TCRLA_Public/031017.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, October 17, 2003, Vol. 4, Issue 206

                          Headlines


A R G E N T I N A

ARLON: Seeks Court Permission to Reorganize
ARTHUR LINDEY: Court Schedules Bankruptcy Proceedings
BON NOUVELLE: Receiver Closes Claims Filing Period
COLTARCO: Court Declares Company Bankrupt
DATAPANEL: Receiver Prepares Individual Reports For Bankruptcy

DERMUT: Credit Verification For Bankruptcy Closes Today
EASA: Fitch Rates $200M of Bonds 'D(arg)'
ESTANCIAS POLVAREDAS: Claims Filing Period Closes
INTERCLINICAS: Proofs of Claims Due Today
PANTAMINA: Enters Bankruptcy On Court Order

SCP: Reaches Debt-Restructuring Agreement with Creditors
SIDECO AMERICANA: Seeks Shareholders Approval on New Note Issue
SINCLAIR: Court Approves Reorganization Petition
TRANSPORTES CONTAINER: Reorganization Gets Court's OK
TIPLER: Claims Verification Ends December 3

TROTTER: Court Assigns Receiver For Bankruptcy
VPF: Court Orders Bankruptcy


B E R M U D A

CRP: A.M. Best Downgrades Subsidiaries' Ratings
LORAL SPACE: Unit Selected By Panamsat To Build New Satellite  


B R A Z I L


TELEMAR: State Attorney General Begins Probe on Oi Deal


C H I L E

ENAMI: Revises Board of Directors
ENDESA CHILE: Ratifies Settlement Over Ralco Land Dispute


E C U A D O R

EEQ: Faces Growing Cashflow Deficit


J A M A I C A

AIR JAMAICA: Defends Job Cuts Decision
JUTC: Must Pay Outstanding Debts to NIS


M E X I C O

CFE: Delays Release of 1,000MW Tamazunchale II Bidding Rules
VITRO: Completes $225M Note Offering to Shore Up Finances


P U E R T O   R I C O

DORAL: Announces Stock Split, Higher Dividend to Common Shares


     - - - - - - - - - -

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

ARLON: Seeks Court Permission to Reorganize
-------------------------------------------
Arlon S.A., which is based in Buenos Aires filed a motion for
"Concurso Preventivo" at the city's Court No. 22, seeking
permission to undergo reorganization. In the meantime, Argentine
news source Infobae did not mention whether the petition is
likely to merit court approval.

CONTACT:  Arlon S.A.
          Moreno 970
          Buenos Aires


ARTHUR LINDEY: Court Schedules Bankruptcy Proceedings
-----------------------------------------------------
Court No. 21 of Buenos Aires has set the official calendar for
the bankruptcy process of local company Arthur Lindey S.A.,
relates Argentine news portal Infobae. The Company's assets will
be liquidated at the end of the process to reimburse its
creditors.

To determine the nature and amount of the Company's debts, the
receiver will verify creditors' claims until May 12 next year.
Creditors must present their proofs of claim to the receiver for
authentication before the said date.

The receiver, Mr. Jose Salem Ini, will prepare the individual
reports upon completion of the verification process. These
reports are to be submitted to the court on June 28, 2004,
followed by the general report on August 30.

CONTACT:  Jose Salem Ini
          Presidente Peron 1730
          Buenos Aires


BON NOUVELLE: Receiver Closes Claims Filing Period
--------------------------------------------------
Mr. Feliciano Salvia, receiver for Buenos Aires company Bon
Nouvelle S.A., finalized the credit verification process for the
Company's bankruptcy today. As ordered by the court, the receiver
will prepare the individual reports. The Troubled Company
Reporter - Latin America earlier disclosed that the city's Court
No. 13 issued the bankruptcy order. Clerk No. 25 assists the
court n the case.

The court instructed the receiver to prepare the general report
after the individual reports are processed at court. Local
sources, however, did not reveal deadlines for the submission of
these reports.

CONTACT:  Bon Nouvelle S.A.
          Suipacha 190
          Buenos Aires

          Feliciano Salvia
          Ave. Cordoba 1540
          Buenos Aires


COLTARCO: Court Declares Company Bankrupt
-----------------------------------------
Coltarco S.A., which is domiciled in Buenos Aires, enters
bankruptcy on orders from the city's Court No. 2. A report by
Argentine news source Infobae relates that the court, which works
with Clerk No. 3 on the case, ruled that the Company is "Quiebra
Decretada".

A local accountant, Mr. Mario Aragon, was assigned as receiver
for the process. He will verify creditors' claims until December
29 this year. He must also prepare the individual and general
reports. However, the source did not reveal the deadlines for
these.

CONTACT:  Coltarco S.A.
          Montevideo 333
          Buenos Aires

          Mario Aragon
          Alsina 1535
          Buenos Aires


DATAPANEL: Receiver Prepares Individual Reports For Bankruptcy
--------------------------------------------------------------
The deadline for the verification of creditors' claims for the
bankruptcy of Buenos Aires company Datapanel S.A. expires today,
October 17, 2003, the Troubled Company Reporter - Latin America
reported earlier. The verification process determines that nature
and amount of the Company's debts.

The Company's receiver, Mr. Rodolfo Torella, will prepare the
individual reports, as ordered by the city's Court No. 19, which
handles the Company's case. These reports must be submitted to
the court on November 28 this year.

The receiver will also prepare a general report to be submitted
on February 13 next year. This report is prepared after the
individual reports are processed at court. The Company's assets
may then be liquidated to pay off its creditors.

CONTACT:  Datapanel S.A.
          Paraguay 1225
          Buenos Aires

          Rodolfo Torella
          Arcos 3726
          Buenos Aires


DERMUT: Credit Verification For Bankruptcy Closes Today
-------------------------------------------------------
Today is the last day for creditors of Dermut S.A. to file claims
related to the Company's bankruptcy process. Mr. Isaac Jospe, the
receiver designated to the case, will prepare the individual
reports on the results of the verification process. These reports
are to be submitted to the court on November 28 this year.

The receiver will also prepare a general report, which must be
filed on February 11, 2004, after the individual reports are
processed at the city's Court No. 24, which holds jurisdiction
over the Company's case.

CONTACT:  Isaac Jospe
          JE Uriburu 1054
          Buenos Aires


EASA: Fitch Rates $200M of Bonds 'D(arg)'
-----------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. assigned default
ratings to US$200 million of Electricidad Argentina S.A. last
week. The Comision Nacional Valores, Argentina's securities
regulator, relates that the rating was based on the Company's
finances as of June 30 this year. The ratings agency said that
the 'D(arg)' rating is assigned to financial commitments that are
currently in default.

The CNV described the affected bonds as "obligaciones
negociables" with undisclosed maturity date. The bonds were
classified under "Simple Issue", but their CUSIP was not
revealed.


ESTANCIAS POLVAREDAS: Claims Filing Period Closes
-------------------------------------------------
Mr. Antonio Canada, the receiver for bankrupt Argentine company
Estancias Polcaredas Grandes S.A., ended the credit verification
period for the Company's bankruptcy today. The receiver, a local
accountant, will prepare the individual reports, as ordered by
the court.

The Troubled Company Reporter - Latin America earlier reported
that the city's Court No. 24, working with Clerk No. 48 ordered
the Company's bankruptcy. The Company's assets will likely be
liquidated at the end of the process to reimburse its creditors.

The court requires the receiver to submit the individual reports
on November 28. A general report must also be submitted on
February 11, 2004. This report is to be prepared after the
individual reports are processed at court.

CONTACT:  Antonio Canada
          Luis Belaustegui 4531
          Buenos Aires


INTERCLINICAS: Proofs of Claims Due Today
-----------------------------------------
The reorganization of Interclinicas S.A. moves a step closer to
completion, as the deadline for the verification of creditors'
claims expires today. The Company's receiver, Mr. Silvio Gustavo
Borbacz, will start preparations for the individual reports.

Buenos Aires' Court No. 6 approved the Company's motion for
"Concurco Preventivo", giving the Company permission to undergo
reorganization, the Troubled Company Reporter - Latin America
reported previously. Clerk No. 17 assists the court on the case.

The individual reports must be submitted to the court on November
11, followed by the general report on October 17. The general
report will be prepared after the individual reports are
processed at court. The informative assembly will be held on
August 3, 2004.

CONTACT:  Interclinicas S.A.
          Ave. Cordoba 456
          Buenos Aires

          Silvio Gustavo Borbacz
          Tucuman 1484
          Buenos Aires


PANTAMINA: Enters Bankruptcy On Court Order
-------------------------------------------
Buenos Aires' Court No. 23 orders the bankruptcy of Pantamina
S.A.C.I.F.I., relates local news source Infobae. Clerk No. 46
assists the court on the case, which will see the liquidation of
the Company's assets at the end of the bankruptcy process.

The Company's creditors must present their claims for
verification to the Company's receiver, Mr. Anibal Osuna. The
deadline for authentications is December 9 this year. The
receiver will then prepare the individual reports based on the
results of the authentication process. He is also required to
prepare a general report after the individual reports are
processed at court.

CONTACT:  Pantamina S.A.C.I.F.I.
          Gutemberg 3515
          Buenos Aires

          Anibal Osuna
          Mercedes 3259
          Buenos Aires


SCP: Reaches Debt-Restructuring Agreement with Creditors
--------------------------------------------------------
Argentine holding Sociedad Comercial del Plata (SCP) has struck
an accord with creditors to refinance over US$800 million in
debt. Although the Company hasn't revealed details of the deal,
it was unveiled it would have obtained an 80% discount on the
face value.  

In a filing to the Buenos Aires stock exchange, the Company
informed it had held a bondholders meeting last Friday and it had
obtained the necessary votes to subscribe an out-of-court
agreement (APE) to refinance its liabilities. Its main creditors
are a pool of banks conformed by Citibank, Societe Generale,
Sudameris and BNL among others.  

The proposal that has been accepted by 80% of the creditors
involves the pesification of all the debts that were originally
denominated in US dollars, without any kind of indexation.
However, the debts will be reconverted into dollars later on, at
the rate of US$1 = ARS3 and the same will be done with the debts
in pesos. Then the result will be applied a 40% write-off and
will be paid with new 12-year notes that will have the first
maturity in 2011.

The total discount proposed by the Company, taking into account
the pesification (US$ 1 = Ps 1) and the subsequent cut, will be
(with a dollar at ARS3) of 80%.  
  

SIDECO AMERICANA: Seeks Shareholders Approval on New Note Issue
---------------------------------------------------------------
Argentine public services and infrastructure holding group Sideco
Americana will present to shareholders at a meeting scheduled for
November 24 a proposal to issue up to US$125 million of
guaranteed notes, the group said in a statement to the Buenos
Aires stock exchange. According to Business News Americas, the
board has already approved the planned issue.

Meanwhile, the statement to the bourse also stated that the group
is seeking approval from shareholders at the same meeting to
issue up to US$15 million in non-guaranteed notes.

Sideco ended the first semester of the year with a ARS10.7-
milllion (US$3.74mn) net loss, down from the ARS385 million net
loss in the first semester of 2002. The results were impacted by
a stronger peso versus the US dollar and lower inflation in 1H03,
the Company said, adding that this year it plans to continue its
Latin American expansion and consolidation process, particularly
in Brazil.


SINCLAIR: Court Approves Reorganization Petition
------------------------------------------------
Buenos Aires' Court No. 20 approves a motion for "Concurso
Preventivo" filed by local company Sinclair S.R.L., relates
Argentine news portal Infobae. The city's Clerk No. 39 aids the
court on the case, the source adds.

The Company is placed the hands of its receiver, local accountant
Luis Maria Rementeria. Creditors were given until December 19 to
have their claims authenticated by the receiver. The receiver's
duties include the preparation of the individual and general
reports. The source, however, did not indicates whether the court
has set the deadlines for the submission of these reports.

CONTACT:  Sinclair's S.R.L.
          Ave Libertador 7278
          Buenos Aires

          Luis Maria Rementeria
          Piedras 1319
          Buenos Aires


TRANSPORTES CONTAINER: Reorganization Gets Court's OK
-----------------------------------------------------
Creditors of Transportes Container Service S.R.L. must have their
claims authenticated by the Company's receiver, Mr. Miguel
Kupchik before December 19 this year. After that date, the
receive will prepare the individual reports.

Argentine news source Infobae relates that the city's Court No.
13 approved the Company's motion for "Concurso Preventivo",
giving the go signal to the reorganization process. The city's
Clerk No. 25 assists the court on the case.

Aside from verifying creditors' claims and preparing the
individual reports, the receiver must also prepare the general
report after the individual reports are processed at court.
Infobae, however, did not reveal the deadlines for the submission
of the receiver's reports.

CONTACT:  Transportes Container Service S.R.L.
          Maipu 763
          Buenos Aires

          Miguel Kupchik
          Alsina 1360
          Buenos Aires


TIPLER: Claims Verification Ends December 3
-------------------------------------------
The credit verification process for the bankruptcy of Tipler S.A.
ends on December 3 this year, reports Argentine news portal
Infobae. The receiver, local accountant Jorge Eduardo Oddi, will
verify creditors' claims.

Buenos Aires' Court No. 15 issued the bankruptcy order. Working
with Clerk No. 30, the court ruled that the Company is "Quiebra
Decretada". The court also requires the receiver to prepare the
individual and general reports on the process. However, the
source did not mention the deadlines for the said reports.

CONTACT:  Jorge Eduardo Oddi
          Libertad 293
          Buenos Aires


TROTTER: Court Assigns Receiver For Bankruptcy
----------------------------------------------
Buenos Aires Court No. 22 assigns Ms. Alejandra Ethel Giacomini
as receiver for the bankruptcy of local company Trotter S.A.,
according to an Infobae report. The receiver will verify
creditors' claims until November 28 this year.

The court will be informed of the results of the verification
process through the individual reports, which the receiver will
prepare after the said date. These reports are to be submitted to
the court on February 16 next year.

The receiver will also prepare general report after the
individual reports are processed at court. This report should be
submitted to the court on March 29 next year. The Company's
assets may then be liquidated at the end of the process to
reimburse its creditors.

CONTACT:  Alejandra Ethel Giacomini
          Ave. Carabobo 250
          Buenos Aires


VPF: Court Orders Bankruptcy
----------------------------
Buenos Aires company VPF S.R.L. enters bankruptcy on orders from
the city's Court No. 13, which works with Clerk No. 25 on the
case. Argentine news source Infobae relates that the court
declared the Company "Quiebra".

Creditors must have their claims authenticated by the Company's
receiver before November 26 this year. The receiver, Mr. Dante
Francisco Giampaolo, will prepare the individual reports after
the said date. The receiver must also prepare a general report on
the process. However, Infobae did not reveal the deadlines for
the filing of these reports.

CONTACT:  Dante Francisco Giampaolo
          Anchorena 672
          Buenos Aires



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

CRP: A.M. Best Downgrades Subsidiaries' Ratings
-----------------------------------------------
A.M. Best Co. cut the financial strength ratings to B+ (Very
Good) from B++ (Very Good) of Commercial Risk Reinsurance Company
Limited (Bermuda) and its U.S. subsidiary, Commercial Risk Re-
Insurance Company (Vermont), reports BestWire. The ratings agency
removed both ratings from under review and assigned a negative
outlook, the report adds.

The companies are the insurance operating subsidiaries of the
Bermudian holding company, Commercial Risk Partners Limited
(CRP), which is owned by SCOR (Paris).

A.M. Best downgraded the ratings in view of the companies'
consolidated risk-adjusted capitalization.

The companies' large operating losses in 2002 and continued
losses in the first half of 2003 on a consolidated basis, as well
as inter-company balances with SCOR, whose financial strength
rating was recently downgraded to B++ (Very Good) were also taken
into consideration.

The negative outlook reflects the uncertainty arising from the
run-off of liabilities and commutations of the companies'
business following the adverse development of reserves registered
in 2002.

In the beginning of 2003, SCOR announced that it was placing the
companies in run-off and seeking to sell them during the course
of 2003. However, a sale does not appear imminent, as
negotiations have become protracted.


LORAL SPACE: Unit Selected By Panamsat To Build New Satellite  
-------------------------------------------------------------
Space Systems/Loral (SS/L), a subsidiary of Loral Space &
Communications (OTCBB: LRLSQ), announced Wednesday that PanAmSat
Corporation has agreed to issue SS/L an authorization to proceed
(ATP) with the design and construction of a new satellite.
Revenue for the construction of the satellite will be in excess
of $100 million. In addition, PanAmSat has agreed to enter into
an option for an in-orbit spare for one of its existing
satellites on terms and conditions to be agreed to.

The ATP from PanAmSat is for the Galaxy 16 program, a C- and Ku-
band satellite with 48 transponders to be delivered December 31,
2005.

At the same time, Hughes Electronics Corporation, majority owner
of PanAmSat and parent of DIRECTV, notified Loral that the ATPs
for two satellites previously issued to SS/L by DIRECTV are now
fully enforceable and binding.  Further, Hughes advised that
DIRECTV will make advance payments of $25 million on each of
those two satellite orders  and PanAmSat will make an advance
payment of $25 million on its new satellite order, for a combined
total advance of $75 million. Proceeding with the construction of
the satellite for PanAmSat and the two satellites for DIRECTV is
subject to the approval of the Bankruptcy Court at a hearing
scheduled for October 21, 2003.

In connection with this matter, on October 9, 2003, Loral
received a proposal from EchoStar Communications Corporation to
acquire the DIRECTV 7S satellite (now under construction) for
$100 million and to provide ATPs for two additional satellites.
Loral, however, has indicated that it intends to proceed with the
DIRECTV and PanAmSat agreements rather than the EchoStar
proposal.

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

Loral Space & Communications is a satellite communications
company. Through its Skynet subsidiary, it owns and operates a
global fleet of telecommunications satellites used by television
and cable networks to broadcast video entertainment programming,
and by communication service providers, resellers, corporate and
government customers for broadband data transmission, Internet
services and other value-added communications services. Loral
also is a world-class leader in the design and manufacture of
satellites and satellite systems through its Space Systems/Loral
subsidiary.

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

CONTACTS:  Loral Space & Communications
           Jeanette Clonan  
           John McCarthy
           212-697-1105



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


TELEMAR: State Attorney General Begins Probe on Oi Deal
-------------------------------------------------------
Rio de Janeiro state's attorney general is now conducting an
investigation into the acquisition of mobile operator Oi by
Brazilian telco Telemar from its parent company, Tele Norte Leste
Participacoes (TNL), in May, reports Business News Americas.

As part of the investigation, the managers of the sale, US
consulting firm Ernst & Young and US investment bank JP Morgan,
must turn in documents relating to the sale. The attorney
general's office is giving these firms until Wednesday to submit
the documents.

On May 28, Telemar announced it bought Oi from parent TNL for a
symbolic BRL1 plus BRL4.76 billion in debt, plus a tax credit of
BRL1.6 billion. But the minority shareholders claimed that the
price paid for Oi was inflated and resulted in significant loss
of value to Telemar.

Meanwhile, Brazil's securities regulator CVM is also
investigating charges against Telemar of insider trading around
the time of the deal.

CONTACT: TNE - INVESTOR RELATIONS
         Roberto Terziani
         Email: terziani@telemar.com.br
         Tel: 55 21 3131 1208

         Carlos Lacerda
         Email: carlosl@telemar.com.br
         Tel: 55 21 3131 1314

         Fax: 55 21 3131 1155



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

ENAMI: Revises Board of Directors
---------------------------------
Chile's state minerals company Enami restructured its board
following a decree issued by the government last month, reports
Business News Americas. The new board consists of mining minister
Alfonso Dulanto as chairman, who stays in his post, with
Francisca Castro, Jorge Bande, Raul Alvarez and Felipe Jimenez
all representing state business development agency Corfo.

Business News Americas recalls that Mr. Bande and Mr. Alvarez
were already on the board but as direct nominees of President
Ricardo Lagos, a position that no longer exists, while Mr. Castro
continues on the board on behalf of Corfo.

Arnaldo Velazquez stays as representative of the Chilean
Institute of Mining Engineers, and Alberto Salas as the delegate
from private sector mining society Sonami, which on the old board
had two directors.

The only new member is therefore Mr. Jimenez, who is said to be
close to finance minister Nicolas Eyzaguirre, whose ministry
encompasses Corfo.

Losing their places as Enami directors are Patricio Morales, who
represented the state-run Chilean copper commission Cochilco, and
Hugo Grez, Sonami's second representative.

The directors are chosen for renewable terms of three years,
although the Corfo representatives can be recalled before their
time is up.

The board members were named by the various state and private
sector bodies involved in the process of designating
representatives to the new-look board of Enami at a meeting held
Monday.

The changes provoked two separate complaints, one by lower house
members and one by senators, before Chile's constitutional
tribunal. The lawmakers argue that the modifications need new
legislation, and cannot be enacted by decree.

The revamp has threatened to delay further legislation aimed at
transferring Enami's principal asset, the Ventanas copper
smelter-refinery in central Chile, to state copper corporation
Codelco. The measure, which has been in the works for two years
now, is aimed at helping Enami resolve its US$480-million debt
problem.

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


ENDESA CHILE: Ratifies Settlement Over Ralco Land Dispute
---------------------------------------------------------
Chilean generator Endesa has formally ended its conflict with
four indigenous families over land rights for the US$570-million
Ralco hydroelectric project. According to Business News Americas,
the Company and the government of Chile have signed the documents
relating to the US$1.2-million settlement with the four
indigenous families.

Endesa and the families reached the agreement on September 16,
and set a period of 20 days for the families to withdraw legal
claims and sign the final papers. The agreement, which was
brokered by the Inter-American Commission of Human Rights, gives
each family CLP200 million (US$310,000) and 77 hectares of land
elsewhere.

The signing comes after nearly a decade of wrangling between
Endesa, which wants to flood the lands as part of its Ralco
project, and the Pehuenche indigenous families. The 540-megawatt
dam, which is almost 90% complete and due to begin operations
next year, is crucial to meet Chile's energy needs and help
economic growth.



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

EEQ: Faces Growing Cashflow Deficit
-----------------------------------
Ecuadorian distributor EEQ is experiencing increasing losses,
forcing it to suspend a US$2-million investment in the purchase
and improvement of metering equipment, according to CEO Carlos
Andrade. El Comercio recalls that the Company lost US$18 million
last year, and for this year, it expects to close with losses of
around US$30 million.

According to the CEO, generation prices under power purchase
agreements that EEQ has with hydro generators Hidropaute,
Hidroagoyan and Hidropucara, and thermo generators
Termoesmeraldas, Electroguayas and Termopichincha, have increased
by an average of 20.8% from 2002.

Seventy-three per cent of monthly revenues go on power purchases
from the wholesale power market (MEM), Andrade said, adding that
between January and July this year EEQ paid US$83.4 million for
energy and sold it for US$85.4 million.

EEQ is 52.5% owned by the government and 34.3% owned by the Quito
municipality.



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

AIR JAMAICA: Defends Job Cuts Decision
---------------------------------------
Air Jamaica decided to let go of its six duty managers at a
meeting held Tuesday night involving the airline's senior
management, according to RadioJamaica.Com. The move angered the
six former employees, who believed that they have been unfairly
treated, according to a source close to the former employees.

But Air Jamaica's Chief Executive Officer Christopher Zacca, in
an interview with RJR News Wednesday morning, defended the
Company's move, saying that the dismissals were part of Air
Jamaica's reorganization program.


JUTC: Must Pay Outstanding Debts to NIS
---------------------------------------
Jamaica Urban Transit Company Ltd. now must deal with another
financial blow, the Jamaica Observer indicates. The Company owes
millions of dollars to the National Insurance Scheme (NIS),
representing years of failure to remit funds collected to the
scheme, and the report relates that the Ministry of Social
Security has said it is stepping up its drive for the agency to
pay over the outstanding amounts.

The situation gets even worse because the NIS is implementing a
100% hike on the contributions beginning this month.

"We had a problem meeting the payment requirements... when a
company is losing money, there are some things that get left
(behind)," explained Keith Goodison, a vice-president at the
Jamaica Urban Transit Company. "It could be millions but not many
millions."

Goodison said that the JUTC began making payments to clear the
arrears in July this year.

"We began payments in July because of the improvement in our cash
flow due to fare increase and other efficiency measures," he
said.

The JUTC is expected to earn $544 million in additional funds
from a recent fare increase, money that could ease but not
reverse the $1.39 billion that the Company was projected to lose
for fiscal year 2003/2004. Also in January, 300 workers from the
bus company were sent home as part of the recommendations from a
Swedish team of consultants who the government hired to help cut
costs at the bus company. There are over 2,600 workers at the
JUTC.

Goodison also stressed that that even "if we miss payments,
persons will not be denied benefits".



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

CFE: Delays Release of 1,000MW Tamazunchale II Bidding Rules
------------------------------------------------------------
Mexico's state power company CFE failed to release bidding rules
on Tuesday, as scheduled, for the tender to build, own and
operate the 875-1,069MW Tamazunchale II combined cycle project in
San Luis Potosi state.

But a CFE spokesperson told Business News Americas in an
interview that the Company will release the bidding rules soon,
adding that offers are scheduled to be received April 2004, and
construction will start March 2005. The project will be offered
under the independent power producer mechanism, and the CFE will
buy power from the plant for 25 years.


VITRO: Completes $225M Note Offering to Shore Up Finances
---------------------------------------------------------
Vitro S.A. de C.V. Vitro announced Wednesday it has successfully
completed the sale of US$225 million 11.75% Senior Notes due
November 1, 2013 (the "Notes"). This bond offering is consistent
with Vitro's strategy to strengthen its balance sheet and to
enhance liquidity by increasing the average life of its debt.

Alvaro Rodriguez, Chief Financial Officer, stated: "This
transaction is an integral part of our ongoing efforts to improve
our financial profile and diversify funding alternatives."

The transaction will increase the average life of debt as of June
30, 2003 at the holding company level from 4.1 to 6.0 years.

Simultaneously, total debt will improve from 3.1 years to 4.2
years. The transaction will also enable Vitro to reduce short -
term debt from 31% to 24% of total debt, as of June 30, 2003. At
the holding company level, most of the debt will be on a longterm
basis.

"The success of this transaction is attributed to the capital
markets' acknowledgement of Vitro's strengths which include
market leadership, high quality products, world class customers
and strong joint venture partnerships," Mr. Rodriguez noted.

"In addition, strategies such as our continuous focus on glass
value added products and niche markets while successfully facing
global competition through geographic market diversification,
clear initiatives to increase productivity and cost cutting
measures, were key considerations for investors," Mr. Rodriguez
further commented.

"The market also credits Vitro's capacity to generate significant
cash flow in a particularly challenging environment as well as
the Company's ability to service its debt comfortably, while
keeping our commitment to debt reduction," Mr. Rodriguez
concluded.

The net proceeds of this offering will be used to retire
substantially all of the short-term debt of our holding company,
Vitro, S.A. de C.V. The remaining net proceeds will be used to
repurchase or repay other indebtedness, including the retirement
of a portion of the 11.375% Guaranteed Senior Notes due 2007
issued by SOFIVSA, through open market purchases, redemptions or
otherwise.

Citigroup Global Markets Inc. and Credit Suisse First Boston LLC
were the Joint Book-Runners and Lead Managers for this sale.

The Notes have not been, and will not be, registered under the
Securities Act and may not be offered or sold in the United
States absent registration or an applicable exemption from
registration requirements. This press release is neither an offer
to sell nor a solicitation to buy the Notes.

Vitro, S.A. de C.V. (NYSE: VTO; BMV: VITROA), through its
subsidiary companies, is one of the world's leading glass
producers. Vitro is a major participant in three principal
businesses: flat glass, glass containers, and glassware. Its
subsidiaries serve multiple product markets, including
construction and automotive glass; fiberglass; food and beverage,
wine, liquor, cosmetics and pharmaceutical glass containers;
glassware for commercial, industrial and retail uses; plastic and
aluminum containers. Vitro also produces raw materials, and
equipment and capital goods for industrial use. Founded in 1909
in Monterrey, Mexico-based Vitro has joint ventures with major
world-class partners and industry leaders that provide its
subsidiaries with access to international markets, distribution
channels and state-of-the-art technology. Vitro's subsidiaries
have facilities and distribution centers in eight countries,
located in North, Central and South America, and Europe, and
export to more than 70 countries worldwide.

CONTACT:  Vitro S.A. de C.V.

          Investor Relations
          Beatriz Martinez
          Phone: +52 81 8863 1258
          Email: bemartinez@vitro.com

          Jorge Torres
          Phone: +52 81 8863 1240
          Email: JTorres@vitro.com

          Media Relations
          Albert Chico
          Phone: +52 81 8863 1335
          Email: achico@vitro.com



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

DORAL: Announces Stock Split, Higher Dividend to Common Shares
--------------------------------------------------------------
Doral Financial Corporation, a diversified financial services
company and Puerto Rico's largest mortgage lender, announced
Wednesday that the Company's Board of Directors had declared a
three-for-two stock split on the Company's common stock. The
stock split will take the form of a stock dividend of one
additional share of common stock to be issued December 11, 2003
for every two shares of common stock held of record on November
21, 2003. To determine the approximate number of shares investors
will own following the split they may multiply the number of
shares held as of the record date by 1.5. Fractional shares will
be settled in cash on the basis of the average of the high and
low sales price of the common stock on November 21, 2003. Prior
to the stock split, the Company had approximately 71,934,973
shares of common stock outstanding.

Following the distribution of the additional shares, the Company
will have approximately 107,902,460 shares of common stock
outstanding. Salomon Levis, Chairman of the Board and Chief
Executive Officer stated that the stock split would not be
dilutive to voting rights or shareholders' proportionate interest
in the Company and would further increase liquidity in the
Company's common stock.

The Board of Directors also voted to increase the quarterly
dividend on the common stock from $0.14 to $0.18 per share. The
increased cash dividend is payable on December 4, 2003, to
shareholders of record on November 14, 2003. The dividend
represents a 29% increase in the Company's quarterly cash
dividend and follows a 27% increase in the common stock dividend
previously announced on February 3, 2003. The Chairman explained
that the additional shares issued as part of the stock split
would not be entitled to receive the cash dividend payable on
December 4, 2003. He also explained that following the effective
date of the stock split, the regular quarterly dividend on the
common stock would be adjusted from $0.18 per share to $0.12 per
share, to reflect the additional shares issued as part of the
stock split. The Chairman stated that the dividend increase
reflected the Company's belief that shareholders should continue
to share in the Company's record earnings.

The Chairman also took the opportunity to announce that effective
December 31, 2003, Richard F. Bonini, Senior Executive Vice
President and Chief Financial Officer would be retiring as an
executive officer of the Company. The Chairman noted that the
Board of Directors was very grateful to Mr. Bonini for his many
years of valuable service to the Company. Mr. Bonini has served
as an officer of Doral for more than 27 years. The Chairman
stated that he was happy to report that Mr. Bonini would continue
to contribute to the Company by continuing to serve as a director
and the Corporate Secretary of Doral Financial, as Vice Chairman
of the Board of Doral Bank FSB, the Company's New York banking
unit, as well as by providing consulting services to the Company.

The Chairman announced that effective January 1, 2004, Mr.
Bonini's position as Chief Financial Officer would be filled by
Mr. Ricardo Melendez, Executive Vice President and Chief
Accounting Officer of the Company since 1995. Mr. Melendez has
worked for the Company for more than 12 years and previously
served as Chief Financial Officer of Doral Bank from September
1993 to July 1995.

Mr. Levis noted that Mr. Melendez is an excellent example of the
new generation of talented executives the Company had been able
to recruit and promote.

The Company, a financial holding company, is the largest mortgage
lender in Puerto Rico, and the parent company of Doral Bank,
Puerto Rico's fastest growing commercial bank, Doral Securities,
a Puerto Rico based investment banking and brokerage firm, Doral
Insurance Agency, Inc. and Doral Bank, FSB, a federal savings
bank based in New York.
  
CONTACT:  Doral Financial Corporation
          Richard F. Bonini
          Phone: 212-329-3728

          Mario S. Levis
          Phone: 787-474-6707




               ***********


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

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

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

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

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


* * * End of Transmission * * *