/raid1/www/Hosts/bankrupt/TCRLA_Public/030924.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, September 24, 2003, Vol. 4, Issue 189

                          Headlines


A R G E N T I N A

BRAWIN ACEROS: Undergoes Reorganization
CASA LERCHUNDI: Motion For Reorganization Approved
COB: Undergoes Reorganization Proceedings
DINTRALCHA: To Undergo Bankruptcy Proceedings
DISTRI FAST: Receiver Prepares Individual Reports

ETCOTEX: Proofs of Credit Due For Filing Today
ETEL: Court Sets Deadlines For Receiver's Reports
MEDILUZ: Credit Check Ends Today
PALMARES DEL PILAR: Credit Check Ends
PEDRO VILLEGAS: Verification Process Ends

POLIELECTRIC: Credit Authentication For Bankruptcy Closes
SASETA HERMANOS: Individual Reports Due Today
SISTEMAS ASISTENCIALES: Credit Check For Bankruptcy Process Ends
TALLERES VADEZ: Schedule Set For Reorganization Proceedings
THUNDER GROUP: Receiver Closes Credit Verification Process

* Investors Soundly Reject Argentina's Debt Proposal


B E R M U D A

LORAL SPACE: Subsidiary Declares Telstar 4 A Total Loss


B R A Z I L

AHOLD: Wal-Mart, Carrefour, CBD May Submit Bids This Week
BCP: America Movil Gives Telemar Until Oct. 5 To Decide on Stake
EMBRATEL: Creates Two Departments For Small, Mid-Sized Businesses
LIGHT SERVICOS: Facing $2.59M In Fines
USIMINAS: Plans Road Show


C O L O M B I A

MILLICOM INT'L: Subsidiary Plans To Meet Noteholders
MILLICOM INT'L: To Consolidate El Salvador Operation


D O M I N I C A N   R E P U B L I C

TRICOM: Mulls Bankruptcy Filing, Sale Of Panamanian Assets


E C U A D O R

ECUADORIAN BANKS: Auditor's Report Confirms Ailing Finances


M E X I C O

ALESTRA: Noteholder Tries To Block Offer
GRUPO TRIBASA: To Auction Bonds To Pay Taxes


P E R U

PAN AMERICAN: Updates Plans At Investment Conference


P U E R T O   R I C O

DORAL: To Offer $300 Million in Preferred Stock


V E N E Z U E L A

PDVSA: Obtains Favorable Financing Terms

     -  -  -  -  -  -  -  -

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

BRAWIN ACEROS: Undergoes Reorganization
---------------------------------------
Buenos Aires-based Brawin Aceros S.A. will now undergo
reorganization. Argentine news portal Infobae relates that the
city's Court No. 16 approved the Company's "Concurso Preventivo"
motion.

The period for verifying creditors' claims will end on November
20 this year. The report relates that local accountant Mario
Adrian Narisna was assigned as the Company's receiver and will
verify proofs of claim.

The individual reports, which the receiver must prepare upon
completion of the verification process, is to be passed to the
court on February 6 next year, followed by the general report on
March 19.

The court has also scheduled the informative assembly for
September 22, 2004, said the source without revealing the venue.

CONTACT:  Mario Adrian Narisna
          Avenida Corrientes 1628
          Buenos Aires


CASA LERCHUNDI: Motion For Reorganization Approved
--------------------------------------------------
Casa Lerchundi S.A.C.I.F., based in the Argentine province of
Cordoba, will undergo reorganization after the local Civil and
Commercial Tribunal approved its motion for "Concurso
Preventivo".

Argentine news portal Infobae relates that the Company is placed
in the hands of Mr. Carlos Alberto Arnedo, the receiver assigned
for the process. Creditors must present their proofs of claim to
the receiver for verification until September 29 this year.

Cordoba's Court No. 13, which handles the Company's case, also
requires the receiver to prepare the individual and general
reports on the proceedings. However, the source did not mention
whether the deadlines for these reports, as well as the date for
the informative assembly, has been set by the court.

CONTACT:  Casa Lerchundi S.A.C.I.F.
          Parana 26
          Cordoba

          Carlos Alberto Arnedo
          General Paz 108
          Cordoba


COB: Undergoes Reorganization Proceedings
-----------------------------------------
Compa¤¡a de Omnibus la Bahiense S.R.L., which is based in the
Argentine province of Bahia Blanca, received the court's go
signal to reorganize its business. Local news source Infobae
relates that the province's Civil and Commercial Tribunal
approved the Company's "Concurso Preventivo" filing.

The source adds that the receiver, Mr. Daniel Florez, will verify
creditors' claims until October 21 this year. After that, he will
prepare the individual reports, which should be presented to the
court on December 5, followed by the general report on February
25 next year.

The province's Clerk No. 2 aids the court on the case, the report
adds. However, it did not mention whether the court has set the
schedule for the informative assembly.

CONTACT:  Compania de Omnibus la Bahiense S.R.L.
          Lavalle 348
          Bahia Blanca

          Eduardo Daniel Florez
          Hopilito Yrigoyen 227
          Bahia Blanca


DINTRALCHA: To Undergo Bankruptcy Proceedings
---------------------------------------------
Buenos Aires' Court No. 18 ordered the bankruptcy of local
company Dintralcha S.A., relates Argentine daily, La Nacion. The
ruling comes after the Company's creditor filed a petition for
its bankruptcy for nonpayment of debt.

La Nacion adds that local accountant Maria Podesta is assigned as
the Company's receiver, and is tasked with verifying creditors'
claims until November 5 this year. She is also required to
prepare the individual and general reports on the bankruptcy
process but the source did not mention whether the court has set
the deadlines for these reports.

The city's Clerk No. 36, Dr. Vivono, aids the court on the case.

CONTACT:  Dintralcha S.A.
          5th Floor
          Cerrito 836
          Buenos Aires


DISTRI FAST: Receiver Prepares Individual Reports
-------------------------------------------------
The bankruptcy of Argentine plastic maker Distri Fast S.R.L. will
move to a new level as the deadline for verification of credit
claims expires today. The Company's receiver, Buenos Aires
accountant Alberto Eduardo Scravaglieri, was tasked with
authenticating the claims.

Court No. 8's Dr. Gonzales, the insolvency judge handling the
case, ordered the receiver to prepare the individual reports on
the bankruptcy, followed by a general report on the process.
However, local sources did not reveal the deadline for the
submission of these reports.

The Company's failure to meet its financial obligations to
Bellacup S.A. prompted the latter to choose bankruptcy, which was
approved by the court.

CONTACT:  Distri Fast S.R.L.
          Lacarra 234
          Buenos Aires

          Alberto Eduardo Scravaglieri
          4th Floor Office 67
          Presidente Roque Saenz Pena Ave. No. 651
          Buenos Aires


ETCOTEX: Proofs of Credit Due For Filing Today
----------------------------------------------
Proofs of credit claims on Buenos Aires-based Etcotex S.A. are
due for filing today. An earlier report by the Troubled Company
Reporter - Latin America indicated that the deadline for the
credit verification process for the Company's bankruptcy expires
today.

The Court-appointed receiver, Ms. Silvia Beatriz Cusel, an
accountant from Buenos Aires, will now prepare the individual
reports on the process, as ordered by the city's Court No. 14.
These reports must be presented to the court on November 5.

The receiver is also required to prepare a general report on the
process and pass this to the court on December 17. In this
report, the receiver may express her opinion on the factors that
contributed to the Company's bankruptcy.

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


ETEL: Court Sets Deadlines For Receiver's Reports
-------------------------------------------------
Buenos Aires' Court No. 6 ruled that the individual and general
reports for the reorganization of Empresa de Transportes el
Litoral S.A. be submitted on February 2, and March 19, 2004,
respectively. These reports are to be prepared by the Company's
receiver, Mr. Mauricio Rosenblum.

According to Argentine news source Infobae, the Company's
creditors must have their claims verified by the receiver before
the November 21 deadline expires. This step is done to determine
the nature and amount of the Company's debts.

The Troubled Company Reporter - Latin America earlier revealed
that the court, which works with Clerk No. 11, approved the
Company's motion for "Concurso Preventivo", opening the way for
the reorganization to take place.

CONTACT:  Empresa de Transportes el Litoral S.A.
          San Martin 969
          Buenos Aires

          Mauricio Rosenblum
          Bartolome Mitre 2296
          Buenos Aires


MEDILUZ: Credit Check Ends Today
--------------------------------
The credit verification process for the bankruptcy of Mediluz
S.A. ends today, September 24. The Company's receiver, Mr. Abel
Alexis Latendorf, will now prepare the individual reports, which
must be submitted to the court on November 5.

Buenos Aires Court No 14 ordered the Company's bankruptcy,
according to an earlier report by the Troubled Company Reporter -
Latin America. The court ordered the receiver to prepare the
general report after the individual reports are processed at
court, and submit this on December 17 this year.

CONTACT:  Abel Alexis Latendorf
          Piedras 153
          Buenos Aires


PALMARES DEL PILAR: Credit Check Ends
-------------------------------------
The credit verification process for the bankruptcy of Buenos
Aires company Palmares del Pilar S.A. ends today. This procedure
was done to determine the existence, nature and amount of the
Company's debts.

The receiver, Ms. Liliana Oliveros Peralta, will now prepare the
individual reports, where she may include her opinions on the
factors that led to the Company's bankruptcy. However, local
sources did not reveal the deadline for the filing of this
report.

The Troubled Company Reporter - Latin America earlier reported
that Buenos Aires Court No. 2 ordered the Company's bankruptcy
after a creditor filed a petition for it.

CONTACT:  Palmares del Pilar S.A.
          2nd Floor
          Arce 957
          Buenos Aires

          Liliana Oliveros Peralta
          6th Floor
          Uruguay 560
          Buenos Aires


PEDRO VILLEGAS: Verification Process Ends
-----------------------------------------
Mr. Omar Roberto Minena, receiver for Pedro S. Villegas S.A.
closed the credit verification process for the Company's
reorganization yesterday, as ordered by Court No. 3 of Rio Negro
in Argentina.

The Troubled Company Reporter - Latin America earlier reported
that the Company's petition for reorganization was approved by
the province's Civil and Commercial Tribunal. The judge handling
the case is Dr. Susana Teresa Burgos. Clerk Maria del Carmen
Villalba aids Dr. Burgos on the case.

CONTACT:  PEDRO S. VILLEGAS S.A.
          No. 746 Roca Ave
          General Roca City
          Rio Negro

          Omar Roberto Minena
          No. 1470 Kennedy St.
          General Roca City
          Rio Negro

          Rio Negro Court No. 3
          Dr. Susana Teresa Burgos
          No. 1.047 Roca Ave.
          General Roca City
          Rio Negro


POLIELECTRIC: Credit Authentication For Bankruptcy Closes
---------------------------------------------------------
Creditors of Buenos Aires company Polielectric S.A.I.C. must have
their claims verified by the court-appointed receiver as the
deadline for the authentication process ends today.

The receiver, Mr. Sergio Omar Barragan, an accountant from Buenos
Aires, will start preparing the individual reports, as ordered by
the city's Court No. 11, which handles the case.

The individual reports must be presented to the court on November
5, while the general report, which is prepared after the
individual reports are processed at court, must be filed on
December 18, according to an earlier article by Troubled Company
Reporter - Latin America.

CONTACT:  Sergio Omar Barragan
          Lavalle 1675
          Buenos Aires


SASETA HERMANOS: Individual Reports Due Today
---------------------------------------------
Mr. Hugo Rolando Pintos, receiver for Argentine company Saseta
Hermanos S.R.L, must submit the individual reports on the
Company's bankruptcy today, according to an earlier report by the
Troubled Company Reporter - Latin America.

The individual reports were prepared after the verification of
creditors' claims was completed. The court also ordered the
receiver to prepare a general report and submit it to the court
on November 5 this year.

The TCRLA earlier revealed that the Civil and Commercial Tribunal
of Catamarca ruled that the Company is "Quiebra Decretada". The
province's Court No. 1 holds jurisdiction over the case.

CONTACT:  Saseta Hermanos S.R.L.
          No. 930
          Ave. Virgen del Valle
          San Fernando del Valle
          Catamarca

          Hugo Rolando Pintos
          Eusebio Ruzo sin numero
          San Fernando del Valle
          Catamarca


SISTEMAS ASISTENCIALES: Credit Check For Bankruptcy Process Ends
----------------------------------------------------------------
The credit verification period of the bankruptcy of Argentine
company Sistemas Asisteciales S.A. ends today, as ordered by
Buenos Aires' Court No. 2.

The Company's receiver, Mr. Fernando Aquilino, who verified the
claims, will now prepare the individual reports. The court also
instructed Mr. Aquilino to prepare a general report after the
individual reports are processed. However, local sources did not
mention whether the filing deadlines have been set.

An earlier report by the Troubled Company Reporter - Latin
America indicates that the Company defaulted on some $1154 of
debt to Ms. Paola Marassim. This prompted the creditor to
petition for the Company's bankruptcy, which was granted by the
court.

CONTACT:  Sistemas Asistenciales S.A.
          1st Floor
          Aguero 1122
          Buenos Aires


TALLERES VADEZ: Schedule Set For Reorganization Proceedings
-----------------------------------------------------------
Court No. 2 of Buenos Aires has chosen the deadlines for the
steps in reorganizing local company Talleres Vadez. According to
a report by Argentine news source Infobae, the individual and
general reports, which are to be prepared by the Company's
receiver, must be submitted to the court on December 23, 2003 and
March 4, 2004, respectively.

Mr. Jorge Eladio Feito, an accountant from Buenos Aires, takes
over the Company as its receiver. His duties include the
verification of creditors' claims until November 11 this year,
aside from preparing the necessary reports.

The court has ordered an informational assembly to take place on
August 25 next year, the source added, without revealing the
meeting's venue.

CONTACT:  Jorge Eladio Feito
          Medrano 537
          Buenos Aires


THUNDER GROUP: Receiver Closes Credit Verification Process
----------------------------------------------------------
Mr. Adalberto Abel Corbelleri, receiver for Argentine company
Thunder Group S.R.L. closes the verification process for the
Company's bankruptcy today. As ordered by Buenos Aires' Court No.
15, the receiver will now prepare the individual reports.

The Company entered bankruptcy after the court ruled that it is
"Quiebra Decretada", according to an earlier report by local news
portal Infobae. The city's Clerk No. 19 works with the court on
the case.

However, local sources did not indicate whether the court has set
the deadlines for the filing of the individual and general
reports, which are to be prepared by the Company's receiver. It
is expected that the Company's assets will be liquidated at the
end of the process to reimburse its creditors.

CONTACT:  Adalberto Abel Corbelleri
          Carabobo 237
          Buenos Aires


* Investors Soundly Reject Argentina's Debt Proposal
----------------------------------------------------
Investors were angered by Argentina's move to offer bondholders
new securities that pay 25 cents on the dollar for its US$94.3
billion of defaulted debt, says Bloomberg.

"It's an unacceptable proposal," said Mauro Sandri, an Italian
lawyer who helped set up the Argentine Creditors group in Rome,
which represents 50,000 individual investors. "It's penalizing
bondholders."

Sandri and other bondholders said they were outraged after
Argentina reached an accord with the International Monetary Fund
two weeks ago that ensures the government pays back multinational
lenders while forcing losses on investors.

According to Christian Stracke, an economist at CreditSights, the
offer probably will prompt more bondholders to challenge
Argentina in foreign courts after one investor, Kenneth Dart, won
a US$700-million judgment on Sept. 12 in the U.S. over defaulted
bonds.

Argentina's defaulted 7 percent bond due 2008 dropped 1 cent on
the dollar to 28.5 at 5:55 p.m. Monday in New York, according to
Deutsche Bank AG. The bond has fallen six straight days from
31.75. Argentina's currency rose 0.1 percent to 2.9070 per dollar
and is up 15 percent this year.



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

LORAL SPACE: Subsidiary Declares Telstar 4 A Total Loss
-------------------------------------------------------
Loral Skynet, a subsidiary of Loral Space & Communications (OTC
BB: LRLSQ), said Monday that it has been unable to re-establish
contact with its Telstar 4 satellite and has declared the
satellite a total loss. As previously reported, Telstar 4
experienced a short circuit of its primary power bus on September
19, 2003.

At the time of the satellite's failure, Loral Skynet initiated a
comprehensive restoration plan that has provided capacity to
nearly all Telstar 4 customers on Loral's Telstar 5, Telstar 6
and Telstar 7 satellites. Loral Skynet and Lockheed Martin, the
manufacturer of the satellite, continue to work to identify the
cause of the problem.

The satellite was insured for $141 million. Under Loral's
agreement to sell its six North American satellites to Intelsat,
the purchase price will be reduced by any insurance proceeds
received by Loral. Loral continues to expect to complete the sale
in a timely manner.

As previously planned, Loral will replace Telstar 4 at 89 degrees
West in mid-2004 with the larger and more powerful Telstar 8
satellite, currently under construction at Space Systems/Loral.
Telstar 8 carries a Ka-band payload, in addition to C- and Ku-
band.

Telstar 4 covered the continental U.S., Alaska, Hawaii, Puerto
Rico, U.S. Virgin Islands, and southern Canada. Telstar 4 was
launched in September 1995.

Loral Space & Communications is a satellite communications
company. It owns and operates a global fleet of
telecommunications satellites used by television and cable
networks to broadcast video entertainment programming, and by
communication service providers, resellers, corporate and
government customers for broadband data transmission, Internet
services and other value-added communications services. Loral
also is a world-class leader in the design and manufacture of
satellites and satellite systems for commercial and government
applications including direct-to-home television, broadband
communications, wireless telephony, weather monitoring and air
traffic management. For more information, visit Loral's web site
at www.loral.com.

This document contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as
amended. In addition, Loral Space & Communications Ltd. or its
representatives have made or may make forward-looking statements,
orally or in writing, which may be included in, but are not
limited to, various filings made by the company with the
Securities and Exchange Commission, press releases or oral
statements made with the approval of an authorized executive
officer of the company. Actual results could differ materially
from those projected or suggested in any forward-looking
statements as a result of a wide variety of factors and
conditions.  These factors include those related to the filing,
on July 15, 2003 by Loral and certain of its subsidiaries, of
voluntary petitions for reorganization under Chapter 11 of Title
11 of the United States Code in the United States District Court
for the Southern District of New York and parallel insolvency
proceedings in the Supreme Court of Bermuda in which certain
partners of KPMG were appointed as joint provisional
liquidators.  Additional factors and conditions are also
described in the section of the company's annual report on Form
10-K for the fiscal year ended December 31, 2002, entitled
"Certain Factors That May Affect Future Results," and the
company's other filings with the Securities and Exchange
Commission. The reader is specifically referred to these
documents.

CONTACT:  Jeanette Clonan
          John McCarthy
          (212) 697-1105



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

AHOLD: Wal-Mart, Carrefour, CBD May Submit Bids This Week
---------------------------------------------------------
The bidding process for Royal Ahold NV's Brazilian assets will
close this week with Wal-Mart Stores Inc., Carrefour SA and Cia.
Brasileira de Distribuicao Grupo Pao de Acucar expected to submit
offers, Bloomberg reports, citing people close to the potential
bidders.

Ahold is selling its two Brazilian chains G. Barbosa and Bompreco
in order to help pay down EUR11 billion (US$12.4 billion) in
debt. The Dutch retailer, that in February said it had overstated
profit for three years, may raise as much as EUR800 million by
exiting South America, analysts have estimated. The Company's two
Brazilian supermarket chains alone will probably sell for about
EUR300 million, said Lukas Daalder, an analyst at Oyens & Van
Eeghen.

The sale "is important as they need to raise cash," Daalder said.
"On the other hand, 300 million represents an estimated 12
percent of all the items they have earmarked as divestments, so
it's just a start."

According to the report, Ahold may be required to sell Bompreco
and G. Barbosa separately to address antitrust concerns by the
Brazilian justice ministry. The ministry has to make a
recommendation to the country's antitrust regulator, which can
then vote on the matter.


BCP: America Movil Gives Telemar Until Oct. 5 To Decide on Stake
----------------------------------------------------------------
Mexico's America Movil is giving Brazilian telecoms operator
Telemar until October 5 to exercise an option to buy a 30% stake
in Sao Paulo mobile operator BCP, reports Business News Americas.

America Movil acquired BCP last month from BCP's bank creditors.
At that time, the Mexican firm announced it was offering a
minority stake in the deal to Telemar, a strategy, which
surprised analysts.

Telemar, which controls Rio de Janeiro-based mobile operator Oi,
would gain as a main benefit in a BCP minority stake roaming
privileges in Sao Paulo.

America Movil owns six mobile subsidiaries in Brazil under the
brand Claro, with operations covering all of Brazil minus the
poor northern region and Minas Gerais state. Oi covers these
regions, but local analysts have said roaming privileges in these
areas through Oi would not be enough to justify Telemar buying a
30% stake in its BCP unit.

CONTACT:  BCP S.A.
          Rua Fl>rida, 1970 4o andar
          Sao Paulo - SP
          Tel: 55 11 5509-6428
          Fax: 55 11 5509-6257
          Home Page: http://www.bcp.com.br


EMBRATEL: Creates Two Departments For Small, Mid-Sized Businesses
-----------------------------------------------------------------
Embratel has added two new departments to its sales
infrastructure, focused on the small and mid-sized business
market. Both Hunter Sales Departments cover the entire country
with a team of executive and account managers, as well as pre and
post-sales engineers to assist their customers.

Embratel's purpose is to gain new corporate customers no matter
where they are, since the coverage and the capacity of its fiber
optics, satellite and digital radio domestic networks constitute
a major competitive edge.

The main focus of the hunter directors is the sale of local
telephone service (VipLine), to face the regional carriers. The
new directors in charge of a more aggressive performance on this
area are Paulo Thom‚, born in Rio de Janeiro, and Geraldo
Pedrosa, born in Minas Gerais.

Director Geraldo Pedrosa thinks that doing business with small
and mid-sized companies is a major challenge because this market
requires very specific products. The price and the implementation
deadline are crucial factors for the decision making process with
respect to their management, which is based mostly on cash-flow
control rather than a budget realized in the previous year, as
practiced by great corporations.

Geraldo Pedrosa, director of Hunter Sales, was born in Belo
Horizonte, Minas Gerais. He is an electrician engineer with a
degree in teleprocessing from UFMG. He has a master degree in
computer networks (UFMG) and is an MBA in strategic business
management from Funda‡ao Get£lio Vargas (FGV). He taught at UFMG,
UNA, FGV and IBMEC. He worked in major telephone and computing
corporations. He was Brazil's delegate at International
Telecommunications Union from 1990 to 1997.

According to director Paulo Thom‚, the market is longing for
offers designed to streamline their internal processes and
improve their control, making companies more efficient and
provided with a competitive edge. Embratel's approach through
this new strategy is aimed not only at meeting such need, but
also at offering integrated data and voice solutions that will
bring about technological updating and additional economy as
well.

Paulo Thom‚, director of Hunter Sales as well, is responsible for
this new segmentation all over the state of Sao Paulo and the
South Region of Brazil. He was born in Rio de Janeiro, and he is
an electrician engineer with a telecommunications degree from
Faculdade Nuno Lisboa and an MBA in entrepreneurial management
from Universidade Federal do Rio de Janeiro.

Embratel is the premium telecommunications provider in Brazil,
offering a wide range of telecommunication services, such as
advanced voice, high-speed data transmission, internet, data
communication by satellite and corporate networks. The company is
national leader in data and internet services, in a privileged
position to become the Latin American carrier with an all-
distance network. Embratel network has national coverage with
almost 17,500 miles of optic cables, representing around one
million miles of fiber optics.

CONTACT:  EMBRATEL
          Advertising, Press and Public Relations Department
          Further information: (02121) 2121 7837 / 2121 6291
          Fax: (02121) 2121 7791
          Mid-West- Phone: (02161) 242-9058 / 2845 / 916-9188
          Attention: Flavio Resende
          E-mail: cmsocial@embratel.net.br
          Embratel on the internet: www.embratel.com.br


LIGHT SERVICOS: Facing $2.59M In Fines
--------------------------------------
Rio de Janeiro-based distributor Light is now facing a total of
BRL7.5 million (US$2.59mn) in fines for service-related offences.

According to Business News Americas, Brazil's power regulator
Aneel, after slapping the utility with a BRL6-million fine in
July for closing 40% of its commercial offices in Rio, has again
imposed another BRL1.5 million fine on the distributor. The
additional fine came after Light fell short on targets on the
duration of power cuts.

Light, which has an estimated 9 million users in the city of Rio,
is controlled by France's EDF.

CONTACT:  LIGHT SERVICOS DE ELETRICIDADE S.A.
          Avenida Marechal Floriano, 168
          20080-002 Rio de Janeiro, Brazil
          Phone: +55-21-2211-2794
          Fax:   +55-21-2211-2993
          Home Page: http://www.lightrio.com.br
          Contact:
          Bo Gosta Kallstrand, Chairman
          Michel Gaillard, President and CEO
          Joel Nicolas, Executive Director, Operation
          Paulo Roberto Ribeiro Pinto, Executive Director,
                                 Investor Relations and CFO


USIMINAS: Plans Road Show
-------------------------
Brazilian flat steelmaker Usiminas was due to start a three-day
road show Tuesday to present its 18-month bonds to investors in a
bid to raise US$50 million on the European and US money markets,
according to Usiminas president Rinaldo Campos Soares.

Agency AE-Setorial reports that the steelmaker will pay between
6.225% and 7.125% in annual interest on the issue, which will be
led by Brazil's third largest bank Unibanco. Proceeds of the
issue will be used for working capital as part of an effort to
cut its debts by US$300 million this year, said Soares.

Usiminas issued its first Eurobonds some months ago with the
objective of reducing the debt's cost. Demand was higher than
expected which prompted an increase in the original offer of
US$50 million to US$75 million, yielding 6.875%/y.

CONTACT:  Breno Julio de Melo Milton
          bmilton@usiminas.com.br
          Tel: (55 31) 3499-8710

          Paulo Esteves
          paulo.esteves@thomsonir.com.br
          Tel: (55 11) 3897-6466



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

MILLICOM INT'L: Subsidiary Plans To Meet Noteholders
----------------------------------------------------
On August 7, 2003, Millicom Telecommunications S.A. ("Millicom
Telecommunications"), a wholly-owned subsidiary of Millicom
International Cellular S.A. ("Millicom" or "MIC") (Nasdaq: MICC),
issued approximately SEK 2,556 million (approximately US$310
million) of secured notes mandatorily exchangeable into Series B
shares of Tele2 AB (the "Exchangeable Notes"). In connection with
the offering of Exchangeable Notes, Millicom Telecommunications
entered into a securities lending arrangement with Deutsche Bank
AG London Branch. Millicom has been informed by its advisors
that, while the issue is not free from doubt, the securities
lending arrangement may have inadvertently resulted in a
technical breach of certain negative covenants relating to
transfers of assets contained in the indentures governing
Millicom's 11% Senior Notes due 2006 and 2% Senior Convertible
PIK Notes due 2006, of which $505m and $63m in aggregate
principal amount, respectively, are currently outstanding
(although $110m of the $505m in aggregate principal amount
outstanding of 11% Senior Notes has recently been called for
redemption). Millicom has provided notice to the trustees as
required by the indentures. There have been no defaults in
required payments in respect of Millicom's outstanding debt or in
any financial ratios contained in the instruments governing such
debt. Millicom intends to seek the approval of holders of the
Exchangeable Notes to certain changes to the terms of the
Exchangeable Notes and, with the agreement of the trustee under
the trust deed governing the Exchangeable Notes and Deutsche Bank
AG London Branch, to make certain technical amendments to the
documentation relating to the Exchangeable Notes, in order to
ensure compliance with its senior debt covenants.

Millicom International Cellular S.A. is a global
telecommunications investor with cellular operations in Asia,
Latin America and Africa. It currently has a total of 16 cellular
operations and licenses in 15 countries. The Group's cellular
operations have a combined population under license (excluding
Tele2) of approximately 382 million people. In addition, MIC
provides high-speed wireless data services in five countries. The
Company's shares are traded on the Luxembourg Bourse and the
Nasdaq Stock Market under the symbol MICC.

CONTACTS:  MILLICOM INTERNATIONAL CELLULAR S.A., Luxembourg
           Marc Beuls
           Telephone: +352 27 759 101
           President and Chief Executive Officer

           SHARED VALUE LTD, LONDON
           Andrew Best
           Telephone: +44 (0) 20 7321 5022
           Visit MIC's homepage at http://www.millicom.com


MILLICOM INT'L: To Consolidate El Salvador Operation
----------------------------------------------------
Millicom International Cellular S.A. (Nasdaq Stock Market: MICC),
the global telecommunications investor, announced Monday that it
has recommenced consolidating Telemovil, its operation in El
Salvador, following the successful resolution of the shareholder
disputes with its local partners.

Telemovil is the leading provider of cellular services in El
Salvador with approximately 460,000 total subscribers as at June
30th 2003.

Marc Beuls, President and CEO of Millicom International Cellular
commented: "The El Salvador operation has exciting potential and
with some $100m of revenue in 2002 it is an important business in
the region. Over time we will own 100% of the company, however
this will not impact upon Millicom's budgeted corporate cashflow.
There will now be the opportunity to grow this operation
aggressively and to improve EBITDA margins towards the group
average of over 50%."

A summary of the unaudited financial results for the year ended
December 31st 2002 and for the period ended June 30th 2003 is
given below:

SUMMARY OF FINANCIAL INDICATORS (`000 US$)

                      Half Year to 06/30/2003   Full Year 2002

Revenues                  54,942                   98,573
EBITDA                    23,173                   38,543

On a pro forma basis Telemovil today has approximately US$8
million of cash and bank loans of US$30 million.



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

TRICOM: Mulls Bankruptcy Filing, Sale Of Panamanian Assets
----------------------------------------------------------
Dominican Republic multi-service provider Tricom is planning to
apply for bankruptcy protection, according to company investor
relations vice president Miguel Guerrero, relates Business News
Americas.

The Company said it has been affected by the "adverse economic
conditions" and the devaluation of the Dominican peso, which have
affected operating results and its ability to purchase US dollars
to service principal and interest on its debt obligations.

Business News Americas recalls that on September 2, Tricom missed
a US$11.4 million interest payment related to US$200 million of
11.375% senior notes due 2004. At the time, Tricom said it was
renegotiating the notes and had hired US investment bank Bear
Stearns to come up with financial strategies.

In the meantime, with bankruptcy in mind, the Company is also
planning to sell its Panamanian assets. Tricom had planned to use
its these assets as a launchpad for expansion to the rest of
Central America, and the Company already has licenses to operate
in Guatemala and El Salvador.

Several regional and international operators that use Motorola's
iDEN digital trunking technology have already approached Tricom
about the sale of its Panamanian assets, Guerrero said, without
revealing names.



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

ECUADORIAN BANKS: Auditor's Report Confirms Ailing Finances
-----------------------------------------------------------
The financial situation of four Ecuadorian banks: Solbanco,
Occidente, Financorp and Credito, have deteriorated during the
period of January 1999 to end-March 2003, culminating in the
local deposit insurance agency AGD's intervention.

This was confirmed by the country's fiscal auditor in its report,
which cited lack of internal financial controls, high bad debt
levels and poor accounting practices as among the principal
reasons behind the banks' steadily declining economic conditions
over the four-year period.

AGD, according to Business News Americas, was set up as a result
of Ecuador's banking crisis in 1998-1999. The agency was
responsible for intervening and closing financially troubled
banks as well as reimbursing depositors.

Bankers in the country have called on the government to eliminate
the AGD, branding it a politicized white elephant and questioning
the way the agency spent US$100 million in mandatory
contributions by financial institutions.



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

ALESTRA: Noteholder Tries To Block Offer
----------------------------------------
Mexican long-distance carrier Alestra SA is now facing a legal
hurdle in its offer to buy back or exchange more than US$570
million in defaulted debt.

According to Bloomberg, W.R.H. Global Securities Pooled Trust,
one of the holders of the debt, filed a suit in Manhattan federal
court Monday seeking to block Alestra from going forward with the
exchange offer.

The lawsuit accuses Alestra of deliberately misstating facts
concerning the offer.

Unless the tender offer is blocked, "the pressure of defendants'
coercive offer will force the noteholders to make a decision on
whether or not to accept the exchange offer -- which will provide
a recovery of less than 55 percent of noteholders' existing
claims -- based on the false, misleading, and incomplete
disclosures in the prospectus," W.R.H. Global says.

Alestra SA, the country's third-largest long-distance service
provider, has offered to buy back its 12 1/8 percent notes
maturing in 2006 and 12 5/8 percent bonds due in 2009 at a price
of 55 cents on the dollar, with a cap of US$110 million. The
remaining tendered bonds would each be exchanged for 1.06 new
bonds maturing in 2010.

The offer is scheduled to expire at 11:59 p.m. on Oct. 2,
according to an Aug. 21 press release on Business Wire announcing
its terms. The offer is being financed primarily by a US$100-
million capital contribution from the three owners -- AT&T Corp.,
Alfa SA and Grupo Financiero BBVA Bancomer SA.

CONTACT:  ALESTRA, SA DE R.L. DE C.V.
          Sergio Bravo
          Phone: 011 528 18 625 2269
          Email: sbravo@alestra.com.mx


GRUPO TRIBASA: To Auction Bonds To Pay Taxes
--------------------------------------------
Mexican construction company Grupo Tribasa SA, which has been in
default since 1999, is due to kick off this week the sale of
MXN3.6 billion worth of bonds backed by proceeds from a toll
concession, says Bloomberg.

Promotora y Administradora de Carreteras SA, Tribasa's
subsidiary, will be offering the bonds, which will pay an
interest rate linked to inflation and will mature in 9.3 years,
according to Gerardo O'Dogherty, director of debt capital markets
at BBVA Bancomer, which will manage the sale.

The offering will be the biggest highway debt sale ever in
Mexico, said O'Dogherty. The bonds will also be guaranteed by
MBIA Inc., the world's largest bond insurer, he added.

Tribasa plans to use proceeds from the sale to pay taxes and
pension obligations it owes the government as well as to
repurchase existing bonds.

The bonds will be rated AAA on an international scale by Standard
& Poor's and Fitch Ratings because of MBIA's insurance against
payment default.

Bank of America Corp., Deutsche Bank AG and Societe Generale and
other creditors have been unable to recover the value of their
loans that Tribasa defaulted on four years ago.

CONTACT:  GRUPO TRIBASA, S.A. DE C.V.
          Bosque de Cidros No. 173,
          Bosques de las Lomas
          05120 Mexico, D.F., Mexico
          Phone: +52-55-5229-7400
          Fax: +52-55-5229-7430
          E-mail: tribasa@tribasa.com.mx
          Home Page: http://www.tribasa.com.mx
          Contacts:
          David Sandoval, Chairman and President
          Salvador Linares, Chief Executive Officer
          Adriana De Penaloza, Vice Chairman
          Fernando Ochoa, Corp. Director of Construction
          Gustavo Carbajal, Corp. Director of Admin. and Control



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

PAN AMERICAN: Updates Plans At Investment Conference
----------------------------------------------------
Pan American Silver Corp. (NASDAQ: PAAS; TSX: PAA) Chairman and
CEO, Ross Beaty, outlined recent developments at the Company's
operations and feasibility-stage projects Monday at an investment
conference in Denver, Colorado.

"We have a period of tremendous growth ahead of us, fuelled by
our four feasibility-stage projects. Together with our existing
operations, these projects will drive our silver production over
20 million ounces by 2005-2006. We have completed the
strengthening of our senior management team, which is now in
place to advance all of these projects and to bring our most
recently completed silver mine, La Colorada, to full production,"
Beaty said.

La Colorada completed construction of a 600 tonne/day oxide mill
in July. Normal-course startup difficulties, exacerbated by
exceedingly heavy rains this summer, have slowed commissioning,
Beaty said, and the mine is now scheduled to reach its full
annualized production rate of 3.8 million ounces of silver by
January.

In Peru, production at the Quiruvilca mine is being reduced as
the mine prepares for possible closure in 2004, as previously
announced. In recent years the mine has sustained ongoing
financial losses due to low metal prices, particularly zinc, and
the trend of the veins to become more zinc rich as the mine
deepens, Beaty said. The Company's second Peruvian operation, the
Huaron mine, has produced 3 million ounces of silver so far in
2003 at a cash cost of $3.98/oz. Increased production from the
potential expansion of the Huaron mine could offset production
lost from Quiruvilca should it be closed, according to Beaty. A
feasibility study on the Huaron expansion completion is expected
in 2004. Pan American's third Peruvian operation, the silver
stockpiles, has generated excellent results so far this year,
producing 510,000 ounces of silver, or 43% above plan, at a cash
cost of $2.07/oz, Beaty said. Pan American Silver currently
forecasts production of more than 9 million ounces of silver in
2003, up from 7.8 million ounces in 2002.

At the Alamo Dorado silver project in Mexico, preliminary
evaluations are confirming that the addition of a conventional
mill circuit to the previously envisioned heap leach circuit will
improve recoveries, reduce costs and enhance project economics.
Additional metallurgical testing will be required to redesign the
processing circuit, enabling a production decision in 2004. In
Argentina, work at the 50% owned Manantial Espejo joint venture
with Silver Standard Resources remains on track for a completed
feasibility study early in 2005. At the San Vicente silver
project in Bolivia, where Pan American has an option to earn
100%, further drilling and evaluation are expected to commence in
the fourth quarter this year.

"We see a fundamental shift in market sentiment toward precious
metals and we are going to take full advantage of the
strengthening silver price for our shareholders. We can do this
best by advancing our major projects to production as soon as
possible, and this is what we're doing," Beaty concluded.



=====================
P U E R T O   R I C O
=====================

DORAL: To Offer $300 Million in Preferred Stock
-----------------------------------------------
Doral Financial Corporation (NYSE:DRL) announced Monday that it
intends to offer for sale $300 million of its perpetual
cumulative convertible preferred stock in a private offering to
qualified institutional buyers. The Company also plans to offer
the initial purchasers of the preferred stock an option to
purchase up to an additional $45 million of preferred stock. The
convertible preferred stock offering will be made only by means
of an offering memorandum pursuant to Rule 144A.

The Company expects that dividends on the preferred stock will be
cumulative and will be payable quarterly at a rate to be
determined, when, as and if declared by the Company's board of
directors. Each share of the preferred stock will be convertible,
under certain conditions, into shares of the Company's common
stock. On or after September 30, 2008, the Company will have the
option to require the conversion of the preferred stock into
common stock if certain conditions are met. The conversion rate,
dividend rate and other terms of the preferred stock will be
provided upon pricing of such securities.

The Company expects to use $200 million of the net proceeds of
the offering to repay its 8.5% medium term notes due July 8, 2004
at maturity and to use the remainder of the net proceeds for
general corporate purposes.

The preferred stock, and the common stock issuable upon
conversion of the preferred stock, have not been registered under
the Securities Act and may not be offered or sold absent
registration or an applicable exemption from registration under
the Securities Act of 1933, as amended.

The Company, a financial holding company, is the largest
residential mortgage lender in Puerto Rico, and the parent
company of Doral Bank, Puerto Rico's fastest growing commercial
bank, Doral Securities, a Puerto Rico based investment banking
and brokerage firm, Doral Insurance Agency, Inc. and Doral Bank,
FSB, a federal savings bank based in New York City.

CONTACT:  Doral Financial Corporation
          Richard F. Bonini, Senior Executive VP & CFO
          Phone: 212-329-3728
             or
          Mario S. Levis, Senior Executive VP & Treasurer
          Phone: 787-474-6709



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

PDVSA: Obtains Favorable Financing Terms
----------------------------------------
Petr¢leos de Venezuela, S.A. (PDVSA) recently signed an extension
to its credit agreement with the BNP Paribas and Cr‚dit
Industriel et Commercial banks under the same original
advantageous conditions obtained last year, for the purpose of
financing part of the services eligible for the operation of the
Pride Venezuela floating drilling rig. The unit in question is to
be used in the Plataforma Deltana project, one of the country's
most important offshore hydrocarbons developments.

The credit extension responds to the balance available in the
Credit Agreement for the Buyer signed by the parties on 9 August
2002, with the backing of the French Foreign Trade Guarantee
Company (COFACE). This credit agreement has been earmarked to
finance 85% of the eligible goods and services under the Pride
Venezuela commercial leasing and operation contract, up to a
maximum amount of US$ 19,610,000.

This operation was considered by PDVSA to be a demonstration by
international banking of continued trust in Venezuela and its
national oil company, while at the same time sending a positive
signal to the world's financial markets.

On 17 December 2001, Petr¢leos de Venezuela and Pride Foramer de
Venezuela, a subsidiary of French-registered Pride Foramer, S.A.,
signed a commercial contract for the leasing and operation of
Pride Venezuela, a floating drilling rig to be used in the
Plataforma Deltana project, in Venezuelan territorial waters in
the Atlantic Ocean.

To date, the US$ 180 million invested in the project has
generated 7.6 trillion cubic feet of proven, probable and
possible natural gas reserves. Its is estimated that the region
currently under study -23,000 square kilometers near the
Venezuela and Trinidad/Tobago marine border- contains reservoirs
enclosing some 38 trillion cubic feet of natural gas and 3.2
billion barrels of crude oil.



               ***********


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.

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