TCRLA_Public/030926.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

          Friday, September 26, 2003, Vol. 4, Issue 191

                          Headlines


A R G E N T I N A

ALPARGATAS: Bonds Get Default Rating From Fitch
ARRIONDAS: Schedule For Bankruptcy Proceedings Set
BRANDAUER Y COMPANIA: Creditors' Claim Deadline Looms
BUILD FLOOR: Receiver Prepares Individual Reports
CENTRO SUDAMERICANO: Credit Verification Deadline Moved

CRM: Moody's Assigns Default Ratings To Bonds
DATAPANEL: Enters Bankruptcy On Court Order
DEPLI: Situation Reports Due For Filing Today
EXPOSITORA: Receiver Wraps Up Proof of Claim Period
FRODI: Liquidation Likely Outcome of Bankruptcy Process

IMPOMOTOR: Court Approves Reorganization Petition
INSURANCE BROKER: Court Decrees Company Is Bankrupt
JOAPI: Bankruptcy Proceedings Schedule Arranged
LAPA: Deadline For Credit Verification Expires Today
MASTELLONE HERMANOS: October 1 Interest Payment Delayed

RANUCCI: Bankruptcy Proceess Start With Claims Filing
REPSOL YPF: New President, Board Member Instated
* IMF Yet to Release Opinion on Argentina's Debt Offer


B O L I V I A

AES BOLIVIA: Gets $46.5M Loan From IDB


B R A Z I L

AES CORP: Announces Partial Redemption of Outstanding Notes
BCP: America Movil Exec Predicts October 15 Deal Closing
CSN: Fitch Rates Issuances 'B'; Rating Outlook Positive
USIMINAS: Concludes $75M, 18-Mo Eurobond Issue


C O L O M B I A

MILLICOM INTERNATIONAL: Subscribers Eclipse 5 Million Mark


J A M A I C A

C&W JAMAICA: Digicel Loses Legal Battle Against OUR


M E X I C O

CFE: Near Term Financial Trouble Forecast on Natural Gas Prices
CONE MILLS: Files for Bankruptcy, To Sell All Assets To WL Ross
PEMEX: Not Selling Repsol Stake


P A N A M A

CSS: Panama's Banks Brace For Agency's Financial Deterioration


P A R A G U A Y

AHOLD: Completes Sale Of Operation In Paraguay


P U E R T O   R I C O

CENTENNIAL COMMUNICATIONS: Low Valuations End Equity Offering
DORAL: Fitch Assigns 'BBB-' to Convertible Preferred Stock


U R U G U A Y

PASO ALTO: Formal Restructuring Proceeding Begins


V E N E Z U E L A

IVSS: Solvent Enough To Comply With CADIVI Requirements


     - - - - - - - - - -

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

ALPARGATAS: Bonds Get Default Rating From Fitch
-----------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. assigned default
ratings to various bonds issued by Argentine company Alpargatas
S.A.I. y C., relates the Comision Nacional Valores, Argentina's
securities regulator. A total of US$276.2 million worth of bonds
were given the `D(arg)' rating. The CNV revealed that US$75.1
million of these were called "obligaciones negociables
convertibles", classified under "simple issue" with undisclosed
maturity date.

Some US$80 million of the bonds were described as "Obligaciones
Negociables Subordinadas Obligatoriamente Convertibles en
Acciones Ordinarias ", which matured in July this year. These
were placed under "program".

The rating also applies to US$81.1 million of "Obligaciones
Negociables Serie A por U$S 1.1 millones y Serie B por U$S 80
millones", which is classified as "Simple Issue", and US$40
million of "Eurobonos a Mediano Plazo - Serie X", under "Series
and/or Class". The maturity dates of these last two sets were not
disclosed.

The rating, which was issued last week, was based on the
Company's finances as of the end of June 30 this year. Fitch said
that the rating is assigned to financial commitments that are
currently in default.


ARRIONDAS: Schedule For Bankruptcy Proceedings Set
--------------------------------------------------
Buenos Aires' Court No. 3 has set the schedule for Arriondas
S.A.'s bankruptcy proceedings. Argentine news portal Infobae
relates that the court assigned local accountant Mr. Santiago
Manuel Quiben as the Company's receiver.

The credit verification period ends on November 5 this year.
Creditors are to present their proofs of claim to the receiver
for authentication before the said date. This process
investigates the nature and amount of the Company's debts.

Following that, the receiver will prepare the individual reports,
which must be submitted to the court on December 23 this year.
The court also expects a general report on March 4, 2004. These
reports may include the receiver's views on the factors that
contributed to the Company's bankruptcy.

CONTACT:  Arriondas S.A.
          Estudio Bonorino
          Buenos Aires

          Santiago Manuel Quiben
          Esmeralda 783
          Buenos Aires


BRANDAUER Y COMPANIA: Creditors' Claim Deadline Looms
-----------------------------------------------------
Creditors of Brandauer Y Compa¤ˇa S.A. must have their claims
verified by the Company's receiver as the allocated period
expires today. The receiver, Estudio Lull y Bazerque, will start
preparing the individual reports, as required by the court.

An earlier report by the Troubled Company Reporter - Latin
America indicated that the Civil and Commercial Tribunal of Bahia
Blanca ordered the Company's bankruptcy.

The individual reports must be submitted to the court on November
7 this year. After the reports are processed at court, the
receiver will prepare a general, which is due for submission on
December 12 this year.

CONTACT:  Brandauer y Compania S.A.
          Zelarrayan 350
          Bahia Blanca

          Estudio Lull y Bazerque
          Sarmiento 548
          Bahia Blanca


BUILD FLOOR: Receiver Prepares Individual Reports
-------------------------------------------------
As ordered by Buenos Aires Court No. 11, Build Floor S.A.'s
receiver will end the verification process for the Company's
bankruptcy today. This step is done to determine the amount and
nature of the Company's debts.

The receiver, Mr. Hugo Adriano Zaragoza, will prepare the
individual reports, which must be submitted to the court on
November 7. He is also required to file a general report on
December 21 this year.

It is expected that the Company's assets will be liquidated at
the end of the bankruptcy proceedings. Creditors will be
reimbursed from the proceeds.

CONTACT:  Hugo Adriano Zaragoza
          Avenida Cordoba 1318
          Buenos Aires


CENTRO SUDAMERICANO: Credit Verification Deadline Moved
-------------------------------------------------------
Buenos Aires Court No. 2 modifies the deadline for claims
verifications regarding the bankruptcy of local company Centro
Sudamericano de Informatica S.A..

Without indicating whether the court has assigned a receiver to
the Company, local news source Infobae reveals that the Company's
creditors now have until October 22 to present their proofs of
claims for verification.


CRM: Moody's Assigns Default Ratings To Bonds
---------------------------------------------
A total of US$350 million worth of corporate bonds issued by
Compania de Radiocomunicaciones Moviles S.A. received default
ratings from Moody's Latin America Calificadora de Riesgo S.A.,
reports Argentina's securities regulator, Comision Nacional
Valores.

The ratings agency said that the `D' rating is assigned to
financial obligations that are in default. The Company's finances
as of the end of June 2003 was used as the basis for the rating
given last Friday.

The CNV described the affected bonds as "Programa Global de ONs
simpleas, autorizado por AGE de fecha 26.6.97 y 23.9.97". These
bonds, which are classified under "Program", matured in March
this year.


DATAPANEL: Enters Bankruptcy On Court Order
-------------------------------------------
Datapanel S.A., which is based in Buenos Aires, enters bankruptcy
on orders from the city's Court No. 19. The Company is "Quiebra
Decretada", reports Argentine news source Infobae, citing a
ruling from the court.

The receiver assigned to the Company is Mr. Rodolfo Torella. His
duties include the verification of creditors' claims until
October 17 this year. Upon completion of the credit check, the
receiver is required to prepare the individual reports, which
must be submitted to the court on November 28.

The general report, which is to be prepared after the individual
reports are processed at court, must be filed on February 13 next
year.

CONTACT:  Datapanel S.A.
          Paraguay 1225
          Buenos Aires

          Rodolfo Torella
          Arcos 3726
          Buenos Aires


DEPLI: Situation Reports Due For Filing Today
---------------------------------------------
The individual reports for the reorganization of Argentine
company Depli S.R.L. must be submitted to the court today. These
reports were prepared after the credit verification process was
closed on August 22 this year.

According to an earlier report by the Troubled Company Reporter -
Latin America, Buenos Aires' Court No. 24 approved the Company's
motion for reorganization and assigned Mr. Roque Alberto Pepe, as
receiver for the process.

The court also requires the receiver to file a general report on
October 31 this year. This receiver will prepare this report
after the individual reports are processed in court.

An informative assembly will be held on March 31 next year,
Infobae revealed earlier, without indicating the intended venue
and time of the said meeting.

CONTACT: Mr. Roque Alberto Pepe
         Argentina 5785
         Buenos Aires


EXPOSITORA: Receiver Wraps Up Proof of Claim Period
---------------------------------------------------
The reorganization of Buenos Aires company Expositora S.R.L. will
enter a new phase as the deadline for credit verification ends
today. The Company's receiver, Mr. Jose Luis Carriquiry, examined
the proofs of claims to determine the nature and amount of the
Company's debts.

As ordered by the city's Court No. 25, the receiver will now
prepare the individual reports, which are to be submitted to the
court on November 7 this year. He is also expected to prepare a
general report, which must be filed on December 22.

The reorganization will then proceed with an informative
assembly. The court ordered that the meeting be held on June 29
next year, according to an earlier report by the Troubled Company
Reporter - Latin America.

CONTACT:  Jose Luis Carriquiry
          Loyola 660
          Buenos Aires


FRODI: Liquidation Likely Outcome of Bankruptcy Process
-------------------------------------------------------
The assets of Argentine company Frodi S.A. face liquidation as
the Company enters bankruptcy. A ruling from Buenos Aires Court
No 17 placed the Company in the hands of local accountant, Mr.
Gustavo Horacio Manay, who will serve as receiver for the
process.

Creditors must have their claims verified by the receiver before
October 6, according to Argentine news portal Infobae. The
individual reports, which must be submitted to the court o
November 24, are prepared after this process is completed.

The receiver will also prepare a general report after the
individual reports are processed at court. This report is due for
submission on February 13 next year.

CONTACT:  Frodi S.A.
          Ave. Rivadavia 2986
          Buenos Aires

          Gustavo Horacio Manay
          Montevideo 666
          Buenos Aires


IMPOMOTOR: Court Approves Reorganization Petition
-------------------------------------------------
Impomotor S.A., which is domiciled in Buenos Aires, kicked off
its reorganization process after the Court approved its motion
for "Concurso Preventivo". Argentine news source Infobae relates
that the Company's receiver is Mr. Marcos Gonzales.

The receiver will verify creditors' reports until October 27 this
year, the source adds. After that, he is to prepare the
individual reports followed by a general report. However, the
source did not mention whether the court has set the deadline for
the filing of these reports.

CONTACT:  Impomotor S.A.
          Ave Belgrano 687
          Buenos Aires

          Marcos Gonzalez
          Lavalle 1537
          Buenos Aires


INSURANCE BROKER: Court Decrees Company Is Bankrupt
---------------------------------------------------
Insurance Broker Argentina S.A., which is domiciled in Buenos
Aires enters bankruptcy. Local news portal Infobae reports that
the city's Court No. 25 issued a ruling, which says that the
Company is "Quiebra Decretada".

A local accountant, Mr. Luis Marcelo Oropesa, takes charge of the
Company as the court-appointed receiver. He will be verifying
creditors' claims until November 6 this year.

The court has also set the deadlines for the receiver's reports.
The individual reports are due on February 2 next year, while the
general report must be filed on March 15.

It is expected that the Company's assets will be liquidated at
the end of the bankruptcy process. Proceeds will be used to
reimburse creditors.

CONTACT:  Luis Marcelo Oropesa
          Libertad 293
          Buenos Aires


JOAPI: Bankruptcy Proceedings Schedule Arranged
-----------------------------------------------
Court No. 24 of Buenos Aires has mapped out the proceedings for
the bankruptcy of local company Joapi S.A.. Working with Clerk
No. 47, the court set November 20 as the deadline for the
authentication of credit claims. The assigned receiver, Mr.
Ernesto Carlos Borzone, will verify the claims and prepare the
required reports for the process. The individual reports must be
submitted to the court on February 4 next year, followed by the
general report on March 17.

The Company's assets may be liquidated at the end of the process
to reimburse its creditors.

CONTACT:  Ernesto Carlos Borzone
          Cuenca 1464
          Buenos Aires


LAPA: Deadline For Credit Verification Expires Today
----------------------------------------------------
Estudio Oliveto Paparatto Asociados, the appointed receiver for
the bankruptcy of Argentine airline Lineas Aereas Privadas
Argentinas S.A. (LAPA), closes the credit verification process
today.

The receiver will now start preparing the individual reports, as
ordered by the court. These reports are to be presented to the
court on November 7 this year. A general report, which is due for
submission on December 9, is to be prepared after these reports
are processed at court.

In an earlier issue, the Troubled Company Reporter - Latin
America revealed that Buenos Aires Court No. 22 holds
jurisdiction over the Company's case. Clerk No. 44 aids the
court.

CONTACT:  Estudio Oliveto Paparatto Asociados
          Blanco Encalada 3202
          Buenos Aires


MASTELLONE HERMANOS: October 1 Interest Payment Delayed
-------------------------------------------------------
Argentine dairy company Mastellone Hermanos SA announced it would
not pay the next interest maturity on its 11.75% notes due 2008.
The payment was supposed to be made on October 1st, 2003.


RANUCCI: Bankruptcy Proceess Start With Claims Filing
-----------------------------------------------------
Buenos Aires accountant Miguel Anghel Loustau takes over as
receiver for Compa¤ˇa de servicios navales Ranucci S.R.L., which
was recently declared bankrupt by the court. Local news portal
Infobae relates that Mr. Loustau will verify creditors' claims
until November 13 this year.

Aside from checking the authenticity of claims, the receiver is
also tasked with the preparations of the obligatory reports. The
individual reports, which are prepared after the verifications
are completed, must be submitted to the court on February 5,
2004, while the general report should follow on March 18.

The bankruptcy process began after the city's Court No. 7 ruled
that the Company is "Quiebra Decretada". Clerk No. 14 aids the
court on the case.

CONTACT:  Compania de Servicios Navales Ranucci S.R.L.
          Ave. Pedro de Mendoza 1363
          Buenos Aires


REPSOL YPF: New President, Board Member Instated
------------------------------------------------
The Board of Directors of Petronor approved Wednesday the
appointment of Jorge Segrelles, Director of Petronor, General
Manager of Refining and Marketing in Europe, and Member of the
Repsol YPF Executive Committee, as the President of Petronor,
replacing Juan Sancho who will retire from the Company.

The Board of Directors of Petronor also approved the appointment
of Alfonso Ballestero, General Director of RYTTSA and member of
the Repsol YPF Executive Committee as a new board member to
occupy Juan Sancho's seat in the Board of Directors.

The new President, on behalf of the Board, expressed his
appreciation to the outgoing members and, in particular, for the
work carried out by Juan Sancho, whom he said was a "reference
for all of us and had been indispensable for Petronor's
development in the last decades".

Juan Sancho's career has been linked to Petronor since the
Company's founding in 1969.  He has occupied different posts in
the Company as Deputy General Manager and President since 1992.
Juan Sancho was also the President of Repsol Petr˘leo, Executive
Vice-President of Refining and Marketing at Repsol YPF, and
Executive Vice President of Downstream since 2002.  He is
currently a Gas Natural SDG director.

Repsol YPF has an 85.98% stake in Petronor while BBK owns a
14.02% interest.  The Company owns the largest refinery in Spain
with a refining capacity of 11 million tons/year. In 1992,
Petronor posted Eu207 million in income before taxes with
investments reaching Eu18.7 million.

JORGE SEGRELLES GARCIA

The new President of Petronor has been a Director at the Company
since 1999.  Born in Madrid in 1952, he holds a Law degree from
the Universidad Complutense de Madrid.  He joined the Financial
and Tax Inspectors Association 1977.  He obtained a Master's
degree in Law (LLM) from Harvard University (U.S.) and an
"International Tax Program" studies certificate.

He held the post of General Vice-Secretary at Tabacalera, S.A.
from 1983 until 1985.  At the beginning of that year he was
appointed Financial Counselor of the Spanish Embassy to the OECD
in Paris, a post that he occupied for one year.

Since January 1986, he has been the Director of External and
International Relations at the National Hydrocarbon Institute,
and occupied the same post at Repsol when Repsol, S.A. was
founded.  He has been the Chairman of the European Tax Institute
(European Petroleum Industry Association) and a member of its
board.  In September 1996, he was also appointed Marketing and
Network General Manager at Repsol Comercial de Productos
Petr˘liferos, S.A.  On 28 July 1999, with the new Repsol YPF
structure, he was appointed Corporate Director of External and
Investors Relations at Repsol YPF (a post he left in 27 September
2002) and Director General of Refining and Marketing in Europe.

He was appointed member of the Repsol YPF Executive Committee and
of the Management Committee in July 2003.

Since June 2001, Jorge Segrelles is the President of the
Asociaci˘n de Operadores de Productos Petrolˇferos (AOP)
(Association of Oil Product Operators)


* IMF Yet to Release Opinion on Argentina's Debt Offer
------------------------------------------------------
The International Monetary Fund for now, refuses to assess
Argentina's debt restructuring offer, which involves paying
holders of US$94 billion of bonds just 25 cents in the dollar,
reports Reuters.

"It's really to early to say anything about it," IMF Western
Hemisphere Director Anoop Singh told Reuters on the sidelines of
the final day of the IMF annual meeting in Dubai when asked to
assess Buenos Aires' offer.

Analysts, however, warned that Argentina, which they say scored a
big success in getting money out of the Fund on relatively light
terms, will push investors hard and face a welter of lawsuits.

Last week in New York a fund controlled by the Dart family had
sought to seize assets, but a judge ruled there must be a chance
for Argentina to present its case and gave the government 45
days.

Other investors have already attempted to seize assets.

The government has now presented its case and more lawsuits will
fly, analysts said.



=============
B O L I V I A
=============

AES BOLIVIA: Gets $46.5M Loan From IDB
--------------------------------------
AES Communications Bolivia, a corporate communications provider,
finally received a US$46.5-million loan from the Inter-American
Development Bank, reports Business News Americas. The IDB loan,
which was approved in October 2002 but underwent a series of
refinements before being paid out last week, will enable the
local unit of US energy group AES Corp. to start major
investments of its infrastructure, according to AES Latin America
investment coordinator Gonzalo Pacanins.

AES plans to install a backup microwave link between La Paz and
Santa Cruz to end its reliance on third parties, as well as local
fiber networks to offer voice, data and broadband Internet
services in Santa Cruz and Cochabamba and upgrade services in La
Paz, and finally, to install satellite communications (VSAT)
points in about 150 towns without access to the fiber backbone.



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

AES CORP: Announces Partial Redemption of Outstanding Notes
-----------------------------------------------------------
The AES Corporation (NYSE:AES) announced Wednesday that it had
called for redemption $7,060,000 aggregate principal amount of
its outstanding 10% Senior Secured Notes due 2005. The notes will
be redeemed on a pro rata basis on October 25, 2003 at a
redemption price equal to 100% of the principal amount thereof to
be redeemed plus accrued and unpaid interest to the redemption
date. The redemption is being made out of "excess asset sale
proceeds" and reflects the portion of asset sale proceeds
allocable to the notes from asset sales that have closed in 2003.

"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995: This news release may contain "forward-
looking statements" regarding The AES Corporation's business.
These statements are not historical facts, but statements that
involve risks and uncertainties. Actual results could differ
materially from those projected in these forward-looking
statements. For a discussion of such risks and uncertainties, see
"Risk Factors" in the Company's Annual Report on Form 10-K for
the most recently ended fiscal year.

AES is a leading global power company comprised of contract
generation, competitive supply, large utilities and growth
distribution businesses.

The company's generating assets include interests in 119
facilities totaling over 46 gigawatts of capacity, in 28
countries. AES' electricity distribution network sells 89,614
gigawatt hours per year to over 11 million end-use customers.

For more general information visit our web site at www.aes.com or
contact investor relations at investing@aes.com.


BCP: America Movil Exec Predicts October 15 Deal Closing
--------------------------------------------------------
Mexican phone carrier America Movil expects to complete the
acquisition of Brazil's wireless carrier BCP on October 15, 2003,
according to Henrique Moreira, executive president at America
Movil's unit in Brazil.

Last month, America Movil said it planned to purchase BCP for
some US$625 million from a group of 34 banks. BCP, owned by US
BellSouth and Brazil's Verbier, provides services to some 1.7
million clients in the metropolitan area of Sao Paulo.

In April 2003, a year after it started to default in payments -
BCP reached an agreement with its creditors for the restructuring
of a US$1.3 billion debt.

America Movil leads the Latin American wireless
telecommunications market, with over 36 million clients in
Argentina, Brazil, Colombia, Ecuador, USA and Guatemala.


CSN: Fitch Rates Issuances 'B'; Rating Outlook Positive
-------------------------------------------------------
Fitch Ratings has assigned a 'B,' senior unsecured foreign
currency to Companhia Siderurgica Nacional's (CSN) issuances made
in 2003 through its CSN Islands subsidiaries as follows:

Issue Date/Amount(US$ millions)/Term

-CSN Islands II Corp. Feb. 2003 $US85 million 1 year.

-CSN Islands III Corp. April 2003 $US75 million 2 years.

-CSN Islands IV Corp. May 2003 $US100 million 1 year.

-CSN Islands V Corp. June 2003 $US150 million 2 years.

-CSN Islands VII Corp. Sept. 2003 $US200 million 5 years.

The Rating Outlook on the ratings is Positive. CSN's foreign
currency rating is constrained by the Republic of Brazil's 'B,'
Rating Outlook Positive, foreign currency rating.

Fitch also maintains ratings for CSN export securitizations
issued through CSN Islands VI Corp. Fitch rates both the series
2003-1 US$142 million fixed-rate notes and the series 2003-2 $125
million floating-rate notes 'BBB-'. Fitch also rates CSN's senior
unsecured local currency obligations 'BB+,' and has a national
scale rating of 'A+(bra)'.

The proceeds from these issuances have been used primarily to
refinance existing obligations and extend the company's debt
maturity profile. With EBITDA of about R$1.5 billion as of June
30, 2003, CSN's leverage, as measured by net debt-to-EBITDA, was
1.8 times (x), while EBITDA-to-interest expense was about 6.1x.
Due to increased production volumes and a higher value-added
product mix, Fitch expects CSN to continue to generate healthy
operating cash flow for the remainder of 2003 and into 2004.

The ratings reflect the company's position as one of the
industry's lowest cost steel producers due to its ownership of
the Casa de Pedra mine, one of the world's largest high-quality
iron ore bodies. CSN also benefits from its modern production
facilities, vertical integration and access to low-cost labor.
The ratings also factor in the concentrated nature of the
Brazilian steel industry, which limits competition based solely
upon price. In addition, transportation barriers minimize the
amount of steel imported into the Brazilian market. These factors
allow CSN to generate strong cash flows during troughs in the
steel cycle and in economic downturns in Brazil.

CSN ranks as one of the largest steel producers in Latin America
with annual production capacity of 5.4 million tons of crude
steel. CSN's fully integrated steel operations, located in the
state of Rio de Janeiro in Brazil, produce steel slabs and hot-
and cold-rolled coils and sheets for the automobile, construction
and appliance industries, among others. CSN also holds leading
market shares in the galvanized and tin-mill products.

CONTACT: Anita Saha, CFA +1-312-368-3179, Chicago
         Joe Bormann, CFA +1-312-368-3349, Chicago
         Jayme Bartling, +55-11-287-3177, Sao Paulo

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


USIMINAS: Concludes $75M, 18-Mo Eurobond Issue
----------------------------------------------
Brazilian flat steelmaker Usiminas concluded a US$75 million, 18-
month eurobond issue, reports Business News Americas, citing
local newspapers. The bonds issued at 99.6485% of face value,
will yield 6.625% for a coupon of 6.375%, the report reveals.
Unibanco, the bank handling the issue, said demand for the bonds
was 5.5 times the initial offering, but did not reveal the actual
figures.

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 INTERNATIONAL: Subscribers Eclipse 5 Million Mark
----------------------------------------------------------
Millicom International Cellular S.A. (Nasdaq Stock Market: MICC),
the global telecommunications investor, announced Wednesday that
it passed the 5 million customer mark during September.

Marc Beuls, President and CEO of Millicom International Cellular
commented: "With the consolidation of 460,000 subscribers in El
Salvador, Millicom now has over 5.25 million subscribers,
reflecting the continued growth in subscriber acquisition during
the third quarter".

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 of
approximately 382 million people. In addition, MIC provides high-
speed wireless data services in five countries

CONTACT:  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



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

C&W JAMAICA: Digicel Loses Legal Battle Against OUR
---------------------------------------------------
Jamaican cellular service provider Digicel did not prevail in its
suit against the Office of Utilities Regulation (OUR). The
Jamaica Observer reports that in 2002, Digicel lodged legal
proceedings against OUR, objecting to the latter's move to
introduce a recovery charge that would enable Cable & Wireless
(C&W) to continue to offer its land-line service below the actual
cost of providing the service. The charge would be on line
rentals, which currently are about half the actual cost --
residential customers now pay $400 and business customers pay
$1,000.

This charge would be incurred by telecoms and not their
customers, and Digicel objected to it, arguing that the OUR was
acting outside of its mandate and that it was not in keeping with
the 2000 Telecoms Act.

But on Friday, the Supreme Court ruled in OUR's favor, saying
that it had the authority to establish charges on service
providers connecting to C&W's land-line service.

With the ruling, telecom companies will likely be required to pay
a charge to C&W to help recover the cost of providing land line
service.

"It now means that we can proceed with pricing issues," David
Geddes, public relations officer at the Office of the Utilities
Regulation. "It also means that we can bring order to the
telecoms sector."

Meanwhile, Ann Astwood, C&W's public relations manager, said:
"What the ruling has done is free up the OUR to make a
determination regarding the access deficit charge."

"Based on the price cap imposed by OUR, C&W is not able to charge
the actual cost of providing the service and the ADC is the
difference between the actual cost and what C&W charges," Astwood
added.



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

CFE: Near Term Financial Trouble Forecast on Natural Gas Prices
---------------------------------------------------------------
The Comisi˘n Federal de Electricidad (CFE) is likely to
experience the same financial crisis as the electricity service
companies in California, United States, had undergone that
provoked the electricity crisis in the U.S. state, the Cambridge
Energy Research Associates (CERA) suggested.

Attributing this grim outlook to the mistake of planning low
natural gas prices of US$3.12 per million BTU when prices could
reach US$6.50 in December, the research center said that the
development project of new generation plants financed with
Deferred Investment Projects in Spending Registers (Pidiregas)
could face the first short-term potential crunch.

The sudden natural gas price increases in the winter season could
mean additional spending of as much as US$840 million due to the
price increase as well as the 50% increase in Pidiregas debt
service payments during the next three years or a possible
default.


CONE MILLS: Files for Bankruptcy, To Sell All Assets To WL Ross
---------------------------------------------------------------
Cone Mills Corporation, the world's leading denim producer, today
announced that it has filed a voluntary petition for relief under
Chapter 11 with the U. S. Bankruptcy Court in Delaware. The
Company also announced that it has accepted a letter of intent
from WL Ross & Co. to purchase substantially all of the assets of
the Company. The $90 million transaction, including cash and
assumed loans and liabilities, has been approved by the Company's
Board. The proposed sale will enable Cone Mills to strengthen its
leadership in denim and improve its ability to compete in the
global textile marketplace.

The proposed sale to WL Ross & Co., which is subject to
Bankruptcy Court approval and higher and better offers, is
expected to be consummated pursuant to section 363 of Chapter 11
of the U.S. Bankruptcy Code. The Company expects to complete the
transaction within 90 days.

Cone Mills expects to maintain a significant U.S. employee base,
including a substantial number of manufacturing jobs. Cone Mills
headquarters will remain in Greensboro, N.C.

Company Will Conduct Business as Usual

Cone Mills has arranged for $35 million in post-petition
financing from GE Capital, which will be used to fund operations
prior to the completion of the transaction. Throughout this
period, Cone Mills will conduct business as usual, with no
interruptions in its operations or delays in meeting commitments
to its customers. The Company intends to meet its post-petition
obligations to vendors, employees and others in the normal course
of business.

Best Available Option For Customers, Employees And Communities

John L. Bakane, Chief Executive Officer of Cone Mills, said "This
transaction is the best available option for the Company's
customers, employees and communities. WL Ross is a well-financed
strategic buyer with the means and incentive to strengthen our
business. By joining forces with WL Ross & Co., we will be much
better positioned to meet the enormous challenge of low-cost
imports while remaining an important employer in the textile
industry."

Mr. Bakane added, "The U.S. textile industry remains under
intense pressure from a flood of Asian imports. Unfortunately,
the size and scope of this challenge shows no sign of
diminishing, since appeals to Washington from textile industry
leaders seem to have fallen on deaf ears, with U.S. trade
policies continuing to unfairly favor these overseas
competitors."

About Cone Mills

Founded in 1891, Cone Mills Corporation, headquartered in
Greensboro, NC, is the world's largest producer of denim fabrics
and one of the largest commission printers of home furnishings
fabrics in North America. Manufacturing facilities are located in
North Carolina and South Carolina, with a joint venture plant in
Coahuila Mexico. http://www.cone.com


PEMEX: Not Selling Repsol Stake
-------------------------------
Contrary to a report published recently by local daily Reforma,
Mexico's state-owned oil and gas monopoly Petroleos Mexicanos
(Pemex) is not planning to sell its 4.81% stake in Spanish oil
group Repsol YPF, Reuters says, citing a Pemex executive.

"During this administration, Pemex has continuously been
evaluating its assets and investment to finance its (capital
expenditures) program," said Pemex's investor relations officer,
Esteban Levin. "But we have not made any decision regarding the
stake in Repsol and have not given any mandate to any banks," he
added.

On Wednesday, Reforma's respected commentator Alberto Aguilar
said Pemex was planning to sell its stake in Repsol, which it has
held since 1979. Goldman Sachs and Morgan Stanley would be
leading the sale, which could raise about US$1 billion, Aguilar
said.



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

CSS: Panama's Banks Brace For Agency's Financial Deterioration
--------------------------------------------------------------
Panama's banking regulator Delia Cardenas announced that banks
will take the necessary precautions to withstand the financial
crisis surrounding the state-run social security agency CSS,
relates Business News Americas. This follows a recent strike
action prompted by the departure of Juan Jovane from his
executive post at CSS. Members of the medical fraternity, workers
unions, teachers, CSS's administrative personnel and politicians
from across the political spectrum lodged the strike to protest
Jovane's departure and to call for his reinstatement.

The agency's former executive quit his post at the CSS earlier
this month based on his failure to present a budget for 2004
within the specified timescale. The agency saw its pension
deficit increase by US$354 million in the year to June.

But according to Cardenas, the banks are not greatly concerned by
recent events given their confidence in CSS's ability to meet its
obligations to affiliates. He said positive steps could be taken
to successfully resolve the current crisis.



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

AHOLD: Completes Sale Of Operation In Paraguay
----------------------------------------------
Ahold announced on Wednesday it has successfully completed the
sale of its 100% interest in Supermercados Stock S.A. to A.J.
Vierci. This transaction is limited to Ahold's supermarket
activities in Paraguay. A.J. Vierci is owner and managing
director of Grupo A.J. Vierci. Grupo A.J. Vierci currently
operates media, industry and trade businesses in Paraguay.

The divestment of Supermercados Stock S.A is part of Ahold's
strategic plan to restructure its portfolio, to divest
consistently underperforming assets, and to concentrate on its
mature and most stable markets.

Supermercados Stock S.A. operated 10 supermarkets at year-end
2002 and has been part of Ahold's portfolio since 1998. At year-
end 2002, the company was a subsidiary of Santa Isabel S.A. in
Chile and employs approximately 800 employees.

CONTACT:  Royal Ahold N.V.
          P.O. Box 3050
          1500 HB Zaandam Netherlands
          Phone: +31 (0)75 659 57 20
          Fax: +31 (0)75 659 83 02

          Ahold Corporate Communications
          Phone: +31.75.659.57.20



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

CENTENNIAL COMMUNICATIONS: Low Valuations End Equity Offering
-------------------------------------------------------------
Centennial Communications Corp. (the "Company" or "Centennial")
(NASDAQ: CYCL) announced today that it has withdrawn its
previously announced public offering of common stock.

"We appreciate the significant interest shown by the investment
community in the Centennial story," said Michael J. Small, chief
executive officer of Centennial. "However, our valuation
requirements were not met by the market at this time. I believe
our approximately $300 million of available liquidity and record
fiscal 1st quarter results provide us with a solid financial
foundation for profitable growth during fiscal 2004 and beyond."

About Centennial

Centennial is one of the largest independent wireless
telecommunications service providers in the United States and the
Caribbean with approximately 17.3 million Net Pops and
approximately 971,500 wireless subscribers. Centennial's U.S.
operations have approximately 6.1 million Net Pops in small
cities and rural areas. Centennial's Caribbean integrated
communications operation owns and operates wireless licenses for
approximately 11.2 million Net Pops in Puerto Rico, the Dominican
Republic and the U.S. Virgin Islands, and provides voice, data,
video and Internet services on broadband networks in the region.
Welsh, Carson Anderson & Stowe and an affiliate of the Blackstone
Group are controlling shareholders of Centennial. For more
information regarding Centennial is available at websites:
www.centennialwireless.com, www.centennialpr.com and
www.centennialrd.com.

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

CONTACT:  CENTENNIAL COMMUNICATIONS CORP.
          Thomas J. Fitzpatrick
          732-556-2220


DORAL: Fitch Assigns 'BBB-' to Convertible Preferred Stock
----------------------------------------------------------
Fitch Ratings issued a 'BBB-' rating to Doral Financial Corp.'s
(Doral) new $300 million perpetual cumulative convertible
preferred stock issuance priced at 4.75%. The company also plans
to offer the initial buyers of the preferred stock an option to
purchase up to an additional $45 million of the shares. 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.

Doral continues to strengthen and lengthen the duration of its
balance sheet with the addition of preferred stock. Also, the
addition of preferred stock and the usage of proceeds to retire
more senior obligations strengthens protection for senior
creditors. However, on a pro forma basis, preferred stock will
increase from 20% to 36% of total equity as of June 30, 2003.
Although the preferred stock has many equity characteristics,
Fitch generally limits equity credit for preferred instruments to
25% of total equity. Based on this guideline, Doral has improved
their equity to managed asset ratio from 5.98% to 6.39% at June
30, 2003, on a pro forma basis. Total equity should continue to
increase as a consequence of Doral's projected earnings
retention.

On July 31, 2003, Fitch upgraded Doral Financial Corporation's
(Doral) senior unsecured rating to 'BBB+' from 'BBB' and
initiated ratings on Doral Bank. The Rating Outlook is Stable.
The rating upgrade largely reflected the progress the company has
made in improving its profitability, capitalization, and funding.
In addition, the company has demonstrated over the past few years
its ability to defend its leading market position and franchise
value in a highly competitive environment. The strengths are
balanced by the high level of geographic and product
concentration in Puerto Rico.

CONTACT:  Peter Shimkus +1-312-368-2063, Chicago
          James Moss 1-312-368-3213, Chicago

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



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

PASO ALTO: Formal Restructuring Proceeding Begins
-------------------------------------------------
Uruguayan forestry firm Paso Alto applied for the opening of an
official restructuring proceeding, with US$5.7 million in
liabilities. Its assets stand at about US$6.78 million.

Paso Alto indicated it had issued bonds in order to fund the
acquisition of lands for their division, forestation and sale.
However, the firm added, the price of the lands dropped with the
beginning of the economic recession in Uruguay, while the debts
remained denominated in US dollars and the subsidy granted by the
state was in Uruguayan pesos.

On July 1 this year, three engineers left the Company. Humberto
Cheirasco was fired after warning that the firm had made a
mistake by sowing global eucalyptus on an area where it did not
have chances of prospering. The others were also considered as
fired because the Company wouldn't change its mind regarding this
project. These former employees took legal action to collect
their severance pay and, so far, they have managed to obtain an
lien on the Company's net assets. They also sent letters to
investors, warning that the project would not be as profitable as
it promised to be.

Subsequently, the dire predictions materialized. The harvest in
Palo Alto started around a year ago and the profitability
obtained has been far lower than expected. The low numbers are
attributed partly to the fact that the Company has not invested
in the construction of a cellulose plant in Paso de los Toros
(Uruguay), as it had promised to attract investors.

On August 21, the Company defaulted on the payment of a US$1.5
million note to Citibank Uruguay, which led to the initiation of
the formal restructuring proceeding. As a consequence of the
scandals and financial blunders, the Company suspended the sale
of parcels two months ago.



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

IVSS: Solvent Enough To Comply With CADIVI Requirements
-------------------------------------------------------
Edgar Hernandez Behrens, director of Venezuela's foreign exchange
commission Cadivi, confirmed that the country's social security
agency, the IVSS is sufficiently solvent to undertake further
business with the commission.

Mr. Hernandez, according to state press agency Venpres, made his
comment following a conversation with IVSS chairman Jesus
Viloria. According to him, that conversation was enough to dispel
recent press speculation pointing to the agency's inability to
satisfy solvency requirements for the approval of continued
foreign exchange operations. The IVSS executive demonstrated the
agency's continued capability to meet its financial obligations,
Hernandez said.



               ***********


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
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is $575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are $25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


* * * End of Transmission * * *