/raid1/www/Hosts/bankrupt/TCRLA_Public/031120.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

          Thursday, November 20, 2003, Vol. 4, Issue 230

                          Headlines


A R G E N T I N A

ANTON HERMANOS: General Report Due Today
BDVINOS: Creditor's Bankruptcy Petition Gets Court Approval
DILC: Court Approves Creditor's Petition for Bankruptcy
DISCO: Ahold Stock Price Responds to Sale Talks Confirmation
DY TRANS: Court Affirms Company Bankruptcy

FELIMANA: Receiver Authenticates Creditor Claims
GATIC: Gotelli's Investment Firm To Assume Operations
GRUTTI: General Report Filing Deadline Today
HITO: Individual Reports Due For Submission Today
INYSA: Court Declares Company Bankrupt

JOAPI: Bankruptcy Claims Verification Process Closes Today
KRIXIA: Court Assigns Receiver for Bankruptcy Process
LOPLINI: Enters Bankruptcy on Court Orders
MOLDAVIANA: Bankruptcy Commences on Court Orders
MOLDES: Seeks Court Approval For Reorganization

ROSSI Y VILAPRENO: Receiver Closes Claims Verifications Today
SUPERBLANK: Court Orders Bankruptcy
WESTLB: Lack of Business Opportunities Prompts Argentine Exit


B E R M U D A

GLOBAL CROSSING: Court Clears International Telecom Settlement
TYCO INTERNATIONAL: Repurchases LYONs Through Tender Offer


B O L I V I A

COTAS: Secures $15M Loan from CAF


B R A Z I L

CFLCL: Multiple Proposals on Agenda for December 9 Meeting
DVI INC: Fitch Places Brazil Securitizations on Watch Negative
ELETROPAULO METROPOLITANA: Jan-Sep 2003 Period Ends Profitably
EMBRATEL: Moody's Assigns B2 to Proposed $200M Debt Sale
GERDAU: Board Authorizes Acquisition of Shares


C H I L E

ENDESA CHILE: Moody's Ups Debt Ratings to Ba2
ENERSIS: Fitch Assigns 'BBB-' to Proposed Bond Issuance
ENERSIS: Moody's Upgrades Debt Ratings To Ba2


P E R U

WIESE SUDAMERIS: Intesa Says No Sale in the Short-Term


T R I N I D A D   &   T O B A G O

BWIA: BA Eyes Heathrow Aircraft Slots


V E N E Z U E L A

CITGO: Seeks To Consolidate Latin American Operations


     - - - - - - - - - -

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

ANTON HERMANOS: General Report Due Today
----------------------------------------
The general report for the bankruptcy of Buenos Aires company
Anton Hermanos S.R.L. is due for filing at the city's Court No. 3
today, according to an earlier report by the Troubled Company
Reporter - Latin America. The Company's receiver, Ms. Maria
Centiempo, prepared the report after the individual reports are
processed at court.

The Company's assets will soon be liquidated to reimburse its
creditors. Payments will be based on the results of the
verification process completed earlier this year.

CONTACT:  Maria Cenatiempo
          Ave. de Mayo 1365
          Buenos Aires


BDVINOS: Creditor's Bankruptcy Petition Gets Court Approval
-----------------------------------------------------------
Judge Ottolenghi of Buenos Aires Court No. 4 approved a motion
for the bankruptcy of local company Bdvinos S.R.L., local
newspaper La Nacion reveals. Local company BVA S.A. filed the
petition following the Company's failure to pay its debts. Clerk
No. 8, Dr. Anta, assists the court on the case, which will close
with the liquidation of the Company's assets to reimburse its
creditors.

The credit verification period expires on February 17 next year.
Creditors must present their proof of claims to the receiver, Ms.
Silvia Ferrandina before the said date. The receiver will also
prepare the individual and general reports whose filing deadlines
were not revealed by the report.

CONTACT:  Bdvinos S.R.L.
          7th floor Room A
          Guatemala 4858
          Buenos Aires


DILC: Court Approves Creditor's Petition for Bankruptcy
-------------------------------------------------------
Dilc S.R.L., which is based in Buenos Aires, entered bankruptcy
on orders from the city's Court No. 1, under Judge Dieuzeide. The
ruling came in approval of a motion filed by the Company's
creditor, Centro Argentino de Video S.A., local newspaper La
Nacion relates. Clerk No. 2, Dr. Pasina, aids the court on the
case.

The court assigned Mr. Jose Larrory as the Company's receiver. He
will authenticate creditors' claims until February 10 next year.
The verifications are done to determine the nature and amount of
the Company's debts.

CONTACT:  Dilc S.R.L.
          Ave Independencia 2785
          Buenos Aires


DISCO: Ahold Stock Price Responds to Sale Talks Confirmation
------------------------------------------------------------
Royal Ahold NV, the world's third-largest retailer, saw its
shares rise as much as 2.3% following its acknowledgement that it
is negotiating to sell its controlling stake in Disco SA, an
Argentina-based supermarket chain. The shares, according to
Bloomberg, gained as much as 19 cents to EUR8.32 on Tuesday. The
company's equity fell as much as 75% after Ahold initially
disclosed the profit inflation but has since rebounded, cutting
the loss to 15%.

The sale to Cencosud SA, Chile's No. 2 supermarket operator,
should close by the end of the second quarter of next year, Ahold
spokesman Fritz Schmuhl said. The Zaandam, Netherlands-based
grocer did not disclose the sale price.


DY TRANS: Court Affirms Company Bankruptcy
------------------------------------------
Buenos Aires Court No. 18 declares local company Dy Trans S.R.L.
"quiebra", reports local news source Infobae. The Company will
undergo the bankruptcy process with Mr. Mario Galanti Podesta as
receiver.

Working with Clerk No. 35, the court instructed the receiver to
verify creditors' claims until March 31 next year. This is done
to evaluate the Company's debts. The individual reports must be
submitted to the court on May 13 next year, followed by the
general report on June 25.

CONTACT:  Mario Galanti Podesta
          Cramer 2175
          Buenos Aires


FELIMANA: Receiver Authenticates Creditor Claims
------------------------------------------------
Buenos Aires accountant Luis Chelala will oversee the bankruptcy
process of local company Felimana S.A., reports local news portal
Infobae. The receiver will verify creditors' claims until
December 30.

The Company entered bankruptcy on orders from the city's Court
No. 13. Clerk No. 25 aids the court on the case. The Company's
assets will be liquidated at the end of the process to reimburse
creditors.

CONTACT:  Luis Chelala
          Ave Corrientes 2335
          Buenos Aires


GATIC: Gotelli's Investment Firm To Assume Operations
-----------------------------------------------------
The Argentinean investment company, headed by Guillermo Gotelli,
struck an agreement with the Bakchellian family to assume the
control of plants and brands of Gatic, the troubled Argentinean
textile and sportswear manufacturer, though a leasing contract.

According to La Nacion, the terms of the deal will allow the
Bakchellian family to retain the Company's control. Mr. Gotelli
is the former chairman of Argentinean textile company Alpargatas.


GRUTTI: General Report Filing Deadline Today
--------------------------------------------
Buenos Aires' Court No. 1 required the receiver for bankrupt
local company Grutti S.A. to submit the general report today. The
reports were prepared by the Company's receiver, Mr. Oscar Luis
Serventich, after the individual reports were processed at court.

The Company entered bankruptcy this year. The credit verification
process has been completed and that individual reports have been
submitted to the court. The Company's assets will soon be
liquidated to pay its creditors.

CONTACT:  Oscar Luis Serventich
          Piedras 1319
          Buenos Aires


HITO: Individual Reports Due For Submission Today
-------------------------------------------------
The Civil and Commercial Tribunal of Corrientes in Argentina
required the receiver for local company Hito S.A. to submit the
individual reports for the Company's reorganization today. The
receiver, Ms. Maria Marcela Lopez Horts, prepared the reports
after the credit verification process was completed earlier this
year.

An earlier report by the Troubled Company Reporter - Latin
America revealed that the receiver will prepare a general report
after the individual reports are processed at court. This report
must be filed at the court on February 27 next year.

The reorganization process would then proceed with an informative
assembly to be held on October 15 next year.

CONTACT:  Hito S.A.
          Tucuman 1391
          Corrientes

          Maria Marcela Lopez Horts
          9 de Julio 1331
          Corrientes


INYSA: Court Declares Company Bankrupt
--------------------------------------
Buenos Aires Court No. 20 orders the bankruptcy of local company
Inysa S.A., relates local news portal Infobae. Working with Clerk
No. 39, the court assigned Mr. Roberto Leibovicius as the
Company's receiver.

The credit verification process will close on February 16 next
year. The receiver will prepare the individual reports after the
said date. These reports must be submitted to the court on March
29 next year, followed by the general report on May 10. This
report is prepared after the individual reports are processed at
the court.

The Company's assets will be liquidated at the end of the
process. Proceeds will be used to reimburse creditors, based on
the results of the credit verification process.

CONTACT:  Roberto Leibovicius
          Tucuman 1585
          Buenos Aires


JOAPI: Bankruptcy Claims Verification Process Closes Today
----------------------------------------------------------
The credit verification process for the bankruptcy of Argentine
company Joapi S.A. ends today. The Company's receiver, Mr.
Ernesto Carlos Borzone, will prepare the individual reports.

The Troubled Company Reporter - Latin America earlier revealed
that that the city's Court No.24 issued the bankruptcy order and
assigned the receiver. The court also set the deadlines for the
receiver's reports. The individual reports should be submitted on
February 4, 2004 followed by the general report on March 17.

CONTACT:  Ernesto Carlos Borzone
          Cuenca 1464
          Buenos Aires


KRIXIA: Court Assigns Receiver for Bankruptcy Process
-----------------------------------------------------
Buenos Aires Court No. 13 assigns Mr. Maximo Conrado Piccinelli
as receiver for the bankruptcy of local company Krixia S.A.,
local news portal Infobae. The receiver will verify creditors'
claims until February 4 next year, as ordered by the court.

The receiver is also required to prepare the individual and
general reports. However, the source did not reveal whether the
court has set the deadlines for the submission of these reports.

CONTACT:  Maximo Conrado Piccinelli
          Montevideo 666
          Buenos Aires


LOPLINI: Enters Bankruptcy on Court Orders
------------------------------------------
Argentine company Loplini S.R.L. enters bankruptcy on orders from
the city's Court No. 4. Local news portal Infobae relates that
the court declared the Company "Quiebra".

The Court also assigned Mr. Oscar Alfredo Arias as the Company's
receiver. The local accountant will verify creditors' claims
until February 5 next year. Verifications are done to determine
the nature and amount of the Company's debts.

The receiver is also required to prepare the individual and
general reports. However, the source did not mention the
deadlines for the filing of these reports.

CONTACT:  Oscar Alfredo Arias
          Carlos Pellegrini 1063
          Buenos Aires


MOLDAVIANA: Bankruptcy Commences on Court Orders
------------------------------------------------
Moldaviana S.R.L., which is domiciled in Buenos Aires, is
declared bankrupt by the city's Court No. 1. A report from local
new source Infobae indicates that the court declared the Company
"Quiebra".

Local accountant Raul Mencia will oversee the process as the
Company's receiver. His duties include the verification of credit
claims and the preparation of the individual and general reports.
Infobae relates that the verification process will end on
February 10 next year. However, it did not mention the deadlines
for the receiver's reports.

CONTACT:  Moldaviana S.R.L.
          Loyola 587
          Buenos Aires

          Raul Mencia
          Uruguay 328
          Buenos Aires


MOLDES: Seeks Court Approval For Reorganization
-----------------------------------------------
Buenos Aires company Moldes 1716 S.R.L. seeks court permission to
reorganize. A report by local newspaper La Nacion indicates that
the Company has submitted its motion for "Concurso Preventivo" at
the city's Court No. 6.

Judge Ferrario handles the Company's case with assistance from
the city's Clerk No. 11, Dr. Sicoli. The report, however, did not
give any indication whether the petition is likely to be approved
or not.

CONTACT:  Moldes 1716 S.R.L.
          Moldes 1716
          Buenos Aires


ROSSI Y VILAPRENO: Receiver Closes Claims Verifications Today
-------------------------------------------------------------
Ms. Maria Marta Sommariva, the receiver for the bankruptcy of
Argentine company Rossi y Vilapreno S.A., closes the credit
verification process today. As required by court, the receiver
will prepare the individual reports based on the results of the
verification process. These reports are due for filing at the
court on February 6, 2004.

The receiver will also prepare a general report after the
individual reports are processed at court. The deadline for the
submission of this report is March 19 next year. The Company's
assets would then be liquidated to reimburse its creditors.

CONTACT:  Maria Marta Sommariva
          Florida 930
          Buenos Aires


SUPERBLANK: Court Orders Bankruptcy
-----------------------------------
Buenos Aires Court No. 1 orders the bankruptcy of local company
Superblank S.R.L., according to a report from local news source
Infobae. Clerk No. 1 aids the court on the case, the source adds.

The court assigned Mr. Ricardo Bataller as receiver for the
process. Creditors must present their claims to Mr. Bataller for
verification before the February 6 deadline expires.

The receiver is also required to prepare the individual and
general reports. The report submission deadlines are not yet
disclosed.

CONTACT:  Ricardo Bataller
          Junin 684
          Buenos Aires


WESTLB: Lack of Business Opportunities Prompts Argentine Exit
-------------------------------------------------------------
WestLB AG, Germany's third- largest state-owned bank, announced
it is leaving Argentina, Bloomberg suggests. Marcelo Souza,
senior manager for global specialized finance at the unit in
Buenos Aires, said that the bank has asked the Argentine central
bank to revoke its license.

What led to the decision is the lack of business opportunities in
a country where its main creditors haven't repaid loans for
almost two years.

WestLB in Argentina lent mostly to foreign-owned utilities,
including units of Electricite de France and BG Group Plc, which
defaulted on loans after the government froze utility rates and
devalued the peso in January 2002.

WestLB employed 57 at its Argentine unit in March 2003, down from
93 in late 2000, according to the central bank.



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

GLOBAL CROSSING: Court Clears International Telecom Settlement
--------------------------------------------------------------
The Global Crossing Debtors sought and obtained Court approval of
their settlement agreement with International Telecom Exchange,
Inc., pursuant to Rule 9019 of the Federal Rules of Bankruptcy
Procedure.

Michael F. Walsh, Esq., at Weil Gotshal & Manges, LLP, in New
York, relates that on December 11, 2000, Debtor Global Crossing
Telecommunications, Inc. and International Telecom Exchange, Inc.
entered into a Retail Competitive Services Agreement. On July 27,
2001, Global Crossing Bandwidth, Inc. and International Telecom
entered into a Carrier Service Agreement.

Pursuant to the Agreements, the GX Parties sold
telecommunications services to International Telecom. The
Agreements also provided the GX Parties the right to collect
termination fees from International Telecom if it prematurely
terminates or breaches the Agreements.

On December 17, 2002, the GX Parties filed a suit in the State of
Michigan, Oakland County Circuit Court against International
Telecom for breach of the Agreements. The GX Parties asserted
that International Telecom breached the Agreements and owed GX
Bandwidth and GX Telecom:

(i) $472,000 for unpaid telecommunication services; and

(ii) $2,028,002 in termination fees owing under the Agreements.

International Telecom denies any liability to the GX Parties.

Mr. Walsh reports that after a series of arm's-length
negotiations, the GX Parties and International Telecom agreed to
enter into the Settlement Agreement. Pursuant to the Settlement
Agreement, International Telecom paid the GX Parties $55,000.
Upon the GX Parties' receipt of the Payment, they filed a
stipulation and order with the Michigan Court, dismissing the
Litigation with prejudice. The Parties also agreed to release
each other from all known or unknown claims against each other
arising out of or related to the Litigation, the Retail Contract,
the Wholesale Contract, or the GX Parties' provision of
telecommunication services to International Telecom before the
execution of the Settlement Agreement. (Global Crossing
Bankruptcy News, Issue No. 50; Bankruptcy Creditors' Service,
Inc., 215/945-7000)


TYCO INTERNATIONAL: Repurchases LYONs Through Tender Offer
----------------------------------------------------------
Tyco International Ltd. (NYSE: TYC, BSX: TYC, LSE: TYI) announced
Tuesday the results of its offer to repurchase its Liquid Yield
Option(TM) Notes due 2020 (Zero Coupon-Senior) (the "LYONs").
The holders' option to surrender their LYONs for repurchase
expired at 5:00 p.m., New York City time, on Monday, November 17,
2003.

Tyco has been advised by the trustee, U.S. Bank National
Association, that LYONs with an aggregate principal amount at
maturity of $3,196,711,000 were validly surrendered for
repurchase and not withdrawn, and Tyco has repurchased all of
such LYONs.  The purchase price for the LYONs was $775.66 in cash
per $1,000 in principal amount at maturity.  The aggregate
purchase price for all of the LYONs validly surrendered for
repurchase and not withdrawn was $2,479,560,854.26.

ABOUT TYCO INTERNATIONAL LTD.

Tyco International Ltd. is a diversified manufacturing and
service company.  Tyco is the world's largest manufacturer and
servicer of electrical and electronic components; the world's
largest manufacturer, installer and provider of fire protection
systems and electronic security services; and the world's largest
manufacturer of specialty valves.  Tyco also holds strong
leadership positions in medical device products, and plastics and
adhesives.

Tyco operates in more than 100 countries and had fiscal 2003
revenues from continuing operations of approximately $37 billion.

CONTACTS:  Media:
           Gary Holmes, 609-720-4387

           Investor Relations:
           Ed Arditte, 609-720-4621
           John Roselli, 609-720-4624



=============
B O L I V I A
=============

COTAS: Secures $15M Loan from CAF
---------------------------------
CAF (Corporacion Andina de Fomento) authorized a loan of US$15
million to Bolivian telephone company Cotas (Cooperativa de
Telecomunicaciones Santa Cruz), reports local news source La
Razon. The loan, which will help Cotas pay off its remaining debt
to its main supplier, NEC de Brasil, will have a one-year grace
period, a six-year term and interest at below 10.45%.

Cotas had accumulated debts of US$54.9 million with NEC but has
been able to reduce the amount to US$35.2 million. The Company
has undertaken a debt-restructuring program which will allow it
to consolidate the financing of the US$35.2 million, of which
US$20 million will come from a local bank, and the remainder from
the CAF loan.

The financial restructuring will allow Cotas to update its
technological infrastructure in order to compete in the context
of the opening of the telecommunications sector in Bolivia.



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

CFLCL: Multiple Proposals on Agenda for December 9 Meeting
----------------------------------------------------------
The administration of Cataguazes-Leopoldina submitted the
proposal below to the Company's shareholders for consideration by
the Dec. 9, 2003 Meeting:

I - the reduction of R$ 74,358,513.23 of the Company's capital
stock, from R$354,335,001.00 to R$279,976,487.77, in proportion
to the value of the capital attributed to each type and class of
shares without altering the number of shares issued by the
Company, for the purpose of absorbing existing losses, as
unveiled by the financial statement of the Company as of
September 30, 2003.

II - the amendment, in the event of the proposed reduction to the
share capital being approved at the Shareholders' Meeting, to
Chapter II - Capital Stock, of the bylaws, specifically art. 4 of
the main section addressing the share capital, in order to
reflect the new value of the Company's share capital following
the reduction. If the above is approved, the aforementioned
article shall be rewritten as follows, with no amendments being
made to the paragraphs thereof:

"Art. 4. - The amount of capital stock is R$279,976,487.77 (two
hundred and seventy nine million, nine hundred and seventy-six
thousand, four hundred and eight seven reais and seventy-seven
centavos), divided into R$107,122,990.66 (one hundred and seven
million, one hundred and twenty-two thousand, nine hundred and
ninety reais and sixty six centavos), represented by
51,218,232,398 common shares, R$172,323,316.70 (one hundred and
seventy-two million, three hundred and twenty-three thousand,
three hundred and sixteen reais and seventy centavos) represented
by 82,392,170,239 class "A" preferred shares, and into
R$530,180.41 (five hundred and thirty thousand, one hundred and
eighty reais and forty one centavos), represented by 253,492,770
class "B" preferred shares, all of which have no nominal value".

III - the amendment to the Company's bylaws, so as to create
Chapter XII - Temporary Provisions, involving the addition of
Art. 31 and sole paragraph thereof, in order to (a) entitle
preferred shares of any class to receive cumulative dividends
during the financial years 2003 and 2004, with it being
understood that said shares shall revert to receiving
noncumulative dividends as from January 01, 2005, it not being
necessary to amend the Company's bylaws and (b) to include the
possibility in the bylaws of such cumulative dividends being paid
in a financial year in which there are insufficient profits,
using funds from the Company's capital reserves. If the above is
approved, the aforementioned article 31 and the sole paragraph
thereof, to be added to the bylaws, shall be rewritten as
follows:

"CHAPTER XII
TEMPORARY PROVISIONS

Art. 31. Class "A" and Class "B" preferred shares shall be
entitled to receive cumulative dividends in the financial years
2003 and 2004, and shall revert to receiving noncumulative
dividends as from January 01, 2005, regardless of any amendments
to the bylaws. During this time, the voting rights established in
paragraph 5 of article 5 of these bylaws shall be exercisable
until the outstanding cumulative dividends are paid.

Sole Paragraph - While the cumulative dividends established in
the main section of this article are outstanding, the Class "A"
and Class "B" preferred shares shall be entitled to receive said
dividends in financial years in which there are insufficient
profits, using funds from the Company's capital reserves."

IV - the amendment, in the event of Chapter XII - Temporary
Provisions, proposed above being approved at that Shareholders'
Meeting, of Chapter III - Shares and Shareholders, of the bylaws,
specifically Art. 5, paragraph 1, III, and paragraph 2, II
respectively addressing the dividends of the Class "A" and Class
"B" preferred shares, so as to include in said sections a proviso
concerning the temporary accumulation of the dividends of the
preferred shares under the proposal referred to in the previous
item. If the above is approved, Art. 5, paragraph 1, III and
paragraph 2, II of the Bylaws shall be rewritten as follows:

"Art. 5 Common shares shall be nominative.

paragraph 1: Class "A" preferred shares, which shall be
nominative, shall bear the following characteristics:
(...)

III - priority during the distribution of noncumulative
dividends, with the exception of the provisions of Chapter XII -
Temperate Provisions - of these bylaws, of at least 10% (ten
percent) per year of the company capital attributed to this kind
of share, with said dividends to be distributed on a pro rata
basis; and
(...)

paragraph 2 Under the terms of Law 1.497 of December 20, 1976,
Class "B" nominative preferred shares shall be issued, without
nominal value, with the following characteristics:
(...)

II - priority during the distribution of fixed, noncumulative
dividends, with the exception of the provisions of Chapter XII -
Temperate Provisions - of these bylaws, of at least 6% (6
percent) per year of the Company capital attributed to this kind
of share, with said dividends to be distributed on a pro rata
basis whilst upholding the preference of the Class "A" shares.
(...)"

CONTACT:  Mauricio Perez Botelho
          Administrative Financial, Investor Relations Director

          Ivan Mller Botelho
          Chairman


DVI INC: Fitch Places Brazil Securitizations on Watch Negative
--------------------------------------------------------------
Fitch Ratings has placed all tranches of MSF Funding LLC Series
2000-1 on Rating Watch Negative (see below for ratings). The
transaction is a securitization of medical equipment leases
originated from MSF, a Brazilian subsidiary of DVI Inc. (DVI).
While Fitch downgraded the senior tranches in October 2002, the
current action is specifically a result of DVI's insolvency and
the ensuing uncertainty regarding the servicing of the Brazilian
portfolio.

To date, no 'Servicer Event of Default' has occurred, which would
require the replacement of MSF as servicer. Regardless, Fitch
expects DVI's financial problems to have an effect on normal
operations at the Brazilian subsidiary. The materiality of these
effects remains uncertain. While it seems limited at present, in
the past Fitch has witnessed resource and expertise sharing
between MSF and DVI.

Despite uncertainty pertaining to the servicing, several
balancing comments can be made regarding the securitization as a
whole. On Nov. 6, 2003, Fitch upgraded the Brazilian sovereign
rating to 'B+' from 'B'. Increased stability in the local
environment may translate to positive performance on the
underlying leases. At a minimum, firmness of the local currency
will reduce pressure on local health care providers who earn in
Brazilian reals but pay leases in U.S. dollars. The performance
of the securitization continues to meet expectations.
Approximately 92% to 94% of the leases have consistently remained
current on payments.

Delinquencies and defaults are expected to grow, but remain
manageable, and credit enhancement levels are increasing due to a
sequential pay trigger. Original enhancement levels for the class
A, B, C and D notes were 35%, 28%, 20% and 15% respectively.
Currently the same classes have approximately 42%, 34%, 24%, and
18% credit enhancement. Regarding servicing, in the event that
MSF is removed, Bradesco is named on behalf of JP Morgan Chase to
act as back up servicer. While Fitch would probably prefer the
experience of MSF, Bradesco as one of the largest and strongest
private Brazilian banks, should be a reliable replacement. The
transaction also benefits from various reserve accounts equal to
approximately 31% of the outstanding balance on the class A
notes.

Nevertheless, the notes have been placed on Rating Watch Negative
reflecting the difficult to measure costs of a potential servicer
replacement. The current ratings on the notes are as follows:

--Class A 'BBB', Rating Watch Negative;

--Class B 'BBB-', Rating Watch Negative;

--Class C 'BB', Rating Watch Negative;

--Class D 'B', Rating Watch Negative.

Fitch continues to monitor the transaction for additional events
and will take further ratings action as necessary.

CONTACT:  Sam Fox +1-312-606-2307
          Greg Kabance +1-312-368-2052, Chicago

MEDIA RELATIONS: Matt Burkhard +1-212-908-0540, New York


ELETROPAULO METROPOLITANA: Jan-Sep 2003 Period Ends Profitably
--------------------------------------------------------------
Eletropaulo Metropolitana, Brazil's largest power distributor,
posted Monday a net profit of BRL131.32 million in the first nine
months of 2003, reversing losses of BRL533.15 million in the same
period in 2002.

In a statement, the Company, a subsidiary of U.S. power giant AES
Corp., said net revenue totaled BRL4.61 billion in the first nine
months of the year, an 8.4% rise from the same period of 2002.
Gross profits fell 23% to BRL368.48 million, while operating
profits stood at BRL365.96 million.

As of the end of September, Eletropaulo's net equity was BRL2.24
billion. Eletropaulo supplies electricity to more than 14 million
residents in the metropolitan area of Sao Paulo.

CONTACT:  ELETROPAULO METROPOLITANA
          Avenida Alfredo Egidio de Souza Aranha 100-B,
          13 andar 04726-270 San Paulo
          Brazil
          Phone: +55-11-548-9461, +55 11 5696 3595
          Fax: +55-11-546-1933
          URL: http://www.eletropaulo.com.br
          Contacts:
          Luiz D. Travesso, Chairman and President
          Orestes Gonzalves Jr., VP Finance/Investor Relations


EMBRATEL: Moody's Assigns B2 to Proposed $200M Debt Sale
--------------------------------------------------------
Moody's Investors Service revealed that Embratel Participacoes SA
plans to sell US$200 million of five-year bonds to refinance
maturing debt, relates Bloomberg. Moody's rates the bonds B2 in
line with Brazilian government's rating and five levels below
investment grade.

Last week, Embratel, the largest long distance phone company in
Brazil, announced plans to sell bonds but didn't say how much it
was going to sell. Silvia Pereira, Embratel's investor relations
director, didn't return a phone call seeking comment on Moody's
statement that the sale would be for US$200 million.

At the end of the third quarter, Rio de Janeiro-based Embratel
had BRL4.11 billion (US$1.4 billion) in debt. About 85% of the
debt is denominated in Japanese yen, U.S. dollars and euros.

CONTACT:  Silvia M.R. Pereira, Investor Relations
          Phone: (55 21) 2121-9662
          Fax: (55 21) 2121-6388
          Email: silvia.pereira@embratel.com.br
                 invest@embratel.com.br


GERDAU: Board Authorizes Acquisition of Shares
----------------------------------------------
The Boards of Directors of Metalurgica Gerdau S.A. and Gerdau
S.A. met on November 17, 2003, in keeping with statutory
requirements and with the terms of Instruction 10/80 of the
Brazilian Securities Commission (CVM), and decided to authorize
the acquisition by said companies of shares issued by them, to
remain in treasury or for later disposal or cancellation.

Such acquisitions will be carried out using cash funds backed by
existing profit reserves and according to the following limits:

METALURGICA GERDAU S.A.

Up to 550,000 preferred shares, representing 2% of outstanding
stock, which totaled 27,600,569 shares on October 31, 2003.

GERDAU S.A.

Up to 1,380,000 preferred shares, representing 2% of outstanding
stock, which totaled 69,311,014 shares on October 31, 2003.

This authorization will remain in force for a maximum of 90 days
from this date, it being the responsibility of the Officers of
each company to determine the quantities of shares and
appropriateness of each operation.

The operations will be carried out on stock exchanges, at market
prices, with the intermediation of the following brokers:

-  Bradesco S.A. Corretora de Titulos e Valores Mobiliarios
   Av. Ipiranga, 282 - 11§ andar - Sao Paulo - SP - Brazil

-  Itau Corretora de Valores S.A.
   Av. Hugo Eolchi, 900 - 15§ andar - Jabaquara - SP - Brazil

-  Merril Lynch S.A. Corretora de TĄtulos e Valores Mobiliarios
   Av. Paulista, 37 - 3§ andar - Sao Paulo - SP - Brazil

-  Unibanco Corretora de Valores Mobiliarios S.A.
   Av. Eusebio Matoso, 891 - 18§ andar - Sao Paulo - SP - Brazil



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

ENDESA CHILE: Moody's Ups Debt Ratings to Ba2
---------------------------------------------
Moody's Investors Service upgraded the senior unsecured debt
ratings of Endesa Chile to Ba2 from Ba3 in conjunction with the
upgrade of Enersis. The rating outlook for Endesa Chile is
stable. Endesa Chile is owned 60% by Enersis.

The upgrade recognizes improving prospects for Endesa Chile
following the completion of the Ralco project which will increase
cash flow and lead to lower capital expenditures, and also
considers the significant degree of operational and financial
interdependence between Endesa Chile and the Enersis family of
companies.

As of September 30, 2003, Endesa Chile's debt has been reduced to
US$3.8 billion from US$4.9 billion.


ENERSIS: Fitch Assigns 'BBB-' to Proposed Bond Issuance
-------------------------------------------------------
Fitch Ratings has assigned a 'BBB-' rating to the proposed
issuance by Enersis S.A. (Enersis) of up to US$500 million of
senior unsecured notes. The proposed 10-year notes will carry a
fixed interest rate and semiannual payments. The proceeds will be
used to repay a portion of the US$1 billion that remains
outstanding on its syndicated bank loan (Jumbo II).

The rating and Stable Rating Outlook of Enersis reflect the
company's diverse portfolio of assets, including companies that
are financially strong with market leadership positions that
benefit from constructive regulatory environments, growing demand
and increasing client base. The rating also reflects the weaker
sovereign ratings of Argentina, Colombia, Peru and Brazil
increasing the risk of the cash flows received by Enersis and
Endesa-Chile from their investments in these countries. Enersis'
credit protection measures currently low for the rating category
but should improve during the next year due to the largely
successful execution of the company's financial strategy during
2003 and substantial completion of its financial strengthening
plan as expected.

Depending on the ultimate size of the issuance, the proposed bond
issuance may allow the company to repay 50% of the remaining
syndicated loan required to allow for the elimination of the
pledge of Chilectra's shares. The company also refinanced the
balance of the Jumbo II contributing to an improved capital
structure and increased financial flexibility consistent with the
assigned credit rating.

Enersis and its subsidiary, Empresa Nacional de Electricidad
S.A.'s (Endesa-Chile), have made important strides that have
stabilized their financial positions and allowed them to refocus
on core business activities that should yield long-term growth
opportunities. Enersis has reduced its total consolidated debt to
US$6.4 billion as of September 2003 from US$8.9 billion at
December 2002 (including the US$1.4 billion intercompany loan
with Endesa-Spain) and improved the company's debt-to-capital
ratio to 41% for 2003 from 51% in 2002.

In May 2003, Enersis completed the US$1.587 billion Jumbo II
syndicated bank refinancing, which included all international
bank obligations maturing during 2003 and 2004. In June 2003,
Enersis also raised approximately US$2 billion of capital,
including the conversion of US$1.4 billion of subordinated debt
with Endesa-Spain to equity and subscription of an additional
US$663 million of equity by minority shareholders of Enersis.
While the new Jumbo II bank facility initially eased short-term
refinancing and liquidity pressures, terms and covenants limited
the company's financial and investment flexibility.

Enersis and Endesa-Chile have taken important steps to repay or
refinance the Jumbo II well in advance of its scheduled maturity.
In fact, Enersis has already repaid approximately US$600 million
with cash received from the first phase of the capital increase
and asset sales. Proceeds from the proposed bond issuance and
funds from the second phase of the equity increase, expected in
December 2003, will be used to further reduce the balance of the
Jumbo II loan, which has been refinanced. Enersis still faces an
upcoming debt payment of US$150 million in December 2003, but
this payment is fully assured by an escrow account funded by
resources obtained from the June capital increase.

Enersis reported slightly lower consolidated EBITDA in U.S.
dollar terms through the third quarter of 2003 of US$1.141
billion compared to US$1.241 billion for the comparable period of
the prior year, as expected given the divestiture of certain
assets. EBITDA-to-interest coverage remained relatively stable at
2.3x. EBITDA to interest at Enersis should improve for the
remainder of 2003 and show notable improvement in 2004 reflecting
lower debt levels for a full year and as regional investments
begin to recover.

Enersis continues to be an efficient operator of electric
distribution utilities in Chile and internationally. The company
benefits from increased demand, higher client base, constructive
regulatory environments, diverse and growing service territories,
and improving operating characteristics. Nevertheless, the credit
quality of these countries is lower than Chile, and therefore the
risk level of cash flows received by Enersis and Endesa-Chile
from their respective investments in these countries is higher,
somewhat constraining the rating. On the generation side, Endesa-
Chile's strong market position in Latin America as a low cost
producer is expected to allow the company to continue to compete
effectively in the price-competitive markets.

Enersis is the largest private electricity distribution group in
Latin America. The company has varying ownership interests in
electric-distribution companies in Argentina, Brazil, Chile,
Colombia and Peru; electric-generating companies in Argentina,
Brazil, Chile, Colombia and Peru; and electric utility-related
service companies throughout Latin America. Enersis is currently
65.11% owned by Endesa-Spain.

CONTACT:  Jason T. Todd +1-312 368-3217
          Carlos Diez +011 562 206-7171, Santiago

MEDIA RELATIONS: Matt Burkhard +1-212-908-0540, New York


ENERSIS: Moody's Upgrades Debt Ratings To Ba2
---------------------------------------------
Moody's Investors Service upgraded the senior unsecured debt
ratings of Enersis S.A. to Ba2 from Ba3. The rating outlook for
the Company is stable. Moody's also assigned a rating of Ba2 to
Enersis' planned issuance of US$300 million of Rule 144A Notes in
the US market. The Notes are expected to have a 10-year maturity.

Concurrently, Enersis has closed a US$800 million bank facility
of which US$500 million will be drawn on November 19th and is
undertaking a stock offering to raise about US$130 million in new
capital. The proceeds from the sale of the Notes, the new bank
facility and the capital infusion will be used to repay the
Company's existing US$1.0 billion bank facility.


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

WIESE SUDAMERIS: Intesa Says No Sale in the Short-Term
------------------------------------------------------
Italian financial group Intesa, which has divested its Sudameris
banking units in Argentina, Brazil, Chile and Colombia as part of
its regional exit process, said it will not sell in the near-term
its stake in Peruvian subsidiary Banco Wiese Sudameris (BWS),
relates Business News Americas.

"We have a commitment to BWS and we want to complete the (bank's)
restructure and re launch before we consider any future
possibility," said Intesa's CEO Corrado Passera.

Intesa's streamline program in Latin America is ongoing based on
a complete departure from the Brazilian and Chilean markets and
maintaining a 19% stake in Argentina's Banco Patagonia, Passera
added.

But the group's intended investment in BWS is yet to be defined
and there is no time limit set for the completion of the bank's
re-launch given that the group's Peruvian operations do not
compromise its global bottom line, the CEO said.

Passera's statement reiterates Intesa's commitment to fulfill
BWS's 2003-2005 marketing plan.



=================================
T R I N I D A D   &   T O B A G O
=================================

BWIA: BA Eyes Heathrow Aircraft Slots
-------------------------------------
Trinidad's Trade and Industry Minister Kenneth Valley confirmed
Monday that British Airways has expressed an interest in buying
the Heathrow aircraft slots used by national airline BWIA, the
Trinidad Express relates.

Mr. Valley made the announcement a few minutes before he went
into another Ministerial meeting to decide the Government's
continued participation in the future of the cash-poor airline.
Mr. Valley said the Government will once again have to decide how
it wants to handle BWIA since the other shareholders don't seem
to want to pump any money into the airline.

Nevertheless, BWIA is paying its bills, according to Mr. Valley,
adding that BWIA's financial troubles were just a blip in its
history and that he was optimistic about the airline's future.
Both BWIA and regional carrier Liat will have to be fixed before
the possibility of merged operations can proceed, he said.

CONTACT:  British West Indies Airways
          Phone: + 868 627 2942
          E-mail: mailto:mail@bwee.com
          Home Page: http://www.bwee.com/



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

CITGO: Seeks To Consolidate Latin American Operations
-----------------------------------------------------
CITGO hopes to consolidate its operations in Mexico, Brazil and
Chile, through its subsidiary CITGO International Latin America
(CILA), according to an article at Venezuelanalysis.com.

"Our goal is to gain markets from Mexico all the way down to the
Patagonia," said CILA's president Antonio Rivero during a press
conference with Venezuelan journalists at the Company's
headquarters in Tulsa Oklahoma.

The Company has expanded its portfolio of products in Latin
America with petrochemicals, asphalt and fuels. Guatemala and
Panama are two of the other countries that CILA is concentrating
on right now, as well as Puerto Rico, where 72 gas stations carry
CITGO gasoline, motor oil and other products.

Mr. Rivero said that CITGO is evaluating the Argentine market to
determine its profitability before making any significant
investment.



               ***********


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

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