TCRLA_Public/031124.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

          Monday, November 24, 2003, Vol. 4, Issue 232

                          Headlines

A R G E N T I N A

AA2000: Ogden Wants to Transfer 28% Stake to Another Firm
AIRBAG: Court Declares Company Bankrupt
ALBES: Enters Bankruptcy on Court Orders
APSA: Announces Dividend Payout For Nov. 28
CORREO ARGENTINO: Pays No Heed To Government Ruling

CRESUD: To Pay Dividends to Shareholders Nov. 28
DIRECTV LA: Files Third Motion To Extend Lease Decision Period
CONFORD MITRE: Creditor's Bankruptcy Petition Gets Court Approval
CONVIVIR: Court Assigns Receiver to Oversee Bankruptcy
CORRUVAL: Quilmes Court Declares Company Bankrupt

DILC: Receiver Validates Creditors' Claims in Bankruptcy
EMEPLAST: Court Assigns Receiver for Bankruptcy Process
FISHOCEANIC: Court Declares Company "Quiebra"
FRESNEL: Court Sets Schedule for Bankruptcy Process
IMPSAT: Reduces Debt During the 3Q03

INDUSTRIAS PIP: Rosario Tribunal Approves Reorganization Petition
MODAPORT: Creditors Urged To Present Proofs of Claims
MORESCO HERMANOS: Credit Verification Process Closes December 5
NATFROZ: Commences Reorganization Proceedings
NOA COMUNICACIONES: Receiver Verifies Claims

SAN DIEGO: Court Sets Date For Informative Assembly
TELECOM ARGENTINA: S&P Rates Various Bonds `raD'

* Argentine Government Ends Meetings With Seven Banks


B E R M U D A

GLOBAL CROSSING: Names Dynamic Leaders to Head Enterprise Sales


B R A Z I L

VESPER: Embratel Gets Purchase Approval From Anatel
NET SERVICOS: Seeks To Restructure Debt Soon
SABESP: Reveals $1.32B, Five-year Investment


C H I L E

ENAMI: Court Declares Decree Unconstitutional
ENERSIS: Comfortable With 2003 Debt Level, Says Exec
SR TELECOM: S&P Lowers Ratings to 'CCC+'


D O M I N I C A N   R E P U B L I C

SEGNA: Regulator Orders Liquidation


E L   S A L V A D O R

MILLICOM INTERNATIONAL: Further Reduces Costs Of Debt
MILLICOM INTERNATIONAL: Gets Requisite Consents Pursuant To Offer


M E X I C O

CFE: To Launch Detection Programs To Prevent Illegal Connections

     -  -  -  -  -  -  -  -

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

AA2000: Ogden Wants to Transfer 28% Stake to Another Firm
---------------------------------------------------------
Argentine airport concessionaire Aeropuertos Argentina 2000
(AA2000) told the Buenos Aires stock exchange that it is aware
that Ogden Corporation has sought approval from airports
regulator Orsna to transfer its 28% stake in AA2000 to
Corporacion America Sudamericana, reports Business News Americas.

AA2000, which operates 32 airports in Argentina, is formed by
Corporacion America Sudamericana (35%), Societa Per Azioni
Esercizi Aeroportuali (28%), Simest Spa (8%), Ogden Corporation
(28%), and RIVA (1%).

But according to the report, Orsna has not ruled on the Ogden
request yet in light of local press reports that Ogden had sold
its stake to Corporacion America Sudamericana for US$30 million.

AA2000 posted a net loss of ARS32.8 million (US$11.4mn) in the
first nine months this year, against a net profit of ARS10.3
million in the same period last year. AA2000 posted an operating
loss of ARS76.9 million in the first nine months this year due to
continued high operating costs and an increase in administrative
costs, as well as a 23.1% drop in sales to ARS233 million.


AIRBAG: Court Declares Company Bankrupt
---------------------------------------
Court No. 22 of Buenos Aires declared Airbag S.A. "Quiebra" or
bankrupt, reports Argentine news source Infobae. The city's Clerk
No. 43 assists the court on the case.

Ms. Cecilia Beatriz Montelvetti, an accountant from Buenos Aires,
is assigned as the Company's receiver. Creditors must present
their claims for validation before December 26 this year. After
the verifications are closed, the receiver will prepare the
individual reports, which must be submitted to the court on March
10 next year.

The receiver's duties also include the preparation of the general
report after the individual reports are processed at court. This
report contains a summary of the individual reports, and is due
for filing on April 26, 2004. The Company's assets will be
liquidated at the end of the process to reimburse its creditors.

CONTACT:  Cecilia Beatriz Montelvetti
          Urquiza 2134
          Buenos Aires


ALBES: Enters Bankruptcy on Court Orders
----------------------------------------
Albes S.A. entered bankruptcy on orders from Buenos Aires Court
No. 10. Infobae reports that Clerk No. 20 aids the court on the
case, which will end with the liquidation of the Company's assets
to pay off creditors.

The credit verification period expires February 25 next year.
Creditors must present their proofs of claim to the receiver, Mr.
Nestor Rodolfo Del Potro, for verification before that date. The
receiver will prepare the individual reports on the results of
the verifications and submit these to the court on April 12,
2004. The general report is to follow on June 8.

CONTACT:  Nestor Rodolfo Del Potro
          Ave Corrientes 1291
          Buenos Aires


APSA: Announces Dividend Payout For Nov. 28
-------------------------------------------
Shopping mall operator Alto Palermo SA (APSA.BA), a holding of
top real estate firm Inversiones y Representaciones SA (IRSA.BA),
announced it will pay dividends to shareholders on Nov. 28,
relates Dow Jones.

In a filing to the local stock exchange Thursday, APSA said it
would pay a dividend of ARS0.014/share.

According to an IRSA official, APSA stopped paying dividends in
1999 amid Argentina's economic downturn and subsequent financial
crisis. The Company has not yet decided whether it will continue
issuing dividends beyond the Nov. 28 payout, the official added.

APSA reported a first-quarter 2003 loss of ARS3.9 million against
a profit of ARS15.3 million in the year-earlier period, citing
exchange rate losses. The Company said occupancy and tenant sales
have increased for its shopping centers.

APSA's shares are up 14.6% for the year.

CONTACT:  Alto Palermo S.A. (APSA)
          2/F
          476 Hipolito Yrigoyen
          Buenos Aires
          Argentina
          Phone: +54 11 4344 4600
          Home Page: http://www.altopalermo.com.ar
          Contacts:
          Eduardo Sergio Elsztain, Chairman
          Marcos Marcelo Mindlin , Vice Chairman
          Aaron Gabriel Juejati, Vice Chairman


CORREO ARGENTINO: Pays No Heed To Government Ruling
---------------------------------------------------
Correo Argentino SA published an advertisement in Argentine
newspapers Thursday stating its intention to ignore the
government's decision to strip it of its national postal
concession and assure the public of continued service, relates
Dow Jones.

"We do not ratify the decree (which rescinds the contract), but
we shareholders and directors of Correo Argentino SA have a firm
disposition so that the postal service continues being provided
in a regular and efficient form," the advertisement said.

Government officials announced their decision Wednesday, faulting
the Company for poor service and amassing a debt to the state of
ARS450 million. According to the decree, a team of four
officials, headed by legislator Eduardo Di Cola, will run Correo
Argentino for 180 days, after which the service will be re-
privatized. The government further said that the Company's
employees would keep their jobs.

Correo Argentino has said the government owes the Company money
and has impeded its debt restructuring by refusing to back its
request for an extension of bankruptcy protection. The Company
has ARS900 million in debt and filed for bankruptcy in 2001.

It is not yet known, however, whether Correo Argentino will take
legal action against the decree. Correo Argentino's lawyers are
reportedly weighing their options and sought to characterize the
advertisement as a statement of determination to continue
operations as per normal until the situation is clearer. The ad
is less of a legal rejection of the decree than a decision to
ignore it, they said.

Correo's contract was established in 1997, making the Company the
world's first fully privatized mail service. It is owned by
Sideco Americana, a consortium run by Argentine businessman
Francisco Macri.


CRESUD: To Pay Dividends to Shareholders Nov. 28
------------------------------------------------
Argentine farming company Cresud SACIF, a holding of top real
estate firm Inversiones y Representaciones SA (IRSA.BA), said
Thursday it will pay dividends to its shareholders on Nov. 28.

Citing a filing to the local stock exchange Thursday, Dow Jones
reports that Cresud will pay a dividend of ARS0.012 a share
($1=ARS2.875).

An IRSA official said Thursday that Cresud stopped in 2001 amid
Argentina's economic downturn and subsequent financial crisis.
The Company is yet to decide whether it will continue issuing
dividends beyond the Nov. 28 payout, said the official.

Cresud posted a loss of ARS2.0 million in the first fiscal
quarter of 2003, compared with a profit of ARS9.1 million in the
same quarter last year, blaming a decrease in crop sales.

The Company's negative result came despite a boom in Argentina's
agricultural sector generated by last year's 70% depreciation of
the peso, which made farm exports competitive and pushed up the
value of agricultural land.

Cresud's shares have still performed well this year, soaring
106.4% since the end of 2002.

CONTACT:  Gustavo Mariani - Finance Manager
          +54 11 4323 - 7413
          gm@irsa.com.ar
          URL: www.cresud.com.ar


DIRECTV LA: Files Third Motion To Extend Lease Decision Period
--------------------------------------------------------------
DirecTV Latin America LLC asked the Court to extend the time by
which it must assume or reject unexpired non-residential property
leases, through and including March 1, 2004.

Alfred Villoch, III, Esq., at Young, Conaway, Stargatt & Taylor,
LLP, in Wilmington, Delaware, told the Court that the Debtor is
a party to these unexpired non-residential property leases:

   Leased Premises                Lessor
   ---------------                ------
   2400 East Commercial Blvd.     CB Richard Ellis
   Fort Lauderdale, Florida       2400 East Commercial Blvd.
   33308                          Suite 708
                                  Fort Lauderdale, Florida 33308

   New Town Commerce Center       Iron Mountain
   3821 SW 47th Avenue            New Town Commerce Center
   Fort Lauderdale, Florida       3821 SW 47th Avenue
   33314                          Fort Lauderdale, Florida 33314
                                  Attn: Daniel Melendez

The Debtor leases the premises for its corporate offices and
headquarters and for its warehouse.  Mr. Villoch assured the
Court that the Debtor has performed its postpetition obligations
under the Unexpired Leases in a timely manner.  The Unexpired
Leases are valuable assets of the Debtor's estate and are
integral to the continued operation of the Debtor's business.

Mr. Villoch related that the Debtor is presently working with the
Official Committee of Unsecured Creditors and Hughes Electronics
Corporation to draft and file a consensual reorganization plan.
Mr. Villoch contended that forcing the Debtor to assume the
Unexpired Leases would subject the estate to potential
unnecessary administrative expense.  Alternatively, forcing the
Debtor to reject the Unexpired Leases, and seek a new office and
storage space would be extremely disruptive to its business and
reorganization efforts.  The Debtor's determination to assume or
reject the Unexpired Leases is, therefore, subject to the
ultimate formulation and confirmation of a reorganization plan.

Mr. Villoch pointed out that the extension will promote the
Debtor's ability to maximize the value of its estate, avoid the
incurrence of needless administrative expenses and other claims
on the estate by minimizing the likelihood of an inadvertent
rejection of a valuable lease or, alternatively, the premature
assumption of a burdensome one.

The Court will convene a hearing on December 15, 2003 to consider
the Debtor's request.  By application of Del.Bankr.LR 9006-2, the
lease decision deadline is automatically extended through the
conclusion of that hearing. (DirecTV Latin America Bankruptcy
News, Issue No. 15; Bankruptcy Creditors' Service, Inc., 215/945-
7000)


CONFORD MITRE: Creditor's Bankruptcy Petition Gets Court Approval
-----------------------------------------------------------------
Domotecnica S.A. successfully sought the bankruptcy of its
debtor, Conford Mitre S.A.. Argentine newspaper La Nacion reports
that Judge Gonzalez of Buenos Aires Court No. 8 declared Conford
Mitre "Quiebra" recently.

Working with Clerk No. 16, Dr. Sarabia, the court assigned local
accountant Juan Carlos Rama as receiver for the process. Mr. Rama
will verify creditors' claims to determine the nature and amount
of the Company's debts. The verification period ends on February
26 next year, Infobae relates.

The receiver's tasks include the preparation of the individual
and general reports on the process. The report, however, did not
mention whether the court has set the submission deadlines for
these reports.

CONTACT:  Conford Mitre S.A.
          Montiel 1334
          Buenos Aires

          Juan Carlos Rama
          Viamonte 1458
          Buenos Aires


CONVIVIR: Court Assigns Receiver to Oversee Bankruptcy
------------------------------------------------------
Ms. Maria Paulina Alva, an accountant from Buenos Aires, is
receiver for the bankruptcy of local company Covivir S.A., local
news portal Infobae relates. The city's Court No. 4 handles the
Company's case with assistance from Clerk No. 7.

The receiver is instructed to verify creditors' claims until
February 10 next year. This is done to determine the nature and
amount of the Company's debts. The receiver is also required to
prepare the individual and general reports but the source did not
mention the filing deadlines.

CONTACT:  Maria Paulina Alva
          Montevideo 536
          Buenos Aires


CORRUVAL: Quilmes Court Declares Company Bankrupt
-------------------------------------------------
Court No. 6 of the Civil and Commercial Tribunal of Quilmes
ordered the bankruptcy of local company Corruval S.R.L.,
Argentine news portal Infobae reports. The Company's receiver,
Ms. Graciela Cattelan, will oversee the bankruptcy proceedings.

The receiver assigned is tasked with the validation of creditors'
claims and the preparation of the individual and general reports.
Infobae, however, did not reveal whether the court has set the
filing deadlines for these.

CONTACT: Corruval S.R.L.
         Rio Salado 544
         Ezpeleta, Quilmes

         Graciela Cattelan
         Alsina 180
         Quilmes


DILC: Receiver Validates Creditors' Claims in Bankruptcy
--------------------------------------------------------
Mr. Jose Larrory, the receiver designated to oversee the
bankruptcy of Argentine company Dilc S.R.L., is verifying
creditors' claims until February 10 next year. This part of the
bankruptcy process determines the nature and amount of the
Company's debts.

Buenos Aires Court No. 1 issued the bankruptcy order, Infobae
relates. Clerk No. 2 assists the court on the case. The Court
will order the liquidation of the Company's assets to reimburse
creditors.

CONTACT:  Dilc S.R.L.
          Ave Independencia 2783
          Buenos Aires

          Jose Larrory
          Viamonte 1348
          Buenos Aires


EMEPLAST: Court Assigns Receiver for Bankruptcy Process
-------------------------------------------------------
Buenos Aires Court No. 4 assigned Mario Leizerow as receiver for
the bankruptcy of local company Emeplast S.R.L. Infobae relates.
The receiver will authenticate credit claims and prepare the
individual and general reports.

Assisted by Clerk No. 7, the Court set the verification period to
end February 2 next year. In the meantime, the court has not set
the filing deadlines of the receiver's reports.

CONTACT:  Mario Leizerow
          Ave Corrientes 1250
          Buenos Aires


FISHOCEANIC: Court Declares Company "Quiebra"
---------------------------------------------
Court No. 1 of Buenos Aires declared local company Fishoceanic
S.A. "Quiebra". Argentine news source Infobae relates that the
city's Clerk No. 1 aids the court on the case.

The Court assigned Mr. Mauricio Gola, a local accountant, as the
Company's receiver. He will authenticate creditors' claims until
February 5 next year. The receiver is also required to prepare
the individual and general reports but the source did not mention
whether the court has set the deadlines for the submission of
these reports.

CONTACT:  Mauricio Gola
          Maipu 509
          Buenos Aires


FRESNEL: Court Sets Schedule for Bankruptcy Process
---------------------------------------------------
Buenos Aires Court No. 24 set the schedule for the bankruptcy
process of local Company Fresnel S.A., reports Infobae. Working
with Clerk No. 47, the court instructed the receiver, MR. Jorge
Cosoli, to verify creditors' claims until February 27 next year.

The receiver will prepare the individual reports after the credit
verifications are closed. These reports must be filed at the
court on March 29, 2004, followed by the general report on April
29. The general report is a summary of the individual reports
after being processed at court.

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

CONTACT:  Jorge Cosoli
          Marcelo T de Alvear 1364
          Buenos Aires


IMPSAT: Reduces Debt During the 3Q03
------------------------------------
IMPSAT Fiber Networks, Inc. ("Impsat" or the "Company"), a
leading provider of integrated broadband data, Internet and voice
telecommunications services in Latin America, announced its
results for the third quarter of 2003. All figures are in U.S.
dollars.

THIRD QUARTER 2003 HIGHLIGHTS

-- Net revenues remained stable and totaled $56.4 million for the
third quarter of 2003.

-- EBITDA totaled $11.1 million for the third quarter of 2003, as
compared to $7.4 million for the second quarter of 2003. For the
nine months ended September 30, 2003, EBITDA was $32 million, a
5% increase over EBITDA for the corresponding period of 2002.

-- The Company expects EBITDA for the full year 2003 to be in the
range of $36 to $40 million.

-- For the nine months ended September 30, 2003, operating
expenses totaled $161.2 million, a decrease of 17% from the same
period during 2002.

-- Available cash, cash equivalents and trading investments at
September 30, 2003 totaled $64.6 million, an increase of $9
million from December 31, 2002.

-- Total debt was reduced during the third quarter of 2003 by
$2.8 million to $257.5 million at September 30, 2003, primarily
due to principal repayments.

-- Operating activities provided $11.2 million of additional cash
during the first nine months of 2003 as compared with the same
period of 2002.

THIRD QUARTER 2003 RESULTS

Overview

The Company is pleased to report the result of its operations for
the third quarter of 2003.

Net revenues for the third quarter of 2003 totaled $56.4 million,
a 2% increase over net revenues for third quarter of 2002. Net
revenues for the nine months ending September 30, 2003 amounted
to $168.9.

Operating expenses for the third quarter of 2003 totaled $50.2
million, a 17% decrease compared to operating expenses for the
same period in 2002. For the nine months ended September 30,
2003, operating expenses decreased by $33 million or 17% from the
same period in 2002.

Commenting on the Company's results, Chief Executive Officer
Ricardo Verdaguer, said: "We are very pleased with the
performance of the Company during the third quarter of 2003. Our
improved operational and financial results reflect our efforts to
deliver value to our customers and shareholders. We believe our
performance since we completed our financial restructuring has
positioned us to continue to improve for the remainder of 2003
and into 2004."

Revenues

Total net revenues for the three and nine months ended September
30, 2003 equaled $56.4 million and $168.9 million. This compares
to total net revenues of $55.3 million and $177.1 million for the
corresponding periods in 2002. Our total net revenues for the
three months ended June 30, 2003 also totaled $56.4 million. The
increase in our net revenues during the third quarter of 2003
compared to the same period in 2002 was principally due to the
relative appreciation of the Argentine peso and the Brazilian
real during the third quarter in 2003 as compared to the same
quarter in 2002.

Broadband and satellite revenues totaled $123.9 million and
represented 73% of total net revenues from services during the
first nine months of 2003. During the same period of 2002,
Broadband and satellite revenues totaled $133.1 million. This
decrease is the result of lower satellite-based service volume
and carriers.

Internet revenues decreased 2% as compared to the same quarter of
2002 principally due to competition and pricing pressure.

Telephony revenues have grown for the last four quarters. Our
telephony services revenues increased by 66% as compared to the
third quarter of 2002 and 5% as compared to the second quarter of
2003, due to increased delivery of switched voice services to
corporate customers.

Revenues from value added services increased principally due to
the appreciation of the Argentine peso during the second and
third quarters of 2003 as compared to the same periods in 2002
and also due to increased services to corporate customers.

                            Three Months Ended September 30,
                          -----------------------------------
                              2002    % change(1)    2003
                          ----------- ----------- -----------
                             (dollar amounts in thousands)

Broadband and satellite      $42,318       (3.7)%    $40,754
Internet                       6,332       (2.1)       6,199
Value added services(2)        3,408       18.3        4,031
Telephony                      2,915       66.2        4,844
                          -----------             -----------
Total net revenues
  from services              $54,973        1.6      $55,828
                          ===========             ===========

(1) Percentage increase (decrease) in third quarter of 2003
compared
    to third quarter of 2002.

(2) Includes data center services and systems integration and
other
    information technology services.

Revenue Breakdown by Country

Although there are indications that the Argentine economy has
begun to emerge from the recession that has affected the country
since 1999, it continues to face severe challenges and Impsat
Argentina's financial condition and results of operations
continue to be negatively affected by the political and social
uncertainty and economic weakness that affect Argentina.

Notwithstanding the above, our net revenues at Impsat Argentina
(including intercompany transactions) increased by 16% totaling
$15.8 million for the three months ended September 30, 2003 as
compared to $13.6 million from the corresponding period of 2002.
Our total net revenues from services at Impsat Argentina for the
nine-month period ended September 30, 2003 totaled $46.1 million,
an increase of $2.4 million or 5.4% compared to the corresponding
period in 2002. Revenues of Impsat Argentina accounted for 25% of
the total net revenues of the Company.

Impsat Brazil's total revenues from services (including
intercompany transactions) represented 13% of the Company's total
revenues and totaled $8.1 million during the third quarter of
2003, an increase of 2.1% compared to the similar period of 2002.
For the nine months ended on September 30, 2003, revenues at
Impsat Brazil totaled $23.2 million.

Revenues at Impsat Venezuela equaled $8.7 million and $26.3
million for the third quarter and first nine months of 2003,
compared to $7.6 million and $23.2 million for the same periods
in 2002.

In Colombia, total revenues from services for the third quarter
of 2003 were $13.4 million, compared to $14.2 million for the
same quarter in 2002. Impsat Colombia's revenues represented 22%
of total Company revenues for the third quarter of 2003.

Operating Expenses

Operating expenses for the third quarter of 2003 decreased by
$10.3 million or 17.1% as compared to the same period in 2002.
Total operating expenses for the nine-month period ended
September 30, 2003 totaled $161.2 million, a $33.1 million
decrease from the same period of the previous year. This decrease
results from our continued efforts to streamline our operating
expenses, lower depreciation expenses as a result of adjustments
in our depreciable assets and despite appreciation of local
currencies in Argentina and Brazil.

Direct costs for the third quarter and first nine months of 2003
totaled $27.1 million and $83.5 million, an increase of $0.8
million or 2.9% and a decrease of $4.7 million or 5.3% compared
to the same periods in 2002.

Salaries and wages for the three and nine months ended September
30, 2003 totaled $12.0 million and $34.6 million, an increase of
$1.1 million or 10.4% and a decrease of $1.9 million or 5.3%,
from the same periods in 2002. The decrease in these costs during
the nine-month period in 2003 was due, in part, to the effect on
such costs of the relative devaluation of local currencies in
Brazil, Colombia and Venezuela. The increase in salaries and
wages costs for the third quarter of 2003 was principally due to
the impact (in U.S. dollar terms) of the relative appreciation of
the Argentine peso and the Brazilian real during the third
quarter in 2003 as compared to the same quarter in 2002.

Our selling general and administrative expenses (SG&A) totaled
$6.3 million and $18.9 million for the three and nine months
ended September 30, 2003, decreases of $0.4 million or 6.3% and
$3.1 million or 14.2% compared to the same periods in 2002. The
decline in our SG&A expenses for the first nine months of 2003 is
due principally to a decrease in our publicity and promotion
costs, the effect of the period over period relative devaluation
of local currencies in Brazil, Colombia and Venezuela against the
U.S. dollar, and overall cost control measures undertaken by
management.

Depreciation and amortization expenses for the three months and
nine months ended September 30, 2003 totaled $10.3 million and
$38.5 million. This represents a decrease of $6.4 million or
38.3% and $25.5 million or 39.8% compared to depreciation and
amortization for the corresponding periods in 2002. The decrease
in depreciation and amortization is primarily due to the
reduction in the value of our depreciable fixed asset base in
connection with our Chapter 11 reorganization.

Operating expenses also included non-recurring gains on
extinguishment of debt of $5.5 million during the nine months
ended September 30, 2003 compared to a gain of zero during the
same period in 2002. This gain is attributable to our settlement
in full of certain of our operating subsidiary vendor financing
obligations that were not resolved as part of the restructuring
plan.

Effect of Foreign Exchange Losses and Gains

We recorded a net loss on foreign exchange for the three months
ended September 30, 2003 of $3.6 million and a net gain on
foreign exchange for the nine months ended September 30, 2003 of
$27.8 million. The net gain on foreign exchange for the nine
months ended September 30, 2003 reflects primarily the effect of
the appreciation during the first nine months of 2003 of the
Argentine peso and the Brazilian real on the book value of our
monetary assets and liabilities in Argentina and Brazil.

Operating Income (Loss) and Net Income (Loss)

For the three and nine months ended September 30, 2003, we
recorded operating income of $6.2 million and $7.7 million,
compared to operating losses of $5.3 million and $17.2 million
for the same periods in 2002.

For the three months ended September 30, 2003 we recorded a net
loss of $3.0 million, and for the nine months ended September 30,
2003 we recorded net income of $750.3 million. This compares to
net losses of $92.7 million and $236.8 million for the same
periods in 2002. Our reduced net losses and increased net income
for the periods in 2003 were principally due to the effects of
the extraordinary gain on extinguishment of indebtedness pursuant
to the restructuring plan, and additional gain on extinguishment
of debt.

EBITDA

The Company recorded EBITDA for the third quarter of 2003
totaling $11.1 million. Total EBITDA for the nine months ended
September 30, 2003 totaled $32 million, an increase of $1.6
million or 5% as compared to the same period in 2002. EBITDA
margin was 20% for the third quarter of 2003 and 19% for the
first nine months of 2003. The improvement in EBITDA, compared to
the second quarter of 2003, reflects decreases in total direct
costs and SG&A expenses.

In light of the current macroeconomic conditions and operating
performance, the Company expects total EBITDA for 2003 to be in
the range of $36 to $40 million.

Liquidity and Capital Resources

Our total cash, cash equivalents and trading investments at
September 30, 2003 totaled $64.6 million. This compares to cash,
cash equivalents and trading investments of $59.2 million at
September 30, 2002, $55.6 million as of December 31, 2002, and
$63.8 million (with zero trading investments) at June 30, 2003.

Operating activities provided $11.2 million of additional cash
during the first nine months of 2003 as compared with the same
period of 2002. Cash flow provided by operating activities during
the first nine months of 2003 accounted for $30.5 million
compared to $19.3 million during the corresponding period of
2002.

Non-GAAP Financial Measures

The Company presents EBITDA as a supplemental measure of
performance because it believes that EBITDA provides a more
complete understanding of our operating performance before the
impact of investing and financing transactions. EBITDA and EBITDA
margins are among the more significant factors in management's
evaluation of Company-wide performance. EBITDA can be computed by
adding depreciation and amortization to operating income (loss),
excluding gains on extinguishment of debt. Reconciliation of
EBITDA to Operating Income (Loss) is presented in Appendix I
Supplemental Financial Information in this Press Release. EBITDA
(earnings before interest, taxes, depreciation, amortization, and
non-recurring items) should not be considered as an alternative
to any measure of operating results as promulgated under
accounting principles generally accepted in the United States
such as operating income or net income, nor should it be
considered as an indicator of our overall financial performance.
EBITDA does not fully consider the impact of investing or
financing transactions as it specifically excludes depreciation
and interest charges, which should also be considered in the
overall evaluation of results. Moreover, our method for
calculating EBITDA may differ from the method utilized by other
companies and therefore comparability may be limited.

Impsat Fiber Networks, Inc. is a leading provider of fully
integrated broadband data, Internet and voice telecommunications
services in Latin America. Impsat operates an extensive pan-Latin
American high capacity broadband network in Brazil, Argentina,
Chile and Colombia using advanced technologies, including IP/ATM
switching, DWDM, and non-zero dispersion fiber optics. The
Company has also deployed thirteen facilities to provide hosting
services Impsat currently provides services to more than 2,700
national and multinational companies, government entities and
wholesale services to carriers, ISPs and other service providers
throughout the region. The Company has local operations in
Argentina, Colombia, Venezuela, Ecuador, Brazil, the United
States, Chile and Peru. Visit us at www.impsat.com.

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

CONTACT:  Impsat Fiber Networks, Inc.
          Hector Alonso, Chief Financial Officer
          Facundo Castro, Investor Relations
          Phone: 54.11.5170.3700
          Email: www.impsat.com

          Citigate Financial Intelligence
          John McInerney/ Robin Weinberg
          Phone: 201-499-3567


INDUSTRIAS PIP: Rosario Tribunal Approves Reorganization Petition
-----------------------------------------------------------------
Court No. 5 of the Civil and Commercial Tribunal of Rosario in
Santa Fe, Argentina, approved a motion for "Concurso Preventivo"
filed by local company Industrias P.I.P. S.R.L., reports local
news portal Infobae. The Company starts its reorganization
process with the verification of creditors' claims to determine
the characteristics of its debts.

The receiver, Mr. Osvaldo Luis Depiante, a local accountant, is
validating the claims. He will also prepare the individual and
general reports on the process. However, Infobae did not reveal
whether the court has set the schedule for the reorganization
proceedings.

CONTACT:  Industrias P.I.P. S.R.L.
          Ruta Nacional Niro 7km 661
          Justo Daract (San Luis)

          Osvaldo Luis Depiante
          Corrientes 751
          Rosario, Santa Fe


MODAPORT: Creditors Urged To Present Proofs of Claims
-----------------------------------------------------
Creditors of Argentine company Modaport S.A. must present their
proofs of claims to the Company's receiver for validation before
March 11, 2004, Infobae suggests. Failure to have their claims
authenticated means disqualification from payments to be made
from proceeds of the liquidation of the Company's assets.

The Company's receiver, Ms. Mariana Tynik, will prepare the
individual reports upon completion of the verifications. She will
also prepare a general report after the individual reports are
processed at Buenos Aires Court No. 17, which handles the
Company's case with the aid of Clerk No. 33. The filing deadlines
for the receiver's reports remain unknown.

CONTACT:  Modaport S.A.
          Ave Corrientes 1250
          Buenos Aires

          Mariana Tynik
          Ave Rivadavia 10444
          Buenos Aires


MORESCO HERMANOS: Credit Verification Process Closes December 5
---------------------------------------------------------------
The credit verification period for the bankruptcy of Quilmes-
based Moresco Hermanos S.R.L. ends December 5 this year.
Argentine news portal Infobae reveals that the Company's
receiver, Ms. Patricia Monica Narducci, will prepare the
individual reports, which are due for filing on February 24,
after the verifications are closed.

The receiver will also prepare a general report after the
individual reports are processed at court. This report must be
submitted to the court on April 7, 2004. The Company's assets may
be liquidated shortly afterwards. Proceeds would go towards
reimbursement of creditors, based on the results of the
verification process.

Court No. 1 of the Civil and Commercial Tribunal of Quilmes
handles the Company's case, Infobae adds.

CONTACT:  Moresco Hermanos S.R.L.
          Storni 30
          Florencio Varela

          Patricia Monica Narducci
          Lavalle 328
          Quilmes


NATFROZ: Commences Reorganization Proceedings
---------------------------------------------
Natfroz S.R.L., which is based in Buenos Aires, has begun its
reorganization process. The Company's receiver, Mr. Alberto
Francisco Romeo, is currently verifying creditors' claims.
Argentine news portal Infobae relates that the verification
period ends on December 5 this year.

The city's Court No. 8 granted the Company permission to
reorganize by approving its motion for "Concurso Preventivo".
Clerk No. 16 assists the court on the case. The court is yet to
schedule the deadlines for the filing of the receiver's reports.

CONTACT:  Alberto Francisco Romeo
          Parana 275
          Buenos Aires


NOA COMUNICACIONES: Receiver Verifies Claims
--------------------------------------------
Creditors of Argentine-based Noa Comunicaciones S.A. must present
their proofs of claim to the Company's receiver, Ms. Maria Alicia
Bertolot, for verification. Local news source Infobae reveals
that the credit verification period ends February 6 next year.

Buenos Aires Court No. 8, which handles the Company's case,
requires the receiver to file the individual reports on March 19,
2004. The receiver will also prepare a general report, due on May
6 next year, after the individual reports are processed at court.

Clerk No. 15 works with the court on the case, Infobae adds.

CONTACT:  Maria Alicia Bertolot
          Sarmiento 2593
          Buenos Aires


SAN DIEGO: Court Sets Date For Informative Assembly
---------------------------------------------------
The Civil and Commercial Tribunal of San Luis in Argentina
announced that the informative assembly for the reorganization of
local company San Diego S.R.L. will be held on April 23 next
year. The informative assembly is one of the last processes in a
reorganization.

A report by Argentine news portal Infobae indicates that the
province's Court No. 1 handles the Company's case. The
reorganization began with the verification of creditors' claims
to ascertain the Company's debts. The receiver the prepares the
individual and general reports, as required by court. The
informative assembly takes place after the general report has
been filed at court.


TELECOM ARGENTINA: S&P Rates Various Bonds `raD'
------------------------------------------------
Standard & Poor's International Ratings, Ltd. assigned Monday
default ratings to a number of corporate bonds issued by Telecom
Argentina Stet-France Telecom S.A.. The `raD' rating was based on
the Company's finances as of the end of September 30 this year.

A report from the country's securities regulator, the Comision
Nacional de Valores, enumerated the affected bonds. These
include:

-- US$1.5 billion of "Programa Global de ONs autorizado por
Asamblea de fecha 16.3.99" due on August 2 next year. These were
classified under "Program".

-- EUR250 of "Serie 1, emitida bajo el Progr. Global de
Obligaciones Negociables vigente hasta Septiembre del 2004",
classified under "Series and/or class". The bonds matured in
April this year.

-- EUR190 of "Serie 2, emitida bajo el Programa de Obligaciones
Negociables (D) con vencimiento en Septiembre del 2004", under
"series and/or class". These bonds mature on July 2 next year.

-- US$126 million of "Serie C emitida bajo el Programa Global de
Obligaciones Negociables vencido en agosto de 1999", due in
November last year. The bonds are under "Series and/or Class".

-- US$100 million of bonds described as "Serie E emitida bajo el
Programa Global de Obligaciones Negociables vencido en agosto de
1999", due on May 2, 2005. These are also under the "Series
and/or Class" classification.

-- ITL40 billion worth of "Serie F emitida bajo el Programa
Global de Obligaciones Negociables vencido en agosto de 1999",
classified under "Series and/or Class". The bonds mature on May
2, 2007.

-- ITL40 billion of bonds called "Serie H emitida bajo el
Programa Global de Obligaciones Negociables vencido en agosto de
1999", due on March 3, 2008. These are also under "Series and/or
Class".

-- EUR200 million of "Serie I emitida bajo el Programa Global de
Obligaciones Negociables vencido en agosto de 1999" bonds, under
"series and/or class". These bonds mature on April 1 next year.

-- EUR250 million of bonds called "Serie K, emitida bajo el
Programa Global de Obligaciones Negociables vencido en agosto de
1999", also under the classification "Series and/or class". The
bonds matured in July last year.

The ratings agency said that the `raD' rating is assigned to
financial obligations that are currently in default or whose
obligor has filed for bankruptcy protection, the ratings agency
related. The rating may also be issued when interest or principal
payments are not made on the date due, even if the applicable
grace period has not expired, unless S&P has reason to believe
that payments will be made during such grace period.


* Argentine Government Ends Meetings With Seven Banks
----------------------------------------------------
Argentina's Economy Ministry said that the government has
concluded 10 days of meetings with representatives of seven
investment banks that expressed interest in the country's
proposal to help manage a plan to restructure $106 billion in
defaulted foreign debt, relates Dow Jones.

The ministry revealed in a brief press statement that it had
received visits from senior representatives of each bank and that
the meetings were to provide a "clarification and deepening" of
their proposals.

"The process of selection will continue internally during the
next week," the statement said.

The seven banks in question are ABN Amro (N.AMB), Barclays (BCS),
Dresdner Kleinwort Wasserstein (DRB.YY), Goldman Sachs (GS),
Lehman Brothers (LEH), Morgan Stanley (MWD) and UBS (UBS).



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

GLOBAL CROSSING: Names Dynamic Leaders to Head Enterprise Sales
---------------------------------------------------------------
Continuing its preparations for imminent emergence from Chapter
11, Global Crossing announced Thursday the appointment of Paul
O'Brien, founder of the Arden Group and former president of GTE
Telecom, as senior vice president of enterprise sales. David
Carey, who most recently led the enterprise sales division, will
serve as executive vice president overseeing a group focused on
strategy and corporate development.

"We're committed to growing our presence in the critical
enterprise sector," said John Legere, Global Crossing's chief
executive officer. "Paul is a telecommunications star who will
work diligently to boost sales and build on our success in
bringing global businesses state-of-the-art solutions and a
superior customer experience."

O'Brien has more than 20 years of experience in the
telecommunications and IT fields. Prior to joining Global
Crossing, he founded the Arden Group, an organization that
specializes in providing operations expertise to the global
technology/IT industry.

O'Brien served as president of GTE Telecom and senior vice
president of sales and marketing for GTE-Internetworking, where
he increased the company's revenues from $750 million to more
than $1.2 billion in just three years. He was a member of the
company's management committee overseeing the construction of one
of the world's largest IP backbone networks. He was also a
pivotal player in launching Genuity, GTE's Internetworking spin-
off, and led the initial branding of the business as well as its
enterprise and carrier sales organizations.

Before Genuity, he was GTE's vice president and general manager
of the IPTelecom start-up. O'Brien has also held executive
positions at NCR, where he was vice president and general manager
of the communications industry business unit; Cincinnati Bell,
where he was vice president of marketing; and AT&T, where he was
the New England area manager.

O'Brien was chairman of the Conference Board's marketing council
and has served as a trustee for the Hamilton County, Ohio
Business Incubator. He also served as a member of the Bellcore
(SAIC) marketing officers group.

In addition to his Global Crossing duties, O'Brien currently
serves as a director of EnvoyWorldWide, which provides real-time
interaction management services to deliver time-sensitive
notifications, enabling customers to streamline supply chains and
ensure business continuity.

Carey, a telecom veteran with more than 28 years of experience,
has served in a variety of capacities at Global Crossing,
including executive vice president of enterprise sales and senior
vice president of global network development and business
development. He will now turn his attention towards refining
Global Crossing's strategy and corporate development.

"Strategy and corporate development's importance to the future of
Global Crossing cannot be underestimated, and Dave's wide-ranging
experience gives him the strategy, insight and vision to focus on
these important initiatives," continued Legere.

Before joining Global Crossing, Carey served as senior vice
president, marketing and chief marketing officer for Frontier
Corporation's business lines. Prior to that, Mr. Carey spent
seven years in the energy industry, serving as President & CEO of
LG&E Natural Inc., a subsidiary of LG&E Energy Corp. based in
Louisville, Kentucky.

Carey began his career with AT&T. During his 15 years there, he
held a wide range of executive positions in marketing, sales,
operations and personnel.

ABOUT GLOBAL CROSSING

Global Crossing provides telecommunications solutions over the
world's first integrated global IP-based network, which reaches
27 countries and more than 200 major cities around the globe.
Global Crossing serves many of the world's largest corporations,
providing a full range of managed data and voice products and
services.

On January 28, 2002, Global Crossing Ltd. and certain of its
subsidiaries (excluding Asia Global Crossing and its
subsidiaries) commenced Chapter 11 cases in the United States
Bankruptcy Court for the Southern District of New York
(Bankruptcy Court) and coordinated proceedings in the Supreme
Court of Bermuda (Bermuda Court). On the same date, the Bermuda
Court granted an order appointing joint provisional liquidators
with the power to oversee the continuation and reorganization of
the Bermuda-incorporated companies' businesses under the control
of their boards of directors and under the supervision of the
Bankruptcy Court and the Bermuda Court. Additional Global
Crossing subsidiaries commenced Chapter 11 cases on April 23,
August 4 and August 30, 2002, with the Bermuda incorporated
subsidiaries filing coordinated insolvency proceedings in the
Bermuda Court. The administration of all the cases filed
subsequent to Global Crossing's initial filing on January 28,
2002 has been consolidated with that of the cases commenced on
January 28, 2002. Global Crossing's Plan of Reorganization, which
was confirmed by the Bankruptcy Court on December 26, 2002, does
not include a capital structure in which existing common or
preferred equity will retain any value.

On November 18, 2002, Asia Global Crossing Ltd., a majority-owned
subsidiary of Global Crossing, and its subsidiary, Asia Global
Crossing Development Co., commenced Chapter 11 cases in the
United States Bankruptcy Court for the Southern District of New
York and coordinated proceedings in the Supreme Court of Bermuda,
both of which are separate from the cases of Global Crossing.
Asia Global Crossing has announced that no recovery is expected
for Asia Global Crossing's shareholders. Asia Netcom, a company
organized by China Netcom Corporation (Hong Kong) on behalf of a
consortium of investors, has acquired substantially all of Asia
Global Crossing's operating subsidiaries except Pacific Crossing
Ltd., a majority-owned subsidiary of Asia Global Crossing that
filed separate bankruptcy proceedings on July 19, 2002. Global
Crossing no longer has control of or effective ownership in any
of the assets formerly operated by Asia Global Crossing.

CONTACT:  GLOBAL CROSSING
          Press Contacts

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

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

          URL: www.globalcrossing.com



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

VESPER: Embratel Gets Purchase Approval From Anatel
---------------------------------------------------
Brazilian telco Embratel Participacoes (NYSE: EMT) obtained
approval from the country's telecoms regulator Anatel to purchase
local service operator Vesper from California's Qualcomm Inc.

Embratel announced the proposed purchase in mid-August. Under the
initial terms of the deal, Vesper will sell its network of
transmission towers in Brazil to Qualcomm for an undisclosed sum.
The California company will then lease them back to Embratel,
initially for 10 years.

Vesper will then use the funds from the tower sale to pay off its
debt, much of it with Qualcomm, so that Embratel assumes the
company debt-free. Embratel will not have to make any cash
payments to acquire Vesper.

Bankrupt U.S. firm WorldCom Inc., also known as MCI, controls
Embratel via a 51.79% voting stake, and has announced plans to
sell it.

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


NET SERVICOS: Seeks To Restructure Debt Soon
--------------------------------------------
Net Servicos de Comunicacao, Brazil's biggest pay-television
company, plans to restructure its heavy debt load soon, Dow Jones
reports, citing a company executive.

Company head Francisco Valim revealed Wednesday that Net Servicos
was looking at a number of possibilities such as swapping debt
for equity and rescheduling payments over a longer period.

"I can't discuss the details of the confidential agreement. All I
can say is that a deal will be reached shortly," Valim said.

Net Servicos saw its total debt rise to US$345.8 million as of
Sept. 30 this year from a total of US$339.5 million in the
previous year. Much of that debt - 63.4% at the end of the third
quarter - is denominated in U.S. dollars.

The Company, which is a unit of Globo Participacoes SA, Brazil's
largest media company, posted a loss of US$25.1 million in the
third quarter, compared with a net profit of US$20.4 million in
the previous quarter.

CONTACT:  Net Servicos de Comunicacao S.A.
          Marcio Minoru Miyakava
          +5511-5186-2811
          minoru@netservicos.com.br

          Lu Yuan Fang
          +5511-5186-2637
          lfang@netservicos.com.br

          Web site:  http://www.netservicos.com


SABESP: Reveals $1.32B, Five-year Investment
--------------------------------------------
Sao Paulo state water utility Sabesp plans to invest BRL3.9
billion (US$1.32bn) in the next five years to be split equally
between drinking water and sewerage works, Business News Americas
reports, citing a company executive.

Speaking Wednesday during a conference call to discuss third
quarter results, Sabesp investor relations manager Helmut Bossert
said that on average, some BRL650 million will be spent annually.

With regards to plans to serve metropolitan region municipality
Sao Bernardo de Campo, Bossert said the utility expects to
conclude the economic evaluation next week, and could ink an
agreement by end-December.

He said that although Sabesp currently provides bulk water to the
municipality, higher prices from providing water and sewerage
service could increase the utility's revenue 2.5-3%.

Sabesp, Brazil's largest water utility in terms of users, posted
a net profit of BRL28.9 million in the third quarter of 2003,
versus a loss of BRL664 million in the same period a year ago.
For the quarter, revenue was up 8.8% to BRL1.08 billion and
operating profit closed at BRL55.6 million, versus a loss of
BRL979 million in 3Q02.



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

ENAMI: Court Declares Decree Unconstitutional
---------------------------------------------
A Chilean court decided last week that the decree that
restructured the board of state minerals company Enami was
unconstitutional, reports Business News Americas.

In September, the Chilean government issued a decree ordering the
downsizing and reshaping of Enami's board, with the number of
directors being cut to seven from nine.

However, last week the country's constitutional court accepted a
complaint filed by lawmakers that the modifications need new
legislation, and cannot be enacted by decree.

Chile's private sector mining society Sonami applauded the court
decision, saying it valued the fact that the issue "which
generated surprise and lack of trust in the sector" has been
resolved through the legal process.

At present, the country's congress is in talks regarding the
transfer of Enami's principal asset, the Ventanas copper smelter-
refinery in central Chile, to state copper corporation Codelco.
The switch is aimed at helping Enami resolve its US$480-million
debt problem.

CONTACT:  ENAMI (Empresa Nacional de Mineria)
          MacIver 459,
          Santiago, Chile
          Phone: 637 52 78
                 637 50 00
          Fax:   637 54 52
          Email: webmaster@enami.cl
          Home Page: www.enami.cl/
          Contact:
          Jorge Rodriguez Grossi, President


ENERSIS: Comfortable With 2003 Debt Level, Says Exec
----------------------------------------------------
Ricardo Alvial, Enersis SA's Chief Investment Officer, said
Thursday that the Chilean utility is comfortable with its 2003
debt level and won't make any further cash calls for 2004,
relates Dow Jones.

"We're comfortable with the net debt of US$6.3 billion we
anticipate for this year, and we'd be happy to finish 2004 around
that level," said Alvial, who was speaking on the sidelines of
the Latibex conference held by Madrid's stock exchange for Latin
American companies.

Enersis' net debt at the end of last year stood at US$9.8
billion. The Company has obtained US$5 billion in loans and cash
this year through a restructuring plan that included a US$2-
billion capital increase.


SR TELECOM: S&P Lowers Ratings to 'CCC+'
----------------------------------------
Standard & Poor's Ratings Services said on Thursday it lowered
its long-term corporate credit and senior unsecured debt ratings
on SR Telecom Inc. (SRX.TO: Quote, Profile, Research) to 'CCC+'
from 'B+'. The outlook is negative.

"The ratings on SR Telecom reflect its weak credit profile that
is characterized by a precarious liquidity position, given its
negative free cash flows and debt maturities of more than C$90
million in the next 18 months with only a C$47 million cash
balance," said Standard & Poor's credit analyst Michelle Aubin.
The ratings further reflect SR Telecom's poor operating
performance, its highly leveraged financial profile, and
constrained financial flexibility. Moreover, the company faces
challenging end-markets, ongoing exposure to emerging markets,
and prolonged economic weakness in Chile, which continues to
negatively affect SR Telecom's Chilean telecom operator.

Montreal, Que.-based SR Telecom is a manufacturer of point-to-
multipoint fixed wireless access telecommunication equipment.
Traditionally, the company's systems have been primarily deployed
in rural areas with low teledensity where distance and terrain
make traditional wire and cable systems uneconomical. The newly
acquired Angel platform is expected to expand SR Telecom's
opportunities in urban markets and could become a revenue driver
for the company. Nevertheless, market conditions for companies in
the telecom equipment-manufacturing sector remain challenging as
customers continue to defer spending. Weakness in the sector led
to a 15% decrease in SR Telecom's revenue for third-quarter 2003
to C$26 million from the previous quarter, and a 50% year-over-
year decline from revenue generated in third-quarter 2002.

The negative outlook reflects the possibility that the ratings on
SR Telecom could be lowered if the company's operating
performance does not improve and in particular, if free operating
cash flow does not stabilize.



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

SEGNA: Regulator Orders Liquidation
-----------------------------------
The Dominican Republic's insurance regulator ordered Thursday the
liquidation of Seguros Segna, the second largest local insurance
company, reports Business News Americas.

Rossanna Figueroa, a spokeswoman for the Dominican insurance
agency, revealed that insurance superintendent, Rafael Santos
Badia, decided to revoke Segna's license based on the insurer's
ailing financial condition, highlighted by debts totaling DOP2
billion (US$51 million) and a deficit of DOP1.2 billion.

The insurer was also judged to be unable to continue in operation
in light of the financial crisis surrounding failed Dominican
parent Bancredito.

The Dominican Republic's district attorney's office ordered a
lawsuit Wednesday against two top Bancredito executives based on
alleged fraudulent operations involving funds estimated at more
than DOP20 billion. The state bank is suffering from ongoing
liquidity problems.

A commission of independent consultants will supervise the sale
of the Segna's 32 insurance providers, and clients will be able
to keep their policies, Figueroa said.



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

MILLICOM INTERNATIONAL: Further Reduces Costs Of Debt
-----------------------------------------------------
Millicom International Cellular S.A. ("Millicom") (Nasdaq: MICC)
announced Wednesday the pricing of its offering of US$550 million
10 per cent senior notes due 2013.

The proceeds will be used to repay US$137 million of the 13 per
cent senior subordinated notes due 2006 and US$395 million of the
11 per cent senior notes due 2006.

The offering is the third and final stage of Millicom's financial
restructuring, further reducing its cost of borrowing and
extending the maturity of its debt.

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

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

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

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

           SHARED VALUE LTD, London
           Telephone: +44 20 7321 5022
           Andrew Best, Investor Relations

           Visit our web site at: www.millicom.com



MILLICOM INTERNATIONAL: Gets Requisite Consents Pursuant To Offer
-----------------------------------------------------------------
Millicom International Cellular S.A. ("Millicom") (Nasdaq: MICC)
announced Wednesday that it has received the requisite tenders
and consents from holders of its 11% Senior Notes due 2006 (the
"11% Senior Notes") to amend the indenture governing the 11%
Senior Notes. On November 7, 2003, Millicom commenced a cash
tender offer and consent solicitation (the "11% Senior Notes
Tender Offer") relating to all of the $395,219,000 outstanding
principal amount of the 11% Senior Notes. The consent date
relating to the consent solicitation expired at 5:00 p.m., EST,
on Tuesday, November 18, 2003 (the "Consent Date"). On or prior
to the Consent Date, holders of more than a majority of the
outstanding principal amount of the 11% Senior Notes had tendered
their 11% Senior Notes and consented to (i) the waiver of certain
possible past defaults under, and (ii) proposed amendments to,
the indenture governing the 11% Senior Notes and related
documents. Among other things, these amendments will eliminate
certain of the indenture's restrictive covenants, amend certain
other provisions contained in the indenture and shorten the
optional redemption notice period of the 11% Senior Notes.

Millicom expects to execute shortly a supplemental indenture
relating to the 11% Senior Notes that effectuates the proposed
amendments described in the Offer to Purchase and Consent
Solicitation Statement. Subject to the completion by Millicom of
its offering of 10% Senior Notes due 2013 (the "Financing
Transaction"), which is expected to occur on Monday, November 24,
2003, the expected settlement date for the holders who tendered
before the Consent Date is on or around November 25, 2003, at
which time the amendments to the indenture will become effective.
The 11% Senior Notes Tender Offer will expire at 11:59 p.m., New
York City time, on December 8, 2003, unless terminated or
extended. If the Financing Transaction is completed and less than
all of the outstanding notes are tendered in the 11% Senior Notes
Tender Offer, then Millicom intends to redeem any outstanding 11%
Senior Notes in accordance with their terms.

In addition, Millicom announced Wednesday that it has received
the requisite consents from holders of its 2% Senior Payable-In-
Kind Notes due 2006 (the "2% Senior Convertible PIK Notes") to
(i) the waiver of certain possible past defaults under the
indenture governing the 2% Senior Convertible PIK Notes and (ii)
the waiver of compliance with the limitation on restricted
payments covenant in such indenture in connection with Millicom's
proposed redemption or repurchase of its 13.5% Senior
Subordinated Notes due 2006 with the proceeds of the Financing
Transaction.

Morgan Stanley & Co. Incorporated is acting as the exclusive
dealer manager and solicitation agent for the 11% Senior Notes
Tender Offer. The depositary for the 11% Senior Notes Tender
Offer is the Bank of New York. The 11% Senior Notes Tender Offer
is being made pursuant to an Offer to Purchase and Consent
Solicitation Statement dated November 7, 2003, and a related
Letter of Transmittal and Consent, which more fully set forth the
terms and conditions of the tender offer and consent
solicitation.

Questions regarding the 11% Senior Notes Tender Offer may be
directed to Morgan Stanley & Co. Incorporated, at (800) 624-1808.
Requests for copies of the Offer to Purchase and Consent
Solicitation Statement and related documents may be directed to
D. F. King & Co., Inc., at (212) 269-5550.

This announcement is not an offer to purchase, a solicitation of
an offer to purchase, or a solicitation of consents with respect
to the 11% Senior Notes or the 2% Senior Convertible PIK Notes.
The 11% Senior Notes Tender Offer is made solely by means of the
Offer to Purchase and Consent Solicitation Statement.

The 10% Senior Notes due 2013 have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "Securities Act"). The 10% Senior Notes due 2013 may
not be offered or sold in the United States or to, or for the
account or benefit of U.S. persons (as such term is defined in
Regulation S under the Securities Act) except pursuant to a
registration statement under, or an applicable exemption from the
registration requirements of, the Securities Act.



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M E X I C O
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CFE: To Launch Detection Programs To Prevent Illegal Connections
----------------------------------------------------------------
The Comision Federal de Electricidad (CFE) is in the midst of
installing detection programs in the state of Guerrero that will
help it identify where electricity thefts are taking place,
reports Cronica.

The Company is taking the measure in order to put a stop to
illegal connections, which according to the superintendent of the
state-owned electricity, caused annual losses of at least MXN560
million.

He noted that 18.6% of the energy generated in the state of
Guerrero is stolen. There are 98 communities, called colonias,
registered with the CFE, but another 42 access the electricity
grid through alternative means.

He further noted that the CFE was engaged in a reinvestment
process this year, with the heaviest investment going toward
customer service and electricity line upgrades.




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

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. John D. Resnick, Edem Psamathe P. Alfeche and Oona
G. Oyangoren, Editors.

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

This material is copyrighted and any commercial use, resale or
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