TCRLA_Public/031021.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

          Tuesday, October 21, 2003, Vol. 4, Issue 208

                          Headlines


A R G E N T I N A

059: Bankruptcy Claims Filing Deadline Ends
ANAMORA: Claims Check Reorganization Ends November 19
COB: Receiver Prepares Individual Reports
CORREO ARGENTINO: Govt. Seeks End to Restructuring Proceeding
EDITORIAL LUMI: Seeks Court Authorization to Reorganize

FADES: Court Approves Creditor's Bankruptcy Petition
INSTALACIONES SERVICOM: Individual Reports Due For Filing Today
JEANVAC: Receiver Closes Claims Verification Process
LAS RUEDAS: Today Marks Last Day For Claims Filings
LOCKBIT: Creditor's Petition For Bankruptcy Approved

PARAISO: Nonpayment of Debt Results In Bankruptcy Order
RESTAURANT CHOLILA: Receiver Verifies Creditors' Claims
ROCAISINA: Enters Bankruptcy on Court Order
SERMED: Court Approves Reorganization Motion
SICOMPRRA: Court Sets Schedule For Bankruptcy Process

VIA X: Court Assigns Receiver For Bankruptcy Process
VITESSO: Reaches Bankruptcy Claims Filing Deadline


B E R M U D A

COCO REEF: End of October Set for Closure Date
TYCO INTERNATIONAL: Commences Tender Period For Lyons Due 2020


C H I L E

ESVAL: AWG Plc Agrees to sell 49.8% Stake for GBP55 Mln
MANQUEHUE NET: Launches Wireless Broadband Access Service
SCOTIASUDAMERICANO: Seeks To Resolve Conflict With Corfo


C O L O M B I A

AVIANCA: Completes Restructuring, Seeks New Investor


E C U A D O R

PETROECUADOR: Insurance Tender Loaded With Irregularities


J A M A I C A

C&WJ: Infuriates Customers With New System
BLAISE MERCANT/CENTURY NATIONAL: FIS Sets Deadline For Claims


M E X I C O

BEPENSA SA: S&P Upgrades Ratings, Removes CreditWatch
CALPINE CORP.: Mexican Project Leaves S&P Ratings Unchanged
CORPORACION GEO: 3Q03 Earnings Ride Rising Tide of Housing


P E R U

EMPRESA LUCCHETTI: To Continue Operating In Peru Via Local Unit


V E N E Z U E L A

SIDOR: Labor Court Grants `Constitutional Injunction' Request


     - - - - - - - - - -


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

059: Bankruptcy Claims Filing Deadline Ends
-------------------------------------------
The deadline for the verification of claims for the bankruptcy of
Argentine company 059 S.R.L. expires today, as detailed earlier
in the Troubled Company Reporter - Latin America. The receiver,
Mr. Carlos Alberto Vicente, will start preparations for the
individual reports, which must be submitted to the court on
December 2 this year.

After the individual reports are processed at court, the receiver
will prepare a general report, which must be filed on February 18
next year. This report will include the receiver's comments on
the factors that contributed to the Company's bankruptcy. The
Company's assets will then be liquidated to pay its debts.

CONTACT:  Carlos Alberto Vicente
          Ave. Corrientes
          Buenos Aires


ANAMORA: Claims Check Reorganization Ends November 19
-----------------------------------------------------
Creditors of Anamora S.R.L. must have their claims verified by
the Company's receiver, Ms. Maria Julia Frontini, before November
19 this year. The credit verification process is part of the
Company's ongoing reorganization.

Argentine news portal Infobae relates that Court No. 6 pf the
Civil and Commercial Tribunal of Mar del Plata approved the
Company's motion for "Concurso Preventivo", giving it permission
to start the reorganization process.

The receiver's duties include the preparation of the individual
and general reports. Infobae, however, did not reveal whether the
court has set the deadlines for the filing of these reports.

CONTACT:  Anamora S.R.L.
          Avenida M de Hoz 4131
          Mar del Plata

          Maria Julia Frontini
          Dorrego 1318
          Mar del Plata


COB: Receiver Prepares Individual Reports
-----------------------------------------
Creditors of Compania de Omnibus la Bahiense S.R.L. must have
their claims authenticated by the Company's receiver. An earlier
report by the Troubled Company Reporter - Latin America indicated
that today is the last day for creditors to file claims for the
Company's reorganization.

The Company's receiver, Mr. Eduardo Daniel Florez will prepare
the individual reports, as ordered by the province's Civil and
Commercial Tribunal. The reports, which focus on the results of
the verification process, must be submitted to the court on
December 5 this year.

The receiver will also prepare a general report after the
individual reports are processed at court. This report must be
presented to the court on February 25 next year.

Local sources, however, did not reveal whether the court has set
the date for the informative assembly. The meeting is one of the
last processes in a reorganization.

CONTACT:  Compania de Omnibus la Bahiense S.R.L.
          Lavalle 348
          Bahia Blanca

          Eduardo Daniel Florez
          Hopilito Yrigoyen 227
          Bahia Blanca


CORREO ARGENTINO: Govt. Seeks End to Restructuring Proceeding
-------------------------------------------------------------
The Argentine government has asked Judge Eduardo Favier Dubois to
declare Correo Argentino's formal restructuring proceeding
finished, so as to cancel its concession contract and call for a
tender process to select a new postal operator. Last weak, the
Appeals Court agreed to consider a company request to extend the
exclusivity term to make a repayment proposal.

The State claims that the Nation bank and the Ministry of
Economy, holders of 35.5% of Correo Argentino's debt, are not
willing to accept any kind of offer made by the concessionaire
and it needs approval from creditors representing at least 66% of
the debt.


EDITORIAL LUMI: Seeks Court Authorization to Reorganize
-------------------------------------------------------
Buenos Aires Court No. 19, which is under Dr. Fernandez, received
a petition for reorganization from local company Editorial Lumi
S.R.L. recently. La Nacion relates that Dr. Mazzoni, the city's
Clerk No. 37 works with the court on the case. However, the
report did not mention whether the court is likely to approve the
"Concurso Preventivo" motion.


FADES: Court Approves Creditor's Bankruptcy Petition
----------------------------------------------------
Judge Vasallo of Buenos Aires court No. 5 agrees with a petition
for the bankruptcy of local company Fades S.A., relates local
news source La Nacion. The petition was filed by the Company's
creditor, Victor Masson Transportes Cruz del Sur S.A. for
nonpayment of debt, the source adds.

The Company's creditors are given until December 9 to have their
claims verified by the designated receiver, Mr. Carmela Ruiz
Clavijo. The receiver will also prepare the individual and
general reports on the process, but the source did not reveal
whether the court has set the deadlines for the submission of
these reports.

Clerk No. 9, Dr. Perez Casado aids the court on this case, the
source adds.

CONTACT:  Fades S.A.
          Agustin Alvarez 4744
          Buenos Aires

          Carmela Ruiz Clavijo
          10th Floor, Room B
          Ave Corboda 1540
          Buenos Aires


INSTALACIONES SERVICOM: Individual Reports Due For Filing Today
---------------------------------------------------------------
The individual reports for the bankruptcy of Rosario-based
company Instalaciones Servicom S.A. are due for filing at the
court today. The Troubled Company Reporter - Latin America
earlier reported that the province's Court No. 15 handles the
Company's case.

The reports were prepared by the Company's receiver, Monica Di
Iorio, a local accountant, after the credit verification process
was completed earlier this year. A general report will be
submitted to the court on December 2. The receiver will prepare
this report after the individual reports are processed at court.

CONTACT:  Monica Di Iorio
          San Luis 1778
          Rosario, Santa Fe


JEANVAC: Receiver Closes Claims Verification Process
----------------------------------------------------
Buenos Aires accountant Gustavo Guillermo Vignale, receiver for
local company Jean Vac S.R.L., closes the credit verification
process for the Company's bankruptcy today. Buenos Aires Court
No. 4, which handles the Company's case, ordered the receiver to
prepare the individual reports and submit them on December 2 this
year.

The court also requires the receiver to submit the general report
on March 1 next year, the Troubled Company Reporter - Latin
America earlier revealed. This report must be prepared after the
individual reports are processed at court.

The court, which works with Clerk No. 10 on the case, will likely
order the liquidation of the company's assets to reimburse
creditors.

CONTACT:  Gustavo Guillermo Vignale
          Vuelta de Obligado 2717
          Buenos Aires


LAS RUEDAS: Today Marks Last Day For Claims Filings
---------------------------------------------------
Mr. Jose Luis Rodas, the receiver for bankrupt Buenos Aires
company Las Ruedas S.A., will prepare the individual reports as
the deadline for the authentication of creditors' claims expires
today. The individual reports, according to a previous Troubled
Company Reporter - Latin America report, must be submitted to the
court on December 2 this year.

The city's Court No. 11, which handles the Company's case,
ordered the receiver to prepare the general report after the
individual reports are processed at court. This report must be
filed on February 16 next year.

Clerk No. 22 works with the court on the case.

CONTACT:  Jose Luis Rodas
          L N Alem 619
          Buenos Aires


LOCKBIT: Creditor's Petition For Bankruptcy Approved
----------------------------------------------------
Argentine beverage company Lockbit S.A. is declared bankrupt by
Judge del Ferrario of Buenos Aires' court No. 6. A report by
local newspaper La Nacion indicates that the court approved a
petition for bankruptcy filed by the company's creditor, Vinares
S.A. for nonpayment of debt. Clerk No. 12, Dr. Mendez Sarmiento
assists the court on the case.

Buenos Aires accountant Juan Vilanova was assigned as the
Company's receiver. The credit verification period is slated to
end on December 12 this year.

The source did not indicate whether the deadlines for the filing
of the individual and general reports, which are prepared after
the credit verification process is completed, have been set.

CONTACT:  Lockbit S.A.
          10th Floor, Room B
          Adolfo Asinas 1433
          Buenos Aires

          Juan Vilanova
          6th floor, Room B
          Hipolito Yrigoyen 1249
          Buenos Aires


PARAISO: Nonpayment of Debt Results In Bankruptcy Order
-------------------------------------------------------
Paraiso S.A., which markets fruits and vegetables in Argentina,
enters bankruptcy after the court approved a petition filed by
its creditor for nonpayment of debt. Dr. Ottolenghi of Buenos
Aires' Court No. 4 handles the Company's case with assistance
from Clerk No. 7, Dr. Juarez, relates local newspaper La Nacion.

The receiver assigned to the case is Mr. Victor Tomasi, a local
accountant. Creditors must present their claims to Mr. Tomasi for
verification before the December 23 deadline expires. The
receiver is also required to prepare the individual and general
reports, whose deadlines are yet unknown.

CONTACT:  Paraiso S.A.
          11th Floor, Room A
          Ave La Plata 303
          Buenos Aires

          Victor Tomasi
          Ground Floor, Room D
          Ave Acoyte 127
          Buenos Aires


RESTAURANT CHOLILA: Receiver Verifies Creditors' Claims
-------------------------------------------------------
Court No. 23 of Buenos Aires orders the bankruptcy of local
company Restaurant Cholila S.A., according to an Infobae report.
Working with Clerk No. 45, the court declared the Company
"Quiebra".

To determine the nature and amount of the Company's debts, the
receiver, Mr. Pedro Valle, will verify creditors' claims until
December 15 this year. He will then prepare the individual
reports on the results of the verification process. After these
reports are processed at court, he will consolidate the collected
data into a single general report. However, Infobae did not
mention the deadlines for the submission of the receiver's
reports.

CONTACT:  Restaurant Cholila S.A.
          Ave Rivadavia 789
          Buenos Aires

          Pedro Valle
          Ave de Mato 1260
          Buenos Aires


ROCAISINA: Enters Bankruptcy on Court Order
-------------------------------------------
Rocaisina S.A., which is domiciled in Buenos Aires, enters
bankruptcy on orders from Judge Vassallo of the city's Court No.
5. Local accountant Zulma Ghigliano takes over as receiver for
the process. She will authenticate creditors' claims until
December 10 this year.

Argentine newspaper La Nacion reveals that the court approved a
bankruptcy motion filed by the Company's creditor Comafi
Fiduciario Financiero S.A. for nonpayment of debt. Clerk No. 9,
Dr. Perez Casado assists the court on the case.

In the meantime, the source did not reveal the deadlines for the
filing of the receiver's reports.

CONTACT:  Rocaisina S.A.
          Ave Julio Roca 590
          Buenos Aires

          Zulma Ghigliano
          Capoletti 554
          Buenos Aires


SERMED: Court Approves Reorganization Motion
--------------------------------------------
Court No. 7 of the Civil and Commercial Tribunal of Bahia Blanca
approved the motion for "Concurso Preventivo" filed by local
company Sermed S.R.L., flashing the go signal for a
reorganization, reports  Argentine news portal Infobae. Clerk No.
6 aids the court on the case.

Local accountant Raquel Angelica Morales was designated as the
Company's receiver. She will authenticate creditors' claims until
November 21 this year. After that, she will prepare the
individual reports followed by the general report. Infobae,
however, did not mention whether the court has set the deadlines
for the filing of these reports.

CONTACT:  Sermed S.R.L.
          Estomba 643
          Bahia Blanca

          Raquel Angelica Morales
          D Orbigny 325
          Bahia Blanca


SICOMPRRA: Court Sets Schedule For Bankruptcy Process
-----------------------------------------------------
Buenos Aires Court No. 16 has set the schedule for the bankruptcy
process of Sicompra S.A., relates Argentine news source Infobae.
After Ms. Elsa Tobarcias, the receiver, closes the credit
verification process on November 7 this year, she will start
preparing the individual reports.

The court ordered the receiver to submit these reports on
December 22 this year, followed by the general report on March 8,
2004. The receiver will prepare the general report after the
individual reports are processed at court.

The Company's assets will be liquidated at the end of the
bankruptcy process. Proceeds will be used to reimburse its
creditors.

CONTACT:  Elsa Taborcias        
          C Pellegrini 1063
          Buenos Aires


VIA X: Court Assigns Receiver For Bankruptcy Process
----------------------------------------------------
Argentine electronics and communications company Via X S.A. is
placed in the care of its receiver, Mr. Norberto Markel, an
accountant from Buenos Aires. He will authenticate creditors'
claims for the Company's bankruptcy until December 12 this year.

La Nacion reports that Judge Ferraro of the city's Court No. 6
handles the Company's case with assistance from Dr. Mendez, Clerk
No. 12. The Company entered bankruptcy after the court approved a
petition for its bankruptcy filed by Proman Argentina S.A.. The
Company's failure to meet its financial obligations to Proman
prompted the latter to file the bankruptcy petition.

CONTACT:  Via X S.A.
          20th Floor, Room B
          Ave Alicia Moreau de Justo 1780
          Buenos Aires

          Norberto Markel
          4th Floor, Room A/B
          Tucuman 1657
          Buenos Aires


VITESSO: Reaches Bankruptcy Claims Filing Deadline
--------------------------------------------------
The deadline for the filing of creditor's claims for the
bankruptcy of Vitesso S.A. expires today. The Company's receiver,
Mr. Jose Granja, who verifies creditors' claims, will start
preparations for the individual reports.

The Troubled Company Reporter - Latin America earlier indicated
that Dr. Garibotto, the insolvency judge for Buenos Aires' Court
No. 2, approved a petition for the Company's bankruptcy filed by
its creditor for nonpayment of debt.

Aside from verifying creditors' claims and preparing the
individual reports, the receiver must also prepare a general
report on the process. Local sources, however, did not mention
whether the court has set the deadlines for the submission of
these reports.

CONTACT:  Vitesso S.A.
          Ave. Jose Maria Moreno 362
          Buenos Aires

          Jose Granja
          7th Floor, Room E
          Manzares 2131
          Buenos Aires



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

COCO REEF: End of October Set for Closure Date
----------------------------------------------
Coco Reef hotel, formerly known as Stonington Beach Hotel, will
now close on October 31, not November 11 as guests and employees
were originally told. Citing hotel director Andrea Jennings, the
Royal Gazette reports that government insurers are pushing for
the immediate closure.

Ms. Jennings suggested that delays in repairs, associated with
dealings with the insurer - Centurion Insurance Services - have
been at the center of recent problems at the embattled hotel.

The hotel had attempted to fast-track repairs to Hurricane Fabian
damages, but according to the director, it was ordered to stop by
the insurance company, which carries Government's collective
policy for all its properties - including Coco Reef.

"When we lost the seawall (Centurion) did visit," said Ms.
Jennings. "We then received verbal approval to make immediate
repairs."

As the damage to the seawall presented some potential danger, and
cost the hotel its beach access, Coco Reef went through the fast-
track planning application process and received emergency
planning permission to make repairs on September 25.

However, the next day a meeting was held between Government (as
the property landlord), the insurers, Coco Reef owner John
Jefferis and Jennings. At the meeting, the insurers denied giving
Coco Reef permission to proceed with the repairs, and Coco Reef
was "categorically told to stop work immediately," said Ms.
Jennings.

Unable to make repairs on the seawall, Coco Reef attempted to
blaze an alternative path down to the beach. But ended up cutting
down several trees in the neighboring woodland reserve instead.

EB Properties, which tends to the woodland reserve, is now suing
Coco Reef for damages, and Coco Reef guests have no way of
accessing the beach. The area is unsafe, said Ms. Jennings, and
Coco Reef is not offering the beachfront product they advertised.

"What do you do?" she said. "You have to close.

"It needs to be clear in people's minds that it's not EB
Properties," she continued. "It's the Government insurers that
have forced the hotel to close."


TYCO INTERNATIONAL: Commences Tender Period For Lyons Due 2020
--------------------------------------------------------------
Tyco International Ltd. announced Friday that holders of its
Liquid Yield Option™ Notes due 2020 (Zero Coupon-Senior)
(the "LYONs") have the right to surrender their LYONs for
purchase during a period that begins Friday and ends on Monday,
November 17, 2003. Pursuant to the indenture under which the
LYONs were issued in November of 2000, each holder of the LYONs
has the right to require Tyco to purchase, until 5:00 p.m. New
York time on Monday, November 17, 2003, such holder's LYONs at a
price equal to $775.66 per $1,000 principal amount at maturity of
the LYONs.

Under the terms of the LYONs, Tyco shall purchase any tendered
LYONs solely with cash. The aggregate principal amount due at
maturity for all outstanding LYONs is approximately $3.2 billion.
If all outstanding LYONs were surrendered for purchase, the
aggregate cash purchase price would be approximately $2.5
billion. Tyco intends to use available funds to repurchase the
LYONs.

In order to surrender LYONs for purchase, holders must deliver a
purchase notice to U.S. Bank National Association (successor
trustee to State Street Bank and Trust Company, N.A.), the
trustee and paying agent for the LYONs, on or before 5:00 p.m.,
New York City time, on Monday, November 17, 2003. Holders may
withdraw any LYONs previously surrendered for purchase at any
time prior to 5:00 p.m., New York City time, on Monday, November
17, 2003.

Tyco filed a Tender Offer Statement on Schedule TO with the
Securities and Exchange Commission Friday. Tyco will make
available to LYONs holders, through the Depository Trust Company,
documents specifying the terms, conditions and procedures for
surrendering and withdrawing LYONs for purchase. LYONs holders
are encouraged to read these documents carefully before making
any decision with respect to the surrender of LYONs, because
these documents contain important information regarding the
details of Tyco's obligation to purchase the LYONs.

The LYONs are convertible into 10.3014 Tyco Common Shares per
$1,000 principal amount at maturity of LYONs, subject to certain
conditions set forth in the indenture and in the LYONS, and
subject to adjustment under certain circumstances.

This press release does not constitute an offer to purchase the
LYONs. The offer to purchase is made solely by Tyco's company
notice dated October 17, 2003.

ABOUT TYCO INTERNATIONAL

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 medical device products, and plastics and
adhesives. Tyco operates in more than 100 countries and had
fiscal 2002 revenues from continuing operations of approximately
$36 billion.



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

ESVAL: AWG Plc Agrees to sell 49.8% Stake for GBP55 Mln
-------------------------------------------------------
AWG Plc has agreed Friday the sale of its 49.8% shareholding in
Esval for GBP55 million, subject to formal consent of the Chilean
authorities. Esval owns and operates water and wastewater assets
in Chile. Of AWG's 49.8% shareholding, 44.8% will be purchased by
Consorcio Financiero and 5% will be purchased by the Moneda Chile
Fund. Both payments will be made in cash and the proceeds will be
used for general corporate purposes.

AWG's balance sheet at March 2003 included Esval's net assets at
GBP95 million and net debt at GBP122 million. Esval made no
contribution to AWG's earnings in 2002/03.

CONTACT: Mike Keohane, group director of HR and communications
         01480 323280

         Terry Garrett, Weber Shandwick Square Mile     
         0207 067 0717

         Anthony Cardew, Cardew Chancery                               
         0207 930 0777


MANQUEHUE NET: Launches Wireless Broadband Access Service
---------------------------------------------------------
Chilean telco Manquehue Net initiated Thursday its wireless
broadband access service, called Wi-Fi Evolution, reports
Business News Americas. The service, according to Manquehue Net
Chief Executive Jorge Troncoso, offers base stations or access
points that plug into its existing wireline broadband service.
The Company currently has 9,000 ADSL clients for this existing
service, and with the new service, the Company expects to have
4,000 customers by the end of 2004.

The Company is offering a residential plan for CLP6,900 (US$10) a
month and a corporate plan for CLP12,900 a month. Each plan
includes a single access point, but the corporate plan offers
three PCI cards, while the residential package provides just one.

Wi-Fi Evolution is targeted at mid-sized businesses in
particular, Troncoso said, adding that services for large
corporations would be provided on a case-by-case basis, rather
than as part of Evolution, Troncoso said.

CONTACT:  MANQUEHUE NET S.A.
          Av. Condor 796, Enterprise City,
          Huechuraba Santiago Chile
          Phone: 00 562 243 8800
          Fax: 00 562 248 7292
          EMAIL: info@manquehue.netl
          Home Page: http://www.manquehue.net/
                     http://www.manquehue.cl
          Contact:
          Mr. Miller Williams, President
          Sr.Jos, Luis Rabat Vilaplana, Vice President


SCOTIASUDAMERICANO: Seeks To Resolve Conflict With Corfo
--------------------------------------------------------
Legal advisors to stockbroker ScotiaSudamericano, a unit of
Canadian Scotiabank in Chile, have been holding negotiations with
the legal advisors to Chilean Economic Development Corporation
(Corfo) in an attempt to reach an out-of-court agreement with the
government-run organization on the Inverlink case.

The talks are headed by lawyer Alberto Pulido Cruz from the firm
Philippi, Yrarrazaval, Pulido & Brunner- representing Scotiabank
and the law firm Hinzpeter Jana & Valle advising Corfo.

However, sources related to the financial company pointed out
they weren't aware of the talks with Corfo and that the
stockbroker trusts the legal investigations will prove it acted
strictly according to law.

ScotiaSudamericano has been involved in the Corfo-Inverlink
scandal since the Appeal Court processed its former leader Gino
Tirapegui for infraction of the Securities Law, when it was found
out he had transferred to Inverlink CLP2.98 billion in fixed-term
deposits that belonged to Corfo.

After this prosecution, Corfo requested an embargo on US$4.6
million worth of ScotiaSudamericano's assets.

The negotiations between Corfo and Scotiabank would point at
reaching an economic accord, through which the stockbroker would
cancel all or part of the losses (US$4.6 million) Corfo had to
face as a consequence of the fraud committed by Tirapegui. In
exchange, Corfo would refrain from suing the stockbroker.

Inverlink Capitales was accused of numerous white-collar crimes
including theft of classified information from the central bank,
bribery of public officials and the stealing of government
securities. Traders at several brokerages and Corfo have been
accused for participating in the crimes.



===============
C O L O M B I A
===============

AVIANCA: Completes Restructuring, Seeks New Investor
----------------------------------------------------
Colombian Avianca airline has completed its restructuring, two
weeks before the end of the second extension granted by a NY
bankruptcy court, reports Portafolio.

The restructuring saw Avianca reducing its fleet, defining the
size of its labor force and making adjustments for the
liquidation of its partner in the Allianza Summa consortium,
Aces.

Now, Avianca needs to speed up its search for a new investor. As
part of the effort, the airline has contacted other airlines,
including Lan Chile, as well as other possible investors.



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

PETROECUADOR: Insurance Tender Loaded With Irregularities
---------------------------------------------------------
Roberto Goldbaum, CEO of local insurer La Union, is calling for
the cancellation of the tender for insurance contracts at
Ecuador's state oil company Petroecuador, reports Business News
Americas. Colonial-AON, Panamericana, and Rocafuerte submitted
final offers for the Petroecuador contract more than a week ago.
Panamericana came in with the lowest bid at US$18.2 million
including taxes, while Colonial bid US$19.1 million and
Rocafuerte US$21.9 million.

Goldbaum, who participated in the auction as head of a consortium
incorporating local underwriters La Union, Ecuatoriano-Suiza and
Atlas, suggested that the tender was mired with irregularities
designed to favor the bid placed by Colonial, Petroecuador's
current insurer.

"We have been informed that of the three offers submitted, two do
not comply with the percentage of reinsurance required, bringing
Colonial into play with the required 40% base, although the
bidding rules do not require these bases," Goldbaum said.

"The rules for the auction establish coverage and deductibles
with the bidder determining the price based on the cost of the
reinsurance plus the over-rider. The minimum reinsurance on offer
must be at least 40% of the total required. If you achieve this
percentage but do not comply with the coverage you do not comply
with the rules," he said.

Goldbaum said that the manipulation of the auction process has
been instigated by Colonial and AON, as well as the acquisitions
committee of Petroecuador presided over by Edgar Jacome.



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

C&WJ: Infuriates Customers With New System
------------------------------------------
Some of Cable and Wireless Jamaica's (C&WJ) customers were
enraged by the Company's decision to impose a toll limit
facility, saying the Company has unilaterally restricted their
calls. RadioJamaica.Com recalls that as of October 1, C&WJ
started the phased introduction of a new toll limit facility for
fixed line customers. Initially, toll limits will be set using an
average of the customers last six monthly bills, the Company
said. However, customers will be able to increase or decrease
their limits.

The initiative is designed to help customers, vice president for
residential services, Patrick King, said in an attempt to soothe
angry customers.

In the meantime, the Office of Utilities Regulation said C&WJ has
done nothing wrong in trying to protect itself. Communications
Services Manager at the OUR David Geddes says the issue is not a
regulatory matter.


BLAISE MERCANT/CENTURY NATIONAL: FIS Sets Deadline For Claims
-------------------------------------------------------------
Final efforts are now being made to make payouts to depositors of
the failed Blaise Merchant Bank and Century National Financial
Entities, RadioJamaica says in a report.

The effort will come seven years after the two entities were
taken over by the Finance Minister.

Depositors will have until Friday to make claims for payouts.
After that they can no longer make claims, says the Financial
Institutions Services Limited (FIS), the Government-owned
company, which owns all the assets and rights to Blaise Merchant
and Century Financial Entities.

Shortly after the two institutions collapsed, the Government made
pay outs to depositors. However, some depositors did not take up
the offers.



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

BEPENSA SA: S&P Upgrades Ratings, Removes CreditWatch
-----------------------------------------------------
Standard & Poor's Ratings Services said Friday that it raised its
long-term corporate credit ratings on Bepensa S.A. de C.V. to
'BB+' from 'BB'. At the same time, all ratings were removed from
CreditWatch, where they were placed on Dec. 16, 2002. The outlook
is stable.

The rating actions result from Bepensa's sustained financial
strength during the past couple of years, including a
considerable debt reduction.

"The ratings reflect Bepensa S.A. de C.V.'s strong financial
profile stemming from its operating efficiency, reinforced market
position, and positive industry growth trends in the region,"
said Standard & Poor's credit analyst Federico Mora. These
factors are partially offset by Bepensa's geographic
concentration, and by the fact that Coca-Cola Co. (KO) does not
participate in the company's ownership, which has been a
favorable factor in the ratings on other bottlers.

The company is the exclusive KO bottler of the Yucatan Peninsula
in Mexico. Positive economic and demographic factors together
with warm weather conditions continue to influence a relatively
high per capita consumption of soft drinks in the region. A
better product mix, intensive placement of coolers, and an
enlarged distribution system, together with ongoing marketing and
advertising campaigns by the company and KO, have been key to
consolidating the company's market position, despite considerable
competition from The Pepsi Bottling Group Inc. in the region.

Approximately 58% of the company's revenues in 2002 were
represented by KO's products, with Coke being the most important
soft drink, which provides for certain volume and revenue
stability and is the main contributor to cash flow generation.
Income from the bottled water division has increased
significantly during the past five years and is expected to
continue growing as a result of an enlarged distribution network
and an increased awareness by the population to drink bottled
water. Bepensa's enhanced operating efficiency is provided by an
important presale system, plant modernization, and high vertical
integration, resulting in improved operating margins.

Standard & Poor's expects continued strength in Bepensa's
franchise value and financial indicators despite increased market
competition. Upside rating potential is constrained by the
company's limited diversification.

ANALYST: Federico Mora, Mexico City (52) 55-5279-2036


CALPINE CORP.: Mexican Project Leaves S&P Ratings Unchanged
-----------------------------------------------------------
Standard & Poor's Ratings Services said Friday that Calpine
Corp.'s (B/Negative/--) plan to build, own, and operate a 525 MW
power plant in Mexico does not materially affect the rating, but
is slightly credit positive. Calpine will supply two combustion
gas turbines from its inventory to the project, giving the
company a 45% interest in the facility. Therefore, the project
will add contractually based revenues to Calpine's portfolio
without depleting cash and diminishing Calpine's liquidity.
Mitsui & Co. Ltd. will be the majority owner of the combined-
cycle plant at Valladolid in the Yucatan Peninsula.

The facility will deliver electricity to Comision Federal de
Electricidad under a 25-year power sales agreement. Construction
at Valladolid III is scheduled to begin in the second quarter of
2004. Toshiba will be the engineering, procurement, and
construction subcontractor. Calpine Power Services Inc. will
assist Toshiba in the engineering, construction, and
commissioning of this facility and will provide operations and
maintenance services. The facility is expected to begin
operations in mid-2006.

ANALYSTS:  Jeffrey Wolinsky, CFA, New York (1) 212-438-2117
           Peter Rigby, New York (1) 212-438-2085


CORPORACION GEO: 3Q03 Earnings Ride Rising Tide of Housing
----------------------------------------------------------
Corporacion Geo, S.A. de C.V., the largest builder of affordable
and middle-income housing in the Americas and the leading
homebuilder in Mexico, reported Friday its third quarter 2003
earnings results. The solid double-digit operating gains reported
in each line of the income statement, as well as the sizable
reduction in net debt and the historical best in accounts
receivable to sales, are the key points to notice.

Luis Orvananos, Founder and President of Corporacion Geo, stated,
"We are completely focused at Geo on satisfying the customer,
proof of which are the recent National Housing awards won by the
Company. This strategic focus has permitted us to achieve our
growth and profitability targets for the ninth quarter in a row.
We are very committed to the housing sector in this country, and
each quarter motivates us to continue working for the benefit of
our customers and investors. We are confident that 2004 will be
an outstanding year for Geo, its clients, and its investors."

For the ninth consecutive quarter in a row, the 3Q2003 operating
results observed solid increases in all lines of the P&L and a
more solid Balance Sheet. Units sold grew 9.5%, totaling 7,540
homes sold during the quarter, while Revenues grew 11.3% year-
over-year, reaching $1,635.9 million pesos. In addition, Gross
Profit increased by 15.4%, with a Gross Margin of 26.8%, compared
to 25.8% in 3Q2002. Operating Profit presented an increase of
21.0% with an Operating Margin of 16.8%, versus 15.4% in the
3Q2002.

Finally, EBITDA showed an increase of 13.6% in comparison to
3Q2002, with a margin of 22.1% for this period, compared to 21.7%
in the 3Q2002. When comparing year-over-year, Net Profit grew by
17.3% totaling $132.8 million, compared to $113.3 million in the
3Q2002, with a Net Margin of 8.1% in the 3Q2003.

Concerning Financial Structure, the Free Cash Flow generation
presented an improvement of $1.5 million pesos over last year,
having risen from $-143.4 million in 2002 to $-141.9 million in
September of this year.

This improvement in cash generation can be primarily attributed
to the Accounts Receivable to Sales that reached an historical
best of 45.9%, compared to the 57.8% for the third quarter of
2002. The level of Cash and Cash Equivalents showed an increase
of 14.1% when compared to the third quarter of 2002, from $538.3
million to $614.3 million pesos.

As a result of the implementation of strategies to improve the
Company's management of Working Capital, the turnover Inventories
plus Accounts Receivable rotation have shown a marked improvement
over the past quarters ending at 288 days. However, the land
purchasing during the quarter moved up the inventory turnover to
165 days. It should be noted that despite Geo's 70% larger
volumes compared to its competitors, these indicators are
Industry- leading.

Lastly, Net Debt presented an important decrease of 23.0%
standing at $1,512.6 million pesos versus $1,965.5 million pesos
in the 3Q2002, while the Debt to Capitalization ratio observed a
decrease over 3Q2002, moving from 41.1% to 33.7% in 3Q2003.
Finally, the debt risk profile significantly improved during the
quarter, especially considering the fact that US dollar debt
exposure is less than 4.5% of total financial liabilities, the
composition of the debt with 50.0% short-term and 50.0% long-
term, and the improvement in Interest Coverage, moving from 2.4
in 3Q2002 to 2.7 in the 3Q2003.

"With the solid third quarter results, we have already surpassed
several of the goals that we had set for ourselves at the end of
2002, including the accounts receivable balance and EBITDA
margin. Each day Geo reinforces its leadership in the industry,
increasing the efficiency and improving the sales mix in order to
take advantage of the very strong growth in the middle-income
housing market, while still achieving growth in volumes and
income, and improving profitability. Geo is better positioned
than ever for the future," commented Miguel Gomez Mont, CEO.

Lastly, Ivan Vela, Director of Finance and Capital Markets,
added, "The consistency and predictability that Geo has
demonstrated over the last nine quarters ought to be reflected in
a better valuation for the Company and in greater liquidity for
our shares. We believe that despite the rally in the share price
so far this year, the multiples at which our shares trade are
below historic levels, below those of our domestic and
international peers, and low compared to the overall market. The
GEOB share today offers both value and sustainable growth in an
industry with high visibility."

A detailed, public and complementary version of this earnings
release is available WWW.CASASGEO.COM



=======
P E R U
=======

EMPRESA LUCCHETTI: To Continue Operating In Peru Via Local Unit
---------------------------------------------------------------
Chilean pasta producer Empresa Lucchetti, which earlier this year
decided to leave Peru following an eviction order, is considering
plans to continue to operate in the country through a local
distributor, reveals El Diario.

The Company is planning to launch such operation in November
2003, through which it expects to have a 2% market share compared
with the 25% market share it had before the closure of its local
plant.

Furthermore, the Company has also approved plans to increase its
share capital by US$50 million. The proceeds will be used to
reduce debt, which totals more than US$75 million in Chile and
US$15 million in Peru.



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

SIDOR: Labor Court Grants `Constitutional Injunction' Request
-------------------------------------------------------------
A labor court in eastern Venezuela's Bolivar state ordered trade
union Suttis not to impede normal operations at local steelmaker
Sidor, reports Business News Americas. Sidor, the largest
steelmaker in Venezuela, took the action in response to a 24-hour
stoppage by Suttis at its plant last Sunday.

The order came after Sidor asked for a "constitutional
injunction" to prevent the union from interfering with the normal
working of the Company after it presented a request before the
labor inspectorate for the payment of workers' bonuses. The judge
issued the injunction on constitutional grounds, based on the
right to work and the right of free movement.

Puerto Ordaz-based Sidor is 60% owned by the Amazonia consortium,
made up of Mexico's Hylsamex of the Alfa group and Tamsa of the
Techint Group; Argentina's Siderar, also of the Techint group;
Usiminas of Brazil and Venezuela's Sivensa. The group bought what
was originally a 70% stake in the Company from the state for
US$2.3 billion. The remaining 40% of the steelmaker is owned by
state conglomerate CVG.

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



               ***********


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., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. 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 * * *