TCRLA_Public/031112.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Wednesday, November 12, 2003, Vol. 4, Issue 224

                          Headlines

A R G E N T I N A

ACINDAR: Belgo Unveils Plan to Raise Stake to 70%
ACINDAR: Releases Results for the First Nine Months of 2003
ARTE GRAFICO: Argentine Fitch Rates US$600M of Bonds `D(arg)'
BANCO HIPOTECARIO: S&P Assigns Default Ratings to Bonds
BLANCO Y SALGADO: Court Schedules Bankruptcy Proceedings

BRONI: Individual Reports Due For Filing Today
CALDENIA Y ASOCIADOS: Credit Check For Reorganization Ends Today
CRUCITTA: Files "Concurso Preventivo" Motion
FAMCAM: Enters Bankruptcy On Court Orders
HECBI PRODUCCIONES: Commences Reorganization Process

IRSA: Reports ARS15.17 Mln Loss in the 1Q03
JOYITA: Court Approves Reorganization Petition
MASSUH: Commences Restructuring Process
METROGAS: S&P Comments on Restructuring
MIEL CARRASCO: Informative Assembly Scheduled for November 28

PAZTEX: Credit Check for Bankruptcy Process Ends December 30
REBA: Court Declares Company "Quiebra"
REPSOL YPF: Announces 2003-2007 Strategic Plan
SANCOR: S&P Assigns Default Ratings to Various Bonds
SCP: $400M of Bonds get `D(arg)' Rating from Local Fitch

SUAVECITOS: To Undergo Reorganization
WINLUCK: Court Orders Bankruptcy
ZEUCAMP: Court Assigns Receiver For Reorganization Process


B E R M U D A

FOSTER WHEELER: Announces Third-Quarter Financial Results


B R A Z I L

BANCO SUDAMERIS: Moody's Raises BFSR Following Acquisition
BCP: Claro, Creditors Sign Takeover Accord
LIGHT SERVICOS: Seeks Bigger Tariff Hike


D O M I N I C A N   R E P U B L I C

BANCO POPULAR: Moody's Cuts Ratings Following Sovereign Downgrade
TRICOM: Announces Resignation of Chairman of the Board


E C U A D O R

FILANBANCO: Creditors Present Claims To Tribunal


M E X I C O

CFE: Electricity Reforms Necessary to Avert Financial Meltdown


P A N A M A

CSS: Chairman Condemns Report Regarding Widespread Firings


P E R U

PAN AMERICAN: Increases Production, Lowers Cost In Third Quarter
PAN AMERICAN: Signs Bolivian Partner For Feasibility Study


P U E R T O   R I C O

CENTENNIAL COMMUNICATIONS: Closes Common Stock Offering


V E N E Z U E L A

CANTV: Shareholders Likely to Choose to Retire Shares

     -  -  -  -  -  -  -  -

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

ACINDAR: Belgo Unveils Plan to Raise Stake to 70%
-------------------------------------------------
Brazil's Belgo Mineira announced it plans to raise its stake in
Argentine steel firm Acindar Industria Argentina de Aceros SA to
70%.

Belgo Mineira's president in Brazil, Carlo Panunzi, confirmed the
Company wants to increase its ownership in Acindar by purchasing
the 20.5% stake owned by the Acevedo family.

Belgo Mineira currently owns 20.5% of Acindar, 7% belongs to the
International Finance Corporation and the rest is in hands of
pension funds administrators (AFJPs).

However, Acindar must conclude the restructuring of its foreign
debt for the deal to take place. The Company defaulted on debts
of US$220 million in November 2001, shortly before Argentina
posted a record debt default.

The proposed debt restructuring deal contemplates the repayment
of the debt in 18 monthly installments, the first of which
expires in the end of the year.

Panunzi said the debt restructuring deal is nearing completion
and should be signed soon. Once the restructuring has been
concluded, Mineira will choose the right time to raise our
presence in Acindar's capital, Brazilian daily Valor quoted him
saying.

The executive went on to say that Belgo Mineira would have to pay
US$55 million to expand its ownership in Acindar.


ACINDAR: Releases Results for the First Nine Months of 2003
-----------------------------------------------------------
Acindar S.A. (the "Company") announced Friday a net income for
the period ended September 30, 2003 of ARS442.3 million compared
with a net loss of ARS476.5 million for the same period of the
previous year.

The result for the nine-month period of 2003 was affected by a
net loss of ARS598.6 million of Financial and Holding Results,
due to the devaluation of the peso suffered in that period.
However, Financial and Holding Results for the period ended
September 30, 2003 were a net gain of ARS83.0 million, influenced
by the positive foreign exchange rate of ARS128.1 million
registered in the present period due to the revaluation of the
Argentine peso and the results of the debt restructuring process.

Operating Result

It is important to underline that any comparison between the nine
month period of 2003 and the same period in 2002 should take into
account the extremely adverse conditions prevailing in Argentina
during 2002. Therefore, a comparison between such periods should
be done carefully and must consider the fact that such periods
correspond to the most recessive and volatile period of the
recent Argentine history.

Net sales as of September 2003 increased 27.3%, to ARS978.1
million for the second period ended September 30, 2003, as
compared with ARS768.0 million for the same period of year 2002.

Domestic net sales increased from ARS462.9 million for the period
ended September 30, 2002 to ARS757.3 million for the present
period due to higher domestic demand.

Export sales decreased from ARS318.2 million for the period ended
September 30, 2002 to ARS241.3 million for the present period.

Gross profits for the period ended September 30, 2003 rose to
ARS424.6 million compared to ARS298.3 million for the same period
of year 2002.

Administration and selling expenses for the period ended
September 30, 2002 included a non-recurrent charge related to the
provision for debt restructuring fees. Consequently,
administrative and selling expenses for the nine months of year
2003 showed a decrease of 33.6% when compared with the same
period of year 2002.

As a consequence of this performance, EBITDA for the period ended
September 2003 was ARS389.4 million (39.8% of net sales), in
comparison with ARS204.3 million (26.6% of net sales) for the
same period of the previous year.

Financial and Holding Results for the period ended September 30,
2003 were a net gain of ARS83.0 million compared to a net loss of
ARS598.6 million for the same period of year 2002. The net gain
was consequence of the positive foreign exchange rate of ARS128.1
million registered in the present period due to the revaluation
of the Argentine peso and the results of the debt restructuring
process.

Income tax for the period was a gain of ARS29.2 million due to
the effect of deferred income tax applied since January 1, 2003
in accordance with new accounting rules.

Net income for the period ended September 30, 2003 amounted to
ARS442.3 million, no extraordinary results were recorded.

Debt Restructuring

Although negotiations haven't concluded, the Company believes
that legal documents would be finished in the very short term.

The agreement between the Company and its creditors will clear
away a risk factor and the uncertainty of its operational
activity.

CONTACT:  ACINDAR S.A.
          Jose I. Giraudo, Investor Relations Manager
          Tel: (54 11) 4719 8674

          Andrea Dala, Investor Relations Officer
          Tel: (54 11) 4719 8672


ARTE GRAFICO: Argentine Fitch Rates US$600M of Bonds `D(arg)'
-------------------------------------------------------------
Corporate bonds issued by Arte Grafico Editorial Argentino S.A.
were rated `D(arg)' by Fitch Argentina Calificadora de Riesgo
S.A. last Wednesday. The rating, based on the Company's finances
as of June 30 this year, is assigned to financial obligations
that are currently in default.

The Comision Nacional de Valores described the affected bonds,
worth a total of US$600 million, as "obligaciones negociables".
The bonds were classified under "Program", but its maturity date
was not revealed.


BANCO HIPOTECARIO: S&P Assigns Default Ratings to Bonds
-------------------------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal Argentina
assigned default ratings to various bonds, worth a total of
US$3.8 billion, issued by Banco Hipotecario S.A. recently.

According to the Comision Nacional de Valores, S&P rates the
following bonds `raD':

-- US$600 million of bonds called "Programa Global de emisiĒn de
C‚dulas Hipotecarias Argentinas, autorizado por Decretos PEN N§
577/94, 139/96 y ResoluciĒn del Directorio N§190/96."

-- US$2 billion of "Programa Global de ONs autorizado por AGE de
fecha 24.10.97 y ampliaciĒn autorizada por AGE de fecha
14.12.98".

-- US$1.2 billion of bonds called "Programa de Obligaciones
Negociable (antes era por U$S 2.000 millones)"

The bonds were all classified under "program", and their maturity
dates were not revealed. S&P said that the rating is assigned to
bonds that are in currently in default or whose obligor has filed
for bankruptcy. The rating may also be used if interest payments
are not made on the date due even if the applicable grace period
has not expired, unless S&P believes that payments will be made
during the grace period.


BLANCO Y SALGADO: Court Schedules Bankruptcy Proceedings
--------------------------------------------------------
Court No. 24 of Buenos Aires has set the schedule for the
bankruptcy process of local company Blanco y Salgado S.A.,
relates Argentine news source Infobae. Clerk No. 47 aids the
court on the case.

The individual reports, which are prepared after the credit
verification process is closed on December 17, 2003, must be
submitted to the court on February 20 next year. After these are
processed at the court, the receiver will prepare the general
report, which is due on March 22, 2004.

The Company's receiver is Mr. Jorge Alfredo Cosoli, an accountant
from Buenos Aires. He will be responsible for the credit
verifications and the preparation of the required reports.

CONTACT:  Jorge Alfredo Cosolu
          Marcel T de Alvear  1364
          Buenos Aires


BRONI: Individual Reports Due For Filing Today
----------------------------------------------
The deadline for the filing of the individual reports for the
reorganization of Argentine company Broni S.A. expires today. The
Company's receiver, Mr. Alberto Leon Surijon prepared the reports
after the credit verification process was completed earlier this
year.

The Troubled Company Reporter - Latin America earlier revealed
that Buenos Aires Court No. 16 approved the Company's petition to
undergo reorganization. The court also requires the receiver to
prepare the general report after the individual reports are
processed at court.

The reorganization process will end with an informative assembly
to be held on August 25 next year.

CONTACT:  Alberto Leon Surijon
          Palestina 906
          Buenos Aires


CALDENIA Y ASOCIADOS: Credit Check For Reorganization Ends Today
----------------------------------------------------------------
The credit verification process for the reorganization of
Caldenia y Asociados S.A. ends today, the Troubled Company
Reporter - Latin America reported earlier. The Company's
receiver, Mr. Luis Alberio will start preparing the individual
reports on the results of the verifications.

The reorganization began after Court No. 1 of the Civil and
Commercial Tribunal of Bahia Blanca approved the Company's motion
for "Concurso Preventivo". Local sources, however, 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:  Caldenia y Asociados S.A.
          Zelarrayan 640
          Bahia Blanca


CRUCITTA: Files "Concurso Preventivo" Motion
--------------------------------------------
Argentine company Crucitta S.A. is attempting to undergo
reorganization. A report by local news source Infobae indicates
that the Company has filed a motion for "Concurso Preventivo" at
the city's Court No. 24. Clerk No. 47 aids the court on the case,
which could open the reorganization process for the Company.

CONTACT:  Crucitta S.A.
          Montiel 2636
          Buenos Aires


FAMCAM: Enters Bankruptcy On Court Orders
-----------------------------------------
First Argentine Mortgage Corporation Argie Mae S.A., which is
based in Buenos Aires, entered bankruptcy on orders from the
city's Court No. 1. A report by local news source Infobae
indicates that Clerk No.2 aids the court on the case.

The designated receiver, Ms. Adriana Raquel Esnaola will
authenticate creditors' claims until December 19. Verifications
are done to determine the nature and amount of the Company's
debt. Results of from this process will be used as gage on
payments to be made after the liquidation of the Company's
assets.

CONTACT:  Adriana Raquel Esnaola
          Juncal 615
          Buenos Aires


HECBI PRODUCCIONES: Commences Reorganization Process
----------------------------------------------------
Buenos Aires Court No. 14 approved the reorganization of local
company Hecbi Producciones S.R.L., which was in the midst of
bankruptcy proceedings. Argentine news source Infobae relates
that the city's Clerk No. 27 aids the court on the case.

The Company retains its receiver, Ms. Susana Graciela Marino, who
will verify creditors' claims until December 18 this year. The
individual and general reports are to be submitted to the court
on March 2, 2004 and April 14, 2004, respectively.

The informative assembly will take place on September 30 next
year, Infobae relates.

CONTACT:  Susana Graciela Marino
          Uruguay 560
          Buenos Aires


IRSA: Reports ARS15.17 Mln Loss in the 1Q03
-------------------------------------------
IRSA Inversiones y Representaciones Sociedad Anonima (IRSA), the
leading real estate company in Argentina, reported a first-
quarter loss of ARS15.17 million, Dow Jones reports, citing a
brief filing to the stock exchange.

The Company, whose fiscal year ends on June 30, said its total
net assets as of Sept. 30, 2003, were ARS794.3 million. However,
with the Company holding considerable dollar-denominated debts,
the 3.8% weakening of the peso between July and September may
well have hit its financial and holdings results.

In September, the Company reported ARS286.4 million net income in
the 2002 fiscal year ending June 30.

IRSA is Argentina's largest, most well-diversified real estate
company, and it is the only company within the industry whose
shares are listed on the Bolsa de Comercio de Buenos Aires and
The New York Stock Exchange. Through its subsidiaries, IRSA
manages an expanding top portfolio of shopping centers and office
buildings, primarily in Buenos Aires. The company also develops
residential subdivisions and apartments (specializing in high-
rises and loft- style conversions) and owns three luxury hotels.
Its solid, diversified portfolio of properties has established
the Company as the leader in the sector in which it participates,
making it the best vehicle to access the Argentine real estate
market.

CONTACT:  IRSA Inversiones y Representaciones S. A.
          Gustavo Mariani, Finance Manager
          Phone: +011-54-11-4323-7513
          Email: gm@irsa.com.ar
          Web site: http://www.irsa.com/


JOYITA: Court Approves Reorganization Petition
----------------------------------------------
Buenos Aires Court No. 12 approved the motion for "Concurso
Preventivo" filed by local company Joyita S.A. recently. The
Company starts its reorganization process with local accountant
Mario Degesa as receiver.

Creditors must have their claims authenticated by December 15.
The verification process is done to ascertain the nature and
amount of the Company's debts.

The receiver is also required to prepare the individual and
general reports on the process. However, the source did not
mention whether the court, which works with Clerk No. 23 on the
case, has set the deadlines for the filing of these reports.

CONTACT:  Joyita S.A.
          Tucuman 1455
          Buenos Aires

          Mario Degesa
          Bouchard 468
          Buenos Aires


MASSUH: Commences Restructuring Process
---------------------------------------
Argentine paper producer Massuh initiated a restructuring process
that will allow the firm to reduce its ARS150-million structural
debt by up to 25%, save operating costs and release funds for a
big investment plan destined to upgrade the technology in order
to produce more.

The restructuring has two areas. First, the merger of three
subsidiaries: paper producers Brillapel and Della Penna San Luis,
and iron and steel firm Servicios Industriales Adasta.

Second, the capitalization of ARS17.8 million worth of ordinary
shares followed by an exchange of ARS53 million in debt for share
ownership.

The success of this process will depend on the response of
creditors. Sources from the firm told daily Infobae that
according to a poll carried out a few weeks ago, they would be
willing to accept the proposal.

The merger of subsidiaries will allow Massuh to release funds to
be invested in new technologies.

Massuh spokesperson said the restructuring process might end in
February 2004.


METROGAS: S&P Comments on Restructuring
---------------------------------------
Metrogas S.A. (local currency D/--/--; foreign currency D/--/--),
Argentina's largest natural gas distributor, recently launched a
proposal to restructure all of its financial indebtedness under
an Out of Court Agreement, or "Acuerdo Preventivo Extrajudicial"
(APE).

The proposal includes approximately US$377.2 million in bonds and
US$77.5 million in bank debt.

As of June 30, 2003, Metrogas had US$454.7 million of debt
including accrued interest expenses. The company stopped payments
in March 2002 after the mandatory pesification of the company's
tariffs in early 2002 which, combined with the strong devaluation
of the peso, created a significant mismatch between a peso-
denominated revenue base and a dollar-denominated debt profile.

Standard & Poor's will closely monitor further developments under
the restructuring process and, once it is completed, evaluate
Metrogas' resulting repayment capacity to determine the
appropriate rating.


MIEL CARRASCO: Informative Assembly Scheduled for November 28
-------------------------------------------------------------
The informative assembly for the reorganization of Argentine
company Miel Carrasco S.A. will be held on November 28 this year
relates local news portal Infobae. The informative assembly is
one of the last parts of a reorganization process.

Court No. 2 of the Civil and Commercial Tribunal of Tandil in
Argentina holds jurisdiction over the Company's case. Infobae,
however, did not reveal the name of the receiver who managed the
Company's reorganization.


PAZTEX: Credit Check for Bankruptcy Process Ends December 30
------------------------------------------------------------
Creditors of Buenos Aires company Paztex S.A. must have their
claims verified by the Company's receiver, Mr. Jose Maria Larrory
before the December 30, 2003 deadline expires, reports local news
portal Infobae.

The city's Court No. 1 recently ordered the Company's bankruptcy,
Infobae adds. Clerk No. 1 assists the court on the case. In the
meantime, the deadlines for the submission of the individual and
general reports have not been revealed.

CONTACT:  Jose Maria Larrory
          Viamonte 1348
          Buenos Aires


REBA: Court Declares Company "Quiebra"
--------------------------------------
Buenos Aires Court No. 14 declares Reba S.A. "Quiebra", reports
Argentine news source Infobae. The ruling places the Company
under bankruptcy.

Working with Clerk No. 27, the court assigned Mr. Alberto Jorge
Rotenberg as receiver for the process. The receiver will verify
creditors' claims until December 13 this year. The individual
reports, which are to be prepared upon completion of the
verifications, must be submitted to the court on March 26 next
year.

The receiver is also required to prepare a general report after
the individual reports are processed at court. The court ordered
the receiver to file this report on May 10, 2004. The Company's
assets will then be liquidated to reimburse creditors.

CONTACT:  Alberto Jorge Rotenberg
          Cordoba 1336
          Buenos Aires


REPSOL YPF: Announces 2003-2007 Strategic Plan
----------------------------------------------
Alfonso Cortina proposes a 30% dividend increase for 2003
- More than 5% annual production growth
- The average margin per barrel will increase by more than 10%
- Investments of EU18,800 million
- Debt ratio to reach between 15 - 25%
- Eu900 million in recurring cost savings
- More than 14% Return on Capital Employed (ROACE)

Repsol YPF's CEO, Alfonso Cortina, and COO, RamĒn Blanco,
unveiled the 2003-2007 Strategic Plan today.  This plan,
underpinned by four essential pillars, operating business
excellence, financial discipline, profitable production growth,
and geographical diversification, will contribute to meeting the
priority target of creating value and improving the return on
capital employed (ROACE).
Operating excellence: ongoing cost optimisation in all the
business areas.

Repsol YPF is an efficient and low cost operator. Finding costs,
finding and development costs, and reserve replacement in
Exploration and Production are among the lowest in the sector.

In Refining, the efficiency levels, based on integration and
flexibility, are much higher than the sector average in the
regions where the Company operates (Europe and Latin America).
Profitability in the chemical business is also among the highest
thanks to the high level of business integration.

In the 2003-2007 Strategic Plan, Repsol YPF will continue to
improve operating efficiency in all the operational areas.  After
meeting the cost cutting target for 2005 ahead of time in 2003,
which envisaged for Eu600 million in savings, Repsol YPF is now
setting a more demanding target for 2007 that calls for Eu900
million in recurring cost savings. Financial strength:  More
demanding objectives

The 2003-2007 Strategic Plan further emphasizes the financial
discipline policy implemented by the Company in the last few
years and sets a 15 - 25% debt/equity ratio target for this
period.

In this sense, it is worth mentioning that even though Repsol YPF
made a commitment in its previous 2001-2005 Strategic Plan to
reduce its debt ratio from 30 to 35% in 2005, this ratio,
currently at 24.3%, is much better than the initial objectives.

Profitable growth:  within the top range of the oil companies

For the 2002-2007 period the Strategic Plan contemplates more
than 5% annual oil and gas production growth for the period 2002-
2007, placing Repsol YPF among the top oil companies in terms of
growth. Increased production will be compatible with higher
profitability, which at the end of this period should reflect
more than 10% increase in the unit production margin.

Deconcentration: Expansion into new areas

Expansion into new areas such as Trinidad and Tobago, Libya,
Venezuela, the Gulf of Mexico, Ecuador, Bolivia, and Brazil, will
improve the Company's business structure and risk profile.  This
greater geographical diversification will go hand in hand with
the consolidation of production in Argentina.

Oil and gas production in Argentina at the end of the 2003-2007
period will account for 56% of the Company's total production
instead of 72% in 2002, while other countries will contribute 44%
of total production.

Value creation:  Higher ROACE

All the previously mentioned actions will contribute to creating
value, which, in terms of return on capital employed (ROACE)
imply more than 9% reported growth and 14% adjusted (excluding
goodwill).

Repsol YPF's CEO, Alfonso Cortina, announced the Company's
strategic lines of action until 2007 and stated his intention of
"proposing a gross dividend of 0.4 euro per share for 2003, that
is, 30% higher than the one paid in 2002".  He also mentioned
"pay-out in the long term would reach approximately 40% of the
Company's profit in mid-cycle conditions".

Alfonso Cortina stated "Repsol YPF continues to set the
foundations for sustainable growth", and said that Repsol YPF's
financial strategy in the coming years would "focus on a prudent
financial policy and strict investment discipline in which the
allocation of resources would obey the principle of maximising
profitability and creating value for shareholders".

As stated by the CEO, Repsol YPF's Investment Program for 2003-
2007 will reach EU18,800 million, of which 60%, Eu11,280 million
would be spent in Exploration and Production; 26%,  Eu4,888
million, in Refining and Marketing; 8%, Eu1,504 million in Gas &
Power, and 6%, Eu1,128 in the Chemical business.  Of the total
planned investments, 46% would be made outside Spain and
Argentina, in line with the Company's diversification policy.

Investment program summary

Exploration and Production

The strength of current assets and the attractive projects in the
portfolio will ensure that Repsol YPF's growth would be among the
strongest in the sector.  This growth will be compatible with a
more than 10% increase in the unit margin for production.

Among the key growth driving projects in the next few years are
Trinidad and Tobago - where production in the 2002-2007 period is
expected to grow at an annual rate of 44%- and Libya - where
besides being the leading producer, after the state company,
Repsol YPF expects to increase 15% annual production growth in
the next five years and expects to obtaining new highly
profitable exploration blocks.

After 2007, other projects will be added, such as the new
projects under consideration in Algeria, Iran, Qatar, Venezuela,
Argentina, and West Africa, thereby laying a solid foundation for
oil and gas production beyond the period contemplated in the
Strategic Plan.

Gas

Repsol YPF is the private Company with the largest gas reserves
in Latinamerica.  These reserves, and the Company's experience in
integrated LNG (liquid natural gas) projects, and its leading
positioning in growing markets, ensure profitable growth based on
the integrated chains.

Repsol YPF and Gas Natural Sdg have been working on specific
projects in different areas in this business (sea transport
agreements, natural gas supplies for several projects, etc.).
Within this context, both companies are analysing formulas to
enhance this collaboration.

Refining and Marketing

Repsol YPF will base its refining and marketing strategy on
consolidating its position in those countries where it is a
leader and on expanding into high potential markets that ensure
quality earnings.

The Company is the leading refining operator in Spain, Argentina,
and Peru; the leading marketing operator in Spain and Argentina;
the main LPG distribution company in Spain, Argentina, Ecuador,
Peru, Bolivia, and Chile; and the third leading LPG Company
worldwide.

The markets where Repsol YPF operates are recording more robust
growth than the world average and more than the industrialised
countries.  This will ensure greater growth potential than other
oil companies.  This, and plus operational improvements and
ongoing cost savings, will drive sustained earnings growth.

Chemical

The integration of Repsol YPF's chemical business covering 90% of
assets enables the Company to optimise all the links in the value
chain.  The Company has proprietary highly competitive
technologies and enjoys a strong level of operating efficiency.
Productivity in the 1990 - 2002 period increased threefold with
unit production costs declining 30%.  The operating margin in the
chemical division has been the second best in the last eight
years.

The Company's Strategic Plan contemplates the consolidation of
this competitive advantage in the coming years. Until 2007, the
Company will continue to improve the competitiveness of its
petrochemical area, where productivity per employee will increase
9% per year and where costs will be reduced by 4% each year until
2007.


SANCOR: S&P Assigns Default Ratings to Various Bonds
----------------------------------------------------
A total of US$394.8 million of corporate bonds issued by Sancor
Coop. Unidas Ltda. received `raD' ratings from Standard & Poor's
International Ratings, Ltd. Sucursal Argentina. S&P said that the
ratings are assigned to financial obligations that are currently
in default.

The affected bonds include US$300 million of "Programa de
Obligaciones Negociables" due on April 23, 2006, relates the
Comision Nacional de Valores, Argentina's securities regulator.
These bonds were classified under "Program", the CNV adds.

Some US$19 million of "Serie 2, bajo el Programa de Ons. por U$S
300 millones" received the same default ratings. These are
classified under "Series and/or Class", and mature on January 27
next year.

The rating also applies to US$75.8 million of bones called "Serie
3, bajo el Programa de Ons. por U$S 300 millones", also under
"series and/or class". These also mature on January 27, 2004.

The rating assigned is based on the Company's finances as of the
end of June this year. S&P said that the rating may also be
assigned when interest payments are not made on time even if the
applicable grace period has not expired, unless S&P has reason to
believe that the Company will make payments on the grace period.
The ratin may also be issued if the bonds' obligor has filed for
bankruptcy.


SCP: $400M of Bonds get `D(arg)' Rating from Local Fitch
--------------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. rates US$400 million
of corporate bonds issued by Sociedad Comercial del Plata S.A.
`D(arg)' relates the Comision Nacional de Valores, the country's
securities regulator. The ratings agency said that `D(arg)' is
assigned to bonds that are currently in default. The rating,
issued last Wednesday, was based on the Company's finances as of
the end of June this year.

The affected bonds are described as "Obligaciones Negociables",
the CNV relates. These were classified under "program", but its
CUSIP and maturity date were not revealed.


SUAVECITOS: To Undergo Reorganization
-------------------------------------
Suavecitos S.A., which was declared bankrupt earlier, will
reorganize on orders from Buenos Aires Court No. 5. Clerk No. 9
aids the court on the case.

A report by Argentine news portal Infobae relates that the
Company's receiver, Mr. Jose Andres Sabuqui, will verify
creditors' claims until December 15 this year. Upon completion of
the verifications, the receiver will prepare the individual
reports, which are to be filed on February 26 next year.

The general report, which is prepared after the individual
reports are processed at court, must be filed on May 11 next
year. The informative assembly will then be held on October 18,
2004, Infobae adds without revealing the venue.

CONTACT:  Jose Andres Sabuqui
          Bernardo de Irigoyen 330
          Buenos Aires


WINLUCK: Court Orders Bankruptcy
--------------------------------
Buenos Aires Court No. 6 ordered the bankruptcy of local company
Winluck S.A., reports Infobae. The Company is placed in the hands
of its receiver, Mr. Jorge Podhorzer, an accountant from Buenos
Aires.

The credit verification period ends on February 27 next year.
Creditors who fail to have their claims authenticated will be
disqualified to receive any payments to be made from the
liquidation of the Company's assets.

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

CONTACT:  Winluck S.A.
          Mario Bravo 440
          Buenos Aires

          Jorge Podhorzer
          Pasaje del Carmen 716
          Buenos Aires


ZEUCAMP: Court Assigns Receiver For Reorganization Process
----------------------------------------------------------
Buenos Aires accountant Liliana Noemi Castineira has taken charge
as receiver for the reorganization of local company Zeucamp S.A.,
relates Argentine news source Infobae. The receiver will
authenticate creditors' claims until December 22 this year.

The individual reports, which are prepared after verifications
are completed, must be submitted to the court on March 4 next
year. The receiver will also prepare a general report after the
individual reports are processed at court. This report must be
filed on April 20, 2004.

Buenos Aires Court No. 23, which handles the Company's case,
ordered the informative assembly to be held on October 1 next
year.

CONTACT:  Liliana Noemi Castineira
          Tucuman 983
          Buenos Aires



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

FOSTER WHEELER: Announces Third-Quarter Financial Results
---------------------------------------------------------
Foster Wheeler Ltd. reported Monday a net loss for the third
quarter of 2003 of $26.9 million, or $0.65 per diluted share,
which included net pre-tax charges of $26.1 million. Charges for
the third quarter of 2003 included expenses of $13.9 million for
professional services and severance benefits driven by the
company's restructuring process and an impairment loss of $15.1
million on the anticipated sale of a domestic corporate office
building. This compares to a net loss of $151.0 million, or $3.69
per diluted share, for the same quarter last year, which included
net pre-tax charges of $146.7 million. Revenues for the third
quarter of 2003 totaled $896.2 million compared to $814.2 million
in the third quarter of last year.

"Our operating performance continues to improve," said Raymond J.
Milchovich, chairman, president and chief executive officer.
"Although our backlog is down in these challenging market
conditions, we are winning quality business with strategic and
tactical importance and are seeing a steady level of
opportunities. The increased rigor and discipline that we have
instilled in the organization is allowing us to execute better,
provide more value to our clients and improve project financial
performance.

"We have seen improvement in domestic liquidity and our current
forecast indicates that we will have adequate liquidity through
year-end 2004. We intend to improve our position by taking a
number of actions that include the successful completion of a
major asset monetization," continued Mr. Milchovich.

"We are beginning to realize the benefits of our operational
restructuring and continue our focus on completing our balance
sheet restructuring during early 2004," added Mr. Milchovich. "We
believe the combination of an improved financial structure and
substantial operational enhancements will allow us to unlock the
considerable upside potential in our worldwide operations."

Worldwide, total cash and short-term investments at the end of
the quarter were $470 million, compared to $419 million at the
end of the second quarter of 2003, and $522 million at the end of
the third quarter of 2002. Of the $470 million in cash and short-
term investments at the end of the third quarter, $407 million
was held by non-U.S. subsidiaries. As of September 26, 2003, the
company's indebtedness was $1.1 billion, essentially unchanged
from year-end 2002 and down $67 million from the end of the third
quarter of 2002.

For the nine months ended September 26, 2003, revenues were $2.6
billion, flat with revenues in the first nine months of last
year. Excluding the impact of the sale of the assets of the
environmental business in the first quarter of 2003, revenues
were up 8%. The net loss for the period was $76.1 million
compared to a net loss of $413.1 million in the first nine months
of 2002. Pre-tax charges of $86.9 million and $421.4 million were
included in the first nine months of 2003 and 2002, respectively.

Bookings and Segment Performance

Management uses several financial metrics to measure the
performance of the company's business segments. Earnings before
interest expense, taxes, depreciation and amortization (EBITDA)
is the primary financial measure used by the company's chief
decision makers and is one of the covenant metrics in the
company's outstanding debt. A reconciliation of EBITDA, a non-
GAAP financial measure, to earnings before taxes, a GAAP measure,
is shown below.

                                  CALCULATION OF EBITDA
                                (In Thousands of Dollars)

Three months ended September 2003
                                         Corporate &
                           E&C    Energy  Financial   Total
                        -------- ------- ---------- -------
Earnings/(Loss) before
  income taxes            17,118  22,471   (61,200) (21,611)
Interest Expense *          (432)  4,560    21,820   25,948
Depreciation and
  Amortization             2,501   5,345       991    8,837
                        -------- ------- ---------- -------
EBITDA                    19,187  32,376   (38,389)  13,174
                        -------- ------- ---------- -------

Three months ended September 2002
                                        Corporate &
                           E&C    Energy  Financial   Total
                        -------- ------- ---------- -------
Earnings/(Loss) before
  income taxes          (28,636)(53,662)  (60,412)(142,710)
Interest Expense *         (985)  5,009    17,079   21,103
Depreciation and
  Amortization            3,118  19,463     1,205   23,786
                        -------- ------- ---------- -------
EBITDA                  (26,503)(29,190)  (42,128) (97,821)
                        -------- ------- ---------- -------

* Includes dividends on preferred security of subsidiary trust

New orders booked during the third quarter of 2003 were $582.4
million compared to $1,019.8 million in the third quarter of last
year, excluding environmental orders of $23.7 million. The
company's backlog was $3.0 billion, compared to $4.0 billion at
the end of the third quarter of 2002, excluding $1.8 billion
related to the environmental business.

Third-quarter new bookings for the Engineering and Construction
(E&C) Group were $443.4 million, essentially flat with orders of
$446.2 million during the year-ago quarter, excluding the
environmental orders. The Group's backlog was $2.0 billion,
compared to $2.5 billion at quarter-end 2002, excluding the
environmental backlog. Revenues for the E&C Group in the third
quarter of 2003 were $575.5 million, up 45% compared to $396.2
million in the third quarter of 2002, excluding environmental
revenues of $66.3 million. Both the UK and Continental Europe
recorded significant increases. EBITDA was $19.2 million this
quarter, compared to a negative EBITDA of $26.5 million for the
same period last year.

New bookings in the third quarter for the Energy Group were
$135.2 million, compared to $579.5 million in third quarter 2002.
Last year's quarter included a contract award of $342 million to
the company's Finnish subsidiary for the engineering, procurement
and construction of two power plants in Ireland. Backlog at
quarter-end was $1.0 billion, compared to $1.6 billion at
quarter-end 2002. Energy Group revenues for the quarter were
$321.4 million, down from $355.8 million in the same quarter of
2002, as improvements in the European power business were more
than offset by the U.S. power operations decline. EBITDA for the
quarter was $32.4 million compared to a negative EBITDA of $29.2
million last year. Operations in Europe continue to improve on
revenue growth while the U.S. business is benefiting from cost
reductions and better execution on existing projects.

Foster Wheeler Ltd. is a global company offering, through its
subsidiaries, 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, pharmaceuticals,
biotechnology and healthcare industries. The corporation is based
in Hamilton, Bermuda, and its operational headquarters are in
Clinton, New Jersey, USA. For more information about Foster
Wheeler, visit our Web site at www.fwc.com.

To see financial statements:
http://bankrupt.com/misc/Foster_Wheeler.htm

MEDIA CONTACT:  Richard Tauberman, 908-730-4444
INVESTOR CONTACT:  John Doyle, 908-730-4270
OTHER INQUIRIES:  908-730-4000



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

BANCO SUDAMERIS: Moody's Raises BFSR Following Acquisition
----------------------------------------------------------
Moody's Investors Service upgraded Brazilian bank Banco Sudameris
S.A.'s bank financial strength rating (BFSR) to D+, from D. The
upgrade follows the completion of the bank's acquisition by Banco
ABN Amro Real, the Brazilian unit of Dutch bank ABN Amro.

At the same time, Moody's affirmed the foreign currency long-term
debt rating of Ba3, and the foreign currency deposit rating of B3
for Banco Sudameris.

The ratings carry a stable outlook stable.

Banco ABN Amro Real announced earlier that it acquired 94.57% of
Banco Sudameris from the Italian financial group Banca Intesa in
a cash and shares transaction valued at EUR646 million. The deal
gives Banca Intesa a 12.9% stake in Banco ABN Amro Real.

As of June 2003, Banco Sudameris S.A. had total assets of US$5.3
billion.


BCP: Claro, Creditors Sign Takeover Accord
------------------------------------------
The Brazilian mobile telephone services company Claro signed an
accord with the creditors of local telephone company BCP to
acquire 100% of the mobile telephone operator's capital, reports
O Estado de Sao Paulo.

Claro, an affiliate of Mexico's America Movil, Latin America's
largest wireless operator, expects to conclude the US$625-million
transaction on November 19.

The employees of BCP are being trained in GSM technology, which
is used by Claro and by the competitors Oi and TIM, says the
report. Claro's GSM network to supply Sao Paulo is already
completed and the operator will start to trade mobile phones with
the new technology in the region as soon as take over BCP, adds
the report.

CONTACT:  BCP S.A.
          Rua Fl>rida, 1970 4o andar
          Sao Paulo - SP
          Tel: 55 11 5509-6428
          Fax: 55 11 5509-6257
          Home Page: http://www.bcp.com.br


LIGHT SERVICOS: Seeks Bigger Tariff Hike
----------------------------------------
Brazilian power distributor Light Servicos de Eletricidade, which
is controlled by French-based Electricite de France (EdF),
received approval from the country's electric power regulator
Aneel to increase prices 4.16%, Business News Americas reports.

The Rio de Janeiro-based distributor said that the increase is
the lowest rate readjustment authorized by Aneel to the country's
17 distributors, and that Aneel has underestimated the amounts of
a number of the Company's financial circumstances.

"In Light's evaluation, the minimum acceptable would be between
10% and 12%, a rate in line with maintaining the economic-
financial balance of the company and assuring minimal cash
generation," the Company said.

With that argument, Light is threatening to take its case to the
courts.

In the meantime, Aneel, when it announced the approval in a press
release, said the increase is two percentage points lower than
the regulator's initial proposal.

The agency said it authorized the smaller rate increase for
captive consumers because Light was able to increase rates
charged to unregulated consumers using its system by an average
of 172%, depending on the voltage. The combined increase of the
two rates will result in the Company's revenue increasing 6.88%,
the release added.

CONTACT:  LIGHT SERVICOS DE ELETRICIDADE S.A.
          Avenida Marechal Floriano, 168
          20080-002 Rio de Janeiro, Brazil
          Phone: +55-21-2211-2794
          Fax:   +55-21-2211-2993
          Home Page: http://www.lightrio.com.br
          Contact:
          Bo Gosta Kallstrand, Chairman
          Michel Gaillard, President and CEO
          Joel Nicolas, Executive Director, Operation
          Paulo Roberto Ribeiro Pinto, Executive Director,
                                 Investor Relations and CFO



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

BANCO POPULAR: Moody's Cuts Ratings Following Sovereign Downgrade
-----------------------------------------------------------------
Moody's Investors Service took various actions on the ratings of
Banco Popular Dominicano (BPD), the only Dominican bank rated by
the agency.

Moody's said it downgraded the bank's foreign currency deposit
rating to B3 with negative outlook from B2 with a stable outlook
and the bank financial strength rating (BFSR) to D- with a
negative outlook from D with a negative outlook. At the same
time, it reaffirmed the bank's local currency deposit rating at
Baa2 with a stable outlook.

The downgrades on BPD's ratings follow Moody's downgrade of the
Dominican Republic's foreign currency ceilings. The agency said
that the downgrades of the sovereign and BPD reflect persistent
uncertainty over the country's general macroeconomic environment
in the presence of a strained external liquidity position, a set
of circumstances that limits the authorities' ability to manage
economic policy.

Problems with the energy sector are also complicating the
government's relationship with key international financial
institutions. Without a strong commitment from the International
Monetary Fund and other multilateral institutions, the Dominican
government will face major financial challenges.

Moody's continues to view BPD as a cornerstone of the Dominican
Republic's banking system. Moody's believes that the bank would
receive official support commensurate with the government's
resources.


TRICOM: Announces Resignation of Chairman of the Board
------------------------------------------------------
Tricom, S.A. announced Monday that Arturo Pellerano has tendered
his resignation as a member and chairman of the board of
directors of Tricom, effective immediately.

Pellerano cited the demands of his other business interests,
including addressing recent allegations of improprieties related
to Bancredito, a formerly GFN-owned commercial bank, as the
reasons for his resignation. Pellerano is the chairman and
principal shareholder of GFN Corporation, Ltd., which in turn is
Tricom's largest shareholder. The search for a replacement is
under way. No interim chairman has been named.

On October 30, 2003, Pellerano resigned from his position as
Chief Executive Officer of Tricom and was replaced by Carl
Carlson, former Chief Operating Officer. The Company is
consolidating its management structure as part of its overall
financial restructuring and corporate turnaround plan.

The Company also announced the resignation from the board of
directors of Felipe Mendoza, a director of the Company and former
Chief Executive Officer of Bancredito, effective immediately. Mr.
Mendoza had been a director of Tricom since 1997. No replacement
has been named.

About TRICOM

Tricom, S.A. is a full service communications services provider
in the Dominican Republic. The Company offer local, long
distance, mobile, cable television and broadband data
transmission and Internet services. Through Tricom USA, the
Company is one of the few Latin American based long distance
carriers that is licensed by the U.S. Federal Communications
Commission to own and operate switching facilities in the United
States. Through its subsidiary, TCN Dominicana, S.A., the Company
is the largest cable television operator in the Dominican
Republic based on its number of subscribers and homes passed. For
more information about Tricom, please visit www.tricom.net

CONTACT:  Miguel Guerrero, Investor Relations
          Ph (809) 476-4044 / 4012
          E-mail: investor.relations@tricom.net



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

FILANBANCO: Creditors Present Claims To Tribunal
------------------------------------------------
Creditors of defunct Ecuadorian bank Filanbanco have gone to the
country's constitutional tribunal to present their case for the
recovery of funds, reports Business News Americas.

The creditors, which include the local social security agency for
the armed forces and the national airline Tame, pleaded their
cases individually, says the report.

The presentation of the claims follows a heated demonstration
conducted by Filanbanco's former clients earlier outside the
local banking regulator's office in the regional city of
Guayaquil. The demonstration was conducted in order to force the
regulator to establish a definitive timetable for the recovery of
the US$180 million in funds owed to them by Filanbanco.

Filanbanco, one of Ecuador's largest banks, was intervened by
authorities during the 1998-1999 financial crisis. Authorities
ran the loss-making operation until the bank's closure on July
17, 2001. Three firms - Thesis Antares, Gomez Giraldo y
Asociados, and Hunton & William American Services - have been
awarded a contract to recover US$392 million in bad loans. But
the contract process was drawn out for several months because of
legal problems and requests for more information by interested
companies.



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

CFE: Electricity Reforms Necessary to Avert Financial Meltdown
--------------------------------------------------------------
Alfredo Elias Ayub, director at Comision Federal de Electricidad
(CFE), warned that the Mexican state power company's liabilities
will outgrow assets in 10 years if energy reforms are not
approved.

Ayub pointed out that the Company's direct debt totals US$5
billion, but the firm indirectly owes US$8 billion.

"With the reform, we have the possibility of growing without
debt, but until that happens we cannot keep getting into more
debt," said the official.

Meanwhile, Ayub called for the CFE to be granted more autonomy,
but said that this must be done in a gradual process.

"In the case of Pemex [PetrĒleos Mexicanos] for example, it is
essential that this be done little by little because public
finances cannot do without the income that Pemex generates," Ayub
said.

According to the official, the electricity reform was essential
to attract private capital to be able to cope with growing
electricity demand in the country. He said that currently, the
CFE's hands were tied and it cannot invest the necessary funds.



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

CSS: Chairman Condemns Report Regarding Widespread Firings
----------------------------------------------------------
Erasmo Munoz, chairman of Panama's state-run social security
agency CSS, slammed reports that the agency's authorities have
undertaken a widespread dismissal of CSS employees, reports El
Critica.

A recent report by El Panama America quoted Abraham Vasquez,
secretary general of CSS's staff association (ANFACSS), as saying
that the agency's authorities have launched a campaign to
persecute worker's representatives.

Vasquez accused CSS director Rolando Villalaz of sacking workers
who are thought to have supported CSS former director Juan Jovane
who was fired last month.

But Munoz defended the recent changes in the agency's personnel,
saying these are part of a natural process geared to improve the
services the agency provides.

"It is normal for a new administration to appoint individuals
trusted by the director to principal positions in any
institution," he added.



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

PAN AMERICAN: Increases Production, Lowers Cost In Third Quarter
----------------------------------------------------------------
Pan American Silver Corp. reported a net loss of $0.4 million
($0.01 per share) for the third quarter of 2003 versus the third
quarter of 2002 when the write down of the Quiruvilca mine
produced a net loss of $17.4 million or $0.40/share. Consolidated
revenue for the quarter was $11.9 million, 6% greater than
revenue in the third quarter of 2002 primarily due to higher
realized silver prices and increased production.

Consolidated silver production for the third quarter totaled
2,187,508 ounces, a 25% increase over the third quarter of 2002.
The increase was due primarily to the addition of the high-grade
pyrite stockpiles operation in Peru and higher tonnage and grade
processed at La Colorada. Zinc metal production of 7,578 tonnes
was 24% lower while lead production of 4,332 tonnes was 13% lower
than in the third quarter of 2002 due to the closure of the North
Zone of the Quiruvilca mine in August. Copper production rose to
841 tonnes in the third quarter - 16% higher than in 2002 - due
to higher copper content at Quiruvilca.

Cash costs of $3.93/oz in the third quarter improved 13% over
cash costs of $4.53/oz in the corresponding period of 2002 and
represent an 11% decrease from cash costs in the second quarter.
The improvement is due primarily to the cost savings achieved by
closing the North Zone of the Quiruvilca mine. Total production
costs declined by 21% to $4.33/oz reflecting the reduced
depreciation and amortization costs following the write down of
the carrying value of the Quiruvilca mine in the second half of
2002.

For the nine months ended September 30, 2003 consolidated silver
production was 6,518,167 ounces, a 13% increase over the first
nine months of 2002. Zinc production of 24,759 tonnes was 16%
lower than in 2002. Lead production was 5% lower at 14,836 tonnes
and copper production of 2,625 tonnes was 25% higher. Cash costs
for the first nine months declined 2% to $4.16/oz while total
production costs declined 10% to $4.58.

Working capital at September 30, including cash of $92.8 million,
improved to $87.1 million, an increase of $84.7 million from
December 31, 2002 after receiving net proceeds of $83.25 million
from the issuance of the convertible debentures.

Capital spending totaled $3.5 million during the quarter and was
$11.6 million for the first nine months of 2003. This spending
was primarily to complete the expansion of the La Colorada mine.
Early in October, the final $1.5 million was drawn from the La
Colorada mine expansion project loan from the International
Finance Corporation, a member of the World Bank Group.

Ross Beaty, Chairman and CEO of Pan American commented that
"During the third quarter, Pan American Silver increased its
silver production, decreased its cash and total costs of
production, and raised $86 million of new capital to fund the
growth projects that will deliver profitable, high-quality
production over the next few years. I particularly look forward
to results from the major drilling programs we are now
undertaking at three of our feasibility stage projects."

OPERATIONS AND DEVELOPMENT HIGHLIGHTS

MEXICO

The La Colorada mine increased production to 244,971 ounces of
silver in the third quarter, an increase of 7% over second
quarter levels, despite record rainfall in August and September
which has slowed commissioning of the new oxide plant. Operating
results will continue to be treated as pre- production revenue
until commissioning has been completed, which is expected at
year-end. With more than 90% of its revenues derived from silver,
La Colorada is one of the purest silver mines in the world.

Work continued on the feasibility study at the Alamo Dorado
silver project, acquired in early 2003 with the purchase of
Corner Bay Silver. Permitting is underway, as well as
metallurgical testing designed to confirm the economic benefits
of adding a conventional mill circuit to a small-scale heap leach
operation. The original heap leach feasibility study prepared by
Corner Bay projected average annual production of 6 million
ounces at an average cash cost of $3.25 per equivalent ounce of
silver starting in 2005. A conventional mill would improve
recoveries and reduce cash costs. A production decision is
expected in the first half of 2004.

PERU

Production at the Huaron mine in the third quarter of 2003
remained steady at 1,047,616 ounces of silver. As expected, cash
and total costs improved over levels in the second quarter, which
was affected by poor equipment availability and higher
expenditures for development and ground support that increased
costs. Cash and total costs declined to $3.94/oz and $4.42/oz
respectively in the third quarter versus $4.20 and $4.75
respectively in the second quarter. Third-quarter costs were also
lower than cash and total costs of $4.17/oz and $4.63/oz
respectively in the year earlier period. In July, the Company
initiated a third-party evaluation of the potential to expand
production at Huaron. As part of the feasibility study due early
in 2004, a $1 million exploration drilling program has been
initiated to convert known mineral resources into proven and
probable reserves.

In October, Pan American bought back the 3% net smelter royalty
on the Huaron mine for $2.5 million. At current production levels
and a silver price of $5/oz, the buyout of the royalty will
reduce Huaron's cash costs by $850,000 per year, starting in
2006. Should an expansion to an annual production rate of 6
million ounces prove viable, the purchase of the royalty will
save more than $1 million per year in operating costs over the
life of the mine.

The Quiruvilca mine benefited from the closure of the high-cost
North Zone in the third quarter. Silver production increased 8%
over the third quarter of last year, rising to 641,747 ounces of
silver due to higher grades. Cash costs decreased 11% to $4.61/oz
while total costs declined by 32% to $4.77/oz reflecting
decreased depreciation and amortization due to the write down of
the mine in 2002. The mine achieved positive cash flow in August
and September for the first time since 2000.

The Silver Stockpile Operation continued to generate excellent
cash flow, producing a record 253,174 ounces of silver at a cash
cost of just $2.17/oz. With a total production cost of only
$2.81/oz, the Stockpile contributed $0.5 million toward third
quarter earnings.

ARGENTINA

Feasibility work has started on the 50% owned Manantial Espejo
silver- gold joint venture where geotechnical and environmental
testing are underway to facilitate permitting. Initial scoping
work indicates that at a rate of 1,500 tonnes per day, Manantial
Espejo would produce 4 million ounces of silver and 70,000 ounces
of gold annually.

SILVER MARKETS

The silver price opened at its low for the quarter of $4.55 and
moved steadily upwards, peaking at $5.31 on September 12 and
closing at $5.11 for the quarter to average $4.99 for the nine
months ending September 30. Speculative interest continues to
increase and investor demand for silver has reappeared for the
first time in several years. According to Ross Beaty, "Silver has
better fundamentals today than it has for several years and I
expect we will see continuing strength in its price for some
time."

To see financial statements:
http://bankrupt.com/misc/Pan_American.htm

CONTACT:  Brenda Radies
          Vice-President Corporate Relations (604) 806-3158
          www.panamericansilver.com


PAN AMERICAN: Signs Bolivian Partner For Feasibility Study
----------------------------------------------------------
(all amounts in U.S. dollars unless otherwise stated)

Pan American Silver Corp. is pleased to announce it has entered
into an agreement with privately-held Bolivian company Empresa
Minera Unificada S. A. (EMUSA) giving EMUSA the right to earn a
49% interest in Pan American Silver (Bolivia) S.A. (PASB). PASB
holds the right to develop and mine the San Vicente silver-zinc
deposit owned by the Bolivian government mining corporation,
Comibol. EMUSA can earn its share by financing the next $US 2.5
million in project expenses including a feasibility study. EMUSA
has just successfully completed a contract with PASB to perform
test mining and bulk-scale metallurgical tests on San Vicente
ores. In addition to the experience gained during this test
phase, EMUSA brings years of Bolivian operating experience to the
project.

A pre-feasibility study completed in 2000 at San Vicente outlined
a measured and indicated mineral resource of 2.4 million tonnes
grading 383 g/t silver and 4.4% zinc and an inferred mineral
resource of 1.7 million tonnes grading 349 g/t silver and 5.3%
zinc*. Based on positive results from recent bulk mining and
milling tests and an improved outlook for silver and zinc prices,
Pan American Silver will initiate a feasibility study this month.
The study will include a 7,000 m infill and exploration drilling
program and 2,000 m of underground tunnelling aimed at evaluating
the potential for a 1,000 tonne per day underground mine. If
viable, the mine would produce approximately 3.7 million ounces
of silver annually.

According to Pan American Chairman and CEO, Ross Beaty: " EMUSA
has performed very well at San Vicente over the past two years.
We are pleased to continue working with them and look forward to
utilizing their considerable local expertise. This partnership
frees up our management team to work on our three other growth
projects while moving San Vicente forward with no financial risk
to Pan American."

* Norm Pitcher, P.Geo, Qualified Person.



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

CENTENNIAL COMMUNICATIONS: Closes Common Stock Offering
-------------------------------------------------------
Centennial Communications Corp. (the "Company" or "Centennial")
announced Monday the closing of a public offering of 10,000,000
shares of its common stock at $5.50 per share for total gross
proceeds of $55.0 million. The offering included 7,000,000
primary shares sold by Centennial and 3,000,000 shares sold by
affiliates of The Blackstone Group. The Company and Blackstone
have also granted the underwriter an option to purchase up to an
additional 1,500,000 shares of common stock to cover over-
allotments, if any.

Net proceeds to Centennial (before expenses) of approximately
$36.8 million will be used to pay down a portion of Centennial's
unsecured subordinated notes due 2009 which are currently
accruing pay-in-kind interest at a rate of 13%. The Company did
not receive any of the proceeds from the sale of the shares owned
by affiliates of The Blackstone Group.

Lehman Brothers Inc. served as sole book-running manager of this
offering.

"This transaction almost doubles the public float in our stock,"
said Michael J. Small, chief executive officer of Centennial. "In
addition, we have continued to improve our balance sheet through
the completion of this offering."

About Centennial

Centennial is one of the largest independent wireless
telecommunications service providers in the United States and the
Caribbean with approximately 17.3 million Net Pops and
approximately 971,500 wireless subscribers. Centennial's U.S.
operations have approximately 6.1 million Net Pops in small
cities and rural areas. Centennial's Caribbean integrated
communications operation owns and operates wireless licenses for
approximately 11.2 million Net Pops in Puerto Rico, the Dominican
Republic and the U.S. Virgin Islands, and provides voice, data,
video and Internet services on broadband networks in the region.
Welsh, Carson Anderson & Stowe and an affiliate of the Blackstone
Group are controlling shareholders of Centennial. For more
information regarding Centennial, please visit our websites at
www.centennialwireless.com, www.centennialpr.com and
www.centennialrd.com.

CONTACT:  CENTENNIAL COMMUNICATIONS CORP.
          Eric S. Weinstein
          732-556-2220



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

CANTV: Shareholders Likely to Choose to Retire Shares
-----------------------------------------------------
CA Nacional Telefonos de Venezuela (CANTV), the country's biggest
telephone company, will see its shareholders decide on December 2
whether to annual 139 million shares held in treasure.

Business News Americas recalls that the shares were put in the
treasury's trust after CANTV carried out a share buyback to fend
off a hostile takeover bid by US power company AES late 2001. But
under Venezuelan law, shares of publicly traded companies cannot
be held by treasury for more than two years.

The report suggests that CANTV's shareholders, which include US
operator Verizon (28.5%) and Spain's Telefonica (6.9%), will
prefer annulling the shares rather than placing them on the stock
exchange or issuing them in the form of dividends.

The other shareholders of CANTV are the government (6.6%) and
CANTV workers (10%). About 47.8% shares are in circulation.

CANTV had 2.7 million fixed lines in service as of June 30, with
2.5 million cellular subscribers.

CONTACT:  Gustavo Antonetti
          CANTV Investor Relations
          011-58-212-500-1831
          FAX: 011-58-212-500-1828
          E-Mail: invest@cantv.com.ve

          Mariana Crespo
          The Global Consulting Group
          646-284-9407
          E-Mail: mcrespo@hfgcg.com




               ***********


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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