TCRLA_Public/031111.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, November 11, 2003, Vol. 4, Issue 223

                          Headlines

A R G E N T I N A

EDEERSA: Government Intervenes Following PSEG Exit
INDUSTRIAS METALURGICAS: Claims Check Ends December 18
LIDONIA: Court Orders Bankruptcy
PANDO MADERAS: Court Declares Company "Quiebra"
PETROBRAS ENERGIA: Places $100M Bonds To Settle Debts

R Y F LACTEOS: Creditor's Petition For Bankruptcy Approved
REPSOL YPF: Preview of Income Statement, January - September 2003
ROYAL AHOLD: Releases 2003 Half-Year Results
ROYAL AHOLD: Outlines Three-year Financing Plan
SABIEX AUSTRAL: Court Assigns Receiver For Bankruptcy Process

SIDERAR: Announces Results for the Nine Months, 3Q ended Sep. 30
TELECOM ARGENTINA: Reports $179M Loss in the 3Q03


B E R M U D A

FOSTER WHEELER: NYSE to Suspend Trading in Common Stock
GLOBAL CROSSING: Changes Subsidiary to Issue Senior Secured Notes
TYCO INTERNATIONAL: Moody's Assigns Ba2 to New Debt Offering


B R A Z I L

ALCOA ALUMINIO: Fitch Upgrades LTFC Rating to `B+'
ARACRUZ CELULOSE: LTFC Rating Raised to `B+'
AMBEV: Sovereign Upgrade Leads To Upgrade on LTFC Rating
COMPANHIA PETROLIFERA: Fitch Ups Ratings
CST: Brazil's Improved Economic Performance Prompts Upgrade

CSN: Fitch Raises LTFC On Improved Economy
GERDAU: Fitch Ups LTFC Rating, Revises Outlook to Stable
MRS LOGISTICA: Fitch Changes LTFC Rating Outlook to Stable
PETROBRAS: Fitch Upgrades LTFC Rating to `B+'
RIPASA CELULOSE: LTFC Rating Raised to `B+'

SADIA: Sovereign Upgrade Causes Upgrade on LTFC Rating
SAMARCO MINERACAO: Fitch Ups Rating, Revises Outlook to Stable
TELEMAR: Fitch Changes LTFC Rating Outlook to Stable
TRIKEM: Fitch Upgrades LTFC Rating to `B+'
BRASKEM: Reports 3Q03 Losses

CFLCL: Concludes Debt Restructuring Program
ELETROPAULO METROPOLITANA: Prepares $49M Debt Exchange
GERDAU: Merging Operations In Brazil


D O M I N I C A N   R E P U B L I C

BANINTER: Liquidators To Close Remaining Branches This Month


E L   S A L V A D O R

MILLICOM INTERNATIONAL: Commences Cash Tender Offer
MILLICOM INTERNATIONAL: Announces Offering in New Senior Notes


J A M A I C A

JPSCO: Holds Almost $1B in Customer Deposits


M E X I C O

MEXICANA AIRLINES: Ends Code Share Agreement with United Airlines
MEXICANA AIRLINES: Star Alliance to Discuss Termination


U R U G U A Y

BANCO DE GALICIA: Seeks Approval to Open Uruguayan Branch in 2004


V E N E Z U E L A

SIDOR: Strikes Agreement With SUTISS To End Go-Slow

     -  -  -  -  -  -  -  -

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

EDEERSA: Government Intervenes Following PSEG Exit
--------------------------------------------------
The provincial government of Entre Rios is "temporarily"
intervening local power distributor Edeersa, relates Business
News Americas. The government said that the intervention was
implemented to guarantee continuity and quality of power supply
and to secure its labor source.

Edeersa is currently burdened with a US$86 million non-
convertible debt after its parent company PSEG decided to abandon
its 90% share in the Company. PSEG reportedly turned over its
stake to a trust fund, which benefits current Edeersa employees
and existing shareholders.

However, the government alleges that the move did not really give
the Company's control to workers. Instead, the government said,
PSEG made the decision in order to gain tax benefits from the
United States.

Business News Americas added that the government will soon invite
bids from the private sector to run the Company. In the meantime,
the government accepted offers from workers' unions Consulyf and
Fatlyf to administer Edeersa, which has 235,00 clients, until it
is resold to a private owner.

The government plans to create a new company called, Compania
Entrerriana Distribuidora de EnergĦa (COEN). Entre Rios will have
a 99% stake in the new company.


INDUSTRIAS METALURGICAS: Claims Check Ends December 18
------------------------------------------------------
Creditors of Buenos Aires company Industrias Metalurgicas Turbion
S.A. must have their claims verified by the receiver, Mr. Rube
Hugo Faure, before the December 18 deadline expires, reports
Infobae. After the said date, the receiver will prepare the
individual reports on the results of the verifications.

The Company is currently undergoing the bankruptcy process on
orders from the city's Court No. 1. In the meantime, Infobae did
not reveal whether the court, which works with Clerk No. 1 on the
case, has set the deadlines for the filing of the individual and
general reports.

CONTACT:  Ruben Hugo Faure
          Ave Rivadavia 1229
          Buenos Aires


LIDONIA: Court Orders Bankruptcy
--------------------------------
Buenos Aires Court No. 17 ordered the bankruptcy of local company
Lidonia S.A., according to a report from Argentine news portal
Infobae. The court assigned Mr. Antonio Gerardo Pennacchio as
Company's receiver.

The receiver will verify creditors' claims until December 9 this
year, the report adds. Creditors who fail to have their claims
validated will be disqualified to any payments the Company would
make at the end of the process.

The results of the verification process would be passed to the
court through the individual reports, which are to be submitted
on February 26 this year. After these are processed at court, the
receiver will prepare a general report to be filed on April 9
next year.

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

CONTACT:  Antonio Gerardo pennacchio
          Cramer 2175
          Buenos Aires


PANDO MADERAS: Court Declares Company "Quiebra"
-----------------------------------------------
Court No. 2 of the Civil and Commercial Tribunal of the Argentine
province of Moron declares local company Pando Maderas S.A.
"Quiebra", reports local news portal Infobae. The Company will
undergo the bankruptcy process, which will end with the
liquidation of its assets to reimburse creditors.

Creditors are given until December 15 this year to present their
proofs of claim to the receiver, Estudio Telese, Perez, Espino
for verification. After verifications are closed, the receiver
will prepare the individual reports, which are to be submitted to
the court on March 1 next year. The general reports should follow
on April 15.

CONTACT:  Pando Maderas S.A.
          Buen Viaje 1079
          Moron

          Estudio Telese, Perez, Espino
          Crisologo Larrade 1015
          Moron


PETROBRAS ENERGIA: Places $100M Bonds To Settle Debts
-----------------------------------------------------
Argentine energy company Petrobras Energia informed the Buenos
Aires stock market Friday that it issued US$100 million Class R
bonds on local and international markets on October 31, relates
Business News Americas.

According to a Petrobras Energia source, the bonds are for 10
years at a 9.45% interest rate and are 100% amortizable on
expiry.

Merrill Lynch coordinated the bond issue in the US, which is the
first such issue by an Argentine company on international markets
since the devaluation of the peso in early 2002.

Most of the bonds were subscribed in the US, and the rest in
Argentina by pension funds and some institutional investors, the
source said, without giving percentages.

Petrobras Energia issued the bonds in order to pay part of the
remaining half of its US$300 million debt that expires in 2003.

Originally, the Company's board had planned to issue US$150
million bonds to pay the entire remaining debt for 2003, the
source said. However, it decided to cut the amount because higher
than expected oil prices have boosted the Company's projected
cash flow, the source added.

In the meantime, Petrobras Energia will increase contingent
liabilities attributable to future estimated losses from
Ecuadorian oil pipeline OCP by ARS44 million to ARS173 million
(US$60.3mn) in the third quarter 2003, Business News Americas
reports, citing a statement issued by parent company Petrobras
Energia Participaciones.

The losses are related to compliance with the contractual oil
transport commitment subscribed with OCP.

Furthermore, by not participating in the increase of OCP total
investment to US$1.4 billion from US$1.2 billion, Petrobras
Energia reduced its equity interest in the OCP consortium to
8.96% from 15%, the statement said.


R Y F LACTEOS: Creditor's Petition For Bankruptcy Approved
----------------------------------------------------------
Judge Paez Castaneda of Buenos Aires Court No. 21 approved a
petition for the bankruptcy of local company R y F Lacteos S.A.,
relates Argentine newspaper La Nacion. The Company's creditor,
Borsea S.A., filed the petition on grounds of the Company's
failure to meet its financial obligations.

The court assigned Mr. Abraham Gutt, a local accountant, to act
as receiver for the bankruptcy process. Mr. Gutt has instructions
to validate creditors' claims until March 24 next year. This is
to verify the nature and amount of the Company's debts.

The receiver is also required to prepare the individual and
general reports on the process. La Nacion, however, did not
mention whether the court, which works with Clerk No. 41, Dr.
Melnitzky, has set the deadlines for these reports.

CONTACT:  R y F Lacteos S.A.
          1st Floor, Room C
          Ecuador 504
          Buenos Aires

          Abraham Gutt
          Tucuman 1484
          Buenos Aires


REPSOL YPF: Preview of Income Statement, January - September 2003
-----------------------------------------------------------------
Repsol YPF net reported income for the first nine months of 2003
was Eu1,608 million vs. Eu1,763 million in the equivalent period
last year.  Operating income, at Eu3,008 million, was 23% higher
and net adjusted income climbed 38.8% to Eu2,059 million.  The
more than Eu1,000 million in extraordinary capital gains recorded
last year on the sale of a stake in Gas Natural Sdg and its
impact on last year's net income is mainly responsible for these
differences.  The cash flow in this period was Eu3,542 million.

These results reflect strong volume growth in several of the
Company's core activities, such as oil and gas exploration and
production, with 52.7% operating income growth, refining and
marketing which recorded 61% growth, and chemicals, where
operating income was 30% higher.  Oil and gas production in this
third quarter reached a record high of 1,224,100 boepd, 15.7%
more than in third quarter 2002, and was mainly driven by the
increase in production in Trinidad and Tobago.

The effect on books of the improved performance by this activity
was mitigated by the lower dollar/euro exchange rate and the
higher tax rate applied to our Company.

Repsol YPF activities in the first nine months of the year were
carried out against a backdrop of higher benchmark oil prices
than in the same period last year (Brent crude oil at an average
of 28.65$/bbl versus 24.38$/bbl in the same period in 2002),
much higher international refining margins than in the equivalent
period a year earlier (3.23 $/bbl vs. 1.19$/bbl), and a positive
trend in chemical activity margins.  Gas & Power results
continued to be affected by the changes in the scope of
consolidation for Gas Natural Sdg and Enagas in first half of
2002.

INVESTMENTS AND DIVESTMENTS

Investments in the first nine months of 2003 were Eu2,748 million
48.3% more than in the same period last year.  This increase is
essentially the result of the acquisitions made in Trinidad and
Tobago, thanks to which Repsol YPF has trebled its reserves and
production in this country. Despite the size of these
investments, Repsol YPF is committed to the investment restraint
policy set by the Company for this year.
No significant divestments were made in the third quarter of
2003.  Total disposals for the first nine months reached Eu178
million and refer mainly to the sale of a 6.78% stake in Compa¤Ħa
LogĦstica de Hidrocarburos (CLH) to the Oman Oil Corporation.

FINANCIAL DEBT

The Company's net financial debt at 30 September 2003 was Eu5,951
million, less than one third of the debt level two years ago and
7.4% lower than the Eu6,424 million recorded in the previous
quarter.  Debt reduction was possible thanks to the net cash flow
generated by the Company and, to a lesser extent, the evolution
of the euro against the dollar.  The debt ratio stands at 24.3%
compared to 31.9% at September 2002.

This sharp reduction enabled the Company to reduce financial
expenses by 55.3%, to Eu295 million against Eu660 million in the
first nine months of 2002.  In keeping with the Company's
conservative financial policy, accumulated cash was used for
early repayment of debt maturing up to mid-2005 while maintaining
a high level of liquidity, Eu4,972 million in the January to
September period.

BREAKDOWN BY ACTIVITIES

EXPLORATION AND PRODUCTION

The Exploration & Production area posted Eu1,826  million in
operating income in the first nine months of 2003,  52.7% up on
the 2002 equivalent.  This growth was driven by growth in crude
oil and gas production, higher oil prices, the improvement in gas
prices, and the incorporation of income obtained from marketing
and transport of gas purchased in Trinidad and Tobago.

The average Repsol YPF liquids realisation price was 25.49$/bbl
compared to 19.80$/bbl in the equivalent period last year.
Average gas prices in these first nine months were 39% higher
reaching $1.06 per thousand cubic feet ($/thousand scf) vs. 0.76
$/thousand scf.  This increase reflects the higher contribution
from Trinidad and Tobago to total gas sales and the 23.9%
improvement in Argentinean realisation prices in this period.

In the first nine months of the year, oil and gas production
1,130,400 barrels of oil equivalent per day (boepd) was 11.4%
higher than in the equivalent 2002 period.  This increase comes
mainly from Trinidad and Tobago and Argentina, with a significant
growth in gas production boosted by strong winter demand. Also
contributing to this growth, although to a lesser extent, was the
increase in gas production in Bolivia and Algeria, as well crude
oil and liquids production in Ecuador following the start-up of
the Heavy Oil Pipeline in Ecuador.

In this third quarter, Repsol YPF made promising discoveries in
the Gulf of Mexico, Libya, Bolivia, and Argentina. The Libyan
National Oil Company (NOC) approved the development of a
significant field in the Murzuk basin. The reserves in this field
total 132 million barrels and production is expected to reach
35,000 boepd.  Furthermore, Repsol YPF acquired last October new
mining acreage that was put out to tender in the Gulf of Mexico
and Sierra Leone.  The Company has also entered into several
agreements for acquiring new blocks in Equatorial Guinea and
Morocco.

Investments in exploration and production in this period were
143.2% higher than in the first nine months of 2002, reaching
1,831 million. Investments in development represented 41% of the
total and were spent mainly in Argentina (55%), Ecuador (19%),
Trinidad and Tobago (13%), Bolivia (5%), and Libya (2%).

REFINING AND MARKETING

At Eu970 million, operating income from Refining & Marketing
activities in the first nine months of 2003 rose 60.6% year-on-
year. This increase is mainly attributable to higher
international margins, up 171% on the year.  Marketing margins in
Spain remained unchanged and were higher in Argentina.  LPG
margins in Spain fell 15% and in Latin America were higher in all
countries with the exception of Chile and Peru.

The accident at the Puertollano refinery affected the results of
the refining area.  Activities at this refinery will be back to
normal in December, with 30% of its oil capacity as well as the
olefin plant already back in operation.

Total oil product sales reached 39.9 million tons with an overall
8.9% increase; 5.5% in Spain and 6.9% in Argentina and more than
25% in the rest of the countries. In Spain sales to our own
network fell 3.1% while fuel and gas-oil sales were 5.9% higher
than in the equivalent 2002 period. In Argentina, own network
sales fell 3%, while fuel sales were 9.1% lower because of weaker
demand in the country and its substitution by piped natural gas,
while gas-oil sales increased 1.2%.  LPG sales in Spain dropped
3.3%, and remained stable in Latin America.

Refining & Marketing investments in the first nine months of 2003
were Eu407 million, 14.6% more than in the same 2002 period.
Most of these investments were made on current refining projects,
namely the mild hydrocracker at Puertollano, a vacuum unit and a
visbreaking unit in La Pampilla, revamping of the service station
network, and in developing several commercial LPG products in
Spain and Latin America.

CHEMICALS

In Chemicals, operating income in January to September of this
year was Eu121 million 30.1% more than in the equivalent period a
year earlier.  This result was mainly driven by higher
international margins, particularly in basic petrochemicals and
Latin American derivatives (urea and methanol), as well as sales
growth.

Total sales of petrochemical products were 3,052 Kt, 16% up year-
on-year mainly thanks to the increase in methanol sales, now that
the Plaza Huincul facility is running at full capacity.
Investments in the Chemical division in these first nine months
fell 5.1% compared to the previous year, reaching Eu56 million,
with most of this amount spent in upgrading of existing units.

GAS & POWER

January to September 2003 operating income in the Repsol YPF Gas
& Power area was Eu151 million versus Eu579 million in the
equivalent period last year. These two aggregates are not
comparable since 2002 results up to May included 100% of Gas
Natural Sdg operating income. This decrease is mainly
attributable to the consolidation of Enagas by Gas Natural Sdg by
the equity method since July 2002, the changes introduced in the
remuneration regime for the sector in Spain in February 2002, and
the reclassification of results from several Latin American
affiliates.

Investments in Gas & Power in first nine months of 2003 were
Eu363 million, 35.4% lower year-on-year, mainly because of the
previously mentioned changes in the consolidation method.


ROYAL AHOLD: Releases 2003 Half-Year Results
--------------------------------------------
Ahold published Friday its 2003 half-year and second-quarter
results. Commenting on the results, Ahold CFO Hannu Ry”pp”nen
said: "We are very pleased that following the filing of our 2002
audited Annual Accounts we are now able to resume the reporting
of 2003 results starting with the half-year numbers and on
November 26, 2003 the third-quarter results. We expect that this
will further improve the communication with everyone who takes a
keen interest in the development of Ahold and we see it as a very
important step towards returning to a normal and predictable
reporting calendar. The results in the first half-year of 2003
were disappointing and impacted by the diversion of our
management as a result of the events surrounding the
announcements on February 24, 2003, and the related
investigations.

I am confident, however, that the new strategy which is also
announced in more detail today [Friday] will help us to `turn the
corner' and restore the profitability of the group in future
years."

Net sales in the first half-year of 2003 amounted to Euro 30.3
billion, a decrease of 11.8% compared to the same period last
year. The decrease in net sales was largely attributable to lower
currency exchange rates of in particular the US Dollar. The
average US Dollar to Euro exchange rate decreased approximately
18% in the first half-year of 2003 compared to the same period
last year. Net sales excluding currency impact increased by 3.6%
primarily due to a 3.2% increase in net sales at U.S. retail and
a 1.7% increase at Europe retail. Net sales at U.S. Foodservice
declined by 0.7%. Net sales were positively impacted by the
consolidation of Ahold's subsidiaries Disco and Santa Isabel in
South America in April and July of 2002, respectively, as well as
the acquisition of Lady Baltimore and Allen Foods in September
and December of 2002, respectively. These consolidations and
acquisitions combined contributed approximately 2% of the net
sales growth in the first half-year of 2003 excluding currency
impact.

Operating income in the first half-year of 2003 amounted to Euro
587 million, a decrease of 17.2% compared to the same period last
year. The decrease was primarily caused by lower operating income
in all business segments including U.S. retail where operating
income in US Dollars was only marginally lower. Operating income
in the first half-year of 2002 included a Euro 372 million
exceptional loss on related party default guarantee with respect
to debt defaults by Velox Retail Holding, Ahold's joint venture
partner in Disco Ahold International Holdings N.V. Goodwill
amortization totaled Euro 90 million in the first half-year of
2003 compared to Euro 144 million in the same period last year.
Goodwill amortization decreased compared to the same period last
year due to lower goodwill balances resulting from the goodwill
impairment charges recorded in 2002. The goodwill impairment
charge of Euro 88 million recorded in the first half-year of 2002
related to the purchase of the remaining shares in Disco Ahold
International Holdings N.V. in July and August 2002.

Operating income before goodwill and exceptional items in the
first half-year of 2003 amounted to Euro 677 million, a decrease
of 48.4% compared to the same period last year. See table below
for a reconciliation of operating income before goodwill and
exceptional items to operating income.

Operating income before goodwill and exceptional items in the
first half-year of 2003 was also adversely affected by a lower US
Dollar to Euro exchange rate. Excluding currency impact the
decrease of operating income before goodwill and exceptional
items was 38.6% primarily caused by lower operating income at
U.S. Foodservice, Europe retail, South America and Asia as well
as higher audit, legal and consultancy fees.

Net sales increased in the first half-year of 2003 compared to
the same period last year through organic development at same
stores and replacement stores and new store openings. Comparable
sales growth totaled 0.9% and identical sales remained at the
same level.

Operating income before goodwill and exceptional items decreased
in the first half-year of 2003 compared to the same period last
year as a result of lower income at Tops, Bruno's and Giant-
Landover. Operating performance at Stop & Shop and Giant-Carlisle
continued to be very strong in the first half-year of 2003.

Net sales at Albert Heijn declined in the first half-year of 2003
but this was off-set by strong sales growth at Schuitema and an
increase in net sales in Spain and Central Europe. Identical
sales at Albert Heijn declined by 2.5%. In Central Europe and
Spain, net sales increased due to the opening of new stores.

Albert Heijn sustained lower operating income before goodwill and
exceptional items in the first half-year of 2003 compared to the
same period last year mainly as a result of lower sales and gross
margins partly off-set by lower operating expenses due to the
start-up of cost reduction programs. Schuitema improved its
operating income before goodwill and exceptional items mainly due
to the higher sales level.

Operating loss before goodwill and exceptional items in Central
Europe decreased due to increased operating expenses for new
stores and a lack of spending power of customers as a result of a
weak economy leading to a pressure on net sales.

Operating loss before goodwill and exceptional items in Spain
decreased due to lower gross margins as a result of lower selling
prices in order to become more competitive in the market.
Furthermore, operating costs in Spain increased due to costs
associated with the closing of a number of stores.

Net sales of U.S. Foodservice in the first half-year of 2003 were
negatively impacted by the events surrounding the discovery of
accounting irregularities at U.S. Foodservice as announced on
February 24, 2003. The acquisition of Lady Baltimore and Allen
Foods in September and December of 2002, respectively,
contributed approximately 1.5% of the net sales growth in the
first half-year of 2003.

U.S. Foodservice's operating income before goodwill and
exceptional items in the first half-year of 2003 was also
negatively impacted by the events surrounding the discovery of
the accounting irregularities resulting in substantial pressure
on gross margins, especially in the first quarter of 2003, and
increased operating costs. The run rate of the first half of this
exceptional year will be a fair reflection of the performance of
U.S. Foodservice for 2003.

In South America, net sales increased mainly due to the
consolidation of Disco and Santa Isabel in April and July of
2002, respectively. Net sales were adversely impacted by lower
currency exchange rates of in particular the Brazilian Real and
the Chilean Peso. The average exchange rate of the Brazilian Real
and the Chilean Peso to the Euro decreased by 27% and 23%,
respectively, in the first half-year of 2003 compared to the same
period last year. Net sales in Brazil increased in local currency
partly due to new store openings at Bompre‡o.

Operating loss before goodwill and exceptional items in South
America was Euro 8 million in the first half-year of 2003
compared to an operating income of Euro 32 million in the same
period last year. The decline was primarily a result of the
consolidation of Disco and Santa Isabel in April and July of
2002, respectively, both of which had operating losses. Operating
income before goodwill and exceptional items in Brazil in the
first half-year of 2003 was below the level for the same period
of last year in local currency as a result of higher labor costs.
The operating results before goodwill and exceptional items of
the Other segment decreased by Euro 86 million in the first half-
year of 2003 compared to the same period last year. This
partially reflected higher corporate costs of in total Euro 55
million as a result of higher legal, audit and other advisory
expenses. Furthermore, insurance costs increased compared to last
year due to the release of an excess loss provision in the first
half-year of 2002. Real estate gains in the first half-year of
2003 were also below the level realized in the first half-year of
2002.

Goodwill amortization

Goodwill amortization in the first half-year of 2003 amounted to
Euro 90 million (same period last year: Euro 144 million). Lower
goodwill balances at year-end 2002 resulting from the goodwill
impairment charges recorded in 2002 and the lower average
currency exchange rate of the US Dollar to the Euro largely
caused the decrease.

Goodwill impairment

No goodwill impairment charges were recorded in the first half-
year of 2003 (same period last year: Euro 88 million). The
goodwill impairment charge recorded in the first half-year of
2002 related to Disco Ahold International Holdings N.V.

Exceptional items

No exceptional items were recorded in the first half-year of
2003. In the same period last year an exceptional loss of Euro
372 million was incurred relating to the purchase of the
additional shares in Disco Ahold International Holdings N.V. in
July and August 2002 at a price that exceeded the fair value of
the shares acquired by Euro 367 million and the write-off of a
loan to Velox of Euro 5 million.

Net interest expense in the first half-year of 2003 increased by
5.8% to Euro 533 million (same period last year: Euro 504
million), primarily caused by banking fees and interest expenses
related to the new facility signed on March 3, 2003, new debt
assumed or incurred in connection with acquisitions in the course
of 2002 and an increase in cash dividends paid in 2002. This was
partly offset by a favorable currency impact, especially of the
US Dollar to the Euro. Net interest expense excluding currency
impact increased by 23%.

The gain on foreign exchange in the first half-year of 2003
amounted to Euro 20 million and mainly related to the positive
impact of the revaluation of the Argentine Peso on US Dollar
denominated debt in Argentina. In the same period of 2002, there
was a foreign exchange loss of Euro 71 million related to the
devaluation of the Argentine Peso and inflation adjustment losses
related to Argentina.

Income taxes

The income tax rate, adjusted for the impact of goodwill and
exceptional items, increased to 42% in the first half-year of
2003 compared to 29% in the same period last year. The main
factor contributing to this increase of the tax rate was a
different mix of earnings from each country, and higher losses in
areas where no tax credit could be recorded.

Share in income (loss) of joint ventures and equity investees

The share in income (loss) of joint ventures and equity investees
in the first half-year of 2003 amounted to an income of Euro 51
million compared to a net loss of Euro 69 million in the same
period last year.

The loss of DAIH of Euro 126 million in the first half-year of
2002 was mainly caused by the negative impact of the devaluation
of the Argentine Peso on US Dollar denominated debt as well as
inflation adjustment losses on third-party Argentine Peso debt in
Argentina. DAIH, including Disco and Santa Isabel, was fully
consolidated in the first half-year of 2003.

Cash flow statement

Net cash from operating activities in the first half-year of 2003
amounted to Euro 678 million (same period last year: Euro 1,316
million). Changes in working capital resulted in a cash outflow
of Euro 102 million partly due to shorter payment terms imposed
by certain suppliers to
U.S. Foodservice as a consequence of the discovery of accounting
irregularities as originally announced on February 24, 2003.

Investments in tangible fixed and intangible assets in the first
half-year of 2003 amounted to Euro 612 million (same period last
year: Euro 1,094 million). Divestments of tangible fixed and
intangible assets amounted to Euro 260 million (same period last
year: Euro 110 million), in both periods mainly as a result of
sale and leaseback transactions in the U.S. and Europe.

Shareholders' equity

Shareholders' equity, expressed as a percentage of the balance
sheet total, was 9.9% (at year-end 2002: 10.5%). Shareholders'
equity at July 13, 2003, was Euro 2,319 million.

The rolling interest coverage ratio at the end of the first half-
year of 2003 amounted to 1.5 compared to 2.6 at the end of the
same period last year. The rolling net debt / EBITDA ratio
amounted to 3.9 at the end of the first-half year of 2003
compared to 2.9 at the end of the same period last year.

US GAAP reconciliation

The audited 2002 Annual Report on Form 20-F filed with the US
Securities and Exchange Commission contains a US GAAP
reconciliation of net income (loss) for 2002 and shareholders'
equity as at year-end 2002. Ahold will not provide a US GAAP
reconciliation on a quarterly basis in 2003 but will do so in
2004.

In November 2002, the Emerging Issues Task Force ("EITF") of the
Financial Accounting Standards Board reached consensus on Issue
No. 02-16, Accounting for Consideration Received from a Vendor by
a Customer (Including a Reseller of the Vendor's Products) ("EITF
02-16"). Under the consensus, cash considerations received from a
vendor should be considered an adjustment to the price of the
vendor's products or services and, therefore, characterized as a
reduction of cost of sales when sold unless (1) the cash
consideration represents a reimbursement of a specific,
incremental, identifiable cost incurred in selling the vendor's
products and therefore characterized as a reduction of those
costs or (2) the cash consideration represents a payment for
assets or services delivered to the vendor and therefore
characterized as revenue.

The Company will adopt the provisions of EITF 02-16 for Dutch
GAAP, as permitted by the Guidelines for Annual Reporting in The
Netherlands, in 2003. The Company has not yet determined the
effect on the consolidated financial statements as a result of
the adoption of EITF 02-16.


ROYAL AHOLD: Outlines Three-year Financing Plan
-----------------------------------------------
Ahold announced Friday the details of its new financing plan and
strategy. The `Road to Recovery' program sets out Ahold's
objectives for rebuilding the value of the company over the next
three years. Ahold has committed to delivering results in four
key areas:

- Re-engineering food retail
- Recovering the value of U.S. Foodservice
- Reinforcing accountability, controls and corporate governance
- Restoring Ahold's financial health

Commenting on the announcement, Ahold President and CEO Anders
Moberg said, "Ahold has been through the most challenging nine
months in its history. In spite of this, our core operating
companies have shown resilience and have retained their leading
market positions. I have been extremely encouraged by how our
employees have responded to the situation.

"With the financing plan that we are proposing, I am pleased to
say that we finally draw a line under this difficult year. We can
now focus wholeheartedly on strengthening the competitiveness of
our business. At the same time, we are in the process of setting
the highest possible standards for accountability, controls and
corporate governance, to keep Ahold's investors, customers,
employees and partners secure in the knowledge that this company
is being run in their best interests.

"So today [Friday] we launch the new Ahold."

The plan announced Friday will put Ahold on course to return to
an investment grade profile by the end of 2005. Strategically,
Ahold is now focused on portfolio optimization and organic growth
rather than acquisitions. Financially, the company has redirected
its planning processes towards maximizing cash flow and reducing
debt. In addition, the company expects to generate significant
proceeds from disposals.

Re-engineering food retail

Commenting on the program for re-engineering food retail, Anders
Moberg said, "Ahold is built on strong underlying businesses, but
there is considerable value to be realized. Over 90% of our net
sales come from companies that hold the number one or number two
position in their markets. We are turning what has historically
been a loose federation of businesses into a single company with
a single focus on generating value, based on a superior customer
offer. This is a major cultural and organizational shift in how
the company is managed."

For the food retail business after disposals, Ahold targets a
minimum of 5% net sales growth per annum, 5% EBITA margin and 14%
return on net operating assets from 2005 and onwards.

Ahold will increase its focus by optimizing its retail portfolio
with an active disposals program and changes to the
organizational structure. It will continue to invest in companies
that can achieve a sustainable number one or two position in
their markets within three to five years, while also meeting
defined profitability and return criteria over time. This goes
for joint ventures as well. Companies not capable of meeting
these objectives will be divested. Ahold is committed to
generating at least Euro 2.5 billion in proceeds from disposals
by 2005.

In line with this, Ahold announced Friday its intention to divest
of its Spanish operations. It has initiated a preparatory review
and expects to launch the formal sale process as soon as it is
ready. Although Ahold believes in the viability of its Spanish
retail operations, the company does not foresee the ability to
develop a sustainable leadership position in Spain within the
three to five years specified in its strategic criteria. Ahold
expects its Spanish business to have a brighter future outside
the group.

With the new organizational framework in place, Ahold is rolling
out several strategic initiatives to improve competitiveness and
ultimately drive higher sales and profitability. Areas of
improvement include sourcing, infrastructure, store operations
and product mix.

The re-engineering program aims to deliver Euro 600 million in
annual cost savings and Euro 200 million in capital expenditure
and working capital efficiencies by 2006. The changes will
require an estimated one-off investment of Euro 285 million
spread over the next three years. A significant portion of the
annual cost savings will be reinvested into Ahold's customer
value proposition to underpin future competitiveness and
financial performance.

Recovering U.S. Foodservice

"U.S. Foodservice is an under-managed business, but it has a
great market position and great potential to improve its
financial performance," said Anders Moberg. "The company holds
the number two position in the growing USD 180 billion wholesale
foodservice market. However, U.S. Foodservice's integration
process was never properly executed. Larry Benjamin, the new CEO,
is implementing a three-step plan for recovering the value of
U.S. Foodservice. Although 2003 is clearly a lost year, we have
significant opportunities to restore margins and raise them
towards those of our competitors."

The accounting fraud that was detected at the beginning of the
year was a symptom of a structurally weak organization. Following
the crisis, U.S. Foodservice saw slippage in its procurement
leverage as vendors raised prices and shortened payment terms,
resulting in a sharp deterioration in profitability. Despite the
decline in earnings, the company's sales remained stable, thanks
to U.S. Foodservice's strong local branches and people in the
field who retained the loyalty of customers.

The first step in the program to recover the value of U.S.
Foodservice is already underway - to put in place a rigorous
control environment and a strong financial organization. This
includes the enhancement of the Sales Information System to track
each product, customer, delivery and transaction at the corporate
level and provide full transparency to the branches.

The critical second step in the recovery process is now underway,
focusing on the restoration of profitability and cashflow. Under
new leadership, the company is highly focused on regaining its
leverage with vendors to improve prices and reduce costs. This
process will greatly benefit from Ahold's improved capital
structure. A key component of achieving these improvements will
be to strike a better organizational balance of corporate and
branch responsibilities, to realize the potential of U.S.
Foodservice's scale.

As the foundations for improved financial performance are laid,
the third step in the company's recovery will include changes in
the mix of customers, products and brands to support sustainable
profitable growth.

Reinforcing accountability, controls and corporate governance

Ahold is replacing a decentralized system of internal controls
that had many weaknesses with a one-company system with central
reporting lines. As already announced, internal audit will not
only report to the CEO, but also to the Audit Committee of the
Supervisory Board. In addition, Ahold has nominated Peter Wakkie
to the position of Chief Corporate Governance Counsel on the
Executive Board, to serve as the driving force behind improved
internal governance policies and practices, for legal compliance
as well as conformance to ethical and social standards.

The company announced Friday that it will host a special meeting
to update shareholders on its corporate governance initiatives
next year.

Restoring Ahold's financial health

The Company has redirected its planning processes towards
maximizing cash flow and reducing debt through more selective
capital expenditures and initiatives to improve working capital.
For 2003, Ahold is on track to scale back capex by Euro 800
million from the original plan, and to improve working capital by
approximately Euro 100 million, and this area will remain a key
priority going forward. In addition, the company has committed to
generate at least Euro 2.5 billion in proceeds from disposals by
2005. The company believes that these actions combined with the
proposed Euro 2.5 billion rights issue referred to below will put
Ahold on course to return to an investment grade profile by the
end of 2005.

The Company's refinancing plan further comprises a new Euro 300
million and USD 1,450 million back-up credit facility, for which
full commitments have been obtained from a syndicate of banks.
Amounts outstanding under the existing Euro 600 million and USD
2,200 million credit facilities will be repaid and the existing
facilities will be terminated.

In addition, Ahold intends to offer cumulative preferred
financing shares for an amount that is not expected to be in
excess of Euro 125 million.

Details of the rights issue

- Rights issue to raise a minimum of Euro 2.5 billion (the
"Offering")
- The Offering will be fully underwritten by a syndicate of
banks, subject to certain conditions
- The Offering size will be determined prior to launch, depending
on market conditions at that time, but it is intended that the
maximum amount would not exceed Euro 3.0 billion
- Number of new common shares to be issued will be no more than
625 million
- Definitive terms of the Offering, including the number of
shares to be issued, the subscription price and the size of the
Offering are expected to be announced on November 26, 2003
- Proceeds will be mainly dedicated to reduce indebtedness

Ahold's Executive Board has called Friday an Annual General
Meeting of Shareholders (AGM) for November 26, 2003 to seek
required shareholders' approvals for completion of the Offering
and the offering of cumulative preferred financing shares.

The Offering will comprise a public offering in The Netherlands
and a private placement to institutional investors elsewhere. The
Offering will not be registered under the United States
Securities Act of 1933. Outside of The Netherlands, the Offering
will be subject to customary selling restrictions. The cumulative
preferred financing shares will only be offered and sold in The
Netherlands. The cumulative preferred financing shares will not
be registered under the United States Securities Act of 1933 and
may not be offered or sold within the United States.

The launch and/or completion of the Offering is subject to
fulfillment of certain conditions, including:

- Passing of all resolutions by the Company's Supervisory Board,
Executive Board and General Meeting of Shareholders for any
required authorization necessary for the Offering to be
completed;

- Publication of Ahold's third quarter 2003? financial statements
and receipt of a customary comfort letter from Ahold's external
auditor which is in form and substance satisfactory to the Joint
Global Coordinators;

- Publication by the Company of a prospectus approved by Euronext
Amsterdam; and

- Certain other customary conditions, such as delivery of legal
opinions. The underwriting agreement also contains customary
force majeure and material adverse change clauses.

Details of the new credit facility

On Friday, Ahold also announced that the company has obtained a
commitment from a syndicate of international banks to fully
underwrite a new credit facility. This will be a three year
senior, secured facility comprising three tranches:

- Euro 300 million revolving credit facility for Albert Heijn
B.V.;
- USD 650 million revolving credit facility for The Stop & Shop
Supermarket Company; and,
- USD 800 million letter of credit facility for The Stop & Shop
Supermarket Company.

The cash portion of the new credit facility will be for liquidity
back-up purposes and is not expected to be drawn when it becomes
available. The conditions for the new facility include receipt of
the gross proceeds from the equity rights issue and the repayment
of the existing credit facility.

The current amounts drawn under the existing credit facility
(Euro 600 million and USD 750 million) will be repaid from the
proceeds of the Offering and the portion utilized as Letters of
Credit (USD 353 million) will roll into the new credit facility.

The following terms of the new credit facility will be an
improvement from those in the existing credit facility:

- Tenor of three years;
- An initial margin of 2.75% with a ratchet based on ratings
levels;
- Security limited to pledges over shares in The Stop & Shop
Supermarket Company, Giant Brands Inc., and S&S Brands Inc.,
intellectual property related to the name "Stop & Shop" and
"Giant", intercompany receivables owed to The Stop & Shop
Supermarket Company and pledges over shares in other operating
entities forming "Giant Landover" (yet to be determined);
- Security to be released upon the Company maintaining senior
unsecured investment grade ratings from Moody's and Standard and
Poors for six months; and
- No mandatory prepayments from capital markets transactions or
disposals.

In addition to these terms, the facility will include restrictive
covenants typical for a sub-investment grade borrower including a
restriction on payment of dividends by the company, and
limitations on capital expenditure and the incurrence of new loan
facilities by the borrowers.


SABIEX AUSTRAL: Court Assigns Receiver For Bankruptcy Process
-------------------------------------------------------------
Mr. Alfredo Ruben Rodriguez has been assigned as receiver for the
bankruptcy of Buenos Aires company Sabiex Austral S.A., according
to a report by local news source Infobae. The receiver will
verify creditors' claims until February 4 next year to determine
the characteristics of the Company's debts.

The city's Court No. 18 handles the Company's case with
assistance from Clerk No. 36. Infobae relates that the court
declared the Company "Quiebra" recently. However, the source did
not mention whether the court has set the deadlines for filing of
the individual and general reports.

CONTACT:  Sabiex Austral S.A.
          Ave Corrientes 1296
          Buenos Aires

          Alfredo Ruben Rodriguez
          Marcelo T Alvear 1775
          Buenos Aires


SIDERAR: Announces Results for the Nine Months, 3Q ended Sep. 30
----------------------------------------------------------------
Siderar S.A.I.C. announced its earnings for the nine months and
third quarter of the year 2003 ended September 30, 2003.

Prior to February 28, 2003 results of the period were adjusted by
applying the variation in the Argentine wholesale price index
(WPI) from the time of the applicable operation until February
28, 2003. Results from March 1, 2003 are expressed in nominal
Argentine pesos. The results of the corresponding period of the
prior year have been adjusted by the cumulative variation (-0.7%)
in the WPI from September 30, 2002 until February 28, 2003. Where
given, figures in U.S. dollars are convenience translations only.
Results from operations in foreign currency are converted to
Argentine pesos at the exchange rate prevailing at the time of
the applicable operation. Siderar estimates that the average
selling rate for one US dollar used for the conversion of its
foreign currency operations during the nine months period was
ARP2.970, and for the third quarter was ARP2.880. The bank buying
rate for one US dollar at the end of the period was ARP2.815 and
the bank selling rate was ARP2.915.

As from January 1, 2003 some accounting rules were changed,
generating a loss of ARP4.9 million in previous fiscal years, and
a loss of ARP73.5 million in the current fiscal year, mainly as a
result of the introduction of deferred tax charges, among other
new accounting rules.

Highlights: Nine Months and Third Quarter ended September 30,
2003

- Consolidated net income of ARP284.4 million. Net income per
share of ARP0.8186 (ARP6.5487 per ADS)
- Consolidated operating profit of ARP657.8 million
- EBITDA of ARP789.3 million (39% of net sales)
- Net sales of ARP2,030.3 million
- Dividend payment of ARP57.3 million. Dividend per share of
ARP0.165 (ARP1.320 per ADS)
- Significant financial debt reduction of US$207.8 million

Results for the Nine Months ended September 30, 2003 vs. Nine
Months ended September 30, 2002

Siderar recorded a net income of ARP284.4 million in the first
nine months of the fiscal year 2003. Earnings per share (EPS) and
per ADS were a gain of ARP 0.8186 and ARP6.5487 respectively
based on a total of 347,468,771 shares outstanding as of
September 30, 2003. Each ADS represents 8 (eight) class "A"
shares.

EBITDA was ARP789.3 million and EBITDA margin was 39% in the
period, which compares to an EBITDA margin of 27% in the same
period of the previous year.

Total shipments were 1,696 thousand tons, up 8% compared to the
same period of 2002. Domestic market shipments totaled 884
thousand tons, a significant 63% increase compared to those of
the same period last year. Export shipments totaled 812 thousand
tons, down 21% compared to the same period of 2002 as a result of
lower slab sales and the recovery of the domestic market sales.

Net sales were ARP2,030.3 million compared to ARP1,850.1 million
in the same period of 2002. During the period sales to the
domestic Argentine market experienced a significant recovery and
the international steel prices showed an important improvement,
while exports were lower mainly as a result of lower sales of
slabs.

Selling, general and administrative expenses in the period were
ARP152.4 million (8% of net sales), compared to ARP183.0 million
(10% of net sales ) in the same period of the previous year. The
reduction in expenses was mainly due to lower doubtful account
provisions this year.

Operating profit was ARP657.8 million (32% of net sales) compared
to ARP336.2 million (18% of net sales) in the same period last
year. This significant improvement was mainly the result of the
increase in net sales as discussed above. During the period there
were some increases in costs, mainly raw materials. As the WPI
increase (used to restate sales and costs for the previous
period) was higher than the Argentine peso depreciation, when
comparing results this effect should be taken into account,
particularly on foreign currency related sales and costs.

Financial and holding results were a loss of ARP168.3 million,
mainly as a result of the Argentine peso appreciation during the
period. Interest and other financing expenses results were a loss
of ARP83.5 million.

Net foreign exchange results were a loss of ARP41.2 million
(including an ARP163.4 million reduction in the capitalization of
foreign exchange results related to foreign exchange debt
incurred in capital expenditure financing). Net inventory and
fixed asset spares holding results were a loss of ARP41.4
million, mainly as a result of the Argentine peso appreciation.
The effect of inflation generated a loss of ARP2.2 million.

Other income and expense represented a net loss of ARP37.2
million in the period, compared to a net loss of ARP 37.3 million
in the same period of 2002. The net loss was mainly the result of
the restructuring costs.

The income tax of the period was a loss of ARP183.0 million,
including a differed tax provision of ARP78.3 million and an
income tax provision of ARP104.7 million. In the same period of
the previous year, the income tax was a gain of ARP66.6 million,
a differed tax gain related to tax loss carry-forwards.

The consolidated Amazonia and Ylopa equity holdings result for
the period was a gain of ARP15.1 million. On June 20, 2003,
Amazonia and Sidor reached an agreement with their financial
creditors and the Government of Venezuela for the restructuring
of their financial debt. Under the terms of this agreement
Amazonia's and Sidor's financial debt was reduced from US$1,883
million to US$829 million. Certain Amazonia shareholders
contributed US$133.5 million in cash to a recently established
company (Ylopa) for the acquisition and capitalization of
Amazonia's and Sidor's financial debt. The Government of
Venezuela increased its interest in Sidor from 30.0% to 40.3%,
and all the guaranties provided by Amazonia shareholders with
respect to Sidor's debt were released and replaced by other
guaranties on Sidor's fixed assets, together with the pledges on
the shares of Amazonia and Amazonia shares of Sidor that were
placed in trust for the benefit of the financial creditors and
the Government of Venezuela. Under the agreement, a portion of
Sidor's excess cash (determined in accordance with an agreed-upon
formula) will be applied to repay Sidor's financial debt, and the
remainder will be distributed among Ylopa and/or Amazonia as the
case may be, and the Government of Venezuela.

Siderar's subsidiary Prosid Investments, a shareholder of
Amazonia, took part in this restructuring by making an aggregate
cash contribution, mainly in the form of new convertible debt of
US$15.0 million (the maximum amount allowed under Siderar's debt
restructuring agreement), through the recently-established
company (Ylopa), and by capitalizing in convertible debt
previously held by Prosid in the amount of US$30.8 million plus
accrued interest. Siderar's indirect participation in Amazonia
increased from 19.8% to 21.1%, and may decrease to 14.4% if and
when all the new subordinated convertible debt is converted into
equity. As a result of this agreement Siderar, through its
subsidiary Prosid, will retain a participation in a business with
competitive costs and an appropriate financial structure.
Siderar's investment in Amazonia equity, and Ylopa equity and
debt was, as of September 30, 2003, US$48.0 million.

During the period Siderar paid down US$207.8 million of its
restructured financial debt, as follows: US$85.0 million as a
down payment, US$19.4 million corresponding to the first
installment, US$63.4 million as a mandatory debt prepayment, and
US$40.0 million as an optional debt prepayment.

On October 1, 2003 Siderar's Board of Directors declared a cash
dividend distribution to Siderar shareholders of ARP57.3 million,
equivalent to ARP0.165 per share (ARP 1.320 per ADS), effective
as of October 16, 2003.

Results for the Third Quarter ended September 30, 2003 vs. Third
Quarter ended September 30, 2002 Siderar recorded in the quarter
a net income of ARP130.5 million. Earnings per share (EPS) and
per ADS were a gain of ARP0.3756 and ARP3.0046 respectively based
on a total of 347,468,771 shares outstanding as of September 30,
2003. Each ADS represents 8 (eight) class "A" shares.

EBITDA was ARP258.1 million and EBITDA margin was 37%, which
compares to an EBITDA margin of 38% in the same period of the
previous year.

Total shipments in the quarter were 594 thousand tons, up 12%
compared to the same period of 2002. Domestic market shipments
totaled 326 thousand tons, a significant 76% increase compared to
those of the same period last year. Export shipments totaled 268
thousand tons, down 22% compared to the same period of 2002
mainly as a result of the recovery of the domestic market sales.

Net sales in the quarter were ARP702.9 million compared to
ARP686.6 million in the same period of 2002.

This improvement was the result of the domestic shipments
recovery and better export prices.

Selling, general and administrative expenses in the period were
ARP45.6 million (6% of net sales), compared to ARP64.0 million
(9% of net sales) in the same period last year, as a result of
lower doubtful account provisions this year.

Operating result in the quarter was a profit of ARP212.3 million
(30% of net sales) compared to a profit of ARP220.7 million (32%
of net sales) in the same period last year. This result reflects,
among other, an important Argentine peso appreciation and some
increases in costs, mainly of raw materials.

Financial and holding results were a loss of ARP15.4 million.
Interest and other financing expenses results were a loss of
ARP29.3 million. Net foreign exchange results were a loss of
ARP3.4 million. Net inventory and fixed asset spares holding
results were a gain of ARP17.3 million, mainly as a result of the
Argentine peso depreciation in the quarter.

Other income and expense represented a net loss of ARP12.1
million in the period, compared to a net loss of ARP 8.7 million
in the same period of 2002, mainly as a result of higher
contingency provisions this year. The income tax of the period
was a loss of ARP68.8 million, including a differed tax provision
of ARP0.9 million and an income tax provision of ARP67.8 million.
In the same period of the previous year, the income tax was a
loss of ARP36.5 million, corresponding to a differed tax
provision.

Consolidated Amazonia and Ylopa equity holdings result for the
period was a gain of ARP14.4 million, compared to a loss of
ARP9.5 million in the same period last year.

CONTACT:  SIDERAR S.A.I.C.
          Leonardo Stazi
          54 (11) 4018-2308/2249
          www.siderar.com


TELECOM ARGENTINA: Reports $179M Loss in the 3Q03
-------------------------------------------------
Argentine fixed line telephone carrier Telecom Argentina Stet-
France Telecom S.A. posted a loss of ARS509 million (US$179
million) in the third quarter of the year compared to a profit of
ARS494 million in the same quarter last year.

The negative result is almost entirely explained by exchange rate
losses arising from the Argentine peso's 3.8% decline against the
dollar during the quarter.

The Company, one of Argentina's top two telephone companies, made
a profit of ARS779 million during the first nine months of 2003.
That compares with a ARS4.137-billion loss in the first nine
months of 2002, when the Company was hammered by a deep currency
devaluation and rate freeze.

Telecom Argentina is in the midst of an ongoing offer to
restructure its debt. As a result of responses to that offer and
to the lower exchange rate, net financial debt dropped to
ARS7.554 billion from ARS10.826 billion a year earlier, said the
Company.



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

FOSTER WHEELER: NYSE to Suspend Trading in Common Stock
-------------------------------------------------------
Foster Wheeler Ltd. announced Friday that it received
notification from the New York Stock Exchange (NYSE) that trading
in the Company's common stock and 9.00% FW Preferred Capital
Trust I securities will be suspended effective at market open on
November 14, 2003. The Company's common stock continues to trade
on the Pink Sheets and it expects that its common stock and 9.00%
FW Preferred Capital Trust I securities will be immediately
eligible for quotation and trading on the Over-the-Counter
Bulletin Board (OTCBB), effective with the opening of business on
November 14, 2003. The Company will announce the new ticker
symbols when assigned.

The decision is the result of the Company's anticipated inability
to meet the NYSE's requirement relating to the book value of
stockholders' equity by September 2004. Foster Wheeler does not
expect that its business operations or financial position will be
materially impacted by the NYSE's action.

As previously announced, the NYSE notified Foster Wheeler in
March 2003 that the Company did not meet the Exchange's continued
listing criteria and that the Company's securities were subject
to delisting unless the Company could demonstrate full compliance
by September 2004. The NYSE action was taken after its most
recent review indicated that Foster Wheeler's book value of
stockholders' equity is unlikely to reach the minimum required
within the period imposed by the NYSE.

"While we are disappointed that the Company is unlikely to comply
with this listing standard by September 2004, we respect the
decision of the NYSE and appreciate the fairness and
professionalism they have extended to us in this process. We do
not believe our inability to meet the standard relating to book
value of stockholders' equity negatively impacts our ability to
complete our planned restructuring and achieve our financial and
operating goals," said Raymond J. Milchovich, chairman, president
and chief executive officer. "Foster Wheeler's current forecast
indicates adequate liquidity through the end of 2004 and we
continue to make significant progress with our overall financial
and operational restructuring."

The OTCBB is a regulated quotation service that displays real-
time quotes, last-sale prices and volume information in OTC
securities. The OTCBB provides access to over 3,600 securities
and includes more than 330 participating market makers.
Quotations and trading information can still be accessed through
various internet service providers and other quotation services
or through a securities broker. Information concerning the OTCBB
can be found at www.otcbb.com.

Foster Wheeler Ltd. is a global company offering a broad range of
design engineering, construction, manufacturing, project
development and management, research and plant operation
services. Foster Wheeler serves the refining, oil and gas,
petrochemical, chemicals, power, pharmaceutical, biotechnology
and healthcare industries. Foster Wheeler Ltd. is based in
Hamilton, Bermuda, and its operational headquarters are in
Clinton, New Jersey. For more information about Foster Wheeler
Ltd. and its affiliates, visit its website at www.fwc.com.

CONTACT:     FOR FOSTER WHEELER
             Media Contact:
             Richard Tauberman
             908-730-4444
              or
             Other Inquiries:
             908-730-4000


GLOBAL CROSSING: Changes Subsidiary to Issue Senior Secured Notes
-----------------------------------------------------------------
Global Crossing Global Crossing Ltd. announced Friday that it is
changing the subsidiary that will issue its new 11 percent senior
secured notes under its confirmed Chapter 11 Plan of
Reorganization.

Under the indenture originally filed with the United States
Bankruptcy Court and the Securities and Exchange Commission,
Global Crossing North America, Inc. was the subsidiary designated
to issue the new notes. In accordance with the disclosure
statement for its Chapter 11 plan, Global Crossing has determined
that the corporate parent of Global Crossing North America, Inc.
will issue the notes. The name of the new issuer is Global
Crossing North America Holdings, Inc. Global Crossing is making a
revised filing on form T-3 to reflect the change in the issuer.

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

          Becky Yeamans
          + 1 973-937-0155
          PR@globalcrossing.com

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


TYCO INTERNATIONAL: Moody's Assigns Ba2 to New Debt Offering
------------------------------------------------------------
Moody's Investors Service assigned a Ba2 debt rating to Tyco
International Group's new debt offering and gave the rating a
stable outlook.

Late last week, Tyco announced that it has agreed to privately
place US$1 billion in debt securities due November 15, 2013 of
its wholly-owned subsidiary, Tyco International Group S.A. with a
coupon of 6%, pursuant to Rule 144A and Regulations of the
Securities Act. The Company expects to use the proceeds from the
offering to pay-down outstanding debt under its US$2 billion 5-
year revolving credit facility due February 2006 upon completing
negotiation of a replacement of the credit facilities.

The debt securities will not be registered under the Securities
Act of 1933. Unless so registered, the debt securities may not be
offered or sold in the United States except pursuant to an
exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable
state securities laws.

Moody's assigned the rating based on Tyco's financial performance
in a weak global economy that resulted in very strong free cash
flow generation and meaningful debt reduction. Moody's noted
however that a number of Tyco's businesses are challenged and
organic growth was limited to the Healthcare operating segment.

The rating also incorporates the Company's ongoing SEC
investigation and litigation matters, and the need to streamline
its portfolio of businesses that may lead to further goodwill and
asset impairments.

The stable rating outlook anticipates that intermediate term
earnings and cash flow will continue to provide improving debt
protection measures.



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

ALCOA ALUMINIO: Fitch Upgrades LTFC Rating to `B+'
--------------------------------------------------
Fitch Ratings upgraded the long-term foreign currency rating of
Alcoa Aluminio S.A. to 'B+' from 'B' and revised the rating
outlook to Stable from Positive.

(Refer to Fitch's Notes below for further info)


ARACRUZ CELULOSE: LTFC Rating Raised to `B+'
--------------------------------------------
Fitch Ratings upgraded the long-term foreign currency rating of
Aracruz Celulose S.A. to 'B+' from 'B' and revised the rating
outlook to Stable from Positive.

(Refer to Fitch's Notes below for further info)


AMBEV: Sovereign Upgrade Leads To Upgrade on LTFC Rating
--------------------------------------------------------
Fitch Ratings upgraded the long-term foreign currency rating of
Companhia de Bebidas das Americas S.A. (Ambev) to 'B+' from 'B'
and revised the rating outlook to Stable from Positive.

(Refer to Fitch's Notes below for further info)


COMPANHIA PETROLIFERA: Fitch Ups Ratings
----------------------------------------
Fitch Ratings upgraded the long-term foreign currency rating of
Companhia Petrolifera Marlim to 'B+' from 'B' and revised the
rating outlook to Stable from Positive.

(Refer to Fitch's Notes below for further info)


CST: Brazil's Improved Economic Performance Prompts Upgrade
-----------------------------------------------------------
Fitch Ratings upgraded the long-term foreign currency rating of
Companhia Siderurgica de Tubarao S.A. (CST) to 'B+' from 'B' and
revised the rating outlook to Stable from Positive.

(Refer to Fitch's Notes below for further info)


CSN: Fitch Raises LTFC On Improved Economy
------------------------------------------
Fitch Ratings upgraded the long-term foreign currency rating of
Companhia Siderurgica Nacional S.A. (CSN) to 'B+' from 'B' and
revised the rating outlook to Stable from Positive.

(Refer to Fitch's Notes below for further info)


GERDAU: Fitch Ups LTFC Rating, Revises Outlook to Stable
--------------------------------------------------------
Fitch Ratings upgraded the long-term foreign currency rating of
Gerdau S.A. to 'B+' from 'B' and revised the rating outlook to
Stable from Positive.

(Refer to Fitch's Notes below for further info)


MRS LOGISTICA: Fitch Changes LTFC Rating Outlook to Stable
----------------------------------------------------------
Fitch Ratings upgraded the long-term foreign currency rating of
MRS Logistica S.A. (MRS) to 'B+' from 'B' and revised the rating
outlook to Stable from Positive.

(Refer to Fitch's Notes below for further info)


PETROBRAS: Fitch Upgrades LTFC Rating to `B+'
---------------------------------------------
Fitch Ratings upgraded the long-term foreign currency rating of
Petroleo Brasileiro S.A. (Petrobras) to 'B+' from 'B' and revised
the rating outlook to Stable from Positive.

(Refer to Fitch's Notes below for further info)


RIPASA CELULOSE: LTFC Rating Raised to `B+'
-------------------------------------------
Fitch Ratings upgraded the long-term foreign currency rating of
Ripasa Celulose e Papel S.A. to 'B+' from 'B' and revised the
rating outlook to Stable from Positive.

(Refer to Fitch's Notes below for further info)


SADIA: Sovereign Upgrade Causes Upgrade on LTFC Rating
------------------------------------------------------
Fitch Ratings upgraded the long-term foreign currency rating of
Sadia S.A. to 'B+' from 'B' and revised the rating outlook to
Stable from Positive.

(Refer to Fitch's Notes below for further info)


SAMARCO MINERACAO: Fitch Ups Rating, Revises Outlook to Stable
--------------------------------------------------------------
Fitch Ratings upgraded the long-term foreign currency rating of
Samarco Mineracao S.A. (Samarco) to 'B+' from 'B' and revised the
rating outlook to Stable from Positive.

(Refer to Fitch's Notes below for further info)


TELEMAR: Fitch Changes LTFC Rating Outlook to Stable
----------------------------------------------------
Fitch Ratings upgraded the long-term foreign currency ratings of
Tele Norte Leste Participacoes S.A. and subsidiary Telemar Norte
Leste S.A. to 'B+' from 'B' and revised the rating outlook to
Stable from Positive.

(Refer to Fitch's Notes below for further info)


TRIKEM: Fitch Upgrades LTFC Rating to `B+'
------------------------------------------
Fitch Ratings upgraded the long-term foreign currency rating of
Trikem S.A. to 'B+' from 'B' and revised the rating outlook to
Stable from Positive.

(Refer to Fitch's Notes below for further info)

FITCH NOTES: The upgrades on the long-term foreign currency
ratings of the above-mentioned companies follow the recent
upgrade of the foreign currency rating of the Federative Republic
of Brazil to 'B+' from 'B'. The corporate foreign currency
ratings continue to be constrained by the 'B+' rating of the
sovereign.

Fitch's upgrade of Brazil's sovereign rating is a result of the
improving performance of the country's economy as well as its
macroeconomic policy framework. Fitch believes that the
precautionary agreement with the IMF announced on Nov. 5
demonstrates the commitment of the Brazilian authorities to
appropriate fiscal policy settings and signals the IMF's
intention to help financially insulate Brazil from external
shocks over the medium term. The Rating Outlook for Brazil is
Stable.

CONTACT:  Fitch Ratings
          Daniel R. Kastholm, CFA, 312-368-2070, Chicago
          Joseph Bormann, CFA, 312-368-3349 Chicago
          Rafael Guedes, +55-11-287-3177, Sao Paulo
          Matt Burkhard, 212-908-0540, New York (Media Relations)


BRASKEM: Reports 3Q03 Losses
----------------------------
Financial costs and losses from its subsidiaries pushed Brazil's
Braskem, Latin America's No. 1 petrochemical company, back into
the red.

According to a report by Reuters, Braskem posted a net loss of
BRL58 million (US$20.4 million) in the third quarter of 2003
after reporting a net profit of BRL338 million in the second
quarter of the same year.

However, the BRL58-million loss for the third quarter this year
is an improvement from the BRL1.4-billion loss in the same period
last year.

Net revenues in the July-September 2003 period totaled BRL2.2
billion, practically the same as a year before, and earnings
before interest, taxes, depreciation and amortization (EBITDA)
rose by 26% to BRL461 million.

EBITDA margin -- a measure of cash flow -- rose 4 percentage
points to 21 percent, Braskem said.

Braskem also said it managed to reduce its short-term debt, by
BRL1 billion in the quarter. Such debt made up 41% of BRL6.9
billion in total gross debt at the end of September.

Braskem, which was born out of an August 2002 merger between
local groups Odebrecht and Mariani, with giant petrochemical
operation Copene as its base, sells its products in Latin
America, the United States and Europe.


CFLCL: Concludes Debt Restructuring Program
-------------------------------------------
Cataguazes-Leopoldina and its subsidiaries announced the
conclusion of approximately R$ 750 million debt restructuring,
which will enable the companies to comply its short-term
obligations with its cash flow generation, and to reduce current
borrowing spreads. The program complies a R$ 130 million
debentures issuance, the extension of tenors to existing working
capital payable to commercial banks and suppliers, in addition to
stretching tenors on tax liabilities (R$14 million), debt
subordination to shareholders (R$26 million) and a capital
increase of R$20 million at the parent company level, as well as
extension of tenors of debts payable to banks and suppliers, in
addition to tax liabilities, of the subsidiaries companies in the
approximate amount of R$560 million, of which R$9 million refers
to CENF, R$328 million to Energipe, R$8 million to CELB and R$215
million to Saelpa.

Payment of short-term bank debts, renegotiated to around R$490
million, will be due in up to 54 months (average of 45 months).
Fifty-seven percent of this amount will be subject to a cost
equivalent to the long-term interest rate (TJLP) + 7% per year,
and the remaining 43% will be restated at an approximately
average cost of CDI + 6% per year.

As for liabilities relating to energy suppliers and tax, in the
approximate amount of R$215 million, maturity dates have been
extended by up to 120 months, with an average term of 95 months.
Of this total, 47% will be restated using the IPCA index, 14% by
the TJLP, both without any spread, and the remainder (39%) will
be restated using the IGP-M index, plus a spread of 12% per year.

This present debt restructuring should re-establish the short-
term liquidity needed for the operations of the Cataguazes-
Leopoldina Group, substantially reducing the need for refinancing
over the coming years. It is also important to highlight the
perspectives for improved consolidated cash generation (EBITDA)
of Cataguazes-Leopoldina, in view of the start-up of operations
of four hydro-electric plants in 2003, adding around 77 MW
(annual production of 375GWh) to the installed capacity of the
Cataguazes-Leopoldina Group.

Consolidated Operating Revenue of Cataguazes Cataguazes-
Leopoldina was R$925 million in 9 months

Consolidated electricity sales increased by 8.6% in the first
nine months of 2003, compared to the same period last year,
reaching 4,359 GWh. However, when compared to the consolidated
volume sold in the same months of 2000 (without energy
rationing), this sales level is higher by only 3.0%. Greater
consumption of energy was noted more in the Northeast region than
in the Southeast. On a per distributor basis for companies in the
Sistema Cataguazes-Leopoldina, accumulated sales this year,
compared to the same period in 2000, are as follows: Northeast -
Saelpa (+7.7%); CELB (+3.4%) and Energipe (+3.0%); Southeast -
CFLCL (- 2.5%) and CENF (- 11.6%).

Consequently, the consolidated gross operating revenue of
Cataguazes-Leopoldina reached R$925 million in the first nine
months of 2003, corresponding to an increase of 21.7% compared to
the same period in 2002.

CONTACT:  In Cataguases
          Phone: +55 32 3429-6000
          Fax: +55 32 3429-6480 / 3429-6317

          In Rio de Janeiro
          Phone: +55 21 2122-6900
          Fax: +55 21 2122-6931

          http://www.cataguazes.com.br
          E-mail to: stockinfo@cataguazes.com.br

          Mauricio Perez Botelho, Investor Relations Director


ELETROPAULO METROPOLITANA: Prepares $49M Debt Exchange
------------------------------------------------------
Brazilian power distributor Eletropaulo Metropolitana S.A. is
preparing to exchange US$47.7 million of commercial paper due
December 9 and US$1.3 million of defaulted commercial paper that
matured on the same date last year, reports Bloomberg News.
Investors are asked to decide on the offer by November 20.

The Company is planning to extend liability payments after a loss
last year, the report adds. The Company reported a BRL871 million
net loss on a combination of lower consumption and a declining
local currency. The Brazilian reais lost 35% of its value against
the dollar last year.

Eletropaulo a unit of AES Corp., has 5.3 billion reais of debt.
Standard & Poor's in Sao Paulo has assigned a "D" rating to it
since April this year.

Recently, the Company is enjoying a 5.6% increase in shares at
the Sao Paulo Stock Exchange. Bloomberg reveals that shares went
up BRL2.23 to BRL42.35, its highest closing price since July last
year.


GERDAU: Merging Operations In Brazil
------------------------------------
The assets of Gerdau S.A. in Brazil and those of Aco Minas Gerais
S.A. (Acominas) will be merged into a single company: Gerdau
Acominas, responsible for all of the Gerdau Group's steel
operations in Brazil

The Gerdau Group announced Thursday the formalization of the
merger process between Gerdau S.A. and Aco Minas Gerais S.A.
(Acominas). Under the plan Acominas will change its name to
Gerdau Acominas S.A., with the new company taking its place as
one of the leaders of the Brazilian steelmaking sector. In the
first nine months of 2003, the combined operations of Gerdau S.A.
and Acominas produced 5.2 million metric tons of steel and
generated revenues of R$ 6.7 billion.

Gerdau Acominas focuses on three market niches: common long
steel, long specialty steels, and slabs, blooms and billets. The
company will operate ten mills in the south, southeast and
northeast of Brazil, nine long steel service centers (fabrication
shops), five transformation units, and Comercial Gerdau, with 73
branches and five service centers. The Comercial Gerdau is the
largest retailer of steel products in the country.

"The new structure will allow us to optimize the operations of
the units and make the most of our investments. It will also
combine complementary assets into a single company, which will
result in an improved product mix and in a solid growth platform
for the Gerdau Group", stated Gerdau president, Jorge Gerdau
Johannpeter.

The merger of will generate operational and commercial synergies,
as well as the optimization of administrative processes.
Additionally, it will enhance cash generation and produce tax
savings at the federal state and municipal levels. Extraordinary
shareholders' meetings will be held for the companies involved on
November 28, for the purpose of approving the implementation of
the new structure.

Gerdau began at Acominas in 1997

The Gerdau Group's involvement in Acominas began in 1997, when it
was invited by the then shareholders of the company to
participate in the management of the Ouro Branco mill. Over the
years, Gerdau has invested US$ 1.1 billion in Acominas,
capitalizing and modernizing the unit and increasing the group's
shareholdings.

Gerdau Acominas, headquartered at Ouro Branco, in the state of
Minas Gerais, will be controlled by Gerdau S.A., which will now
hold approximately 92% of its capital stock.

Gerdau S.A. is a listed company, and there will be no change in
the way its shares are traded at the Sao Paulo, New York and
Madrid Stock exchanges.

In addition to Gerdau Acominas, Gerdau S.A. controls Gerdau
Ameristeel in the U.S.A and Canada, Gerdau AZA in Chile and
Gerdau Laisa in Uruguay. It also holds 38% of Sipar, in
Argentina. The Gerdau Acominas financial statements will be
presented together with the consolidated Gerdau S.A. reports.

The Gerdau Group's corporate governance will remain unchanged,
consisting of a Board of Directors, which is in charge of the
general orientation and overall direction of the business, the
officers and the Corporate Executive Committee, which coordinates
the Group's operations as a whole, in Brazil and abroad.

Gerdau Acominas will also have a Board of Directors, made up of
five members, one of which will be nominated by the Acominas
Employees' Shareholding Association. The Executive Committee of
Gerdau Acominas will coordinate the following business
operations: Gerdau Long Steel Products Brazil, Gerdau Specialty
Steel and Gerdau Acominas, which will be responsible for the
production and sale of slabs, blooms, billets, profiles and wire
rod. Each business will have its own executive committee. The
executive committee of the Gerdau Acominas business operation
will include the current Acominas officers, who will manage the
company.

New investment project for Minas Gerais

Together with the merger announcement, the Gerdau Group also
announces that studies for the duplication of the Ouro Branco
mill are under way. The investment, budgeted to total US$ 1.2
billion, will increase nominal capacity from three to six million
metric tons of steel. This production expansion is aimed at the
export market and should generate approximately one thousand
jobs: 700 direct and 300 indirect.

The highlights of the investment are the installation of a second
blast furnace, a sinter oven, a coke oven, a melt shop, and a
continuous caster for blooms, as well as a billet inspection
line, dephosphorization equipment and advanced technologies to
increase operating safety.

CONTAT:  Press Office +55(51) 3323-2170
         imprensa@gerdau.com.br
         www.gerdau.com.br



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

BANINTER: Liquidators To Close Remaining Branches This Month
------------------------------------------------------------
The remaining branches of the Dominican Republic-based bank
BanInter will be closed this month, relates Business News
Americas, citing a report by local newspaper Listin Digital.

The bank's current and savings accounts holders must have
personally transfer funds to the bank's new owner, Scotiabank,
the liquidation committee said in a press release. The deadline
for fund transfers is November 26.

Scotiabank bought the defunct bank in September, taking over 39
branches and its 460 employees. The sale also turned over
selected financial assets including credit card, personal and
commercial credits to Scotiabank.

BanInter was intervened after it was found to have engaged in
massive fraudulent operations that drained it of about US$657
million. The country's central bank and the private banking
sector allocated 50 billion pesos to BanInter account holders,
the report adds.



=====================
E L   S A L V A D O R
=====================

MILLICOM INTERNATIONAL: Commences Cash Tender Offer
---------------------------------------------------
Millicom International Cellular S.A. ("Millicom") announced
Friday that it has commenced a cash tender offer and consent
solicitation for all of the $395,219,000 outstanding principal
amount of its 11% Senior Notes due 2006 (the "Notes"). The total
consideration to be paid for each validly tendered Note will be
equal to $1,022.50 per $1,000 principal amount of the Notes, plus
any accrued and unpaid interest on the Notes up to, but not
including, the date of payment, as the case may be.

The total consideration includes a consent payment of $7.50 per
$1,000 principal amount of Notes, payable only to holders who
tender their Notes and validly deliver their consents prior to
5:00 p.m., New York City time, on November 18, 2003 (the "Consent
Date"), unless terminated or extended. Holders who tender their
Notes after the Consent Date will receive the total consideration
less the consent payment of $7.50, which is equal to $1,015.00
per $1,000 principal amount of the Notes.

In conjunction with the tender offer, consents are being
solicited to effect certain proposed amendments to the indenture
governing the Notes. Among other things, these amendments would
eliminate certain of the indenture's restrictive covenants, would
amend certain other provisions contained in the indenture and
would shorten the optional redemption notice period of the Notes.
Subject to the satisfaction of the financing condition and the
requisite consent condition, the expected settlement date for
holders tendering before the Consent Date is on or around
November 25, 2003. Adoption of the proposed amendments requires
the consent of the holders of at least a majority of the
principal amount of the Notes outstanding. Holders who tender
their Notes will be required to consent to the proposed
amendments and holders may not deliver consents to the proposed
amendments without tendering their Notes in the tender offer.

The tender offer is conditioned upon, among other things, the
receipt of consents necessary to adopt the proposed amendments
and the completion by Millicom of a related financing
transaction. If the financing is completed and less than all of
the outstanding notes are tendered in the tender offer, then we
intend to redeem any outstanding Notes in accordance with their
terms.

The tender offer will expire at 11:59 p.m., New York City time,
on December 8, 2003, unless terminated or extended. Tenders of
Notes may be withdrawn and consents may be revoked pursuant to
the tender offer at any time before the Consent Date. After the
Consent Date, tenders of Notes and consents may be revoked only
if the tender offer is terminated without any Notes being
accepted by Millicom for purchase under the tender offer or if
Millicom reduces the consideration to be paid for each validly
tendered Note or the aggregate principal amount of the Notes
subject to the tender offer.

Morgan Stanley & Co. Incorporated is acting as the exclusive
dealer manager and solicitation agent for the tender offer and
the consent solicitation. The depositary for the tender offer is
the Bank of New York. The tender offer and consent solicitation
are being made pursuant to an Offer to Purchase and Consent
Solicitation Statement dated November 7, 2003, and a related
Letter of Transmittal and Consent, which more fully set forth the
terms and conditions of the tender offer and consent
solicitation.

Questions regarding the tender offer and consent solicitation may
be directed to Morgan Stanley & Co. Incorporated, at (800) 624-
1808 (toll free) or (212) 761-1897 (call collect). Requests for
copies of the Offer to Purchase and Consent Solicitation
Statement and related documents may be directed to D. F. King &
Co., Inc., at (212) 269-5550.

This announcement is not an offer to purchase, a solicitation of
an offer to purchase, or a solicitation of consents with respect
to the Notes. The tender offer and consent solicitation are made
solely by means of the Offer to Purchase and Consent Solicitation
Statement.

Stabilisation: FSA/IPMA

Securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "Securities
Act"). Securities may not be offered or sold in the United States
or to, or for the account or benefit of U.S. persons (as such
term is defined in Regulation S under the Securities Act) except
pursuant to a registration statement under, or an applicable
exemption from the registration requirements of, the Securities
Act.

If you are in any doubt as to the action you should take, you are
recommended to seek your own financial advice immediately from
your stockholder, bank manager, solicitor, accountant or other
independent financial adviser authorized under the Financial
Services and Markets Act 2000 (if you are in the United Kingdom),
or from another appropriately authorized independent financial
adviser.

This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of such jurisdiction. Additionally,
this press release shall not constitute a solicitation of
consents or proxies in any jurisdiction in which it is unlawful
to make such solicitation or grant such consents or proxies.

Millicom International Cellular S.A. is a global
telecommunications investor with cellular operations in Asia,
Latin America and Africa. It currently has a total of 16 cellular
operations and licenses in 15 countries. The Group's cellular
operations have a combined population under license of
approximately 382 million people. In addition, MIC provides high-
speed wireless data services in five countries.

CONTACTS:  MILLICOM INTERNATIONAL CELLULAR S.A., Luxembourg
           Marc Beuls, President and Chief Executive Officer
           Telephone: +352 27 759 101

           Shared Value Ltd, London
           Andrew Best, Investor Relations
           Telephone: +44 20 7321 5022

           URL: www.millicom.com


MILLICOM INTERNATIONAL: Announces Offering in New Senior Notes
--------------------------------------------------------------
Millicom International Cellular S.A. ("Millicom") announced
Friday its intention to offer $550 million in New Senior Notes to
refinance its outstanding $395 million 11% Senior Notes due 2006
and its outstanding $137 million 13.5% Senior Subordinated Notes
due 2006. Millicom intends to make an offer to purchase for cash
(the "Tender Offer") up to all of its outstanding 11% Senior
Notes and to seek the consent of a majority of the holders of its
11% Senior Notes to amend certain provisions of the indenture.
The Tender Offer will commence in the near future and more
details will be forthcoming. The Tender Offer will be subject to
consummation of the New Senior Notes offering. If less than all
of the outstanding 11% Senior Notes are purchased in the Tender
Offer in connection with the offering of the New Senior Notes,
Millicom intends to redeem the remaining 11% Senior Notes in
accordance with their terms. Millicom also intends to seek the
consent of a majority of the holders of its 2% Senior Convertible
Payable-in-Kind Notes (the "2% Senior Convertible PIK Notes") to
waive certain covenants. If such consents are not obtained in
connection with the offering of the New Senior Notes, Millicom
intends to redeem the 2% Senior Convertible PIK Notes in
accordance with their terms. Effectively, these waivers or
redemptions would enable Millicom to redeem its 13.5% Senior
Subordinated Notes, following the consummation of the offering of
the New Senior Notes.

Stabilisation: FSA/IPMA

The New Senior Notes have not been and will not be registered
under the United States Securities Act of 1933, as amended (the
"Securities Act"). The New Senior Notes may not be offered or
sold in the United States or to, or for the account or benefit of
U.S. persons (as such term is defined in Regulation S under the
Securities Act) except pursuant to a registration statement
under, or an applicable exemption from the registration
requirements of, the Securities Act.

In the United Kingdom, this announcement is directed exclusively
at persons who fall within article 19 or article 49 of the
Financial Services and Markets Act 2000 (Financial Promotion)
Order 2001.



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

JPSCO: Holds Almost $1B in Customer Deposits
--------------------------------------------
The Jamaica Public Service Company (JPSCo) is holding some $965.3
million in customer's deposits as part a service agreement,
reports the Jamaica Observer recently. The Company said that the
amount, collected as of December 31 last year, is used as
security against customers who opt to terminate their services
with unpaid bills.

JPSCo's spokesman Hubert Lawrence explained that the light and
power company required the deposit of approximately two months'
average consumption for residential customers at the beginning of
the service contract, said the report.

"Since new customers begin to consume electricity before they
receive their first bill, JPSCo requires a deposit to cover the
estimated cost of supplying that electricity," he added.
Customers are asked to deposit $1,500 for residents, $6,000 for
small non-residential accounts, while large customers are
assessed on the basis of the load presented in their application
for the service.

The deposit would not cover service reconnection charges. Mr.
Lawrence explained that the reconnection fee only covers that
actual disconnection and reconnection costs.

The money is returned only when the customer terminates the
service, which also means that customers are unlikely to get
their deposits back. The Company, however, insists that the
customers are not being placed at a disadvantage.

Mr. Lawrence explains, "The customers are not disadvantaged as
interest is paid on these deposits at rates tied to treasury bill
rates. Deposits are returned to customers when their respective
accounts are closed."



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

MEXICANA AIRLINES: Ends Code Share Agreement with United Airlines
-----------------------------------------------------------------
United Airlines and Mexicana Airlines announced Friday that their
code share and regulatory cooperation agreement will end,
effective March 31, 2004. United customers currently ticketed on
an itinerary that includes a Mexicana codeshare flight beyond
that date will be fully accommodated in their travel plans.

Mileage Plus accrual on Mexicana flights will also end on March
31, 2004. All Mileage Plus award reservations on Mexicana must be
booked and ticketed by December 31, 2003, and travel must be
completed by March 31, 2004. Customers will continue to enjoy
reciprocal lounge access until March 31, 2004.

"United customers can continue to book with confidence on United
for their future travel needs to Mexico," said Graham Atkinson-
senior vice president, worldwide sales and alliances, United
Airlines. "United Airlines remains fully committed to the Mexican
market and to its customers traveling to and from the region. We
have had a mutually beneficial agreement with Mexicana for the
past seven years, and both airlines will ensure that this is a
smooth transition for all our passengers."

United will continue to offer daily service to Mexico City from
its U.S. hubs in Chicago, Los Angeles, San Francisco and
Washington - Dulles. In addition, United recently announced that
it will begin service from Washington Dulles to Cancun, Mexico on
February 14, 2004, pending government approval.


MEXICANA AIRLINES: Star Alliance to Discuss Termination
-------------------------------------------------------
The members of Star Alliance agreed Friday to discuss a
termination of the membership of Mexicana Airlines in the global
alliance at the next regular Alliance Management Board meeting on
November 13 in Frankfurt, Germany.

The decision follows the official announcement of the termination
of the bilateral relationship between United Airlines and
Mexicana Airlines earlier Friday.

In a joint statement, the members of the alliance "regret this
development but do not see any other solution for the future of
our business partnership. The combined strength of the Star
Alliance membership will ensure that the international air travel
market, and in particular Mexico, will remain well served by our
team of high quality airlines."

Removal from the Star Alliance would be a further blow to
Mexico's efforts to sell state-owned Mexicana and its sister
airline AeroMexico SA. Both carriers are controlled by state
holding company Cintra SA, which lost MXN3 billion (US$269
million) in 2001 and 2002 combined, according to Bloomberg data.

Mexico's Finance Ministry hired Merrill Lynch & Co. in May 2002
to try for the second time to sell the two airlines, after the
investment bank failed to find a buyer the previous year.



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

BANCO DE GALICIA: Seeks Approval to Open Uruguayan Branch in 2004
-----------------------------------------------------------------
Diego Videla, the head of institutional affairs at Banco Galicia
(Galicia), revealed that the Argentine bank is currently in talks
with Uruguay's central bank in a bid to get approval to open a
branch in Uruguay next year.

Citing Videla, Business News Americas reports that the new branch
will initially focus on non-credit operations such as current
accounts, saving accounts and e-banking. A subsequent entry into
the lending segment will depend on the country's economic
development and that the bank has made no decision on this issue
as yet, Videla said.

Banco Galicia Uruguay was intervened and suspended in February
last year due to a liquidity crunch sparked by a run on deposits
involving its numerous Argentine clients. The Uruguay's central
bank has extended the bank's intervention status several times
since its original intervention. The latest extension was granted
on August 20, when the central bank extended the suspension until
November 30.

Banco Galicia Uruguay's deposits are currently frozen and the
bank is in the process of returning funds to clients through a
government-backed plan that has so far worked very well with full
compliance to the pre established repayment timetable.

Banco Galicia Uruguay began the process of returning the funds to
its customers in January with the plan to place 100% interest on
dollar deposits held by investor, according to regulations laid
down by Uruguay's central bank.

CONTACT:  Banco de Galicia Y Buenos Aires
          Tte Gral Juan D Peron 407
          Buenos Aires
          Argentina
          C1038AAI
          Phone: +54 11 6329 0000
          Fax: +54 11 6329 6100
          Home Page: http://www.bancogalicia.com.ar
          Contact:
          Juan Martin Etchegoyhen, Chairman
          Antonio R. Garces, Vice Chairman

          Grupo Financiero Galicia SA
          2nd Floor
          No 456 Tte Gral Juan D Peron
          Buenos Aires
          Argentina 1038
          Phone: +54 11 4343 7528/9475
          Home Page: http://www.gfgsa.com
          Contact:
          Atty. Abel Ayerza, Chairman



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

SIDOR: Strikes Agreement With SUTISS To End Go-Slow
---------------------------------------------------
Venezuelan steelmaker Siderurgica del Orinoco has reached an
agreement with the SUTISS union to end a go-slow of operations
that has seriously affected its production. The agreement
successfully averts a potential walk out by workers.

"The workers are very satisfied and we have already restarted the
plant," said SUTISS secretary general Jose Rodriguez, as quoted
by Reuters.

Business News Americas cited the Company as saying that it has
called for the creation of two commissions: one to oversee the
merit bonus issue and another to resolve safety issues.

Some 3,000 out of the Company's 5,700 workers participated in the
protest that cut production by half. Workers are demanding
changes in their merit bonuses and are protesting on "unsafe"
work conditions.

The accord will allow the Company to continue normal development
of its operations and timely delivery to clients, according to an
official statement from the Company.

The protest has stopped production at the Company's main cold-
rolling line and its billet-makint plants, while other plants are
working at half-capacity. The Company's officials declined to
comment on how much loss the protest has caused.

The Venezuelan government controls 40% of Sidor, while the
Amazonia consortium hold the other 60%. The consortium is
composed of Argentine group Techint, which owns 60.5%, Mexican
stellmaker Hylsamex has 19.5%, Brazilian company Usiminas holds
16.6%, Venezuelan steelmaker Sivensa owns the remaining 3.4%.



               ***********


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

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