TCRLA_Public/031003.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, October 3, 2003, Vol. 4, Issue 196

                          Headlines


A R G E N T I N A

AACMSA: Receiver Prepares Individual Reports For Reorganization
ACTA: Nonpayment of Debt Leads to Bankruptcy
BISEL/SUQUIA: Bisel Auction Fails; Suquia To See New Owner Soon
BLADEX: DEG, FMO Provide $40M Financing Package
CABLEONDA: Creditor Seeks Company's Bankruptcy

CTI HOLDINGS: Fitch Rates $300M of Bonds `C(arg)'
DIRECTV LA: Files Second Motion To Extend Removal Period
EDEMSA: $150M of Bonds Get Default Ratings From Argentine Fitch
EDESUR: Director Quits Post Amid Group Restructuring
EDESUR: Fitch Assigns `B(arg)+' on $450M of Bonds

ENCASA: Reorganization Petition Forwarded To Court
FRIGODOS: Court Approves Creditor's Bankruptcy Petition
GATIC: May Buckle Amid Extensive Crisis
GS VIAL: Court Assigns Receiver For Bankruptcy
MARIA DE BUENOS AIRES: Receiver Closes Claims Filing Period

MIDAN: Individual Reports Filing Due Today
MULTICANAL: Extends APE Solicitation, Cash Option Solicitation
ORGANIZACION FUTURA: Enters Bankruptcy On Court Order
PLAN MEDICO INTEGRAL: Creditors' Bankruptcy Petition Approved
SCP: Unit's Formal Restructuring Proceeding Ends

SILLI: Creditor's Petition Prompts Bankruptcy Ruling
TU AUXILIO: Judge Approves Reorganization Petition


B E R M U D A

LORAL SPACE: Selected By Directv To Build Two Satellites


B O L I V I A

COTEL: New Boards Elected Despite Controversy


B R A Z I L

AHOLD: CBD Asks Financial Aid From BNDES To Fund Bompreco Buy
METRON: Files For Bankruptcy


C H I L E

AES GENER: Exploring Avenues To Restructure Debts
ENAMI: Codelco To Proceed With Acquisition of Ventanas


D O M I N I C A N   R E P U B L I C

BANCO POPULAR: S&P Downgrades Ratings To `B-'


E C U A D O R

ANDINATEL/PACIFICTEL: FS Sells Bidding Rules At $20,000 Each


G U A T E M A L A

NISSHO IWAI: Announces Dissolution of Subsidiary


J A M A I C A

PIL: Credit Verification For Liquidation Process Ends Today


M E X I C O

GRUPO IUSACELL: Plans To Present Creditors Debt Offer This Month
GRUPO TMM: TFM Completes Mexrail Repurchase
PEMEX: Moody's Puts Ratings Under Review For Possible Downgrade
PEMEX: Grants Tula Refinery Project To Emerson
VITRO: S&P Rates Proposed $250 Million Senior Notes 'B-'


P A N A M A

CSS: Executives Appear Before Congress To Defend Budget Plan


T R I N I D A D   &   T O B A G O

CARLISLE TIRE: Minister Files Injunction On Workers' Behalf


V E N E Z U E L A

PDVSA: To Submit 2002 Annual Report Before Month's End
SIDOR: Plans Plant Upgrades to Improve Products


     - - - - - - - - - -


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

AACMSA: Receiver Prepares Individual Reports For Reorganization
---------------------------------------------------------------
Carlos Ferreyra y Reisin, receiver for Argentine company Armando
A Cargnelutti Minerales S.A., closes the credit verification
process for the Company's reorganization today. An earlier report
in the Troubled Company Reporter - Latin America indicated that
the Civil and Commercial Tribunal of Cordoba approved the
Company's reorganization petition.

The receiver will begin finalizing the individual reports,
followed by a general report. However, local sources did not
mention whether Cordoba's Court No. 33, which handles the case,
has set the deadlines for the submission of these reports.

CONTACT:  Carlos Ferreyra y Reisin
          Luis Tejada 3933
          Cordoba


ACTA: Nonpayment of Debt Leads to Bankruptcy
----------------------------------------------
Administraci¢n Castillo Tenaglia y Asociados S.R.L., which is
based in Buenos Aires, enters bankruptcy on orders from the
city's insolvency judge in Court No. 20, Dr. Taillade. Clerk No.
20, Dr. Amaya, works with the court on the case.

Argentine news portal La Nacion relates that the court approved a
motion for bankruptcy filed by the Company's creditor, Otis
Argentina S.A., to whom the Company owes approximately US$3,044.

A local accountant, Mr. Luis Alberto Rementeria was assigned as
the Company's receiver. He is to authenticate creditors' claims
until November 19, 2003. After that date, he will prepare the
individual reports, and then the general report.

CONTACT:  Administracion Castillo Tenaglia y Asociados S.R.L.
          Sucre 2524
          Buenos Aires

          Luis Alberto Rementeria
          Piedras 1314
          Buenos Aires


BISEL/SUQUIA: Bisel Auction Fails; Suquia To See New Owner Soon
---------------------------------------------------------------
Argentine federal bank Banco Nacion failed Tuesday in its attempt
to sell Banco Bisel due to absence of bidders, Business News
Americas reports, citing a spokesperson from Banco Nacion. Bisel
is one of three banks taken over by Banco Nacion following last
year's exit of former owner French bank Credit Agricole. The
other two banks are Banco Suquia and Bersa.

Meanwhile, the Nacion spokesperson revealed that it received bids
this week from two local groups -Banex and fellow Argentine group
Roggio- for Banco Suquia. Local group Dinosaurio also submitted a
bid but that bid was rejected.

The Nacion official said the central bank is slated to announce
Suquia's new owner this month.

CONTACT:  BANCO BISEL S.A.
          Mitre 602 Rosario
          2000 Santa Fe
          Argentina
          Phone: 0341-4200300
          Home Page: http://www.bancobisel.com.ar/
          Contact:
          Guillermo Harteneck, President
          Jean Luc Perron, Vice President
          Bernard Brousse, Vice President

          BANCO SUQUIA S.A
          25 de Mayo 160 Cordoba
          5000 Cordoba
          Argentina
          Phone: 0351-422-2048
          Fax: 0351-420-0279
          E-mail: relacioninversores@bancosuquia.com.ar
          Home Page: http://www.bancosuquia.com.ar/
          Contact:
          Bernard Pierre Jean Brousse, Vice-President
          Nestor Jose Belgrano, Director

          BANCO DE ENTRE RIOS S.A. (BERSA)
          Monte Caseros 128
          Parana
          3100 Entre Rios
          Argentina
          Phone: 0343-4201200
          Fax: 0343-4213869
          Contact: Alberto Roque Ferrero, Vice-President


BLADEX: DEG, FMO Provide $40M Financing Package
-----------------------------------------------
DEG, German Investment and Development Company, the Netherlands
Development Finance Company (FMO) and Banco Latinoamericano de
Exportaciones (BLADEX) signed a contract for a US$40-million
long-term loan on the occasion of the Annual Meetings of the
Boards of Governors of the World Bank Group and the International
Monetary Fund in Dubai. The loan is intended for refinancing
foreign trade of local banks in the region, key export-oriented
companies as well as partially restructuring the Argentine
portfolio of BLADEX.

BLADEX is a multilateral bank established by the Central Banks of
the Latin American and Caribbean countries. Based in Panama, its
shareholders include central and commercial banks in 23 countries
of the region, as well as international banks and private
investors. Total assets as of 30 June 2003 were US$2.6 billion.
In 24 years, BLADEX has disbursed accumulated credits for over
US$120 billion in the region. BLADEX is listed on the New York
Stock Exchange.

DEB, a member of KfW-Group, and BLADEX started their business
relations in 1991. Today, DEG - as lender of the record - is
providing a loan of US$40 million, out of which FMO will
participate for US$20 million. Limited access to export financing
has hampered export-oriented business in Latin America since the
Argentina crisis in 2001.

"Today's signing signals our confidence in the prestigious
multilateral BLADEX which supports the foreign trade of these
countries by providing the necessary finance. This contributes to
dynamic development of trade volumes and to the sustainable
recovery of Latin American economies," said Dr. Winfried Polte,
Chairman of the Board of Management of DEG during the signing
ceremony.. "We are very happy to join forces with DEG in this
deal. Cooperation not only increases the impact of our activities
because of the higher financial contribution, but it also allows
us to do more projects by dividing part of the work," said Nanno
D. Kleiterp, Chief Operations Officer of FMO.

Development finance institutes like DEG and FMO are one of the
few sources currently prepared to make a long-term commitment in
Latin America. DEG has been strongly committed to Latin America
for 40 years. Its current Latin American portfolio stands at
EUR564 million. Despite today's challenging environment, DEG has
already committed more than EUR70 million in financial
institutions and private companies in Latin America this year.
For example, DEG has recently provided the biggest Uruguayan rice
company Saman with a loan of US$8 million.

FMO has a portfolio of over EUR700 million in Latin America,
which is nearly 40% of FMO's total portfolio of loans, equity
participations and guarantees. FMO recently acted as the arranger
of a US$30-million syndicated loan to the privatized Nicaraguan
telephone operator Enitel and as partial guarantor of a MXN1-
billion bond program of the Mexican mortgage bank Credito y Casa.

CONTACT:  BLADEX, Head Office
          Calle 50 y Aquilino de la Guardia
          Panama City, Panama
          Attention: Carlos Yap, Senior Vice President, Finance
          Tel. no. (507) 210-858
          E-mail: cyap@blx.com


CABLEONDA: Creditor Seeks Company's Bankruptcy
----------------------------------------------
Cableonda's creditor PVC Tecnocom S.A. filed a petition for the
Company's bankruptcy, reports local newspaper La Nacion, adding
that nonpayment of debt was the ground for the filing of the
bankruptcy motion. An earlier report by the Troubled Company
Reporter - Latin America said that Buenos Aires Court No. 4
ordered the Company's bankruptcy.

Mr. Daniel Altman, the receiver assigned to the Company, will
authenticate creditors' claims until November 27. He will then
prepare the individual reports after that date. A general report
will follow after the individual reports are processed at court.
Local sources however, did not mention the deadlines for the
filing of these reports.

Dr. Garibotto is the insolvency judge handling the case. Buenos
Aires clerk NO. 4, Dr. Romero, aids the court on the process.

The Company's main activity is importing and exporting
construction materials, La Nacion adds.

CONTACT:  Cableonda S.A.
          Esmeralda 561
          Buenos Aires

          Daniel Altman
          3rd Floor E
          Parana 774
          Buenos Aires


CTI HOLDINGS: Fitch Rates $300M of Bonds `C(arg)'
-------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. assigned a `C(arg)'
rating to corporate bonds issued by local company CTI Holdings
S.A.. The Company's finances as of June 30, 2003 determined the
rating given.

According to the country's securities regulator, the Comision
Nacional Valores (CNV), the rating applies to US$300 million
worth of bonds, which are described as "Obligaciones Negociables
con Cupon Diferido". The bonds are classified under "Simple
Issue" and will come due on April 1, 2008.

Fitch said that the rating assigned denotes an extremely weak
credit risk relative to other issues in Argentina. Capacity for
meeting financial commitments is solely reliant upon sustained,
favorable business or economic developments, the ratings agency
added.


DIRECTV LA: Files Second Motion To Extend Removal Period
--------------------------------------------------------
Joel A. Waite, Esq., at Young Conaway Stargatt & Taylor LLP, in
Wilmington, Delaware, claims that the Debtor may be party to
actions pending in the courts of various jurisdictions.
Recently, the Debtor has been focused on various matters
including providing information to the Committee, negotiating a
Chapter 11 plan and preparing disclosure statements having
adequate information.  Thus, the Debtor did not have a full
opportunity to fully investigate and determine whether there are
any pending matters that should be removed.

Accordingly, the Debtor asks the Court, pursuant to Rule
9006(b)(1) of the Federal Rules of Bankruptcy Procedure, to
extend the time by which it may file notices of removal with
respect to pending prepetition civil actions to and including the
latest to occur of:

   (i) December 15, 2003; or

  (ii) 30 days after entry of an order terminating the automatic
       stay with respect to the particular action sought to be
       removed.

Mr. Waite asserts that the extension is fair and reasonable
because:

   (a) it will afford the Debtor an additional opportunity to
       make fully informed decisions concerning removal of any
       pending actions;

   (b) it will assure that the Debtor does not forfeit valuable
       rights under Section 1452 of the Judiciary Procedures
       Code; and

   (c) the rights of the Debtor's adversaries, if any, will not
       be prejudiced by the extension since any party to a
       pending action that is removed may seek to have it
       remanded to the State Court pursuant to Section 1452(b).

Judge Walsh will convene a hearing on October 8, 2003 to consider
the Debtor's request.  By application of Del.Bankr.LR 9006-2, the
Debtor's removal period is automatically extended through the
conclusion of that hearing. (DirecTV Latin America Bankruptcy
News, Issue No. 13; Bankruptcy Creditors' Service, Inc., 609/392-
0900)


EDEMSA: $150M of Bonds Get Default Ratings From Argentine Fitch
---------------------------------------------------------------
Empresa Distribuidora de Electricidad de Mendoza S.A. (EDEMSA)'s
corporate bonds received default ratings from the Argentine arm
of Fitch Ratings Agency. The `D(arg)' rating was based on the
Company's finances as of June 30 this year.

The rating applies to US$150 million of "Programa de emisi¢n de
Obligaciones Negociables simples", which mature on April 13,
2005. The bonds were classified under "Program", but its CUSIP
was not indicated. The ratings agency said that the `D(arg)'
rating is given to financial obligations that are currently in
default.


EDESUR: Director Quits Post Amid Group Restructuring
----------------------------------------------------
Domingo Valdes Prieto resigned from his post as director
designated for Class A shares at Argentine power distribution
company Edesur S.A., reports Dow Jones. In a brief statement to
the Buenos Aires Stock Exchange, Edesur explained that the
director's resignation was due to "restructurings within the
group."

A spokesperson for Edesur's parent Enersis said the changes
relate to efforts to streamline the influence of its Chilectra
S.A. unit, which is designated as the holding company for
Enersis' power distribution assets across Latin America.

The spokesperson said Chilectra director Gonzalo Vial would be
proposed at a meeting of shareholders planned for Nov. 3 as a
replacement to Valdes Prieto.

Given that Valdes Prieto also comes from Enersis, the changes
appear to reflect the influence of the majority shareholder
rather than that of minority shareholders.

Argentine energy company Petrobras Energia S.A. (PC), now a unit
of Petroleo Brasileiro S.A. (PBR) and formerly known as Pecom
Energia, holds a minority stake in Edesur via its interest in
Distrilec Inversora S.A., a joint venture it entered into with
Enersis in 1992.

After a three-year dispute with Enersis over the allocation of
board seats on Distrilec, the Paris-based International Chamber
of Commerce ruled last year that the joint venture's board should
be split 50-50 between Pecom and Enersis.

CONTACT:  EDESUR S.A.
          Gte. Gral.: Ing. Rafael Fernandez Morande
          San Jos, 140, 3o P
          Capital Federal 1076
          Argentina
          Home Page: www.edesur.com.ar
          Tel.: 4370-3700/4370-3370
          Fax:4381-0708


EDESUR: Fitch Assigns `B(arg)+' on $450M of Bonds
-------------------------------------------------
A total of US$450 million Edesur S.A.'s corporate bonds received
a `B(arg)+' rating from Fitch Argentina Calificadora de Riesgo
S.A., relates the Comision Nacional Valores, the country's
securities regulator.

Fitch said that the rating denotes a significantly weak credit
risk relative to other issues in the country. Financial
commitments are currently being met but a limited margin of
safety remains and capacity for continued timely payments is
contingent upon a sustained, favorable business and economic
environment.

The affected bonds are described as "Programa de Obligaciones
Negociables", with undisclosed maturity date. The bonds were
classified under "Program". The Company's finances as of the end
of June this year determined the rating given to the bonds.


ENCASA: Reorganization Petition Forwarded To Court
--------------------------------------------------
Buenos Aires-based Encasa S.A. is seeking court permission to
undergo reorganization. Argentine newspaper La Nacion relates
that the Company filed a motion for "Concurso Preventivo" to the
city's Court No. 1, which under Dr. Dieuzeide.

Documents submitted to the court reveals that the Company, which
imports machinery, ironworks and spare parts, stopped making debt
payments since May 5. Clerk No. 5, Dr. Fernandez Garello, assists
the court on the case.

CONTACT:  Encasa S.A.
          16th Floor, Room D
          Uruguay 651
          Buenos Aires


FRIGODOS: Court Approves Creditor's Bankruptcy Petition
-------------------------------------------------------
Dr. Dieuzeide, the insolvency judge in Buenos Aires Court No. 1
orders the bankruptcy of local company Frigodos S.A., according
to a report by Argentine newspaper La Nacion. The ruling comes
after a Jorge Parra, sought for the Company's bankruptcy for
nonpayment of debt.

Working with Clerk No. 1, Dr. Fernandez Garello, the court
assigned Mr. Barg Lajbisz as receiver for the process. Mr.
Lajbisz will verify creditors' claims until November 24 this
year.

The receiver is also required to prepare the individual and
general reports, but the source did not mention whether the court
has set the deadlines for the filing of these reports.

CONTACT:  Frigodos S.A.
          Francisco de Bilbao 3348
          Buenos Aires

          Barg Lajbisz
          10th Floor, Room B
          Paraguay 2630
          Buenos Aires


GATIC: May Buckle Amid Extensive Crisis
---------------------------------------
Argentine textile company Gatic is facing its worst crisis ever
and is on the verge of shutting down operations. The firm, which
has all its plants inactive, asked the government for financial
aid. Authorities said they would be willing to fund Gatic's
recovery but only if a mixed partnership takes over the Company.

The proposal consists of the creation of a trust fund
administrated by a mixed partnership composed by the federal
government, the government of the Buenos Aires province,
employees and auditors, with an initial contribution of ARS20
million (US$6.89 million). This means the current management has
to give up the control over the Company and its funds.

Ricardo Moccero, mayor of the town of Coronel Suarez, confirmed
Argentine President Nestor Kirchner and Felipe Sola -governor of
the Buenos Aires province- had analyzed Gatic's situation and
decided not to give them money if Eduardo Backhellian kept
managing the Company.

Gatic's biggest plant is located in Coronel Suarez.

Mr. Backhellian has not answered the proposal yet. People close
to the businessman assure there is a private investor disposed to
inject capital in the Company.

However, Gatic's employees do not trust Mr. Backhellian and claim
the only possible way out for the Company is to accept the trust
fund proposed by the government.

Gatic is carrying out a formal restructuring proceeding, with
US$340 million in liabilities. Its main creditors are the tax
bureau (AFIP), Banco Nacion, Banco Provincia, Standard Chattered
and a group of suppliers led by Adidas. It also has a debt of
ARS10 million (US$3.45 million) in wages and its suppliers are
not delivering goods.


GS VIAL: Court Assigns Receiver For Bankruptcy
----------------------------------------------
Court No. 22 of Buenos Aires announced that local accountant Ines
Clos was designated as the official receiver for G.S. Vial S.A.,
reports Argentine news source La Nacion. The Company is currently
undergoing the bankruptcy process, the report says without
revealing the details. Dr. Braga is the insolvency judge handling
the case. Clerk NO. 43, Dr. Mata assists.

CONTACT:  Ines Clos
          6th Floor, Room A
          Lavalle 715
          Buenos Aires


MARIA DE BUENOS AIRES: Receiver Closes Claims Filing Period
-----------------------------------------------------------
The bankruptcy process of Argentine textile company Maria de
Buenos Aires enters a new phase as the credit verification
process ends today. The Company's receiver, Mr. Eduardo Aquinaga,
who verified the claims, will now prepare the individual reports.
The receiver is also required to prepare a general report on the
process, but local sources did not mention the deadlines for the
filing of the said reports.

The Troubled Company Reporter - Latin America earlier indicated
that the Company entered bankruptcy on orders from Buenos Aires'
Court No. 19. The ruling came after the Company's creditor, Ms.
Rosa Garcia sought for the Company's bankruptcy for nonpayment of
debt.

CONTACT:  Maria de Buenos Aires S.A.
          Ave. Independencia 584
          Buenos Aires

          Eduardo Aquinaga
          Pergamino 331
          Buenos Aire


MIDAN: Individual Reports Filing Due Today
------------------------------------------
The individual reports for the reorganization of Argentine tour
company Midan S.A. must be submitted to the court today, the
Troubled Company Reporter - Latin America reporter earlier.

The Company's receiver, Ms. Maria Cristina Agrela, an accountant
from Buenos Aires, prepared the reports, after the credit
verification process was completed last August 22. The city's
Court No. 14 also requires the receiver to prepare a general
report after the individual reports are processed at court. This
report should be filed on November 14.

The court set May 14, 2004 as the date for the informative
assembly, local news source Infobae reported without indicating
the venue.

CONTACT:  Ms. Maria Cristina Agrel
          Viamonte 1365
          Buenos Aires


MULTICANAL: Extends APE Solicitation, Cash Option Solicitation
--------------------------------------------------------------
Multicanal S.A. (the "Company") announced Tuesday that it is
extending until 5:00 p.m., New York City time, on October 14,
2003, unless further extended by the Company in its sole
discretion, its solicitation (the "APE Solicitation") from
holders of its 9¬% Notes due 2002, 10«% Notes due 2007, 13.125%
Series E Notes due 2009, Series C 10«% Notes due 2018 and Series
J Floating Rate Notes due 2003 (together, the "Existing Notes"),
and other financial indebtedness (the "Bank Debt" and together
with the Existing Notes, the "Existing Debt") of powers of
attorney in favor of an attorney- in-fact, to execute an acuerdo
preventivo extrajudicial (the "APE").

The Company also announced Tuesday that it is extending until
5:00 p.m., New York City time, on October 14, 2003, unless
further extended by the Company in its sole discretion, its offer
to purchase for cash (the "Cash Option Solicitation") not more
than U.S.$131 million of its Existing Debt at a price of U.S.$300
per U.S.$1,000 aggregate principal amount of Existing Debt
tendered for purchase.

The Company has elected to extend the expiration dates of the APE
Solicitation and Cash Option Solicitation in light of the
September 22, 2003 resolution by commercial court No. 4,
Secretar¡a 8 of the city of Buenos Aires, Argentina (the
"Bankruptcy Court") granting the Company's request that the
Bankruptcy Court convene one or more meetings that may be
required to (a) confirm holders' acceptance of (i) the APE
Solicitation or the Cash Option Solicitation, as the case may be,
and the option(s) elected by any such holder, and (ii) the APE
and/or (b) give effect to the APE, in accordance with Article 45
bis of Title II, Chapter VII of Argentine Law No. 24,522, as
amended (any such meeting, an "APE Confirmation Meeting"). The
Company has notified the Bankruptcy Court that it has scheduled
an APE Confirmation Meeting to be held on December 10, 2003. As
of 5:00 p.m., New York City time, on September 29, 2003, holders
(including certain holders who may not have submitted complete
documentation) of approximately U.S.$268.3 million or
approximately 51.1% principal amount of Existing Debt in the
aggregate have either tendered in the Cash Option Solicitation or
agreed to participate in the APE Solicitation.

A holder of Existing Debt that has tendered in either the Cash
Option Solicitation or the APE Solicitation prior to the date
hereof or that elects to participate in the APE Solicitation or
the Cash Option Solicitation after the date hereof will not be
entitled to withdraw its power of attorney and tenders.

The Information Agent for both the Cash Option Solicitation and
the APE Solicitation is D.F. King & Co., Inc. and its telephone
number is (212) 493-6920. The Depositary for the Cash Option
Solicitation and the Exchange Agent for the APE Solicitation is
JPMorgan Chase Bank and its telephone number is (212) 623-5162.

This extension notice is dated as of September 30, 2003.


ORGANIZACION FUTURA: Enters Bankruptcy On Court Order
-----------------------------------------------------
Buenos Aires Court No. 4 rules that local ice cream dealer
Organizacion Futura S.A. is bankrupt. A report by Argentine
newspaper La Nacion indicates that Dr. Ottolenghi, the insolvency
judge handling the case, approved a petition for bankruptcy filed
by the Company's creditor, Sergio Soler.

Creditors are given until November 25 to have their proofs of
claim verified by the receiver, Mr. Mario Grieco. After the said
date, the receiver, a local accountant, will prepare the
individual reports. He will also prepare a general report after
the individual reports are processed at court. La Nacion,
however, did not mention whether the court has set the deadlines
for the filing of the receiver's reports.

The city's Clerk NO. 8, Dr. Anta, works with the court on the
case, La Nacion adds.

CONTACT:  Organizacion Futura S.A.
          Perdriel 1278
          Buenos Aires

          Mario Grieco
          2nd Floor
          Ave de Mayo 1260
          Buenos Aires


PLAN MEDICO INTEGRAL: Creditors' Bankruptcy Petition Approved
-------------------------------------------------------------
Buenos Aires Court NO. 12, which is under Dr. Ojea Quintana,
approved a motion for the bankruptcy of local medical services
company Plan Medico Integral S.A., according to Argentine
newspaper La Nacion. The Company's creditor, Clinica Bazterrica
S.A. filed the petition after the Company failed to meet its
obligations on its debt to the former.

A local accountant, Mr. Norberto Volpe, was assigned as receiver
for the bankruptcy process. His tasks include the verification of
credit claims until November 24 and the preparation of the
individual and general reports. La Nacion, however, did not
reveal whether the cort has set the deadlines for the submission
of the receiver's reports.

CONTACT:  Plan Medico S.A.
          2nd Floor B
          Avellaneda 3550
          Buenos Aires

          Norberto Volpe
          8th Floor
          Maipu 859
          Buenos Aires


SCP: Unit's Formal Restructuring Proceeding Ends
------------------------------------------------
The agreement subscribed between the tourism train, Tren de la
Costa, and its creditors has been approved by the court. During
the renegotiation of its debt, Sociedad Comercial del Plata
(SCP), Tren de la Costa's controlling company, transferred its
stakes in Tren de la Costa and Parque de la Costa (100%) to a
fiduciary fund formed by a group of creditor banks in order to
guarantee the payment of debts. With this decision, the court
decreed the end of Tren de la Costa's formal restructuring
proceeding.

CONTACT:  Sociedad Comercial del Plata SA
          3/F
          1056 Reconquista
          Buenos Aires Capital
          Federal
          Argentina
          Phone: +54 11 4311 6854
          Contact:
          Dr. Santiago T. Soldati, Chairman
          Dr. Matias M Brea, Vice Chairman


SILLI: Creditor's Petition Prompts Bankruptcy Ruling
----------------------------------------------------
Buenos Aires Court NO. 6, under Dr. Ferrario, approves a motion
for the bankruptcy of local company Silli S.R.L., relates
Argentine daily La Nacion. The Company's creditor, Alpesca S.A.
filed the bankruptcy petition for nonpayment of debt. A local
accountant, Mr. Jorge Podhorzer, was assigned as the Company's
receiver. Creditors must present their proofs of claims to the
receiver for verification before the December 3 deadline expires.

The city's Clerk No. 12, Dr. Mendez Sarmiento, works with the
court on the case. However, La Nacion did not mention whether the
deadlines for the filing of the receiver's reports have been set.

CONTACT:  Silli S.R.L.
          Miller 3060
          Buenos Aires

          Jorge Podhorzer
          8th Floor
          Pje. Del Carmen 716
          Buenos Aires


TU AUXILIO: Judge Approves Reorganization Petition
--------------------------------------------------
Dr. Fernandez, the insolvency judge in Buenos Aires' Court No.
19, approved Tu Auxilio S.A.'s motion for "Concurso Preventivo",
granting the Company permission to undergo reorganization. Clerk
NO. 37, Dr. Mazzoni, works with the court on the case.

The court designated Mr. Luis Kurklis as the Company's receiver.
He is tasked with the verification of credit claims and the
preparation of the individual and general reports. The source,
however, did not mention the dates set for these processes.

La Nacion adds that the informative assembly for the
reorganization will be held on October 25 next year.

CONTACT:  Tu Auxilio S.A.
          1st Floor, Room 3
          Sarmiento 1230
          Buenos Aires

          Luis Kurklis
          4th Floor, Room E
          Lavalle 1819
          Buenos Aires



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

LORAL SPACE: Selected By Directv To Build Two Satellites
--------------------------------------------------------
Space Systems/Loral (SS/L), a subsidiary of Loral Space &
Communications (OTCBB: LRLSQ), announced Wednesday that DIRECTV,
Inc., El Segundo, Calif., has issued SS/L authorizations to
proceed (ATPs) with the design and construction of two
satellites: DIRECTV 8 and DIRECTV 9S. Aggregate revenue for the
construction of the two satellites will be in excess of $220
million.

"DIRECTV's award represents Loral's second and third orders for
commercial satellite construction this year and a total of 14 for
the industry - a positive indicator of a resurgence in satellite
manufacturing sales," said Bernard L. Schwartz, chairman and
chief executive officer of Loral Space & Communications. "For
Loral, the orders are a significant step forward in the execution
of our business plan under the reorganization process.  As
satellite operators resume their normal procurement patterns, we
believe SS/L will benefit as the preferred provider of the most
advanced and most reliable commercial communications satellites
available anywhere. We are most appreciative of DIRECTV's
confidence in SS/L's ability to provide state-of-the-art
satellites for its mission critical applications."

The ATPs have been submitted for approval by the Bankruptcy
Court.

DIRECTV 8, to be delivered in the late first quarter of 2005,
will provide national coverage from the 101 degrees West
longitude orbital slot, DIRECTV's primary orbital slot. The
satellite will also be able to operate from DIRECTV's orbital
slots at 110 and 119 degrees West longitude. The satellite will
carry 16 high-power transponders for high-quality national
digital video services.

DIRECTV 9S, scheduled for delivery in the late second quarter of
2005, is designed to operate from orbital locations at 101
degrees West longitude or 119 degrees West longitude. As a back-
up for DIRECTV's 4S and 7S satellites, it will be capable of
providing up to 54 transponders for high-quality local and
national digital video service broadcast into 27 beams.  In an
alternate configuration, the satellite will be capable of
providing up to 44 transponders broadcast into 30 beams.

"We selected SS/L to design and manufacture these two advanced
satellites because it was best able to meet our schedule and
technical requirements," said Jim Butterworth, senior vice
president, Communications Systems, DIRECTV, Inc. "These
spacecraft will provide DIRECTV with additional capacity and
back-up capabilities as we continue to build out our network to
provide additional services to our customers that will include
more local channel markets and high-definition programming. We're
confident in SS/L's ability to deliver in accordance with our
agreed upon specifications."

With the completion of DIRECTV 8 and DIRECTV 9S, Loral will have
manufactured five - more than half - of the satellites in
DIRECTV's fleet. SS/L is currently building DIRECTV 7S, a high-
power, spot-beam satellite scheduled for launch in mid to late
first quarter of 2004.

DIRECTV 8 and DIRECTV 9S are based on SS/L's space-proven 1300
satellite platform, which has an excellent record of reliable
operation. The geostationary 1300 has a designed service life of
15 years and maintains station-keeping and orbital stability by
using bipropellant propulsion and momentum management systems. A
system of high efficiency solar arrays and lightweight batteries
provides uninterrupted electrical power.  In all, SS/L satellites
have amassed more than 1000 years of on-orbit service.

DIRECTV is the nation's leading digital multichannel television
service provider with more than 11.8 million customers. DIRECTV
and the Cyclone Design logo are trademarks of DIRECTV, Inc., a
unit of Hughes Electronics Corp. HUGHES is a world-leading
provider of digital television entertainment, broadband services,
satellite-based private business net-works, and global video and
data broadcasting. The earnings of HUGHES, a unit of General
Motors Corporation, are used to calculate the earnings per share
attributable to the General Motors Class H common stock (NYSE:
GMH). For more information, visit www.directv.com.

Space Systems/Loral is a premier designer, manufacturer, and
integrator of powerful satellites and satellite systems. SS/L
also provides a range of related services that include mission
control operations and procurement of launch services. Based in
Palo Alto, Calif., the company has an international base of
commercial and governmental customers whose applications include
broadband digital communications, direct-to-home broadcast,
defense communications, environmental monitoring, and air traffic
control. SS/L is ISO 9001:2000 certified. For more information,
visit www.ssloral.com.

Loral Space & Communications is a satellite communications
company. Through its Skynet subsidiary, 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 through its Space Systems/Loral
subsidiary. 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.

CONTACTS: LORAL SPACE & COMMUNICATIONS
          Jeanette Clonan & John McCarthy
          212-697-1105

          DIRECTV, Inc.
          Robert G. Mercer
          310-726-4683



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

COTEL: New Boards Elected Despite Controversy
---------------------------------------------
Bolivian telephony cooperative Cotel has a new set of
administrative and oversight boards, relates Business News
Americas. Allegations of vote buying activities during the
election period caused a delay in the revelation of the new board
members.

Former board member Pierre Chain is elected chairman of the
eight-member administrative board. In his campaigns, he said that
he would issue one transferable share to all Cotel members. It
would be up to the members to sell of donate the share, Business
News Americas adds.

Marcel Portocarrero and Fernando Dips were reelected to the
administrative board. Four new members were also voted into the
oversight board.

Election committee chairman Ricardo Perez considered the election
a success despite the low number of members who actually voted.
Only 28,000 of 110,000 members who are qualified to vote
participated in the elections. Mr. Perez dismissed allegations
that some candidates bought votes or smeared their rivals during
the elections.



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

AHOLD: CBD Asks Financial Aid From BNDES To Fund Bompreco Buy
-------------------------------------------------------------
Brazilian supermarket chain Cia. Brasileira de Distribuicao Grupo
Pao de Acucar (CBD) has started negotiations with state-owned
development bank BNDES for the granting of a loan destined to
extend the average maturity of its debt and to fund the
acquisition of Royal Ahold's unit Bompreco. The loan would amount
to between US$68 million and US$100 million.

CBD also plans to sell US$68 million in financial assets
convertible into shares in case it wins the contest for Bompreco.

It is believed that Bompreco's price would range from US$284.2
million to US$410.9 million.


METRON: Files For Bankruptcy
----------------------------
Brazilian manufacturer of personal computers Metron, which has
been operating for 20 years now, filed for bankruptcy, reports O
Estado de Sao Paulo. The filing came at the behest of Banco BMM
Bank and supplier SND, the report says. Metron attributed the
bankruptcy filing to the currency devaluation and high interests.

Metron, which registered turnover of BRL400 million last year, is
under due diligence. It expects to find new partners before the
legal deadline - 24 months.



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

AES GENER: Exploring Avenues To Restructure Debts
-------------------------------------------------
Chilean electricity generation firm AES Gener, controlled by US
energy group AES Corp., is looking for ways to restructure US$700
million in liabilities maturing in 2005 and 2006. The most
feasible alternative so far is to sell part of AES Corp.'s shares
in the Chilean firm. Although the final decision has not been
made yet, the advantage of this operation is that once AES' stake
in Gener has been reduced, the process for a planned capital
increase will become faster and less complex.

However, AES wants to keep a controlling stake in Gener, which
means it plans to keep at least 51% of the shares.

The funds obtained with this operation would be used to settle
the US$290 million debt AES has with its Chilean unit. Then the
company would be in suitable conditions to ask for new loans to
refinance its big debt.


ENAMI: Codelco To Proceed With Acquisition of Ventanas
------------------------------------------------------
The management of Chile's state copper corporation Codelco
received authorization from the Codelco board to proceed with the
acquisition of the Ventanas copper smelter-refinery from state
minerals company Enami. Simultaneous to the move is the Enami's
board's approval to the transaction, reports Business News
Americas.

The approval from both boards came after two years of
negotiations. A row over the value of the facility has reportedly
been holding up the transfer, with Codelco said to be offering
around US$300 million and Enami wanting US$400 million.

But a price for the sale had been agreed, mining minister Alfonso
Dulanto said without giving figures. The sale of Ventanas is part
of a measure to help Enami pay off its crippling debts, which
stand at nearly US$480 million.

CONTACT:  ENAMI (Empresa Nacional de Mineria)
          MacIver 459,
          Santiago, Chile
          Phone: 637 52 78
                 637 50 00
          Fax:   637 54 52
          Email: webmaster@enami.cl
          Home Page: www.enami.cl/
          Contact:
          Jorge Rodriguez Grossi, President



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

BANCO POPULAR: S&P Downgrades Ratings To `B-'
---------------------------------------------
Standard & Poor's Ratings Services said on Tuesday that it had
lowered its long-term local and foreign currency counterparty
credit and certificate of deposit ratings on Banco Popular
Dominicano C por A to 'B-' from 'B+'. The outlook is negative.
The short-term local and foreign currency counterparty credit
ratings were lowered to 'C' from 'B'. At the same time Standard &
Poor's lowered Banco Popular's survivability assessment to 'BB'
from 'BBB-'.

These actions follow similar actions taken Wednesday on the
sovereign credit rating of the Dominican Republic (B-
/Negative/B).

ANALYST:  David Olivares
          Mexico City
          Phone: (52) 55-5279-2006

          Ursula M Wilhelm
          Mexico City
          Phone: (52) 55-5279-2007



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

ANDINATEL/PACIFICTEL: FS Sells Bidding Rules At $20,000 Each
------------------------------------------------------------
The bidding rules for contracts to manage Ecuador's incumbent
fixed line operators Andinatel and Pacifictel are now available
for sale at US$20,000 each, reports Business News Americas.
State holding company Fondo de Solidaridad (FS) is making the
rules available for sale until October 6. It will then receive
prequalification documents October 29-30, and financial offers on
November 18.

According to an FS source, there will be a single winner for
contracts to manage both companies. The winner would be paid a
fee according to economic performance and the degree to which
strategic goals are completed, including operating and financial
targets and transfer of knowledge and expertise to local staff.

The government has already received informal expressions of
interest from 10 companies: Germany's Deutsche Telekom, Spain's
Telefonica, Argentina's Impsat; Brazil's AG Telecom; Korea
Telecom; Dutch firm Pentascope International; Telecom
International USA; France Telecom; Telecom Italia; and UK-based
Presch Telecom.

The sale of these contracts is one of the conditions for a loan
package from the International Monetary Fund (IMF), which has
dictated the schedule for the tender process. FS has not been
able to meet the deadlines set by the IMF, but according to the
source this is not a problem, as the IMF is happy that the
process is underway after four previous attempts failed.



=================
G U A T E M A L A
=================

NISSHO IWAI: Announces Dissolution of Subsidiary
------------------------------------------------
Nissho Iwai-Nichimen Holdings Corporation (NNH) announced that
Nissho Iwai Corporation, a wholly owned subsidiary of NNH,
determined to dissolve the subsidiary company described below.

Nissho Iwai De Centroamerica Y El Caribe, S.A.

The dissolution is part of post-integration reorganization of
overseas network. Forecast liquidation proceedings are scheduled
to be completed by March 2004. Though this dissolution will be
accompanied by a slight loss, no effect is anticipated on NNH's
earnings forecast for the fiscal year ending March 2004. The
existing business operations will be taken over by Nissho Iwai
American Corporation, which will continue to strive actively
towards expansion of business.

Headquarters: Calle 1-04, Zona 10, Edificio Centrica Plaza 7o.
Nivel
Oficinas 701-703 Ciudad Guatemala, GUATEMALA, C.A.

Representative: Hidemi Momota

Business: Administration of Nissho Iwai's Central American
offices, Liaison with Nissho Iwai Tokyo Hdqrs., and provision of
marketing and consulting services to customers

Established: April 23, 1998

Capital: GTQ 4,000,000

Major Shareholder: Nissho Iwai Corporation (49%)

Nissho Iwai American Corporation (51%)



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

PIL: Credit Verification For Liquidation Process Ends Today
-----------------------------------------------------------
Creditors of Jamaican company Premium Investments Limited (PIL)
must present their proofs of claims to the Company's appointed
liquidator for verification, as the deadline expires today. Those
who fail to present their claims, as well as their names and
addresses will be excluded from any payout, reported local news
source RadioJamaica earlier.

The Company, which is owned by Opposition Leader Edward Seaga,
will be liquidated to pay off liabilities owed by its sister
company, Town and Country Resorts Limited (TCRL). RadioJamaica
revealed that the faces some $120 million in tax dues plus other
debts.

Mr. Seaga expects a surplus of $200 million after TCRL's debts
are paid.



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

GRUPO IUSACELL: Plans To Present Creditors Debt Offer This Month
----------------------------------------------------------------
Grupo Iusacell, Mexico's third largest mobile operator, plans to
submit an US$800-million debt-restructuring offer to creditors
this month, Business News Americas reports, citing company chief
executive Carlos Guzman. The Company, which local paging company
Movil Access, part of the empire of Mexican businessman Ricardo
Salinas, acquired in July for US$10 million, is embarking on the
restructuring in order to restore its financial health.

Grupo Iusacell is a wireless cellular and PCS service provider in
seven of Mexico's nine regions, including Mexico City,
Guadalajara, Monterrey, Tijuana, Acapulco, Puebla, Leon and
Merida.  The Company's service regions encompass a total of
approximately 92 million POPs, representing approximately 90% of
the country's total population.

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


GRUPO TMM: TFM Completes Mexrail Repurchase
-------------------------------------------
Grupo TMM, S.A. (NYSE:TMM) (BMV:TMM A; "TMM"); announced that on
Monday, its subsidiary, TFM, S.A. de C.V. (TFM), completed the
repurchase of shares representing an aggregate 51 percent
interest in Mexrail, Inc. ("Mexrail") that were sold to Kansas
City Southern ("KCS") in May 2003.

On September 23, 2003, the U.S. Surface Transportation Board
("STB") issued a decision finding no need to rule on the transfer
back to TFM of the 51 percent interest in Mexrail. Under the
terms of the Stock Purchase Agreement entered into on April 15
2003, TFM had the unilateral right to repurchase the shares of
Mexrail. The purchase price for the shares was $32,680,000 (the
amount received by TFM in May 2003 upon closing of the sale of
such shares to KCS) and was funded out of TFM's existing cash
balances.

Headquartered in Mexico City, Grupo TMM is a Latin American
multimodal transportation company. Through its branch offices and
network of subsidiary companies, Grupo TMM provides a dynamic
combination of ocean and land transportation services. Grupo TMM
also has a significant interest in TFM, which operates Mexico's
Northeast railway and carries over 40 percent of the country's
rail cargo. Grupo TMM's web site address is www.grupotmm.com and
TFM's web site is www.tfm.com.mx.

CONTACT:  Grupo TMM
          Brad Skinner, Senior Vice President
          Investor Relations
          Phone: 011-525-55-629-8725 or 203-247-2420
          Email: brad.skinner@tmm.com.mx

          Marco Provencio
          Media Relations, Proa/StructurA
          Phone: 011-525-55-629-8708 and 011-525-55-442- 4948
          Email: mp@proa.structura.com.mx

          Dresner Corporate Services
          (general investors, analysts and media)
          Kristine Walczak
          Phone: 312-726-3600
          Email: kwalczak@dresnerco.com



PEMEX: Moody's Puts Ratings Under Review For Possible Downgrade
---------------------------------------------------------------
Moody's placed the ratings of Petroleos Mexicanos (Pemex) under
review for possible downgrade. Ratings under review are:

- Baa1 global local currency issuer rating
- Baa1 long-term foreign currency bond rating
- Baa2 foreign currency issuer rating
- Baa2 senior implied rating of Petroleos Mexicanos
- Baa1 long-term foreign currency bond rating of Pemex Project
Funding Master Trust, whose debt is guaranteed by Pemex.

The rating actions were prompted by Moody's concerns about
Pemex's rising debt obligations and other liabilities as it seeks
to fund a large capital expenditure program that is expected to
reverse declining reserves and grow its oil and gas production.

At the same time, Moody's is concerned that the Company's after-
tax cash flows will remain constrained due to its high tax
burden.

Moody's expects that any downgrade following the review will be
modest in view of PEMEX's sizable oil and gas reserves and its
strong cash flows.

Pemex is Mexico's national oil company and is headquartered in
Mexico City. Pemex Project Funding Master Trust is a Delaware
Trust whose sole beneficiary is Petroleos Mexicanos.


PEMEX: Grants Tula Refinery Project To Emerson
----------------------------------------------
Emerson Process Management, a business of Emerson (NYSE:EMR),
announced on Tuesday that it has been selected by Pemex for a
$3.9 million project to automate part of the oil and gas
company's Tula refinery near Mexico City.

Emerson's PlantWeb(R) digital plant architecture with
FOUNDATION(tm) fieldbus technology will be used to automate a new
alkylation plant at the Tula refinery that will produce high-
octane gasoline. The refinery has a production capacity of
320,000 BPD (barrels per day), with most of the production
supplying the motor fuel needs of Mexico City residents.

"After exhaustive reviews of all the new automation technology
presented to Pemex, we selected Emerson because we see PlantWeb
as the future in process control," said Alfredo Martinez, control
systems engineering manager.

In selecting Emerson, Pemex cited:

-- Efficiencies of supporting a single supplier solution with
leading edge technology;

-- Engineering flexibility and savings due to PlantWeb's use of
standards in the different layers of the system;

-- Improved plant availability through the use of advanced
diagnostics in field devices; and

-- Quick availability enabled by PlantWeb's easy configuration
and reduced time needed to engineer and commission the alkylation
plant.

Martinez also cited the company's success with Emerson's PlantWeb
at the Deer Park, Texas refinery that Pemex owns jointly with
Shell.

Tula's original alkylation plant was destroyed in a gas leak-
related fire in December 2001. In working to rebuild the
alkylation plant, Pemex spent several months reviewing major
automation suppliers and their technology before selecting
Emerson Process Management and its PlantWeb digital plant
architecture.

"PlantWeb has proven its ability to deliver savings in the
capital phase of projects, and -- once commissioned -- has shown
its ability to improve plant availability and operations," said
John Berra, president of Emerson Process Management. "Although,
Pemex initially set out to replicate their traditional
distributed control system, we presented the alternative of
PlantWeb digital plant architecture because of its advantages for
the Pemex plant."

With Emerson's PlantWeb architecture, Pemex will be able to give
authorized personnel access to real-time device, equipment, and
process health information, no matter where they are physically
located on the refinery site. Emerson's PlantWeb solution
includes a DeltaV(tm) digital automation system with predictive
maintenance software that communicates with intelligent field
devices using FOUNDATION fieldbus protocol.

About Emerson Process Management

Emerson Process Management (www.emersonprocess.com), an Emerson
business, is a leader in helping businesses automate their
production, processing, and distribution in the chemical, oil and
gas, refining, pulp and paper, power, food and beverage,
pharmaceutical, and other industries. The company combines
superior products and technology with industry specific
engineering, consulting, project management, and maintenance
services. Emerson brands include: PlantWeb(R); Fisher(R); Micro
Motion(R); Rosemount(R); DeltaV(tm); Ovation(R); and AMS Suite.

About Emerson

Emerson (www.gotoemerson.com) is a global leader in bringing
technology and engineering together to provide innovative
solutions to customers in process control; electronics and
telecommunications; industrial automation; heating, ventilating
and air conditioning; and appliance and tools. Sales in fiscal
2002 were $13.8 billion.

PlantWeb, Fisher, Micro Motion, Rosemount, DeltaV, and Ovation,
are marks of Emerson Process Management. Other marks are property
of their respective owners.

CONTACT:  Emerson Process Management, Austin
          Peter Dossing
          Phone: 512-832-3162
          Email: Peter.Dossing@EmersonProcess.com

          Jerry Moon
          Phone: 512-832-3089
          Email: Jerry.Moon@EmersonProcess.com


VITRO: S&P Rates Proposed $250 Million Senior Notes 'B-'
--------------------------------------------------------
Standard & Poor's Ratings Services assigned Tuesday its 'B-'
rating to Vitro S.A. de C.V.'s (Vitro) proposed $250 million
senior notes due 2013.

"The rating on the notes reflects the structural subordination of
the issue relative to Vitro's priority liabilities," said
Standard & Poor's analyst Jose Coballasi. "Proceeds will be used
to refinance short- and long-term debt, particularly Vicap's
notes due 2007."

Liquidity is limited and covenant room is tight. Vitro faces
short-term debt maturities of $456 million (of which $206 million
are revolving trade finance facilities) over the next 12 months.
Nevertheless, the company has demonstrated good access to
financing and was able to obtain waivers of certain financial
ratio covenants contained in two credit agreements in connection
with an expected noncompliance of such covenants.

The negative outlook reflects the challenging operating and
economic environment faced by Vitro's business that could lead to
continued weakness in the company's operating performance and key
financial measures. A recovery in the company's operating and
financial performance and the success of the company's
refinancing plans could lead to a stable outlook.

Monterrey, Mexico-based Vitro, through its subsidiary companies,
is Mexico's leading glass producer. Vitro is a major participant
in three principal businesses: flat glass, glass containers, and
glassware. Vitro also produces raw materials, and equipment and
capital goods for industrial use.

Analyst:  Jose Coballasi
          Mexico City
          Phone: (52) 55-5279-2014

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



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

CSS: Executives Appear Before Congress To Defend Budget Plan
------------------------------------------------------------
Panama's lower house grilled the executives of the country's
ailing state-run social security agency CSS for their move to
back the agency's proposed US$1.6 billion budget for 2004.
According to a Business News Americas report, the executives were
required to explain why they backed the budget plan and why they
rejected the previous one presented by director Juan Jovane, who
subsequently left his post.

The controversial budget calls for certain modifications in the
agency's structure, as well as an increase in the minimum
healthcare contribution from the present US$100 to US$300.

Panama's National Council of Organized Workers (CONATO) has
announced that its representatives intend to vote against CSS'
latest budget plan as they consider it detrimental to the
interests of the country's small-sized corporate sector.



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

CARLISLE TIRE: Minister Files Injunction On Workers' Behalf
-----------------------------------------------------------
Trinidad Labor Minister Larry Achong filed with the Industrial
Court an injunction against Carlisle Tire and Rubber (Free Zone)
Ltd, reports the Trinidad Guardian. The injunction was filed on
behalf of 471 of Carlisle Tire's employees, who were fired for
protesting against their working conditions.

The injunction, as explained by Achong, restrains Carlisle from
disposing of its assets, prohibits the Company from spending more
than $25,000 in monthly expenses until the matter is resolved at
the Industrial Court, and compels Carlisle to provide all
necessary information to the Court with regard to the status of
workers length of tenure and their salary.

Achong said the company's assets are now under judicial
management so as to ensure if the Industrial Court rules against
it, Carlisle will have money to pay its workers.

Carlisle Tire, located in Pt Fortin, closed its gates since
August 29, Achong said, adding that on September 12 the hourly
paid workers received termination notices while the monthly paid
staff were severed.

"Carlisle has been operating in Trinidad as a free zone company
for the past eight years, they have benefited from tax
concessions, no duty, that kind of thing and we couldn't stand by
and allow them too pull out of this country if they are liable to
470 workers in Pt Fortin," said Achong.



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

PDVSA: To Submit 2002 Annual Report Before Month's End
------------------------------------------------------
The documents pertaining to the annual report of Petr¢leos de
Venezuela, S.A. (PDVSA), and of its subsidiaries PDVSA Finance
Ltd. and Propernyn B.V. will be delivered, under Form 20-F, to
the US Securities and Exchange Commission (SEC) before the 31st
October 2003, as notified by PDVSA to the trustee of the
investors holding outstanding bonds. By that date, the analysis
and notes to the financial statements provided by the external
auditors will have been completed. These requirements have become
ever more demanding and rigorous worldwide.

PDVSA plans to provide a larger amount of information related to
its operations and administration, in greater detail and
transparency than in previous years. This will enable the SEC to
have wider and more precise knowledge of the Venezuelan national
oil corporation's business.

Despite the December 2002 - January 2003 crisis, PDVSA's
operations have recovered successfully. At the July 2003 closing,
its operations had achieved an oil production of 3.3 million
barrels per day (bpd); refining locally 1.1 million bdp, and
exporting 2.4 million bpd. Similarly, PDVSA has complied fully
with its financial commitments abroad, with disbursements
reaching US$ 1,8 billion at the end of September 2003; of this
amount, US$ 1.4 million corresponded to debt repayment. As a
result of these achievements, internationally recognized firms
have consistently been upgrading Petr¢leos de Venezuela credit
ratings.

In June this year, PDVSA notified SEC to the effect that it was
unable to present its annual report under From 20-F in the time
required (15 July deadline), because the sabotage which took
place in December 2002 and January 2003, and which resulted in a
45% reduction of its employee payroll at the end of the first
quarter. The work stoppage also negatively affected the
Corporation's financial and other computerized systems. Most of
PDVSA's financial and other computerized control began to operate
progressively after February 2003.

In the first quarter 2003, PDVSA Finance Ltd.'s audited financial
statements for the year ended December 31, 2002 have been
completed and furnished to the trustee and to the SEC on Form 6-
K. Similarly, PDVSA Finance Ltd. has delivered its financial
statements for the first quarter 2003 and its monthly reports as
of August 2003. Additionally, PDVSA's U.S. subsidiaries, CITGO
Petroleum Corporation and PDV America Inc., filed their annual
reports on Form 10-K for 2002 with the SEC, on a timely basis, in
March 2003.


SIDOR: Plans Plant Upgrades to Improve Products
-----------------------------------------------
In a bid to improve quality and boost product range in 2004,
Venezuelan steelmaker Sidor said it will invest US$16 million in
a new hot-rolled finishing line, relates Business News Americas.

"We will be able to look at other markets, by substituting the
current supply of hot-rolled coils with black hot-rolled coils or
skin pass processed," said Luis Andreozzi, Sidor's engineering
and environment manager.

The installation, with a capacity of 600,000t/y, would mean the
Company would achieve significant cost savings, and enjoy
improved productivity and quality at the plant, which produces
200,000t a month.

Meanwhile, local news reports revealed that Venezuelan steelmaker
Sivensa has cut its stake in Amazonia, a consortium that controls
Sidor, from 13% to 3.4% under a recently announced financial
restructuring.

As part of the deal to restructure Sidor's debts, Amazonia will
see its stake in Sidor cut from 70% to 59.7%, with Venezuela's
state-owned CVG holding the balance. As a result, Sivensa's share
in Sidor falls from 9.1% to 2%.

Under the agreement reached with banks and the Venezuelan
government, Amazonia will inject US$133.5 million into Sidor,
whose debts will fall to US$791 million from US$1.88 billion.

Sivensa, according to a company source, was unable to contribute
more funds to Sidor as part of the restructuring because it has
only just completed the rescheduling of its own debts.

Ciudad Guayana-based Sidor has installed capacity of some 3.5Mt/y
steel. Apart from Sivensa, the Amazonia consortium is made up of
steel companies Usiminas (Brazil), Siderar (Argentina), and
Hylsamex and Tamsa (both Mexico). Amazonia acquired the 70% from
the Venezuelan state in 1997 for US$2.3bn.

CONTACT:  SIDERURGICA DEL ORINOCO, C.A. (SIDOR)
          Edificio General, Piso 9
          Avda. La Estancia
          Chuao, Caracas 1060
          Venezuela
          Tel: (582) 902 3800/3917/3955
          Fax: (582) 993 2930
          Home Page: www.sidor.com.ve/



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

Troubled Company Reporter - Latin America is a daily newsletter
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Copyright 2003.  All rights reserved.  ISSN 1529-2746.

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