TCRLA_Public/031008.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Wednesday, October 8, 2003, Vol. 4, Issue 199

                          Headlines

A R G E N T I N A

AEROLINEAS ARGENTINAS: To Appeal Government Decision
AHOLD: Publishes Financial Reporting Schedule
AT&T LATIN AMERICA: Impsat to Participate in Auction
CENTRAL COSTANERA: Endesa Boosts Stake
CHASQUI: Credit Check Closes Today

CHGI: Credit Check For Bankruptcy Due To Close Today
CRESER CREDITO Y SERVICIO: Court Orders Bankruptcy
DICAM: Court Approves Creditors' Request For Bankruptcy
FANTASTICO PRODUCCIONES: Court Sets Reorganization Schedule
LA ELENA: Court Approves Reorganization Petition

MESAGLIO HERMANOS: Enters Bankruptcy On Court Orders
MICROFORMAS: Court Chooses Receiver For Bankruptcy
MORDISCO: Receiver Prepares Individual Reports
OSTRILION: Files Reorganization Petition at Court
PLAN MEDICO: Court Sets Bankruptcy Proceedings' Schedule

PRODUCTOS DAPAF: Credit Verification Process Ends November 28
SANCAYET: Receiver Closes Authentication Period Today
SIRESA: Credit Check For Reorganization Ends Today
SIRMET: Receiver For Bankruptcy Process Chosen


B O L I V I A

* IMF Completes Second Review of Bolivia's Stand-By Arrangement


B R A Z I L

EMBRATEL: Installs New Router In Acre
ENRON: Gas Natural SDG In Talks To Buy Brazilian Stakes
IMCO RECYCLING: Completes Refinancing


C H I L E

ENAMI: Board Restructuring Suffers Setback


D O M I N I C A N   R E P U B L I C

S&P Cuts Dominican Republic's Rating Once Again


M E X I C O

GRUPO IMSA: Unlikely To Meet Sales Target For This Year
MAXCOM TELECOMUNICACIONES: Names Jose Antonio Solbes CFO
NII HOLDINGS: Names Charles Herington to Board of Directors
SATMEX: Projects International Business Will Prove Profitable
UNEFON: TV AZTECA BoD Approves Split Off of Investment

VITRO: Hunton & Williams Represents Phoenix in Acquisition


U R U G U A Y

MANZANARES: Owners Try To Beat Deadline Given By Creditors

     -  -  -  -  -  -  -  -

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

AEROLINEAS ARGENTINAS: To Appeal Government Decision
----------------------------------------------------
Aerolineas Argentinas, Argentina's flagship airline owned by
Spain's Marsans group, will appeal a decision by the government
not to grant it approval to operate three weekly flights to
Mexico. According to the government, permission to operate the
five available flights has already been granted to another
Argentine airline, Southern Winds (SW), although the airline does
not operate them.


AHOLD: Publishes Financial Reporting Schedule
---------------------------------------------
Ahold published Monday its financial reporting schedule for the
remainder of calendar year 2003. To provide for quality and
completeness of disclosure, the company has reviewed its entire
schedule for the rest of the year and developed a timetable that
it believes can accommodate the volume of work required to
complete its regulatory and statutory filings.

Hannu Ry”pp”nen, Chief Financial Officer said: `Resources at
Ahold were stretched to the limit to provide shareholders with
the 2002 financial results. Preparing the next sets of financial
data will require sufficient time to ensure that they are
completed with the degree of thoroughness and precision expected
by shareholders. We recognize that some of the dates may differ
from those suggested at the presentation of our 2002 results on
October 2, 2003. However, the timetable we've proposed is both
reasonable and achievable, and in the interests of all our
shareholders.'

Ahold upcoming financial events: 2003

Date* Event Summary
October 15 20-F: Filing with the SEC and publication
October 28 Trading Update: 3Q 2003 sales
October 31 Annual Report: 2002 annual report published
November 7 Earnings Statement: Half-year results and strategy
statement
November 26 AGM: Annual general meeting of shareholders
November 26 Earnings Statement: Q3 2003 results
January 9, 2004 Trading Update: Q4 2003 sales

* Please note that the financial reporting dates are provisional
and subject to change at Ahold's discretion, as they may be
influenced by factors beyond the company's ability to control.


AT&T LATIN AMERICA: Impsat to Participate in Auction
----------------------------------------------------
After completing a due diligence study on AT&T Latin America
(ATTL), the Brazilian unit of Argentine telecom operator Impsat
Fiber Networks announced it will join in the race for the
bankrupt operator, relates Brazilian newspaper Valor Economico.

According to Impsat Brazil general manager C‚lio Fernando Bozola,
ATTL would strengthen Impsat's existing regional network.

The Florida court handling ATTL's bankruptcy proceedings is
organizing the auction, which is scheduled for the end of this
month.

Early last month, AT&T Corp accepted a proposal from Brazilian
telecom operator Embratel to buy ATTL. The proposal will be used
as the basis for the auction.

Other possible bidders include Spain's Telefonica with Chile's
GTD Teleductos, Brazil's GVT, Chile's Chilesat, and US' Comsat in
partnership with Atrium, according to Telecom Urgente.

CONTACT:  AT&T Latin America Corp.
          Cesar Amaro
          Phone: 011-562-241-4818
          Email: cesar.amaro@attla.com
             or
          Catherine Castro
          Phone: +1-202-689-6336
          Email: catherine.castro@attla.com


CENTRAL COSTANERA: Endesa Boosts Stake
--------------------------------------
Argentine thermoelectric generator Central Costanera informed the
Buenos Aires stock market Monday that Chilean power generator
Endesa has increased its stake in the Company.

Citing the filing, Business News Americas reports that Endesa
boosted its stake in Central Costanera to 63.9% after it bought
12.3% from El Paso Energy International. Endesa paid El Paso
Energy International's Bermuda-based KLT Power subsidiary US$4.5
million for 16.2 million class A shares and 1.96 million class B
shares, the filing said.

According to an Endesa source, Costanera's rules obliged El Paso
Energy International to offer the shares to the generator's
existing shareholders first, and Endesa decided it was a "good
opportunity" to increase its stake.

Endesa formerly controlled about 60% of Central Costanera.


CHASQUI: Credit Check Closes Today
----------------------------------
The bankruptcy of Chasqui S.A. proceeds with preparation of the
individual reports. An earlier report by the Troubled Company
Reporter - Latin America revealed that the deadline for the
credit verification process expires today.

The Company's receiver, Mr. Sergio Omar Barragan, is required to
file the individual reports at the court on November 19 this
year. He will also prepare the general report after these reports
are processed at court. The general report is due for submission
on February 23 next year.

Buenos Aires' Court No. 11 and Clerk No. 21 are handling the
Company's case.

CONTACT:  Sergio Omar Barragan
          Rivadavia 666
          Buenos Aires


CHGI: Credit Check For Bankruptcy Due To Close Today
----------------------------------------------------
Creditors of Compania Hotelera Gastronomica Iberoamericana S.A.
must have their claims authenticated by the Company's receiver as
the deadline for the verification period for the Company's
bankruptcy expires today.

The Troubled Company Reporter - Latin America earlier reported
that the receiver, Mr. Lajbisz Barg, will prepare the individual
reports after the credit verifications are completed. However,
local sources did not mention the deadlines for the filing of the
receiver's reports.

Buenos Aires' Court No. 1 issued the bankruptcy order.

CONTACT:  Lajbisz Barg
          Paraguay 2630
          Buenos Aires


CRESER CREDITO Y SERVICIO: Court Orders Bankruptcy
--------------------------------------------------
Court No. 22 of Buenos Aires orders the bankruptcy of Creser
Credito y Servicio S.A., relates local news source Infobae. The
city's Clerk No. 43 assists the court on the case, the source
adds.

Creditors must present their proofs of claims for verification
before November 14 this year. The receiver, Ms. Cecilia B.
Montelvetti, who will authenticate the claims, will prepare the
individual reports afterwards. These reports must be presented to
the court on December 30.

The general report, which is prepared after individual reports
are processed at court, must be filed on March 12 next year. The
Company's assets will be liquidated at the end of the process to
pay its creditors.

CONTACT:  Cecilia Montelvetti
          General Urquiza 2134
          Buenos Aires


DICAM: Court Approves Creditors' Request For Bankruptcy
-------------------------------------------------------
Insolvency Judge Garibotto of Buenos Aires' Court No. 2 approved
a petition for the bankruptcy of Argentine motor dealer Dicam
S.A., reports La Nacion. The Company's creditor, Organizaci˘n de
Servicios Directos Empresarios (OSDE) filed the petition for
nonpayment of debt.

Working with Clerk No. 3, Dr. Vasallo, the court assigned Mr.
Claudio Haimovici, as receiver for the process. He will verify
creditors' claims until December 2 this year.

CONTACT:  Dicam S.A.
          7th Floor, Room D
          Sarmiento 1574
          Buenos Aires


FANTASTICO PRODUCCIONES: Court Sets Reorganization Schedule
-----------------------------------------------------------
Ms. Andrea Rut Cetlinas, the receiver assigned for the
reorganization of Buenos Aires company Fantastico Producciones
S.A., must file the individual reports on February 6 next year. A
report by local news source Infobae reveals that the court also
requires the receiver to file the general report on March 19.

Buenos Aires Court No. 2, which handles the Company's case,
instructed the receiver to authenticate creditors' claims until
November 21 this year. This process is done to evaluate the
amount and nature of the Company's debts.

The informative assembly will be held on August 27 next year, the
source adds.

CONTACT:  Andrea Rut Cetlinas
          Lavalle 1674
          Buenos Aires


LA ELENA: Court Approves Reorganization Petition
------------------------------------------------
The Civil and Commercial Tribunal of Rosario in Santa Fe approved
the "Concurso Preventivo" motion filed by local company La Elena
S.A., relates Argentine news source Infobae. The province's Court
No. 3, which holds jurisdiction over the case, assigned Ms.
Silvana Beatriz Vescio as receiver for the process.

The court set October 15 this year as the deadline for the credit
verification process, the source says. The receiver will then
prepare the individual reports after that. The court requires the
individual reports to be submitted on December 1.

The receiver will also prepare a general report after the
individual reports are processed at court. This report must be
filed on February 18 next year. The informative assembly will
then follow on August 5 next year.

CONTACT:  La Elena S.A.
          Avenida Pte Peron 7299
          Rosario, Santa Fe

          Silvana Beatriz Vescio
          San Martin 6055
          Rosario, Santa Fe


MESAGLIO HERMANOS: Enters Bankruptcy On Court Orders
----------------------------------------------------
Mesaglio Hermanos, which is domiciled in Buenos Aires, enters
bankruptcy on orders from the city's Court No. 13. Argentine news
portal Infobae relates that the court ordered that the Company is
"Quiebra Decretada".

Mr. Donato Antonio Sarcuno is assigned as receiver. His tasks
include the verification of creditors' claims to evaluate the
amount and nature of the Company's debts. Creditors must present
their proofs of claim for authentication before November 12 this
year.

The court also requires the receiver to prepare the individual
and general reports on the process, but the source did not
mention whether the deadlines for the submission of these reports
have been set.

CONTACT:  Donato Antonio Sarcuno
          B. de Irigoyen 330
          Buenos Aires


MICROFORMAS: Court Chooses Receiver For Bankruptcy
--------------------------------------------------
Miguel Angel Visco, an accountant from Buenos Aires, was assigned
as receiver for the bankruptcy of local company Microformas S.A.,
according to an Infobae report. The court ordered the receiver to
check creditor's claims until December 2 this year.

Court No. 6, which handles the Company's case, requires the
receiver to submit the individual reports on February 17, 2004.
These reports are to be prepared after the credit verifications
are completed.

The court also expects the general report to be filed on March 30
next year. The receiver will prepare this report after the
individual reports are processed in court. The Company's assets
will likely be liquidated afterwards to reimburse its creditors.

CONTACT:  Miguel Angel Visco
          Tres de Febrero 4683
          Buenos Aires


MORDISCO: Receiver Prepares Individual Reports
----------------------------------------------
Mr. Raul Pereyra, the court-appointed receiver for the bankruptcy
of Buenos Aires-based Mordisco S.A., closes the credit
verification process today, October 8. As ordered by the court,
Mr. Pereyra will start preparing the individual reports.

According to an earlier report by the Troubled Company Reporter -
Latin America, the city's Court No. 22 issued the bankruptcy
order. Clerk No. 44 works with the court on the case.

The receiver will also prepare the general report after the
individual reports are processed at court, but local sources did
not reveal the deadlines for the filing of these reports.

CONTACT:  Mordisco S.A.
          Piedras 100
          Buenos Aires

          Raul Pereyra
          Parana 467
          Buenos Aires


OSTRILION: Files Reorganization Petition at Court
-------------------------------------------------
Ostrilion S.A.C.I., which produces and sells galvanized plates in
Argentina, is seeking court permission to undergo reorganization.
A report by Argentine newspaper La Nacion indicates that the
Company has submitted its motion for "Concurso Preventivo" to
Buenos Aires' Court NO. 10.

Dr. Chomer, is the insolvency judge handling the case, the report
adds. Dr. D'Alessandri, Clerk No. 19 assists the court. The
Company has reportedly stopped making debt payments since April 9
this year, hence the filing.

CONTACT:  Ostrilion S.A.C.I.
          Ave Pedro de Mendoza 3875
          Buenos Aires


PLAN MEDICO: Court Sets Bankruptcy Proceedings' Schedule
--------------------------------------------------------
Court No. 12 of Buenos Aires has set the schedule for the
bankruptcy proceedings of local company Plan Medico Integral
S.A., reports Argentine daily Infobae.

After the credit verification process is completed on November
24, the Company's receiver, Mr. Norberto Jorge Volpe, will
prepare the individual reports, which are to be submitted on
February 6, 2004. He is also required to prepare the general
report, which is to be field at the court on March 19 next year,
after the individual reports are processed at court.

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

CONTACT:  Norberto Jorge Volpe
          Maipu 859
          Buenos Aires


PRODUCTOS DAPAF: Credit Verification Process Ends November 28
-------------------------------------------------------------
Creditors of Buenos Aires-based company Productos Dapaf S.A. must
present their proofs of claim to the Company's receiver for
authentication before November 28 this year. Argentine newspaper
Infobae reveals that Mr. Gustavo Pagliere was designated receiver
for the process.

The city's Court No. 4 declared the Company bankrupt, the report
said. Clerk No. 7 assists. The Company's assets face liquidation
at the end of this process.

The receiver will also prepare the individual and general reports
on the process, but Infobae did not indicate whether the
deadlines for the submission of these reports have been set.

CONTACT:  Productos Dapaf S.A.
          Guise 1760
          Buenos Aires

          Gustavo Pagliere
          Tucuman 1424
          Buenos Aires


SANCAYET: Receiver Closes Authentication Period Today
-----------------------------------------------------
Mr. Ernestp Borzome, the receiver for Argentine company Sancayet
S.A., closes the credit verification process for the Company's
bankruptcy today. He will then prepare the individual reports,
which will focus on the results of the verifications.

Insolvency Judge Dr. Ballerini of Buenos Aires' Court NO. 24
handles the Company's case, the Troubled Company Reporter - Latin
America earlier said.

The receiver's tasks include the preparation of a general report
after the individual reports are processed in court. However, the
deadline for the filing of these reports were not revealed by
local sources.

CONTACT:  Sancayet S.A.
          Ave. Dierctorio 4709
          Buenos Aires

          Ernesto Borzome
          Cuenca 1464
          Buenos Aires


SIRESA: Credit Check For Reorganization Ends Today
--------------------------------------------------
The credit verification process for the reorganization of Buenos
Aires-based Siresa S.A. ends today, according to an earlier
report by the Troubled Company Reporter - Latin America. The
Company's receiver, Ms. Lidia Diaz, who authenticated the claims,
will prepare the individual reports.

The Company started its reorganization after the city's Court No.
25 approved its motion for "Concurso Preventivo", the TCR-LA
earlier said. The court set July 12, 2004 as the date for the
informative assembly.

The individual reports must be presented to the court on November
19 this year. After these are processed in court, the receiver
will then prepare the general report, which must be submitted to
the court on February 3 next year.

CONTACT:  Siresa S.A.
          Juncal 802
          Buenos Aires

          Lidia Diaz
          Independencia 2031
          Buenos Aires


SIRMET: Receiver For Bankruptcy Process Chosen
----------------------------------------------
Buenos Aires Court No. 21 assigned local accountant, Ms. Stella
Maris Alonso, as receiver for the bankruptcy of Sirmet S.A.
reports Argentine newspaper Infobae. Clerk No. 41 works with the
court on the case.

The receiver's duties include verifying creditors' claims until
December 1 this year, and preparing the individual and general
reports. The individual reports, which are to be prepared after
the verification process is complete, must be submitted on
February 13 next year.

The court also requires the receiver to prepare the general
report. This report, which includes the receiver's opinions on
the factors that led to the bankruptcy, must be filed at the
court on March 26, 2004.

CONTACT:  Sirmet S.A.
          Paraguay 866
          Buenos Aires

          Stella Maris Alonso
          Montevideo 536
          Buenos Aires



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

* IMF Completes Second Review of Bolivia's Stand-By Arrangement
---------------------------------------------------------------
The Executive Board of the International Monetary Fund (IMF)
Monday completed the second review of Bolivia's performance under
a one-year, SDR 85.75 million (about US$123 million) Stand-By
Arrangement that was approved on April 2, 2003. This decision
enables the release of SDR 10.7 million (about US$15 million) to
Bolivia, which brings total disbursements under the program to
SDR 64.2 million (about US$92 million).

The Executive Board also approved Bolivia's request for the
modification of performance criteria for end-September with
respect to the fiscal deficit, net domestic financing of the
public sector, central bank net credit to the non-financial
public sector, and net domestic assets of the central bank, as
well as the modification of performance criteria for end-December
in relation to the fiscal deficit and net domestic financing of
the public sector. The Executive Board also approved Bolivia's
request for waivers of applicability until October 30, 2003 of
the performance criteria for end-September, for which data was
not available.

Following the Executive Board discussion on Bolivia, Anne
Krueger, First Deputy Managing Director and Acting Chair, said:

"Bolivia's economic program is broadly on track. Despite a
difficult political and social environment, inflation remains low
and indications are that economic growth is picking up and that
financial market conditions have stabilized. Although the fiscal
outturn has fallen short of the program's objectives, the
authorities have taken corrective measures. Moreover, encouraging
progress has been made with the government's reform agenda.

"The authorities' corrective steps to contain the fiscal deficit
in 2003 and to facilitate continued fiscal consolidation in 2004
and beyond will require firm and consistent implementation to
achieve higher economic growth and lasting poverty reduction.
Recent measures that will be of crucial importance in this
context include reductions in low-priority spending, and the
implementation of legislation to introduce a new tax code,
broaden the tax base, and apply a tax regularization scheme.

"The recent approval of the out-of-court workout law and the
issuing of the supporting regulations represent important steps
that will help to put in place an appropriate framework for
corporate and financial restructuring. The law will now be
applied to a pilot sample of firms. The authorities also intend
to develop an action plan to improve the resiliency of the
banking system and address any potential weaknesses, and to
implement recommendations made by the recent Financial Sector
Assessment Program study.

"Building on recent policy initiatives and progress toward
stabilizing the economy, the authorities are working to put in
place a strong policy framework for the next three years that
will incorporate comprehensive reforms aimed at strengthening the
basis for sustained growth and poverty reduction. The Fund is
working closely with the authorities, who plan to develop and
implement the program on the basis of a broad dialogue with
domestic stakeholders and discussion with the donor community. On
this basis, the authorities have reiterated their intention to
seek support under the IMF's Poverty Reduction and Growth
Facility before the end of the year," Ms. Krueger stated.

CONTACT:  INTERNATIONAL MONETARY FUND
          700 19th Street, NW
          Washington, D.C. 20431 USA

          IMF EXTERNAL RELATIONS DEPARTMENT
          Public Affairs
          Phone: 202-623-7300
          Fax: 202-623-6278

          Media Relations
          Phone: 202-623-7100
          Fax: 202-623-6772



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

EMBRATEL: Installs New Router In Acre
-------------------------------------
Embratel has activated a new remote access router to its IP
backbone in Rio Branco, Acre. Thanks to this equipment,
Embratel's local customers will be provided with additional
quality regarding their internet services, including quicker,
improved access and more competitive prices.

The RBO router, which supplies remote access to Embratel's IP
backbone, has been installed in Acre and Amap . Another one is
being installed in Boa Vista, Roraima. With these routers,
Business Link (access to the internet) and Business IP VPN (VPN
with MPLS - Multiprotocol Label Switching) services will be
supplied to customers of such localities and neighboring areas on
a local basis.

To date, customers from Rio Branco accessing a website from
another internet provider in Acre were provided with a slower
service, because the data were sent through dedicated circuits to
Sao Paulo, which was the nearest routing center. Now, thanks to
the local center, the data are routed in Acre, which expedites
and enhances the access performance. The same is taking place in
Amap  and, before year-end will occur in Roraima, thus making
communications with the Northern Region of Brazil much easier.

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

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


ENRON: Gas Natural SDG In Talks To Buy Brazilian Stakes
-------------------------------------------------------
Spanish natural gas distributor Gas Natural SDG announced Friday
that it has commenced talks with US energy company Enron to buy
stakes in Brazilian distributors CEG and CEG Rio, reports
Business News Americas.

Gas Natural is already the operator of both companies while Enron
holds 25% of CEG and 35% of CEG Rio. If the talks prove
successful, Gas Natural's ownership of CEG and CEG Rio will
increase to 53.8% and 73.3%, respectively.

The discussions with Enron show Gas Natural's confidence in the
companies and the Brazilian market, a spokesperson for the
Spanish company told Business News Americas, adding that such
opportunities are evaluated on a case-by-case basis.

There is no deadline for the talks to be concluded, the
spokesperson said.


IMCO RECYCLING: Completes Refinancing
-------------------------------------
IMCO Recycling Inc. announced Monday that it has refinanced
virtually all of its existing indebtedness through the sale of
$210 million of 10 3/8% senior secured notes due 2010 and the
arrangement of a new, four-year $120 million senior secured
revolving credit facility.

Proceeds from the sale of the notes and initial borrowings under
the new senior revolving credit facility will be used to repay
amounts outstanding under the company's previous senior credit
facility; to repay certain foreign debt; to repurchase trade
receivables previously sold under the company's receivables sale
facility and terminate that facility; and to pay fees and
expenses resulting from the refinancing.

Don V. Ingram, IMCO Recycling's chairman and chief executive
officer, said the sale of the new senior secured notes and the
arrangement of the new senior revolving credit facility
"simplifies our capital structure, consolidates our debt into a
long-term arrangement and makes funds available for future
growth."

The 10 3/8% notes were sold by IMCO Recycling at an issue price
of 99.383% and mature on October 15, 2010. Interest will be
payable on April 15 and October 15 of each year with the first
interest payment date being April 15, 2004. Some or all of the
notes may be redeemed at any time after October 15, 2007. In
addition, up to 35 percent of the notes may be redeemed using the
proceeds of certain equity offerings completed before October 15,
2006.

This news release does not constitute an offer to sell or the
solicitation of an offer to buy the senior secured notes. The
notes will not be registered under the Securities Act of 1933 or
applicable state securities laws, and may not be offered or sold
in the United States absent registration under the Securities Act
and applicable state securities laws or available exemptions from
such registration requirements.

IMCO Recycling Inc. is one of the world's largest recyclers of
aluminum and zinc. The company has 22 U.S. production plants and
five international facilities located in Brazil, Germany, Mexico
and Wales. IMCO Recycling's headquarters office is in Irving,
Texas.



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

ENAMI: Board Restructuring Suffers Setback
------------------------------------------
The restructuring of the board of directors of Chilean state
minerals company Enami may take longer than expected.

The new board members were scheduled to be named on October 12
after the government published a decree in the country's official
gazette last month, authorizing the restructuring.

However, according to a report by Business News Americas, a group
of 31 largely pro-government lawmakers asked the constitutional
court to declare the decree illegal. The group says the proposed
changes require new legislation, and cannot be enacted by decree.

The measures give more say on the board to the finance ministry's
state business administration agency known as SEP, which Enami
unions fear is a step toward privatization.

The measure gives SEP four places on the new seven-member board,
rather than two of the nine directors at present, one of which is
appointed directly by the finance ministry and one via state
development agency Corfo, which controls the SEP.

The decree also means the private sector mining society Sonami
loses one of its two seats, while the Chilean copper commission
also loses a place, a seat that could also be occupied by the
mining undersecretary.

Two representatives chosen directly by the country's president
are also excluded, although the Chilean engineers' institute will
retain its seat under the new arrangement, and the mining
minister, currently Alfonso Dulanto, will stay as Enami's
chairman. Dulanto believes the changes will bring Enami's
structure more in line with those of public corporations.

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
===================================

S&P Cuts Dominican Republic's Rating Once Again
-----------------------------------------------
Standard and Poor's reduced Dominican Republic's risk rating from
B+ to B- amidst growing fears that the country is likely to
default on its loan repayments.

This is the second time since the collapse of Banco
Intercontinental, one of Dominican Republic's largest banks, that
the ratings agency downgraded the country's rating.

"The government is facing repayments of almost US$1 billion for
2004, a sum three times greater than the US$315 million in liquid
assets available to them in September 2003," S&P analyst Richard
Francis said.

The report points out that the International Monetary Fund
agreement could be the key to preventing a crisis in the coming
year, and that any success in this regard could improve the
rating.



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

GRUPO IMSA: Unlikely To Meet Sales Target For This Year
-------------------------------------------------------
Grupo IMSA, S.A. de C.V. projects it will miss its 2003 sales
target of more than US$3 billion because of a weak economy and
high production costs, Reuters reports, citing an executive from
the Mexican conglomerate.

"Sales will fall below our goal," Chief Executive Marcelo Canales
said, adding, "The problem is that margins we are currently
operating under are considerably low because of the lack of
economic growth."

To date, the Company's debt reached US$1 billion but Canales said
the Company will use US$150 million this year to pay off debt.

"Debt peaked at US$1 billion, but we plan to bring it down to
US$900 million by the end of the year," the executive said,
adding the Company  will invest US$100 million in 2004 to improve
its facilities.

Reuters also reveals that the Company is planning to offer some
MXN5 billion ($447 million) in securities to help restructure
debt next year.

CONTACT:  Grupo Imsa, Monterrey
          Marcelo Canales
          Phone: (52-81) 8153-8349

          Adrian Fernandez
          Phone: (52-81) 8153-8433


          Jose Luis Fornelli
          Phone: (52-81) 8153-8416
          Email: jfornell@grupoimsa.com


MAXCOM TELECOMUNICACIONES: Names Jose Antonio Solbes CFO
--------------------------------------------------------
Maxcom Telecomunicaciones S.A. de C.V. announced Friday the
appointment of Jose Antonio Solbes to the position of Chief
Financial Officer. Mr. Solbes, who has been serving as Treasurer
and Director of Investor Relations of Maxcom, replaces Eloisa
Martinez who presented her resignation at Maxcom effective
October 1, 2003.

"Jose Antonio has been with Maxcom since inception and has
developed an integral knowledge and understanding of the Company.
He has been fundamental during the different stages Maxcom has
gone through and his appointment as CFO is well deserved," said
Rene Sagastuy, Chief Executive Officer of Maxcom.

"I am very pleased with this opportunity and excited about the
challenge it represents. For the last five years Maxcom has been
my second home and I'm proud of being part of the Maxcom family.
The entire team and I will continue giving our best for the
successful execution of our business plan," said Mr. Solbes.

Mr. Solbes joined Maxcom in May of 1998 as Director of
Administration and soon thereafter was promoted to Treasurer. In
March of 2000, his responsibilities were expanded to Treasurer
and Director of Investor Relations. He was previously employed
with Grupo Empresarial Organizado, S.A. de C.V. as Corporate
Financial Manager, where he spent six years. Mr. Solbes holds an
Accounting degree and a Master's degree in Finance from the
Universidad Anahuac in Mexico City, and completed the Corporate
Financial Strategy Program at the J. L. Kellogg Graduate School
of Management in Northwestern University in Chicago.

Additionally, the Company announced the resignation of Eloisa
Martinez as Chief Financial Officer.

"We recognize Eloisa's very valuable contribution to Maxcom's
development and we are grateful for it; we wish her the best,"
added Mr. Sagastuy.

"As I leave Maxcom for personal reasons, I am confident that it
is now on a solid financial footing and poised to continue the
success of the last few quarters. I enjoyed the experience of
working for Maxcom and I'm very pleased to have had the
opportunity of being part of this team," said Eloisa Martinez.

Maxcom Telecomunicaciones, S.A. de C.V., headquartered in Mexico
City, Mexico, is a facilities-based telecommunications provider
using a "smart- build" approach to deliver last-mile connectivity
to micro, small and medium- sized businesses and residential
customers in the Mexican territory. Maxcom launched commercial
operations in May 1999 and is currently offering local, long
distance and data services in greater metropolitan Mexico City,
Puebla and Queretaro.

CONTACT:  Jose-Antonio Solbes
          Maxcom Telecomunicaciones
          Mexico City, Mexico
          Phone: (52 55) 5147 1125
          Email: investor.relations@maxcom.com

          Lucia Domville
          Citigate Financial Intelligence
          New York, NY
          Phone: (212) 840-0008 Ext. 268
          Email: lucia.domville@citigatefi.com


NII HOLDINGS: Names Charles Herington to Board of Directors
-----------------------------------------------------------
NII Holdings, Inc. announced Monday that Charles M. Herington has
joined its Board of Directors. Mr. Herington, 43, brings more
than 20 years of management, operations and marketing experience
to NII Holdings.

"We are honored to welcome Charles to our Board of Directors,"
said Steven Shindler, President and CEO of NII Holdings. "His
knowledge and extensive experience in international markets will
be of high value to NII as we execute our business plan in our
Latin American markets."

Mr. Herington is currently President and Chief Executive Officer
of America Online Latin America, responsible for overseeing all
aspects of the business, including the development and launching
of local services throughout Latin America and the Caribbean.
Prior to joining AOL Latin America, Mr. Herington was President
of Revlon Latin America, and also held positions of increasing
responsibility at PepsiCo Restaurants International where his
most recent assignment was as Regional Vice-President Kentucky
Fried Chicken, Pizza Hut, and Taco Bell for South America,
Central America and the Caribbean. For the first 10 years of his
career, he held positions in management and marketing for Procter
& Gamble in Canada, Puerto Rico and Mexico. Mr. Herington holds a
degree in Chemical Engineering and Computer Sciences from the
Monterrey Superior Studies Institute in Mexico, one of the
leading universities in Latin America.

Mr. Herington is also a member of the board of directors of the
Adolph Coors Company, and the Coors Brewing Company and the board
of trustees of Florida FTAA Inc.

About NII Holdings, Inc.

NII Holdings, Inc., a publicly held company based in Reston, Va.,
is a leading provider of mobile communications for business
customers in Latin America. NII Holdings, Inc. has operations in
Argentina, Brazil, Mexico and Peru, offering a fully integrated
wireless communications tool with digital cellular service,
text/numeric paging, wireless Internet access and Nextel Direct
Connectr, a digital two-way radio feature. NII Holdings, Inc.
trades on the Nasdaq market under the symbol NIHD. Visit the
Company's website at http://www.nii.com.

Nextel, the Nextel logo, Nextel Online, Nextel Business Networks
and Nextel Direct Connect are trademarks and/or service marks of
Nextel Communications, Inc.

CONTACTS:  Investor Relations: Tim Perrott
           (703) 390-5113
           tim.perrott@nii.com

           Media Relations: Claudia E. Restrepo
           (786) 251-7020
           claudia.restrepo@nii.com


SATMEX: Projects International Business Will Prove Profitable
-------------------------------------------------------------
Arturo Gonzalez, Operations Vice President at Mexican satellite
operator Satmex, said the Company expects international business
will represent 60% of its revenues by the end of 2006, relates
Business News Americas.

"We feel there is a potential market for connectivity between
South America and North America. Connectivity for the
distribution of video and content, but also for private voice and
data networks. We are making a [sales] effort in all countries
[in the region]," he said.

According to the executive, international sales currently
represent 50% of Satmex's consolidated revenues. Satmex reported
revenues of US$85 million in 2002, he added, declining to
forecast future revenues because of ongoing talks with
bondholders.

Satmex is negotiating with bondholders to extend the term on
US$320 million in high-yield bonds due November 2004. A
successful restructuring of the 2004 bonds is one of the
conditions for Satmex to access US$230 million in loans pledged
by the US's Ex-Im Bank and French export financer Cofase to build
and insure Satmex 6 and pay down debts.

Adding to Satmex's woes are problems with the Arianne Space
launch vehicle that must be resolved before launch Satmex 6.
Satmex is also seeking an additional US$50 million to pay for
launch insurance.

Satmex is 75% controlled by the Mexican consortium of Principia
and Loral. The remaining 25% is controlled by the government.


UNEFON: TV AZTECA BoD Approves Split Off of Investment
------------------------------------------------------
TV Azteca, S.A. de C.V., one of the two largest producers of
Spanish- language television programming in the world, announced
on Monday that its board of directors unanimously approved a
split off of its investment in Unefon and of its investment in
Cosmofrequencias, a wireless broadband Internet access provider,
in a way that does not affect the previously approved company's
six- year plan for uses of cash. This cash usage plan entails
reducing TV Azteca's debt by approximately US$250 million, and
making cash distributions to shareholders of over US$500 million
within a six-year period.

"After a broad survey of market participants to get feedback for
an efficient separation, we developed a mechanism that will
return TV Azteca to a pure-play media company, while further
strengthening our capital structure, and distributing the
benefits of our profitability," said Pedro Padilla, Chief
Executive Officer of TV Azteca. "Market feedback enriched our
ideas for separation, allowing us to present a solid proposal to
our board, which strongly supported the initiative."

Mechanics for Separation

The plan consists of a split off of TV Azteca's 46.5% equity
stake in Unefon-holder of 1.9 GHz frequencies-and of TV Azteca's
50% equity stake in Cosmofrecuencias-holder of 3.4 GHz and 7 GHz
frequencies. Through the split off, TV Azteca will be completely
separated from its telecommunications' investments. The
telecommunications assets will form Azteca Telecom, a new entity
that, upon approval of the Mexican securities authorities will be
publicly traded on the Mexican stock exchange, and upon
authorization of the Securities and Exchange Commission will also
trade over-the-counter in the United States.

During the fourth quarter of 2003, TV Azteca shareholders will be
asked to vote to approve the split off, and to cancel rights
previously granted to them to acquire shares of Unefon.

Approximately 15 days prior to the meeting, shareholders will
receive an "information statement" describing the details of the
split off and its effects on TV Azteca, along with a description
of Unefon and Cosmofrecuencias operations and financial
conditions.

According to Mexican commerce law, Azteca Telecom is formally
separated approximately 45 days after the date of the
shareholder's meeting. The company anticipates public trading of
Azteca Telecom -- in the Mexican stock market, and over-the-
counter in the U.S. -- to occur within the second quarter of
2004.

Effect on TV Azteca

The split off will entail a reduction of TV Azteca's assets and
stockholders' equity by approximately US$202 million, the book
value of TV Azteca's investment in Unefon and Cosmofrecuencias.

TV Azteca's fiscal value of paid-in capital -- which determines
the capacity for fiscally-efficient cash distributions to
shareholders -- will not have material changes, therefore, the
expected distributions within the six- year plan for uses of cash
will not be affected.

The advertising agreements between Unefon and TV Azteca, as well
as the accounts receivable that Unefon is required to pay to TV
Azteca will remain unchanged.

The separation falls under the restricted payment clause of TV
Azteca's bond indenture and does not require bondholder approval.

Benefits for all Stakeholders

"By returning TV Azteca to a pure-play media company, we will
further concentrate on developing our competitive strengths,
enhancing our solid media operations and profitability," added
Mr. Padilla. "The separation will also provide for a lower risk
perception for the financial markets, which will help TV Azteca
align its cost of capital with its solid operating fundamentals.

"By allowing shareholders to determine their participation in the
telecommunications business, we are offering a unique opportunity
for separate stakes in some of Mexico's most dynamic economic
sectors, with the potential for adding significant shareholder
value going forward," concluded Mr. Padilla.

Company Profile

TV Azteca is one of the two largest producers of Spanish-language
television programming in the world, operating two national
television networks in Mexico, Azteca 13 and Azteca 7, through
more than 300 owned and operated stations across the country. TV
Azteca affiliates include Azteca America Network, a new broadcast
television network focused on the rapidly growing US Hispanic
market; Unefon, a Mexican mobile telephony operator focused on
the mass market; and Todito.com, an Internet portal for North
American Spanish speakers.

CONTACT:  TV Azteca, S.A. de C.V.
          Bruno Rangel, Investors
          Phone: +011-5255-3099-9167
          Email: jrangelk@tvazteca.com.mx

          Omar Avila
          Phone: +011-5255-3099-0041
          Email: oavila@tvazteca.com.mx

          Media:
          Tristan Canales
          Phone: +011-5255-3099-5786
          Email: tcanales@tvazteca.com.mx

          Home Page: http://www.tvazteca.com.mx


VITRO: Hunton & Williams Represents Phoenix in Acquisition
----------------------------------------------------------
Hunton & Williams represented Phoenix Capital Ltd. (Phoenix) in
connection with its successful acquisition of Envases Cuautitlan,
S.A. de C.V. (ECSA), a Mexican injection-molding and
thermoforming operation, from Vitro, S.A. de C.V. (Vitro) for
approximately US$18 million.

The Hunton & Williams team was led by Partners Fernando C. Alonso
and Enrique J. Martin. Rafael Robles and Margarita Hugues of
Franck Galicia & Robles served as Mexican counsel to Phoenix.
Vitro was represented by Cravath Swaine & Moore.

"Vitro is one of the largest glass container manufacturers in
Mexico and it made sense for them to divest themselves of this
noncore asset. This is our client's core business and it is in a
better position to maximize ECSA's value long term," said Enrique
J. Martin, partner in Hunton & Williams' Latin America Practice
Group. Fernando C. Alonso, chairman of the group added, "We
continue to see active interest in business opportunities
throughout Latin America through our representation of both
international investors and local companies. This transaction is
representative of continuing efforts by our clients to capitalize
on existing opportunities within the region and to expand
operations across borders to minimize, or at least offset,
particular country risks."

Phoenix is the leading manufacturer of rigid packaging and
disposable products in Latin America, with more than 10 plants in
Colombia, Venezuela and Mexico. Its major customers include
Nestle, Parmalat, Kraft, Unilever, Borden, Procter & Gamble,
Dannon, Colgate- Palmolive and Gillette, among others. Phoenix is
also the only packaging company in Latin America to have been the
recipient of two World Packaging Organization Gold Medal Awards.
Phoenix is controlled by Midway Capital Ltd. (a Vision Asset
Management Fund), Citicorp International Finance Corporation and
Santander Central Hispano Bank & Trust (Bahamas) Ltd.

Hunton & Williams has one of the largest and most experienced
Latin American practices among any law firm in the world. Its
Latin America Practice Group consists of more than 50 attorneys
and consultants who have a long history in the region
representing numerous types of clients, ranging from some of the
world's largest financial institutions and multinational
corporations, to local governments and agencies, and prominent
Latin American families. The Latin America Practice Group has
handled matters in every Latin American and major Caribbean
country.

About Hunton & Williams

Hunton & Williams LLP provides legal services to corporations,
financial institutions, governments and individuals as well as a
broad array of other entities. Since its establishment in 1901,
Hunton & Williams has grown to more than 850 attorneys serving
clients in 80 countries from 17 offices around the world. While
Hunton & Williams' practice has a particular emphasis on
corporate transactions, corporate and structured finance, energy
and environmental law, governmental relations and commercial
litigation, the firm's depth and breadth of experience extends to
more than 50 separate practice areas.



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

MANZANARES: Owners Try To Beat Deadline Given By Creditors
----------------------------------------------------------
The creditors of Manzanares are giving the owners of the
embattled Uruguayan supermarkets chain until October 20 to work
on a rescue plan.

The owners are considering these alternatives: passing on real
estate assets to creditors and keep operations and the 800
employees labor force, or sell or rent some of its branches.
There's also the possibility of major chains, such as Disco and
Multiahorro, acquiring Manzanares.

Pressure from creditors came after the Company failed to comply
with an agreement to settle debts.



               ***********


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

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ,
and Beard Group, Inc., Washington, DC. John D. Resnick, Edem
Psamathe P. Alfeche and Oona G. Oyangoren, Editors.

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
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Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is $575 per half-year,
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