TCRLA_Public/030923.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Tuesday, September 23, 2003, Vol. 4, Issue 188

                          Headlines

A R G E N T I N A

A 4: Proofs of Claims to be Filed by Today
AUTOPARTES Y SERVICIOS: Receiver Closes Verification Process
CARNER PARMA: Receiver Ends Claims Submission Process
CLISA: Fitch Rates US$100M of Bonds in Default
COELHO CAPITAL: Creditor's Petition For Bankruptcy Approved

CONSTRUCCIONES CIVILES: Claims Deadline Expires Today
LUMPARIS: Receiver Prepares Individual Reports
PRANA: Files "Preventative Aid" Motion
PROYECTOS E INSTALACIONES: Seeks Court Reorganization Protection
QUIMICA ELFAND: Bankruptcy Starts by Court Order

ROVE: Creditor Request Ends in Court Ordered Bankruptcy
SIEMAR: Files "Concurso Preventivo" Motion
SIGNS TIME: Seeks Court Approval for Reorganization
SYSTEM ALUMINIUM: Receiver Prepares Individual Reports
TGS: Opens New Unit to Provide Non-Regulated Services

VISOR ENCICLOPEDIAS: Claims Filing Ends Today
* IMF Board Okays $12.5B Loan Package For Argentina


B A R B A D O S

C&W BARBADOS: Wants FTC To Review Interconnection Decisions


C O L O M B I A

AVIANCA: Codeshare Alliance With Delta Proceeds as Planned
TRANSTEL: Seeks To Restructure Defaulted Notes


D O M I N I C A N   R E P U B L I C

BANINTER: Scotiabank Makes DR Expansion Official


J A M A I C A

HAMPDEN SUGAR: SCJ Initiates First Stage of Redevelopment Plan


M E X I C O

AHMSA: Energy Reforms Needed To Save Millenium Alliance, Assets
GRUPO IUSACELL: Seeks Approval on Stock Restructuring Plan
GRUPO MEXICO: Power Prices May Force Move To US
ING COMERCIAL: Files Criminal Charges Against Judge


T R I N I D A D   &   T O B A G O

BWIA: THA Okays Proposal To Add More US-Tobago Direct Flights
CARONI LTD.: Manning To Face Legal Hurdles in Land Sale


     - - - - - - - - - -

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

A 4: Proofs of Claims to be Filed by Today
------------------------------------------
As ordered by the court, the claims verification period for the
bankruptcy of Buenos Aires-based company A 4 S.A. ends today. Mr.
Hector Kaijer, the court-appointed receiver for the process, will
now prepare the individual reports.

Buenos Aires' Court No. 21, which holds jurisdiction over the
Company's case, also ordered the receiver to prepare a general
report on the bankruptcy process. However, local sources did not
mention whether the court has set the deadlines for the
submission of these reports.

CONTACT:  A 4 S.A.
          Libertad 877
          Buenos Aires

          Hector Kaijer
          Azcuenaga 1930
          Buenos Aires


AUTOPARTES Y SERVICIOS: Receiver Closes Verification Process
------------------------------------------------------------
Mr. Luis Alberto Guevara, the receiver appointed to Buenos Aires-
based company Autopartes y Servicios S.R.L., ends the claims
verification process for the Company's bankruptcy today. The next
step is for the receiver to develop the individual reports.

The Troubled Company Reporter - Latin America earlier reported
that the city's Court No. 1 ordered the Company's bankruptcy. The
court also ordered the receiver to prepare a general report after
the individual reports are processed in court. On these reports,
the receiver may voice out his opinions on the factors that led
to the Company's bankruptcy. However, local sources did not
mention whether the court has set the deadlines for the filing of
these reports.

The Company's assets are likely to be liquidated at the end of
the process. Proceeds from the sales will be used to reimburse
its creditors.

CONTACT:  Luis Alberto Guevara
          Ayacucho 242
          Buenos Aires


CARNER PARMA: Receiver Ends Claims Submission Process
-----------------------------------------------------
Mr. Ricardo Polo, the court-appointed receiver for La Plata
company Carner Parma S.A., closes the credit verification process
for the Company's reorganization today. As ordered by the court,
the receiver will now prepare the individual reports on the
matter. An earlier report by the Troubled Company Reporter -
Latin America indicated that the Civil and Commercial Tribunal
approved the Company's motion for "Concurso Preventivo" earlier
this year.

The court also ordered the receiver to prepare a general report
after the individual reports are processed at the court. However,
local sources did not mention whether the court has set the
deadlines for the submission of these reports.

CONTACT:  Carner Parma S.A.
          Calle 508 Entre 13 y 14 Gonnet
          La Plata

          Ricardo Polo
          Calle 48 No. 877
          La Plata


CLISA: Fitch Rates US$100M of Bonds in Default
----------------------------------------------
A total of US$100 million of corporate bonds issued by Argentine
company CLISA were given default ratings by the local arm of
Standard & Poor's International Ratings, Ltd. last week.
According to the country's securities regulator, Comision
Nacional Valores (CNV), the bonds, which are described as
"obligaciones negociables con garantia", expire on June 1 next
year. Fitch said that the 'raD' rating is assigned to financial
commitments, which are currently in default.


COELHO CAPITAL: Creditor's Petition For Bankruptcy Approved
-----------------------------------------------------------
A petition for the bankruptcy of Argentine car dealer Coelho
Capital S.A., filed by its creditor was approved by Buenos Aires'
Court No. 23, under the jurisdiction of Dr. Villanueva. The
Company will now undergo a formal bankruptcy process, which is
likely to result in the liquidation of its assets to pay its
creditors.

The Company's failure to meet its obligations on some ARS44,800
to Mr. Avelino Diaz prompted the creditor to for the company's
bankruptcy. Working with Dr. Timpanelli, Clerk No. 46, the court
assigned Mr. Ricardo Adrogue, an accountant from Buenos Aires, as
the Company's receiver. He will be authenticating creditors'
claims until November 24 this year.

CONTACT:  Coelho Capital S.A.
          Tucuman 3647
          Buenos Aires

          Ricardo Adrogue
          5th Floor
          Bouchard 468
          Buenos Aires


CONSTRUCCIONES CIVILES: Claims Deadline Expires Today
-----------------------------------------------------
The credit verification deadline for the bankruptcy of
Construcciones Civiles y Servicios Wen S.A. expires today. Ms.
Adriana Raquel Esnaola, the court-designated receiver for the
process, will now prepare the individual reports, as instructed
by the court. She is also required to prepare a general report on
the process, but local sources did not indicate whether the court
has set the deadlines for these reports.

Buenos Aires' Court No. 1 holds jurisdiction over the Company's
case. The bankruptcy process began after the court ruled that the
Company is "Quiebra Decretada". The process will see the
liquidation of the Company's assets to reimburse its creditors.

CONTACT:  Adriana Raquel Esnaola
          Juncal 615
          Buenos Aires


LUMPARIS: Receiver Prepares Individual Reports
----------------------------------------------
Mr. Javier Hernan Gandara, receiver for Buenos Aires company
Lumparis S.A., starts preparing the individual reports for the
Company's bankruptcy as the deadline for credit verification
expires today.

An earlier report by the Troubled Company Reporter - Latin
America revealed that the city's court No. 3, which holds
jurisdiction over the case, requires the receiver to file the
individual reports on November 4 this year. The general report,
which is to be prepared after the individual reports are
processed in court, must follow on December 17 this year.

The city's Clerk No. 6 aids the court on the case, according to
Argentine news portal Infobae.

CONTACT:  Javier Hernan Gandara
          Riobamba 719
          Buenos Aires


PRANA: Files "Preventative Aid" Motion
--------------------------------------
Buenos Aires company Prana S.A. has submitted a motion for
"Concurso Preventivo" to the city's Court Bo. 21. Argentine
newspaper La Nacion relates that Dr. Paez Castaneda is the
insolvency judge handling the case, and is assisted by Clerk No.
41, Dr. Melnitzky.

The newspaper adds that the Company engages in buying and selling
automobiles. In its filing, the Company admitted that it has
failed to make debt payments since March last year.

CONTACT:  Prana S.A.
          Ave. de los Incas 4895/99
          Buenos Aires


PROYECTOS E INSTALACIONES: Seeks Court Reorganization Protection
----------------------------------------------------------------
Proyectos e Instalaciones Andisa S.A., which is based in Buenos
Aires, is seeking court permission to undergo reorganization. The
Company has submitted its motion for "Concurso Preventivo" to the
city's Court No. 23, which is under Dr. Villanueva. Lerk No. 46,
Dr. Timpanelli works with the court on the case.

According to documents submitted to the court, the Company, which
is involved in the construction of electrical systems, stopped
making debt payments on October 30, 2001. La Nacion, however, did
not indicate whether the court is likely to approve the motion or
not.

CONTACT:  Proyectos e Instalaciones Andisa S.A.
          8th Floor, Room B
          Alsina 1433
          Buenos Aires


QUIMICA ELFAND: Bankruptcy Starts by Court Order
------------------------------------------------
Quimica Elfand S.A., which manufactures chemicals in Buenos
Aires, enters bankruptcy on orders from Dr. Paez Castaneda,
insolvency judge in the city's Court No. 21. Local newspaper La
Nacion relates that Clerk No. 42, Dr. Barreiro, works with the
court on the case.

The ruling came after the Company's creditor, Merk Quimica
Argentina S.A. sought for its bankruptcy. The report reveals that
the Company defaulted on some ARS26,472 in debt to Merk Quimica.

Buenos Aires accountant Isabel Ramirez was designated as the
Company's receiver. Creditors must present their claims to Ms.
Ramirez before March 31 next year, the report adds. The receiver
is also required to prepare the individual and general reports on
the process, but La Nacion did not mention whether the court has
set the deadlines for the submission of these reports.

CONTACT:  Quimica Elfand S.A.
          Chile 2170
          Buenos Aires

          Isabel Ramirez
          2nd Floor, Room D
          Tte. Gral. Juan D. Peron 2032
          Buenos Aires


ROVE: Creditor Request Ends in Court Ordered Bankruptcy
-------------------------------------------------------
Buenos Aires-based Rove S.A. enters bankruptcy after the city's
Court No. 24 approved a petition filed by the Company's creditor,
GDA S.A., reports local newspaper La Nacion. The Company's
failure to pay its debts to GDA prompted it to seek for Rove's
bankruptcy.

Local accountant Hugo Bogert was designated as the Company's
receiver. Dr. Ballerini, the insolvency judge handling the case,
instructed Mr. Bogert to verify creditors' claims until November
24 this year. This part of the process determines the existence,
nature and amount of the Company's debts.

Buenos Aires Clerk No. 47, Dr. Medina aids the court on the case,
the report adds. However, the source did not indicate whether the
court has set the deadlines for the receiver's reports.

CONTACT:  Rove S.A.
          Cuidad de La Paz 2453
          Buenos Aires

          Hugo Bogert
          1st Floor, Room B
          Rodriguez Pena 736
          Buenos Aires


SIEMAR: Files "Concurso Preventivo" Motion
------------------------------------------
Siemar S.A.C. y C., which is domiciled in Buenos Aires, has
submitted a motion for "Concurso Preventivo" to the city's Court
No. 22, seeking permission to undergo reorganization. Argentine
daily La Nacion reports that Dr. Braga is the insolvency judge
handling the case.

The industrial engineering company stopped meeting its financial
obligations since August 15, 2001, according to documents
submitted to the court.

In the meantime, La Nacion did not say whether the court, which
works with Clerk No. 43, Dr. Mata, is likely to approve the
motion or not.

CONTACT:  Siemar S.A.C. y C.
          Oliden 4326
          Buenos Aires


SIGNS TIME: Seeks Court Approval for Reorganization
---------------------------------------------------
Argentine company Signs Time S.A. is seeking court permission to
undergo reorganization. A report by local newspaper La Nacion
relates that the Company has submitted its motion for "Concurso
Preventivo" to Buenos Aires' Court No. 6, which is under Dr.
Ferrario.

The Company, which manufactures and installs "Ilumix" brand
signboards, has stopped making debt payments on August 13 this
year, the report adds. However, the source did not mention
whether the court, which is assisted by Clerk No. 11, Dr. Piatti,
is likely to approve the petition or not.

CONTACT:  Signs Time S.A.
          Lavalle 4072
          Buenos Aires


SYSTEM ALUMINIUM: Receiver Prepares Individual Reports
------------------------------------------------------
Ms. Mabel Alba Nieves Herrera, the court-appointed receiver for
System Aluminium S.A., will start preparing the individual
reports on the Company's reorganization as the deadline for the
verification process expires today. These reports must be
submitted to the court on November 4 this year.

The receiver, an accountant from Buenos Aires, has court orders
check creditors' claims to determine the existence, nature and
amount of the Company's debts. She is also instructed to prepare
a general report after the individual reports re processed at
court and file this report on December 17.

The Troubled Company Reporter - Latin America earlier reported
that the Company obtained permission to undergo reorganization
from the city's Court No. 19.

The court has scheduled an informative assembly for June 24 next
year.

CONTACT:  Mabel Alba Nieves Herrera
          Rodriguez Pena 694
          Buenos Aires


TGS: Opens New Unit to Provide Non-Regulated Services
-----------------------------------------------------
Argentine gas transport company Transportadora de Gas del Sur
(TGS) disclosed plans to provide non-regulated services through a
newly-formed subsidiary, known as Emprendimentos de Gas del Sur.

The new company, according to South American Business
Information, will focus on gas transport services, as well as on
the manufacturing, operating and maintaining of gas transport
systems and the processing of natural gas.

The new company will be 49% owned by TGS and 51% by Isonil, a
Uruguayan company, which was created by TGS in 2002 to operate
and maintain the Cruz del Sur gas pipeline in Uruguay.

TGS, which is 70% owned by Petrobras Energia and Enron,
registered ARS281.1 million in turnover in the second quarter of
2003, of which the gas transport business accounted for 53%.

CONTACT:  Transportadora de Gas del Sur SA
          5th Floor
          3672 Don Bosco
          Buenos Aires
          Argentina
          Phone: +54 11 4865 9050
          Home Page: http://www.tgs.com.ar
          Contacts:
          Rafael Fernandez Morande, Chairman
          Eduardo Ojea Quintana, Vice Chairman & General Manager


VISOR ENCICLOPEDIAS: Claims Filing Ends Today
---------------------------------------------
The credit verification process for the reorganization of Visor
Enciclopedias Audiovisuales S.A. ends today, September 23, 2003.
An earlier report by the Troubled Company Reporter - Latin
America revealed that Dr. Dieuzeide, insolvency judge of Buenos
Aires' Court No. 1, approved the Company's motion for "Concurso
Preventivo".

The Company's receiver, Mr. Hector Caferatta, will now prepare
the individual reports. He is also required to prepare a general
report on the process however, earlier sources did not mention
whether the court has set the deadlines for the filing of these
reports.

The court, aided by the city's Clerk No 2, Dr. Pasina, called for
an informative assembly to be held on June 22 next year.

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

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


* IMF Board Okays $12.5B Loan Package For Argentina
---------------------------------------------------
The board of directors of the International Monetary Fund
approved Saturday a US$12.5-billion, three-year loan package for
Argentina, according to an article released by the Associated
Press WorldStream. The package will allow Argentina to refinance
US$21 billion in upcoming payments to institutions including the
IMF, the World Bank and the Inter-American Development Bank.

Under the terms, Argentina is committed to control spending at
the federal and provincial levels to achieve a 2004 budget
surplus of 3 percent of gross domestic product, excluding
interest on debts. It also will submit tax reform legislation
next year with the aim of introducing it in 2005.

Furthermore, the government must "obtain congressional approval
by the end of 2003 of new legislation that delegates power to the
executive branch to renegotiate public concessions and effect
interim tariff increases."

Last month, Argentina's senate voted to give the government the
power to set rate increases for utilities and the lower house is
currently debating the bill.

Negotiations now can start between the government and its private
creditors on restructuring US$100 billion in debts it defaulted
on in December 2001.

The government's proposal, due Monday, is expected to seek a
write-down of 60% - 80%.



===============
B A R B A D O S
===============

C&W BARBADOS: Wants FTC To Review Interconnection Decisions
-----------------------------------------------------------
Cable & Wireless Barbados is calling for the Fair Trading
Commission (FTC) to review two of its decisions, dated June 30,
dealing with the creation of interconnection guidelines and
dispute resolution procedures, as well as a July 1 order to file
a Reference Interconnection Order (RIO) within 30 days.

According to a report by the Barbados Nation, the Company's
motion comes as a hearing on the metered rates application draws
nearer.

In a review motion, dated July 15 and made available on Friday,
C&W stated that the decisions would require it to take certain
steps and make certain services available "all of which are
likely to have an adverse impact on the applicant's business".

The report relates that the Company suggested the ground for
review of all of the decisions was that the FTC failed to provide
it with an opportunity to review the submissions of other parties
in response to the Commission's Consultation Papers, and to
provide a response.

C&W said the FTC "acted unreasonably and erred in law and
jurisdiction by breaching the principles of natural justice, and
failed to carry out its statutory duty pursuant to Section 4 (4)
of the FTC Act to consult with the applicant as that term is
properly understood in law - specifically by failing to provide
the applicant with an opportunity to know and respond to the case
it had to meet".



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

AVIANCA: Codeshare Alliance With Delta Proceeds as Planned
----------------------------------------------------------
Delta Air Lines (NYSE: DAL) and Avianca, a member of Alianza
Summa, announced recently the implementation of the second phase
of their codeshare alliance. The second phase of the codeshare
agreement allows Delta to sell seats on Avianca flights between
Bogota and Baranquilla, Cali, Cartagena, Medellin and Pereira;
between New York (JFK) and Bogota and Medellin; and between Miami
and Bogota, Baranquilla, Cali, Cartagena and Medellin. Delta will
market both the southbound and northbound portions of these
routes.

With the addition of the new codeshare routes, Delta passengers
in the United States now have three origination cities --
Atlanta, Miami and New York -- to choose from when traveling non-
stop to Colombia. In addition, Delta passengers will now be able
to fly from five cities in Colombia non-stop to the U.S.

"We are pleased to partner with Avianca to offer our customers
expanded access, added benefits and seamless service when
traveling between the U.S. and Colombia," said Jorge Fernandez,
director for Latin America and the Caribbean, Delta Air Lines.
"The second phase dramatically increases the number of cities
Delta offers between the U.S. and Colombia, and is an important
and strategic step in expanding our operations and positioning
our airline for future growth in the region."

"The implementation of the second phase of the codeshare
represents the consolidation of our agreement -- whose main
objective is to, without a large investment, grow the number of
destinations Alianza Summa serves, while enhancing the level of
service provided to our passengers both in the U.S. and
Colombia," added Juan Emilio Posada, president of Alianza Summa.

Customers traveling between any of the cities in Delta's global
network and the Colombian codeshare cities will be able to do so
with the purchase of one ticket. Passengers will enjoy shorter
connection times, one stop check-in, lounge reciprocity and
seamless baggage handling.

Delta SkyMiles and Alianza Summa Privilegios members can also
look forward to earning frequent flier miles on Delta/Avianca
codeshare flights beginning this winter.

The first phase of the Delta -- Alianza Summa codeshare alliance
was implemented on June 16, 2003, and allows Alianza Summa to
market seats on Delta flights from Bogota to Atlanta, and beyond
Atlanta to Boston, Chicago, Dallas, Los Angeles and Washington,
D.C.

Delta Air Lines, the world's second largest airline in terms of
passengers carried and the leading U.S. carrier across the
Atlantic, offers 5,883 flights each day to 447 destinations in 81
countries on Delta, Song, Delta Express, Delta Shuttle, Delta
Connection and Delta's worldwide partners. Delta is a founding
member of SkyTeam, a global airline alliance that provides
customers with extensive worldwide destinations, flights and
services. For more information, please go to delta.com.


TRANSTEL: Seeks To Restructure Defaulted Notes
----------------------------------------------
Embattled Colombian private telephone company Transtel SA is
seeking approval from holders of US$165 million of notes due in
2007 and 2008 for a reorganization agreement under Colombia's
bankruptcy law.

Citing company president, Guillermo Lopez, Bloomberg reveals that
the Cali, Colombia-based company offered investors a choice
between receiving a 20 percent stake in the Company and US$131
million worth of new notes and an alternative plan by which they
would get US$213 million of new notes. Bondholders must vote by
October 10 on the two alternatives. If too few votes are
received, Transtel may be forced into a court- supervised
liquidation, the Company said in a statement.

But Mr. Lopez is confident that the investors will accept the so-
called capitalization plan, including the 20 percent stake.

"The transaction is supported by the majority of the bondholders,
and we expect the other holders will perceive it as to their
benefit."

The Company is seeking to restructure a US$150 million, 12 1/2
percent coupon senior note due in 2007, on which the total
outstanding claim including interest is US$182 million, and a
20.32 percent senior discount note due in 2008 on which the claim
is $31 million, the statement said.

The proposed restructuring agreement was negotiated between
Transtel and an informal committee of bondholders representing 52
percent of both notes.

Transtel, which has about 250,000 subscribers, had trouble making
its dollar bond payments after the peso depreciated 42 percent
between Jan. 1998 and Jan. 2001 and as a recession in 1999
affected customers' ability to pay telephone bills. The Company,
according to Robert Rauch of U.S.-based bondholder Gramercy
Advisors LLC, which holds about US$50 million worth of the notes,
has made partial payments on the 2007 note since a default in
2000.



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

BANINTER: Scotiabank Makes DR Expansion Official
------------------------------------------------
Scotiabank announced Friday it has signed the definitive
documentation for the transaction, first disclosed on July 8,
that will more than double the size of its operations in the
Dominican Republic.

"This agreement, to be implemented over the next three months,
provides Scotiabank with a major presence across the Dominican
Republic and will position us as the fifth largest private bank
in the country - a market where we see tremendous potential,"
said Peter Cardinal, Scotiabank Executive Vice- President, Latin
America. "This announcement underscores our ongoing commitment to
the Caribbean and Central America - a region where our presence
is already twice that of our nearest competitor."

The transaction agreements, finalized with Dominican financial
authorities, provide for the purchase of 39 branches - a slight
increase from the 35 outlined in the Memorandum of Understanding
- and the hiring of 460 employees of Banco Intercontinental
(Baninter). The transaction also includes the purchase of
selected credit card, personal and commercial loans. Terms of the
deal were not disclosed.

Acquired branches will be converted into Scotiabank locations
over the next three months and will supplement the Bank's
existing 20-branch Dominican network. Scotiabank is not assuming
any liabilities of Baninter, but will be working with customers
who hold deposits to enable them to open a Scotiabank account if
they choose to do so.

"Our ongoing focus will be to provide customers with first-rate
products and services to meet their financial needs, while
welcoming our new employees into the supportive and rewarding
work environment of Scotiabank Group," said Jim Meek, Senior
Vice-President and General Manager, Dominican Republic,
Scotiabank. "We've been doing business in the Dominican Republic
for more than 83 years and this announcement opens an exciting
new chapter in the Bank's history - enabling us to play an active
role in communities right across the country."

Scotiabank is one of North America's premier financial
institutions, Canada's most international bank and the leading
bank in the Caribbean. For more than 110 years, Scotiabank has
been contributing to the lives of people in communities across 25
countries in the Caribbean and Central America. With
approximately 48,000 employees, Scotiabank Group and its
affiliates serve about 10 million customers in some 50 countries
around the world. Scotiabank offers a diverse range of products
and services including personal, commercial, corporate and
investment banking. With C$282 billion in assets (as at July 31,
2003), Scotiabank trades on the Toronto (BNS), New York (BNS) and
London (BNV) Stock Exchanges. For more information please visit
www.scotiabank.com.



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

HAMPDEN SUGAR: SCJ Initiates First Stage of Redevelopment Plan
--------------------------------------------------------------
The Sugar Company of Jamaica (SCJ) began the first phase of a
plan to transform the debt burdened Hampden estate in Trelawny
from a largely sugar and rum producing entity, into a diversified
agricultural and tourism complex. According to RadioJamaica.Com,
ground was broken Friday for the agricultural component of the
plan. This phase will involve 200 hectares of selected short-to-
medium-term crops, primarily for export.

The Trelawny Sugar Company will manage 100 hectares, with the
remainder leased to selected former employees of Hampden, each on
two-hectare plots.

SCJ President Livingston Morrison said the cane farming
operations of Hampden are to be transformed into a highly
efficient state of the art and profitable operation by the
2004/2005 crop.

He said there will be an aggressive replanting program and a
reorganizing of the cane-farming department to ensure a higher
level of production and productivity.



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

AHMSA: Energy Reforms Needed To Save Millenium Alliance, Assets
---------------------------------------------------------------
Troubled Mexican steelmaker Altos Hornos de Mexico S.A. (AHMSA)
feels that its proposed alliance with U.S. Millenium Energy is at
risk if the expected energy reforms in the country are not
carried out this year. An article released by South American
Business Information relates that the alliance is aimed a
developing a coal-powered electricity generation project in
Sabinas, Coahuila. The finished project is estimated to have the
capacity to generate 800MW.

AHMSA said that it might be obligated to return the US$20 million
Millenium paid in advance. Millenium's investment came in the
guise of acquiring 50% of AHMSA's Carboelectrica subsidiary, the
report says.

AHMSA is also in a position to lose assets, which it used as
guarantees for the project, if the reforms are not pushed
through. SABI said that these assets are channeled at AHMSA's
NASA and Antair subsidiaries.

The Company, which has been in a form of bankruptcy protection
since 1999, posted a MXP590 million net loss for the first six
months of this year.

CONTACT:  Altos Hornos de Mexico S.A.
          Prolongacion B. Juarez s/n,
          Monclova , Coahuila 25770
          Mexico
          http://www.AHMSA.com
          Phone: +52 86 33 81 72
          Fax: +52 86 33 65 66
          Contacts:
          Alonso Ancira Elizondo, CEO, Vice Chairman, Pres/CEO
          Jorge Ancira Elizondo, Chief Financial Officer
          Manuel Ancira Elizondo, Chief Operating Officer


GRUPO IUSACELL: Seeks Approval on Stock Restructuring Plan
----------------------------------------------------------
Mexico's Grupo Iusacell SA will embark on a stock restructuring
plan that will see the conversion of all of its shares into a
new, single stock class with full voting rights, Dow Jones
suggests. In a filing with the Mexican Stock Exchange, Iusacell,
the third-largest wireless phone company in the country, said it
will propose at a shareholders meeting on Oct. 17 to convert all
of its class "A" and "V" shares into a single stock class. The
conversion will also include a reverse split of one new share for
20 class "A" or "V" shares.

The Company has a total of 1.86 billion shares outstanding, of
which 961.3 million are class "A" shares and 900.7 million class
"V" shares. About 25% of the Company's shares float on stock
markets in Mexico City and New York. Iusacell's American
Depositary Receipts that trade on the New York Stock Exchange
(News - Websites) are composed of 100 class "V" shares.

Once the restructuring is completed, the Company will cancel all
of its "A" and "V" shares, says Dow Jones.

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


GRUPO MEXICO: Power Prices May Force Move To US
-----------------------------------------------
Grupo Mexico is considering the possibility of moving some of its
activities to Arizona or Texas due to the increase in the price
of electricity in Mexico in the last two years, says South
American Business Information. The Company, according to the
report, pays around US$200 million annually for electricity,
which represents between 35% and 50% of its production costs.
While the mining company pays US$0.04 per kWh in the US, it pays
US$0.085 in Mexico.

The possibility of moving to the US was also prompted by the
losses that the Company had to deal with due to power blackouts
and voltage variations. In Sonora, the Company experiences 200
outages per year, while the average in its US operations is
between three and seven.

Company Vice-President Juan Rebellodo regrets the fact that the
discussion over reforms to the electricity sector in Mexico have
become highly politicized, and not focused on the real situation
faced by industry.

Rebellodo suggests that state power company CFE (Comision Federal
de Electricidade) needs some changes in its administrative
structure in order to allow it to function like a company in the
marketplace.

The imposition of a surcharge on electricity bills for
consumption over a certain ceiling is also a difficulty for Grupo
Mexico, causing it to stop production at times in order to avoid
being subject to the surcharge, and thus losing competitiveness,
the report adds.

CONTACT:  GRUPO MEXICO S.A. DE C.V.
          Avenida Baja California 200,
          Colonia Roma Sur
          06760 Mexico, D.F., Mexico
          Phone: +52-55-5264-7775
          Fax: +52-55-5264-7769
          Home Page: http://www.gmexico.com
          Contacts:
          Germ n Larrea Mota-Velasco, Chairman and CEO
          Xavier Garca de Quevedo Topete, President and COO
          Alfredo Casar P,rez, COO, Ferrocarril Mexicano
          Daniel Ch vez Carre>n, COO, Industrial Minera M,xico
          Daniel Tellechea Salido, VP and Administration and
                                         Finance President


ING COMERCIAL: Files Criminal Charges Against Judge
---------------------------------------------------
The Mexican judge, who slapped a US$300-million embargo on the
assets belonging to the local insurance subsidiary of Dutch
financial group ING, is now facing criminal charges, says
Business News Americas. Local fertilizer company Fertinal filed a
suit against ING Comercial America and about 13 of its past and
present employees for damages relating to an insurance claim on
its fertilizer mine in Baja California, which was damaged by
Hurricane Juliette in 2001.

In relation to the case, Judge Bernabe froze the assets of ING, a
move, which ING deemed a violation to the law because the judge
froze the assets that belong to the Company's clients.

"The bank accounts and money deposited in them do not belong or
correspond to any of the people that might be responsible in this
criminal case," according to a transcript of the lawsuit
published by Reforma.

Meanwhile, Business News Americas reports that Judge Bernabe is
no longer in charge of the case and has since moved to a
different position at the same court.



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

BWIA: THA Okays Proposal To Add More US-Tobago Direct Flights
-------------------------------------------------------------
BWIA West Indies Airways Ltd. CEO Nelson Tom Yew has reached an
agreement in principle with the Tobago House of Assembly over the
national airline's proposal to introduce direct air services
between Tobago and 3 North American cities this winter, the
Trinidad Express reports, citing Tourism Secretary Neil Wilson.

Mr. Wilson said that BWIA had made a proposal to the THA to
introduce the new services between Crown Point and Toronto once a
week, Crown Point and New York twice a week and Crown Point and
Miami once a week.

BWIA currently has a direct weekly Crown Point to Washington
service on Thursdays.

Mr. Wilson revealed the additional services would provide 600
more seats a week from North America, bringing seating capacity
to almost 4,000 a week. He said this would assist the THA in its
campaign to increase visitor arrivals to Tobago from North
America that presently stood at less than 5%.

CONTACT:  British West Indies Airways
          Phone: + 868 627 2942
          E-mail: mailto:mail@bwee.com
          Home Page: http://www.bwee.com/


CARONI LTD.: Manning To Face Legal Hurdles in Land Sale
-------------------------------------------------------
The Trinidad administration, which is under Prime Minister
Patrick Manning, will have to deal with a series of legal
challenges should it attempt to give Caroni land to anyone other
than former sugar workers, says Team Unity Leader, Ramesh
Lawrence Maharaj.

According to a report by the Trinidad Express, Maharaj said he
had met with the Queen's Counsels in London last week and they
had agreed to help, free of charge, to argue possible lawsuits in
the Privy Council.

In a meeting held Saturday at Ste Madeleine, Mr. Maharaj assured
more than 500 former Caroni workers that they would be given
first priority to the lands belonging to the Company.

Mr. Maharaj claimed that the People's National Movement (PNM)
intended to give the lands to their political supporters.

"Not one inch! Not one blasted inch going to them," he shouted.

Meanwhile, Mr. Maharaj said a lawsuit would be filed to stop
government from forcing cane farmers into signing a new quality-
based contract for their harvest.

Mr. Maharaj said that should government not release $1 billion
into the Caroni workers' pension fund by October 1, a case had
already been drafted for filing. He also claimed that the Manning
administration had moved to shut down Caroni because the majority
of workers did not support the PNM.



               ***********


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-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ,
and Beard Group, Inc., Washington, DC. John D. Resnick, Edem
Psamathe P. Alfeche and Oona G. Oyangoren, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to
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