TCRLA_Public/030827.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

          Wednesday, August 27, 2003, Vol. 4, Issue 169

                          Headlines


A R G E N T I N A

ADEBALL: Court Sets Deadlines For Individual, General Reports
ARGENVASES: Court Declares Bankruptcy
AUTOPISTAS DEL SOL: Moody's Assigns Default Ratings To Bonds
BOTICA DEL ARCON: Court Authorizes Reorganization
CEPA: G&Z Transfers 42% Stake To Creditors

CHASQUI: Court Orders Bankruptcy
CONSOMME: Files "Concurso Preventivo" Motion
CONSORCIO EMPRESARIO: Bankruptcy Proceeds As Ordered by Court
DIRECTV LA: Raven Media's Bid for Trustee Denied
EDICIONES NUEVO: Court Assigns Receiver For Bankruptcy

ETCOTEX: Declared Bankrupt By Court
EXPRESO: Bankruptcy Approved, Receiver Assigned
FANTASTICO PRODUCCIONES: Seeks Court Permission To Reorganize
FRUTICOLA TALCAHUANO: Court Sets Deadline to Verify Claims
IMPSAT: 2Q03 Results Trending Better, Borrowing Expense Down

INGENIERIA: Court Orders Liquidation
LINEA BARBIZON: Court Approves "Concurso Preventivo" Motion
MASTELLONE HERMANOS: S&P Rates $150M of Bonds 'raD'
PAN AMERICAN: Moody's Ups LTFC Debt, FC Issuer Ratings to Caa1
PETROBRAS ENERGIA: Moody's Upgrades Ratings; Stable Outlook

RUMIFER: Rio Cuarto Tribunal Orders Bankruptcy
SECURITY CONSULTANTS: Court Sets Claims Verification Deadline
TELEFONICA DE ARGENTINA: Names CEO To Board At 2 Units
TRANSFEDE: Court Approves Involuntary Bankruptcy Petition
VISOR ENCICLOPEDIAS: Gets Court's OK to Reorganization


B E R M U D A

TYCO INTERNATIONAL: Former Auditor To Testify Against Ex-Execs


B R A Z I L

AHOLD: Moving to Overturn Judge's Ruling on Units' Sale
GERDAU: Launches New Thermal Cutting Unit
KLABIN: Sells Shares Of Bacell
TELEMAR: Regulator Finds In Embratel's Favor


C H I L E

ENDESA CHILE/TRANSENER: To Appeal Fines Imposed By SEC


C O L O M B I A

COLOMBIA TELECOMUNICACIONES: Announces New Outsourcing Deal


J A M A I C A

JUTC: Management Scrambles to Deal with Workers' Protest


M E X I C O

ALESTRA: Noteholders Meeting Scheduled for Cash Tender Offer
GRUPO TMM: Terminates Proposed Sale After Shareholder Input
VITRO: Consolidating Presence in Food Segment


P A R A G U A Y

BANCO ASUNCION: Dumping Debts Before Leaving Local Market


P A N A M A

INTERNATIONAL THUNDERBIRD: Shows Improving 2Q03 Results


P E R U

MINERA VOLCAN: Votorantim Revises Bidding Proposal


V E N E Z U E L A

PDVSA: New Unit To Handle All 3rd Party Contracts


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A R G E N T I N A
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ADEBALL: Court Sets Deadlines For Individual, General Reports
-------------------------------------------------------------
Buenos Aires' Court No. 17, which holds jurisdiction over the
reorganization of local company Adeball Amoblamientos S.A., has
set the deadlines for the submission of individual and general
reports.

The receiver, Mr. Horacio Fernando Crespo, will submit the
individual reports to the court on November 13, followed by the
general report on December 30. The verification of credit claims
will be done until September 25, after which the individual
reports will be prepared.

Local news source Infobae reports that that the informative
audience will be held on February 19 next year.

CONTACT:  Horacio Fernando Crespo
          Maipu 464
          Buenos Aires


ARGENVASES: Court Declares Bankruptcy
-------------------------------------
Argenvases SAF y C, which manufactures tin plate packages, is
officially pronounced as bankrupt by the Buenos Aires' Court No.
5, relates La Nacion. Dr. Vasallo, the insolvency judge handling
the case, is assisted by Clerk No. 10, Dr. Polo Olivera on the
case.

The court approved a petition for the Company's bankruptcy filed
by its creditor, Cooperativa de Cr‚dito y Consumo San Pedro
Limitada. The Company failed to meet its obligations on some
US$200,000 in debt to the cooperative.

The bankruptcy proceeds with the verification of credit claims.
The receiver, Guillermo Torres, will verify claims until October
21, 2003. However, the report did not indicate the deadline of
the individual and general reports.

CONTACT:  Argenvases SAF y C
          Cespedes 3857
          Buenos Aires

          Guillermo Torres
          7th Floor, Room 38
          Ave. Corrientes 922
          Buenos Aires


AUTOPISTAS DEL SOL: Moody's Assigns Default Ratings To Bonds
------------------------------------------------------------
A total of US$380 million of corporate bonds issued by Argentine
company Autopistas del Sol S.A. received `D' ratings from Moody's
Latin America Calificadora de Riesgo S.A. recently. The rating,
which is based on the Company's finances as of the end on March
this year, is applied to financial obligations that are currently
in payment default.

Some US$170 million of the bonds are called "Obligaci¢n
Negociable - Serie A", according to the Argentine Securities
Commission. These mature on August 1, next year.

Meanwhile, the remaining US$210 million of bonds are described as
"Obligaci¢n Negociable - Serie B". This set matures on August 1,
2009. Both set of bonds are classified as simple issue.


BOTICA DEL ARCON: Court Authorizes Reorganization
-------------------------------------------------
The Civil and Commercial Tribunal of Mar del Plata approved a
motion for "Concurso Preventivo" filed by local company Botica
del Arcon S.R.L., reports Infobae. The Company now has permission
to proceed with its reorganization process.

The province's court No. 7, which handles the Company's case,
assigned Mr. Alberto Arango as receiver. Verifications of credit
claims will be done until September 19. After that period, the
receiver will prepare the individual reports, which are due for
submission on October 31 this year. The general report, on the
other hand, must be submitted by December 15.

The report adds that the court has set June 24 next year as the
date for the informative audience.

CONTACT:  Alberto Arango
          Rawson 2272
          Buenos Aires


CEPA: G&Z Transfers 42% Stake To Creditors
------------------------------------------
Garovaglio & Zorraquin (G&Z) has transferred 42% of the shares of
its slaughterhouse Compania Elaboradora de Productos Alimenticios
(CEPA) to a group of creditors. CEPA, Argentina's second meat
exporter, started a formal restructuring proceeding in 2000. It
proposed to restructure a debt of US$80 million - with banks and
suppliers - through an out-of-court agreement (APE) and offered
two alternatives: capitalization or refinancing with longer
terms.

A big part of its creditors decided to take a stake in the
Company. In relation to this alternative, CEPA undertook to
increase its share capital from ARS21 million to ARS52 million.
Those who opted for the first alternative will have a 42.4% stake
in the firm, while G&Z will reduce its interest from 90% to 36%.
The rest will belong to Federico Zorraquin, who owned a ARS11-
million credit and also accepted the first alternative.

Meanwhile, another group of creditors, to whom CEPA owes US$45
million, opted for the refinancing. This alternative involves an
8-year payment term, plus a 2-year grace period and a step-up
interest rate.

The holding Garovaglio & Zorraquin was founded in 1898 as a sugar
consignee. In 1944, G&Z's shares started to quote on the Buenos
Aires Stock Exchange and in the eighties G&Z emerged as one of
Argentina's leading economic groups, with investments in
petrochemical, mining and banking sectors. In 1993, Federico
Zorraquin decided to restructure the holding, since the figures
were not too healthy. Supported by his son, he sold the shares in
the petrochemical firm Petroken, as well as its mining unit Cerro
Castillo.

In 1997, the Zorraquins bought 70% of CEPA from the Moche family
for US$ 84 million and put all their energies on the food
industry.

By that time, CEPA had three big factories: Pontevedra, in Merlo;
San Vicente, in Alejandro Korn, y another one in Venado Tuerto,
Santa Fe. Now only the last one remains open.


CHASQUI: Court Orders Bankruptcy
--------------------------------
Court No. 11 of Buenos Aires ordered the bankruptcy of local
company Chasqui S.A.. According to local news source Infobae, the
city's Clerk No.21 aids the court on the case. Mr. Sergioomar
Barragan is assigned receiver for the Company's bankruptcy, the
report reveals. Creditors have until October 8 to have their
claims verified.

The court requires the receiver to hand in the individual
reports, which are to be prepared upon completion for the
verification process, on November 19 this year. The general
report is due for submission on February 23 next year.

CONTACT:  Sergio Omar Barragan
          Rivadavia 666
          Buenos Aires


CONSOMME: Files "Concurso Preventivo" Motion
--------------------------------------------
Argentine food company Consomme S.A. filed a motion for "Concurso
Preventivo" to Court No. 10 of Buenos Aires, relates local
newspaper La Nacion. The Company has stopped making payments on
its financial obligations.

Dr. Chomer, the insolvency judge handling the case, is assisted
by Dr. D'Alessadri, the city's Clerk No. 19. The report did not
indicate whether the motion is likely to be approved or not.

CONTACT:  Consomme S.A.
          Alvarado 2357
          Buenos Aires


CONSORCIO EMPRESARIO: Bankruptcy Proceeds As Ordered by Court
-------------------------------------------------------------
Dr. Gonzales, insolvency judge for Buenos Aires' Court No. 8,
declares Consorcio Empresario de Ahorro para Fines Determinados
bankrupt. Local newspaper La Nacion relates that Mr. Eligio
Quevedo filed a petition seeking the Company's bankruptcy on
failure to meet its financial obligations on some US$18,297 of
debt.

The report adds that the deadline for verifications of credit
claims is November 17 this year. Creditors must present their
proofs of claims to the receiver, Mr. Juan Carlos Rama, before
the said date.

CONTACT:  Consorcio Empresario de Ahorro para Fines Determinados:
          7th Floor, Room 17
          Ave. de Mayo 953
          Buenos Aires

          Juan Carlos Rama
          8th Floor, Room 54
          Viamonte St. 1453
          Buenos Aires


DIRECTV LA: Raven Media's Bid for Trustee Denied
------------------------------------------------
As previously reported, William H. Sudell, Jr., Esq., at Morris,
Nichols, Arsht & Tunnell, in Wilmington, Delaware, noted that
there is a pervasive interrelationship between DirecTV Latin
America, LLC and Hughes Electronics Corporation and its remaining
affiliates:

-- Hughes owns 75% of DirecTV's equity;

-- four of the five members of DirecTV's executive committee
   and six of DirecTV's seven senior officers are Hughes
   employees;

-- Hughes is DirecTV's DIP financing lender; and

-- Hughes affiliates provide DirecTV with critical satellite
   services and are many of the local operating companies to
   whom DirecTV provides programming services and funding.

Mr. Sudell argues out that these incestuous relationships
preclude DirecTV from proceeding objectively with its business
restructuring, which requires the re-evaluation and probable
renegotiation of virtually all relationships. Furthermore, even
DirecTV's business relationships with independent programmers are
subject to conflicts regarding Hughes because those same
programmers also deal extensively with Hughes' 100% owned United
States subsidiary, DirecTV, Inc.

Raven Media Investments LLC, as a holder, inter alia, of a
general unsecured claim against DirecTV of not less than
$189,000,000, sought the Court approval to appoint a Trustee or
Examiner for DirecTV's case.

Alternatively, Raven asked the Court to appoint an examiner with
the responsibility to investigate and file a report on:

(i)   the validity and effect of all inter-company transactions
      between DirecTV and Hughes and its affiliates and
      insiders;

(ii)  the treatment of Hughes' claims against DirecTV,
      including, without limitation, as to issues regarding
      re-characterization;

(iii) potential claims available to DirecTV's estate against
      its insiders and affiliates, especially Hughes; and

(iv)  substantive consolidation of DirecTV with any of its
      affiliates.

Hughes Reacts

Hughes Electronics Corporation addresses the highly inflammatory,
and false, statement made by the Creditors' Committee that the
purported "resistance it has encountered [from DIRECTV Latin
America, LLC in the investigation] is the result of Hughes'
influence. . . ."

Mark D. Collins, Esq., at Richards, Layton & Finger, in
Wilmington, Delaware, notes that nowhere in the Committee's
Opposition is there any support for the assertion that Hughes has
in any way obstructed the Committee's investigation of DirecTV.
The Committee has issued no less than five separate document
requests to Hughes of truly extraordinary breadth. Hughes
determined to cooperate fully by producing virtually all non-
privileged documents it can reasonably locate that pertain in any
way to DirecTV.

In fact, Mr. Collins reports, over 2,000 hours of attorney time
have been spent to date collecting, reviewing, and producing
responsive documents to the Committee. Yet the Committee
conspicuously neglects to mention that Hughes has already
produced to the Committee on a voluntary, informal basis 47 boxes
of documents and is in the process of producing many additional
documents.

Mr. Collins assures the Court that Hughes has never interfered
with the Committee's discovery efforts or indeed with any of the
Debtor's obligations to the Committee. The Committee's statement,
that it "has no doubt that the resistance [by the Debtor] it has
encountered is the result of Hughes' influence," is nothing short
of outrageous, particularly in light of Hughes' agreement to
allow the Committee to use up to a total of $2,000,000 of the
proceeds of the DIP financing facility that Hughes has provided
to the Debtor and the proceeds of Hughes' collateral to fund the
Committee's investigation.

In addition, Huron Consulting, the Committee's financial advisor,
has been collecting numerous documents directly from DirecTV's
restructuring advisors, Alix Partners, LLC. In view of the fact
that DirecTV has certain confidential business information within
its possession concerning some Hughes affiliates, i.e., several
Local Operating Companies, the California Broadcast Center, LLC,
and PanAmSat Corporation, of which Hughes is a majority
stakeholder, DirecTV has, on occasion, appropriately informed
Hughes of certain Huron requests before producing Hughes-related
confidential information to Huron.

For instance, Huron asked for certain technical satellite
information that involved the potential disclosure of CBC and
PanAmSat proprietary data. Alix Partners, through DirecTV's
counsel, communicated the request to Hughes' counsel, and Hughes
promptly responded that it had no objection to DirecTV's
production.

Accordingly, Hughes is equally offended and perplexed by the
Committee's gratuitous falsehood in the papers filed with the
Court concerning Hughes' supposed interference in its
investigation.

* * *

Judge Walsh denies Raven Media's request to appoint a trustee or
examiner. (DirecTV Latin America Bankruptcy News, Issue No. 11;
Bankruptcy Creditors' Service, Inc., 609/392-0900)


EDICIONES NUEVO: Court Assigns Receiver For Bankruptcy
------------------------------------------------------
Court No. 11 of Buenos Aires assigned Mr. Ricardo Oscar Garcia as
receiver for the bankruptcy of Ediciones Nuevo Siglo S.A.,
relates Infobae. Mr. Garcia will verify creditors' claims until
October 9 this year.

The Company was recently declared bankrupt by the court, the
report recalls, adding that the city's Clerk No. 21 aids the
court on the case.

The individual reports are due for submission on November 20,
while the general report must be submitted on February 4, 2004,
says the report.


ETCOTEX: Declared Bankrupt By Court
-----------------------------------
Etcotex S.R.L., which is based in Buenos Aires, enters bankruptcy
after the city's Court No. 14 ruled it is "Quiebra Decretada".
Infobae reports that the city's Clerk No. 28 works with the court
on this case.

Ms. Silvia Beatriz Cusel, a local accountant, is assigned
receiver to the process. The receiver will verify credit claims
until September 24. After that, Ms. Cusel will prepare the
individual reports, which must be submitted to the court no.
November 5. The general report will follow on December 17.

CONTACT:  Silvia Beatriz Cusel
          Manuel B. Trelles 2350
          Buenos Aires


EXPRESO: Bankruptcy Approved, Receiver Assigned
-----------------------------------------------
Court No. 39 of Cordoba assigned Ms. Victoria Rosina Barutta as
receiver for the bankruptcy of local company, Expreso Cordoba-Mar
del Plata S.R.L., relates Infobae. Ms. Barutta will verify
creditors' claims until August 29.

The Company was recently declared bankrupt by the court, Infobae
recalls, without revealing the reasons behind the ruling.

After the completion of the credit verification process, the
receiver will prepare the individual and general reports, as
required by Argentine bankruptcy law.


FANTASTICO PRODUCCIONES: Seeks Court Permission To Reorganize
-------------------------------------------------------------
Fantastico Producciones S.A., which is domiciled in Buenos Aires,
is seeking court permission to undergo reorganization, relates
local news source Infobae. The Company filed its motion for
"Concurso Preventivo" to the city's Court No. 2, said the report.

Clerk No. 4 of Buenos Aires works with the court on the case.
However, the report did not mention whether the motion is likely
to be granted or not.

CONTACT:  Fantastico Producciones S.A.
          Bulnes 2515
          Buenos Aires


FRUTICOLA TALCAHUANO: Court Sets Deadline to Verify Claims
----------------------------------------------------------
Creditors of Buenos Aires-based company Fruticola Talcahuano S.A.
have until November 12, 2003 to have their claims verified by the
receiver, Mr. Jacobo Shalum. After that, Mr. Shalum will prepare
the individual reports, which must be submitted to the court.

Argentine news portal Infobae recalls that the city's Court No.
20 recently approved the Company's motion for "Concurso
Preventivo", giving it permission to undergo reorganization.
However, the report did not indicate whether the court has the
deadline for the individual and general reports.

CONTACT:  Fruticola Talcahuano S.A.
          Ave. Corrientes 3169
          Buenos Aires

          Jacobo Shalum
          Lavalle 1672
          Buenos Aires


IMPSAT: 2Q03 Results Trending Better, Borrowing Expense Down
------------------------------------------------------------
IMPSAT Fiber Networks, Inc. ("Impsat" or the "Company"), a
leading provider of integrated broadband data, Internet and voice
telecommunications services in Latin America, announced its
results for the second quarter of 2003. All figures are in U.S.
dollars.

SECOND QUARTER 2003 HIGHLIGHTS

-- Net income per common share was $2.22 during the second
quarter of 2003.

-- Total revenues for the second quarter of 2003 were $56.4
million, a slight increase over revenues of $56.1 million for the
first quarter of 2003.

-- EBITDA for the six months ended June 30, 2003, was $20.9
million, a 10% increase over EBITDA for the six-month period
ended June 30, 2002.

-- For the six months ended June 30, 2003, operating expenses
totaled $111 million, a decrease of 17% from total operating
expenses of $133.7 million for the same period during 2002.
Operating expenses for the relevant periods included a $16.4
million gain on extinguishment of debt for the first half of 2002
as compared to $ 8.8 million gain on extinguishment of debt for
the same period in 2003.

-- Interest expense decreased by 89% during the first half of
2003 as compared to the same period of 2002. The Company
estimates its net cash interest expense will total approximately
$15.0 million during 2003.

-- Operating activities provided $20.5 million in net cash flow
for the first half of 2003, compared to $4.3 million used for
operating activities during the corresponding period of 2002.

-- Available cash and cash equivalents at June 30, 2003 totaled
$63.8 million, $8.2 million in excess of the Company's cash, cash
equivalents and trading investments of $55.6 million at December
31, 2002.

-- Total debt was reduced during the second quarter of 2003 by
$7.2 million to $260.3 million at June 30, 2003, principally due
to the extinguishment of certain vendor financing debt.

SECOND QUARTER 2003 RESULTS

Overview

Despite the economic slowdown that has affected the
telecommunications sector globally and in Latin America, Impsat
achieved positive results from its operations after having
completed its financial restructuring.

The Company reported better than projected positive operating
results and cash inflows from its operations. Total net revenues
for the second quarter of 2003 were $56.4 million, compared to
total net revenues for the second quarter of 2002 of $59.4
million. During this period, revenue from broadband, satellite
and Internet services were the most adversely affected by the
macroeconomic downturn affecting businesses in Latin America.
However, total net revenues experienced a moderate increase of 1%
as compared to the previous quarter ended on March 30, 2003.

Operating expenses for the second quarter of 2003 equaled $49.2
million, a 12% decrease compared to operating expenses of $56.1
recorded for the second quarter of 2002. This decrease is a
consequence of the continuing efforts of management to reduce
operational expenses. Operating expenses for the six months ended
on June 30, 2003 were $111 million, reflecting a 17% decrease
over operating expenses of $133.7 million during the
corresponding period of 2002.

Commenting on the Company's results, Impsat CEO Ricardo Verdaguer
said: "The performance of the Company during the second quarter
demonstrated our capacity to overcome challenging circumstances.
Despite the fact that Latin American economies continue to
experience difficult conditions, Impsat is well positioned to
improve rapidly its operating performance and growth when
economic recovery commences in the region. Our cost-cutting
initiatives during the prior year that have enhanced our
efficiency, our positive operating performance, and our current
financial status provide a solid foundation to our business and
should enable us to grow in the future. Moreover, we maintain a
fully integrated product portfolio of voice, data and Internet
services that are supported by our presence throughout the
region. We consider this to be the key to attracting pan-regional
corporate customers."

Revenue Breakdown by Business Line

Broadband and satellite data services revenues represented 75% of
our total net revenues from services during the second quarter of
2003. Compared to the second quarter of 2002, broadband and
satellite data services revenues declined by $2.7 million, or 6%,
principally as a result of lower satellite based services volume.
Despite the economic slowdown that has posed a challenge to our
region, broadband and satellite revenues showed a moderate
increase of 1% as compared to the first quarter of 2003.

During the second quarter of 2003, Internet revenues were $5.8
million, a 20.7% decrease as compared to the same quarter of
2002. This decrease in revenues is principally derived from
higher competition, forcing pricing pressure. Our Internet
services revenue during the second quarter of 2003 showed a
moderate increase compared to the first quarter of 2003.

Telephony services revenues increased 15.7% and 12% as compared
to the second quarter of 2002 and the first quarter of 2003,
respectively. This increase was due to increased delivery of
switched voice services to corporate customers in Argentina and
also international call terminations to end-user customers in the
United Stated and Peru.

Revenues from value added services increased principally due to
the appreciation of the Argentine peso during the second quarter
of 2003 as compared to the same period in 2002.

Revenue Breakdown by Country

Although Argentina has been the country most adversely affected
by the economic slowdown in Latin America, the Argentine economy
has shown some signs of growth in the first half of 2003. The
Argentine peso gained strength during this period against the
U.S. dollar and the Argentine government has predicted improved
financial conditions for the remainder of the year. However, the
Argentine economy continues to face severe challenges. This
economic scenario has contributed to Impsat Argentina's
relatively flat revenues. Total net revenues at Impsat Argentina
were $15.6 million during the second quarter of 2003 and $30.3
million for the six months ended on June 30, 2003 (including
intercompany transactions). These results represent increases of
9.5% and 0.6% as compared to similar periods during 2002. Impsat
Argentina's revenues accounted for 25% of the total revenues of
the Company during the second quarter of 2003.

In Colombia, total revenues from services for the second quarter
of 2003 were $13.6 million, compared to $15.0 million for the
same quarter in 2002. Impsat Colombia's revenues represented 22%
of total Company revenues for the second quarter of 2003.

Impsat Brazil's total revenues from services, which represented
13% of Impsat's total revenues, were $7.8 million during the
second quarter of 2003, compared to $10.1 million for the second
quarter of 2002. Impsat Brazil's revenues were adversely affected
during the first half of 2003 by the devaluation of the Brazilian
real against the U.S. dollar over the corresponding period.
During the second quarter, the Brazilian real appreciated against
the U.S. dollar, which contributed to an increase in total
revenues from services at Impsat Brazil as compared to the first
quarter of 2003.

Revenues at IMPSAT Venezuela totaled $8.6 million and $17.6
million for the second quarter and first half of 2003, compared
to $7.7 million and $15.6 million for the same periods in 2002.

Operating Expenses

Operating expenses for the first half of 2003 decreased by 17% as
compared to corresponding period of 2002. Operating expenses for
the six months ended June 30, 2003 totaled $111 million compared
to $133.7 million for the same period of 2002. During the second
quarter of 2003, operating expenses equaled $49.2 million
compared to operating expenses of $56.1 million in the second
quarter of 2002, a 12% decrease. As compared to the first quarter
of 2003, operating expenses decreased $12.6 million or 20%.
Impsat's commitment to streamline its operating expenses, as well
as lower depreciation during the second quarter of 2003 as a
result of adjustments made in connection with the Company's
emergence from Chapter 11 at the end of March 2003, resulted in a
$22.7 million decrease in total operating expenses. Operating
expenses include non-recurring gains on extinguishment of debt
that accounted for $8.8 million during the six months ended June
30, 2003 compared to a gain of $16.4 million during the same
period in 2002.

EBITDA

EBITDA for the second quarter of 2003 totaled $7.3 million,
compared to $10.2 million from the same period of 2002. The
decrease was due primarily to lower revenues during the second
quarter of 2003. During the first half of 2003, EBITDA equaled
$20.9 million, a 10% increase as compared to $18.9 million for
the same period of 2002. The increase in the EBITDA for this
period is the result of lower operating expenses that more than
offset decreases in revenues for the same period. The Company's
EBITDA margin was 13% for the second quarter of 2003 and 19% for
the first half of 2003. In 2002, the ratio of EBITDA to revenues
was 16% for the first half of 2002 and 17% for the second quarter
of 2002.

Effect of Foreign Exchange Losses, Taxes, Net Income and
Operating Loss

The Company recorded a net gain on foreign exchange for the three
and six months ended June 30, 2003 of $21.4 million and $31.4
million respectively, compared to net losses of $45.1 million and
$52.4 million for the same periods in 2002. The net gain on
foreign exchange reflects primarily the effect of the
appreciation during the first half of 2003 (i.e., compared to the
end of 2002) of the Argentine peso and the Brazilian real on the
book value of our monetary assets and liabilities in Argentina
and Brazil.

IMPSAT Argentina recorded a net gain on foreign exchange for the
three and six months ended June 30, 2003 of $0.7 million and $1.2
million, respectively, compared to net losses of $5.7 million and
$12.8 million for the same periods in 2002. IMPSAT Brazil
recorded a net gain on foreign exchange for the first quarter and
second half of 2003 of $21.5 million and $31.1 million, compared
to net losses of $39.0 million and $39.1 million for the same
periods in 2002.

Net Income (Loss)

For the three months and six months ended June 30, 2003, we
recorded net income of $22.2 million and $753.3 million, compared
to net losses of $85.6 million and $144.1 million during the same
periods in 2002. Net income for these periods in 2003 was
principally due to the effects of the extraordinary gain on
extinguishment of indebtedness pursuant to our emergence from
Chapter 11, our other gains on extinguishment of debt, and our
net gain on foreign exchange. For the second quarter and first
half of 2003, we recorded operating income of $7.2 million and
$1.5 million, compared to operating income of $3.2 million and
operating loss of $11.9 million for the same periods in 2002.

Non-GAAP Financial Measures

The Company presents EBITDA as a supplemental measure of
performance because it believes that EBITDA provides a more
complete understanding of our operating performance before the
impact of investing and financing transactions. EBITDA and EBITDA
margins are among the more significant factors in management's
evaluation of Company-wide performance. EBITDA can be computed by
adding depreciation and amortization to operating income (loss).
Reconciliation of EBITDA to Operating Income (Loss) is presented
in Appendix I Supplemental Financial Information in this Press
Release. EBITDA (earnings before interest, taxes, depreciation,
amortization, and non-recurring items) should not be considered
as an alternative to any measure of operating results as
promulgated under accounting principles generally accepted in the
United States such as operating income or net income, nor should
it be considered as an indicator of our overall financial
performance. EBITDA does not fully consider the impact of
investing or financing transactions as it specifically excludes
depreciation and interest charges, which should also be
considered in the overall evaluation of results. Moreover, our
method for calculating EBITDA may differ from the method utilized
by other companies and therefore comparability may be limited.

Impsat Fiber Networks, Inc. is a leading provider of fully
integrated broadband data, Internet and voice telecommunications
services in Latin America. Impsat operates an extensive pan-Latin
American high capacity broadband network in Brazil, Argentina,
Chile and Colombia using advanced technologies, including IP/ATM
switching, DWDM, and non-zero dispersion fiber optics. The
Company has also deployed thirteen facilities to provide hosting
services Impsat currently provides services to more than 2,600
national and multinational companies, government entities and
wholesale services to carriers, ISPs and other service providers
throughout the region. The Company has local operations in
Argentina, Colombia, Venezuela, Ecuador, Brazil, the United
States, Chile and Peru. Visit us at www.impsat.com.


INGENIERIA: Court Orders Liquidation
------------------------------------
Ingenieria de Planta S.R.L. was declared "Quiebra Decretada" by
Buenos Aires' Court No. 11. The Company's assets will be
liquidated in the course of the bankruptcy process. A report by
local news portal Infobae indicates that the city's Clerk No. 21
works with the court on the case.

Without revealing the name of the designated receiver, Infobae
adds that the verification of credit claims will end on October 9
this year. The individual reports need by be filed by November
20, while the general report's deadline is February 4 next year.


LINEA BARBIZON: Court Approves "Concurso Preventivo" Motion
-----------------------------------------------------------
Linea Barbizon S.A., which is domiciled in Buenos Aires, received
permission from the city's Court No. 10 to undergo
reorganization. Local news source Infobae reports that the court,
which is assisted by the city's Clerk No. 20, approved the
Company's motion for "Concurso Preventivo".

In the meantime, the report did not mention whether a receiver
has been assigned to the case. The receiver is usually a local
accountant and will be tasked with the verification of creditors'
claims.


MASTELLONE HERMANOS: S&P Rates $150M of Bonds 'raD'
---------------------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal Argentina
recently issued a 'raD' rating to US$150 million of corporate
bonds issued by Mastellone Hermanos recently. The country's
National Securities Commission described the affected bonds as
"Programa de Obligaciones Negociables autorizado por AGE de
fechas 11 y 23.6.99".

The rating was based on the Company's finances as of the end of
June this year. S&P said that an obligation is rated 'raD' when
it is in payment default, or if the obligor has filed for
bankruptcy. The rating may also be used when interest or
principal payments are not made on the date due, even if the
applicable grace period has not expired, unless Standard & Poor's
believes that such payments will be made during such grace
period.


PAN AMERICAN: Moody's Ups LTFC Debt, FC Issuer Ratings to Caa1
--------------------------------------------------------------
Moody's Investors Service upgraded its long term foreign currency
debt rating and foreign currency issuer rating of Pan American
Energy LLC to Caa1 from Ca. The rating outlook is stable.

The upgrade was taken in conjunction with Moody's upgrades of
Argentina's foreign currency ratings to Caa1 from Ca. The
Argentine foreign currency rating was raised on August 20, 2003,
with the assignment of a foreign-currency rating of Caa1 to
dollar-denominated BODENs and Pagares issued by the Argentine
government.


PETROBRAS ENERGIA: Moody's Upgrades Ratings; Stable Outlook
-----------------------------------------------------------
Moody's Investors Service upgraded its long term foreign currency
debt rating and foreign currency issuer rating of Petrobras
Energia S.A. (formerly Pecom Energia S.A.) to Caa1 from Ca. The
rating outlook is stable.

The upgrade was taken in conjunction with Moody's upgrades of
Argentina's foreign currency ratings to Caa1 from Ca. The
Argentine foreign currency rating was raised on August 20, 2003,
with the assignment of a foreign-currency rating of Caa1 to
dollar-denominated BODENs and Pagares issued by the Argentine
government.


RUMIFER: Rio Cuarto Tribunal Orders Bankruptcy
----------------------------------------------
Rumifer S.A.I.C.I.F., which is domiciled in Rio Cuarto, was
declared bankrupt by the province's Civil and Commercial
Tribunal. Infobae reports that Court No. 3 of Rio Cuarto holds
jurisdiction over the Company's case.

The receiver assigned to the case is Mr. Roberto Ugo Boccardo. He
is tasked with the verification of creditors' claims. However,
Infobae did not mention the deadline for the verification
process.


SECURITY CONSULTANTS: Court Sets Claims Verification Deadline
-------------------------------------------------------------
Buenos Aires' Court No. 10, which holds jurisdiction over the
reorganization of Security Consultants Office S.R.L., has set the
deadline for creditors to prove amounts owed. According to a
report by Infobae, the credit verification process ends on
October 6, 2003.

Creditors must present their proofs of claim to the receiver, M.
Marta Susana Polistina before the said deadline. The receiver is
required to file the individual reports on November 11. The
general report must follow on February 4, 2004. An informative
audience is also scheduled for July 8 next year.

CONTACT:  Marta Susana Polistina
          Ave. Corrientes 745
          Buenos Aires


TELEFONICA DE ARGENTINA: Names CEO To Board At 2 Units
------------------------------------------------------
Telefonica de Argentina, the country's leading phone operator and
second-biggest media group, named Chief Executive Mario Eduardo
Vazquez to the board of directors of its media investment and
mobile phone units.

Citing Monday's filings with the Buenos Aires Stock Exchange, Dow
Jones Business News reports that the Company, a subsidiary of
Spanish telecom Telefonica SA, named Vazquez as chairman of its
cellular division, Telefonica Moviles Argentina SA.

Vazquez, a general manager at former accounting giant Arthur
Andersen, where he was responsible for the auditing firm's work
on privatization projects in various parts of the world, was also
appointed vice chairman of Telefonica Holding de Argentina SA, an
investment arm with media interests.

Telefonica de Argentina SA is a subsidiary of Spanish telecom
Telefonica SA.

CONTACT:  TELEFONICA DE ARGENTINA
          Tucuman 1, 18th Floor, 1049
          Buenos Aires, Argentina
          Phone: (212) 688-6840
          Home Page: http://www.telefonica.com.ar
          Contacts:
          Carlos Fernandez-Prida Mendez Nunez, Chairman
          Paul Burton Savoldelli, Vice Chairman
          Fernando Raul Borio, Secretary


TRANSFEDE: Court Approves Involuntary Bankruptcy Petition
---------------------------------------------------------
Argentine transportation company Transfede S.A. entered a
bankruptcy process after Buenos Aires' Court No. 2 approved a
petition filed by its creditor, Cooperativa de Cr‚dito, Consumo y
Vivienda Florida Limitada. Local news source Infobae adds that
Dr. Garibotto, the insolvency judge, works with Clerk No. 4, Dr.
Romero, on the Company's case.

Local accountant Eduardo Zysman is the designated receiver for
the case. Creditors must submit their claims to Mr. Zysman for
verification before October 17.

CONTACT:  Transfede S.A.
          J. Barros Pazos 3545
          Buenos Aires

          Eduardo Zysman
          3rd Floor, Room A
          Talcahuano 464
          Buenos Aires


VISOR ENCICLOPEDIAS: Gets Court's OK to Reorganization
------------------------------------------------------
Visor Enciclopedias Audiovisuales S.A. started its reorganization
process after Dr. Dieuzeide, insolvency judge of Buenos Aires'
Court No. 1, approved the Company's motion for "Concurso
Preventivo".

A report by local newspaper La Nacion reveals that the receiver
assigned to the case is Mr. Hector Caferatta, a local accountact.
Mr. Caferatta will verify creditors' claims until September 23
this year. An informative assembly will be held on June 22 next
year.

The report adds that the city's Clerk No. 2, Dr. Pasina, aids the
court on the case.

CONTACT:  Visor Enciclopedias Audiovisuales S.A.
          Anibal P. Arbeleche 1580
          Buenos Aires

          Hector Caferatta
          2nd Floor, Room A
          Laprida 2145
          Buenos Aires



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

TYCO INTERNATIONAL: Former Auditor To Testify Against Ex-Execs
--------------------------------------------------------------
Richard Scalzo, Tyco International's former auditor from
PricewaterhouseCoopers, agreed to testify against two former Tyco
executives, reports the Financial Times. Mr. Scalzo, who was
banned by the Securities and Exchange Commission from auditing a
public company for life in a civil case in which he neither
admitted nor denied wrongdoing, will testify against Tyco former
chief executive Dennis Kozlowski and former chief financial
officer Mark Swartz in a criminal trial set to begin at the end
of September, says the Financial Times.

Mr. Kozlowski and Mr. Swartz are facing charges that they gained
US$600 million by looting Tyco and engaging in improper stock
transactions. Mr. Scalzo will testify that he did not know or
authorize the actions taken by the two former Tyco executives.

The paper indicates that attorneys for Mr. Kozlowski and Mr.
Swartz likely will attack Mr. Scalzo's credibility, questioning
whether he cut a deal to avoid criminal prosecution.



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

AHOLD: Moving to Overturn Judge's Ruling on Units' Sale
-------------------------------------------------------
Dutch retailer Royal Ahold NV is now in talks with the Brazilian
antitrust authorities regarding the sale of its assets in that
country. The talks come after a Brazilian judge in the province
of Sergipe ruled that Ahold must sell its Bompreco and G. Barbosa
chains separately or face a fine of BRL100 million (US$33.22
million) per day.

Ahold claims the antitrust authority has control over such a
decision and can overturn it.

"We are aiming at a joint sale" of the unit, Ahold spokesman,
Fritz Schmuhl, said. "It's a very attractive proposition to a
buyer to buy them together because it offers strategic value."

Bompreco and G. Barbosa had combined sales of EUR1.6 billion
($1.8 billion) in 2001, the last time Ahold presented audited
sales figures for the units. Brazil's two biggest retailers,
Companhia Brasileira de Distribuicao SA and Frances Carrefour SA,
have both expressed interest in the assets. Wal-Mart Stores Inc.
is also expected to enter the competition.

The sale of the units forms part of Ahold's exit of the South
American market as it tries to pay down its EUR12-billion debt.


GERDAU: Launches New Thermal Cutting Unit
-----------------------------------------
Brazil's Gerdau, the largest long steel producer in the Americas
with installed capacity of 14Mt/y, unveiled a new thermal cutting
service center for steel sheets, relates Business News Americas.

The new unit, which is sited in Fortaleza, in Ceara state in the
northeast of the country, has the capacity to process 3,000t/y.
according to the Company, the technology, developed in
partnership with industrial gas provider White Martins, supplies
products with precision cuts, thereby reducing clients' costs
related to logistics and waste.

The Gerdau group operates 23 plants in Brazil, the US, Canada,
Argentina, Chile and Uruguay.


KLABIN: Sells Shares Of Bacell
------------------------------
Klabin S.A. announced on August 20 2003 that it has signed
contract to sell its 81.711% share of Klabin Bacell S.A's total
capital for US$ 91.205 million. The contract was signed with RGM
International PTE Ltd (RGM), an Asian business group, with head
office in Singapore. The operation also includes transferring
assets and liabilities related to Klabin's purchased shares of
forestry company Norcell S.A.

The financial operation will take place on September 30 2003.
Bacell's estimated value was US$111.6 million. RGM International,
a diversified Asia Pacific business group, operates in a variety
of businesses in the basic industry. The group's major interests
are pulp and paper, vegetal oil, and its businesses, and energy.

"With this sale, we conclude the assets sale cycle that Klabin
aimed to carry out, as announced, until the end of August 2003",
states Klabin's general director Miguel Sampol. Klabin reinforces
its business focus and consolidates its position as the leading
company in the integrated production of pulp, paper and packaging
paper in Latin America, in addition to reinforcing its position
as the world leading exporter of packaging paper. "We clearly
restate our business focus and reinforce the solidity of the
company's bottom line which allows us to anticipate the company's
future growth", states Sampol.

Unibanco, UBS Warburg and Demarest & Almeida Advogados supported
Klabin in the transaction.

Bacell produces 120 thousand tons of soluble pulp yearly. It is
the only manufacturer of this product in the country whose
production is designed for special purposes like he petrochemical
sector and the food and textile industries. Nearly all its
production is designed for the foreign market.

A Brazilian company with a 104-year tradition in innovation and
technological development for the integrated production of wood,
pulp, paper and packaging paper, Klabin is recognized worldwide
as one of the strongest representatives of the Brazilian
industry. It is also the leading manufacturer and exporter of
packaging paper, especially kraftliner, and also the only
manufacturer of paperboard for packaging liquids in Latin
America.

The company's export of kraftliner - paper for corrugated boxes -
is reaching 6% of the volume traded abroad, a sizable
contribution to the Brazilian trade balance. The company's
financial restructuring process gained momentum this year when
Klabin's shares of Riocell S.A. were sold to Aracruz Celulose
S.A. The transaction value in the Brazilian currency was
equivalent to US$ 610.5 million.

In the beginning of August 2003, Klabin sold its 50% share of
Klabin Kimberly S.A. (Brazil) and KCK Tissue S.A (Argentina) to
Kimberly-Clark Tissue do Brasil Ltda and Kimberly-Clark Argentina
S.A. The transaction value amounts to R$ 408.06 million
equivalent to US$ 134.4 million. This amount comprised the cash
payment in Brazilian currency (real) of US$ 112.8 million and the
non-consolidated debt of US$ 21.6 million.

The company had good performance in the year's two first
quarters. Even with the country's economic deceleration, the
company's net profit increased 47% and reached R$ 1. 68 billion.
The company's net profit was R$ 1 billion. Founded in 1899, the
company operates in eight Brazilian states and in Argentina, and
after the restructuring process it has 20 units and generates
about 12 thousand direct and indirect jobs.


TELEMAR: Regulator Finds In Embratel's Favor
--------------------------------------------
The complaint by Brazil's long distance incumbent Embratel that
the country's largest incumbent fixed line operator Telemar is
giving illegal discounts to the latter's data subsidiary for the
lease of its last-mile network proved to be true.

Business News Americas relates the Embratel brought the matter to
the telecoms regulator Anatel last year, saying that the Company
pays higher interconnection fees for use of Telemar's data
network than Telemar's data unit pays to Telemar.

Just recently, Anatel found out that Telemar is indeed guilty of
the illegal activity. As a result, the regulator warned that if
Telemar continues to charge itself illegal discounts for last-
mile data connection services, it will be fined BRL106,000
(US$35,300) daily.

Anatel said fines would be applicable from August 22.

In addition, Anatel has requested Telemar to provide a detailed
account of prices charged for all of its last-mile data services
clients.



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

ENDESA CHILE/TRANSENER: To Appeal Fines Imposed By SEC
------------------------------------------------------
Chile's energy regulator SEC slapped transmission company HQI
Transelec and generator Endesa Chile, among other companies,
fines for their responsibility in a blackout that cut power to
about 10 million people in central Chile on September 23, 2002,
says Business News Americas.

"The generation and transmission companies failed to comply with
their legal obligation adequately to coordinate the system's
operation to ensure the safety of electrical service by not
carrying out the necessary checks and verifications to operate
and maintain the system correctly," the SEC said in a statement.

The outage was caused by inadequate operation of the system, and
not from a lack of transmission or generation capacity, SEC
superintendent Sergio Espejo said.

Transelec was fined US$1.27 million for faulty programming in the
protection of its power lines, which meant a failure at one of
its stations had knock-on effects throughout the system.

Endesa Chile was fined US$750,000 for failing adequately to
maintain the emergency system and for not supplying SEC with
information necessary to proceed with the investigation, the SEC
said.

Both Transelec and Endesa Chile said they plan to appeal the
fines.

"We will appeal it, because we consider that the company is not
responsible," Endesa Chile spokesperson Beatriz Montreal
confirmed to Business News Americas.

Endesa could appeal the fine directly to the SEC or to the
national appeals court. "At the moment we are studying the
different options and will decide in the next few days," Montreal
said.

Transelec, according to Business News Americas, is owned by
Canada's HydroQuebec and is the main transmission company in the
SIC grid that delivers power to most of central Chile, while
Endesa Chile has about 3,522MW installed capacity.



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

COLOMBIA TELECOMUNICACIONES: Announces New Outsourcing Deal
-----------------------------------------------------------
Colombia's state-run fixed line operator Colombia
Telecomunicaciones revealed it has signed an outsourcing contract
with Serintcoop (Servicios Integrados Cooperativos), relates
Business News Americas. Under the contract, the first since the
Company's recent formation to replace the liquidated debt-ridden
Telecom, Colombia Telecomunicaciones will entrust its network
maintenance to Serintcoop, a company set up by the former workers
of the defunct Telecom.

This initial contract covers maintenance of 21,000 lines in
Caqueta department and its capital Florencia. Telecom has about 3
million lines installed in all.

Colombia Telecomunicaciones plans to convert former Telecom staff
into strategic partners that can compete to offer plant
maintenance, network, call center and administration support
services in a bid to operate much more efficiently, the report
suggests.



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

JUTC: Management Scrambles to Deal with Workers' Protest
--------------------------------------------------------
The management of the Jamaica Urban Transit Company (JUTC) met
Monday to discuss the impact of the industrial action taken by
the drivers and conductors represented by the University and
Allied Workers Union (UAWU), and the measures to reduce the
potential fallout.

RadioJamaica.Com says that the workers took the action Monday
morning to protest against the management's delay in adjusting
their salaries in keeping with a reclassification exercise.

Reports have it that the said exercise, which started two years
ago, should have resulted in an adjustment in some workers'
salaries.

The management of the JUTC has proposed that the changes in
salaries be retroactive to April this year but the union is
demanding that the payments be made retroactive to last year when
the exercise was completed.

In addition, the workers are also demanding that the JUTC
management addresses the issues of uniform and travelling
allowances.

Grant said a meeting with the JUTC management has been scheduled
for Wednesday to discuss the issues that have led to the
industrial unrest.



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

ALESTRA: Noteholders Meeting Scheduled for Cash Tender Offer
------------------------------------------------------------
Alestra, S. de R.L. de C.V. ("Alestra") announced that it will
conduct a meeting to inform noteholders as to the progress of its
restructuring and to discuss the cash tender offers and exchange
offers for its outstanding Senior Notes that it launched on
August 21, 2003.

The meeting will be held at the offices of Morgan Stanley at 1585
Broadway, New York NY, on September 3, 2003 at 10:30 a.m. Eastern
time. For security purposes, those who intend to participate in
person must inform Heather Hammond at Morgan Stanley, either via
fax at 212-761-0588 or via email to
heather.hammond@morganstanley.com. Interested parties may also
participate telephonically.

Dial-in information is as follows:

(888) 216-2160 for U.S. participants

(617) 801-9706 from outside the U.S.

Those who participate by telephone are encouraged to dial in 10
minutes prior to the start of the call. The meeting will begin
promptly at 10:30 a.m. New York time and is expected to last no
longer than 60 minutes.

Morgan Stanley & Co. Incorporated is acting as dealer manager and
solicitation agent for the cash tender offers and exchange
offers.

No indications of interest in the restructuring are being sought
by this press release.

About Alestra

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.

CONTACT:  Morgan Stanley & Co. Incorporated
          Heather Hammond
          Phone: 1-800-624-1808 (domestic US) Investor Relations
          Phone: 1-212-761-1893 (international callers call
collect)
          Email: heather.hammond@morganstanley.com

          Alestra, S. De R.L. de C.V.
          Alberto Guajardo
          Phone: (52-818) 625-2219
          Email: aguajard@alestra.com.mx


GRUPO TMM: Terminates Proposed Sale After Shareholder Input
-----------------------------------------------------------
Grupo TMM, S.A. (NYSE: TMM) ("TMM" or the "company") announced
that, as a result of the unanimous vote by its shareholders at
the company's General Ordinary Shareholders' Meeting on August 18
to not approve the sale of TMM's interests in Grupo
Transportacion Ferroviaria Mexicana, S.A. de C.V. (Grupo TFM) to
Kansas City Southern ("KCS"), TMM's Board of Directors have
formally notified KCS of the termination of the proposed sale.

Subsequently, the Mexican Foreign Investment Commission has also
been formally notified by Grupo TFM of the termination
("desistimiento") of the application that Grupo TFM had submitted
before the Commission to permit KCS's participation in more than
49 percent of Grupo TFM's equity. The application, therefore, is
now without substance.

The termination of the transaction formalizes Grupo TMM's
shareholders' decision to exercise the full extent of their
rights. The company's Board of Directors has also directed
management to pursue all reasonable alternatives to restructure
Grupo TMM's outstanding indebtedness and improve the company's
financial profile.

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


VITRO: Consolidating Presence in Food Segment
---------------------------------------------
Vitro Packaging, Inc. a Dallas, Texas based subsidiary of Vitro
(NYSE: VTO; BMV: VITROA), announced Monday the signing of a five
year contract to supply Glass Containers to Mrs. Dalton's Best
Maid Products, Inc. a Forth Worth Texas Based Food Company.

"Only glass provides the product protection to assure our
products reach the consumer at ultimate freshness", reiterated
Gary Dalton, President of Best Maid Products, Inc. On the other
hand, Lee Farlander President of Vitro Packaging said; "Our
contract with Best Maid Products reflects their continued
confidence in Vitro's Glass quality and service as well as their
commitment to Glass".

For over seven decades Best Maid and Del-Dixi brand products have
maintained a reputation of taste, freshness, and service. Premium
ingredients that are precisely measured and blended ensure the
quality for which Best Maid and Del-Dixi brands are famous. Fresh
home-grown pickling cucumbers are planted, machine harvested,
cleaned, sized and rushed from fields to either Fresh-Pack jars
or pickling tanks within
24 hours after picking.

Dill pickles, sour pickles, sweet pickles, baby pickles, mustard,
syrup, French and Italian dressing, are among other, Best Maid
and Del-Dixi most representative products sold in grocery and
convenience stores all over the country, such as HEB, ALBERTSONS,
SAM'S CLUB, WALLMART, KROGER, WINN DIXIE, among other.

Vitro currently supplies no fewer than 12 different glass
containers in sizes ranging from 8 oz to 1 gallon, and will
provide a larger line of stock containers in the future, thanks
to a joint effort between Best maid Products and Vitro staff
which have been working together to supply the best packages for
their product line.

Jeff Robinson Vitro Packaging Regional Manager commented that
Best Maid Products prefer glass containers, because plastics
allow oxygen into the product, thus making pickles soggier and
attacking shelf life. Robinson said that glass containers are the
preferred choice for premium packaging and quality among his
customers.

"Thanks to our customers' support and confidence, as well as to a
great team effort between Vitro Packaging staff and our
manufacturing facilities in Mexico, we are being able to maintain
our sales increase trend this year", said Lee Farlander,
President of Vitro Packaging.

Part of our success in selling Food Containers has been the
development of a complete line of stock food containers which
meet the needs of most companies in the United States, Mexico or
Canada that is interested in packaging food in glass. The other
advantage of doing business with Vitro Packaging is our focus and
delivering quality and high levels of service. Each client
becomes part of a dedicated team.

2002 sales of Vitro Packaging reached US$ 209 million, accounts
for 25% per cent of Vitro's Glass Containers business unit and
has 98 employees. Vitro Packaging services the 48 contiguous
states with offices in Napa, Sacramento, Dallas, Atlanta and New
York City. Vitro Packaging continues to grow in 2003 with Sales
up 5.1% YTD.

For more information about Best Maid Products, Inc.
www.bestmaidproducts.com

For more information about Vitro's glass containers, please
contact Jeff Robinson, Regional Manager of Vitro Packaging at
(469) 443-1132 or E-mail him at: jrobinson@vitro.com

Vitro, S.A. de C.V. (NYSE: VTO; BMV: VITROA), through its
subsidiary companies, is one of the world's leading glass
producers. Vitro is a major participant in three principal
businesses: flat glass, glass containers and glassware. Its
subsidiaries serve multiple product markets, including
construction and automotive glass; fiberglass; food and beverage,
wine, liquor, cosmetics and pharmaceutical glass containers;
glassware for commercial, industrial and retail uses; plastic and
aluminum containers. Vitro also produces raw materials and
equipment and capital goods for industrial use. Founded in 1909
in Monterrey, Mexico-based Vitro has joint ventures with major
world-class partners and industry leaders that provide its
subsidiaries with access to international markets, distribution
channels and state-of-the-art technology. Vitro's subsidiaries
have facilities and distribution centers in eight countries,
located in North, Central and South America, and Europe, and
export to more than 70 countries worldwide.

CONTACT:  VITRO, S.A. de C.V.
          http://www.vitro.com

          (Media Monterrey):
          Albert Chico Smith
          +52 (81) 8863-1335
          achico@vitro.com

          (Media Mexico D.F.):
          Eduardo Cruz
          +52 (55) 5089-6904
          ecruz@vitro.com

          (Financial Community):
          Beatriz Martinez/Jorge Torres
          +52 (81) 8863-1258/1240
          bemartinez@vitro.com
          jtorres@vitro.com

          (U.S. Contacts):
          Alex Fu of dikidis/Susan Borinelli
          Breakstone & Ruth Int.
          (646) 536-7012 / 7018
          afudukidis@breakstoneruth.com
          sborinelli@breakstoneruth.com



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

BANCO ASUNCION: Dumping Debts Before Leaving Local Market
---------------------------------------------------------
Before quitting Paraguay, Spanish financial group SCH's local
subsidiary Banco Asuncion will cancel all its outstanding debts,
Business News Americas reports, citing a source from the Madrid-
based group. Banco Asuncion will continue to maintain a presence
in Paraguay through the bank's elected liquidator and chairman
Lizardo Pelaez who will remain the Santander group's regional
representative, said the source.

The liquidator will carry out the liquidation process in an
ordered and transparent manner with no definitive timescale set
for its completion. Sufficient time will be set aside for the
full repayment of savings deposits as well as debts owed to
creditors, the source added.

SCH elected to close Banco Asuncion after it failed to find a
suitable buyer for the loss-making subsidiary. Rumors had it that
Paraguayan financial group Itacua was close to reaching an
agreement with SCH to purchase Asuncion. However, the deal fell
through.

Banco Asuncion reported a EUR2.9 million loss for SCH last year.
The bank currently has less than one tenth the deposits it had
two years ago, according to Pelaez.



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

INTERNATIONAL THUNDERBIRD: Shows Improving 2Q03 Results
-------------------------------------------------------
International Thunderbird Gaming Corporation (CNQ:ITGC) announces
its financial results for the second quarter ended June 30, 2003.
All figures are in US dollars.

Revenues from continuing operations for the second quarter of
2003 were $5.2 million, an increase of 16 % over 2002 revenues
from continuing operations of $4.5 million for the same period.
Net income for the period was $684 thousand compared to a loss of
$121 thousand in 2002 for the same period. The income for the
current period stems from ongoing continuing operations but also
benefited from the settlement with one of the California gaming
recoverables. The Company has now settled all of its California
gaming receivables. The earnings per share were $0.03 cents in Q2
2003 compared to a loss of $0.01 per share for the same period in
2002. The Company achieved EBITDA (Earnings Before Interest,
Taxes, Depreciation and Amortization) of $1.5 million compared to
$770 thousand for the same period in 2002. The Company's working
capital deficiency continues to improve, as the working capital
deficiency went from $2.6 million at December 31, 2002 to $1.6
million at June 30, 2003.

In Panama, 2003 revenues for casinos with comparable 2002 results
posted a 10% increase for the quarter compared to the same period
last year. The Chitre and Decameron casinos collectively
accounted for an additional 9% growth in revenues for the quarter
in 2003. These casinos did not exist in the second quarter of
2002.

In Guatemala, the Company is reflecting its first full quarter
under the terms of the new agreement with ILAC. The resulting
impact helped make for a 27% increase in gross profit for the
2003 second quarter over the same period in 2002. The operations
posted an 8% growth in revenues for the second quarter 2003
compared to the same period in 2002. The Company completed its
expansion of the Salon at the Camino Real Hotel, which included
the opening in July of a "bar-restaurant." Twenty-five additional
video lottery machines will be placed in operation during the
third quarter of 2003.

In Nicaragua, the Company enjoyed its first full quarter under
the merged operation with the Pharaoh's Casino. Revenues of $1.8
million for the quarter exceeded expectations. The Company uses
the equity method of accounting to record its investment in
Nicaragua. However, pending final approval by certain local
authorities in Nicaragua of the merged financial statements, the
Company has elected to defer to the 2003 third quarter the
recording of the results for the second quarter. The third
quarter will reflect the Company's share of Nicaragua's year to
date results.

In Venezuela, the local government has held the foreign exchange
rate to 1600 Bolivars to 1 US dollar, since February 2003. As a
result, in the 2003 second quarter, Fiesta Casino Guayana has not
continued to record substantial foreign exchange losses from the
devaluation of the local currency. Revenues, in the local
currency, for the quarter grew 61% over the comparable period in
2002. However, when converted to US dollars, the difference is a
3% decrease in 2003 over 2002. The entity posted a $149 thousand
gain for the quarter before application of foreign exchange
losses, which made for a net loss for the quarter. The Company
has not recognized an equity loss due to the "write-down" of its
investment in Q4 of 2002. The Casino revenue continues to sustain
the operation and contribute cash flow to complete construction
of a convention facility. Management believes Venezuela will be
an important contributor in the future.

In Mexico, the Company submitted a lengthy brief and well over
15,000 pages of documents and declarations in support of its
claim. The Mexico Government has until December 15, 2003 to file
its reply. The scheduled trial for the week of April 26, 2004
remains on track. The trial will be held in Washington DC in
front of an internationally recognized panel, approved for
adjudicating NAFTA claims.

Jack R. Mitchell, President and CEO completed the acquisition of
916,000 shares in a private transaction from an institution in
Panama. The shares were acquired for USD$0.30 and brings Mr.
Mitchell's share ownership in the Company to 1,739,559.

The Company is advancing on development plans to initiate
operations in Costa Rica in the fourth quarter. Recent
legislation has improved the regulatory environment. The Company
is investigating new financing to fund its development
activities. Current discussions involve debt financing without
dilution of shareholders' interests.

The Company has opened a "development office" in Chile. In
connection therewith, the Company formed a subsidiary to pursue
opportunities. Independent investors have committed to fund
$650,000 of a $1.3 million development budget. The Company and
its affiliates through a combination of cash and services will
fund the remainder. Chile currently has seven casinos generating
an estimated combined $85 million in revenues annually, and
serving a population of 1.8 million. There is pending legislation
that authorizes the establishment of additional licenses in the
country, which will serve significant new markets. Chile is the
most politically and economically stable country in Latin
America. It is expected to adopt a free trade agreement with the
United States before year-end. Management is excited about the
opportunity to participate in this market.

The Company is pleased with the progress of trading on Canada's
newest equity market, the Canadian Trading and Quotation System,
Inc. (CNQ). Although volume in trading remains light, the CNQ
continues to increase its dealers' network so as to ensure that
shareholders have a forum to trade shares with minimum
disruption.

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

On behalf of the Board of Directors,

Jack R. Mitchell, President and CEO

Cautionary Notice: This release contains certain forward-looking
statements within the meaning of section 21E of the United States
Securities Exchange Act of 1934, as amended. All statements,
other than statements of historical fact, included herein,
including without limitation, statements regarding potential
revenue and future plans and objectives of the Company are
forward-looking statements that involve risk and uncertainties.
There can be no assurances that such statements will prove to be
accurate and actual results could differ materially from those
anticipated in such statements. Important factors that could
cause actual results to differ materially from the Company's
forward-looking statements include competitive pressures,
unfavorable changes in regulatory structures, and general risks
associated with business, all of which are disclosed under the
heading "Risk Factors" and elsewhere in the Company's documents
filed from time-to-time with the TSE and other regulatory
authorities.



=======
P E R U
=======

MINERA VOLCAN: Votorantim Revises Bidding Proposal
--------------------------------------------------
Brazilian conglomerate Votorantim said it is updating its
proposal for Peru's No. 2 zinc miner, Volcan Compania Minera,
reports Reuters. Paraibuna de Metais, part of Brazil's Votorantim
group, is one of the companies to place a bid for Volcan, along
with Peruvian tin miner Minsur and Swiss natural resources group
Glencore.

Votorantim, which does not want to take on the Peruvian company's
hefty debts, attributed its move to the presence of other
bidders.

"We can confirm we wish to buy Volcan, but other interested
parties have appeared so we are updating the bidding proposal.
Votorantim has made a purchase offer," a top official from
Votorantim Metais, who declined to be named, told Reuters.

"We are expecting some decision on the bidding process at the end
of next week," the official said.

Hard-hit by low zinc prices, Volcan has been looking for a
strategic partner for some time to help solve its financial
problems. The Company owes about US$100 million to financial
institutions and US$50 million to suppliers. It posted a US$8.1-
million loss in the second quarter of 2003, compared to a loss of
US$5.5 million in the same period last year. Revenue dropped 5.6%
year on year due to lower volumes sold and weaker zinc prices.

Volcan operates the Yauli and Cerro de Pasco units in central
Junin and Pasco departments respectively. It also has the Chungar
unit in Pasco.

CONTACT:  COMPANIA MINERA VOLCAN
          Av Gregorio Escobedo
          710 Jesus Mara
          Lima, Peru
          Tel: +51 1 219-4000
          Fax: +51 1 261-9716
          Contact:
          Mr. FMG Sayan (Francisco), Chairperson



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

PDVSA: New Unit To Handle All 3rd Party Contracts
------------------------------------------------
Venezuela's state oil company PDVSA formally transferred all of
its joint ventures contracts with private sector companies to a
new unit in order to reduce production costs and increase its
revenues, relates Business News Americas. Hydrocarbons deputy
minister Luis Verma, who is also the first president of the new
unit called Corporacion Venezolana de Petroleo (CVP), revealed
the information.

CVP will be responsible for managing 33 joint ventures, four
Orinoco delta heavy crude joint ventures and three natural gas
risk sharing agreements. Most of the staff that used to handle
these contracts under the old structure will be transferred to
CVP, Vierma said.

Other officials of CVP include Rafael Lander, who has been
appointed as vice president; Angel Gonzalez and Jose Felix Rivas,
who been appointed as directors; and Oscar Fanti and Nehil Duque,
who have been appointed as managers for western and eastern
Venezuela respectively.




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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 America is a daily newsletter co-
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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.

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