10¬ percent Notes due 2006 (the
Notes) and their representatives (the Bondholders) in order to
encourage the formation by the Bondholders of an informal
committee to engage the company in negotiations over the terms of
a consensual restructuring of the Notes.

Grupo TMM believes that it is in the interest of all of the
company's constituencies to allow for such a negotiation process
to take place as expeditiously as possible, and that the
commencement or continuation of litigation alternatives would be
to the detriment of all of the company's constituencies.

Bondholders wishing to participate in this process should contact
Martin Lewis at Miller Buckfire Lewis (MBL) at 212-895-1805.
Grupo TMM has retained restructuring advisors, including MBL as
financial advisors, the international law firm of Milbank Tweed
Hadley & McCloy, and a new Mexican counsel.

Grupo TMM is exploring a number of alternatives regarding its
liquidity, but not solvency, issues, and it intends to schedule a
meeting with an informal committee of the Bondholders as soon as
practicable to discuss a process to engage in negotiations over
the terms of a restructuring.

Kansas City Southern (KCS) (NYSE: KSU) announced yesterday that
it remains firmly committed to proceeding with the NAFTA Rail
transaction. Grupo TMM and KCS are continuing to seek the
required approvals for the transaction.

Grupo TMM continues to believe that it will be able to satisfy
its obligations to the Bondholders in full.

Headquartered in Mexico City, Grupo TMM is Latin America's
largest multimodal transportation company. Through its branch
offices and network of subsidiary companies, Grupo TMM provides a
dynamic combination of ocean and land transportation services.
Grupo TMM also has a significant interest in TFM, which operates
Mexico's Northeast railway and carries over 40 percent of the
country's rail cargo. Grupo TMM's web site address is
www.grupotmm.com and TFM's web site is www.tfm.com.mx.

CONTACT:  Grupo TMM Company
          Jacinto Marina
          Phone: 011-525-55-629-8790
          E-mail: jacinto.marina@tmm.com.mx

          Brad Skinner
          Phone: 011-525-55-629-8725
          E-mail: brad.skinner@tmm.com.mx

          Luis Calvillo
          Phone: 011-525-55-629-8758
          E-mail: luis.calvillo@tmm.com.mx


GRUPO TMM: Shares Resume Trading
--------------------------------
Trading of class "A" shares of Grupo Transportacion Maritima
Mexicana (TMM) has now resumed at the Mexican Stock Exchange
after the bourse lifted a suspension, which was implemented
Tuesday due to allegations of irregularities. The bourse
suspended trading of TMM on Tuesday following a report that a
court order shielding it from creditors is invalid. TMM, which is
in default on US$177 million of bonds, obtained a one-year grace
period to block any legal actions from creditors.

However, Televisa, the country's leading broadcaster, reported
that the Mexico City judge, who granted the grace period, had no
power to make such an order. The trading ban was lifted late
Wednesday after the Company gave exchange officials information
that had been requested.


PVI: Excludes Mexican Unit From Bankruptcy Filing
-------------------------------------------------
Princeton Video Image, Inc. (OTCBB: PVII) announced Thursday that
it has filed a voluntary petition for relief under Chapter 11 of
the U.S. Bankruptcy Code. PVI has entered into an agreement with
PVI Virtual Media Services, LLC, a newly formed entity owned by
PVI's two secured creditors and largest stockholders, that,
subject to Bankruptcy Court approval, will provide PVI with
interim financing to fund post-petition operating expenses.

PVI expects this debtor-in-possession financing, if consummated,
to allow the delivery of services to PVI's customers and clients
to continue without interruption during the bankruptcy process.
The Company has also entered into an agreement with PVI Virtual
Media Services, LLC to sell substantially all of its assets to
PVI Virtual Media Services, LLC pursuant to Section 363 of the
Bankruptcy Code, subject to a competitive bidding procedure and
court approval in accordance with bankruptcy law.

PVI expects that if the asset sale is consummated PVI would be
liquidated pursuant to a plan of liquidation which would be
subject to the approval of the bankruptcy court. In the event of
a liquidation, any recovery for shareholders of PVI would be
highly unlikely and would depend on the outcome of the
competitive bidding procedure.

PVI's Chapter 11 filing is for PVI only and does not include
Publicidad Virtual, PVI's Mexican subsidiary, or any of its other
subsidiaries, all of which will continue to provide services and
operate in the ordinary course of business. During the bankruptcy
process, PVI expects that the debtor-in-possession financing, if
consummated, will allow it to continue to provide services and
operate in the ordinary course of business as well.

About Princeton Video Image, Inc:

Princeton Video Image, Inc. (PVI) provides real-time virtual
advertising, programming enhancements, virtual product
integration and targeted interactive services for televised
sports and entertainment events. PVI services the advertising
industry with its proprietary, Emmy award-winning technology.
Headquartered in New York City and Lawrenceville, New Jersey, PVI
has offices in Los Angeles, Toronto, Tel Aviv, and Mexico City.

This press release contains forward-looking statements, as
defined by the Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those anticipated as a
result of various risks and uncertainties, including, but not
limited to, the following: PVI's ability to maintain sufficient
debtor-in-possession financing to fund its operations and the
expenses of the Chapter 11 process; PVI's ability to obtain court
approval with respect to motions in the Chapter 11 proceeding;
the outcome and timing of the proposed sale of PVI's assets,
including PVI's ability to close a transaction with PVI Virtual
Media Services, LLC or any other purchaser; and the uncertainty
associated with motions by third parties in the bankruptcy
proceeding.


ROHN INDUSTRIES: Announces Delisting Notice From Nasdaq
-------------------------------------------------------
ROHN Industries, Inc., (Nasdaq: ROHNE), (the "Company") a
provider of infrastructure equipment to the telecommunications
industry, announced on Thursday that it received a Nasdaq Staff
Determination dated May 23, 2003 ("Nasdaq") advising the Company
that Nasdaq has not received the Company's Form 10-Q for the
period ended March 31, 2003, as required by Marketplace Rule
4310c(14), and that the Company has not yet paid its 2003
SmallCap annual fee in the amount of $8,000, which was due as of
January 30, 2003, in accordance with Marketplace Rule 4500 Series
and as required by Marketplace Rule 4310c(13).

Nasdaq notified the Company that, accordingly, the Company's
securities will be delisted from The Nasdaq SmallCap Market at
the opening of business on June 3, 2003. Nasdaq further notified
the Company that it may appeal the delisting to a Nasdaq Listing
Qualifications Panel (the "Panel") by no later than May 30, 2003,
which will stay the delisting of the Company's securities pending
the Panel's decision.

The Company indicated that it has paid the 2003 Small Cap Annual
Fee and requested a hearing before the Panel. There can be no
assurance the Panel will grant the Company's request for
continued listing.

In its May 23, 2003 letter, Nasdaq further stated "On June 13,
2002, Staff also notified the Company that the bid price of its
common stock had closed below $1 per share for 30 consecutive
trading days, and accordingly, that it did not comply with
Marketplace Rule 4450(a)(5). On October 14, 2002, the Company
transferred to The Nasdaq Small Cap Market and it was afforded
the remainder of this market's 180 calendar day grace period. On
December 17, 2002, Staff notified the Company that in accordance
with Marketplace Rule 4310(8)(D), the Company would be provided
an additional 180 calendar days, or until June 9, 2003, to regain
compliance. If the Company appeals, it needs to address this
issue at its hearing." (Footnote 7 to the May 23, 2003 Nasdaq
letter.) There is no assurance that the Company will regain
compliance on this issue and remain listed.

The Company is a manufacturer and installer of telecommunications
infrastructure equipment for the wireless industry. Its products
are used in cellular, PCS, radio and television broadcast
markets. The Company's products include towers, poles, related
accessories and antennae mounts. The Company also provides design
and construction services. ROHN has a manufacturing location in
Frankfort, IN along with offices in Peoria, IL and Mexico City,
Mexico.


SATMEX: Forms Satmex Maximo As Part of US Expansion Plans
---------------------------------------------------------
Mexican satellite service provider Satmex recently struck deals
with nine broadcast nets and feevees to form programming service
Satmex Maximo. The service, according to Reed Business News
Information, features channels from Mexico and other parts of
Latin America.

Satmex currently owns and operates a satellite system through
which it offers TV uplink, telephone and telecommunications
services to 39 countries. The formation of the programming
service is part of Satmex plan to target the U.S. Hispanic market
using Satmex Maximo.

Atlanta-based Castalia Communications is Satmex's U.S.
distribution partner, serving as its affiliate sales and market
agent in charge of rolling out the service to U.S. cablers and
satcasters.



===========
P A N A M A
===========

INTERNATIONAL THUNDERBIRD: Issues Official Shareholders' Update
---------------------------------------------------------------
International Thunderbird Gaming Corporation (TSX - INB)
announces its financial results for the first quarter ended March
31, 2003. All figures are in US dollars. Revenues for the first
quarter of 2003 from continuing operations were $5.1 million, an
increase of 15.3% over 2002 revenues from continuing operations
of $4.5 million for the same period. Net income for the period
was $676,000 compared to $50,000 in 2002 for the same period.

The income for the current period stems from ongoing continuing
operations. The earnings per share were $0.03 cents per share in
Q1 2003 compared to $nil for the same period in 2002. The Company
achieved EBITDA (Earnings Before Interest, Taxes, Depreciation
and Amortization) of $1.8 million compared to $1 million for the
same period in 2002. The Company's working capital deficiency
improved as the working capital deficiency went from $2.8 million
at December 31, 2002 to $2.2 million at March 31, 2003.

In Panama, revenues continued to grow as the Company enjoyed its
first full quarter with the expanded El Panama Casino.

In Guatemala, the Company transitioned to its new contractual
arrangement with ILAC and the FPG on March 15, 2003. The Company
now receives 65% of the revenue and is responsible for 100% of
the operating expenses. The Guatemala operation continues to
perform consistently as it has in the past. The Company will soon
be completing its expansion of the Salon at the Camino Real Hotel
and is confident that additional video gaming machines and a
"bar-restaurant", will have a positive impact on profits.

In Nicaragua, the Company enjoyed its first full month under the
merged operation with the Pharaoh's Casino beginning March 1,
2003. Revenues for March, April, and May, 2003 have exceeded
expectations.

In Venezuela, the operating profit continues to suffer from the
devaluation of the local currency. Revenues, in the local
currency, for the quarter are comparable to 2002 1st quarter
revenues. However, when converted to US dollars, the difference
is a 45% decrease in 2003 over 2002. The entity posted a modest
gain for the quarter before application of foreign exchange
losses, which made for a net loss for the quarter. The Company
has not recognized an equity loss due to the "write-down" of its
investment in Q4 of 2002. The Casino revenue continues to sustain
the operation and we are hopeful that the Company will enjoy a
fair return on its investment in the future.

In Mexico, the NAFTA tribunal issued a lengthy pre-trial order
with respect to exchange of evidence and submittal of briefs on
the Company's claim against the government of Mexico. The
Tribunal also scheduled a trial for the week of April 26, 2004.

The Company continues to pursue a listing on Canada's newest
equity market. The Company submitted an application to the
Canadian Trading and Quotation System, Inc. (CNQ), for review,
and is hopeful that the review process will take between 20 and
30 business days to complete. On May 21, 2003, the CNQ announced
its official launch and first day of trading would be Friday,
July 25, 2003. According to the announcement, "the (CNQ) will
provide an automated, well regulated and transparent marketplace
for emerging public companies..." The CNQ is currently accepting
and processing applications for quotation from issuers to ensure
that they will be ready to trade on opening day.

International Thunderbird Gaming Corporation is an owner and
manager of international gaming facilities. Additional
information about the Company is available on its World Wide Web
site at www.thunderbirdgaming.com.

On behalf of the Board of Directors,

Jack R. Mitchell, President and CEO

CONTACT:  International Thunderbird Gaming Corporation
          Albert W. Atallah
          Investor Relations
          Phone: (858) 668-1808 ext. 206
          Email: info@thunderbirdgaming.com
          Home Page: www.thunderbirdgaming.com



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

BWIA: ILFC Representative Arrives For Talks With T&T Government
---------------------------------------------------------------
John Pluger, the representative from the International Lease
Finance Corporation, arrived in Trinidad & Tobago for
negotiations with the government concerning the future of cash-
strapped carrier, BWIA.

The Trinidad Express reports that Mr. Pluger is scheduled to meet
with Planning Minister Dr Keith Rowley and Junior Finance
Minister Christine Sahadeo on Thursday morning.

The ILFC has impounded two Boeing 737s from BWIA after the latter
failed to pay its dues. Presently, the lender is demanding a
US$5.5 million payment from the airline.

Citing unnamed sources, the report said that no other aircraft
will be seized from BWIA while the government and the ILFC meet.

The government admitted that BWIA's survival is in the interest
of the country and the region. However, the degree of assistance
it can extend to the airline is limited.

The ILFC has not made comments on the issue, but assured that it
might release a statement in the following days.

CONTACT:  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)


BWIA: CEO Boosts Offer To Save Airline
--------------------------------------
British West Indies Airways president and chief executive Conrad
Aleong is offering another concession in an attempt to save the
ailing airline. The Trinidad Express relates that Mr. Aleong is
willing to give up one-half of what was due to him.

Mr. Aleong, whose contract ends in January, has expressed his
willingness to relinquish his post, if that is what it takes to
save the airline. Sources reportedly said that the government
wants Mr. Aleong to resign before it provides BWIA financial aid.

A recent report by the Troubled Company Reporter-Latin America
indicated that the airline may have to pay Mr. Aleong for the
entire contract, even if he resigns earlier than what has been
stipulated in the said contract.


CARONI LTD.: Unions Seek Full Recourse For Alleged Violations
-------------------------------------------------------------
A union representing workers at Caroni (1975) Ltd. is seeking the
maximum penalty to be imposed on the Company for allegedly
committing 4,499 law infractions. Douglas Mendes, legal counsel
for the All Trinidad Sugar and General Workers' Trade Union,
asked the Industrial Court to convict of violating industrial
relations laws and sentence the Company to pay a $4000 fine.

Mr. Mendes said that although the penalty is a paltry sum, it
will send an important message and prohibit the Company from
promoting its Voluntary Separation of Employment Plan (VSEP) to
its workers. The state sugar company is being sued for allegedly
failing to negotiate the VSEP package with the union. However,
Caroni lawyer Allan Alexander argued that the union "did not have
the right to negotiate before giving of notice."

According to him, it is only "after the expirable period of
notice" that the union has a right to discuss matters relating to
retrenchment. He added that under the Retrenchment and Severance
Benefits Act, the employer had a period of 45 days to retrench
workers.

The union is represented by Mr. Mendes, Dave Cowie and Ashvani
Mahabir, while Mr. Alexander, along attorneys Reginald Armour and
Kerwin Garcia represent Caroni.

The hearing was set to continue on Thursday.

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

          All Trinidad Sugar and General Workers' Trade Union
          Rienzi Complex
          Exchange Village
          Southern Main Road, Couva.
          Contacts:
          President: Mr. Boysie Moore-Jones
          General Secretary: Mr. Rudranath Indarsingh
          Phone: 868-636-2354
          Fax: 868-636-3372
          E-mail: atsgwtu@opus.co.tt




               ***********


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
members of the same firm for the term of the initial subscription
or balance thereof are $25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


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