/raid1/www/Hosts/bankrupt/TCRLA_Public/040223.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, February 23, 2004, Vol. 5, Issue 37

                          Headlines


A R G E N T I N A

ARANTES: Report Filing Deadline Today; Liquidation to Follow
ARTEPOL: Court Approves Reorganization Petition
BYBLOS: Creditor Claims Review Ends Today; Filings Due
CAFRE: Bankruptcy Claims Authentication Terminates
CASA LOPEZ: Individual Reports Due at Court Today

COMPANIA ARGENTINA DE SALUD: Court Declares Company Bankrupt
CORREO ARGENTINO: Receiver Comments On Embargo
DICAM: Official Reorganization Reports Due in Court Today
GLOBOPAR: Court Rejects Petition for Involuntary Bankruptcy
HEMISFER: Creditor Claims Review in Bankruptcy Ends Today

IMPSAT: Details New $16M Bond Issue As Part Of Debt Program
INTERCLINICAS: General Expected at Court Today
MC ARTHUR: Receiver Wraps Up Claims Verifications Today
NAUTIQ CIMBSA: Receiver Prepares Individual Reports
NII HOLDINGS: Extends Consent Payment Deadline for Repurchase

PRESTALUM: Bankruptcy Initiated by Court Order
PROMOBOX: Reorganization Proof of Claims Review Ends Today
TELECOM ARGENTINA: Changes Name To "Telecom Argentina S.A."
TRANSPORTE AUTOMOTOR: Individual Reports Filing Due Today
TRANSUB: Receiver To File Individual Reports Today

VINTAGE PETROLEUM: Reports Full-Year 2003 Net Loss of $241M
VINTAGE PETROLEUM: Updates 2003 Drilling, Exploration Results
VINTAGE PETROLEUM: Reports Preliminary YE 2003 Proved Reserves
VINTAGE PETROLEUM: Names New President, CEO
VINTAGE PETROLEUM: S&P Comments on Ratings, Leaves Unchanged

WEILING: Moves Court for Reorganization Permission


B R A Z I L

MRS LOGISTICA: Ends 2003 With A Lower Net Debt
MRS LOGISTICA: 4Q03 Results Leaves S&P Ratings Unchanged


C H I L E

AES GENER: Awaits Bondholders' Decision on Planned Bond Issue
COEUR D'ALENE: Production Grows in S. America; Revenue Up


D O M I N I C A N   R E P U B L I C

TRICOM: Details Sale of Central American Trunking Assets
TRICOM: 4Q03, Full Year Results Reflect Continuing Weak Economy


M E X I C O

INDUSTRIAS PENOLES: S&P Issues Notes CreditWatch Negative


V E N E Z U E L A

CANTV: Reports Gains In 4Q03 As Economy Recovers


     - - - - - - - - - -


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

ARANTES: Report Filing Deadline Today; Liquidation to Follow
------------------------------------------------------------
The individual reports for the bankruptcy of Arnates S.A. are due
at the city's Court No. 24 today. The Company's receiver, Mr.
Arnalso Manuel prepared the reports after the credit verification
process was completed last year.

The receiver will also prepare a general report after the
individual reports are processed at court. This report is due for
filing on April 7. The Company's assets will be liquidated to
repay its creditors.

CONTACT:  Arnaldo Manuel
          Parana 224
          Buenos Aires


ARTEPOL: Court Approves Reorganization Petition
-----------------------------------------------
Insolvency Judge Vassallo of Buenos Aires Court No. 5 approved a
petition for reorganization filed by local company Artepol S.A.
according to a report by Argentine daily La Nacion. The Company
is entrusted to its receiver, Mr. Gustavo Guillermo Vignale, who
will verify claims and prepare the necessary reports.

Creditors must present their claims for authentication before
April 19 this year. The receiver will then prepare the individual
reports on the verification results, and then the general report
after these are processed at court.

The informative assembly will be held on December 14. This is one
of the last parts of the reorganization process.

CONTACT:  Artepol S.A.
          Ave Belgrano 634
          Buenos Aires

          Gustavo Guillermo Vignale
          Vuelta de Obligado 2717
          Buenos Aires


BYBLOS: Creditor Claims Review Ends Today; Filings Due
------------------------------------------------------
Mr. Alberto Eduardo Scravaglini, receiver for Byblos S.A., closes
the credit verification process for the Company's bankruptcy
today. The receiver will prepare the individual reports, as
ordered by Buenos Aires Court No. 8.

An earlier report by the Troubled Company Reporter - Latin
America indicated that Insolvency Judge Gonzalez handles the
Company's case with assistance from Clerk No. 16, Dr. Saravia.

CONTACT:  Byblos S.A.
          5th Floor, Room 21
          Parana 851
          Buenos Aires

          Alfredo Eduardo Scravaglini
          4th Floor, Room 67
          Ave Pres. Roque Saenz Pena 651
          Buenos Aires


CAFRE: Bankruptcy Claims Authentication Terminates
--------------------------------------------------
The credit verification process for the bankruptcy of Buenos
Aires - based Cafre S.A. ends today. The Company's receiver, Mr.
Ernesto Monti, will prepare the individual reports on the
verification results.

Buenos Aires Court No. 4 handles the Company's case, according to
the Troubled Company Reporter - Latin America in an earlier
report.

CONTACT:  Cafre S.A.
          Carlos Pellegrini 675
          Buenos Aires

          Ernesto Monti
          Larrea 785
          Buenos Aires


CASA LOPEZ: Individual Reports Due at Court Today
-------------------------------------------------
The bankruptcy of Casa Lopez Silver S.A. proceeds with the filing
of the individual reports today. The Company's receiver, Mr.
Alberto Antonio Vilela, prepared the reports upon completion of
the credit verification process done to determine the nature and
amount of the Company's debts.

The general report is due at the court on April 6. This is
prepared after the individual reports are processed at court. The
Buenos Aires Court No. 22 and Clerk No. 44 handle the Company's
case, the Troubled Company Reporter - Latin America said in an
earlier report.

CONTACT:  Alberto Antonio Vilela
          Rodriguez Pena 431
          Buenos Aires


COMPANIA ARGENTINA DE SALUD: Court Declares Company Bankrupt
------------------------------------------------------------
Judge Gonzalez of Buenos Aires Court No. 8 declared local health
services company Compania Argentina de Salud S.A. "Quiebra"
reports La Nacion. The Company will undergo the bankruptcy
process, which will end with the liquidation of its assets to
repay creditors. The ruling comes in approval of a bankruptcy
petition filed by the Company's creditor, Provinder S.A. for
nonpayment of debt.

Working with Clerk No. 15, Dr. Lezaeta, the court assigned Mr.
Felipe Florio as receiver. His duties include the verification of
creditors' claims until May 12 and the preparation of the
individual and general reports.

CONTACT:  Compania Argentina de Salud S.A.
          Lavalle 1686
          Buenos Aires

          Felipe Florio
          Uruguay 618
          Buenos Aires


CORREO ARGENTINO: Receiver Comments On Embargo
----------------------------------------------
Eduardo Di Cola, the official receiver currently managing former
Argentine postal concessionaire Correo Argentino, chose to make
public statements regarding the embargo on two of the Company's
bank accounts in New York ruled by judge Thomas Griesa.

Mr. Di Cola indicated in a press release that Correo Argentino SA
is a private company constituted by Grupo Macri in partnership
with Banco Galicia and the International Finance Corporation,
which used to hold the concession of the service that is now
managed by the state.

Mr. Di Cola added the funds and resources of Correo Argentino are
destined to comply with its creditors. Correo Argentino is
carrying out a formal restructuring proceeding that is overseen
by Commercial Judge Favier Dubois.

"The investment fund that has requested this embargo cannot and
should not ignore that Correo Argentino SA is a private company
and might have surprised the US judge, who must not know the
Company's real legal and judicial situation," the receiver
stated.

Meanwhile, Griesa gave Macrotecnic -the fund that requested the
embargo- 48 hours to explain why it considers that Correo
Argentino's money belongs to the Argentine state. Then the
Argentine government will have a week to explain its position.


DICAM: Official Reorganization Reports Due in Court Today
---------------------------------------------------------
Buenos Aires Court No. 2 requires the receiver for Dicam S.A. to
file the individual reports on the Company's bankruptcy today.
The reports contain results of the credit verification process
done to determine the nature and amount of the Company's debts.

The Company's receiver, Mr. Claudio Jorge Haimovici, will prepare
a general report after the individual reports are processed.
According to an earlier report by the Troubled Company Reporter -
Latin America, the court requires the receiver to file this
report on April 7.

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

CONTACT:  Claudio Jorge Haimovici
          Sarmiento 3843
          Buenos Aires


GLOBOPAR: Court Rejects Petition for Involuntary Bankruptcy
-----------------------------------------------------------
A U.S. Bankruptcy Court in New York denied Thursday a petition by
a group of creditors to put Brazilian media conglomerate Globo
Comunicacoes e Participacoes SA, or Globopar, into involuntary
bankruptcy. Judge Prudence Beatty said she denied bondholders'
request for Chapter 11 proceedings because the motion wasn't
broad enough.

Three firms holding about US$94 million in face value of Globopar
bonds filed the forced bankruptcy petition in December. The group
includes a fund managed by a unit of General Motors (GM), a
Nevada charity foundation, and a fund managed by W. R. Huff Asset
Management Co. of Morristown, N.J. Of the three, Huff is the
largest holder of Globopar bonds, with US$63.6 million, according
to the petition.

Judge Beatty said she didn't believe the context of the case
allowed the U.S. court to assume jurisdiction on the matter.

"I do not believe it would satisfy the purposes which are those
of the bankruptcy court," she said.

Globopar is one of the world's largest television broadcasters,
as well as one of Brazil's largest publishers of newspapers,
magazines and books. The Company defaulted on its debt in late
2002 as a 35% drop in the value of Brazil's currency, the real,
and a slowdown in the economy slashed revenue.

A key issue for the judge was the fact that Globopar basically
has no assets in the U.S. and that it would be ineffective for
the court to issue an order where funds in Brazil would have to
be repatriated to the U.S.

An "involuntary (bankruptcy) is a terrible debt collection,"
mechanism, Beatty said. "No order directing assets or any portion
(of assets) be sent to the U.S. will be honored by the Brazilian
courts."

She also said that she didn't think the plaintiffs were
"eligible" petitioners and that there "was no substance to this
case."

Globopar is expected to present a new offer to investors to
restructure its US$1.5 billion defaulted debt by the end of
March.

"We're pleased ... we got the relief we asked for," said Michael
Wiles, Globopar's lawyer, after the hearing. "We really want to
have productive discussions with our creditors, hopefully we can
get back to that."

The creditors' lawyer, Bonnie Steingart, said she would have to
discuss with her clients about a possible appeal to Thursday's
decision.


HEMISFER: Creditor Claims Review in Bankruptcy Ends Today
---------------------------------------------------------
The credit verification period for the bankruptcy of Buenos
Aires-based Hemisfer S.A. ends today. The Company's receiver, Mr.
Nestor Rozemberg, will prepare the individual reports on the
verification results.

The city's Court No. 16 and Clerk No. 31 handle the Company's
case, the Troubled Company Reporter - Latin America said in an
earlier report.

CONTACT:  Nestor Rozemberg
          Mansilla 3696
          Buenos Aires


IMPSAT: Details New $16M Bond Issue As Part Of Debt Program
-----------------------------------------------------------
As part of a wider debt-restructuring program, Argentine telecoms
operator Impsat issued bonds worth a total of COP45 billion
(US$16 million) on the Colombian exchange, says Business News
Americas. Impsat, in a statement, said the proceeds of the issue
will be used to replace part of its existing debts.

Half the bonds are due in five years and the other 50% in seven
years; all will pay an annual interest rate of the consumer
inflation index (IPC) plus 8%. The Company started bookbuilding
in December, offering bonds to individual and institutional
investors.

The bonds were rated AA+ on the local scale by credit rating
agency Duff & Phelps.

Impsat is a leading provider of integrated data, Internet, voice
and Data Center telecommunications services in Latin America. It
owns 14 data centers with the most advanced technology worldwide,
with offices in the main cities of Latin America. Impsat provides
services to over 3,300 customers that include national and
multinational companies, governmental entities and wholesale
services to carriers and others.

At present, the Company is operating in Argentina, Colombia,
Venezuela, Ecuador, Brazil, USA, Chile and Peru.
  
CONTACT:  Hector Alonso
          Phone: 54 11 51 70 3700


INTERCLINICAS: General Expected at Court Today
----------------------------------------------
Mr. Silvio Gustavo Borbacz, receiver for Buenos Aires company
Interclinicas S.A., must submit the general report for the
Company's reorganization process today. The reports were prepared
after the individual reports, which contain the verification
results, were processed at court.

The Troubled Company Reporter - Latin America earlier detailed
that the city's Court No. 6 approved the Company's petition for
"Concurso Preventivo", and assigned the official receiver. The
court has set the informative assembly to take place on August 3
next year.

CONTACT:  Interclinicas S.A.
          Ave. Cordoba 456
          Buenos Aires

          Silvio Gustavo Borbacz
          Tucuman 1484
          Buenos Aires


MC ARTHUR: Receiver Wraps Up Claims Verifications Today
-------------------------------------------------------
Mr. Carlos Desseno, receiver for Mc Arthur S.A. closes the credit
verification process for the Company's bankruptcy today. The
receiver will prepare the individual reports on the verification
results.

An earlier report by the Troubled Company Reporter - Latin
America indicated that Judge Taillade of Buenos Aires Court No.
20 declared the Company bankrupt, in approval of a motion filed
by the Company's creditor, Banco de la Ciudad de Buenos Aires.

Clerk No. 39, Dr. Amaya, works with the court on the case.

CONTACT:  Mc Arthur S.A.
          Estrada 756
          Buenos Aires

          Carlos Desseno
          Tte. Gral. Juan Domingo Peron 1558
          Buenos Aires


NAUTIQ CIMBSA: Receiver Prepares Individual Reports
---------------------------------------------------
Today is the last day for credit verifications in connection with
the bankruptcy of Buenos Aires-based Natuiq Cimbsa S.R.L., the
Troubled Company Reporter - Latin America said in an earlier
report. The Company's receiver, Mr. Pedro Mazzola, verified
reports to ascertain the nature and amount of the Company's
debts.

The Company was declared bankrupt after the city's Court No. 8,
under Judge Gonzalez approved a creditor's bankruptcy petition,
on grounds that the Company failed to meet its financial
obligations. Dr. Saravia, Clerk No. 16 assists the court on the
case.

CONTACT:  Nautiq Cimbsa S.R.L.
          Brasil 71/73
          Buenos Aires

          Pedro Mazzola
          4th Floor, Room D
          Cramer 1859
          Buenos Aires


NII HOLDINGS: Extends Consent Payment Deadline for Repurchase
-------------------------------------------------------------
NII Holdings, Inc. (Nasdaq: NIHD) announced Thursday that, in
connection with the previously announced offer to purchase and
consent solicitation by its wholly-owned subsidiary, NII Holdings
(Cayman), Ltd. ("NII Cayman"), relating to all of NII Cayman's
13% Senior Secured Discount Notes due 2009 (the "13% Notes," ISIN
No. USG6520PAA33), NII Cayman has received the tenders and the
consents required to amend the indenture under which the 13%
Notes were issued (the "Indenture"), and the supplemental
indenture to the Indenture has been executed by the trustee. As a
result, the withdrawal period for these tenders and consents has
expired. The amendments to the Indenture will not become
operative until NII Cayman accepts and pays for all of the 13%
Notes validly tendered pursuant to the offer.

The deadline for holders to tender their 13% Notes and receive
the consent payment was 5:00 p.m., New York City time, on
February 18, 2004. As of such time, approximately 99.9% of the
13% Notes had been tendered. NII Holdings, Inc. also announced
that NII Cayman extended the consent payment deadline until the
expiration time of the offer. All other terms and conditions of
the offer remain unchanged. As previously announced, the
expiration time of the offer is midnight, New York City time, on
March 2, 2004, unless extended. The total consideration to be
paid by NII Cayman for each $1,000 principal face amount of the
13% Notes validly tendered and accepted for payment pursuant to
the offer will be $1,165, which includes the consent payment of
$20 per $1,000 principal face amount of the 13% Notes.

This announcement is not an offer to purchase, nor a solicitation
of an offer to purchase or solicitation of consent with respect
to, any 13% Notes. The tender offer and consent solicitation are
being made solely by NII Cayman's Offer to Purchase and Consent
Solicitation Statement dated February 4, 2004.

Citigroup is serving as the dealer manager and Global Bondholder
Services Corporation is serving as both the information agent and
the depositary for the tender offer. Requests for documents may
be directed to Global Bondholder Services Corporation by
telephone at (866) 470-3300, or in writing at 65 Broadway, Suite
704, New York, New York 10006. Questions regarding the tender
offer should be directed to Citigroup at (800) 558-3745,
attention: Liability Management Group.

About NII Holdings, Inc

NII Holdings, Inc., a publicly held company based in Reston, Va.,
is a leading provider of mobile communications for business
customers in Latin America. NII Holdings, Inc. has operations in
Argentina, Brazil, Mexico and Peru, offering a fully integrated
wireless communications tool with digital cellular service,
text/numeric paging, wireless Internet access and Nextel Direct
Connectr, a digital two-way radio feature. NII Holdings, Inc.
trades on the NASDAQ market under the symbol NIHD. The Company's
website is found at http://www.nii.com.

Nextel, the Nextel logo, Nextel Online, Nextel Business Networks
and Nextel Direct Connect are trademarks and/or service marks of
Nextel Communications, Inc.

CONTACTS:  Investor Relations: Tim Perrott
                               (703) 390-5113
                               tim.perrott@nii.com

            Media Relations:  Claudia E. Restrepo
                              (786) 251-7020
                              claudia.restrepo@nii.com


PRESTALUM: Bankruptcy Initiated by Court Order
----------------------------------------------
Argentine plastic maker Prestalum S.R.L. enters bankruptcy on
orders from insolvency judge Gonzalez of Buenos Aires Court No.
8. Clerk No. 15, Dr. Lezaeta, assists the court on the case,
relates local newspaper La Nacion.

The Company's receiver, Mr. Sergio Novick, will examine and
authenticate creditors' claims until May 17. Verifications are
done to determine the nature and amount of the Company's debts.
The receiver will also prepare the individual and general reports
on the case.

CONTACT:  Prestalum S.R.L.
          Asamblea 289
          Buenos Aires

          Sergio Novick
          Libertad 359
          Buenos Aires


PROMOBOX: Reorganization Proof of Claims Review Ends Today
----------------------------------------------------------
The credit verification process for the reorganization of
Resistencia-based company Promobox S.R.L. ends today. The
Company's receiver, Mr. Hugo Antonio Cleva, will prepare the
individual reports on the verification results, as ordered by
Court No. 10 of the province's Civil and Commercial Tribunal.

The individual reports are due at the court on April 6. The
receiver will also prepare a general report, due for filing on
May 20, after the individual reports are processed at court.

The informative assembly will be on November 4 this year, said
the Troubled Company Reporter - Latin America in an earlier
report.

CONTACT:  Promobox S.R.L.
          Julio A Roca 1551
          Resistencia, Chaco

          Hugo Antonio Cleva
          Saavedra 575
          Resistencia, Chaco


TELECOM ARGENTINA: Changes Name To "Telecom Argentina S.A."
-----------------------------------------------------------
Telecom Argentina STET-France Telecom S.A.(BASE: TECO2, NYSE:
TEO) (the "Company" or "Telecom Argentina") announced that
pursuant to a Ordinary and Extraordinary meeting of its
shareholders held Wednesday, the shareholders of the Company
approved a resolution to amend the by-laws of the Company to
reflect the name change to Telecom Argentina S.A.

On December 19, 2003, the Company announced that as a result of
the France Telecom Group ceasing to be an operator of the
Company, the Company's Board of Directors decided to call for a
Ordinary and Extraordinary meeting of shareholders on February
18, 2004 to consider an amendment to the Company's by-laws,
including a change in the corporate name to "Telecom Argentina
S.A.", in accordance with the authorization of the Secretariat of
Communications granted through Resolution No. 111/03.

Upon the approval of the resolution by the Company's
shareholders, the corporate name change became effective
Wednesday, notwithstanding the registration of the name change
with the Commercial Registry.

Telecom Argentina is a company incorporated under the laws of
Argentina with its registered office at Alicia Moreau de Justo
50, C1107AAB, Buenos Aires, Argentina. The Telecom Argentina
group is one of Argentina's main telecommunications operators. It
provides local and long-distance telephony, mobile communications
(through its subsidiary Telecom Personal), data and Internet
access services in Argentina. It also operates a mobile license
in Paraguay through one of its subsidiaries. In fiscal year 2002,
Telecom Argentina registered revenues of 3.9 billion pesos
(approximately US$ 1.2 billion) and had at such date a base of
3.6 million fixed lines and 2.2 million mobile customers
(including customers in Paraguay).

Telecom Argentina's stock is listed on the Buenos Aires Stock
Exchange and on the New York Stock Exchange (as ADRs) and its
global notes which are currently listed on the Luxembourg Stock
Exchange will continue to be listed under the Company's new name.

CONTACTS:  Pablo Caride
           Marlene Wechselblatt
           Pedro Insussarry
           Golin/Harris International
           Telecom Argentina
           (212) 697-9191
           (54-11) 4968-3627/3626


TRANSPORTE AUTOMOTOR: Individual Reports Filing Due Today
---------------------------------------------------------
The receiver for Transporte Automotor del Milagro S.R.L. is due
to file the individual reports for the Company's bankruptcy
today. These reports contain the results of the credit
verification process completed late last year. The receiver will
prepare a general report after the individual reports are
processed at court. The subsequent report is due for filing on
April 5.

The Troubled Company Reporter - Latin America said in an earlier
report that Court No. 1 of the Civil and Commercial Tribunal of
Salta issued the bankruptcy order.

CONTACT:  Transporte Automotor del Milagro S.R.L.
          Zuviria 1020
          Salta


TRANSUB: Receiver To File Individual Reports Today
--------------------------------------------------
Court No. 24 of Buenos Aires requires the receiver for Transub
S.R.L. to file the individual reports on the Company's bankruptcy
today. The reports contain the results of the credit verification
process done to determine the nature and amount of the Company's
debts.

The receiver will prepare the general report after the individual
reports are processed at court. This report is due at court on
April 7. The Company's assets will then be liquidated to repay
creditors.

CONTACT:  Hugo Edgardo Borgett
          Presidente Peron 863
          Buenos Aires


VINTAGE PETROLEUM: Reports Full-Year 2003 Net Loss of $241M
-----------------------------------------------------------
Vintage Petroleum, Inc. (NYSE:VPI) reported a full-year 2003 net
loss of $240.9 million, or $3.76 per share. Substantial downward
revisions to the company's year-end Canadian oil and gas reserves
triggered large non-cash charges for impairments of its Canadian
oil and gas properties and goodwill in the fourth quarter,
driving full-year results to a net loss. This compares to the
prior year's net loss of $143.7 million, or $2.27 per share,
which was also the result of large non-cash charges for
impairments of the company's Canadian oil and gas properties and
goodwill.

Absent the impact of the non-cash charges for impairments and
certain other special items, Vintage would have earned $49.8
million, or $0.78 per share, for 2003 compared to $23.7 million,
or $0.37 per share, for 2002 (see the following table for
reconciliations of these non-GAAP financial measures).

Cash flow (before all exploration costs, working capital changes
and current taxes associated with property sales), a non-GAAP
measure, was $277.0 million for 2003, exceeding the "First Call
Mean" expectation for the year of $261.6 million (based on 65.4
million diluted shares). This compares to cash flow of $228.9
million in 2002. See the attached table for a reconciliation of
these non-GAAP financial measures to cash provided by operating
activities of $233.8 million for 2003 and $240.9 million for
2002, the corresponding GAAP amounts.

Total production from continuing operations for the fourth
quarter was 6.8 million barrels of oil equivalent (BOE), bringing
total 2003 production to 27.6 million BOE. Oil production for the
year dropped nine percent to 17.9 million barrels and natural gas
production was down 16 percent to 58.3 billion cubic feet (Bcf).
These anticipated declines were the combined effects of U.S. and
Canadian asset sales in 2002 and 2003 and natural production
declines.

A 50 percent increase in the realized price for natural gas in
2003 and a 21 percent increase in the realized price for oil more
than offset the effects of the lower production levels to result
in a 14 percent increase in oil and gas revenues to $660.9
million, compared to $577.7 million in 2002. Including the impact
of hedges, the company's realized price for oil averaged $25.87
per barrel in 2003, compared with last year's average price of
$21.31 per barrel. The company's realized price of gas for 2003
averaged $3.38 per Mcf, compared to $2.26 per Mcf in 2002.

Lease operating costs, excluding export, production and ad
valorem taxes, of $169.9 million in 2003 were slightly higher
than the $162.9 million in the previous year. Argentine peso
inflation and the strengthening of the Argentine peso relative to
the U.S. dollar resulted in an increase in LOE in Argentina
expressed in U.S. dollars. However, this increase was partially
offset by reductions in LOE from property divestitures in the
U.S. and Canada in 2003 and 2002. Also included in 2003 LOE, was
$2.6 million for costs to repair damage resulting from the fires
in California during the fourth quarter. Export, production and
ad valorem taxes increased from $41.4 million in 2002 to $49.9
million in 2003 primarily as a result of the higher oil and gas
prices received in 2003.

Exploration expense of $74.9 million for 2003 included $14.0
million of seismic, geological and geophysical costs, $15.0
million of dry hole costs and $45.9 million of leasehold
impairments, mostly related to Canadian leasehold. This compares
to exploration expense for 2002 of $42.7 million, composed of
$10.0 million of seismic, geological and geophysical costs, $20.5
million of dry hole costs and $12.2 million of leasehold
impairments.

Interest expense dropped 10 percent to $69.9 million in 2003 as a
result of lower average debt outstanding.

As a result of the non-cash charges previously discussed, Vintage
posted a $284.7 million, or $4.43 per share, net loss for the
fourth quarter of 2003 compared to a net loss in the year-earlier
period of $131.6 million, or $2.08 per share. Absent the impact
of the non-cash charges for impairments and certain other special
items, Vintage would have earned $14.7 million, or $0.23 per
share, for the fourth quarter of 2003 compared to a net loss of
$14 thousand, or zero per share, in the year-earlier quarter (see
the following table for reconciliation of these non-GAAP
financial measures).

Special Items

Earnings before certain special items (and the related amounts
per share), a non-GAAP financial measure, excludes special items
that management believes affect the comparison of results for the
periods presented. Management also believes results excluding
these items are more comparable to estimates provided by
securities analysts and therefore are useful in evaluating
operational trends of the company and its performance relative to
other oil and gas companies. The following tables reconcile
earnings before certain special items to net loss and the related
amounts per share (in thousands, except per share amounts):

                      Three Months Ended        Year Ended
                         December 31,          December 31,
                     --------------------- ---------------------
                        2003       2002       2003       2002
                     ---------- ---------- ---------- ----------

Earnings before certain
special items        $ 14,714    $   (14)  $ 49,814   $ 23,683
After-tax effect of
special items:
Oil and gas property
  impairments -
   Canada             (265,603)   (47,316)  (273,931)   (47,316)
   Other                (3,827)   (10,370)    (3,827)   (10,370)
Impairment of
  goodwill             (25,673)   (76,351)   (25,673)   (76,351)
Cumulative effect of
  changes in accounting
  principles                 -          -      7,119    (60,547)
Loss on early
  extinguishment of
  debt                  (3,350)         -     (4,221)    (4,982)
Gain (loss) on
  disposition of assets   (917)      (435)    (1,032)    10,114
Income from discontinued
  operations                 -      2,864     10,844     22,105
                     ---------- ---------- ---------- ----------
Net loss             $(284,656) $(131,622) $(240,907) $(143,664)
                     ========== ========== ========== ==========


                          Three Months Ended      Year Ended
                            December 31,        December 31,
                         ------------------- -------------------
                             2003      2002      2003      2002
                         --------- --------- --------- ---------
Earnings before certain
special items per share     $.23      $.00      $.78      $.37
After-tax effect of special
items:
Oil and gas property
  impairments -
   Canada                   (4.14)     (.75)    (4.28)     (.74)
   Other                     (.06)     (.16)     (.06)     (.16)
Impairment of goodwill      (.40)    (1.21)     (.40)    (1.21)
Cumulative effect of changes
  in accounting principles      -         -       .11      (.96)
Loss on early extinguishment
  of debt                    (.05)        -      (.06)     (.08)
Gain (loss) on disposition of
  assets                     (.01)     (.01)     (.02)      .16
Income from discontinued
  operations                    -       .05       .17       .35
                          --------- --------- --------- ---------
Net loss per share         $(4.43)   $(2.08)   $(3.76)   $(2.27)
                          ========= ========= ========= =========

Oil and gas property impairments -

Vintage recorded non-cash charges for oil and gas property
impairments in 2003 totaling $370.2 million ($277.8 million
after-tax) related primarily to its Canadian properties,
triggered by significant downward revisions to its year-end
Canadian oil and gas reserves. In the fourth quarter of 2002, the
company recorded non-cash charges for oil and gas property
impairments totaling $98.7 million ($57.7 million after tax).
Expected future cash flows used in determining impairments are
impacted by oil and gas price expectations and changes in
reserves. As a result, it is possible that additional oil and gas
impairment charges may be incurred in the future.

Impairments of goodwill -

SFAS No. 142 requires a test for impairment of goodwill at least
annually. As of December 31, 2003 and 2002, the company performed
this test which resulted in non-cash charges of $25.7 million and
$76.4 million, respectively. No tax benefit is recorded for
goodwill impairment charges. All of Vintage's recorded goodwill
related to its Canadian operations and the impairments were
triggered by significant downward revisions to its Canadian oil
and gas reserves. The company has no remaining recorded goodwill
at December 31, 2003.

Cumulative effect of changes in accounting principles -

Effective January 1, 2003, Vintage adopted SFAS No. 143, which
requires companies to record the discounted fair value of
estimated future retirement obligations as a liability at the
time a well is drilled or acquired with the liability accreting
over time with a charge to accretion expense. A corresponding
entry is recorded to oil and gas assets and is then amortized to
expense over the life of the asset. The company had previously
accrued future retirement obligations through its depreciation
calculation and included the cumulative accrual in accumulated
depreciation in accordance with the provisions of SFAS No. 19 and
industry practice. The adoption of SFAS No. 143 resulted in a
non-cash cumulative gain of $11.2 million ($7.1 million after-
tax).

Effective January 1, 2002, Vintage adopted SFAS No. 142, which
eliminated the amortization of goodwill and requires goodwill be
tested for impairment at least annually. All of the company's
recorded goodwill related to its Canadian operations. The initial
test for impairment as of January 1, 2002, was completed during
the second quarter of 2002 and resulted in the recording of a
non-cash charge of $60.5 million as the cumulative effect of
change in accounting principle, in accordance with the provisions
of SFAS No. 142. No tax benefit is recorded for goodwill
impairment charges.

Loss on early extinguishment of debt -

In the first and fourth quarters of 2003, Vintage redeemed the
remaining $50 million of its 9% Senior Subordinated Notes due
2005 and all $100 million of its 8 5/8% Senior Subordinated Notes
due 2009, respectively. This early extinguishment of debt
resulted in 2003 total cash charges of $4.0 million ($2.4 million
after-tax) and non-cash charges of $2.9 million ($1.8 million
after-tax). In the second quarter of 2002, Vintage incurred a
non-cash charge of $5.2 million ($3.2 million after-tax) and a
cash charge of $3.0 million ($1.8 million after-tax) related to
the restructuring of its bank facility and the redemption of $100
million of its 9% Senior Subordinated Notes due 2005.

Impairments of Canadian Assets

Impairments of oil and gas properties and goodwill attributable
to Vintage's Canadian operations severely impacted the company's
reported results of operations for both the fourth quarter and
the full-year 2003. Negative reserve revisions reduced the
estimate of future net cash flows, triggering the non-cash
impairment charges. The major contributors to the reserve
revisions in Canada are related to results of the company's work
programs and production performance of certain producing
properties during the latter part of 2003.

These non-cash charges for impairments have no material adverse
impact on the financial covenants under the company's existing
bank facility or bond indentures. The company's borrowing base
under its bank facility is based primarily on its North American
reserves, of which the U.S. comprised approximately 75 percent of
the total at year-end 2002. The adverse impact of negative
reserve revisions for Canada on the company's borrowing base
under its bank facility should be partially offset by the
positive impact of a reduction in fixed charges resulting from
the redemption of $150 million of the company's 9 3/4% Senior
Subordinated Notes due 2009. The banks will establish the new
borrowing base at the next redetermination in April 2004. At
year-end 2003, the borrowing base under the bank facility was
$300 million, with no borrowings outstanding under the facility.
Subsequent to year end, the company redeemed $150 million of its
9 3/4% Senior Subordinated Notes due 2009 funded by bank
borrowings.

2004 Production Targets Reaffirmed; Cash Flow/EBITDAX Increased

Based on its previously announced $225 million non-acquisition
capital spending plan, Vintage's targeted production remains
unchanged at 26.9 million BOE in 2004. The company has assumed a
slightly higher average NYMEX price for 2004 of $29.00 per barrel
of oil versus its previous 2004 assumption of $27.00 per barrel.
To date, the company has hedged approximately 5.3 million
barrels, or 29 percent of its 2004 targeted oil production,
through oil price swaps at an average NYMEX reference price of
$29.56 per barrel (see the accompanying table). For natural gas,
the company has maintained its assumed NYMEX price for the year
of $5.00 per MMBtu.

Given its continued outlook for the 2004 capital budget and
production levels, plus its revised assumed prices and costs
enumerated in the accompanying table, "Vintage Petroleum, Inc.,
Revised 2004 Targets" as well as other expectations, Vintage has
increased its target for 2004 cash flow (as defined in the
attached table) to $242 million, $23 million higher than the
previous target. Similarly, the revised target for EBITDAX in
2004 has been increased to $337 million from the previous target
of $320 million.

Vintage Petroleum, Inc. is an independent energy company engaged
in the acquisition, exploitation, exploration and development of
oil and gas properties and the marketing of natural gas and crude
oil. Company headquarters are in Tulsa, Oklahoma, and its common
shares are traded on the New York Stock Exchange under the symbol
VPI. For additional information, visit the company website at
www.vintagepetroleum.com.

To see financial statements:
http://bankrupt.com/misc/Vintage_Petroleum.txt

CONTACT:  VINTAGE PETROLEUM INC., TULSA
          Robert E. Phaneuf, 918-592-0101
          www.vintagepetroleum.com


VINTAGE PETROLEUM: Updates 2003 Drilling, Exploration Results
-------------------------------------------------------------
Vintage Petroleum, Inc. (NYSE:VPI) announced the results and
status of its recent operational activities and plans for 2004.
During the fourth quarter 2003, $54 million of the company's
total 2003 non-acquisition capital spending of $184 million was
spent drilling 43 wells and performing 53 workovers. The company
met its target to drill approximately 130 wells and undertook a
variety of lower-risk exploitation projects with approximately 67
percent of capital expenditures during 2003. The remaining 33
percent of capital spending was allocated toward potentially
higher-impact exploration programs in the United States, Canada
and Yemen.

"We are very optimistic about our potential for 2004 production
additions from our organic capital spending program and expect
average production in the second-half of the year to exceed
fourth quarter 2003 production of 6.8 million BOE. Since
reinitiating drilling in Argentina in 2003, we've started to see
our volumes there on the rise again. Our U.S. exploitation
program is likewise meeting with success. From our exploration
program, we're looking forward to important up-tics in the next
few months as production is initiated from projects in High
Island and Yemen. We're working very hard to exceed our
production expectations for 2004," said William L. Abernathy,
COO.

United States - Exploitation

During 2003, the company participated in the drilling of 31
exploitation wells with an 85 percent success rate and 134
workovers were completed. During 2004, 32 exploitation wells are
planned to be drilled and workovers are also planned for about 55
wells during the year, principally in Texas and California.

Fourth quarter drilling activity included eight wells with an 81
percent success rate. In addition, 35 workovers were completed
during the quarter. During the quarter, Vintage drilled the State
Tract 65-2R well (50 percent working interest), a replacement
well for the State Tract 65-2 which went off production in June
2003 due to a mechanical problem. The ST 65-2R has been completed
and is testing with a net daily flow rate of 3 to 4 MMcf (8 to 10
MMcf gross) of gas anticipated. In the Darst Creek Field, Texas,
Vintage completed five infill horizontal wells (100% working
interest) with a combined initial net daily production rate of
730 (837 gross) barrels of oil. Several additional horizontal
drilling locations are planned in the Darst Creek and Luling
fields for 2004.

Vintage noted that it has spent approximately $2.6 million during
the fourth quarter and returned to production 2,800 BOE per day
lost due to the California fires in October 2003. The company now
estimates that it will complete the remaining repair of fire
damage for an additional cost of approximately $3.4 million
dollars with volumes from remaining wells planned to be returned
to production by the end of the first quarter 2004.

United States - Exploration

During 2003, the company drilled five exploration wells and
recorded a success rate of 80 percent. Vintage begins 2004 with
the largest inventory of domestic exploration prospects in its
history and a capital budget of $38 million. The company is
focusing its U.S. exploration efforts on the Gulf Coast, Permian
Basin and California.

Vintage is pursuing company-generated Oligocene and Miocene
prospects in the Texas Gulf Coast based on 3-D seismic and
geochemical surveys. Within these targeted play concepts, the
company has acquired leases covering four shallow water
prospects. Three wells have been successfully drilled on the Tres
prospect, High Island #55-L, which was based on a Miocene gas
exploration target coupled with the redevelopment of additional
Miocene oil and gas sands. Facility and pipeline construction is
underway, with initial daily net production in the range of 10-15
MMcfe (20-30 MMcfe gross) anticipated by mid-year 2004. Vintage
is the operator and has a 65 percent working interest in this
prospect. Current plans are to commence drilling on the Wesson
prospect, Mustang Island #775 by mid-year 2004. The target is a
four-way dip anticline with potentially stacked pays at depths
from 16,000 to 18,000 feet. Vintage presently owns 100 percent
working interest in the Wesson prospect, but anticipates securing
partners prior to drilling.

Vintage has an interest in over 19,500 gross acres in the Permian
basin encompassing three, multi-well exploration prospects
targeting known tight carbonate gas reservoirs. These prospects
are predicated on an established play concept which utilizes
horizontal drilling and fracture stimulation technology to
significantly improve production and economics over the
historical results obtained utilizing vertical wellbores. The
company recently drilled the Rosehill prospect (Wilbanks 53 #2-H
well) in Martin County, Texas, and the Austin prospect (Hannah 17
State #2-H well) in Lea County, New Mexico, with both horizontal
wells successfully penetrating the targeted Mississippian
formation. The wells are undergoing completion and long-term
testing. If successful, additional wells could be drilled on
these prospects in 2004. Vintage has a 100 percent working
interest in both the Rosehill and Austin prospects.

In California, Vintage is preparing to drill a 12,500 foot oil
prospect in the San Joaquin basin. If this prospect is
successful, production could commence by mid-year 2004 and
multiple offset locations could be drilled before year-end. The
company has a 50 percent working interest in this prospect.
Further, Vintage plans to spend approximately 15 percent of its
domestic exploration budget of $38 million assessing the
potential of unconventional resource projects in various
locations in the U.S.

Argentina

During 2003, the company successfully reinitiated its aggressive
growth program in Argentina. A total of 67 wells were drilled and
70 workovers were performed during the year with the expanded
capital budget. Twenty-two exploitation wells were drilled and
completed on several concessions in the San Jorge Basin and the
Cuyo Basin during the fourth quarter with a success rate of 100
percent. In addition, 15 workovers were performed during the
quarter. Four drilling rigs and seven workover rigs were running
during the fourth quarter, reflecting the highest activity level
since the company began operations in Argentina. As a result of
the revitalized drilling campaign, daily gross operated oil
production has now reached 30,000 barrels, the highest level
since mid-2002. A new 3-D seismic program covering nearly 63,000
acres was started during the fourth quarter on the Cerro
Wenceslao concession and is being continued into the first
quarter 2004 with the additional acquisition of over 138,000
acres of seismic on the Cerro Overo, Canadon Leon, Tres Picos and
Cerro Wenceslao concessions. The company plans additional
production growth in 2004 supported by an increase in Argentina
capital spending of 45 percent to $84 million and targets
drilling 92 wells. Further, capital is budgeted for the
implementation of 4 waterflood projects which are targeted to
contribute to production in 2005 and beyond.

Canada

During 2003, Vintage participated in the drilling of
approximately 31 exploitation and exploration wells in Canada
with activity concentrated in the Sturgeon Lake, West Central and
Peace River Arch areas of Alberta and the foothills trend in
northeastern British Columbia. Exploitation spending for 2004 has
been reduced in favor of other opportunities, limiting planned
drilling to 15 exploitation wells.

Exploration activity continued in the Cypress area located in the
foothills trend of northeastern British Columbia. Two wells
targeting Triassic zones were recently drilled, one was
successful and is currently awaiting a pipeline connection and
the second was deemed to be non-commercial due to a lack of
porosity development. Vintage has a 40 percent, non-operated
interest in both of these wells. The company also began to
evaluate the potential of the deeper Mississippian formation in
the Cypress area. Although the first well testing the
Mississippian potential was dry, the company remains encouraged
about the high impact potential of this deeper horizon.

During 2003, Vintage and its partners acquired 25,200 gross
(10,775 net acres) in the Cypress prospect area. Vintage has in
its 2004 drilling inventory one Mississippian and five Triassic
prospects with total net unrisked reserve potential of 90 Bcfe.
Planned 2004 exploration capital expenditures will be similar to
2003 at $13 million. Activity will continue to be focused in the
foothills of northeastern British Columbia and the Peace River
Arch of Alberta with an anticipated 12 wells to be drilled.

International Exploration

The company is continuing to mature its international programs in
Yemen, Italy and Bulgaria. In the S-1 Block in Yemen, the company
is preparing to commence drilling the An Nagyah #5 well, an
appraisal well on the western side of the An Nagyah structure.
Soon to follow will be the An Nagyah #6 development well. Six
wells are planned in Yemen in 2004, including one designed to
appraise the company's Harmel discovery. Initial production from
the An Nagyah wells is anticipated to commence late in the first
quarter at a net daily rate of 1,300 (2,500 gross) barrels. About
one-third of Yemen's 2004 planned capital expenditures of $27
million will be allocated to drilling with the remainder to the
design and construction of processing facilities and a pipeline
to transport oil to an existing pipeline for export.

In its Po Valley shallow gas exploration play in Italy, the
company continues to work to obtain drilling permits. Depending
on the timing of permits, the company anticipates the first of
two planned wells could be drilled before mid-year 2004. The play
targets shallow gas sands in stratigraphic traps defined by 2-D
seismic and a geochemical survey. In addition, 1,575 kilometers
of 2-D seismic acquired during 2003 covering the company's
Bulgarian Black Sea concession is under interpretation to aid in
the detailed mapping of a large structural lead. Upon completion
of additional geological and geophysical work, the company
expects to secure majority participation by an industry deep
water partner to drill and operate this prospect.


VINTAGE PETROLEUM: Reports Preliminary YE 2003 Proved Reserves
--------------------------------------------------------------
Vintage Petroleum, Inc. (NYSE:VPI) announced preliminary
estimates of its proved oil and gas reserves at year-end 2003
totaled 447.1 million BOE. This total reflects the significant
impact of the disposition in January 2003 of 45.3 million barrels
of oil reserves arising from the sale of all of the company's
interests in Ecuador and the sale of an additional 9.9 million
BOE in the U.S. and Canada as part of the company's debt
reduction program. Additionally, the total reflects 2003
production of 27.8 million BOE. Excluding Canada, net additions
and revisions to reserves totaled 27.0 million BOE, replacing 97
percent of total company production. Substantial negative net
additions and revisions in Canada, however, totaled 26.3 million
BOE, negating almost all of the net adds generated from Vintage's
operations in other countries. Most of the negative revisions in
Canada were attributable to reserves classified as proved
undeveloped and proved developed non-producing and are not
anticipated to have a negative effect on the company's targeted
2004 production of 26.8 million BOE.

Year-end 2003 estimated proved reserves of 447.1 million BOE were
composed of 292.8 million barrels of oil and 926.0 Bcf of natural
gas, representing 65 percent and 35 percent of total proved
reserves, respectively. Of the total, 69 percent were classified
as proved developed reserves.

Based on 2003 year-end prices of $32.52 per barrel (NYMEX) for
oil and $6.19 per MMBtu (Henry Hub spot price) for gas and the
company's price differentials, the present value of estimated
future net revenues, before income taxes, discounted at 10
percent (PV10), attributable to the preliminary estimate of total
proved reserves was approximately $3.5 billion at year-end 2003.
This compares to a PV10 of $4.0 billion at year-end 2002,
calculated using year-end 2002 prices of $31.20 per barrel
(NYMEX) for oil and $4.79 per MMBtu (Henry Hub spot price) for
gas. The standardized measure of discounted future net cash
flows, which deducts discounted future income taxes from PV10
(Standardized Measure), was $2.4 billion and $2.7 billion at
year-end 2003 and 2002, respectively.

Reserve Additions Offset By Negative Revisions in Canada

During 2003, the company made oil and gas capital expenditures of
$181.8 million, spending 66 percent of discretionary cash flow.
Preliminary total reserve additions and revisions in 2003,
excluding the net negative additions and revisions to reserves in
Canada, were 27.2 million BOE, replacing 97 percent of 27.8
million BOE of production at a cost of $6.69 per BOE, driven
largely by results in Argentina, the U.S. and Yemen. However,
substantial downward revisions in Canada resulted in negative
additions and revisions of 26.3 million BOE, erasing the results
generated by the company in other countries.

The major contributors to the reserve revisions in Canada are
related to results of the company's work programs and production
performance of certain producing properties during the latter
part of 2003. Exploitation program results were well below
expectations, resulting in revisions to reserves previously
booked to the specific wells drilled or worked over, as well as
revisions to reserves associated with the remaining future
activities in those programs. In addition, the production
performance of certain producing properties below previous
estimates resulted in reserve revisions to those properties, as
well as revisions to reserves estimated for future activities
related to those same properties or very similar properties. Due
to these disappointing results, a critical review of all
remaining future activities included in the company's Canadian
proved reserve base was performed to revise or re-validate each
of them. Vintage continues to employ, as it has in the past,
independent third party engineering firms to prepare estimates of
its reserves in all its operating areas.


VINTAGE PETROLEUM: Names New President, CEO
-------------------------------------------
Vintage Petroleum, Inc. (NYSE:VPI) announced Wednesday that
effective immediately Charles C. Stephenson, Jr., Chairman of the
Board of Directors of Vintage, has been named to the additional
position of President and Chief Executive Officer.

Charles Stephenson, 67, succeeds outgoing President and CEO, S.
Craig George, who has resigned effective Wednesday to pursue
other interests. Craig George also resigned as a Director of
Vintage.

Stephenson, a co-founder of Vintage, has been a Director since
June 1983 and Chairman of the Board of Directors of Vintage since
April 1987. He also served as CEO of Vintage from April 1987 to
March 1994 and President of the company from June 1983 to May
1990.


VINTAGE PETROLEUM: S&P Comments on Ratings, Leaves Unchanged
------------------------------------------------------------
Standard & Poor's Ratings Services said Thursday that the ratings
and outlook on Vintage Petroleum Inc. (NYSE: VPI - news - people)
(BB-/Negative/--) would remain unchanged following two
announcements by the company. Vintage said that President and CEO
Craig George has resigned and his replacement is Chairman and
former CEO Charles Stephenson. Mr. Stephenson is a significant
shareholder in Vintage and his return to the CEO position follows
a period of several years in which Vintage has struggled
operationally. In addition to the management change, Vintage
announced that it is revising downward its Canadian reserves by
26.3 million barrels of oil equivalent, or about 5% of the
company's total proved reserves. Vintage's Canadian operations
have materially underperformed original expectations at the time
of their acquisition in 2001. The company has announced a
thorough review of its Canadian operations in conjunction with
the reserve revision.


WEILING: Moves Court for Reorganization Permission
--------------------------------------------------
Argentine company Weiling S.A. seeks to undergo reorganization. A
report by local newspaper La Nacion indicates that the Company
submitted its petition for "Concurso Preventivo" at the city's
Court No. 26, which is under Judge Uzal. Clerk No. 52, Dr. Moron,
assists the court on the case.

The Company, which is involved in the cattle industry, stopped
making debt payments in the middle of January this year.

CONTACT:  Weiling S.A.
          6th Floor,
          Ave Paseo Colon 1389
          Buenos Aires



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

MRS LOGISTICA: Ends 2003 With A Lower Net Debt
----------------------------------------------
MRS Logistica S.A., one of the largest railroad concessionaires
in Brazil, announces its results for the 4th quarter of 2003
(4Q03).

Production

MRS transported 22.9 million tons in 4Q03, 0.8% lower and 13.5%
higher when compared with 3Q03 and 4Q02, respectively. After
achieving successive transportation records during 3Q03, the
Company reached 7.8 million tons/month in December/2003.

Total volume transported in 2003 reached 86.3 million tons, a 16%
increase over the 2002 figure.

Total production reached 34.5 billion net ton-kilometers (net
tkm), 17.3% greater than the 29.4 billion net tkm produced in
2002.

Revenue, Costs and EBITDA

Gross revenue in 4Q03 reached R$362.1 million, 1.2% higher than
3Q03. Gross revenue for 2003 totaled R$1.35 billion, 25.3%
greater than revenue recorded in 2002.

Average tariff in 2003, reached R$15.6/ton, representing a 30.5%
increase in relation to 2002.

Operating costs and expenses in 2003 showed a 20% increase in
relation to 2002. Fuel costs were 55% higher when compared to
2002, as a result of the increase in diesel prices and the larger
volumes shipped throughout the year. In contrast, there was a
reduction in the cost of imported parts and materials as a result
of the appreciation of the Real against the US dollar. Lease and
concession costs increased 18% in 2003, due to the substantial
growth of the IGP-DI index in the period.

EBITDA in 2003 grew 30.6% in 2003, amounting to R$552.5 million.
The EBITDA margin (EBITDA/Net Revenue) increased from 43.2% in
2002 to 45.4% in 2003.

Operating cash flow totaled R$619.5 million in 2003, more than
twice the R$302 million achieved in 2002.

Net Income

The Company showed an accumulated net income of R$351.9 million
in 2003, a strong recovery from the R$166.8 million loss recorded
in 2002. In addition to the improvement in operational and
commercial aspects, this result confirms management's successful
efforts towards reorganizing the Company's capital structure.
Consequently, shareholders' equity, improved from a negative
R$130.4 million at the end of 2002, to R$280.6 million in
December/2003.

Net Debt

Net debt at the end of 2003 was reduced to R$659.5 million, 32%
lower than the R$969.5 million recorded in December/2002, as a
result of the strong cash generation and to the appreciation of
the Real against the US dollar throughout the period. The net
debt/EBITDA ratio was reduced from 2.2x to 1.2x from 2002 to
2003, a remarkable improvement in the Company's capacity to meet
its financial obligations.

Capital Expenditures

Total capital expenditures in 2003 amounted to R$124,8 million, a
68% increase compared to the previous year. The resources were
allocated in projects for the permanent way (R$44.4 million),
locomotives, cars and maintenance shops (R$66.6 million),
signaling, telecommunications and IT systems (R$9.3 million) and
other (R$4.6 million). We should highlight the following
projects:

- Overhaul of locomotives and cars, in order to increase
production capacity.

- Adaptation of 300 HAS cars for iron ore transport.

- Acquisition of 32 locomotives in the US secondary market.

- Reactivation of a railroad segment to access Votorantim Metais'
plant in Juiz de Fora (MG), together with the overhauling of 28
HFT cars.

- Reactivation of the Suzano railroad segment to transport
cellulose for VCP, concurrently with the adaptation of 60 cars
specifically for this shipping.

-Upgrading of the permanent way of the Sao Paulo line and at the
Baixada Santista (SP), in order to meet the increasing demand for
iron ore, soybeans, sulfur, containers, steel products and
bauxite.

- Acquisition of devices to improve traffic safety, such as
overheat detectors for wheels and bearings, derailment detectors
as well as fuel consumption reduction equipment.

- Closing and maintenance of several segments of the railroad
right-of-way, in order to improve traffic and cargo safety.

- Improvement of IT networks, systems and hardware equipment.

New Businesses/Commercial Highlights

MRS worked intensely in 2003 towards developing new businesses,
improving asset productivity and increasing profitability. We
should highlight:

- Companhia Vale do Rio Doce (CVRD): Agreement to transport iron
ore from CVRD's mines in Belo Horizonte (MG) for export through
the port of Sepetiba.

- Companhia de Fomento Mineral (CFM): Agreement to transport iron
ore for export through the port of Sepetiba.

- Companhia Siderurgica de Tubarao (CST): Agreement to transport
hot rolled coils, from CST's plant in Vitoria (ES) to CSN's unit
in Volta Redonda (RJ) and to Gonvarri's unit in Campinas (SP).

- Saint Gobain Canalizacoes: Shipping of steels tubes for export
through the port of Rio de Janeiro.

- Acominas: Transport of steel products for export from the
Acominas unit in Ouro Branco (MG) through the port of Rio de
Janeiro.

- Belgo (Arcelor Group):

  - Piracicaba (SP) unit - Shipping of steel products for export
    through the port of Rio de Janeiro.

  - Juiz de Fora (MG) unit - Transport of steel products for
    export through the port of Rio de Janeiro returning with
    scrap metal from Rio to Juiz de Fora. This shipment uses a
    transtrailler system, which consists of road semi-trailers
    that can be coupled on top of railway bogies, becoming
    wagons, combining the advantages of the railway with the
    versatility of trucks.

  - Belgo Bekaert Arames - Transport of steel products in
    containers from Vespasiano and Itauna (MG) for export
    through the port of Rio de Janeiro.

-   Votorantim Group:

  - Votorantim Celulose e Papel (VCP): Transportation of
    cellulose from VCP's unit in Jacarei (SP) for export
    through the port of Santos.

  - Votorantim Metais - Companhia Paraibuna de Metais: Agreement
    to transport of imported zinc concentrate from the port of
    Sepetiba to Votorantim's plant in Juiz de Fora (MG).

  - Votorantim Metais - Siderurgica Barra Mansa: Shipping of
    steel products from its unit in Barra Mansa (RJ) to the port
    of Rio de Janeiro.

- Moinho Santo Andre: Transport of corn from the port of Santos
to its plant in Santo Andre (SP).

- Heringer: Shipping of salt from the port of Sepetiba to its
industrial unit in Paulinia (SP).

- Rhodia-Ster: Transportation of containers with chemical
products for export from Rhodia's unit in Paulinia (SP). The
containers are initially shipped by trucks to Hamburg
Sud/Alianca's terminal in Jundiai (SP) and from there, through
MRS' Santos-Jundiai express route to the port of Santos.

- Micapel: Transportation of slate stones in containers from the
port of Sepetiba to Micapel's plant in Papagaios (MG).

- Volkswagen: Transport of auto parts in containers from the
Vokswagen's plant in Taubate (SP) for export to China. Containers
are initially shipped by trucks from Taubate to a railway
terminal in Cacapava (SP), and from there, through MRS until the
port of Santos.

- Monsanto: Signature of transportation agreement in a joint
venture with Wilson & Sons, for the shipping of raw material for
herbicides in containers from the port of Santos to Monsanto's
plant in Sao Jose dos
Campos (SP).

- Solvay Indupa: Transport of imported chemical products from the
port of Santos to Paulinia (SP), to supply clients Tigre and
Amanco.

To see company's balance sheet:
http://bankrupt.com/misc/MRS_Logistica.pdf

CONTACT:  MRS LOGISTICA S.A.
          Praia de Botafogo, 228/1201-E
          22250-906 - Rio de Janeiro - RJ
          Eduardo Cassinelli - Treasurer
          Marco Andre Guimaraes - Financial Manager
          Maria Lucia Silveira - Financial Analyst
          Tel: 55-21-2559-4600
          Fax: 55-21-2552-2635
          daf@mrs.com.br
          URL: www.mrs.com.br


MRS LOGISTICA: 4Q03 Results Leaves S&P Ratings Unchanged
--------------------------------------------------------
Standard & Poor's Ratings Services said Thursday that the ratings
and outlook on MRS Logistica S.A. (MRS; LC: BB-/Stable/--; FC:
B+/Positive/--) are not affected by its fourth-quarter 2003
results. MRS continued reporting strong performance, thanks to
vigorous iron ore exports (namely to China). These should remain
strong in 2004, accounting for the majority of tonnage (71% in
2003); efforts toward cargo diversification should also
contribute to MRS' already strong margins. MRS reported sound
cash generation in 2003, with OLA-adjusted EBITDA interest
coverage at 2.25x (from 1.23x average in the past three years).
The OLA-adjusted EBITDA margin reached 54% last year (43% in
2002).

Diversification, tariff increases, and growing tonnage (up 16% in
2003) explain the company's robust profitability, despite higher
fuel costs. Although MRS' in-balance debt was reduced in 2003 to
$276 million, the company has increasingly used operating leases
to finance fleet expansion, which Standard & Poor's considers
debt. Operating leases and the concession obligation totaled $503
million in 2003, up 37% from 2002. Standard & Poor's expects MRS
to sustain sound cash generation in 2004 to cope with debt
maturities, gradually reducing debt balances. Capital
expenditures in capacity expansion in 2004-2005, which have been
recently increased, should be partially financed with internal
cash generation.

ANALYST:  Reginaldo Takara
          Sao Paulo
          Phone: (55) 11-5501-8932  



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

AES GENER: Awaits Bondholders' Decision on Planned Bond Issue
-------------------------------------------------------------
A group of AES Gener bondholders were due to decide Thursday
whether to approve the Chilean electricity generator's plans to
issue US$400 million worth of new bonds in the international
markets, reports Estrategia. The proposed financial offering is
vital for the Company, a subsidiary of US energy group AES Corp.,
to raise the necessary funds to buy back US$676.6 million worth
of bonds due in 2005 and 2006.

Chilean pension fund managers (AFPs) hold more than 90% of the
convertible bonds issued in the domestic market (US$402.7mil).
In the meantime, market analysts expect AES Genera's parent
company to help it pay off a US$300-million inter-company debt
(mercantile account) regardless of the bondholders' decision.

CONTACT:  AES GENER S.A.
          Mariano Sanchez Fontecilla 310 Piso 3
          Santiago de Chile
          Phone: (56-2) 6868900
          Fax: (56-2) 6868991
          Home Page: www.gener.com
          Contact:
          Robert Morgan, Chief Executive
          Laurence Golborne Riveros, Chief Financial Officer


COEUR D'ALENE: Production Grows in S. America; Revenue Up
---------------------------------------------------------
Highlights

-- Fourth quarter silver production of 3.5 million ounces at
average cash cost per ounce of $3.47.

-- Full year silver production of 14.2 million ounces at an
average cash cost per ounce of $3.27.

-- Fourth quarter gold production of 26,108 ounces.

-- Full year gold production of 119,518 ounces.

-- First full year of Cerro Bayo/Martha mine production of 4.9
million ounces of silver and 67,155 ounces of gold. Average cash
cost of $0.60 per ounce of silver produced for the year.

-- Discovery of 800,000 ounces of additional high-grade silver
equivalent ounces of reserves and 2.4 million tons of mineralized
material averaging 4.18 ounces of silver per ton and .09 ounces
of gold per ton at Cerro Bayo and Martha, with average discovery
cost of $0.10 per ounce.

-- Total year-end reserves measure 174.6 million ounces of silver
and 1.4 million ounces of gold.

-- Current cash, cash equivalents and short-term investments
stand at approximately $252.7 million at January 31, 2004, giving
effect to recent $180 million offering of 1.25% Senior
Convertible Notes due 2024, net of offering costs.

-- San Bartolome and Kensington development projects in Bolivia
and Alaska scheduled for final feasibility completion in the 2nd
quarter of 2004 with construction decisions to follow.

"During 2003, Coeur completed its major debt restructuring and is
now in its strongest financial position in a decade, allowing us
to move forward with our growth plans to significantly increase
silver and gold production while lowering overall costs," said
Dennis E. Wheeler, Chairman and Chief Executive Officer. "Giving
effect to our Notes offering in January 2004, Coeur now has cash,
cash equivalents and short-term investments at January 31, 2004
of approximately $252.7 million. This can help fund our internal
projects, including our San Bartolome silver project in Bolivia,
and our Kensington gold project in Alaska, as well as allow us to
pursue additional growth opportunities. We have improved
projected economics at both of these development projects, and
the updated feasibility studies remain on track for completion in
the second quarter of 2004.

"Meanwhile, our Cerro Bayo and Martha mines in South America,
which have fueled our recent growth, continued their strong
performances in the fourth quarter and throughout 2003, with
combined full-year cash operating costs of $0.60 per ounce of
silver produced. Our accelerated exploration program at the two
mines has increased resource levels and extended mine life by
adding high-grade reserves at very low discovery costs. Because
of our excellent performance there, we have increased our
company-wide 2004 exploration budget to $10.7 million, most of
which will be spent in South America, where we look to add to
reserves and further extend the life of these two young mines and
large, highly prospective mining properties," Mr. Wheeler added.

Financial Summary

Coeur d'Alene Mines Corporation (NYSE: CDE) reported on Thursday
fourth quarter 2003 revenue of $30.6 million, an increase of 6%
over reported revenue of $28.8 million in the fourth quarter of
2002. For the full year 2003, the Company reported revenue of
$109.7 million, up 16% from the $94.5 million reported in the
previous year. The increase was due primarily to the first
complete year of production from the Company's low-cost Cerro
Bayo and Martha mines in South America, which began production in
the second quarter of 2002.

During the fourth quarter of 2003, the Company reported a net
loss of $13.5 million, or $0.06 per share, compared to a net loss
of $46.1 million, or $0.44 per share, a year ago. The most recent
fourth quarter included a loss on retirement of debt of $7.6
million and an additional interest payment of $1.1 million
triggered by the exchange in November 2003 of the Company's 9%
Senior Convertible Notes. Excluding these non-recurring items,
the Company would have reported a net loss of $4.8 million in the
recent fourth quarter.

For the full year 2003, the Company reported a net loss of $67.0
million, or $0.40 per share, compared to a net loss of $81.2
million, or $1.04 per share in 2002. The most recent year
included a $41.6 million loss on the early retirement of debt, a
$2.3 million loss for the cumulative effect of change in
accounting principle, and an additional interest payment of $7.0
million triggered by the early retirement of debt. Absent the
nonrecurring items, the Company would have reported a net loss of
$16.1 million for 2003.

In 2003, Coeur continued and substantially completed the
restructuring of its debt by eliminating indebtedness in the
approximate amount of $70 million, constituting approximately 88%
of Coeur's indebtedness as of January 1, 2003. Coeur ended 2003
with $9.6 million in convertible debt outstanding, and on
February 11, 2004 Coeur announced that it would redeem this debt
for cash in March 2004. On January 13, 2004, the Company
completed an offering of $180 million of 1.25% Senior Convertible
Notes due 2024. Giving effect to these post year-end
transactions, Coeur's cash, cash equivalents and short-term
investments at January 31, 2004 stand at approximately $252.7
million.

For the fourth quarter, Coeur realized an average silver price of
$5.18 per ounce compared to an average realized price during last
year's fourth quarter of $4.53 per ounce. For its gold
production, Coeur realized an average price of $359 per ounce
during the fourth quarter of 2003 compared to an average gold
price of $324 per ounce during the same period last year. The
market prices of silver (Handy & Harman) and gold (London Final)
on February 18, 2004 were $6.73 and $414.50 per ounce,
respectively.

Overview of Operations

South America

Cerro Bayo (Chile)
-- 1.1 million ounces of silver and 14,982 ounces of gold
produced during the fourth quarter.

-- Extremely low cash costs of $0.52 per ounce of silver during
the fourth quarter.

-- Full year silver production of 4.9 million ounces and 67,155
ounces of gold production in 2003.

-- Cash costs of $0.60 per ounce of silver for the year.

-- Exploration added 2.8 million silver equivalent ounces of
reserves and 2.4 million tons of resources averaging 3.6 ounces
of silver per ton and .09 ounces of gold per ton at an average
discovery cost of $0.09 per ounce.

-- Additional high-grade vein structures intersected during
recent drilling program.

In its first full year of operations, Cerro Bayo silver
production increased 56% over 2002 levels and gold production
increased 49% over the same period. Continued low cash costs were
achieved of $0.52 per ounce of silver in the fourth quarter and
$0.60 per ounce for the full year 2003.

The Company's exploration program at Cerro Bayo, which was
accelerated in the second half of 2003, resulted in total year-
end proven and probable reserves of 5.4 million ounces of silver
and 94,000 ounces of gold. Mineralized material doubled to 3.5
million tons, averaging 4.83 ounces of silver per ton and 0.10
ounces of gold per ton. The most significant of the new
discoveries in 2003 included extensions of the Javiera and Wendy
veins, and the Lucero and Veronica veins, which are near existing
stockworks and can be brought quickly and economically into
production. An additional 130 veins have been identified for
further exploration and possible development upon the 103 square
miles surrounding the property.

The Company has budgeted $3.5 million in 2004 for exploration at
Cerro Bayo designed to increase proven and probable reserves to a
sustained level equal to five year's mine life. Most the new
drilling this year will be focused near the existing mine.

Martha (Argentina)

-- Mined and transported approximately 4,381 tons of ore to Cerro
Bayo during the fourth quarter, averaging 60 - 70 silver
equivalent ounces per ton.

-- Total reserves of 1.4 million silver ounces and mineralized
material of 24,000 tons at an average grade of 78 silver ounces
per ton at December 31, 2003.

-- Total 2004 exploration budget at Martha of $2.3 million.

Martha remains among the highest-grade silver mines in the world.
At year-end, proven and probable reserves amounted to 1.35
million silver ounces and mineralized material amounted to 24,000
tons at an average grade of 78 ounces per ton. The extension of
the reserves at Martha now exceeds the parameters upon which the
acquisition of this property was based.

Coeur has increased its exploration budget at Martha to $2.3
million for 2004, an increase of 323% over 2003 levels. The
current exploration program continues to focus on extensions of
high grade ore shoots known to exist on the property and two
drill rigs are operating full time. The Company believes there is
excellent potential to discover additional silver resources on
prospects within the 450 square miles it controls in the Santa
Cruz Province, which includes the Martha Mine.

North America

Rochester Mine (Nevada)
-- Rochester joined the ranks as one of history's greatest silver
and gold mines when in early January of this year, Rochester
exceeded 100 million ounces of silver production and one million
ounces of gold production since operations began in 1986.

-- 1.4 million ounces of silver and 11,126 ounces of gold
produced during the fourth quarter

-- Average cash operating cost in quarter of $4.82 per ounce

-- Full year 2003 production of 5.6 million ounces of silver and
52,363 ounces of gold

    -- Average 2003 cash costs of $4.67 per ounce of silver
    -- Gold production expected to increase in 2004

Cash operating costs were higher in the fourth quarter and full
year 2003 compared to the previous year due to the changeover to
the new life-of-mine crushing facility, which was completed in
late October. Mining has commenced in the area under the previous
crusher, which contains some of the highest-grade gold ores on
the property. This will increase gold production levels during
2004. During 2004, the Company expects the cost per ounce of
silver produced to decline.

    Coeur Silver Valley - Galena Mine (Idaho)
    -- Fourth quarter silver production of 1.0 million ounces
    -- Average cash cost during quarter of $4.76 per ounce of
silver
    -- Full year silver production of 3.7 million ounces of
silver
    -- Full year average cash costs of $4.66 per ounce of silver

Coeur has budgeted $1.3 million for exploration at Silver Valley
in 2004 for the mine's ongoing long-term development plan, which
is expected to increase production levels by approximately 40%,
to 5.3 million ounces, commencing in 2006. Drilling in the fourth
quarter continued to focus on extensions of known veins at the
4900 level and at the 2400 level in the Upper Silver Vein. Some
of the drifting at the 4900 level is extending toward the Coeur
mine, where existing infrastructure is expected to be utilized in
future production.

Development Projects

During the second quarter of 2004, the Company expects to
complete ongoing optimization and feasibility work at the
Company's two major development projects, the San Bartolome
(Bolivia) silver project and Kensington (Alaska) gold project.
The development timetables at the two properties remain on
schedule and it is expected that these projects could boost
company gold and silver production in 2006 following a production
decision.

San Bartolome - Bolivia

Based on current information, Coeur expects silver production at
San Bartolome of up to 6 million ounces per year -- approximately
a 40% increase over current Company-wide levels -- at an average
cash operating cost of approximately $2.50 per ounce. The low
operating costs are due in part to the fact that it has been
established that tin can be commercially recovered. San Bartolome
has an anticipated mine life of over 14 years. Capital costs to
construct the mine are currently estimated at approximately $80
million. Recent feasibility work in defining the orebodies has
indicated the potential to expand mineral resources. As a
consequence, the Company is reviewing an alternative to increase
the planned plant throughput. Advanced metallurgical test work
indicates changes in the processing circuit may result in
increases in silver recovery. The Company is now assessing the
impact of such on revenue, operating costs and capital associated
with such improvements. The measured and indicated resources are
currently under study and Coeur expects this to result in a
marked increase in the proven and probable reserves which were
reported in July 2003 at 123 million ounces of silver. San
Bartolome ore consist of silver-bearing gravel deposits that can
be hauled directly to processing facilities. The deposits are
located near Potosi, Bolivia, in a region with historical silver
production of over two billion ounces.

The updated feasibility study and necessary permits at San
Bartolome are expected in the second quarter of 2004. Subject to
the completion of the updated feasibility study and the
confirmation of earlier findings, a construction decision could
be made. Construction is projected to take approximately 18
months.

Kensington - Alaska

Following re-engineering and optimization work, capital costs
necessary to place the Kensington Gold Project into production
are currently estimated at approximately $75 million, with a
current mine life of approximately ten years at a cash cost of
production of approximately $195. Coeur believes that significant
exploration potential exists at Kensington and intends to
continue an active exploration program upon commencement of mine
development.

Coeur anticipates receiving all necessary permits for Kensington
during the second quarter of 2004, and could reach a final
decision on developing the mine after completion of the
permitting and completion of the updated feasibility study.
Kensington is located approximately 45 miles north of Juneau,
Alaska and contains an estimated 1.0 million ounces of proven and
probable gold reserves and mineralized material totaling 7.3
million tons at an average grade of 0.12 per ton.

Exploration Projects

On February 10, 2004, Coeur announced the acquisition of ten
mineral properties in Tanzania where it plans to begin early
stage exploration activities in the second quarter of 2004. The
ten prospecting licenses, which are valid for three years with
options to renew, cover 315 square miles (815 square kilometers)
in northwestern Tanzania, near Lake Victoria, in an emerging gold
mining region.

Also, in Mexico, Coeur has elected not to pursue the purchase of
the mining assets of Minera Real de Cosala S.A. located in the
State of Sinaloa. We continue to evaluate other opportunities in
Mexico.

Commodity Hedging

Coeur does not hedge any of its silver production. At December
31, 2003, the Company had 16,600 ounces of gold sold forward over
the next 12 months at an average price of $348 per ounce.

Coeur d'Alene Mines Corporation is the country's largest primary
silver producer, as well as a significant, low-cost producer of
gold. The Company has mining interests in Nevada, Idaho and
Alaska in the United States, Argentina, Chile and Bolivia in
South America and Tanzania in Africa.

To see the Company's production statistics,
http://bankrupt.com/misc/COEUR_D.htm

CONTACT:  Tony Ebersole, Investor Relations
          Phone: 800-523-1535.



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

TRICOM: Details Sale of Central American Trunking Assets
--------------------------------------------------------
Tricom, S.A. (NYSE:TDR) announced Thursday that it has sold its
Central American trunking assets to a group of Panamanian
investors for a purchase price of approximately $12.5 million
payable in stages. Estimated net proceeds, after transaction
expenses and liabilities directly related with Central America,
will total approximately $9 million. Receipt of a portion of the
expected net proceeds is contingent on satisfaction of customary
closing conditions including all necessary regulatory approvals.
The sale also supports the Company's drive to increase operating
efficiency and improve its competitive performance.

"The sale of our Central American assets is part of our
continuing strategy to maximize and grow the value of our core
businesses," said Carl Carlson, Tricom's Chief Executive Officer.
"This transaction advances our objectives of focusing our efforts
and resources on areas with the greatest potential for long-term
growth and to improve our overall competitiveness."

Lehman Brothers advised the Company in the sale, which has been
approved by the Company's Board of Directors. The investor group
has assumed ownership of all of the Company's assets in Central
America, which include Tricom's digital trunking network in
Panama, as well as the Company's radio frequency rights in
Guatemala and El Salvador.

About TRICOM

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


TRICOM: 4Q03, Full Year Results Reflect Continuing Weak Economy
---------------------------------------------------------------
Tricom, S.A. (NYSE:TDR) announced Thursday consolidated unaudited
financial results for the fourth quarter and year ended December
31, 2003. On February 19, 2004, the Company announced the sale of
its Central American assets. The sale is part of the Company's
ongoing strategy to streamline its operations and reduce costs by
divesting under-performing or non-strategic assets and focusing
resources on its most attractive segments and markets.
Consequently, the Company has elected to report its Central
American digital trunking operations as discontinued operations
in accordance with Statement of Financial Accounting Standards
No. 144, "Accounting for the Impairment or Disposal of Long-Lived
Assets" ("SFAS No.144"). The Company believes that the
presentation of its Central American digital trunking services,
as discontinued operations will allow for a more meaningful
comparison of the results from the Company's continuing
operations.

"Our fourth quarter and full year results reflect a continued
difficult operating environment marked by a weak economy. Our
revenues from continuing operations remained under intense
pressure by currency devaluation," said Carl Carlson, Chief
Executive Officer. "Despite these challenges, the Company made
progress in a number of key areas during this past year in terms
of rationalizing our capital investments, and reducing our cost
structure. The Company set out to do this while maintaining our
commitment to our customers, without diminishing our operational
and service capabilities. Our focus for 2004 will remain on
investing prudently to support our key growth drivers, while
improving our customer base by targeting the most attractive
segments."

Results of Continuing Operations

Continuing operations consist of the Company's local service,
long distance, mobile, cable television and broadband data
transmission and Internet services in the Dominican Republic, as
well as the Company's facility-based international long distance
operations in the U.S. The Company's operating results
principally reflect the impact of currency devaluation affecting
the conversion of Dominican peso-generated revenues into U.S.
dollars. The value of the Dominican peso, against the U.S.
dollar, declined by approximately 25 percent during the 2003
fourth quarter, and by approximately 84 percent during the year.
The inflation rate was approximately 43 percent for the year
ended December 31, 2003, compared to approximately 11 percent
during 2002.

Operating revenues from continuing operations totaled $50.3
million for the 2003 fourth quarter, a decrease of 16.8 percent
from the 2002 fourth quarter. Total operating revenues from
continuing operations for the 2003 fourth quarter grew by 3.6
percent on a sequential basis, primarily driven by international
long distance revenues. For the year, operating revenues from
continuing operations totaled $206.6 million, a 19.1 percent
decrease from 2002. Adjusted EBITDA totaled $14.2 for the 2003
fourth quarter and $61.1 million for 2003, compared to Adjusted
EBITDA of $22.3 million and $83.6 million for the 2002 fourth
quarter and 2002, respectively.

Long distance revenues grew by 8.6 percent to $26.3 million in
the 2003 fourth quarter from the 2002 fourth quarter and by 6.6
percent to $99.7 million for the year, primarily as a result of
higher long distance termination rates to the Dominican Republic,
coupled with an increase in traffic volume originated by the
Company's U.S.-based international long distance wholesale and
retail operations. Long distance revenues for the 2003 fourth
quarter grew by 9.0 percent on a sequential basis.

Domestic telephony revenues totaled $13.2 million in the 2003
fourth quarter and $59.5 million for the year, representing a
31.9 percent and 29.0 percent decrease from the year-ago periods,
respectively. The decrease in domestic telephony revenues was
primarily the result of the decline in value of the Dominican
peso coupled with a lower average subscriber base during the
year. Fourth quarter business and contract residential lines grew
by 3.2 percent on a sequential basis. At December 31, 2003, lines
in service totaled approximately 135,000, representing a 10.4
percent decrease year-over-year. The decrease in lines in service
for the year reflects the Company's previously announced strategy
of disconnecting low-usage wireless local loop customers and
targeting high-usage consumer and business costumers in order to
maximize the return on its existing network assets and resources.

Mobile revenues decreased by 27.5 percent to $6.7 million in the
2003 fourth quarter from the 2002 fourth quarter and by 35.1
percent to $29.2 million for the year. The decrease in mobile
revenues is primarily attributable to currency devaluation and
the effect of a previously announced change in mobile revenue
recognition, beginning in the 2003 second quarter. Mobile
revenues, which had previously been accounted for on a gross
basis, are now accrued net of prepaid mobile commission fees.
Cellular and PCS subscribers at December 31, 2003, totaled
approximately 433,000. Postpaid mobile subscribers at the end of
the fourth quarter grew by 3.3 percent on a sequential basis.

As part of its overall operational streamlining and in order to
better focus on active customers, beginning in the 2004 first
quarter the Company reduced the period in which a mobile prepaid
customer can receive incoming calls without generating outgoing
calls. This change in policy has identified approximately 200,000
existing prepaid mobile customers who have not utilized the
Company's services for an extended period of time. The Company
currently anticipates continuing its policy of disconnecting a
substantial number of its incoming calls only cellular and PCS
subscribers during 2004.

Cable revenues totaled $3.0 million in the 2003 fourth quarter, a
35.1 percent decrease from the year-ago period. For 2003, cable
revenues totaled $13.6 million, a 36.8 percent decrease from
2002. The decrease in cable revenues is primarily the result of
currency devaluation together with a lower average subscriber
base during the year. At December 31, 2003, cable subscribers
totaled approximately 61,000, representing a 14.4 percent
decrease year-over-year. The decline in the Company's cable
subscriber base was partially offset by an increase in the number
of premium service and cable modem accounts.

Data and Internet revenues totaled $1.1 million in the 2003
fourth quarter and $4.5 million in 2003, representing a 63.2
percent quarter-over-quarter and 59.2 percent year-over-year
decrease. The decrease in data and Internet revenues is
attributable to the devaluation of the Dominican peso, coupled
with revenue loss resulting from the Company' cancellation during
the 2003 first quarter of its government contract to provide
broadband satellite Internet access to public high schools in the
Dominican Republic.

Consolidated operating costs and expenses from continuing
operations totaled $236.9 million in the 2003 fourth quarter
compared to $79.1 million in the 2002 fourth quarter. For the
year, consolidated operating costs and expenses from continuing
operations totaled $404.2 million compared to $265.5 million
during 2002. The increases in year-over-year operating costs and
expenses reflect asset impairments, restructuring costs and
higher depreciation and amortization expenses, offset in part by
lower selling, general and administrative (SG&A) expenses, as
well as the elimination of expenses in lieu of income taxes.
Operating costs and expenses from continuing operations,
excluding asset impairments and restructuring costs, totaled
$64.9 million for the 2003 fourth quarter and $232.2 million for
2003.

Cost of sales and services increased by 4.5 percent to $23.2
million during the 2003 fourth quarter and remained flat during
the year. Increases in fourth quarter cost of sales and services
were mainly attributable to higher transport and access charges
due to the indexation to the U.S. dollar of domestic
interconnection tariffs, offset in part by lower cable
programming fees resulting from contract renegotiations.

Selling, general and administrative (SG&A) expenses increased by
16.9 percent to $22.9 million in the 2003 fourth quarter and
decreased by 17.6 percent to $71.8 million for the year.
Increases in fourth quarter SG&A expenses were primarily driven
by early lease cancellation costs of approximately $7.6 million,
and network maintenance expenses, offset in part by lower
marketing and sales commissions expenses. The year-over-year
decrease in SG&A expenses reflect expense reduction efforts and
streamlined operations, as well as lower Dominican peso-
denominated expenses resulting from currency devaluation.

During the 2003 fourth quarter, the Company recognized $166.9
million in asset impairments and approximately $5.1 million in
restructuring costs. The non-cash impairment charges represent a
reduction of the Company's goodwill and the carrying value of its
long-lived telecommunication and cable network assets, primarily
resulting from currency devaluation, which have impacted the
Company's estimated, discounted future cash flows. Restructuring
costs represent severance-related charges resulting from work
force reductions in response to changes in business strategy and
to the financial performance of certain underlying businesses and
service offerings, as well as legal and other professional
advisory services expenses related to the Company's debt
restructuring initiatives.

"The factors that affected the magnitude of the impairment
charges include management's revised operating plan based on
current market conditions, the results of the Company's current
forecasting and long-term planning process, as well as a
valuation of assets and liabilities," said Ramon Tarrago, Chief
Financial Officer.

The asset impairment losses include estimates that are based on
the best information currently available to the Company.
Adjustments to such estimates, if any, would be reflected in the
financial statements included in the Company's future filings
with the Securities and Exchange Commission.

Interest expense totaled $15.4 million in the 2003 fourth quarter
compared with $16.7 million in the prior year quarter, and
totaled $62.4 million for 2003 compared to $64.4 million during
2002. The Company suspended interest payments on its unsecured
debt obligations beginning in October 1, 2003.

In the 2003 fourth quarter, the Company recognized $1.9 million
in losses from discontinued operations in Central America. Loss
from discontinued operations for the full year 2003 totaled $7.8
million. In accordance with SFAS No. 144, the company will
continue to report losses from discontinued operations in the
periods they occur. In the 2003 fourth quarter, the Company
recognized a loss on disposal of discontinued operations of
approximately $38.2 million.

In the 2003 fourth quarter, the Company realized $2.6 million in
deferred income taxes from loss carry forwards relating to the
aforementioned early lease cancellation. Net loss, reflecting
non-cash asset impairments and losses from discontinued
operations, totaled $237.5 million, or $3.68 per share for the
2003 fourth quarter, and $299.4 million, or $4.63 per share
during 2003.

Liquidity and Capital Resources

Total debt, including capital leases and commercial paper,
amounted to $449.5 million at December 31, 2003, compared to
$467.6 million at December 31, 2002. Total debt included $200
million principal amount of 11-3/8% Senior Notes due 2004,
approximately $35.0 million of secured debt and approximately
$214.5 million of unsecured bank and other debt. At December 31,
2003, the Company had approximately $3 million of cash on hand.
Net debt totaled $446.5 million at December 31, 2003. The
Company's net cash provided by operating activities totaled $18.3
million for 2003 compared to $13.6 million for 2002. Capital
expenditures totaled $3.2 million during the 2003 fourth quarter
and $15.0 million for the year, representing an approximate 71.8
percent quarter-over-quarter and 76.5 percent year-over-year
reduction.

About TRICOM

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

Non-GAAP and Other Financial Measures

This press release includes a discussion of the Company's
historical financial results using certain non-GAAP financial
measures, including EBITDA, Adjusted EBITDA, Free Cash Flow and
Net Debt. Investors, analysts, valuation firms and lenders, also
frequently use these measures although their definitions may
vary. A "non-GAAP financial measure" is defined as a numerical
measure of a company's performance that excludes or includes
amounts so as to be different than the most directly comparable
measure calculated and presented in accordance with generally
accepted accounting principles ("GAAP"). Pursuant to the
requirements of Regulation G, the Company has included in its
press release a reconciliation of all non-GAAP financial measures
disclosed in the press release to the most directly comparable
GAAP financial measure.

EBITDA is defined as earnings (loss) before interest, taxes,
depreciation and amortization. Adjusted EBITDA is defined as
earnings (loss) before interest, taxes, depreciation and
amortization from continuing operations, adjusted to exclude non-
cash charges and certain expenses not included within the
accepted definition of EBITDA, but which management believes
their exclusion provides a more appropriate measure of the
Company's operating performance and liquidity.

Until September 1, 2002, the Company made payments to the
Dominican government in lieu of income taxes. As a result, the
Company calculated Adjusted EBITDA prior to the deduction of
payments to the Dominican government in lieu of income taxes. Its
calculation of Adjusted EBITDA from continuing operations also
adds asset impairments, which are non-cash charges related to
fixed and intangible assets, restructuring costs, extraordinary
items, losses from discontinued operations, non-recurring items,
as well as changes in accounting charges. Adjusted EBITDA is the
primary basis used by its management to measure the operational
strength and performance of all of its operating segments and
units. The Company believes Adjusted EBITDA provides meaningful
additional information on its performance and on its ability to
service its long-term debt and other obligations, and to fund
capital expenditures. Because the Company uses Adjusted EBITDA as
the measure to evaluate the performance of its core businesses,
the Company reconciles it to net earnings (loss), the most
directly comparable financial measure calculated and presented in
accordance with generally accepted accounting principles.

The Company defines Free Cash Flow as cash provided by operating
activities less cash provided by investing activities. The
Company believes Free Cash Flow is a non-GAAP measure as
contemplated by Regulation G. The Company believes that Free Cash
Flow provides useful information about the amount of cash its
business is generating after interest and capital expenditures
for reinvesting in the business.

The Company defines Net Debt as the total aggregate amount of its
consolidated debt (short and long term), including capital lease
obligations, less cash on hand and in banks and equivalents
(including investments). The Company believes Net Debt is a non-
GAAP measure as contemplated by Regulation G. Management believes
that the presentation of Net Debt provides useful information
about the Company's ability to satisfy its debt obligations with
currently available funds.

EBITDA, Adjusted EBITDA and Free Cash Flow should not be
considered as substitutes for operating income (loss), net income
(loss), net cash provided by operating activities or other
measures of performance or liquidity reported in accordance with
GAAP. Net Debt should not be considered a substitute for total
debt.

To view a quantitative reconciliation of EBITDA, Adjusted EBITDA,
Free Cash Flow and Net Debt, see
http://bankrupt.com/misc/TRICOM.htm.

CONTACT:  Miguel Guerrero, Investor Relations
          Phone: (809) 476-4044 / 4012
          Email: investor.relations@Tricom.net

          Home page: http://www.tricom.net/
                     http://www.tdr-investor.com/



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

INDUSTRIAS PENOLES: S&P Issues Notes CreditWatch Negative
---------------------------------------------------------
Standard & Poor's Ratings Services placed Thursday its 'BBB-'
rating on Industrias Penoles S.A. de C.V.'s (Penoles) $380
million 8.39% structured silver payable notes due 2012 on
CreditWatch with negative implications. The rating action follows
the Feb. 18, 2004, placement of the 'BBB-' long-term foreign and
local currency corporate credit ratings on Penoles, the world's
largest producer of refined silver, on CreditWatch with negative
implications.

The rating action reflects the structured notes' close
relationship to Penoles' creditworthiness as expressed by its
local currency rating. In addition, the rating action reflects
Standard & Poor's concerns about the continued weakness of the
company's financial performance for the past three years, which
has not been adequate for its current rating category. Despite
the improvement in metal prices and the company's financial
performance during recent months, Standard & Poor's is also
concerned about the potential impact of Penoles' intense capital
expenditure program, which will be partially debt financed, on
its financial profile.

To resolve the CreditWatch status, Standard & Poor's expects to
review the company's strategy and projections and their potential
effects on the structured notes in the next few weeks.

The structured silver payable notes are unsecured U.S. dollar
debt obligations of Penoles, and were issued June 25, 1997. There
is an eight-year interest-only period, followed by principal
amortization over six years. The transaction incorporates certain
structural features that help mitigate sovereign risk by allowing
the delivery of physical silver to a trustee located in the U.S.
Penoles maintains a reserve account with the trustee. The
required balance in this account is the projected debt service
for the next quarter. The transaction provides for replenishment
of the reserve account if it is ever drawn upon.

ANALYST:  Maria Tapia
          Mexico City
          Phone: (52) 55-5081-4415

          Juan Pablo De Mollein
          New York
          Phone: (1) 212-438-2536

          Nancy Gigante Chu
          New York
          Phone: (1) 212-438-2429  



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

CANTV: Reports Gains In 4Q03 As Economy Recovers
------------------------------------------------
Venezuela's largest telephone company CA Nacional Telefonos de
Venezuela (CANTV) reported a net gain in the fourth-quarter of
2003 following an economic recovery that boosted fixed-line and
cellular phone use. Citing an e-mailed statement from the
Company, Bloomberg News reports that CANTV registered a net gain
of VEB68 billion (US$35 million) during the period, compared with
a loss of VEB3.2 billion in the same period in 2002. CANTV posted
a 2.4% increase in revenue to VEB853 billion from VEB833 billion.

"This shows the overall economy was strong at the end of the
year," said Gonzalo Alonso, executive director of brokerage
company ActiValores in Caracas. "They had really good results in
their wireless products and kept costs in check."

The Company for this year expects results of anywhere between a
net loss of VEB100 billion and a net gain of VEB50 billion. The
Company earned VEB30 billion last year.

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

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




               ***********


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

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

Copyright 2004.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
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Information contained herein is obtained from sources believed to
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