/raid1/www/Hosts/bankrupt/TCRLA_Public/031015.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 15, 2003, Vol. 4, Issue 204

                          Headlines

A R G E N T I N A

ALCAS: Receiver Prepares Individual Reports For Bankruptcy
CENTRAL COSTANERA: Inks 30-Month Agreement With Cemsa
DISTRIBUTION SYSTEMS: Individual Reports Due Today
LA ELENA: Credit Verifications For Reorganization Ends Today
LENS EXPRESS: Receiver Closes Credit Check For Reorganization

TEXTIL ARIES: Bankruptcy's Credit Verification Ends Today

*Bondholders Can't Seize Argentina's Assets Abroad, Says Official


B E R M U D A

GLOBAL CROSSING: Signs Multi-Year Contract with Vonage
TYCO INTERNATIONAL: Enters Agreement With Trammell Crow


B R A Z I L

AES CORP.: Commences Talks With BNDES Over Cemig Debt
CEMAR: Interested Bidders Will Have Data Room Access Until Oct 17
CEMIG: Plans $265M Debt Issue To Improve Debt Profile
CST: Fitch Affirms 'BBB-' SENs Rating
EMBRATEL: Launches New Network Management Platform

SKY BRASIL: Brings XTV Personal Video Recorder Solution to Brazil


C H I L E

ENDESA CHILE: Issuing Up to $315M New Bonds By Month's End


D O M I N I C A N   R E P U B L I C

COGENTRIX: Govternment Becoming More Impatient
EDENORTE/EDESUR: New Administrators Brace For More Problems


M E X I C O

GRUPO IMSA: Informs Bourse of $447M Securities Offering
SAVIA: To Move ADRs From NYSE to OTC On Nov. 3


P A N A M A

CSS: Government Will Maintain Autonomy


V E N E Z U E L A

PDVSA: In Financing Discussions Related to $4B For Gas Projects
PDVSA: Reviewing Corporate Insurance Program For 2004
PDVSA: May Conclude Restructuring By Year-End, Says Executive

* Venezuelan Govt. Mulls Another Bond Sale Before Year-End

     -  -  -  -  -  -  -  -

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

ALCAS: Receiver Prepares Individual Reports For Bankruptcy
----------------------------------------------------------
Buenos Aires accountant Jose Manuel Montana, receiver for local
company Alcas S.R.L.n closes the credit verification process for
the Company's bankruptcy today. This part of the bankruptcy
proceedings determines the nature and amount of the Company's
debts.

The receiver will prepare the individual reports based on the
results of the verification process. The Troubled Company
Reporter - Latin America earlier revealed that these reports must
be presented to the court on November 26 this year.

The court also requires the receiver to prepare the general
report on the process after the individual reports are processed
at court. This must be filed at the court on February 19 next
year.

Buenos Aires' Court No. 17 issued the bankruptcy order, the TCR-
LA earlier reported without revealing the reasons behind the
ruling.

CONTACT:  Jose Manuel Montana
          Paraguay 2081
          Buenos Aires


CENTRAL COSTANERA: Inks 30-Month Agreement With Cemsa
-----------------------------------------------------
Argentine generator Central Costanera struck a 30-month agreement
with trading firm Cemsa, Business News Americas reports, citing a
company statement to the Buenos Aires stock market.

Under the agreement, the value of which was not disclosed,
Central Costanera will sell up to 100MW of firm capacity and
associated energy to Cemsa from February 2004.

Cemsa sells Argentine power to Brazil through the Cien
interconnection. Endesa Spain is the indirect owner of Costanera,
Cemsa and Cien. Costanera has close to 3,000MW capacity.


DISTRIBUTION SYSTEMS: Individual Reports Due Today
--------------------------------------------------
The individual reports for the bankruptcy of Buenos Aires-based
company Distribution Systems S.A. must be submitted to the court
today. The reports were prepared after the credit verification
process was completed on September 3 this year.

An earlier report by the Troubled Company Reporter - Latin
America indicated that receiver, Mr. Edgardo Alberto Borghi will
prepare a general report after the individual reports are
processed at court. The report must be filed at the court on
November 26 this year.

The city's Court No. 25 ordered issued the bankruptcy order.

CONTACT:  Mr. Edgardo Alberto Borghi
          Luis Valle 2176
          Buenos Aires


LA ELENA: Credit Verifications For Reorganization Ends Today
------------------------------------------------------------
The receiver for Argentine company La Elena S.A. closes the
credit verification process for the Company's bankruptcy today,
October 15, 2003. The receiver, Ms. Silvana Beatriz Vescio, will
start preparing the individual reports, which are to be presented
to the court on December 1 this year.

The receiver will prepare the general report after the individual
reports are processed at court. This report is to be filed at the
court on February 18 next year. The Troubled Company Reporter -
Latin America earlier reported that the informative assembly will
be held on August 5 next year.

The Civil and Commercial Tribunal of Rosario in Santa Fe approved
the Company's "Concurso Preventivo" motion, making way for its  
proposed reorganization, the TCR-LA revealed. The province's
Court No. 3 holds jurisdiction over the case.

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

          Silvana Beatriz Vescio
          San Martin 6055
          Rosario, Santa Fe


LENS EXPRESS: Receiver Closes Credit Check For Reorganization
-------------------------------------------------------------
Creditors of Buenos Aires-based Lens Express S.A. must have their
claims authenticated by the Company's receiver as the deadline
for verifications for the Company's bankruptcy expires today. The
Company's receiver, Ms. Martal Estela Acuna, who verified claims,
will prepare the individual reports, as ordered by the court.

The Troubled Company Reporter - Latin America earlier indicated
that the city's Court No. 22, which handles the case, ordered the
receiver to file the individual reports by November 17 this year.
After these are processed at court, the receiver is to prepare a
general report to be submitted on December 18.

Working with Clerk No. 43, the court also set the informative
assembly to be held on May 6 next year.

CONTACT:  Lens S.A.
          Montevideo 160
          Buenos Aires

          Marta Estela Acuna
          Combate de los Pozos 129
          Buenos Aires


TEXTIL ARIES: Bankruptcy's Credit Verification Ends Today
---------------------------------------------------------
Buenos Aires' Court No. 17 ordered the receiver of local company
Textil Aries S.R.L. to close the credit verifications for the
Company's bankruptcy today. This part of the bankruptcy process
establishes the amount and nature of the Company's debts.

The receiver, Mr. Jorge Juan Gerchkovich, will prepare the
individual reports, which are to be submitted on November 25 this
year. After these reports are processed at court, the receiver
will prepare the general report and submit it to the court on
February 12 next year, according to an earlier report by the
Troubled Company Reporter - Latin America.

Clerk No. 34 assists the court on the case. The bankruptcy begun
after the court issued the "Quiebra" order on the Company.

CONTACT:  Jorge Juan Gerchkovich
          Lavalle 1882
          Buenos Aires


*Bondholders Can't Seize Argentina's Assets Abroad, Says Official
-----------------------------------------------------------------
Argentina's bondholders, who are seeking compensation for the
government's 2001 debt default, cannot seize the government's
assets abroad, such as the presidential plane and ambassadors
salaries, Bloomberg reports, citing Cabinet Chief Alberto
Fernandez.

Fernandez said the government assets for "public use" are
protected by international law. But according to him, assets used
for commerce like a state-owned airline could be seized.

The Cabinet Chief's comments came amid newspaper reports that the
presidential jet Tango 01, and the Libertad, the navy's 50-year-
old training ship, and ambassador's salaries could be embargoed.



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

GLOBAL CROSSING: Signs Multi-Year Contract with Vonage
------------------------------------------------------
Global Crossing announced Monday that it has signed a multi-year
contract with Vonage to provide the broadband telephony provider
IP Transit, co-location service, and domestic and international
voice termination services. The partnership will make Global
Crossing Vonage's preferred provider of long distance voice
termination. "We're excited to be partnering with Global
Crossing, a leading telecommunications player," said Michael
Tribolet, executive vice president of operations at Vonage."
Global Crossing's ability to provide us with highly reliable
connectivity and outstanding reach was a perfect fit for us.
Combine network quality with dedicated account support, and an
outstanding online tool uCommand, and we're looking at a winning
partnership."

Vonage provides small businesses and consumers the ability to
make domestic and international long distance telephone calls
over their existing high-speed Internet connections. The
broadband telephony provider recently topped the 55,000-
subscriber mark as it continues to expand its service coverage to
new areas of the United States.

"We're proud to partner with Vonage by supplying a highly
reliable high performance network for their broadband telephony
offering," said Ted Higase, Global Crossing's executive vice-
president of carrier sales and marketing. "The partnership
recognizes our commitment to delivering innovative network
services that support a truly unique customer experience."

Global Crossing services are delivered through premier dedicated
customer support, 24 hours a day, seven days a week, from state-
of-the-art network operations centers (NOCs) and call centers
worldwide. Additionally, uCommand, Global Crossing's secure,
private Web-based network management support tool allows
customers to monitor their voice services, create utilization
reports, reroute traffic, order new services, and create and
track trouble tickets.

All of Global Crossing's voice and data services are delivered
via a fiber-optic network that provides connectivity to 200
cities in more than 27 countries.

Global Crossing IP Transit service offers carriers and ISPs
Internet connectivity to all worldwide domains connected in
Europe, U.S. and Latin America using a meshed network that
incorporates Multiprotocol Label Switching (MPLS) technology.
Global Crossing's Tier 1 IP backbone leverages a single
autonomous system (AS) number with MPLS traffic engineering to
deliver the minimum number of hops, for the fastest transmission
speeds worldwide.

Global Crossing co-location service allows for the housing of
customer equipment within a Global Crossing Point of Presence
(PoP) or Repeater Site in order to interconnect with our fiber-
optic backbone. Co-location delivers improved speed, stability
and security for critical network requirements. Global Crossing's
carrier and commercial voice products include switched and
dedicated outbound and inbound voice services for domestic and
international long-distance traffic, including toll-free enhanced
routing services, calling cards, and commercial managed voice
services.

ABOUT VONAGE
Vonage is redefining communications by offering consumers and
small businesses an affordable alternative to traditional
telephone service. The fastest growing telephony company in the
US, Vonage's service area encompasses more than 1,800 active rate
centers in 100 US markets. Sold directly through www.vonage.com,
retail partners such as Amazon.com. Wholesale partners such as
EarthLink, ARMSTRONG, Advanced Cable Communications and the
Coldwater Board of Public Utilities resell the Vonage broadband
phone service under their own unique brands. Vonage currently has
more than 50,000 lines in service. Over 2.5 million calls per
week are made using, the easy-to-use, feature-rich, flat rate
voice communications service. Vonage is headquartered in Edison,
New Jersey. For more information about Vonage's products and
services, please visit www.vonage.com or call 1-VONAGE-HELP.
Vonager, Vonage Digital VoiceSM, Toll Free PlusSM and Virtual
Phone NumberSM are trademarks or service marks of Vonage Holdings
Corp.

ABOUT GLOBAL CROSSING
Global Crossing provides telecommunications solutions over the
world's first integrated global IP-based network, which reaches
27 countries and more than 200 major cities around the globe.
Global Crossing serves many of the world's largest corporations,
providing a full range of managed data and voice products and
services.

On January 28, 2002, Global Crossing Ltd. and certain of its
subsidiaries (excluding Asia Global Crossing and its
subsidiaries) commenced Chapter 11 cases in the United States
Bankruptcy Court for the Southern District of New York
(Bankruptcy Court) and coordinated proceedings in the Supreme
Court of Bermuda (Bermuda Court). On the same date, the Bermuda
Court granted an order appointing joint provisional liquidators
with the power to oversee the continuation and reorganization of
the Bermuda-incorporated companies' businesses under the control
of their boards of directors and under the supervision of the
Bankruptcy Court and the Bermuda Court. Additional Global
Crossing subsidiaries commenced Chapter 11 cases on April 23,
August 4 and August 30, 2002, with the Bermuda incorporated
subsidiaries filing coordinated insolvency proceedings in the
Bermuda Court. The administration of all the cases filed
subsequent to Global Crossing's initial filing on January 28,
2002 has been consolidated with that of the cases commenced on
January 28, 2002. Global Crossing's Plan of Reorganization, which
was confirmed by the Bankruptcy Court on December 26, 2002, does
not include a capital structure in which existing common or
preferred equity will retain any value.

On November 18, 2002, Asia Global Crossing Ltd., a majority-owned
subsidiary of Global Crossing, and its subsidiary, Asia Global
Crossing Development Co., commenced Chapter 11 cases in the
United States Bankruptcy Court for the Southern District of New
York and coordinated proceedings in the Supreme Court of Bermuda,
both of which are separate from the cases of Global Crossing.
Asia Global Crossing has announced that no recovery is expected
for Asia Global Crossing's shareholders. Asia Netcom, a company
organized by China Netcom Corporation (Hong Kong) on behalf of a
consortium of investors, has acquired substantially all of Asia
Global Crossing's operating subsidiaries except Pacific Crossing
Ltd., a majority-owned subsidiary of Asia Global Crossing that
filed separate bankruptcy proceedings on July 19, 2002. Global
Crossing no longer has control of or effective ownership in any
of the assets formerly operated by Asia Global Crossing.

Please visit www.globalcrossing.com for more information about
Global Crossing.

CONTACT: GLOBAL CROSSING
         Press Contacts

         Catherine Berthier
         +1 212-412-4666
         PR@globalcrossing.com

         Analysts/Investors Contact
         Ken Simril
         + 1 310-385-3838
         investors@globalcrossing.com


TYCO INTERNATIONAL: Enters Agreement With Trammell Crow
-------------------------------------------------------
Trammell Crow Company announced Monday that it has entered into
an agreement with Tyco International to be an exclusive provider
of strategic advisory and portfolio transaction services for 44
million square feet of Tyco real estate and facilities located in
North America and the Caribbean. In this capacity, Trammell Crow
Company will seek to reduce and optimize Tyco's real estate
portfolio, minimize its occupancy costs and take advantage of
certain synergies between like facilities among Tyco's divisions.

Trammell Crow Company will be Tyco's exclusive agent for all
brokerage services in the eastern and western thirds of the U.S.,
as well as Canada and the Caribbean region in which Tyco owns or
leases facilities. Real estate brokerage activities will include
sales and purchases, leased space requirements, lease renewals,
lease terminations and general transaction management services.
In addition, Trammell Crow Company will perform portfolio and
lease administration globally for Tyco, including lease
abstracting, database management and audits.

Tyco Chairman and CEO Ed Breen said: "Consolidating our real
estate transaction needs is a key element of our ongoing strategy
to improve Tyco's operating efficiency. We selected Trammell Crow
Company because we feel they are best-in-class when it comes to
full service strategic advisory and brokerage services."

Trammell Crow Company principal Henry Johnson said, "This
agreement between Tyco and Trammell Crow Company is one of the
largest real estate assignments in history. Tyco's size and
commitment to maximizing shareholder value are perfectly aligned
with Trammell Crow Company's integrated, full- service platform.
We appreciate the opportunity to grow our relationship with
Tyco."

Tyco's decision to hire Trammell Crow Company was based on such
key factors as TCC's integrated, full-service real estate
offering and its ability to drive operational efficiencies
through its single-source service delivery model. Trammell Crow
Company's relationship with Tyco began more than four years ago
when Tyco Healthcare, one of the primary divisions of Tyco
International Ltd., hired Trammell Crow Company to perform real
estate brokerage and transaction services.

Trammell Crow Company's Henry Johnson, principal, and Mike Scimo,
principal, will lead the day-to-day operations of the Tyco
account, with strategic oversight from Bob Ruth, senior managing
director, and Steve Belcher, regional director.

About Trammell Crow Company

Founded in 1948, Trammell Crow Company is one of the largest
diversified commercial real estate services companies in the
United States. In offices throughout the United States and
Canada, Trammell Crow Company is organized to deliver building
management, brokerage, project management, and development and
investment services through its Global Services Group and
Development & Investment Group to both investors in and users of
commercial real estate. The company delivers services in Europe
and Asia through its strategic alliance with Savills plc, a
leading property services company based in the United Kingdom,
and the jointly owned outsourcing company Trammell Crow Savills
Limited. In addition, the company has offices in Canada, Chile,
Argentina, Brazil and Mexico. Trammell Crow Company is traded on
the New York Stock Exchange under the ticker symbol "TCC" and is
located on the World Wide Web at www.trammellcrow.com .

About Tyco International Ltd.

Tyco International Ltd. is a diversified manufacturing and
service company. Tyco is the world's largest manufacturer and
servicer of electrical and electronic components; the world's
largest designer, manufacturer, installer and servicer of
undersea telecommunications systems; the world's largest
manufacturer, installer and provider of fire protection systems
and electronic security services; and the world's largest
manufacturer of specialty valves. Tyco also holds strong
leadership positions in disposable medical products and plastics
and adhesives. Tyco operates in more than 100 countries and had
fiscal 2002 revenues from continuing operations of approximately
$34 billion.



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

AES CORP.: Commences Talks With BNDES Over Cemig Debt
-----------------------------------------------------
AES Corp., which struck a deal with Brazil's development bank
(BNDES) early last month to renegotiate US$1.2 billion in debt
owed to the latter, is again in debt talks with the BNDES.

Talks, this time, are focused on a stake in Companhia Energetica
de Minas Gerais (Cemig), reveals Dow Jones.

AES is part of the Southern Electric Brasil Participacoes Ltda.
(SEB) consortium, which holds 33% of Cemig. The consortium took
out a US$600-million loan from BNDES in 1997 when a minority
stake in Cemig was auctioned off.

Cemig's control is in the hands of the state of Minas Gerais
after former Minas Gerais governor Itamar Franco in 1999 broke
off a shareholders' agreement which allowed SEB to have control
of the company, despite having just a 33% stake. Since then, the
dispute has been tied up in court, and SEB hasn't paid any
installments on its debt to federally run BNDES. All initial
payments were rescheduled by BNDES owing to the imbroglio over
Cemig's ownership, says Dow Jones.

In May, SEB defaulted on an US$85-million payment to the BNDES. A
BNDES spokesman said AES is expected to present a debt-
rescheduling proposal by the end of the month.

SEB's debt now stands around US$700 million. The consortium paid
US$1.05 billion in the 1997 auction to acquire the control and
decision-making power on Cemig's board. SEB's stake in Cemig is
now worth about BRL663 million ($233.5mn).

Other members of the SEB consortium are local investment bank
Opportunity and an unknown investor who bought in December 2002 a
3.6% stake which Mirant Corp. had owned.


CEMAR: Interested Bidders Will Have Data Room Access Until Oct 17
-----------------------------------------------------------------
Interested bidders in the privatization of Brazilian power
distributor Cemar have until October 17 to visit the Company's
data room.

According to a Gazeta Mercantil report, power regulator Aneel
extended the deadline, originally due to expire October 9, at the
request of Cemar's main creditor Eletrobras.

As such, Aneel has moved from October 21 to October 24 the
deadline for the submission of pre-qualification documents.
Companies that make the grade have until December 1 to bid. Aneel
will announce the winner on December 23, and transfer Cemar to
the winner on December 29.

An unnamed source revealed that Minas Gerais state energy company
Cemig, US firm Mastec, and investment groups Investidores ER LLC
and Angra Partners, have already paid a visit to Cemar's data
room. Groups, such as Brascan Participacoes Financeiras, Docas
Investimentos, GP Capital and Andrade Gutierrez, which were
previously considering the asset, also showed renewed interest.

The winner will have to resolve Cemar's debts with Eletrobras.
Previous reports have suggested that Cemar owes Eletrobras BRL350
million, and has total debts of BRL800 million.

CONTACT:  COMPANHIA ENERGETICA DO MARANHAO
          Av. Colares Moreira, 477
          65075-441 - Sao Luiz- MA
          PHONE: (98) 217-2119
          FAX: (98) 235-3024
          WEBSITE: http://www.cemar.com.br/


CEMIG: Plans $265M Debt Issue To Improve Debt Profile
-----------------------------------------------------
As part of an effort to improve its debt profile, Brazil's Minas
Gerais state integrated power company Cemig is planning to issue
of BRL750 million (US$265mn) in debentures on domestic capital
markets, according to state government's economic development
secretary and Cemig chairman Wilson Brumer.

A report by Business News Americas revealed that the paper would
offer a maturity of up to 3 years, and would be carried out on
local capital markets to avoid exposure to liabilities in hard
currency.

To date, Cemig's debt stands at BRL3.1 billion. With a better
debt profile, the Company's market value could improve to the
goal of BRL9.2 billion by 2006 from BRL6.6 billion currently.

CONTACT:  COMPANHIA ENERGETICA DE MINAS GERAIS
          Luiz Fernando Rolla, Investor Relations
          Phone:  + 011-5531-299-3930
          Fax: + 011-5531-299-3933
          E-mail: lrolla@cemig.com.br


CST: Fitch Affirms 'BBB-' SENs Rating
-------------------------------------
Fitch Ratings has affirmed the 'BBB-' rating of the secured
export notes (SENs) issued by Companhia Siderurgica de Tubarao
(CST) in 1997. Fitch has also affirmed CST's 'B,' Rating Outlook
Positive, foreign currency rating. The foreign currency rating is
constrained by the Federative Republic of Brazil's 'B', Rating
Outlook Positive, foreign currency rating.

The ratings reflect the company's favorable competitive position
as one of the world's lowest cost producers and exporters of
steel slabs. Consequently, CST is able to generate positive cash
flows during troughs in the industry cycle. The ratings are also
supported by the company's U.S. dollar-denominated revenues, as
more than 90% of CST's sales are generated outside of Brazil. The
U.S. dollar cash flow mitigates Brazilian risk and protects the
company from a mismatch between the currency of its debt and that
of its revenues.

The SENs' rating also reflects the strength of the transaction
structure, which mitigates certain sovereign transfer and
convertibility risks and allows the notes to be rated above the
'B' foreign currency rating of Brazil. The structural elements of
the company's export securitization include an offshore
collection account, adequate debt service coverage in 2002 by a
multiple (about 20 times [x]) of receivables, a six-month
interest reserve account, key financial covenants and periodic
performance tests based on collections.

The SENs rating is constrained by CST's financial leverage and
proposed capital-expenditure program of about US$1.0 billion in
2003-2006. The investments are largely directed toward the
company's plan to build a new blast furnace to increase its crude
steel capacity by 50% to 7.5 million tons. The additional
capacity will allow CST to maintain its slab exports of 5.0
million tons, as about 2.0 million tons will be used downstream
to supply a new hot strip mill. The company's hot-rolled steel,
which provides a higher value-added product mix, will be sold
mainly in the local market.

The ratings also take into consideration the cyclical nature of
the steel industry. CST's annual average per-ton slab prices have
fluctuated significantly over the last several years to US$167 in
1999 from US$248 in 1997 but, over the long term, average in the
US$210-US$230 range. The company is able to obtain average prices
that are approximately 15% greater than the international slab
price, because CST's sales consist of higher value-added
products. In the first half of 2003, CST's average slab price was
US$234 per ton. Thus, in 2003, the average slab price is expected
to be about US$230-US$240, higher than the US$191 price in 2002.
Such price volatility has a significant effect on credit-
protection measures. CST ended 2002 with a total debt-to-EBITDA
ratio of 2.8 times (x), a significant improvement over 2001's
leverage ratio of 4.9x. Interest coverage, as measured by EBITDA-
to-interest expense, also strengthened to 7.3x in 2002, from 3.6x
in 2001. Again in 2003, these ratios strengthened as total debt-
to-EBITDA declined to 1.6x as of June 30, 2003, and interest
coverage increased to 12.2x.

During 2004-2005, CST's EBITDA could range from a high of about
US$500 million to a low of about US$350 million, depending on
slab prices. With capital expenditures estimated at US$325
million per year, working capital increases at US$25 million per
year, and interest expense at about US$70 million per year, CST's
free cash flow could range from about US$60 million-US$90
million. Considering historical dividends and taxes, Fitch
estimates that CST will borrow about US$150 million per year over
the 2004-2005 period. This should result in interest coverage
ratios ranging from 4.0x-7.0x and total debt-to-EBITDA ratios
between 2.0x and 3.5x. Such credit-protection measures remain
consistent with the current rating category. In addition, CST has
shown flexibility by reducing dividends during periods of heavy
investment or low steel prices.

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

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


EMBRATEL: Launches New Network Management Platform
--------------------------------------------------
Embratel, leading company in the provision of network management
services for big and mid-sized companies, is now offering new
facilities to the corporate market. Based on the network
outsourcing concept, Embratel is launching a complete Customer
Network Management (GRC) service, totally focused on companies
intending to improve their network service level without making
equipment and technical staff investments. This is a services
package of communication, management, administration, detection
and solution of problems in real time for Wide Area Networks
(WANs), relying mainly on proactive actions and SLA - Service
Level Agreement provided in the contract.

The Customer Network Management supports the data, voice and
image transmission services based on IP VPN, ATM, Frame Relay
networks, and dedicated circuits. The new management platform has
been fully developed by Embratel and is operated by its own
network supervision skilled staff.

Embratel's director of Marketing for the Corporate Market,
Aloysio Xavier, says that "The GRC main edges are a web portal
which assembles the specific data of each customer, where the
manager can track his network operation performance on-line with
Embratel's around-the-clock technical support, whose team detects
and solves any occurrence even before it may cause any trouble to
the user".

Through the GRC portal, each customer may view the details of the
service provided by Embratel, including Fault Management,
Performance Management, and Configuration and Inventory
Management. The user company has its own site with full security
and restricted access, making it possible to track each step of
its WAN network and generate several daily, weekly and monthly
reports.

The Customer Network Management is particularly recommended for
companies wishing to focus more and more on their core business,
to reduce infrastructure investments, to improve their network
level of service, and to solve maintenance issues of a skilled,
highly trained team.

Aloysio Xavier adds that the GCR has a comprehensive coverage
because it has been developed on an in-house basis thanks to the
experience of Embratel's employees, who have been carrying out
network management and supervision tasks for many years. "We have
developed and are improving this service to meet our customers'
needs for outsourcing solutions regarding the service and network
management offered by Embratel. Today we are managing the
networks of over one hundred customers totaling over 10 points
with full management provided by Embratel's team", he points out.

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


SKY BRASIL: Brings XTV Personal Video Recorder Solution to Brazil
-----------------------------------------------------------------
NDS, a News Corporation company and leading provider of
technology solutions for digital pay-TV, announced today that Sky
Brasil will bring the innovative NDS XTVT Personal Video Recorder
solution to more than 770,000 subscribers in Brazil. Using the
NDS XTV technology, subscribers will be able to pause, fast-
forward and rewind live programs, record one program while
viewing another, manage the content that has been saved to their
set-top box, and easily find programs - live or stored - even if
the programming schedule changes.

With this new offering, subscribers can now automatically record
more than 70 hours of their favorite programs onto the set-top
box's hard disk without using a VCR or even needing a videotape.
The new capability will be fully integrated with the Sky Brasil
Electronic Programming Guide (EPG) and will launch in December
2003.

"Digital Recorders are the newest innovation that both operators
and subscribers want, and no one else in the industry could offer
us the leading-edge DVR solution that NDS has created," said
Ricardo Miranda Sky Brasil's CEO. "With the XTV DVR solution, we
can benefit from new revenue opportunities and reduced churn
amongst our customer base, and our subscribers gain the
technology advantage of truly customizing the content they
receive in their homes."

A unique feature of the implementation at Sky Brasil is the
protection of the content that is being broadcast by operators
and used by subscribers. The NDS VideoGuardr Conditional Access
technology will be used in conjunction with XTV in order to
guarantee full protection of the content including avoidance of
advertising jump. No other solution provides full conditional
access security together with NDS's patent-pending RASP
technology - which stores content in an encrypted mode while
giving viewers full DVR functionality.

Using this innovative combination, broadcasters may be sure that
the downloaded programming will be used according to what the
subscriber paid for. The content rights holders are assured that
their programming will not be copied nor redistributed.

Sky Brasil has confirmed that the first set-top box deployment
incorporating XTV technology will be from UEC, a South African
Company and will be produced in Brazil by a local manufacturer.

"We are very pleased to expand our substantial relationship with
Sky Brasil to include XTV," said Dr. Dov Rubin, Vice President
and General Manager, NDS Americas. "Sky Brasil can now offer
premium on demand content to viewers while maintaining their
branding via the EPG, their subscribers will gain a simplified
approach to choosing and watching their favorite shows, and
content providers can feel safe about the integrity of their
programming. It's a win-win-win situation."

Currently, Sky Brasil broadcasts 154 channels of video and music
to more than 770,000 subscribers. Interactive applications
already deployed include games, news, sports, information and
weather.

Sky Brasil currently uses the NDS products:

-- NDS VideoGuard - conditional access technology that allows
operators to market the widest possible range of digital content
while ensuring that subscribers pay for what they receive, and
receive what they pay for

-- NDS Core middleware - the fully-featured middleware that helps
network operators deploy cost-effective set-top boxes quickly and
easily. NDS Core includes the Electronic Program Guide (EPG), the
portal which provides an intuitive and simple way for viewers to
rapidly access TV content and for operators to effectively
promote revenue-generating services

-- NDS StreamServer - broadcast management solution that
integrates and manages the headend components in an end-to-end
digital TV broadcast system

-- NDS Value@TV - suite of interactive TV applications and
services
About Sky Brasil

SKY is the largest Latin-American operator of digital pay-TV
services. The company was launched in 1996 by News Corporation,
Organizacoes Globo and Liberty Media Corporation.

SKY has today more than 770 thousand subscribers who account for
21% of the overall Brazilian pay-TV market. It is the only
satellite operator available countrywide with digital quality of
sound and image.

About NDS

NDS Group plc is a leading supplier of open end-to-end digital
pay TV solutions for the secure delivery of entertainment and
information to television set-top boxes and IP devices. See
www.nds.com for more information about NDS.



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

ENDESA CHILE: Issuing Up to $315M New Bonds By Month's End
----------------------------------------------------------
Chilean power generator Empresa Nacional de Electricidad SA
(Endesa Chile), a unit of Enersis SA, plans to issue US$150
million to US$315 million in new bonds by the end of October, Dow
Jones reports, citing a company spokesman.

According to Endesa spokesman Renato Fernandez, the amount of the
issuance will depend on demand. The bonds will have a 7-, 21-,
and 25-year maturities. The seven-year series will have a 4.8%
annual rate, while the rest will have a 6.2% annual rate. The
first interest payment on the bonds will be paid April 15, 2004,
on all three series.

Proceeds from the domestic placement in inflation-indexed Chilean
pesos will go to the Company's debt restructuring plan, Fernandez
said.



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

COGENTRIX: Govternment Becoming More Impatient
----------------------------------------------
The government of the Dominican Republic led by President
Hipolito Mejia has run out of patience for Cogentrix.

In a recent edition of local newspaper Hoy, President Mejia said
that "no matter whom it hurts" the government would not pay any
more money to the Cogentrix generating facility in San Pedro de
Macoris until a new contract is negotiated.

According to the president, the government, which has already
paid US$42 million to Cogentrix, will no longer provide the
additional US$18 million that the Company is asking for while
maintaining their generators turned off. Mejia claimed that the
facility has been shut down for ten months despite the fact that
its fuel tanks are full of diesel.

The Cogentrix contract, negotiated during the Fernandez
government, includes several clauses considered very costly to
the Dominican consumers.


EDENORTE/EDESUR: New Administrators Brace For More Problems
-----------------------------------------------------------
Judicial embargos on the accounts of the renationalized power
distributors EdeNorte and EdeSur are set to create a problem for
their new administrators, which are struggling to get money to
pay the power generator companies, according to a report by
Listin Diario.

It appears that all the accounts are frozen by embargos due to
problems left by their former administrator, Union Fenosa, the
report reveals.

Even the Santiago Municipal Council has placed an embargo on the
accounts of EdeNorte for non-payment of the 3% tax established in
the General Law on Electricity, that had reached a total of RD$97
million pesos in favor of the Santiago city government.

In Santo Domingo West, the city council has placed an embargo to
collect RD$22 million pesos.

Furthermore, private individuals have also placed embargos on the
accounts of the electricity distributors for civil cases pending
in the courts.

Nonetheless, the distributors' new administrators said Monday
that they have RD$500 million pesos to put on account with the
generators.



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

GRUPO IMSA: Informs Bourse of $447M Securities Offering
-------------------------------------------------------
An unnamed official from Grupo Imsa confirmed that the Mexican
industrial conglomerate and steelmaker has notified Mexico City's
stock exchange of a MXN5 billion (US$447mn) securities offering
program, relates Business News Americas.

But the official said: "This does not necessarily mean we're
going to issue the bonds. What it means is we have the
flexibility to issue them [in] various stages, at the company's
convenience."

Citing local daily newspaper Diario de Monterrey, Business News
Americas suggests that the bond timeframes would be established
with every issue, running between 12 months and 10 years.

In the past, Imsa has issued bonds to roll over debt and fund
investments, "though there isn't a fixed proposal" for this
program, the official said.

Local reports have it that the Company is designing a US$100-
million investment plan for 2004, following this year's US$150-
million program.

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


SAVIA: To Move ADRs From NYSE to OTC On Nov. 3
----------------------------------------------
The American depositary receipts of Mexican biotechnology concern
Savia SA will be delisted from the New York Stock Exchange Nov.
3, relates Dow Jones. In a filing with the Mexican Stock
Exchange, the Company said its ADRs, which represent four common
shares, will trade over the counter in New York. The delisting
follows last month's conclusion of the sale of its flagship seed
unit Seminis Inc. to San Francisco-based Fox Paine & Co.

CONTACT:  Savia S.A. de C.V.
          Francisco Garza
          Phone: (81) 81-73-55-00
          Email: fjgarza@savia.com.mx



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

CSS: Government Will Maintain Autonomy
--------------------------------------
The Panamanian government is committed to installing the
necessary legal mechanisms to ensure that CSS's autonomy is
maintained and improved, reports Business News Americas, citing a
statement from President Mireya Moscoso.

The statement came after the social security agency's workers
staged a protest last month against allegedly excessive
interference from the government. Workers were also called to
join a general strike on October 30 to seek better working
conditions and the implementation of the proposed US$1.6-billion
budget for next year.

The president, however, pointed out that both parties are aware
of the agency's poor financial situation. CSS's pension deficit
grew by US$354 million for this year's first half.

The president also called workers, union representatives, local
businessmen and politicians to return to the negotiating table to
avert future industrial action, the report adds.



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

PDVSA: In Financing Discussions Related to $4B For Gas Projects
---------------------------------------------------------------
Venezuela's state oil company PDVSA, which has struggled to
maintain production and revenue following a two-month oil workers
strike earlier this year, is in talks to borrow as much as US$4
billion to finance gas projects over the next few years, reports
Bloomberg.

The new funds could come from "loans, bonds and barter
agreements," Bloomberg quoted PDVSA East's president Nelson
Martinez as saying.

"We have been offered financing from several countries, not only
Japan," Martinez said, adding "Brazilian and Mexican institutions
have also offered us finance."

Earlier this year, PDVSA President Ali Rodriguez said that the
Company would sell assets and obtain loans to pay for projects,
after the two-month strike cost about US$7 billion in lost sales
and damages.


PDVSA: Reviewing Corporate Insurance Program For 2004
-----------------------------------------------------
PDVSA revealed that the process of reviewing its corporate
insurance program for 2004 through which it hopes to obtain more
competitive premiums is now underway, Business News Americas
reports.

In June, insurance services company American International Group
(AIG) carried out the most recent inspection at the Company's
Paraguana refining complex (CRP), the Company said in a
statement.

AIG had reaffirmed its confidence in company operations, the
statement added.

"We have received confirmation of interest in discussing the next
renewal in 2004 from some of the most important international
reinsurance companies, such as Converium, Gerling UK, Alea
London, Zurich Global Energy and AIG Global Energy Division. We
hope to make significant savings in premiums, " PDVSA CFO Jose
Gregorio Morales said.


PDVSA: May Conclude Restructuring By Year-End, Says Executive
-------------------------------------------------------------
Felix Rodriguez, PDVSA Occidente VP (western division) and member
of the board, told reporters Friday that the Company is likely to
conclude the ongoing restructuring by the end of this year,
relates Petroleumworld.com.

Part of the restructuring is the evaluation of the operations of
the 940,000 b/d Paraguana refining complex or CRP as one separate
entity, Rodriguez said, adding that the Company is not ruling out
the possibility of selling some of its foreign assets.

One the assets that the Company is planning to get rid of is the
167,000 b/d Lemont refinery in the U.S., which according to
Rodriguez, is an example of "bad business" for Venezuela.

Earlier this year, PDVSA fired 18,000 employees, or around 50% of
its work force, who went on strike to force the resignation of
Venezuelan President Hugo Chavez.

PDVSA had to reorganize its whole operations and is yet to go
back to its pre strike level of operations. Some observers say it
would take long before PDVSA will be able to go back to its 3.3 m
b/d of crude production because of current lack of human
resources and funds.


* Venezuelan Govt. Mulls Another Bond Sale Before Year-End
----------------------------------------------------------
Following the sale of US$700 million worth of foreign bonds in
September, Venezuela is planning to sell debt again this year to
take advantage of growing investor confidence fueled by higher
oil revenue, Bloomberg reports, citing Finance Minister Tobias
Nobrega.

The government is considering a sale of bonds with longer
maturities than the 10-year-bonds it sold in September, Nobrega
said without revealing as to how much could be sold.

"The situation in the oil market is good," Nobrega said. Oil
sales account for about half the government's revenue.





               ***********


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
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