TCRLA_Public/030717.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Thursday, July 17, 2003, Vol. 4, Issue 140

                          Headlines


A R G E N T I N A

AEROLINEAS ARGENTINAS: Marsans To Add ARS300 Equity Capital
ARIANNE TRADE: Seeks Court Permission For Reorganization
BANCO DE GALICIA: Fitch Withdraws Currency Ratings
BANCO RIO/BANCO FRANCES: Fitch Upgrades Ratings
CABREJAS: Seeks Court Approved Reorganization

COMPLEJO ROXINI: Bankruptcy Triggered By Creditor Request
COMUNICACIONES GRADOX: Court Declares Bankruptcy
ELECTROMECANICA NOVEL: Court Announces Bankruptcy
FLEETBOSTON FINANCIAL: Reports 2Q Net Income of $624M, LA Exit
GRAN SERVICIOS GRAFICOS: Deemed Bankrupt By Court

PEMAR: Submits Motion For "Concurso Preventivo"


B E R M U D A

SEA CONTAINERS: Announces Asset Sale, Exchange Offer Results


B R A Z I L

EMBRATEL: Introduces Free ISP
LIGHT SERVICOS: Seeks To Postpone Debt Principal Payments
TELESP CELULAR: Board Okays Plan to Place $246M in Debentures


C O L O M B I A

ACUANTIOQUIA: Liquidation Projected to Drag On Longer
COMPANIA DE DESARROLLO: S&P Changes Outlook to Stable
INTERCONEXION ELECTRICA: Outlook Revised to Stable
PAZ DEL RIO: Employees Approve Rescue Plan
TERMOEMCALI: S&P Maintains Negative Outlook on FC Ratings

TRANSGAS DE OCCIDENTE: FC Ratings Outlook Changed To Stable


C O S T A   R I C A

ICE: Central Bank To Decide On Planned $60M Bond Offer


J A M A I C A

MIRANT: Excludes Caribbean Ops From Chapter 11 Filing
MIRANT: Ratings Lowered to 'D' After Bankruptcy Filing


M E X I C O

ASARCO: Missed Payment Spurs Doubts Among Environmentalists
AZTECA HOLDINGS: S&P Issues Mixed Rating Changes on Debt Issues
GRUPO ELEKTRA: Announces 2Q03 Preliminary Results Improved
GRUPO IUSACELL: Holders Approached By UBS


U R U G U A Y

BANCO SANTANDER: Fitch Ups LTFC Rating To `B-` from `CCC-`
BANCO SUDAMERIS: Long Term Foreign Currency Rating Raised to B-
CACDU: Fitch Raises LTFC Rating To `CCC+'
COFAC: Fitch Raises LTFC Rating In Line With Uruguay's Ratings
FAE: Long Term Foreign Currency Rating Upped To `B-'

FUCAC: Fitch Ups Rating In Line With Sovereign Ratings
FUCEREP: Fitch Raises LTFC Rating To `B-`
HSBC BANK: Long Term Foreign Currency Rating Upped To `B-'


     - - - - - - - - - -


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

AEROLINEAS ARGENTINAS: Marsans To Add ARS300 Equity Capital
-----------------------------------------------------------
Spanish group Marsans will pump ARS300 million in new funds into
Aerolineas Argentinas in an operation that would up its stake in
Argentina's flagship airline from 92% to 96. According to South
American Business Information, Marsans holds the stake through
its local subsidiary Interinvest.

Meanwhile, Marsans is also planning to sell up to 20% of the
Company to a group of four of five investors after the completion
of the operation and to float 25% of the Company's shares on the
Buenos Aires, Madrid and New York stock exchanges. After the
operations, Marsans would reduce its stake in the company to 51%.

Aerolineas Argentinas is currently negotiating with aircraft
manufacturers Boeing and Airbus for the leasing of four jets in
order to operate daily flights to New York and Miami and increase
the frequency of flights to Los Angeles and Mexico City. It is
also planning to begin operating flights to China, via Spain, in
mid 2004.


ARIANNE TRADE: Seeks Court Permission For Reorganization
--------------------------------------------------------
Arianne Trade S.A. is petitioning Court No. 13 of Buenos Aires to
start its reorganization process. The Company, which has stopped
making debt payments since earlier this month, has submitted its
motion for "Concurso Preventivo" to the said court, which is
under Dr. Carlos Villar.

Dr. Jorge Cardona of Secretary No. 26 assists the court on the
matter said El Cronista Comercial, without indicating whether a
receiver has been designated to the case yet.

CONTACT:  Arianne Trade S.A.
          6th Floor G
          Av. Santa Fe 2847
          Buenos Aires


BANCO DE GALICIA: Fitch Withdraws Currency Ratings
--------------------------------------------------
Fitch withdrew the long- and short-term foreign currency ratings
('DDD'/'D') and long- and short-term local currency ratings
('DDD'/'D) assigned to Banco de Galicia y Buenos Aires. Fitch
plans to maintain coverage on the institution and will publish
credit updates in coming weeks, which will be accessible at
'www.fitchratings.com'.

The rating withdrawal is the result of reduced demand for the
rating given the bank's lack of access to international capital
markets since the Argentine crisis, a condition, which is likely
to remain unchanged for some time.

CONTACT:  Linda Hammel +1-212-908-0303, New York
          Peter Shaw +1-212-908-0553, New York
          Ricardo Chaves +1-212-908-0606, New York
          Ana Gavuzzo, Lorna Martin +5411 4327-2444, Buenos Aires

MEDIA RELATIONS: Matt Burkhard +1-212-908-0540, New York


BANCO RIO/BANCO FRANCES: Fitch Upgrades Ratings
-----------------------------------------------
Fitch upgraded the long-term and short-term debt ratings of Banco
Rio de la Plata (Rio) and BBVA Banco Frances (Frances) to 'CC/C'
from 'DDD/D'. Concurrently, Fitch withdrew the long- and short-
term foreign currency ratings ('CC'/'C') of BBVA Banco Frances
and the long- and short-term foreign currency ratings ('CC'/'C')
of Banco Rio de la Plata. Fitch plans to maintain coverage on the
institutions and will publish credit updates in coming weeks,
which will be accessible at 'www.fitchratings.com'.

The upgrade of the debt ratings of Rio and Frances reflects the
lack of liabilities in default. Frozen deposits were rescheduled
in early 2002 to fixed maturity certificates (CEDROs) with
maturities spread over time. While the maturities of these CEDROs
were originally spread out into the medium term, this was
accelerated and as of April of this year, all CEDROs were made
available.

While Rio originally had significant external USD financing, as
of mid-June, the bank had successfully restructured USD 898 mln
of this debt, significantly improving the debt profile through
the extension of terms. Remaining maturities in 2003 are USD 112
mln, which is primarily trade lines that management informs us
have been kept current. In the short term, Rio's liquidity
cushion should prove adequate to cover its obligations.

At the time of the crisis, a relatively low portion of Frances'
funding was external USD obligations, the bulk of which was
extended by BBVA and a portion was capitalized in 2002 (USD 210
mln). At end-March 2003, the balance of its external USD
financing was USD 645 mln, of which lines from BBVA were USD 330
mln. Remaining short term maturities consist of a USD 150 mln
FRN, rescheduled last year to October 2003 and trade lines USD
153 mln). In the short term, Frances' liquidity position should
be adequate to cover its obligations.

The rating withdrawal is the result of reduced demand for these
ratings given Argentine banks' lack of access to international
capital markets since the crisis, a condition which is likely to
remain unchanged for some time. At the same time, due to renewed
and growing debt issuance in the domestic market, Fitch has begun
to assign ratings to banks on a national scale, which allows for
greater differentiation among banks within the context of the
risks inherent in the Argentine banking sector.

CONTACT:  Linda Hammel +1-212-908-0303, New York
          Peter Shaw +1-212-908-0553, New York
          Ricardo Chaves +1-212-908-0606, New York
          Ana Gavuzzo, Lorna Martin +5411 4327-2444, Buenos Aires

MEDIA RELATIONS: Matt Burkhard +1-212-908-0540, New York


CABREJAS: Seeks Court Approved Reorganization
---------------------------------------------
Cabrejas S.A. has filed a motion for "Concurso Preventivo" at the
Civil and Commercial Tribunal of Mar del Plata, Argentina,
reports Infobae. If approved, the Company may then commence its
reorganization process. Meanwhile, the informative assembly is
set to take place on November 7 this year. However, the report
did not mention whether Mar del Plata's court no. 4 has assigned
a receiver to the case.


COMPLEJO ROXINI: Bankruptcy Triggered By Creditor Request
---------------------------------------------------------
A request by la caja Recuperadora de Riesgos del Trabajo A.R.T.
S.A. brought the bankruptcy of lodging services company Complejo
Roxini S.A., according to a local source. Recently, the Troubled
Company Reporter - Latin America reported that bankruptcy
declaration was made by Court No. 15 of Buenos Aires, which is
under Dr/ Norma DiNoto.

Credit claims will be verified until September 11 this year.
Creditors must submit their claims to the receiver, Ms. Mabel
Lopez, for verification before the mentioned deadline.

CONTACT:  Complejo Roxini S.A.
          Tacuari St. No. 566
          Buenos Aires

          Ms. Mabel Lopez
          Murgiondo St. No. 3607
          Buenos Aires
          Phone: 4601-9367


COMUNICACIONES GRADOX: Court Declares Bankruptcy
------------------------------------------------
Buenos Aires Court No. 1 concluded that local company
Comunicaciones Gradox S.A. is bankrupt, according to a report by
Infobae. A representative from Secretary No. 1 works with the
court on the matter. Ms. Linda Elsa Albite was assigned receiver
for the case. Creditors must have their claims verified before
the August 19 deadline.

CONTACT:  Ms. Linda Elsa Albite
          Tacuari 119
          Buenos Aires


ELECTROMECANICA NOVEL: Court Announces Bankruptcy
-------------------------------------------------
Mr. Aldo Roberto Markman was assigned receiver for the bankruptcy
proceedings of Argentine company Electromecanica Novel S.R.L.,
relates Infobae. Creditors are advised to have their claims
verified before September 4 this year.

The case is handled by Court No. 19 of Buenos Aires. The Court
expects the individual reports to be filed on October 16,
followed by the General report on November 27.

CONTACT:  Aldo Roberto Markman
          Adolfo Alsina 1441
          Buenos Aires


FLEETBOSTON FINANCIAL: Reports 2Q Net Income of $624M, LA Exit
--------------------------------------------------------------
FleetBoston Financial reported Tuesday second quarter net income
of $624 million, or $.59 per share, compared with a net loss of
$386 million, or $.37 per share, in the second quarter of last
year. The results for the second quarter of last year included
special charges of $1.0 billion (after-tax) related to higher
commercial credit costs, Argentina, and charges associated with
the strategic decision to exit certain businesses. For the first
six months of 2003, net income was $1.2 billion, or $1.13 per
share, compared with $349 million, or $.32 per share for the
first six months of 2002.

The second quarter was marked by higher revenues in a number of
fee-based services and continued control over expenses. Each of
the Corporation's primary domestic personal, commercial, and
investment businesses produced sequential earnings growth and
demonstrated continued progress across a wide range of customer-
related measures.

The Corporation's efforts to reduce risk have shown another
consecutive quarter of significantly improved credit quality.
Nonperforming assets declined by an additional 12%, or $370
million, in the second quarter to $2.6 billion and are down by
25%, or nearly $900 million, since the beginning of the year.

Included in the current quarter's results was an after-tax gain
of $57 million from the previously announced sale of InterPay, a
payroll processing company. In Argentina, the Corporation took
actions resulting in a net after-tax charge of $38 million,
primarily related to the establishment of a reserve for the
estimated impact of redollarization actions on applicable
deposits. Additionally, incremental marketing expenses of $15
million (after-tax) were incurred related to a major Fleet brand
campaign initiated in the quarter aimed at new business
development.

Chad Gifford, Chairman and Chief Executive Officer said, "We are
very encouraged by our second quarter results. The strategy put
in place last year to focus on our competitively advantaged
businesses and reduce risk is clearly taking hold. Our cumulative
efforts on the customer front are beginning to come through the
top-line and will become increasingly visible when economic
conditions discernibly rebound. We continue to take a disciplined
approach to expenses while remaining committed to funding
critical growth initiatives. Steps taken to reduce risk are
paying off as well with another healthy double-digit decline in
nonperforming assets. Domestic nonperformers are now at their
lowest level in over two years. We also expect that the actions
taken this quarter in Argentina go a long way toward fully
addressing a remaining uncertainty and will accelerate that
unit's return to profitability."

Eugene M. McQuade, President and Chief Operating Officer,
remarked, "The strength of our customer franchises came through
this quarter as each major business line reported earnings
greater than the prior quarter. Our focus remains on the optimal
positioning of these areas for superior sustained performance.
Towards that end, during the quarter we realigned the structure
of our core domestic businesses under three proven leaders - Brad
Warner heading up Personal Financial Services, Brian Moynihan
focusing on the newly-formed Regional Commercial and Investment
Management unit, and Rich Higginbotham leading National
Commercial Financial Services. This business and management
realignment will bring us even closer to the customer by
tightening our alignment around natural markets and enhancing our
product delivery, especially regionally. In conjunction with this
realignment, we've embarked on an aggressive brand campaign
designed to add new customers and increase usage from existing
customers. We're excited by our momentum."

Second Quarter Highlights

Net interest income declined modestly from the first quarter
reflecting narrower spreads due to the low rate environment,
partially offset by a higher level of earning assets, mainly
consumer loans and securities. The net interest margin was down
13 basis points from the first quarter to 3.76%. Several
categories of noninterest income increased compared with the
first quarter including banking fees and commissions, brokerage
fees, and investment management revenue. Noninterest expense
levels were flat with the first quarter at approximately $1.6
billion. Total credit-related charges were $315 million in the
second quarter compared with $310 million in the first quarter.

Loan loss reserves stood at $3.2 billion, or 2.6% of total loans.
Total assets at June 30, 2003 were $197 billion, compared with
$191 billion at June 30, 2002. The increase from a year ago is
primarily due to higher levels of consumer loans and securities,
partially offset by declines in domestic commercial loan and
Latin American exposures reflecting the execution of previously
announced risk reduction strategies. Stockholders' equity
amounted to $17 billion at June 30, 2003, with a common equity to
assets ratio of 8.7%.

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

CONTACT:  FLEETBOSTON FINANCIAL
          Media Contact:
          James E. Mahoney, 617-434-9552
                  or
          Investor Contact:
          John A. Kahwaty, 617-434-3650


GRAN SERVICIOS GRAFICOS: Deemed Bankrupt By Court
-------------------------------------------------
Buenos Aires-based company Gran Servicios Graficos was declared
bankrupt by the city's Court No. 13 recently. According to
Infobae, the Court is assisted by Secretary No. 25 on the case.
The receiver assigned for the matter is Mr. Agustin Cueli Gomez,
who will verify credit claims until August 11.

CONTACT:  Mr. Agustin Cueli Gomez
          Avenida Corriented 915
          Buenos Aires


PEMAR: Submits Motion For "Concurso Preventivo"
-----------------------------------------------
Argentine company Pemar S.R.L. filed for "Concurso Preventivo" at
Court No. 10 of Buenos Aires, which is under Dr. Hector Chomer,
local newspaper El Cronista Comercial reports. Accordingly, the
Company stopped making dept payments since April this year.
However, it did not indicate whether the court has assigned a
receiver for the case.

CONTACT:  Pemar S.R.L.
          2nd Floor B
          Blanco Encalasa 2380
          Buenos Aires



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

SEA CONTAINERS: Announces Asset Sale, Exchange Offer Results
------------------------------------------------------------
Sea containers sells isle of man steam packet company for $233
million; bondholders accept exchange offer for $22.5 million of
2003 expired public debt; provisions to be established against
part of gains on sale; recent investor presentations comment on
company strategy.

Sea Containers Ltd. (NYSE: SCRA and SCRB, www.seacontainers.com)
lessor and manufacturer of marine containers, passenger and
freight transport operator and leisure industry investor,
announced Tuesday that it has sold the Isle of Man Steam Packet
Company to Montagu Private Equity Limited for œ142 million ($233
million), with effect on June 30, 2003.  The profit on this
transaction will be $100 million, however, the company has
decided to establish provisions for the restructuring of its fast
ferry business and to reduce the carrying value of certain assets
to current market value.  Total provisions will be approx. $40
million.

The company also advised that its exchange offer of 13% senior
notes due 2006 for July 1, 2003 matured 9.5% and 10.5% senior
notes had been subscribed in the amount of $22.5 million.  The
balance of these senior notes ($136.6 million) has been repaid.

Mr James B Sherwood, President, said that the exchange offer for
the company's $99 million of 12.5% senior subordinated debentures
due 2004 was still open and an announcement of the acceptances
would be made when the offer expires (July 23, 2003 unless
extended).  The company is offering senior notes due 2009 in
exchange for this subordinated debt, carrying the same interest
rate of 12.5%.

Mr Sherwood said that the company expects soon to conclude the
sale of its port interests in Folkestone and part of its port
interests in Newhaven for œ16 million ($26 million).  It will
retain the Newhaven Marina and property development site
adjacent.  He said that sale of the company's Charleston
container manufacturing facility now looks less likely in that
offers received so far undervalue it.  Its sale at this time is
not necessary to meet the company's obligations in light of the
successful exchange offer for the July 1, 2003 matured notes.

Mr Sherwood said that the company's objective to defer sale of
its 14.4 million common shares in Orient-Express Hotels seems to
be correct as the share price has recently risen to the $14-$15
level.  When asked by investors at the company's recent
presentations at what price the company would sell, Mr Sherwood
indicated that no decision had been taken by the board but in his
opinion sales might take place in the mid $20-$30 level.  "The
important thing is to generate the maximum amount of cash to
underpin Sea Containers' debt reduction and expansion programs."
He said he believes that Orient-Express Hotels common shares are
undervalued in relation to those of its competitor, Four Seasons
Hotels.

Mr Sherwood said that GE SeaCo was performing ahead of budget
which called for a significant improvement over 2002.  He pointed
out that by 2005 GE SeaCo could have an IPO value of $1 billion
or more based on current competitor price earnings ratios.

At the investor presentations Mr Angus Frew, Vice President, said
that GE SeaCo, the 50/50 joint venture with GE Capital, now in
its sixth year, has the newest and lowest cost fleet in the
industry, with an average age of 2.1 years.  Sea Containers is
progressively reducing its older directly owned container fleet
and replacing it with the jointly owned GE SeaCo new container
fleet.  In this process Sea Containers container debt is being
rapidly paid off and GE SeaCo is financing its own container
purchases without financial support or guarantees by either
partner.  This de-leveraging will improve Sea Containers
financial ratios.

David Benson, Senior Vice President of the company's largest
segment, passenger and freight transport, outlined plans under
way at the recently consolidated Silja ferry and cruise ship
operation, one of the most important in the world with revenue of
$525 million in 2002, including additional freight services and
expanded routes in Scandinavia and to St. Petersburg.  The
Hoverspeed ferry business across the English Channel remains
highly competitive, requiring a capacity reduction which has been
implemented, while at the SeaStreak business in New York capacity
is growing with one new ferry due in October and another in
January, 2004, and additional routes are under development.  At
GNER, the company's $700 million revenue (in 2002) U.K. passenger
rail franchise, the focus this year is on equipment upgrades and
expanded customer services, including car parks and on board
internet access.  Management expressed its confidence that GNER
would be in an excellent position either to re-bid or extend its
franchise which expires 2005 based on strong customer support and
excellent operating performance.

At the annual shareholders meeting in Bermuda held on June 2,
2003, shareholders approved the election of seven directors and
the appointment of Deloitte & Touche LLP as the company's
independent auditor.

SG Corporate & Investment Banking acted as exclusive financial
advisors to Sea Containers in relation to the sale of the Isle of
Man Steam Packet Company.

CONTACT:  Sea Containers Services Ltd.
          Sea Containers House
          20 Upper Ground, London SE1 9PF
          Contact:  Steve Lawrence, Public Relations and
                    Communications
          Phone: +44 20 7805 5830
          Email: steve.lawrence@seacontainers.com



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

EMBRATEL: Introduces Free ISP
-----------------------------
Brazil's largest long distance operator Embratel announced it has
unveiled its own free ISP called Click21, in a Business News
Americas item. The ISP, which will be available this week in 90
cities, provides services such as a 30MB mailbox and free
customer support via telephone.

Embratel made its announcement a day after Telefonica do Brasil
commercially launched its free ISP iTelefonica throughout Sao
Paulo state. Brazil's ISP association Abranet has issued a
statement regarding this week's twin ISP launches by Telefonica
and Embratel, calling the new ISPs a threat to Brazil's smaller
ISPs.


LIGHT SERVICOS: Seeks To Postpone Debt Principal Payments
---------------------------------------------------------
Light Servi‡os Eletricidade, the Brazilian subsidiary of French
power giant Electricite de France (EDF), submitted to the
Brazilian Development Bank (BNDES) and other creditors a proposal
under which it will suspend dept principal payments for 90 days,
according to financial daily Gazeta Mercantil.

Based on the plan, Light will only pay interest on its debt of
BRL5.2 billion ($1 = R$ 2.86) over that period. Sources familiar
with the negotiations indicated that most creditors have agreed
to Light's proposal but no deal has been formalized yet.

By the end of the 90-day period, Light expects to present a final
plan to restructure its debts. As such, Light is studying
proposals from Houlihan Lokey and another firm that specializes
in debt restructuring.


TELESP CELULAR: Board Okays Plan to Place $246M in Debentures
-------------------------------------------------------------
Brazilian mobile carrier Telesp Celular gained approval from the
board over a plan to launch BRL700 million (US$246mn) in non-
convertible debentures, reports Business News Americas. Telesp, a
unit of Vivo - the joint venture that brought together wireless
assets owned by Portugal Telecom and Spain's Telefonica in Brazil
- will issue 7,000 five-year debentures with a face value of
BRL100,000 each. The papers will mature on August 1, 2008, says
the report.



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

ACUANTIOQUIA: Liquidation Projected to Drag On Longer
-----------------------------------------------------
Antioquia waterworks company Acuantioquia faces liquidation
proceedings, which may last between six months to 2 years. This
is contrary to earlier projections of a nine-month liquidation
process, local newspaper Portafolio reports.

Out of the Company's 32 aqueduct and sewerage systems, 28 remain
unsold, the report says, adding that outstanding service
contracts and a shortage of interested or capable buyers have
hindered the sale. The Company expects a total of US$21 million
from the sale of all the items.

Residents said the lack of investment triggered the Company's
failure to maintain and expand systems. As residents no longer
have confidence in taking control of the Company, the
municipality is expected to take the reins.


COMPANIA DE DESARROLLO: S&P Changes Outlook to Stable
-----------------------------------------------------
Standard & Poor's Ratings Services changed its outlook on the
foreign currency ratings assigned to Compania de Desarrollo
Aeropuerto Eldorado S.A. (BB/Stable) to stable from negative.

The action follows the change to the outlook on the foreign and
local currency ratings of the Republic of Colombia to BB/Stable
and BB/Stable from BB/Negative and BBB/Negative, respectively.

Analyst:  Santiago Carniado
          Mexico City
          Phone: (52) 55-5279-2013


INTERCONEXION ELECTRICA: Outlook Revised to Stable
--------------------------------------------------
Standard & Poor's Ratings Services changed its outlook on the
foreign currency ratings assigned to Colombian utility
Interconexion Electrica S.A. E.S.P. (BB/Stable) to stable from
negative. The action follows the change to the outlook on the
foreign and local currency ratings of the Republic of Colombia to
BB/Stable and BB/Stable from BB/Negative and BBB/Negative,
respectively.

Analyst:  Santiago Carniado
          Mexico City
          Phone: (52) 55-5279-2013


PAZ DEL RIO: Employees Approve Rescue Plan
------------------------------------------
Employees at Colombian steelmaker Acerias Paz del Rio are
currently undertaking the process of signing a financial
restructuring agreement under bankruptcy protection law 550,
reports Business News Americas.

The deal, in order for it to go through, must gain the signatures
of 51% of the workers, as these are internal creditors. Under the
deal, the 2,500 workers at the Belencito-based steelmaker will
increase their stake in the Company from 9% to 43% while other
shareholders will see their stakes fall, including the Boyaca
departmental government's from 32% to 21.5%.

External creditors such as the state business development agency
IFI, the national customs agency, Dian, Nobsa municipality, and
the ISS social security agency will have until July 18 to approve
the deal.

Once the votes are counted and assuming approval, a shareholder
AGM will be called to choose a new board.


TERMOEMCALI: S&P Maintains Negative Outlook on FC Ratings
---------------------------------------------------------
Standard & Poor's Ratings Services maintained a negative outlook
on the foreign currency rating assigned to TermoEmcali Funding
Corp. (CC/Negative) following the default by Empresas Municipales
de Cali (Emcali) in the payment due to TermoEmcali I SCA ESP.

Analyst:  Santiago Carniado
          Mexico City
          Phone: (52) 55-5279-2013


TRANSGAS DE OCCIDENTE: FC Ratings Outlook Changed To Stable
-----------------------------------------------------------
Standard & Poor's Ratings Services changed its outlook on the
foreign currency ratings assigned to Transgas de Occidente S.A.
(BB/Stable) to stable from negative. The action follows the
change to the outlook on the foreign and local currency ratings
of the Republic of Colombia to BB/Stable and BB/Stable from
BB/Negative and BBB/Negative, respectively.

Analyst:  Santiago Carniado
          Mexico City
          Phone: (52) 55-5279-2013



===================
C O S T A   R I C A
===================

ICE: Central Bank To Decide On Planned $60M Bond Offer
------------------------------------------------------
Costa Rica's state-owned electric power and telecoms monopoly ICE
submitted Monday a report of its finances to the central bank as
part of a plan to offer US$60 million in bonds, reports Business
News Americas. In order to shape up its balance sheet in
preparation for the loan, the Company reportedly agreed to capex
reductions totaling US$250 million for the 2003-2005 period.

According to Business News Americas, the central bank was due to
decide Wednesday whether to accept, reject or request more
information on the planned bond offer by ICE. The bond represents
the second tranche of a US$100 million overall debt plan. The
central bank approved the first US$40 million tranche in late
May.

The bond issues follow last month's 20-day strike over the
Company's financing. Employees claimed the government had not
kept its February 16 promise to allow a US$100mn bond issue.

According to ICE's statute, only the central bank can issue bonds
on its behalf. The monetary authority will evaluate whether the
bond offer will endanger Costa Rica's sovereign credit rating,
something unions claim will not happen.



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

MIRANT: Excludes Caribbean Ops From Chapter 11 Filing
-----------------------------------------------------
* Worldwide operations continue without interruption
* Philippine and Caribbean operations are excluded from the
filing
* Secures $500 million in debtor-in-possession financing

Mirant (NYSE: MIR) announced Monday that, to facilitate its
financial restructuring, it has filed voluntary petitions for
reorganization under Chapter 11 of the U.S. Bankruptcy Code.
Additionally, certain of the company's Canadian subsidiaries will
file an application for creditor protection under the Companies
Creditors' Arrangement Act (CCAA) in Canada.

Mirant Corp., Mirant Americas Generation, LLC, and substantially
all of the companies' wholly-owned subsidiaries in the United
States are included in the Chapter 11 filings. Excluded from the
filings are the company's operations in the Philippines and the
Caribbean.

In the Caribbean Mirant owns 55.4% of the Grand Bahama Power
Company, 80% of Jamaica Public Service Company (JPSCo), 39% of
the Power Generation Company of Trinidad and Tobago (PowerGen),
100% of the Curacao Utility Operating Company.

Concurrently, Mirant announced that it has been granted
permission by the U.S. Bankruptcy Court to implement a
Counterparty Assurance Program. This program supports the
company's ability to continue its asset optimization and risk
management operations without interruption. The Court order
authorizes immediate relief to honor any and all obligations
under existing and future trading and marketing contracts (known
as "safe harbor" contracts) that support Mirant's extensive asset
base. This protection, however, applies only to counterparties
that do not terminate trading and marketing contracts because of
Mirant's Chapter 11 filing.

Marce Fuller, president and chief executive officer of Mirant,
said "Mirant's worldwide operations are continuing without
interruption and our vendors will be paid in full for all goods
furnished and services provided after the filing date."

Mirant said that as of July 11, Mirant and its subsidiaries had
approximately $1.17 billion in total cash. Approximately $348
million is legally restricted and $89 million is held for
operating, working capital or other purposes at subsidiaries.
Additionally, the company has secured a commitment, subject to
Court approval, for $500 million in debtor-in-possession (DIP)
financing to provide additional working capital.

As part of the company's restructuring effort, it has been in
negotiations for several months with its bank lenders and
bondholders to restructure a significant portion of its debt and
refinance its existing credit facilities.

"Although we received broad support from the company's creditors
on our restructuring plan, failure to obtain the timely support
of our key lenders created substantial uncertainty in the
marketplace about the outcome of these discussions," Fuller said.
"This, in turn, put a strain on our liquidity and threatened the
feasibility of our business plan. Add to this, uncertainty about
the timing of the recovery in power prices and a slow economic
recovery in the U.S., and it became clear that a comprehensive
financial reorganization was the best approach for our
stakeholders."

Fuller continued, "While the decision to file for Chapter 11 was
very difficult, we believe this process will allow us to emerge
from Chapter 11 as a stronger, more viable and more competitive
company positioned for long-term success.

"Over the past 18 months, Mirant has successfully reduced costs,
divested non-core assets and implemented operational
efficiencies. We intend to continue these efforts to improve the
operations of the business in the weeks and months ahead."

Since the plan of reorganization has not yet been developed, the
treatment of existing creditor and stockholder interests in the
company is uncertain at this time.

The Chapter 11 petitions were filed in the U.S. Bankruptcy Court
for the Northern District of Texas, Fort Worth Division. The CCAA
application will be administered in the Court of Queen's Bench of
Alberta Judicial District of Calgary.

Along with its Chapter 11 filing, Mirant is terminating its
offers to exchange its 2.5 percent convertible debentures due
2021 and its 7.4 percent senior notes due 2004. Mirant Americas
Generation, LLC is also terminating its offer to exchange its
7.625 percent senior notes due 2006. In accordance with the terms
of the offerings, Mirant will instruct the exchange agent to
return the notes, which were tendered for exchange, to their
respective tendering bondholders.

Mirant has established a toll-free information line for vendors,
customers and other interested parties. The number is (888) 870-
7626. Information is also available at www.mirant.com .

Mirant (NYSE: MIR) is a competitive energy company that produces
and sells electricity in North America, the Caribbean, and the
Philippines. Mirant owns or controls more than 22,000 megawatts
of electric generating capacity globally. We operate an
integrated asset management and energy marketing organization
from our headquarters in Atlanta.

CONTACT:  MIRANT
          Media: James Peters, +1-678-579-5266
                 David Payne, +1-678-579-6065
          Investors: John Robinson, +1-678-579-7782
                     Carey Skinner, +1-678-579-3602
          Stockholder Inquiries: +1-678-579-7777.


MIRANT: Ratings Lowered to 'D' After Bankruptcy Filing
------------------------------------------------------
Standard & Poor's Ratings Services said Tuesday it lowered its
ratings on energy company Mirant Corp. and its subsidiaries to
'D' from 'CC' following Mirant's voluntary filing yesterday for
protection from creditors under Chapter 11 of the U.S. bankruptcy
code. Mirant did not include its Asian and Caribbean subsidiaries
in its filing, and did not submit a reorganization plan. Atlanta,
Ga.-based Mirant has $9.7 billion in debt.

"Standard & Poor's expects that the immediate recovery prospects
for the outstanding unsecured debt will be less than par value
given the amount of outstanding debt and the depressed state of
many of Mirant's nonregulated businesses," said Standard & Poor's
credit analyst Terry Pratt. Estimates of enterprise value,
assuming very conservative valuation of U.S. power plants, no
value attributed to the company's energy trading and marketing
division, forecasts of international cash flow, and current
liquidity suggest roughly $5 billion--about 51% of current total
debt, although Mirant's obligations could rise during bankruptcy
proceedings with additional claims. An improved recovery could
occur if power prices were to recover strongly. However, Standard
& Poor's cautions that estimating recovery values for Mirant's
obligations is complicated by a likely complex bankruptcy process
that will need to reconcile the interests of multiple creditor
classes, an illiquid market for merchant power plants, poor price
discovery for future power prices, substantial uncertainty
regarding the liabilities and assets of the trading operations,
potential deterioration in Mirant's businesses caused by the
bankruptcy process itself, and pending and future litigation.
Standard & Poor's will attempt to refine its preliminary recovery
estimate as more information becomes available.

The bankruptcy proceedings for Mirant and its subsidiaries are
likely to be lengthy, complex, and litigious, given the divergent
interests of holders of the bank debt, boldholders, and Mirant.
Mirant's bankruptcy filing was prompted by an inability to agree
with its bank lenders and bondholders on a transaction that would
have extended the maturity to 2008 of $4.8 billion of debt
obligations at the corporate and subsidiary levels. This
divergence of interests is underscored by Mirant's election not
to submit a prepackaged bankruptcy plan for which it had sought
creditor approval. Related to this are the numerous lawsuits
already brought against Mirant, mostly related to California
operations, which could introduce further pressures into the
bankruptcy proceedings.

Adding to the complexity is the Mirant Mid-Atlantic LLC lease
structure. This adds a class of secured lenders, with a claim on
certain Morgantown (1,244 MW) and Dickerson (546 MW) units. There
are also lenders who are secured by the West Georgia plant (615
MW), and lenders who are secured by certain assets held in the
Caribbean and Asian subsidiaries, which have not been filed into
bankruptcy. Bank lenders and bondholders of Mirant and its main
subsidiary, Mirant Americas Generation Inc. (MAG) rank equally
and are unsecured but MAG obligations are structurally senior to
Mirant obligations. In its attempt to restructure its obligations
out-of-court and in its prepackaged bankruptcy plan, Mirant
attempted to substantially consolidate creditors at MAG and
Mirant.

Mirant has not provided Standard & Poor's with any information
about the company's plans to request rejection or acceptance in
the bankruptcy court of certain out-of-market contracts, such
those with Potomac Electric Power Co. and other third parties
that were assumed by Mirant following its purchase of the
MidAtlantic assets. Mirant is forecasting a substantial loss on
these contracts through 2005, which suggests that these contracts
are likely to come under pressure for rejection or renegotiation.

The bankruptcy process has the potential to further weaken
Mirant's future financial performance, which was already
strained. Mirant operations continue, but the Chapter 11 filing
will place additional constraints or require more collateral to
perform trading and marketing functions a critical element of
Mirant's overall operational profile. A disruption in these
functions from a lack of counterparty faith in Mirant would
greatly reduce cash flow prospects. Positively, the U.S.
Bankruptcy Court has granted Mirant the authority to meet
existing and future trading and marketing obligations that
support Mirant's assets under a counterparty assurance program.

The bankruptcy process should ease Mirant's operating cash flow
constraints by potentially relieving it of nearly $500 million in
annual interest and lease expense at Mirant, MAG, and Mirant
MidAtlantic. In Mirant's most recent estimate of future cash
flow, the company's cash flow from operations was well below
Mirant and MAG interest expense through 2005, largely due to high
costs of run off items including out-of-market contracts, a
potential settlement on its must-run contracts in California, and
turbine cancellation costs. Without these run-off items, cash
flows could still be insufficient to cover debt service if power
prices do not recover or its forecast energy trading and
marketing revenues are not realized.

Liquidity is currently available to support low cash flows.
Mirant has access to $733 million of its total $1.17 billion in
cash balances, and has also obtained commitments for $500 in
debtor-in-possession financing, subject to court approval.



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

ASARCO: Missed Payment Spurs Doubts Among Environmentalists
-----------------------------------------------------------
Mining giant Asarco Inc. failed to make a US$1.8-million payment
on June 30 to residents of a Tacoma-area neighborhood polluted by
its smelter. The news, together with another missed payment in
January, created apprehensions among environmentalists who have
seen other large mining firms go bankrupt, sticking taxpayers
with hundreds of millions in cleanup costs, says the Seattle
Post-Intelligencer Reporter.

But according to John Phillips, a Seattle attorney representing
Asarco, the Company definitely will pay the residents --
eventually. Phillips revealed that the Company has about US$1.4
million in a fund related to the lawsuit that can't be released
yet and is due another US$1.5 million next July from an insurance
company. Those will cover the past-due payments to residents,
Phillips said.

In 1999, Asarco was purchased by Grupo Mexico S.A. de C.V., which
later moved to transfer Asarco's largest assets, ownership
interest in two Peruvian copper mines, to another Grupo
subsidiary.


AZTECA HOLDINGS: S&P Issues Mixed Rating Changes on Debt Issues
---------------------------------------------------------------
Standard & Poor's Ratings Services said Tuesday that it lowered
its corporate credit rating on Azteca Holdings S.A. de C.V. to
'SD' from 'CC'. An 'SD' rating denotes a selective default. The
ratings on Azteca Holdings' 10.5% senior secured notes due 2003
were lowered to 'D' from 'CC'.

Subsequent to the selective default, Standard & Poor's raised its
corporate credit rating on Azteca Holdings to 'CCC+' from 'SD',
assigned its 'CCC+' to the US$12 million 10.75% senior secured
notes due 2008 and US$96 million 12.25% senior notes due 2008,
and raised the rating on the company's US$129 million 12.5%
senior secured notes due 2005 to 'CCC+' from 'CC'. The outlook is
stable.

The 'SD' rating action followed completion of the company's
exchange offer on a portion of the issue. According to Standard &
Poor's criteria, and consistent with Standard & Poor's published
commentaries, the exchange offer was considered distressed as the
company would not be able to meet all of its obligations as
originally promised, and so was considered a default. Under
Standard & Poor's criteria, a distressed exchange offer is where
Standard & Poor's expects that the company would either be
unwilling or unable to meet its debt service on time and in full,
absent the restructuring involved in the exchange. However,
Standard & Poor's believes that Azteca Holdings exchange does not
constitute an event of default as defined in the indenture terms.
Of the aggregate US$150 million, US$12 million were exchanged
into 10.75% senior secured notes due 2008 and US$96 million were
exchanged into 12.25% senior notes due 2008.

Azteca Holdings, owner of 55% of the capital stock of TV Azteca,
S.A. de C.V. (B+/Stable/--), received US$69.9 million from a
US$125 million dividend payment made by TV Azteca in June. The
proceeds will be used to reduce the balance of its indebtedness
by about US$42 million, and to make interest payments on its
total debt.

Azteca Holding debt totaled US$237 million as of July 15, 2003.
The rating upgrade reflects the expectation that Azteca Holdings'
repayment capacity will be supported over time through TV
Azteca's cash flow in the form of dividend payments. However, at
this time, Standard & Poor's view is that it is still difficult
for TV Azteca to fund Azteca Holding's yearly debt amortization
and interest payments plus 100% of the amount necessary to pay
Azteca Holdings' 12.5% senior secured notes due 2005. "By
restructuring a portion of Azteca Holdings debt such that
repayment terms of the restructured issue better matches expected
dividend payments from TV Azteca, Azteca Holdings has
significantly improved its debt profile, post the exchange
offer," said credit analyst Patricia Calvo. "However, the US$129
million bullet maturity of the senior secured notes due June 2005
will continue to represent a challenge and the key rating
constraint," Ms. Calvo added.

Standard & Poor's also affirmed the 'B+' corporate credit rating
on subsidiary TV Azteca S.A. de C.V. The outlook on TV Azteca
remains stable, reflecting Standard & Poor's expectation that TV
Azteca's core operation should be able to continue generating
sufficient cash flow to support its own debt, as well as for the
continued payment of dividends to support the restructured Azteca
Holdings' debt, without TV Azteca having to increase net debt.

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


GRUPO ELEKTRA: Announces 2Q03 Preliminary Results Improved
----------------------------------------------------------
Grupo Elektra S.A. de C.V. (NYSE: EKT, BMV: Elektra*), Latin
America's leading specialty retailer, consumer finance and
banking services company, announced Tuesday its preliminary
results for the second quarter 2003.

"During the second quarter, we maintained our successful growth
in the retail division, while gradually transferring more
expenses related to Banco Azteca, and delivering sound margins
that truly reflect the profitability of Grupo Elektra," commented
Rodrigo Pliego, CFO of Grupo Elektra. "We are also excited to see
that Banco Azteca is exceeding our initial expectations and
should be reporting positive results," Mr. Pliego added.

                                                    2Q03
     Total Revenues (in millions of Pesos)     $4,190 - $4,270
     Gross Profit                               38.5% - 38.8%
     EBITDA Margin                              18.4% - 18.7%
     Operating Margin                           14.8% - 15.1%

Grupo Elektra will be reporting its 2Q03 results on Monday, July
28, 2003, after the market closing and will conduct its
conference call to discuss the results on Tuesday, July 29, 2003,
at 10:00 am (Mexico City Time) or 11:00 am (US Eastern Time).

Grupo Elektra - Tradition with Vision

Grupo Elektra is Latin America's leading specialty retailer,
consumer finance and banking services company. Grupo Elektra
sells retail goods and services through its Elektra, Salinas y
Rocha and Bodega de Remates stores and over the Internet. The
Group operates almost 900 stores in Mexico, Guatemala, Honduras
and Peru. Grupo Elektra also sells and markets its consumer
finance and banking products and services through its Banco
Azteca branches located within its stores. Financial services
include consumer credit, money transfers, extended warranties and
savings accounts.

CONTACT:  Grupo Elektra S.A. de C.V.
          Esteban Galindez, CFA, Director of Investor Relations
          Phone: +52 (55) 8582-7819
          Fax: +52 (55) 8582-7822
          Email: egalindez@elektra.com.mx

          Rolando Villarreal, Investor Relations
          Phone: +52 (55) 8582-7819
          Fax: +52 (55) 8582-7822
          Email: rvillarreal@elektra.com.mx

          Home Page:  http://www.grupoelektra.com.mx


GRUPO IUSACELL: Holders Approached By UBS
-----------------------------------------
Grupo Iusacell, S.A. de C.V. (BMV:CEL) (NYSE:CEL) ("Iusacell" or
the "Company") announced Tuesday that, on July 14, 2003, it was
informed by its principal shareholders, Verizon Communications
Inc. and Vodafone Americas B.V., that they received an invitation
from UBS Securities LLC ("UBS") to engage in discussions
regarding a possible transaction involving the Company and that
they have determined not to engage in discussions with UBS.

About Iusacell

Grupo Iusacell, S.A. de C.V. (Iusacell, NYSE: CEL; BMV: CEL) is a
wireless cellular and PCS service provider in seven of Mexico's
nine regions, including Mexico City, Guadalajara, Monterrey,
Tijuana, Acapulco, Puebla, Leon and Merida. The Company's service
regions encompass a total of approximately 92 million POPs,
representing approximately 90% of the country's total population.

CONTACT:  Grupo Iusacell, S.A. de C.V., Mexico City
          Russell A. Olson
          Phone: 011-5255-5109-5751
          Email: russell.olson@iusacell.com.mx

          Carlos J. Moctezuma
          Phone: 011-5255-5109-5780
          Phone: carlos.moctezuma@iusacell.com.mx



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

BANCO SANTANDER: Fitch Ups LTFC Rating To `B-` from `CCC-`
----------------------------------------------------------
In a series of related announcements, Fitch Ratings upgraded the
long-term foreign currency rating of Uruguayan bank Banco
Santander S. A. (Santander) to 'B-' from 'CCC-' in line with the
sovereign ratings, which were removed from default mid-June. The
Rating Outlook on Banco Santander's long-term foreign currency
rating remains Stable in line with that of the sovereign ratings.


BANCO SUDAMERIS: Long Term Foreign Currency Rating Raised to B-
---------------------------------------------------------------
In a series of related announcements, Fitch Ratings upgraded the
long-term foreign currency rating of Uruguayan bank Banco
Sudameris - Uruguay Branch (Sudameris) to 'B-' from 'CCC-' in
line with the sovereign ratings, which were removed from default
mid-June. The Rating Outlook on Banco Sudameris' long-term
foreign currency rating remains Stable in line with that of the
sovereign ratings.


CACDU: Fitch Raises LTFC Rating To `CCC+'
-----------------------------------------
In a series of related announcements, Fitch Ratings upgraded the
long-term foreign currency rating of Uruguayan bank Primera
Cooperativa de Ahorro y Credito de Paysandu (CACDU) to 'CCC+'
from 'CCC-' in line with the sovereign ratings, which were
removed from default mid-June. The Rating Outlook on CACDU's
long-term foreign currency rating remains Stable in line with
that of the sovereign ratings.


COFAC: Fitch Raises LTFC Rating In Line With Uruguay's Ratings
--------------------------------------------------------------
In a series of related announcements, Fitch Ratings upgraded the
long-term foreign currency rating of Uruguayan bank Cooperativa
Nacional de Ahorro y Credito (COFAC) to 'CCC+' from 'CCC-' in
line with the sovereign ratings, which were removed from default
mid-June. The Rating Outlook on COFAC's long-term foreign
currency rating remains Stable in line with that of the sovereign
ratings.


FAE: Long Term Foreign Currency Rating Upped To `B-'
----------------------------------------------------
In a series of related announcements, Fitch Ratings upgraded the
long-term foreign currency rating of Uruguayan bank Cooperativa
de Ahorro y Credito FAE to 'B-' from 'CCC-' in line with the
sovereign ratings, which were removed from default mid-June. The
Rating Outlook on the bank's long-term foreign currency rating
remains Stable in line with that of the sovereign ratings.


FUCAC: Fitch Ups Rating In Line With Sovereign Ratings
------------------------------------------------------
In a series of related announcements, Fitch Ratings upgraded the
long-term foreign currency rating of Uruguayan bank Federacion
Uruguaya de Cooperativas de Ahorro y Credito (FUCAC) to 'B-' from
'CCC-' in line with the sovereign ratings, which were removed
from default mid-June. The Rating Outlook on FUCAC's long-term
foreign currency rating remains Stable in line with that of the
sovereign ratings.


FUCEREP: Fitch Raises LTFC Rating To `B-`
-----------------------------------------
In a series of related announcements, Fitch Ratings upgraded the
long-term foreign currency rating of Uruguayan bank Cooperativo
de Ahorro y Credito (FUCEREP) to 'B-' from 'CCC-' in line with
the sovereign ratings, which were removed from default mid-June.
The Rating Outlook on FUCEREP's long-term foreign currency rating
remains Stable in line with that of the sovereign ratings.


HSBC BANK: Long Term Foreign Currency Rating Upped To `B-'
----------------------------------------------------------
In a series of related announcements, Fitch Ratings upgraded the
long-term foreign currency rating of Uruguayan bank HSBC Bank
(Uruguay) S.A. to 'B-' from 'CCC-' in line with the sovereign
ratings, which were removed from default mid-June. The Rating
Outlook on HSBC Bank's long-term foreign currency rating remains
Stable in line with that of the sovereign ratings.


FITCH NOTES: While Uruguayan economic conditions remain
difficult, limiting the scope for asset quality and earnings
improvement in the financial system, deposits have remained
stable since February of this year. This is particularly notable
given that the government has since announced and completed the
restructuring of its debt. The institutions we rate have built
and maintained solid liquidity cushions, comprised of cash and
short-term bank placements. The debt restructuring had a minimal
impact on these institutions given small holdings of government
debt, which in the case of the foreign banks and FUCEREP, was
less than 1% of total assets at end-2002.

COFAC, the largest credit cooperative in the system, has been
more heavily affected by the crisis relative to its peers,
reflected in a weaker financial profile. During 2002, COFAC
utilized liquidity lines from the Central Bank of Uruguay, which
it has since paid back. In recent months, however, its liquidity
position, which is significantly lower than those maintained by
the other credit cooperatives we rate, has come under increasing
pressure. In addition, its capital position, historically weaker
than its peers, has been depleted by the hefty losses posted in
2002 (end-2002: equity to assets of 2.76%). CACDU, a smaller
credit cooperative with a similarly weak financial profile, is
set to be absorbed by COFAC, pending authorization by the
Economic Ministry. Sparked by contagion from the Argentine
crisis, the Uruguayan financial system has faced severe stresses
over the past year, most recently with renewed deposit flight
following rumors of the pesofication of deposits in January.
Going forward, the continued maintenance of depositor confidence
will be key to ensuring systemic stability, while a more robust
recovery remains contingent on the resumption of economic growth.
Ratings Affected:

CONTACT:  Linda Hammel +1-212-908-0303, New York
          Peter Shaw +1-212-908-0553, New York
          Ricardo Chaves +1-212-908-0606, New York
          Ana Gavuzzo +5411 4327-2444, Buenos Aires
          Maria Fernanda Lopez +5411 4327-2444, Buenos Aires

MEDIA RELATIONS: James Jockle +1-212-908-0547, New York




               ***********


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

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

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

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