TCRLA_Public/031210.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Wednesday, December 10, 2003, Vol. 4, Issue 244

                          Headlines


A R G E N T I N A

ANCEL HERMANOS: General Report Deadline Expires Today
ARANTES: Receiver Closes Credit Check in Bankruptcy
CALPO: Individual Reports Due at Court Today
DECOR ALIMENTICIA: Deadline for Individual Reports Filing Today
EASA: Individual Reports Due Today

EDENOR: Fitch Downgrades Company, GAIN Trust Notes to 'D'
KAMET: Individual Reports Due Today
RECOMAR: Last Day for Credit Verifications Today
RIOS Y MONTANAS: Receiver Closes Credit Verifications
ROCAISINA: Credit Check in Bankruptcy Ends

SADIA: Eyes $50M Income with Minuano Partnership
TRANSUB: Credit Verification in Bankruptcy Ends Today


B E R M U D A

FOSTER WHEELER: Awarded Springerville Unit No. 3
GLOBAL CROSSING: Has New Board of Directors
GLOBAL CROSSING: Files Annual Report on Form 10-K
LORAL SPACE: Wolf Haldenstein Amends Class Action Complaint


B R A Z I L

EMBRATEL: Employee Pension Fund Seeks Controlling Stake Purchase
GERDAU: Acquires Pig Iron Mill In Maranhao


C O L O M B I A

GILAT SATELLITE: To Acquire All Shares Of rStar Corporation


J A M A I C A

KAISER ALUMINUM: Chinese Firm Joins Race For Alumina Assets


M E X I C O

AEROMEXICO: Embraer Sells Five ERJ 145s To Subsidiary


U R U G U A Y

ANCAP: Uruguayans Say `No' to Oil Trading Law


V E N E Z U E L A

PDVSA: May Refinance Part of Debt

     -  -  -  -  -  -  -  -

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

ANCEL HERMANOS: General Report Deadline Expires Today
-----------------------------------------------------
The reorganization of Ancel Hermanos S.A.C.I.I. proceeds with the
filing of the general report today. This report, a summary of the
individual reports, was prepared by the Company's receiver, Ms.
Maria Yolanda Aguirre after the individual reports were processed
at court.

A recent report by the Troubled Company Reporter - Latin America
indicated that the Civil and Commercial Tribunal of Resistencia,
Chaco in Argentina granted the Company permission to undergo
reorganization by approving its motion for "Concurso Preventivo".

Local sources did not mention whether the court has chosen a date
for an informative assembly, which is one of the last processes
in a reorganization.

CONTACT:  Ancel Hermanos S.A.C.I.I.
          Juan B Justo 1745
          Resistencia, Chaco

          Maria Yolanda Aguirre
          Remedios de Escalada 232
          Resistencia, Chaco


ARANTES: Receiver Closes Credit Check in Bankruptcy
---------------------------------------------------
The bankruptcy of Argentine company Arnates S.A. moves a step
further as the receiver closes the credit verification process
today. As ordered by the court, the Company's receiver, local
accountant Arnaldo Manuel, will prepare the court.

Court No. 24, which handles the Company's case, requires the
receiver to file the individual reports on February 23, 2004, the
Troubled Company Reporter said in an earlier report. These are
prepared upon completion of the credit verifications. The general
report, which is prepared after the individual reports are
processed at court, is to follow on April 7.

CONTACT:  Arnaldo Manuel
          Parana 224
          Buenos Aires


CALPO: Individual Reports Due at Court Today
--------------------------------------------
The individual reports on the bankruptcy of Buenos Aires-based
Calpo S.A. are due for filing at the city's Court No. 19 today.
The Troubled Company Reporter - Latin America earlier said that
Mr. Juan Carlos Caro, receiver for Buenos Aires company Calpo
S.A. verified creditors' claims to determine the nature and
amount of the Company's debt.

After the individual reports are processed at court, the receiver
will consolidate the results into a general report to be passed
on February 24 next year.

Buenos Aires Court No. 19 issued the bankruptcy order. Clerk No.
38 assists the court on this case.

CONTACT:  Calpo S.A.
          Moliere 1366
          Buenos Aires

          Juan Carlos Caro
          San Martin 793
          Buenos Aires


DECOR ALIMENTICIA: Deadline for Individual Reports Filing Today
---------------------------------------------------------------
The individual reports on the bankruptcy of Decor Alimenticia
S.R.L. are due for filing at the court today. The Company's
receiver, Mr. Oscar Luis Serventich, prepared the individual
reports after the credit verification process was closed earlier
in the year.

The general report, which is prepared after the individual
reports are processed at court, must be submitted to the court on
February 24 next year, the Troubled Company Reporter - Latin
America said in an earlier report.

The Company's assets will likely be liquidated at the end of the
bankruptcy process to pay off its creditors.

CONTACT:  Oscar Luis Serventich
          Piedras 1319
          Buenos Aires


EASA: Individual Reports Due Today
----------------------------------
The individual reports for the bankruptcy of Buenos Aires-based
company Emprendimientos Americanos S.A. are due for filing today,
according to an earlier report by the Troubled Company Reporter -
Latin America.

The Company's receiver, Mr. Daniel del Castillo, prepared the
reports after the credit verification process was completed early
this year. After these reports are processed at the court, the
receiver will prepare the general report, which is due for filing
on February 20 next year.

The Company's assets will be liquidated at the end of the
bankruptcy process. Payments will be based on the results of the
credit verifications.

CONTACT:  Daniel del Castillo
          Peron 1558
          Buenos Aires


EDENOR: Fitch Downgrades Company, GAIN Trust Notes to 'D'
---------------------------------------------------------
Fitch Ratings downgraded the foreign currency rating assigned to
Empresa Distribuidora y Comercializadora Norte S.A. (Edenor) and
the GAIN Trust Notes to 'D' from 'C' Rating Watch Negative. Fitch
has also removed the ratings from Rating Watch Negative.

The rating action reflects the non-payment of principal related
to the US$140 million GAIN notes due Dec. 1, 2003. The local
currency rating of Edenor was downgraded to 'DD' in September
2002 due to the suspension and re-scheduling of principal
payments. Edenor continued to make semiannual Interest payments,
but due to the current re-structuring of the company's debt,
missed the re-scheduled initial principal payment last week.

CONTACT:  Jason Todd
          Phone: +1-312-368-3217

          Greg Kabance
          Phone: +1-312-368-2052

          Media Relations:
          Matt Burkhard
          Phone: +1-212-908-0540


KAMET: Individual Reports Due Today
-----------------------------------
Buenos Aires' Court No. 5 requires the receiver for local company
Kamet S.A. to file the individual reports on the results of the
verification process. The Company's receiver, Estudio Bruzzo
Poltno Turek, who also verified creditors' claims, prepared the
reports.

The general report, prepared after the individual reports are
processed at court, must be filed on February 23, 2004. An
earlier report by the Troubled Company Reporter - Latin America
revealed that creditors were required to present their proofs of
claims to the receiver for verification before October 28 this
year.

CONTACT:  Estudio Bruzzo Plotno Turek
          Sarmiento 930
          Buenos Aires


RECOMAR: Last Day for Credit Verifications Today
------------------------------------------------
Buenos Aires accountant Jorge Byrne, receiver for local company
Recomar S.A., ends the examination and authentication of
creditors' claims for the Company's bankruptcy process today.

The Troubled Company Reporter - Latin America earlier related
that the city's Court No. 24 handles the Company's case with
assistance from Clerk No. 48. The court also requires the
receiver to prepare the individual and general reports, however,
the source did not reveal whether the deadlines for these reports
have been set.

CONTACT:  Recomar S.A.
          Juan Bautista Alberdi 219
          Buenos Aires

          Jorge Byrne
          Piedras 1319
          Buenos Aires


RIOS Y MONTANAS: Receiver Closes Credit Verifications
-----------------------------------------------------
Mr. Mario Daniel Gomez, receiver for Rios y Montanas S.A., which
is based in La Rioja, Argentina, will close the credit
verification process for the Company's reorganization today. This
part of the reorganization process is done to determine the
nature and amount of the Company's debts.

The receiver will now prepare the individual reports on the
results of the verifications and submit these to the court on
April 6 next year. The receiver's duties include the preparation
of the general report after the individual reports are processed
at court. The deadline for the filing of this is May 26, 2004.

CONTACT:  Mario Daniel Gomez
          El Maestro 502
          Chilecito, La Rioja


ROCAISINA: Credit Check in Bankruptcy Ends
------------------------------------------
Creditors of Argentine company Rocaisina S.A. must have their
claims authenticated by the Company's receiver, Ms. Zulma
Ghigliano, as the deadline for credit authentication expires
today. This part of the bankruptcy process ascertains the nature
and amount of the Company's debts.

An earlier report by the Troubled Company Reporter - Latin
America indicated that Judge Vassallo of Buenos Aires Court No. 5
issued the bankruptcy order in approval of a bankruptcy motion
filed by the Company's creditor Comafi Fiduciario Financiero S.A.
for nonpayment of debt. Clerk No. 9, Dr. Perez Casado assists the
court on the case.

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

          Zulma Ghigliano
          Capoletti 554
          Buenos Aires


SADIA: Eyes $50M Income with Minuano Partnership
------------------------------------------------
Brazilian food and meat products producer Sadia Alimentos hopes
to generate an additional US$50 million income from its
partnership with local company Minuano. Gazeta Mercantile relates
that the partnership is aimed at boosting exports by 7.5% next
year.

Minuano, which, under the contract, will supply Sadia with eggs
and animal feeds, has applied to Chapter 11 bankruptcy protection
late last year. The Company's Lejeado unit will provide
slaughtering and poultry meat processing.

The contract boosts Sadia's number of poultry slaughterhouses to
eight. The Company's own units are based in Concordia, Chapeco
(Santa Catarina), Toledo, Francisco Beltrao, Dois Vizinhos
(Parana), Varzea Grande (Mato Grosso) and Uberlandia (Minas
Gerais), the report adds.


TRANSUB: Credit Verification in Bankruptcy Ends Today
-----------------------------------------------------
The credit verification process for the bankruptcy of Buenos
Aires' Transub S.R.L. will end today, December 10. Creditors must
have their claims authenticated by the Company's receiver, Mr.
Hugo Edgardo Borgett, in order to qualify for payments to be made
after the Company's assets are liquidated.

The receiver will start preparing the individual reports on the
verification results and present these to the court on February
23 next year. The general report must follow on April 7.

Court No. 24 of Buenos Aires ordered the bankruptcy with
assistance from Clerk No. 48, an earlier article by the Troubled
Company Reporter - Latin America indicated.

CONTACT:  Hugo Edgardo Borgett
          Presidente Peron 863
          Buenos Aires



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

FOSTER WHEELER: Awarded Springerville Unit No. 3
------------------------------------------------
Foster Wheeler Ltd. (OTCBB: FWLRF) announced Monday that its
subsidiary, Foster Wheeler Power Group Inc., has been awarded an
order by Bechtel Power Corporation to design and supply a 400 MW
pulverized coal-fired steam generator to be installed at the
Springerville Generating Station in Arizona. Foster Wheeler is a
supplier to Bechtel Power Corporation, which is the owner's lump-
sum turnkey EPC contractor. The 400 MW unit will be owned by the
Tri-State Generation and Transmission Association and operated by
Tucson Electric Power, a subsidiary of UniSource Energy
Corporation.

The steam generator will be designed to fire low-sulfur western-
type coals from the Lee Ranch mine in Arizona and from various
mines from the Powder River Basin of Wyoming. The steam generator
will be a wall-fired design using Foster Wheeler's parallel-pass
heat recovery area to maximize boiler efficiency while firing a
wide range of fuels, and will be equipped with Foster Wheeler's
MBF coal pulverizers, low NO(x) Vortex series burners and a
selective catalytic reduction (SCR) system to minimize NO(x)
emission from the unit.

The Foster Wheeler order value is approximately $53 million and
the booking will be included in the fourth-quarter results.

Project completion is expected in late 2006.

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

CONTACT:  Foster Wheeler Ltd.
          Richard Tauberman
          Phone: 908-730-4444
                 908-730-4000


GLOBAL CROSSING: Has New Board of Directors
-------------------------------------------
Global Crossing and Singapore Technologies Telemedia (ST
Telemedia) announced Monday Global Crossing's new Board of
Directors. Lodewijk Christiaan van Wachem will serve as chairman
of the board, and Peter Seah will become the vice chairman.
Additional new directors include E.C. "Pete" Aldridge, Jr.,
Archie Clemins, Donald L. Cromer, Richard R. Erkeneff, Lee Theng
Kiat, Charles Macaluso, Michael Rescoe, and Robert J. Sachs.

ST Telemedia will become a 61.5 percent equity shareholder of
Global Crossing upon consummation of the ST Telemedia-Global
Crossing purchase agreement and Global Crossing's emergence from
bankruptcy. Under Global Crossing's plan of reorganization, ST
Telemedia appoints eight of the directors, while two members are
appointed by Global Crossing's creditors committee to form the
new ten-member board.

All board appointments will become effective immediately upon
Global Crossing's emergence from bankruptcy. The new board of
directors intends to work closely with the current management
team to build on the accomplishments that have been achieved
during the past 22 months and to help Global Crossing become a
global telecommunications leader.

Chairman of the Board, Lodewijk van Wachem was president of the
Royal Dutch Petroleum Company from 1982 to 1992 and chairman of
its supervisory board from 1992 to 2002. He joined the Royal
Dutch/Shell Group in 1953 and served in various capacities in
Latin America, Africa, the Far East and Europe. In addition to
his new role as chairman of the board of Global Crossing, Mr. van
Wachem currently serves on the supervisory board of Royal Philips
Electronics N.V., on the boards of ATCO (Canada) Ltd. and Zurich
Financial Services, and on the executive board of Rand Europe.

Vice chairman of Global Crossing's new board, Peter Seah,
president and chief executive officer of Singapore Technologies
Group, is also chairman of SembCorp Industries and Singapore
Technologies Engineering. He serves on the boards of Singapore
Technologies Group and its companies including CapitaLand
Limited, Chartered Semiconductor Manufacturing Ltd., StarHub Pte.
Ltd., and ST Assembly Test Services. Prior to joining Singapore
Technologies Group, Mr. Seah was a banker for 33 years, and
served as vice chairman and chief executive officer of Overseas
Union Bank.

In addition to the chairman and vice chairman, the other eight
new board members include:

Pete Aldridge, former Under Secretary of Defense for Acquisition,
Technology and Logistics. Mr. Aldridge will also serve as the
head of the board's four-member security committee as outlined in
the National Security Agreement signed by Global Crossing, ST
Telemedia, and the U.S. Government. His past positions also
include chief executive officer of the Aerospace Corporation,
president of McDonnell Douglas Electronic Systems, Secretary of
the Air Force, and numerous other senior posts within the
Department of Defense. Mr. Aldridge is a current member of the
Lockheed Martin board of directors;

Archie Clemins, oowner and president of Caribou Technologies,
Inc., and co-owner of TableRock International LLC. A veteran of
the U.S. military, he concluded his career in Hawaii as an
Admiral and the 28th Commander of the U.S. Pacific Fleet. Admiral
Clemins will also serve on the security committee;

Donald Cromer, former president of the Hughes Space and
Communications Company. A 32-year veteran of the U.S. Air Force,
he concluded his career as a Lt. General and the Commander of
Space and Missile Center. General Cromer will also serve on the
security committee;

Richard Erkeneff, formerly the president and chief executive
officer of United Industrial Corporation. He has also held senior
posts with McDonnell Douglas Corporation. Mr. Erkeneff will also
serve on the security committee;

Lee Theng Kiat, president and chief executive officer of ST
Telemedia Pte. Ltd. Mr. Lee joined Singapore Technologies (ST) in
1985 and has held various senior positions in the company
including directorships in legal and strategic business
development. In 1993, recognizing the promise of the
telecommunications sector, Mr. Lee spearheaded the creation of ST
Telemedia as a new business area for ST. Since that time, Mr. Lee
has led ST Telemedia's growth by investing in and managing
information-communications businesses;

Charles Macaluso, founding principal and chief executive officer
of Dorchester Capital Advisors (formerly East Ridge Consulting,
Inc.), a management consulting and corporate advisory firm
founded in 1996. Mr. Macaluso also currently serves as a director
of Darling International;

Michael Rescoe, chief financial officer and executive vice
president, financial services, of the Tennessee Valley Authority,
a federal corporation that is the nation's largest public power
company and a regional development agency that manages the fifth-
largest river system in the United States; and

Robert Sachs, a communications attorney, who currently serves as
president & CEO of the National Cable & Telecommunications
Association (NCTA) since 1999. Prior to joining NCTA, Mr. Sachs
was a co-founder and principal of the Continental Consulting
Group, LLC, a consulting firm serving the cable television
industry, and prior to that he served in various executive
capacities with Continental Cablevision, Inc., and its successor
MediaOne, Inc.

In addition to the security committee, Global Crossing's board
plans to create an executive committee composed of both directors
and non-directors.

Executive committee members are expected to include: Pete
Aldridge, a Global Crossing director; Terry Clontz, president and
chief executive officer of StarHub; Richard Erkeneff, a Global
Crossing director; Lee Theng Kiat, a Global Crossing director and
president and chief executive officer of ST Telemedia; Jeremiah
Lambert, former co-chairman of Global Crossing's board; John
Legere, chief executive officer of Global Crossing; Charles
Macaluso, a Global Crossing director and founding principal and
chief executive officer of Dorchester Capital Advisors; and Jean
Mandeville, chief financial officer of ST Telemedia.

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.

ABOUT SINGAPORE TECHNOLOGIES TELEMEDIA

Singapore Technologies Telemedia (ST Telemedia) is a leading
information and communications company in the Asia-Pacific
region. Incorporated in 1994, the company provides a wide range
of communications and information services including fixed and
mobile communications, Internet exchange and data communications,
satellite, broadband and Pay TV. ST Telemedia also is a major
shareholder in StarHub, Singapore's info-communications company
providing a full range of information, communications and
entertainment services over fixed, mobile and Internet platforms;
in Indosat, Indonesia's second largest telecommunications service
provider; and in Equinix, the largest global network-neutral data
center and Internet exchange service company in the United States
and the Asia-Pacific region.

ST Telemedia is a subsidiary of the Singapore Technologies Group,
a technology-based multinational with operations and interests in
more than 20 countries, including the United States. The Group
has U.S. investments in Alabama, Arizona, California,
Massachusetts, North Carolina, Texas, and Virginia.

CONTACT:  GLOBAL CROSSING
          Press Contacts

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

          Kendra Langlie
          Latin America
          + 1 305-808-5912
          LatAmPR@globalcrossing.com

          Mish Desmidt
          Europe
          + 44 (0) 7771-668438
          EuropePR@globalcrossing.com

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

          Web site: www.globalcrossing.com

          ST TELEMEDIA
          Press Contacts

          Melinda Tan
          Singapore
          + 65 6723-8690
          melinda_tan@sttelemedia.com

          June Seah
          Singapore
          + 65 6723-8683
          june_seah@sttelemedia.com

          Bill Maroni
          North America
          + 1 202-585-2753
          wmaroni@webershandwick.com

          Haidee Schwartz
          North America
          + 1 202-585-2098
          hschwartz@webershandwick.com

          Web site: Singapore Technologies Telemedia


GLOBAL CROSSING: Files Annual Report on Form 10-K
-------------------------------------------------
Global Crossing announced Monday that it has filed with the
Securities and Exchange Commission (SEC) its 2002 annual report
on Form 10-K. The filing, which is available on the SEC and
Global Crossing Web sites, includes financial statements for the
2000, 2001 and 2002 fiscal years.

The Form 10-K is Global Crossing's first periodic report filed
with the SEC since its Form 10-Q for the fiscal quarter ended
September 30, 2001. The filing of periodic reports and the
preparation of audited financial statements for 2001 and 2002 had
been delayed due to the cessation of the audit practice of its
prior auditor, Arthur Andersen, the demands of the bankruptcy
process, and a then-pending investigation by a special
independent committee of its board of directors into certain
allegations relating to concurrent transactions for the purchase
and sale of telecommunications capacity and services.

In October 2002, Global Crossing announced that it would restate
its accounting for the concurrent transactions recorded in
certain filings previously made with the SEC. The financial
statements included in the 2002 Form 10-K filing reflect these
restatements, as well as certain additional restatements
identified during the course of the audit of Global Crossing's
2001 and 2002 financial statements. A detailed description of the
restatements and their impact on financial statements previously
filed with the SEC may be found in the Form 10-K filing made
Monday.

In connection with the filing of the Form 10-K and Global
Crossing's impending emergence from bankruptcy, Global Crossing
also announced its intention to file the following reports with
the SEC within fifteen days after its emergence:

- Quarterly reports on Form 10-Q for the first, second and third
fiscal quarters of 2003.

- A current report on Form 8-K including a "fresh start" balance
sheet establishing a "fair value" basis for the carrying value of
the assets and liabilities of the reorganized company.

As previously announced, Global Crossing's plan of reorganization
provides for the cancellation of existing preferred and common
stock. The holders of these previously publicly traded securities
will receive no consideration under the plan of reorganization.


LORAL SPACE: Wolf Haldenstein Amends Class Action Complaint
-----------------------------------------------------------
On September 9, 2003, Wolf Haldenstein Adler Freeman & Herz LLP
("Wolf Haldenstein") filed a class action lawsuit in the United
States District Court for the Southern District of New York, on
behalf of all persons who purchased or acquired the securities of
Loral Space & Communications, Ltd. ("Loral" or the "Company")
(OTC Bulletin Board: LRLSQ.OB - News) between June 30, 2003 and
July 15, 2003, inclusive, against defendant Bernard Schwartz, the
Company's Chief Executive Officer and Chairman of the Board
during the Class Period. The case name and index number are
Pfusterer v. Bernard Schwartz, 03 CV 6883.

The September 9, 2003 action arose out of several announcements
Loral made beginning on June 30, 2003, the beginning of the
original Class Period, reporting events that purportedly would
assist in strengthening its balance sheet and its future
prospects. On June 30, 2003, Loral made two announcements that
purportedly would assist in strengthening its balance sheet and
its future prospects. Loral announced that "it has collected
approximately $55 million from Intelsat representing an
acceleration of a receivable for agreed-upon milestone
performance payments" and that Loral had resolved all outstanding
legal disputes with Alcatel thereby eliminating potential
exposure to $350 million in liability to Alcatel. As alleged in
the Amended Complaint, described below, the defendants also
materially misrepresented the Company's financial performance and
condition by inflating the Company's revenues and net income, and
by underreporting expenses. These misrepresentations of the
Company's financial performance included a) failing to timely
account for the obsolescence of its inventory; b) inappropriately
accounting for general and administrative costs ("G&A costs") in
the second and third quarters of 2002; and c) improperly
recognizing revenue from its Telstar 18/Apstar V contract with
APT Satellite Company Ltd. On July 15, 2003, prior to the market
open, Loral's ongoing contemplation of Chapter 11 came to
fruition when Loral announced that it was filing for Chapter 11
bankruptcy as a precondition to an agreement with Intelsat to
sell its six North American satellites for approximately $1.1
billion. Once the stock resumed trading after being halted on the
news, the stock lost 90% of its value.

On October 14, 2003, Wolf Haldenstein announced that it was
filing a complaint against Bernard Schwartz arising out of
additional allegations which provided a basis to expand the class
period from May 14, 2003, to July 15, 2003. This complaint,
captioned Christ, et al. v. Bernard Schwartz, et al., 03 CV 8262,
was filed on October 17, 2003, in the United States District
Court for the Southern District of New York. The Christ complaint
alleged, among other things, that on May 14, 2003, Loral
announced its financial results for the first quarter of fiscal
year 2003 and held a conference call to discuss the current
financial condition and future prospects of the Company. During
the conference call, defendant Schwartz made numerous comments
regarding the current and future viability of the Company as an
ongoing entity and reassured stockholders that the Company would
continue to operate for the benefit of stockholders. This was
followed by the series of positive announcements beginning June
30, 2003, detailed above. The Complaint alleges that the Company
failed to disclose that Loral knew that its future as an ongoing
entity did not include ownership by current common stockholders
and that the Company intended to act in a manner that would
eliminate the stockholders stake in the Company.

On November 17, 2003, the judge presiding over these actions, in
accordance with the Private Securities Litigation Reform Act of
1995, 15 U.S.C. section 78u-4(a)(3)(B), authorized plaintiffs
Tony Christ, Casey Crawford, Thomas Orndorff, and Marvin Rich,
represented by the firm of Wolf Haldenstein, to be lead
plaintiffs and Wolf Haldenstein to be lead counsel on behalf of
those who purchased Loral securities between May 14, 2003,
through June 29, 2003, and ordered those lead plaintiffs to file
an amended complaint with the Court. In its ongoing investigation
into the conduct of Loral and defendant Bernard Schwartz, Wolf
Haldenstein concluded that additional factors warranted the
further expanding of the class period. The amended Complaint,
captioned Christ, et al. v. Bernard Schwartz, et al., 03 CV 8262,
is on behalf of all persons who purchased or acquired the
securities of Loral between July 31, 2002, through June 29, 2003,
inclusive, (the "Class Period") against defendant Bernard
Schwartz and Richard J. Townsend, the Company's Chief Financial
Officer during the Class Period. The complaint alleges that
during the Class Period, among other things, the defendants
materially misrepresented the Company's financial performance and
condition by inflating the Company's revenues and net income, and
by underreporting expenses. These misrepresentations of the
Company's financial performance included a) failing to timely
account for the obsolescence of its inventory; b) inappropriately
accounting for general and administrative costs ("G&A costs") in
the second and third quarters of 2002; and c) improperly
recognizing revenue from its Telstar 18/Apstar V contract with
APT Satellite Company Ltd. The Company finally recognized these
improprieties in its financial report filed on Form 10-Q with the
Securities and Exchange Commission ("SEC") on November 13, 2003,
months after the July 15, 2003, bankruptcy.

The Court has directed by order of November 20, 2003, that the
parties begin discovery proceedings to be completed no later than
March 17, 2004. Although the lead plaintiff and the lead counsel,
Wolf Haldenstein, continue to vigorously pursue the claims on
behalf of purchasers during the Class Period of July 31, 2002
through June 29, 2003, at the Court's direction this notice is
being published so that on or prior to February 6, 2004, if you
purchased or acquired Loral securities during the Class Period,
you may request that the Court appoint you as lead plaintiff. A
lead plaintiff is a representative party that acts on behalf of
other class members in directing the litigation. In order to be
appointed lead plaintiff, the Court must determine that the class
member's claim is typical of the claims of other class members,
and that the class member will adequately represent the class.
Your ability to share in any recovery is not, however, affected
by the decision whether or not to serve as a lead plaintiff. You
may retain Wolf Haldenstein, current lead counsel, or other
counsel of your choice, to serve as your counsel in this action.

CONTACT:   Fred Taylor Isquith, Esq.
           Christopher S. Hinton, Esq.
           George Peters
           Derek Behnke
           WOLF HALDENSTEIN ADLER FREEMAN & HERZ LLP
           270 Madison Avenue, New York
           New York 10016
           Tel: (800) 575-0735
           E-mail: classmember@whafh.com



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

EMBRATEL: Employee Pension Fund Seeks Controlling Stake Purchase
----------------------------------------------------------------
Fundacao Embratel de Seguridade Social (Telos), the employee
pension fund for Embratel Participacoes SA, intends to buy a
controlling stake in the long distance phone company from U.S.
Parent WorldCom Inc.

In a statement to securities regulators, Jose Manuel Oliveira
Carregal, the pension fund's financial director, said that Telos
plans to form a group of investors to buy the WorldCom stake.

The local unit of UBS AG has been hired to advise Telos on the
stake acquisition and to help structure the investor group that
will make the bid.

The pension fund said it expects the purchase of Embratel shares
from WorldCom to offer better returns than investing in fixed
income securities.

"With the outlook that interest rates will decline, investing in
(Embratel) stock may become a good opportunity within the
investment policy by Telos, which believes it may obtain a return
on investment higher than in other investments," the pension
said.

WorldCom, which filed for bankruptcy protection last year after
becoming embroiled in an accounting scandal, said in mid-November
that it had started to look for a buyer for its Brazilian unit.
Analysts had bet that Mexican giant Telefonos de Mexico would be
the most likely candidate to buy Embratel.

Telos had a total of BRL2.1 billion (US$713 million) in
investments in its portfolio in October, 85.7% of which was
invested in fixed income securities.

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


GERDAU: Acquires Pig Iron Mill In Maranhao
------------------------------------------
The Gerdau Group will expand its Brazilian production of pig
iron, one of the main inputs in steel production, with the
acquisition of Margusa (Maranhao Gusa S.A.). Located in the
municipality of Bacabeira in the state of Maranhao, the mill
represents an investment of US$18 million and will have an annual
production capacity of 200,000 metric tons as of January next
year, when implementation of the second blast furnace is
completed. Current annual capacity is 85,000 metric tons. Gerdau
will pay out US$ 15.5 million in cash resources and take on debts
of US$ 2.5 million.

Pig iron is used in solid form together with scrap in the
production of steel in electric arc furnace mills.

"One of the main competitive advantages of the Maranhao unit is
its strategic location, close to the source of iron ore at
Carajas and to the port, which will simplify shipments to Gerdau
mills in Brazil's northeast and the United States", stated Gerdau
Group president Jorge Gerdau Johannpeter. The mill is located 50
km from the state capital, Sao Luís, and 48 km from the regional
port. The Group operates three mills in Brazil's northeast -
Gerdau Cearense (state of Ceara), Gerdau Aconorte (state of
Pernambuco) and Gerdau Usiba (state of Bahia) - and a further ten
mills in North America.

The unit will be the Group's second pig iron production mill.
Since 1986, Gerdau has operated a unit at Contagem (state of
Minas Gerais), with annual capacity of 230,000 metric tons.

Margusa employs approximately 110 people, including direct
employees and service providers. This figure will be maintained
and should be expanded with the creation of a further 50 direct
jobs at the start of 2004, when the new blast furnace comes on
line.

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



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

GILAT SATELLITE: To Acquire All Shares Of rStar Corporation
-----------------------------------------------------------
Gilat Satellite Network, Ltd. (NASDAQ: GILTF) announced that it
intends to acquire all of the shares of common stock of rStar
Corporation (NASDAQ: RSTRC) not already owned by Gilat for $0.60
per share in cash. The acquisition, which is expected to be
effected by way of a "short-form" merger of rStar with a Gilat
subsidiary, is subject to Gilat holding at least 90 percent of
the outstanding rStar shares and to the filing and clearance of a
required Schedule 13E-3 with the United States Securities and
Exchange Commission, as well as other customary conditions.

Gilat currently owns approximately 84.9% of rStar's outstanding
shares. Gilat stated that in order to be in a position to hold at
least 90% of rStar's outstanding shares, Gilat has entered into
an agreement with certain rStar stockholders to acquire an
additional 9.3% of rStar shares for $0.60 per share in cash.
Pursuant to the terms of the purchase agreement with those
stockholders, Gilat is required to complete the short-form merger
to acquire the shares held by all other rStar stockholders
promptly following such purchase. Like the consummation of the
short-form merger, that purchase is also subject to Gilat filing
and obtaining clearance of its Schedule 13E-3 with the SEC, as
well as other customary conditions.

Gilat had previously announced that it was contemplating
acquiring all of the outstanding shares of rStar it does not
currently own through a tender offer, followed by a short form
merger. As a result of the agreement to acquire an additional
9.3% of rStar shares, it will no longer be required to, and it
does not intend to undertake, a tender offer for rStar shares.

ABOUT GILAT SATELLITE NETWORKS LTD.

Gilat Satellite Networks Ltd., with its global subsidiaries
Spacenet Inc., Gilat Latin America and rStar Corporation (RSTRC),
is a leading provider of telecommunications solutions based on
Very Small Aperture Terminal (VSAT) satellite network technology
- with nearly 400,000 VSATs shipped worldwide. Gilat,
headquartered in Petah Tikva, Israel, markets the Skystar
Advantager, DialAw@y IPT, FaraWayT, Skystar 360ET and SkyBlaster*
360 VSAT products in more than 70 countries around the world.
Gilat provides satellite-based, end-to-end enterprise networking
and rural telephony solutions to customers across six continents,
and markets interactive broadband data services. Gilat is a joint
venture partner with SES GLOBAL, and Alcatel Space and SkyBridge
LP, subsidiaries of Alcatel, in SATLYNX, a provider of two-way
satellite broadband services in Europe. Skystar Advantage,
Skystar 360E, DialAw@y IP and FaraWay are trademarks or
registered trademarks of Gilat Satellite Networks Ltd. or its
subsidiaries. Visit Gilat at www.gilat.com. (*SkyBlaster is
marketed in the United States by StarBand Communications Inc.
under its own brand name.)

INVESTOR INQUIRIES:  Tim Perrott
                     Tel: +1703-848-1515

MEDIA CONTACT:       Barry Spielman,
                     Director Corporate Marketing
                     tel: +(972)3-925-2201
                     barrys@gilat.com



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

KAISER ALUMINUM: Chinese Firm Joins Race For Alumina Assets
-----------------------------------------------------------
The vice president of state-owned China Minmetals Nonferrous
Metals Company Limited (Minmetals) confirmed Friday that the
company is one of the bidders for Kaiser Aluminum Corp.'s alumina
assets in Jamaica, Reuters reports without revealing the name of
the executive.

Kaiser is selling its 65% stake in Alumina Partners of Jamaica
(Alpart) and its 49% interest in Kaiser Jamaica Bauxite Company.

The other bidders are Texas-based Sherwin Alumina Company; a
joint venture between Century Aluminum Company and Toronto's
Noranda Incorporated; Switzerland-based Glencore International
AG; and Japan's Mitsubishi Corporation.

Norway's Norsk Hydro owns the other 35% of Alpart's bauxite mine
and alumina refinery and has first right of refusal to buy
Kaiser's stake.

Kaiser Aluminum filed for Chapter 11 protection from creditors
under US bankruptcy laws in Feb. 2002.



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

AEROMEXICO: Embraer Sells Five ERJ 145s To Subsidiary
-----------------------------------------------------
Embraer (NYSE: ERJ) announced Monday the sale of five firm ERJ
145 LRs and up to 25 options for Mexican carrier Aerolitoral.

A subsidiary of AeroMexico and one of the main Mexican regional
airlines, Aerolitoral operates more than 200 daily flights to 36
destinations in Mexico and abroad, with a fleet of 25 turboprops.
The 50-seat ERJ 145s will be the first Embraer jets operated by
the company, and also the first regional jets to fly for a
Mexican airline.

"Embraer is pleased and honored to have its aircraft selected by
Aerolitoral," said Mauricio Botelho, Embraer's President and CEO.
"The Mexican air transport market has great relevance, and this
order gives our ERJ 145s the privilege of being the first
regional jets ever to operate in the colors of a Mexican
airline."

"Aerolitoral will make a significant improvement in its fleet
with the ERJ 145," said Raul Saenz, Aerolitoral's CEO. "The
regional jet is a new product for the Mexican market that will
allow us to serve more regional markets more efficiently."

The ERJ 145 regional jet is the 50-seat member of Embraer's
successful ERJ family, a modern design that has stood out in the
world market for its operational efficiency, low acquisition and
operation costs, and high levels of safety and comfort. More than
750 aircraft of this family are in operation worldwide.



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

ANCAP: Uruguayans Say `No' to Oil Trading Law
---------------------------------------------
Early results of a nationwide referendum held Sunday showed that
Uruguayans rejected a law that would have opened up the country's
oil market to foreign investors.

According to BBC News, the oil trading law allowed for an
injection of foreign capital into the country's energy sector by
permitting state monopoly ANCAP to set up joint ventures. The law
was originally passed in 2001, but its implementation was frozen
amid calls for a referendum. Now that a referendum has taken
place it looks set to be scrapped.

The oil trade privatization 'no' vote is a setback for Uruguayan
President Jorge Batlle. The rejection of the law, which Batlle
backed, is being seen as a foretaste of presidential elections in
October 2004. Some say Batlle could lose power if the shift to
the left continues.

CONTACT:  Administracion Nacional de Combustibles, Alcohol y
                Portland (ANCAP)
          Central Administration Paysando
          s/n esq. Avenida del Libertador
          Montevideo, 11100 Uruguay
          P.O. Box 1090
          Phones: +598(2) 902 0608
                          902 3892
                          902 4192
          Fax +598(2) 902 1136 902 1642
          Telex ANCAP UY 23168
          E-mail: info@ancap.com.uy
          Home Page: www.ancap.com.uy
          Contact:
          Benito E. Pi eiro, Chief Executive Officer
          Phone +598(2) 900 2945
                +598(2) 902 0608 Ext. 2253
          Fax +598(2) 908 9188



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

PDVSA: May Refinance Part of Debt
---------------------------------
Venezuelan state oil company Petroleos de Venezuela SA is mulling
the possibility of refinancing part of its debt, reports El
Universal. But according to PdVSA President Ali Rodriguez, there
is no final decision yet.

Previously, the Company revealed it has about US$758 million in
debt coming due next year. Its output and sales were slashed this
year by a two-month nationwide strike that cost it US$10 billion
in lost sales and damages.





               ***********


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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Information contained herein is obtained from sources believed to
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