TCRLA_Public/030624.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Tuesday, June 24, 2003, Vol. 4, Issue 123

                           Headlines


A R G E N T I N A

ALFA MANDATARIA: Seeks Court OK to Initiate Reorganization
AUTOPISTAS DEL SOL: Extends APE Solicitation, Cash Tender Offer
AYUDA EXPRESS: Files for Court Authorized Reorganization
B y S INTERNET: Applies For `Concurso Preventivo'
CICCONE CALCOGRAFICA: Restructuring Process Initiated

CONSTANCY: Buenos Aires Court Declares Bankruptcy
DECOAPART: Announces New Date For Informational Meeting
ENDESA: Latin American Subsidiaries Report Increase In Sales
GAIN TITULOS: Fitch Rates $140M of Debt Securities `C(arg)'
HAVANNA: Four Banks Maintain Takeover Exclusive Until August

IRSA: Schedules Debt Buyback Offering for August 6
LIBRERIA Y PAPELARIA: Seeks Official Permission To Reorganize
LOMA NEGRA: Restructures Debt With AFJPs
LUCAM: Files for Court Authorized Reorganization
METROPOLITANO: Nears Debt Restructuring Agreement With Creditors

MULTICANAL: Extends Solicitation to Execute APE Until June 20
MUNOZ IMPRESORES: Buenos Aires Court Declares Bankruptcy
MUSIMUNDO.COM: Applies For Formal Restructuring Proceeding
NEW MILENIUM: Starts Reorganization Process
PHONEX ISOCOR: Files For `Concurso Preventivo'

SERVICIOS Y FIJACIONES: Declared Bankrupt On Creditor Request
TGN: Fitch Assigns Default Rating to Bonds
TITTARELLI: Reaches Debt Agreement With 80% of Creditors
TRANSWORLD LOGISTICA: Declared Bankrupt by Buenos Aires Court
* Argentina: IMF Approves $320M Disbursement


B E R M U D A

TYCO INTERNATIONAL: Sensormatic Wins Patent Infringement Lawsuit


B R A Z I L

AES CORP.: To Resume Paying Debts Owed to BNDES
BRASKEM: S&P Assigns Ratings to Local, Foreign Currencies
CHAPECO: Required To Pay Debts Before Sale To Coinbra
ELETROPAULO METROPOLITANA: Aneel Delivers Disappointing Decision
EMILIO LOPEZ: Seeks Formal Restructuring Proceeding

GERDAU: Fitch Expects to Rate Gerdau/Acominas SENs 'BBB-'


C H I L E

ENERSIS: Announces Updates On $2B Capital Increase


C O L O M B I A

SUDAMERIS COLOMBIA: Parent Puts Subsidiary On the Block


D O M I N I C A N   R E P U B L I C

TRICOM: Standard & Poor's Downgrades Ratings


E C U A D O R

PACIFICTEL: Andinatel Demands Surrender of Telecsa Stake
PETROECUADOR: Board To Approve Bidding Rules Early July


M E X I C O

ALESTRA: Files New Registration Statement, Ends Current Offers
GRUPO IUSACELL: Shares Rebound on Debt Reduction Forecast


P A R A G U A Y

BNF: Closes Money-Losing Branches in Bid to Cut Costs
* Paraguay Foreign Currency Ratings Remain at 'SD'


V E N E Z U E L A

SIDOR: Restructuring Terms Get Approval From Critical Groups


      - - - - - - - - - -

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

ALFA MANDATARIA: Seeks Court OK to Initiate Reorganization
----------------------------------------------------------
Argentine pharmaceutical company Alfa Mandataria S.R.L. is
petitioning a Buenos Aires Court to start its reorganization
process. Local paper El Cronista Comercial reports that the
company's case is in the hands of Court no. 13, which is under
Dr. Carlos Villar. Sr. Federico Guerri from Secretaria No. 25
assists the Court in the process.

In the meantime, the report did not mention whether a receiver
has been assigned or not.

CONTACT:  Alfa Mandataria S.R.L.
          Acevedo 338
          Buenos Aires


AUTOPISTAS DEL SOL: Extends APE Solicitation, Cash Tender Offer
---------------------------------------------------------------
Autopistas del Sol S.A. (the "Company") announced on Friday that
it is extending its solicitation (the "APE Solicitation") from
holders of its 9.35% Series A Senior Notes due 2004 and Series B
Senior Notes due 2009 (together, the "Existing Notes"), and other
unsecured financial indebtedness (the "Bank Debt" and, together
with the Existing Notes, the "Existing Debt"), subject to certain
eligibility requirements, of powers of attorney in favor of an
attorney-in-fact to execute a consent to an acuerdo preventivo
extrajudicial (the "APE") until 5:00 p.m., New York City time, on
July 3, 2003, unless further extended by the Company.

The Company also announced that it is extending until 5:00 p.m.,
New York City time, on July 3, 2003, unless further extended by
the Company, its offer to apply up to U.S.$18 million to purchase
for cash (the "Cash Tender Offer") a portion of its Existing Debt
at a price to be determined through a modified dutch auction.

APE Solicitation

As of 5:00 p.m., New York City time, on June 20, 2003,
approximately U.S.$202 million principal amount of Existing Debt
has been tendered in the APE Solicitation.

The APE Solicitation will remain in all respects subject to all
terms and conditions described in the Solicitation Statement
dated May 15, 2003.

The Cash Tender Offer

As of 5:00 p.m., New York City time, on June 20 2003,
approximately U.S.$5 million principal amount of Existing Debt
has been tendered in the Cash Tender Offer.

The Cash Tender Offer will remain subject to all terms and
conditions described in the Offer to Purchase dated May 15, 2003.


AYUDA EXPRESS: Files for Court Authorized Reorganization
--------------------------------------------------------
Argentine financial services company Ayuda Express is seeking
permission from the court to start reorganization proceedings.
According to Infobae.Com, the Company has filed its motion for
"Concurso Preventivo", through case number 30707391398 at Buenos
Aires court No. 1.

The report did not indicate, however, if the Court has assigned a
receiver for the proceedings.

CONTACT:  Ayuda Express S.A.
          Florida 527
          Buenos Aires


B y S INTERNET: Applies For `Concurso Preventivo'
-------------------------------------------------
The Commercial and Civil Tribunal of Mar del Plata received a
motion for "Concurso Preventivo" from Argentine company B y S
Internet S.A. reports local news portal Infobae. If , the Company
may start its reorganization process.

The court assigned Ms. Liliana Graciela Paloschi as receiver for
the case. The deadline for verification of claims is August 4,
2003.

CONTACT:  B y S Internet S.A.
          Santiago del Estero 2152
          Mar del Plata

          Ms. Liliana Graciela Paloschi
          Avenida independencia 1059
          Mar del Plata


CICCONE CALCOGRAFICA: Restructuring Process Initiated
-----------------------------------------------------
The printing company Ciccone Calcografica, which has a contract
with the Argentine State for the making of the passports, has
applied for a formal restructuring proceeding before court Nø 8,
Buenos Aires city.  Judge Atilio Gonzalez oversees the case.

The Company, domiciled in 437 Irigoyen St., said it was in
default since December 15, 2002.

Ciccone is also in charge of making passports in China and prints
paper currency in Argentina, Congo, Angola, Paraguay and Uruguay.


CONSTANCY: Buenos Aires Court Declares Bankruptcy
-------------------------------------------------
Buenos Aires Court No. 11 decided on case number 33663467919,
declaring Constancy S.A. under bankruptcy. Infobae reports that
the Court assigned Me. Ricardo Garcia as receiver for the
process. Creditors are advised to have their claims verified
before August 5, 2003.

The receiver will file the individual report on August 15 and the
general report on September 26. The informative assembly will be
on November 7, 2003.

CONTACT:  Mr. Ricardo Garcia
          Lavalle 1206
          Buenos Aires


DECOAPART: Announces New Date For Informational Meeting
-------------------------------------------------------
Argentina news portal Infobae reports that the new date for the
informative assembly in the reorganization of Decoapart S.R.L. is
September 8, 2003.

The Company is undergoing reorganization after filing case number
30680739761, seeking approval for is motion for "Concurso
Preventivo", at court number 17 in Buenos Aires.


ENDESA: Latin American Subsidiaries Report Increase In Sales
------------------------------------------------------------
Spanish power company Endesa revealed during its 2003 annual
general meeting that its Latin American subsidiaries sold
47,494GWh last year, up 1.5% on 2001, relates Business News
Americas. Endesa operates in five Latin American countries,
namely: Argentina, Chile, Peru, Colombia and Brazil.

Endesa's operation in Argentina is the only one, which reported a
drop in sales. Demand in Chile and Peru rose 3.9% and 4.8%,
respectively. Colombian and Brazilian operations registered an
increase in production of 7.2% and 9.4%, respectively. Overall,
Endesa's Latin American generators produced 43,116GWh in 2002.

Higher sales were accompanied by a 2.9% increase in the number of
clients to 10.3 million at the end of 2002, Endesa said.

Endesa's Latin American generators have a combined capacity of
13,265MW.


GAIN TITULOS: Fitch Rates $140M of Debt Securities `C(arg)'
-----------------------------------------------------------
Fitch Argentina Calificadora de Riesgo rated financial trust Gain
Trust Titulos de Deuda Vto. 005's debt security 'C(arg)'. The
rating denotes that the debt has extremely weak credit risk
relative to other issues in Argentina.

The National Securities Commission of Argentina described the
debt as "fideicomiso financiero". A total of US$140 million with
undisclosed maturity date received the junk rating.


HAVANNA: Four Banks Maintain Takeover Exclusive Until August
------------------------------------------------------------
Of the five banks that are managing Havanna, a traditional
confectionery firm in Argentina, four have agreed to keep the
takeover bid for 70% of the firm presented by Juan Navarro, head
of the Uruguayan-Argentine buyout holding Exxel Group, as
exclusive until August.

Navarro proposed to buy back a US$31.5 million loan granted by
these banks to Havanna when it was in hands of The Exxel Group,
by paying 55% of its nominal value.

Nevertheless, the bank that has not agreed yet is believed to be
inclined sign the accord soon.


IRSA: Schedules Debt Buyback Offering for August 6
--------------------------------------------------
IRSA Inversiones y Representaciones S.A. (IRS) will hold an
auction on Aug. 6 to buy back some US$31.38 million in
outstanding bonds at 68% of their face value, or for a total of
US$25.4 million, the Argentine real estate company announced
Friday.

The offering, according to Dow Jones, is part of the Company's
bid to reduce debt load. In November, IRSA used some of the
proceeds of a convertible bond sale to cut its net debt to US$117
million from US$226 million in March 2001.

In keeping with the original terms of a debt modification plan
laid out Nov. 21, the Company said it will also take the
opportunity of the debt buyback to cancel its obligations under a
syndicated loan headed by HSBC Bank Argentina S.A. on Aug. 6. The
Company said it would pay HSBC US$34.68 million, or 68%, of the
loan's face value of US$51 million.

CONTACT:  IRSA (Argentina)
          Gustavo Mariani, Finance Manager
          +011-54-11-4323-7413
          Web site:  http://www.irsa.com.ar


LIBRERIA Y PAPELARIA: Seeks Official Permission To Reorganize
-------------------------------------------------------------
El Cronista Comercial reports that Argentine library Libreria y
Papelaria A.W.S.R.L. has filed for "concurso preventivo", seeking
court permission to commence reorganization proceedings.
According to the report, the Company has stopped making debt
payments since April this year.

The Court, under Dr. Juan Gutierrez Cabello assigned Ms. Daniela
Frisone as receiver for the process. Creditors are advised to
have their claims verified before August 12 this year.

CONTACT:  Librarias y Papelarias A.W.S.R.L.
          Cufre 241
          Buenos Aires

          Ms. Daniela Frisone
          Sarmiento 1371
          7 Piso 701
          Buenos Aires
          Phone: (005411) 4373 3608


LOMA NEGRA: Restructures Debt With AFJPs
----------------------------------------
Argentine cement company Loma Negra has reached a debt
restructuring accord with a group of pension funds (AFJPs) that
held a series of notes in default worth ARS100 million, which
were due to mature in 2005. The Company proposed to convert the
due principal and interests into US dollars and capitalize them.
The new notes, denominated in US dollars, will have a 10-year
term and semi-annual redemptions. The interests will be paid
quarterly and the rate will be 5.5% for the first year, 7% for
the second, 8% in the third, 9% in the fourth and fifth, and
10.5% from the sixth year to maturity.


LUCAM: Files for Court Authorized Reorganization
------------------------------------------------
Argentine Company Lucam S.A. is seeking the Court's permission to
start reorganization proceedings, by filing case number
30614150633 at the Commercial and Civil Tribunal of Cordoba.

The Company has submitted its plea of "concurso preventivo",
taking the first step towards reorganization. Local news portal
Infobae said that the case is at Cordoba's Court No. 3, but did
not indicate whether a receiver has been assigned to the case.

The informative assembly will take place on October 20 this year.


METROPOLITANO: Nears Debt Restructuring Agreement With Creditors
----------------------------------------------------------------
The railway concessionaire Metropolitano is negotiating a debt
restructuring accord with its creditors. The Company is trying to
obtain a 30% reduction of its ARS87 million (US$ 31.07 million)
debt and an 8-year term to settle it. According to Osvaldo
Iglesias, president of Metropolitano, the firm is about to reach
an agreement.


MULTICANAL: Extends Solicitation to Execute APE Until June 20
-------------------------------------------------------------
The Argentine cable TV operator Multicanal, a unit of the local
media holding Clarin, announced it is extending its solicitation
to execute an out of court agreement (APE) and cash tender offer
until June 20, 2003.

So far, holders of approximately US$100.1 million principal
amount have tendered in the cash tender offer and holders of US$
142.3million principal amount have agreed to participate in the
APE. Through this operation, Multicanal aims to reduce its US$
524 million liabilities by 60%.

The proposal is directed to holders of its 9.25% notes due 2004,
10.5% notes due 2007, 13.125% Series E notes due 2009, Series C
10.5% notes due 2018 and Series J floating rate notes due 2003,
and other financial indebtedness. The company offered to purchase
for cash US$ 100 million of its debt at a price of US$ 300 per
US$ 1,000 aggregate principal amount of debt tendered for
purchase.

CONTACT:  MULTICANAL S.A.
          Avalos 2057
          C1431DPM Buenos Aires, Argentina
          Tel: 54 11 4524-4700
          Fax: 54 11 4370-5162
          Contact: Fabian Melnitzky
          E-mail: fmelnitz@redarg.com.ar


          E-mail: fmelnitz@redarg.com.ar


MUNOZ IMPRESORES: Buenos Aires Court Declares Bankruptcy
--------------------------------------------------------
Buenos Aires Court No. 21, under Dr. Paez Castaneda declares
graphic arts company Munos Impersores S.A. under bankruptcy,
granting a request from the Company's creditor, Massuh S.A.

The Company, which owes Massuh some ARS7,256.32 is in the hands
of the designated receiver, Ms. Silvana Cirigliano. Other
creditors must have their claims verified before the September 22
deadline expires.

CONTACT:  Munoz Impresores S.A.
          Ground Floor
          Cortina Street No. 28
          Buenos Aires

          Ms. Silvava Cirigliano
          9th Floor A
          Viamonte Street No. 1348
          Buenos Aires


MUSIMUNDO.COM: Applies For Formal Restructuring Proceeding
----------------------------------------------------------
The on-line CDs seller Musimundo.com, domiciled in 1150 Diagonal
Roque Saenz Pena St., 8th floor, apartment 79, Buenos Aires city,
has applied for the opening of a formal restructuring proceeding.
The Company started to default debt payments on June 13, 2003.
The case is in court Nø 11, judge Miguel Bargallo; secretariat Nø
21, judge Marcela Macchi.


NEW MILENIUM: Starts Reorganization Process
-------------------------------------------
Food and drink company New Milenium S.R.L. has applied for
"Concurso Preventivo" at Court No. 4 of Buenos Aires, which is
under Dr. Fernando Ottolenghi. Dr. Juarez of Secretary No. 7
assists the Court on this case.

Local newspaper El Cronista said that the Comapny has stopped
making debt payments since July last year. However, it did not
indicate whether the court has assigned a receiver or not.

CONTACT:  New Milenium
          Virrey Olaguer y Feli£ 3470, PB 'B'.


PHONEX ISOCOR: Files For `Concurso Preventivo'
----------------------------------------------
Argentine metal producer applied for "concurso preventivo" at
Court No. 1 of Buenos Aires through case number 30500686789,
relates local news source Infobae.

According to ElConstructor.Com, the Company stopped making debt
payments on June 24, 2001. Dr. Dieuzeide is in charge of Court
No. 1, and Dr. Fernandez Garello from Secretary No. 1 assists
that Cout in the matter.

CONTACT:  Phonex Isocor S.A.
          Martiniano J. Chilavert 2834
          Buenos Aires


SERVICIOS Y FIJACIONES: Declared Bankrupt On Creditor Request
-------------------------------------------------------------
A request by Iteco S.R.L. resulted in the bankruptcy of
construction materials company Servicios y Fijaciones SRL.
Servicios owes the Iteco some ARS3834.91 according to a local
source. Dr. Paez Cstaneda of Court No. 21 handles the case with
the assistance of Dr. Barreira from Secretary No. 42.

The receiver for this case is Mr. Juan Belli, to whom creditors
must present their claims for verification before September 17
this year.

CONTACT:  Servicios y Fijaciones S.R.L.
          Crisologo Larralde Street No. 4342
          Buenos Aires

          Mr. Juan Belli
          7th Floor
          Santa Fe Ave. no. 960
          Buenos Aires


TGN: Fitch Assigns Default Rating to Bonds
------------------------------------------
Transportadora de Gas el Norte's corporate bonds received default
ratings from Fitch Argentina Calificadora de Riesgo, according to
the National Securities Commission of Argentina. The rating,
given last June 11, implies that the financial obligations are in
payment default or the company has filed for bankruptcy. It was
based on the Company's finances as of March 31, 2004.

The bonds, classified as "simple issue", were described as "Serie
III, con vencimiento en octubre de 2004, emitada bajo el Programa
Global de Obligaciones Negociables simples (USD 300 Mio) vencido
en 03.99". These bonds, worth US$50 million, mature on October 1,
2004.

The rating also applies to US$46 million of "Serie IV, con
vencimiento en junio de 2002, emitida bajo el Programa Global de
ONs simples (USD 300 Mio) vencido en 03.99" bonds that matured in
June last year.

Some US$20 million of "Serie VII, con vencimiento en marzo de
2003, emitida bajo el Programa Global de ONs simples (USD 300
Mio) vencido en 03.99" due last March received the same ratings.

The rating was also assigned to "Serie V, con vencimiento en
junio de 2004, emitida bajo el Programa Global de ONs simples
(USD 300 Mio) vencido en 03.99" worth US$24 million, and matures
on June 1, 2004.


TITTARELLI: Reaches Debt Agreement With 80% of Creditors
--------------------------------------------------------
The Argentine winery and edible oil producer Tittarelli, owned by
Sabores Argentinos (an investment fund managed by Adolfo Sanchez
Zinny, Santiago Soldati and Luis Otero Monsegur), agreed with 80%
of its creditors on the application of a 50% cut on its ARS7
million (US$ 2.5 million) debt. The debt will be settled within a
15-year term. Market sources believe the legal approval of the
accord would come out this week.

Tittarelli has recently sold 70% of its share capital to the real
estate holding Ecipsa and the latter is about to acquire the
other 30%.


TRANSWORLD LOGISTICA: Declared Bankrupt by Buenos Aires Court
-------------------------------------------------------------
Buenos Aires Court No. 8 declared Argentine cargo transporter
Transworld Logistica S.A. under bankruptcy following a request
from the company's creditor, YPF SA.

Transworld reportedly owes some ARS28,776 to YPF, prompting the
latter to request for a bankruptcy.

Ms. Maria del Carmen Lence was assigned as receiver to whome
creditors must have their claims verified before September 24
this year.

CONTACT:  Transworld Logistica
          Pinedo and Juarez
          Railway 4 Sola Station

          Ms. Maria del Carmen Lence
          4th Floor
          Sarmiento Street No. 1179
          Buenos Aires


* Argentina: IMF Approves $320M Disbursement
--------------------------------------------
The Executive Board of the International Monetary Fund (IMF) on
Friday completed the second review of Argentina's performance
under a seven-month, SDR 2.17 billion (about US$3.1 billion)
Stand-By Arrangement, which was approved on January 24, 2003 (see
Press Release No. 03/09). The completion of this review enables
the release of an additional SDR 226.2 million (about US$320
million).

The Executive Board also approved Argentina's request for waivers
of the non-observance of certain performance criterion, and of
the applicability of fiscal quantitative performance criterion
for end-May 2003.

Following the Executive Board discussion, Horst K”hler, Managing
Director and Chairman, said:

"Favorable macroeconomic developments and the easing of political
uncertainties linked to the presidential elections have been key
to strengthening market sentiment in Argentina in recent months.
The economy is recovering and inflation has decelerated sharply,
allowing domestic interest rates to fall, while the peso has
strengthened. A large trade surplus has allowed an increase in
international reserves. These signs of recovery are encouraging.
But persistence in implementing structural reforms will be
necessary to sustain the growth momentum. Therefore, in light of
the progress that has been made so far, the Fund has approved
completion of the second review under the Stand-By arrangement.

"The Fund looks forward to working closely with the authorities
in developing a strong and confidence-building medium-term
successor program that would sustain growth and reduce poverty.
The forthcoming visit of the Managing Director will provide a
good opportunity to exchange views with President Kirchner and
his economic team on how to achieve these objectives," Mr. K”hler
stated.

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



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B E R M U D A
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TYCO INTERNATIONAL: Sensormatic Wins Patent Infringement Lawsuit
----------------------------------------------------------------
Sensormatic Electronics Corporation, which was acquired by Tyco
International's Fire & Security business segment in 2001,
announced on Friday that it won a jury verdict in a patent
infringement case against Universal Surveillance Systems, Inc.
The jury found that Universal's UNIPRO anti-theft tag infringed
upon a patent owned by Sensormatic and awarded damages based on
lost profits and reasonable royalties.  An injunction has been in
effect that prohibits Universal from selling its UNIPRO anti-
theft tag.

Sensormatic anti-theft tags are the most popular tags in the
market today on a global basis, protecting billions of dollars
worth of inventory from shoplifting and internal theft.  Last
year, more than 143 million Sensormatic anti-theft tags were
produced and sold and are used by leading retailers to protect
goods and increase profits.

This verdict upholds Sensormatic's patent related to its anti-
theft tags. Sensormatic currently holds nearly 900 patents on its
anti-theft systems, with more than 600 pending patents on file.

"We will vigorously protect our intellectual property throughout
the world to ensure that our customers receive the highest
quality products," said Dave Robinson, president of Tyco Fire &
Security.  "For more than 30 years, Sensormatic anti-theft
systems have helped customers reduce theft, increase sales and
improve profits.  This verdict will help ensure that we continue
to deliver quality products and services in the years ahead."

The case was heard in the United States District Court, Southern
District of Florida.  Sensormatic sued Universal in this case
under United States Patent No. 5,426,419.

Today, within Tyco Fire & Security, Sensormatic's products are
developed and manufactured by the Tyco Safety Products Group and
are sold worldwide by ADT Security.

About Tyco Fire & Security

Tyco Fire & Security, one of the major business units of Tyco
International Ltd., (NYSE: TYC, LSE; TYI, BSX: TYC), designs,
manufactures, installs and services electronic security systems,
fire protection, detection and suppression systems, sprinklers
and fire extinguishers.  Tyco Fire & Security consists of more
than 60 brands, which are represented in over 100 countries.  Its
products are used to safeguard firefighters, prevent and fight
fires, deter thieves and protect people and property.

CONTACT:  Deb Coller
          Tyco Fire & Security
          Phone: 561 988-7035
          Email: dcoller@tycoint.com

          Peter Ferris
          Tyco International
          Phone: 603 334 3935
          Email: pferris@tyco.com



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B R A Z I L
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AES CORP.: To Resume Paying Debts Owed to BNDES
-----------------------------------------------
U.S. energy company AES Corp. agreed to resume paying debts owed
to Brazil's national development bank BNDES, according to local
daily Folha de Sao Paulo.

In 1998, AES took out US$1.2 billion in loans to buy local
electricity distributor Eletropaulo Metropolitana, but has
defaulted on several payments this year. The latest agreement
comes after a series of failed talks between AES and BNDES to
come to an agreement on a debt-rescheduling solution.

The workout agreement, set to be signed by the end of this month,
also calls for AES to hand over a percentage of its Brazilian
holdings to the BNDES.


BRASKEM: S&P Assigns Ratings to Local, Foreign Currencies
---------------------------------------------------------
Standard & Poor's Ratings Services said Wednesday that it
assigned its BB- local currency and its B+ foreign currency
corporate credit ratings to Braskem S.A. The outlook for the
local currency rating is negative. The outlook of the foreign
currency rating is stable.

Brazil-based Braskem is a leading petrochemical company with
operations in basic petrochemical products and a variety of
thermoplastics. The Company's total debt amounted to US$2.1
billion in March 2003.

"Braskem has been demonstrating significant resilience to rather
dramatic unfavorable economic and market environments, by
managing price adjustments in the domestic market and increasing
exports. However, aggressive financial leverage, with some debt
concentration in the short term, is an important rating factor
also," said Standard & Poor s credit analyst Reginaldo Takara.

In the first quarter of 2003, the Company reported a consistent
EBITDA of 19%, or US$ 128 million in absolute terms. This quite
positive result came in the midst of significant cost pressures,
as naphtha prices, the Company's main raw material, peaked at US$
360 per metric ton in March 2003 from an average US$ 200 per
metric ton in 2002. Additionally, high international naphtha
prices came in the context of a depreciated local currency, which
also put pressure on the Company's cost structure, as even
domestic naphtha prices are referenced in dollars.

The Company's credit measures, though satisfactory for the
unfavorable environment faced by the Company during this period,
are lower than those of other companies at the same rating
category. EBITDA (excluding tax credit) gross interest coverage
ratio and funds from operations to total debt were relatively low
in the last 12 months ended March 31, 2003, at 2.0x and 21%,
respectively.


CHAPECO: Required To Pay Debts Before Sale To Coinbra
-----------------------------------------------------
Brazilian slaughterhouse Chapeco Alimentos will have to pay off
its debts before the sale of its units to Coinbra can take place.
Chapeco, whose units are under a due diligence process, is poised
to receive BRL175 million from the sale.

According to the last financial results published by the Company,
Chapeco has debts of about BRL983.6 million. Chapeco has also
received bids from Frigorifico Riosulense, the country's fifth
major slaughterhouse for hog meat. The bidding price, however,
was not indicated.


ELETROPAULO METROPOLITANA: Aneel Delivers Disappointing Decision
----------------------------------------------------------------
Eletropaulo Metropolitana, Brazil's largest power distributor, is
asking Aneel to up its 9.62% rates increase to 34.4%, reports
Business News Americas. The Company, a subsidiary of US-based
AES, claims that Aneel methodology fails to accurately reflect
its operating costs, which Eletropaulo says are some BRL1.2
billion a year, compared to the regulator's BRL624 million
estimate.

Such is the size of the market in Sao Paulo that 30% of repairs
must be carried out on live systems, Eletropaulo said, meaning
that more specialized equipment and labor is required than in
less concentrated markets.

Aneel, however, turned down the request saying, the utility's
costs are higher because the salaries it pays are higher than the
market average and because it has more senior staff than the
model company on which rates increases are based.

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


EMILIO LOPEZ: Seeks Formal Restructuring Proceeding
---------------------------------------------------
The firm Emilio Lopez SA, a manufacturer of colored fabrics,
frames and clothed cardboard domiciled in 417 Libertad St., 3rd
floor, Buenos Aires city, has applied for the opening of a formal
restructuring proceeding.

The Company, which ceased debt payments since November 8, 2001,
revealed total assets of ARS3.59 million (US$1.28 million) and
US$18,196 and liabilities of ARS4.85 million (US$1.73 million)
and US$11,337.

The case is overseen by court Nø 9, judge Javier Dubois;
secretariat Nø 17, judge Raisberg de Merenzon.


GERDAU: Fitch Expects to Rate Gerdau/Acominas SENs 'BBB-'
---------------------------------------------------------
Fitch Ratings expects to assign a foreign currency rating of
'BBB-' to Brazil Steel Importer Ltd. issuance. The rating applies
to the US$250 million securitization of future export receivables
generated by Gerdau S.A. (Gerdau) and its subsidiary, Aco Minas
Gerais S.A. (Acominas). All obligations under the securitization
are shared on a joint and several basis between Gerdau and
Acominas.

The certificates are backed by the receivables generated by the
future sale of certain steel products, primarily billets, blooms
and slabs produced by Gerdau and Acominas. The transaction is
structured as a true sale of receivables to be issued from a
Cayman Island SPV. The expected 'BBB-' rating is higher than the
sovereign rating of Brazil as the structure mitigates certain
risks associated with the country. In addition to the true sale
structure, notice and acknowledgement agreements executed with
more than 80% of customers helps minimize diversion-related
risks. The transaction exhibits strong coverage levels with a
base case over five times maximum debt service.

The transaction's expected rating reflects Gerdau's position as
one of the industry's lowest cost steel producers due to its
vertical integration and access to low-cost raw material
resources and labor. The ratings are also supported by the
company's dominant market position in Brazil and growing presence
in North America. The consolidated company enjoys a solid
financial profile. In 2002, Gerdau generated consolidated sales
of BRL9.2 billion and EBITDA of BRL2.1 billion. With total
consolidated debt of BRL7.4 billion, and cash of BRL1.4 billion
Gerdau's leverage, as measured by net debt-to-EBITDA, was 2.8x at
year-end 2002. Gerdau has improved its cost structure as a result
of the devaluation of the Brazilian real over the last several
years and the low levels of inflation. As a low-cost producer,
Gerdau generates positive cash flows during cyclical downturns.
Gerdau is the leading producer of long steel products in Brazil,
with an estimated market share of approximately 48%.

The company has expanded internationally by making strategic
acquisitions (typically of distressed or underperforming mills)
in key markets while also establishing selective alliances and
partnerships. Gerdau intends to be successful in turning around
the companies it purchases by improving management making limited
cash investments. One of Gerdau's most prominent undertakings was
the company's 1999 acquisition of a 75% interest in AmeriSteel in
the United States for $272 million, the country's second-largest
producer of long-rolled steel products.

The consolidated company operates 24 mills located in Brazil
(10), United States (7), Canada (3), Chile (1), Uruguay (1) and
two joint venture operations in Argentina and the United States.
Although Gerdau is a geographically well-diversified producer
with about half of its total production outside Brazil, 57% of
consolidated revenues and 79% of consolidated EBITDA were
generated by the company's Brazilian operations in 2002.

For more detailed information on this transaction, refer to the
presale report for this transaction found on Fitch's web site at
'www.fitchratings.com' titled 'Brazil Steel Importer Ltd (Gerdau)
2003 Certificates.' This report should be read in conjunction
with the full corporate credit analysis of Gerdau S.A., also to
be found on the web site. These reports will be published on the
Fitch web site June 23, 2003.

CONTACT:  Fitch Ratings
          Sam Fox
          Phone: 312/606-2307

          Greg Kabance
          Phone: 312/368 2052

          Anita Saha
          Chicago
          Phone: 312/368-3179

          Jayme Bartling
          Sao Paulo
          Phone: +55-11-287-3177

          Media Relations:
          Matt Burkhard
          New York
          Phone: 212/908-0540



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

ENERSIS: Announces Updates On $2B Capital Increase
--------------------------------------------------
Chilean power sector holding Enersis revealed that as of June 19,
it has sold US$1.33 billion of new stock in its US$2-billion
capital increase. The amount, according to Business News
Americas, represents 64.23% of the total increase.

In a statement, the Company said that international investment
company Elesur, through which Endesa Spain owns Enersis, bought
US$1.22 billion and third parties the remaining US$106 million.

Endesa subscribed to the increase through the capitalization of
inter-company loans from Elesur to Enersis.

Minority shareholders have subscribed at a daily rate of US$10
million-plus over the last week, Enersis said, adding that
subscription reached a peak of US$18.3 million on June 17.

The period for shareholders to subscribe to the capital increase
ends June 30, and the preferential period for shareholders
outside the Endesa group for the remaining shares will begin in
November.

The capital increase also includes a buyback of bonds issued on
the Chilean market. From November 1-15 holders will be able to
exchange their bonds for Enersis stock at CLP60.4202 a share, the
same price as the new stock issued in the increase.

Business News Americas recalls that Endesa has previously said it
will buy any shares that are not subscribed by shareholders or
bondholders.

CONTACT:  Enersis SA
          Avenida Kennedy Vitacura No 5454
          Santiago Chile  1557
          Phone: +56 2 353 4400
          Fax:  +56 2 378 4768
          Home Page: http://www.enersis.cl
          Contacts:
          Engr Alfredo Llorente Legaz, Chairman
          Engr Rafael Miranda Robredo, Vice Chairman

          Endesa SA
          Principe de Vergara 187
          28002 Madrid
          Spain
          Phone: +34 91 213 10 00
          Fax:  +34 91 563 81 81
          Telex:  22917 ENE
          Home Page: http://www.endesa.es
          Contacts:
          Rodolfo M. Villa, Chairman
          Rafael Miranda Robredo, Managing Director



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

SUDAMERIS COLOMBIA: Parent Puts Subsidiary On the Block
-------------------------------------------------------
Italian company Intesa is putting up its Colombian subsidiary
Sudameris Colombia for sale. Business News Americas reports that
the sale is part of Intesa's plan to exit Latin America. In the
meantime, the transaction has not been finalized, and the
prospective buyer has not been named. However, a source close to
the matter confirmed that franchise for Sudameris Colombia is
indeed for sale.

The Colombian banking regulator also confirmed the sale process,
but said that it has not been formally notified. Intesa has sold
its Brazilian Sudameris unit to ABN Amro, while its Argentine
unit was merged with banco Patagonia. Its Chilean unit was bought
by Banco del Desarrollo.

CONTACT:  Banca Intesa SPA
          Piazza Paolo Ferrari 10
          20121 Milano
          Italy
          Phone: +39 02 88 441
          Fax: +39 02 8844 3638
          Home Page: http://www.IntesaBci.it
          Contacts:
          Giovanni Bazoli, Chairman



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

TRICOM: Standard & Poor's Downgrades Ratings
--------------------------------------------
Standard & Poor's Ratings Services said Friday that it lowered
its local and foreign currency corporate credit and its senior
unsecured debt ratings on full-service telecommunications
provider Tricom S.A. to 'CCC+' from 'B'. The outlook remains
negative. The downgrade reflects the continuing negative trend in
the company's operating performance, which has resulted in weaker
key credit protection measures.

As of March 31, 2003, the Dominican Republic-based company had
total debt outstanding of $473 million.

Tricom has been affected recently by the acquisition and
consolidation of the pay-TV operation; costs associated with the
new, advanced digital trunking services (iDEN) operation in
Panama, and, more recently, the 36.4% year-over-year devaluation
of the Dominican peso.

"If the company is not able to reverse trends in a timely manner,
address the refinancing of the remainder of its short-term debt
after its recent capitalization, or successfully complete its
senior notes refinancing plan in a reasonably short time, a
further rating adjustment could be considered," said Standard &
Poor's credit analyst Paricia Calvo.

Analyst:  Patricia Calvo
          Mexico City
          Phone: (52) 55-5279-2073



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

PACIFICTEL: Andinatel Demands Surrender of Telecsa Stake
--------------------------------------------------------
Ecuadorian state-run fixed line operator Andinatel is now at odds
with its sister company Pacifictel over a stake in their mobile
joint venture Telecsa, Business News Americas indicates, citing a
report by local daily La Hora. Business News Americas recalls
that upon winning the mobile license necessary for creating
Telecsa, Andinatel paid Pacifictel's 25.5% share of the venture
in advance but did not obtain any kind of guarantee from
Pacifictel.

As a result, Andinatel asked Pacifictel to surrender the stake in
Telecsa, or immediately pay the US$15.8 million due for the
stake.

However, the bidding rules governing the license acquired by
Telecsa forbid the transfer of shares for 10 years, so Pacifictel
is unable to accept either of Andinatel's requests, says Business
News Americas.

Andinatel's solution to the problem is for it to include
Pacifictel's shares as part of the package offered to another
strategic partner.

The operator has already begun the selection process to decide on
a partner that would take part of the 49% Telecsa stake not held
by Andinatel and Pacifictel, and is scheduled to receive bids
from 16 applicants on June 30.

Earlier this month, telecoms regulatory enforcement agency Suptel
recommended intervention of Pacifictel because the Company has
failed to meet buildout goals stipulated in a concession
modification agreed in 2001.

Pacifictel appealed the measure on grounds that some US$12
million of its funds have been immobilized as a result of the
closure of local bank Filanbanco.

Telecoms regulator Conatel is scheduled to decide on Suptel's
recommendation and Pacifictel's appeal on Monday, June 23. If
intervention goes ahead, Pacifictel's operations are expected to
be disrupted by the likely delay in deciding which institution
should take responsibility for the company.


PETROECUADOR: Board To Approve Bidding Rules Early July
-------------------------------------------------------
The board of Ecuador's state oil company Petroecuador will
approve early next month rules in the bidding for insurance
policies. By mid-July, the Company will then call for bids,
Business News Americas reports, citing a company source.

The 10 pre-qualifiers - including the company's current main
insurer Colonial, as well as Rocafuerte, La Union, Condor,
Equinoccial, Panamericana and Interoceanica - will have until
end-August to submit bids, the source said.

A winner must be decided by September 27, which is the date when
the insurance policy must come into effect, the source told
Business News Americas.

Petroecuador is seeking coverage of up to US$500 million in
damages, which is the maximum estimated cost of any catastrophic
event, the source said. The Company is seeking two types of
coverage: total oil risk, which covers damage or loss of
equipment, installations and oil products resulting from force
majeure events such as fire or earthquake; and civil
responsibility, which covers workers' accidents.

The Company's assets were valued at US$3.6 billion in 2001-2002,
falling to US$3.2 billion in 2002-2003 because some fields, such
as Palo Azul, were awarded to private companies.

Petroecuador subsidiaries are required to submit reports
detailing the value of their infrastructure to be insured by the
end of June, the source said.



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

ALESTRA: Files New Registration Statement, Ends Current Offers
--------------------------------------------------------------
Alestra, S. de R.L. de C.V., announced Friday that it
electronically filed with the Securities and Exchange Commission
via EDGAR a new Form F-4 Registration Statement, which relates to
new proposed cash tender offers and exchange offers for its
outstanding Senior Notes. Alestra also announced that its current
offers for its Senior Notes were terminated and that it would be
returning all Senior Notes tendered in its terminated offers.

The Registration Statement filed Friday sets forth new proposed
offers whereby for each $1,000 principal amount of its
outstanding Senior Notes due 2006 and 2009, Alestra will propose
the following options subject to proration:

1) $1,060 principal amount of its unissued Senior Notes due June
30, 2010;

2) a cash payment of $550; or

3) a combination of both.

Consummation of the offers is conditional upon the receipt by
Alestra of valid and unrevoked tenders prior to the offers
expiration date of at least 90% of the aggregate outstanding
principal amount of each series of existing notes outstanding.
The interest rate of the new notes will be 8% if the
participation in the offers is less than 95% and 9% if the
participation in the offers is 95% or more. Holders who tender
their Senior Notes in the offers will not receive any accrued and
unpaid interest on those notes. In addition, the new terms
include fixed principal amortization beginning on December 30,
2005.

If the offers are successful, the restructuring will be
principally financed by a capital contribution from Alestra's
equity holders in the amount of $100 million, which will be
provided 51% by Onexa and 49% by AT&T, and an additional $8.5
million payment from AT&T.

The Registration Statement also contains solicitations for a U.S.
prepackaged plan of reorganization. If the offers are not
successful but certain required thresholds are met, Alestra may
in its sole discretion pursue a U.S. prepackaged plan of
reorganization, which will attempt to accomplish the
restructuring with terms similar to those in the offers.

A Registration Statement relating to these securities has been
filed with the Securities and Exchange Commission but has not yet
become effective. These securities may not be sold nor may offers
to buy be accepted prior to the time the registration statement
becomes effective and Alestra has obtained the necessary
authorizations from the Comision Nacional Bancaria y de Valores
de Mexico. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy, nor shall there be
any sale of these securities in Mexico or in any State in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of Mexico
and any such State.

This announcement shall not under any circumstances create any
implication that the information contained herein is correct as
of any time subsequent to the date hereof, or that there has been
no change in the information set forth herein or in the affairs
of Alestra or any of its affiliates since the date hereof. No
indications of interest in the offers are sought by this press
release.

Headquartered in San Pedro Garza Garcia, Mexico, Alestra is a
leading provider of competitive telecommunications services in
Mexico that it markets under the AT&T brand name and carries on
its own network. Alestra offers domestic and international long
distance services, data and internet services and local services.

You may read a copy of Alestra's registration statement and any
other document Alestra files at the SEC's public reference room
at 450 Fifth Street, N.W. Washington, D.C. 20549. These documents
are also available at the public reference rooms at the SEC's
regional offices in New York, New York and Chicago, Illinois.
Please call the SEC at 1-800-SEC-0330 for further information on
the public reference rooms. Our filings are also available to the
public over the Internet at the SEC's website at
http://www.sec.gov.

CONTACT:  Alestra, S. de R.L. de C.V.
          Treasurer
          Sergio Bravo
          Phone: (52-818) 625-2269
          Email: sbravo@alestra.com.mx


GRUPO IUSACELL: Shares Rebound on Debt Reduction Forecast
---------------------------------------------------------
Mexican cellular phone provider Grupo Iusacell S.A.'s shares
skyrocketed by 26% after Grupo Salinas chief Ricardo Salinas
Pliego acquired controlling stakes in the debt-ridden company.
Bloomberg reports that the Company's shares rose by as much as 28
centavos at Mexico's stock exchange, adding that the shares have
gained as much as 65% in the last three days.

BBVA Securities Inc. telecommunications analyst Jeffrey Noble
said, "The stock is possibly worth more than the tender offer
accepted by Verizon and Vodafone. Minority shareholders may
expect the Salinas group might be able to negotiate down the
company's debt and then the equity would be worth more than its
current price."

Mr. Salinas acquired Iusacell through Movil@cess S.A. from
Verizon Communications Inc. and Vodafone Group Plc for US$10
million and the assumption of about US$800 million in debt.

Recently, the Grupo Salinas' acquisition of Iusacell brought the
price of Salinas subsidiary TV Azteca down, on concerns that the
Mexican broadcaster would have to shoulder part of Iuacell's
debts. The shares, however, rebounded after Grupo Salinas assured
investors that TV Azteca's funds would not be diverted to
Iusacell.

CONTACT:  TV Azteca SA de CV
          Periferico Sur 4121
          Mexico DF
          Mexico 14141
          Phone: +52 55 3099 1313
          Fax: +52 55 3099 1418
          Home Page: http://www.tvazteca.com.mx
          Contacts:
          Ricardo B. Salinas Pliego, Chairman
          Pedro Padilla, Chief Executive
          Jose Ignacio Morales, Chief Operating Officer

          Grupo Iusacell S.A. De C.V.
          Av Prolongacion Paseo dela
          Reforma 1236
          Col Santa Fe Delegacion Cuajimalpa
          Mexico DF
          Mexico 05348
          Phone: +52 5 109 4400
          Home Page: http://www.iusacell.com.mx



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

BNF: Closes Money-Losing Branches in Bid to Cut Costs
-----------------------------------------------------
In a move to reduce costs, Paraguay's state development bank,
Banco Nacional de Fomento (BNF), closed six branches and four
service centers in the country, Business News Americas reports,
citing local daily La Nacion. According to BNF manager German
Rojas, the branches had been running at a loss for more than
eight years and the majority of the offices are on rented land.

The cost-cutting measures came after a budgetary evaluation on
the part of BNF's board.

BNF, set up to be a catalyst for business development in the
country, has gained notoriety for its high bad debt levels and
politically motivated lending practices. The International
Monetary Fund (IMF) has pressed for reforms at BNF in economic
aid-related negotiations with Paraguay, given that BNF has been
one of the worst examples of public sector mismanagement.


* Paraguay Foreign Currency Ratings Remain at 'SD'
--------------------------------------------------
Standard & Poor's Ratings Services said on Friday that its
foreign currency ratings on the Republic of Paraguay remain at
'SD' (selective default). Standard & Poor's downgraded its 'B-'
long-term and 'C' short-term foreign currency sovereign credit
ratings on Paraguay to 'SD' on Feb. 13, 2003, following the
government's default on domestically issued U.S. dollar-
denominated bonds (US$25 million, due 2006 and 2007) and after
the bondholders (domestic banks) exercised a put option in late
January 2003. The banks are still claiming full payment, while
the Gonzalez Macchi Administration (which leaves office in
August) has committed only to paying an amount tied to trends in
tax collection revenue, equal thus far to US$9 million.

"There is, at present, no explicit policy designed to address
either the bond issue or the arrears that have accumulated with
multilateral agencies," said sovereign analyst Sebastian Briozzo.
"Major economic policy decisions will remain at a standstill
until the new administration, elected on April 27, 2003, assumes
power on Aug. 15, 2003. Although President-elect Nicanor Duarte
Frutos (of the incumbent Partido Colorado) has already appointed
Mr. Dionisio Borda (a U.S.-trained and politically independent
economist) as his economic minister, a fragmented, newly elected
Congress will complicate his efforts," he added.

On the economic front, one of Mr. Duarte Frutos' first moves has
been to start rebuilding a relationship with the International
Monetary Fund (IMF). Negotiations were interrupted in December
2002, when Congress rejected a tax and financial sector package
that was a precondition for Paraguay's IMF agreement. This
congressional response triggered the resignations of both the
minister of finance and the president of the central bank. An IMF
mission will be visiting the country during the first week of
July.

"Regularizing the government's relationship with IMF should help
Paraguay resolve its debt default," Mr. Briozzo said. "The
sovereign's post-default rating will depend upon its fiscal
stance, the economic consistency of the government's program, and
the new administration's ability to garner legislative support,"
he concluded.

Analyst:  Sebastian Briozzo
          New York
          Phone: 212-438-7342

          Lisa M Schineller
          New York
          Phone:(1) 212-438-7352



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

SIDOR: Restructuring Terms Get Approval From Critical Groups
------------------------------------------------------------
Ciudad Guayana-based steel company Sidor announced that the terms
to restructure its debts have been approved by Venezuela's state
development bank BANDES, state heavy industry corporation CVG, 25
private creditor banks, and the Amazonia consortium of
steelmakers, relates Business News Americas.

As part of the restructuring process, Amazonia, which currently
has 70% of Sidor, will invest US$133.5 million in the steelmaker.
Moreover, the state will write off part of the Company's debt in
return for CVG's increasing its stake in the Company from 30% to
40%.

Venezuelan export bank Bancoex will write off US$16 million it is
owed by Sidor. Another US$25 million held with state bank Banco
Industrial de Venezuela will be rescheduled.

Half the debt Sidor has with the state directly will be
rescheduled over 15 years and CVG will play a more direct role in
the Company's management, Sidor said in a statement.

The plan will pave the way for a five-year, US$300-million
investment in technology and environmental projects, increasing
capacity to some 4Mt. Sidor has installed capacity of some
3.5Mt/y steel.

The Amazonia consortium is made up of Latin American steel
companies Sivensa (Venezuela), Siderar (Argentina), Usiminas
(Brazil), Tamsa and Hylsamex (both Mexico), and acquired the 70%
from the state in 1997 for US$2.3 billion.

CONTACT:  SIDERURGICA DEL ORINOCO, C.A. (SIDOR)
          Edificio General, Piso 9
          Avda. La Estancia
          Chuao, Caracas 1060
          Venezuela
          Tel: (582) 902 3800/3917/3955
          Fax: (582) 993 2930
          Home Page: www.sidor.com.ve/



               ***********


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

Troubled Company Reporter Latin American is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ,
and Beard Group, Inc., Washington, DC. John D. Resnick, Edem
Psamathe P. Alfeche and Oona G. Oyangoren, Editors.

Copyright 2003.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to
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The TCR Latin America subscription rate is $575 per half-year,
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or balance thereof are $25 each.  For subscription information,
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