TCRLA_Public/040325.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

           Thursday, March 25, 2004, Vol. 5, Issue 60

                            Headlines


A R G E N T I N A

ARTES GRAFICAS: Court Approves "Concurso Preventivo" Motion
BAICOR COMERCIO: Declared Bankrupt by Court
BELOWAY INTERNATIONAL: Court Approves Motion to Reorganize
CONSTRUCTORA EMBALSE CASA: Court Approves Concurso Motion
DUSP: Initiates Bankruptcy Proceedings

FADEP: Court OKs Petition for Reorganization
OEME PUBLICIDAD: Court Rules Bankruptcy, Appoints Receiver
PAN AMERICAN: Reports High-Grade Manantial Espejo Results
PETROBRAS ENERGIA: Relates March 19 Meeting Results
ROQUE DEMETRIO: Seeks Court's Approval to Undergo Bankruptcy

SERVICIOS SERVEN: Enters Bankruptcy on Court Orders

*Argentina Pledges Final Debt Offer by August


B E R M U D A

GLOBAL CROSSING: Awarded 10-Year Contract by RSP


B R A Z I L

EMBRATEL: Chief Says "Cartel" Behind Brazilian Challenge
INTELIG: Embratel Sale May Speed Up Own Sale


C H I L E

MADECO: Improves Financial Performance in 2003
TELEFONICA CTC: Chilesat Seeks Refuge From Tariff Decree


E C U A D O R

PACIFICTEL: Chairman Becomes Interim CEO
PETROECUADOR: Reaches Agreement with Petrobras, Repsol


J A M A I C A

C&WJ: Places More Corporate Area Properties on the Market
KAISER ALUMINUM: To Hold Auction for Its Interests in Alpart


M E X I C O

ATSI COMMUNICATIONS: Sets Schedule for Annual Shareholder Mtg.
CINTRA: Units Appoint New CEOs
HYLSAMEX: Announces Plans for 2004

     -  -  -  -  -  -  -  -

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

ARTES GRAFICAS: Court Approves "Concurso Preventivo" Motion
-----------------------------------------------------------
Buenos Aires Court No. 11 approved the "Concurso Preventivo"
petition filed by Artes Graficas Yerbal S.A., reports Infobae.

The court, assisted by Clerk No. 22, appointed Mr. David
Leonardo Schvarztein as receiver, who will authenticate
creditors' claims until May 13, 2004. This is done to determine
the nature and amount of the Company's debt, and to check the
claims' authenticity. Results of the verification of the claims
will be submitted to the court on June 25, 2004 as individual
reports. After the individual reports are processed in court,
the receiver will consolidate the data into a general report,
which must be submitted to the court on August 23, 2004.

The informative assembly, which forms the last part of a
reorganization process, will take place on February 22, 2005.

CONTACT:  David Leonardo Schvarztein, Receiver
          Uruguay 390
          Buenos Aires


BAICOR COMERCIO: Declared Bankrupt by Court
-------------------------------------------
Baicor Comercio Exterior S.R.L. will now undergo bankruptcy
proceedings after Buenos Aires Court No. 25 declared it
"Quiebra."

According to Infobae, the Company will proceed with the
bankruptcy process with Ms. Maria Marta Sonmariva as receiver,
who will authenticate creditors claims until May 10, 2004.

With assistance from Clerk No. 49, the court set the schedules
for the submission of individual and general reports on June 23,
2004 and August 20, 2004, respectively.

The case will close with the liquidation of the Company's assets
to repay creditors.

CONTACT:  Ms. Maria Marta Sonmariva
          Florida 930
          Buenos Aires


BELOWAY INTERNATIONAL: Court Approves Motion to Reorganize
----------------------------------------------------------
Judge Gutierrez Cabello of Court No. 7 approved Beloway
International SA's motion to undergo reorganization, says La
Nacion.

The court, assisted by Clerk No. 14 Dr. Giardinieri, appointed
Carlos Llorca as receiver, who will verify creditors' claims
until June 30, 2004. Schedule for the deadlines of the
submission of the necessary reports are yet to be disclosed.
However, the court has already set an informative assembly for
April 28, 2005.

The Company decided to seek reorganization after it ran up
liabilities amounting to US$472,143.63 on the back of assets
worth US$151,962.54.

CONTACT:  Beloway International SA
          Arenales 1307
          Buenos Aires

          Carlos Llorca, Receiver
          Avenida Presidente Roque Saenz Pena 852, piso 2ř
          Buenos Aires


CONSTRUCTORA EMBALSE CASA: Court Approves Concurso Motion
---------------------------------------------------------
Judge Taillade of Buenos Aires Court No. 20 approved a petition
for reorganization filed by local construction company
Constructora Embalse Casa de Piedra SA, according to a report by
Argentine daily La Nacion.

The Company is entrusted to its receiver, Mr. Roberto
Leibovicius, who will verify claims and prepare the necessary
reports.

Creditors must present their claims for authentication before
May 26, 2004. The receiver will then prepare the individual
reports on the verification results, and then the general report
after these are processed at court. The deadlines for the
submission of these reports are yet to be disclosed.

The informative assembly will be held on March 7, 2005. This is
one of the last parts of the reorganization process.

Dr. Perillo, Clerk No. 40, assists the court on the case.

CONTACT:  Constructora Embalse Casa de Piedra SA
          Avenida Presidente Roque Saenz Pena 832, piso 4

          Roberto Leibovicius, Receiver
          Tucuman 1585, piso 3


DUSP: Initiates Bankruptcy Proceedings
--------------------------------------
Buenos Aires Court No. 26 declared Dusp S.R.L. "Quiebra,"
reports Infobae. Clerk No. 52 assists the court on the case,
which will close with the liquidation of the Company's assets to
repay creditors.

Mr. Pablo Amante, who has been appointed as receiver, will
verify creditors' claims until May 26, 2004 and then prepare the
individual reports based on the results of the verification
process.

The individual reports will then be submitted to the court on
July 8, 2004, followed by the general report September 3, 2004.

CONTACT:  Dusp S.R.L.
          Pilar 3314
          Buenos Aires

          Pablo Amante
          Lavalle 1537
          Buenos Aires


FADEP: Court OKs Petition for Reorganization
--------------------------------------------
Fadep S.R.L. obtained approval from La Plata Civil & Commercial
Court No. 7 for its "Concurso Preventivo" petition, reports
Infobae.

The Company will now begin the process with Mr. Leon Sergio Fuks
as receiver. Creditors will have until April 7, 2004 to submit
their claims to Mr. Fuks for verification.

After the verification process, the receiver will prepare the
individual reports and submit these reports to the court on May
21, 2004. Submission of the general report will follow on July
5, 2004.

The informative assembly will take place on December 17, 2004.

CONTACT:  Fadep S.R.L.
          Avenida 520 entre 149 y 150
          La Plata

          Mr. Leon Sergio Fuks
          Calle 47 numero 862
          La Plata


OEME PUBLICIDAD: Court Rules Bankruptcy, Appoints Receiver
----------------------------------------------------------
Mar del Plata Civil & Commercial Court No. 5 declared Oeme
Publicidad S.A. bankrupt. According to Infobae, the court,
assisted by Clerk No. 9, named Mr. Eduardo Anibal Rodriguez as
receiver.

Mr. Rodriguez will have until April 22, 2004 to verify
creditors' claims. Afterwards, he will submit the individual
reports on June 16, 2004 and then the general report on August
30, 2004.

The case will close with the liquidation of the Company's assets
to repay creditors.

CONTACT:  Oeme Publicidad S.A.
          Avenida Luro 3050
          Mar del Plata

          Eduardo Anibal Rodriguez, Receiver
          San Lorenzo 4817
          Mar del Plata


PAN AMERICAN: Reports High-Grade Manantial Espejo Results
---------------------------------------------------------
(all amounts in $US unless otherwise stated)

Pan American Silver Corp. (PAAS: NASDAQ; PAA: TSX) is pleased to
report further results from an expanded program of infill,
metallurgical and exploration drilling underway at the Manantial
Espejo property located in southern Argentina. Results confirm
continuity of gold and silver mineralization in the primary vein
systems -- Maria and Karina/Union -- and include high-grade
intersections. Reported in the attached table are high-grade
intersections that exceed 200 grams/tonne silver-equivalent. Pan
American and Silver Standard Resources Inc. (NASDAQ: SSRI) are
50/50 joint venture owners of the property, which is presently
the focus of a feasibility study with Pan American Silver as
operator.

At Karina/Union, infill drilling has continued to intersect
multiple veins associated with northwest-trending fault
structures. Locally very high grade intersections have been
encountered over a strike length of up to 250 meters and the
zone is open to the northwest and at depth. Highlights include
holes T-346 and T-373, with hole T-346 intersecting 49.93 metres
grading 6.98 grams/tonne gold and 805 grams/tonne silver,
including 25.14 metres grading 12.95 grams/tonne gold and 1,425
grams/tonne silver (with additional geological interpretation
underway to confirm the orientation of the structures), and hole
T-373 intersecting 7.55 metres grading 9.27 grams/tonne gold and
1,363 grams/tonne silver and 6.5 metres grading 22.17
grams/tonne gold and 1,024 grams/tonne silver. These results
underscore the high-grade nature of this vein system and its
importance as a source of mineralization for a robust mining
operation.

The Maria is the largest and best defined vein on the property
at this time. Holes T-355 through T-359 were drilled to provide
additional information on the Maria vein. Highlights include
holes T-355 and T-356 located on Line 600W with hole T-355
intersecting 5.05 metres grading 2.59 grams/tonne gold and 1,015
grams/tonne silver and hole T-356 intersecting 6.96 metres
grading 22.12 grams/tonne gold and 1,386 grams/tonne silver. In
addition, hole T-357, located 350 meters from these holes at
Line 250W, also intersected high-grade gold values over a
significant interval: 20.25 metres grading 12.43 grams/tonne
gold and 204 grams/tonne silver.

The feasibility study for the Manantial Espejo property is well
underway and is expected to be completed by early 2005.
Environmental work has commenced and geotechnical work,
metallurgical studies and further infill and exploration
drilling are proceeding.

Pan American is currently conducting exploration drilling at its
Huaron mine in Peru and the San Vicente project in Bolivia and
will be providing more complete updates on the progress at those
properties as well as Manantial Espejo over the next few weeks

CONTACT:  Brenda Radies, VP Corporate Relations (604) 684-1175
          www.panamericansilver.com


PETROBRAS ENERGIA: Relates March 19 Meeting Results
---------------------------------------------------
Petrobras Energia Participaciones S.A. (Buenos Aires: PBE, NYSE:
PZE) announced these resolutions, among others, were adopted at
the Company's Regular and Special Shareholders' Meeting held on
March 19, 2004, to wit:

Composition of the Board of Directors: Jose Eduardo de Barros
Dutra, Nestor Cunat Cervero, Ildo Luis Sauer, Jose Sergio
Gabrielli de Azevedo, Guilherme de Oliveira Estrella, Renato de
Souza Duque, Rogerio Almeida Manso da Costa Reis, Luiz Augusto
Marciano da Fonseca, Rui Antonio Alves da Fonseca, Alberto da
Fonseca Guimaraes, Oscar Anˇbal Vicente, Cedric Bridger, Hector
Daniel Casal, Daniel Maggi, Carlos Manuel Alvarez, Nicol s
Perkins, Roberto Alejandro Fortunati, Carlos Alberto Pereira de
Oliveira and Rafael Juan Guillermo Fern ndez Morande were
appointed Regular Directors and Luis Miguel Sas and Pablo
Cavallaro were appointed Alternate Directors.

In compliance with Resolution No. 368/2001 of the National
Securities Commission (the "CNV") we inform you that Alejandro
Fortunati, Nicol s Perkins and Pablo Cavallaro will act as
independent directors. The other proposed members will not act
as independent directors pursuant to the beforementioned CNV
Resolution.

Appointment of the members of the Supervisory Committee: Rogelio
Norberto Maciel, Justo Federico Norman and Juan Carlos Cincotta
were appointed regular members of the Supervisory Committee and
Mariana Paula Ardizzone, Marˇa Laura Maciel and Olga Margarita
Morrone de Quintana were appointed alternate members.


ROQUE DEMETRIO: Seeks Court's Approval to Undergo Bankruptcy
------------------------------------------------------------
Roque Demetrio Oyola, which operates in the clothing industry,
filed a petition to undergo bankruptcy, reports La Nacion. The
Company began to cease payments on March 20, 2002. The case is
now pending before Dr. Uzal of Court No. 26 and Dr. doctor
Dermardirossian, Clerk No. 51.


SERVICIOS SERVEN: Enters Bankruptcy on Court Orders
----------------------------------------------------
Servicios Serven S.A. will now undergo a bankruptcy process
after Buenos Aires Court No. 1 declared the company "Quiebra."

According to Infobae, the Company will proceed with the
bankruptcy process with Mr. Hector Gustavo Caferatta as
receiver, who will authenticate creditors claims until April 20,
2004.

The court, which is assisted by Clerk No. 1 on the case, is yet
to set the schedules for the submission of individual and
general reports.

The case will culminate with the liquidation of the Company's
assets to repay creditors.

CONTACT:  Hector Gustavo Caferatta, Receiver
          Laprida 1898
          Buenos Aires


*Argentina Pledges Final Debt Offer by August
---------------------------------------------
As part of its loan agreement with the International Monetary
Fund, Argentina promised to make a final offer on the
restructuring of almost US$100 billion of defaulted debt by
August and allow rate hikes of as much as 35% for its
electricity and natural gas companies, reports Bloomberg.

According to a letter of intent signed by Argentina's Economy
Minister Roberto Lavagna, the government will complete its
proposal between June and August, more than two years after it
defaulted.

International banks in Argentina lost more than US$13 billion
after the government defaulted on its debt, froze deposits and
devalued the peso. Banks were also forced by some judges to
return deposits to clients at rates that were higher than the
peso's actual exchange rate. The country's publicly traded banks
haven't posted a profit in two years.

Rodrigo Sacca, an economist at Stone & McCarthy Research
Associates, said Argentina's pledges, which is necessary for its
new agreement with the fund, may prompt the country to end its
delays in rescheduling payments, which have resulted in dozens
of lawsuits from bondholders.

"Patience is running out and the government knows it," Sacca
said. "It can't keep putting off the restructuring because if
negotiations haven't started by June, Argentina will lose its
support."

The IMF's 24 board members unanimously approved Argentina's
latest loan disbursal under a three-year, US$13.3 billion aid
program approved in September. The IMF and the Argentine
government came to terms March 9 after Argentina threatened to
miss a $3.1 billion payment.

"If Argentina does not live up to the commitments, the next
revision may not be so easily approved," Sacca said.

The Argentine 7% bond due 2008 gained 0.75 cent to 30, according
to J.P. Morgan Chase & Co. at 11:30 a.m. in New York. The bond
has climbed from a price of 25 last month. Argentina's currency
rose 0.1 percent, the seventh straight gain, to 2.8635 per U.S.
dollar.

The government also will allow rates charged to industry users
for electricity and gas to rise by between 10 and 35 percent, a
much higher upper limit than what it pledged in February. Last
month, the government said that for large users such as
steelmakers, power companies would be allowed to raise rates by
as much as 15 percent, while up to 25% would be allowed for
natural gas companies.

According to Christian Stracke, head of emerging-market research
at New York-based CreditSights Inc, Argentina, by allowing rate
hikes, will help boost economic growth by luring investment to
the industry.

"One of the most important things is a little bit of give on the
part of the Argentines on the utility sector," Stracke said.

Another part of the country's pledge is the proposal for the
revision of Argentina's provincial tax system to be sent to
Congress in May. According to the letter of intent, approval of
the bill could come by August.

"Progress is being made in finalizing bank compensation
payments," Lavagna said in the letter of intent, which was also
signed by Finance Secretary Guillermo Nielsen and central bank
President Alfonso Prat-Gay. The government asked the IMF to push
back a March target for bank compensation until the end of June.



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B E R M U D A
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GLOBAL CROSSING: Awarded 10-Year Contract by RSP
------------------------------------------------
Global Crossing (NASDAQ: GLBC) has been awarded a 10-year
contract to provide the UK rail sector with an industry-wide
managed IP VPN service in support of the National Reservations
Service used by all 25 train operating companies (TOC).

The contract has been awarded by Rail Settlement Plan Ltd (RSP)
to support the passenger reservation application operated by
systems integrator, Cap Gemini Ernst and Young (CGEY). This
makes Global Crossing the only telecoms provider to link all
train operating companies and their business partners over a
single, seamless IP VPN platform.

The VPN service is fully managed by Global Crossing and is
fundamental to RSP in ensuring a successful transition to the
new reservations system in the short term and evolving the use
of this IP platform throughout the life cycle of the 10-year
contract.

Train operators access the National Reservations Service (NRS)
overnight to extract information on bookings and review their
overall inventory position. During the day the NRS application
runs behind ticket issuing machines nationally and at outlets
such as station offices and travel agents to establish
availability and book seats or sleeper berths. In all, the NRS
will process an estimated 40 million reservations a year and 120
million enquires, including those made through online booking
systems such as thetrainline.com.

John Legere, Global Crossing's CEO, said: "The IP service we are
providing RSP is the network of the future for the rail sector.
Global Crossing's experience in designing, implementing, and
managing complex managed networking solutions within the rail
environment means we were perfectly placed to fully address
RSP's requirements. Our track record in rail transportation
enabled us to beat stiff competition as part of the formal
European procurement process."

RSP Chief Executive, Antony Lain, said: "The National
Reservations Service is pivotal to the efficient running and
provision of rail passenger services in the UK, including
reservations, inquiries, journey planning and retailing. Global
Crossing's managed IP VPN solution for NRS will permit all
inter-related services to operate, thus enabling RSP to continue
to provide train operating company and passenger benefit."

Global Crossing has long provided managed voice and data
services to the UK rail sector. Crucial access to the local
distribution infrastructure that links the rail community and
the number of pre-existing rail customers for managed data
services, were dominant factors in winning this strategic
contract. Global Crossing also operates Railnet, a fully managed
voice private network supporting more than 65,000 rail users.

With much of Global Crossing's extensive UK network structured
around the railway, most rail companies are within close
proximity to a point of presence. The extensive reach of this
network allowed a rapid deployment to meet project timescales
and met RSP's criteria for a "value for money" service.

RSP is part of the Association of Train Operating Companies
(ATOC), which was formed by train operating companies at the
time of railway privatisation. The association provides its
members with a range of services that enable them to comply with
their franchise agreements and operating licenses. These include
the National Rail Enquiries services and RSP, which has
responsibility for the effective operation of the fare systems
and ticket types offered by train operators. RSP also oversees
the revenue sharing between operators of ś4 billion in annual
rail fares.

The NRS has to take into account that a long-distance train
journey may cross different rail franchises and also provides
TOCs with a revenue management facility. The fare applicable to
a particular route is determined by time of day and how far in
advance the ticket is booked. It also enables TOCs to meet their
obligations to accommodate the traveling requirements of the
disabled by suggesting at the time of booking the facilities a
departure and destination station may be able to offer, such as
lifts or ramps. The NRS is also linked to systems integrators
that operate other rail applications, such as the Rail Journey
Information Service (RJIS) and the applications that manage the
national timetable and international rail connections.

The IP VPN will link more than 40 sites to CGEY's data center in
Bristol from where the NRS is hosted. A quarter of the sites
were connected in early March against tight deadlines. The first
train operators to be connected to the IP VPN were Virgin
Trains, GNER, South West Trains and Scotrail. The managed IP VPN
service has both the flexibility and scalability to meet RSP's
evolving requirements over a decade. The IP VPN is integrated
with Global Crossing's existing rail telecoms infrastructure and
protocols, and will provide network reliability, continuity and
security for the industry at large.

Under the contract, Global Crossing will provide full CPE and
core network management as well as flexible access options and
multiple service levels to match the varying needs of the rail
companies. There will be full interoperability between the IP
VPN and existing network technology and equipment in use by rail
operators and their partner companies and suppliers to minimise
disruption and cost.

ABOUT GLOBAL CROSSING
Global Crossing (NASDAQ: GLBC) provides telecommunications
solutions over the world's first integrated global IP-based
network. Its core network connects more than 200 cities and 27
countries worldwide, and delivers services to more than 500
major cities, 50 countries and 5 continents around the globe.
The company's global sales and support model matches the network
footprint and, like the network, delivers a consistent customer
experience worldwide.

Global Crossing IP services are global in scale, linking the
world's enterprises, governments and carriers with customers,
employees and partners worldwide in a secure environment that is
ideally suited for IP-based business applications, allowing e-
commerce to thrive. The company offers a full range of managed
data and voice products including Global Crossing IP VPN
Service, Global Crossing Managed Services and Global Crossing
VoIP services, to more than 40 percent of the Fortune 500, as
well as 700 carriers, mobile operators and ISPs.

CONTACT:  GLOBAL CROSSING

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

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

          Mish Desmidt
          Europe
          + 44 (0)1256 732-866
          EuropePR@globalcrossing.com

          Analysts/Investors Contact
          Mitch Burd
          +1 800-836-0342
          glbc@globalcrossing.com

URL: http://www.globalcrossing.com



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B R A Z I L
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EMBRATEL: Chief Says "Cartel" Behind Brazilian Challenge
--------------------------------------------------------
Embratel President Jorge Luis Rodriguez accused a Brazilian
consortium contesting its deal with Telmex of monopoly
ambitions, reports Reuters.

Mr. Rodriguez said, "The final objective of the "three amigos"
is market monopoly. The document signed between them is the
beginning of a cartel."  By "three amigos," Mr. Rodriguez meant
the group dubbed as Calais, which includes Tele Norte Leste
Participacoes (Telemar) (nyse: TNE - news - people),
Brasil Telecom Participacoes (nyse: BRP - news -
people), and Spain's Telefonica , Brazil's top three
fixed-line local service operators. He also said the three
wanted to split up the country's biggest long-distance operator.

In reply to Rodriguez's accusations, Telemar board president
Octavio Azevedo told Reuters, "Mr. Rodriguez must have not
understood our proposal, which is not about splitting the
company but quite the opposite -- it calls to do something that
he should have done -- manage the company well." He added that
the consortium's proposal would provide a "financial-economic
shielding" of Embratel by redistributing the company's $1.6
billion debt between its units.

Claiming that it submitted a higher bid for U.S.-based MCI's 52%
voting stake in Embratel, the group has said that it will
challenge Telmex's winning US$360 million bid in the United
States before the April 8 deadline set by a US bankruptcy court
on Monday for objections to the deal.

Rodriguez said cancellation of the sale to Mexico's top
telecommunications firm Telmex (nyse: TMX - news -
people) would be difficult but not impossible, but he defended
Telmex's proposal for avoiding market concentration and for
providing opportunities for new jobs.

For its part, MCI has said the consortium might face problems in
obtaining the regulatory and antitrust approvals because its
members are the dominant wire line operators in each of their
respective regions in Brazil.

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


INTELIG: Embratel Sale May Speed Up Own Sale
--------------------------------------------
Jonio Foigel, the chief executive of Alcatel Brazil, believes
that the sale of Embratel will accelerate the sale of local
telco Intelig, relates Business News Americas.

Alcatel is Intelig's largest creditor and has veto power.

Foigel suggested that if Mexican operator Telmex (NYSE: TMX) is
approved as winning bidder for Embratel, one of the local
telephony incumbents will take Intelig.

On the other hand, if a consortium of the three telephony
incumbents wins Embratel, Telmex could take Intelig as a
consolation prize, he added.

Foigel said he prefers one of the local incumbents - Brasil
Telecom (NYSE: BRP), Telemar (NYSE: TNE) and Telesp (NYSE: TSP)
- to gain control of Intelig but he didn't say why.

Intelig shareholders National Grid (NYSE: NGG), from the UK,
France Telecom (NYSE: FTE) and US company Sprint (NYSE: FON) put
the Company up for sale in November 2001, but to date no accord
has been reached. Alcatel has been reported to be demanding that
any deal includes commitments to buy its equipment.



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C H I L E
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MADECO: Improves Financial Performance in 2003
----------------------------------------------
Madeco, a Chilean maker of wire cables and sheet metal and
tubes, reported an improvement in its financial results in 2003.

According to Dow Jones, the Company saw its net loss dropped to
CLP16.73 billion in 2003 from CLP40.57 billion at the end of
2002. Pre-tax loss also dropped to CLP14.62 billion in 2003 from
CLP44.01 billion in 2002.

Furthermore, the Company registered a drop in non-operating loss
to CLP22.08 billion in 2003 against the previous year's CLP48.05
billion.

Sales, however, dropped to CLP237.66 billion in 2003 from
CLP258.85 billion in 2002, while operating income rose to
CLP7.46 billion from CLP4.04 billion in 2002.


TELEFONICA CTC: Chilesat Seeks Refuge From Tariff Decree
--------------------------------------------------------
Chilesat, a Chilean corporate services provider has filed for
protection from the government's proposed tariff decree for
Telefonica CTC Chile (NYSE: CTC), Business News Americas
reports, citing Chilean business daily El Diario.

The government, according to Chilesat, erred in calculating a
9.3% increase in the interconnection rates CTC can charge its
competitors, including Chilesat.

The access rates for CTC, Chile's dominant fixed-line operator,
were increased in part due to the government's estimation of the
telco's costs. However, Chilesat said a number of unrelated
costs, such as advertising, recruitment, real estate and
employee's travel expenses have also been factored in by the
government.

If the proposed increase in interconnection fees stays in place,
Chilesat said it will lose 10.1bn pesos (US$16.7mn) over the
five-year duration of CTC's tariff decree, which, under the
government's calendar, will become effective May 5.

Chilesat's lawsuit, however, throws that date into question. The
tariff decree process for mobile operators would have concluded
by end-January, but the decree has been kept pending by another
appeal also filed by Chilesat.

Chilesat's appeal, which demands equal pricing regulations for
fixed and mobile operators, regarding complementary services,
such as 600, 700 and 800 numbers, is still being discussed by
government regulators and comptrollers.

CONTACT:  TELEFONICA CTC CHILE
          Sofia Chellew - Veronica Gaete
          M.Jose Rodriguez - Florencia Acosta
          Tel: 562-691-3867
          Fax: 562-691-2392

          E-mail addresses:
          schelle@ctc.cl - vgaete@ctc.cl
          mjrodri@ctc.cl - macosta@ctc.cl



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E C U A D O R
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PACIFICTEL: Chairman Becomes Interim CEO
----------------------------------------
The Chief Executive Officer post of Ecuador's state-owned
telecoms company Pacifictel seems difficult to fill for any
length of time, Business News Americas indicated.

Just recently, two CEOs left the position, as the Company is
mired in allegations of corruption and mismanagement, prompting
Chairman Alberto Perez Llona to take over as interim chief
executive.

Local press reports revealed that Freddy Villao and Juan Alfredo
Illingworth both resigned within days, if not hours, of being
appointed to the post. They were replacing Mauricio Galindo, who
requested temporary leave from his job as accusations of
corruption over an insurance contract with La Union are
investigated.

The government has hired international accounting firm
PricewaterhouseCoopers (PwC) to find a full-time replacement
CEO, after President Lucio Gutierrez sacked managers at
Pacifictel and other state-owned firms for incompetence and
corruption.


PETROECUADOR: Reaches Agreement with Petrobras, Repsol
------------------------------------------------------
A spokesperson from Petroecuador announced that the state oil
company struck an agreement Monday with Brazil's Petrobras and
Spain's Repsol YPF to use a total 114,000 barrels a day (b/d) of
their excess capacity in the OCP pipeline, reported Business
News Americas.

Petrobras has offered 64,000b/d capacity and won't charge
Petroecuador a transport fee. However, Petroecuador will allow
the Brazilian company to transport the same amount of crude on
the Sote pipeline once it is repaired.

With Repsol YPF, Petroecuador was offered 50,000b/d capacity for
a fee but less than the US$2/b that Petroecuador is currently
paying the OCP consortium under an agreement signed last week.

The Ecuadorian company is at present transporting about
130,000b/d of crude on the OCP under this agreement,
Petroecuador's president Pedro Espin said.

Petroecuador is using the OCP to transport crude because its
Sote pipeline was damaged in a landslide on March 11.

However, energy minister Carlos Arboleda says the OCP agreement
signed last week does not apply because the government and the
consortium did not reach an agreement about the payment
mechanism, El Comercio reported.

Although the OCP charges Petroecuador US$2/b for transport under
an original provision for Sote accidents, it is not clear how
much Petroecuador will be compensated for mixing its higher
quality crude with the heavier crude produced by the private oil
companies, Arboleda said.



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

C&WJ: Places More Corporate Area Properties on the Market
---------------------------------------------------------
In continuation of its efforts to optimize returns from its
assets, Cable & Wireless Jamaica is placing four Corporate Area
properties and excess portions of a fifth on the market. The
properties are located on Camp Road; North Street; Constant
Spring Road (Mary Brown's Corner) and Bell Road, and excess
portions of Chalmers Avenue.

Disposal of these properties follows the rationalization of the
company's operations in areas such as Training, Materials
Management and Customer Service Operations and the reduction in
staff complement over the last three to four years. This has
resulted in more diverse functions being concentrated in some
remaining locations.

Commenting on the move to sell the properties, Andrew Cherry,
CWJ's Snr. Vice President for Finance said: `The optimization of
space utilization at other properties, our reduced staff and the
overhaul of how the company conducts its business, have made it
prudent and possible for the company to dispose of these
assets.'

The sale of the properties is being handled by Property
Consultants Limited.


KAISER ALUMINUM: To Hold Auction for Its Interests in Alpart
------------------------------------------------------------
Kaiser Aluminum said that the U.S. Bankruptcy Court for the
District of Delaware ordered that an auction be conducted to
determine the winning bidder for Kaiser's interests in and
related to Alpart, a partnership that owns bauxite mining
operations and an alumina refinery in Jamaica. The Court
terminated without prejudice Kaiser's agreement to sell these
interests, including 65% of the Alpart partnership, to Glencore
AG for approximately $165 million.

The Court action came Monday in a regularly scheduled monthly
hearing on Kaiser matters and was in response to objections that
had been filed by various parties.

The Court-ordered auction will be conducted on April 20, with
the minimum bid set at $215 million. Kaiser expects the Court to
rule on the winning bid at the regularly scheduled monthly
hearing on April 26.

Under Alpart's existing partnership arrangement, Hydro Aluminium
a.s., which currently owns the remaining 35% of Alpart, retains
the right -- for 30 days following Kaiser's receipt of Court
approval of any sale transaction -- to elect to purchase
Kaiser's interests at the price specified in any agreement
approved by the Court.

As previously disclosed, any sale of Kaiser's interest in Alpart
is subject to a number of approvals, including approvals by the
Court, Kaiser's board of directors, and the lenders under
Kaiser's Post-Petition Credit Agreement, as more fully discussed
in the company's most recent Quarterly Report on Form 10-Q.

Kaiser Aluminum (OTCBB:KLUCQ) is a leading producer of
fabricated aluminum products, alumina, and primary aluminum.


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

ATSI COMMUNICATIONS: Sets Schedule for Annual Shareholder Mtg.
--------------------------------------------------------------
ATSI Communications, Inc. (OTC: ATSC) announced Tuesday that its
2004 Annual Meeting of Stockholders will be held at 10:00 AM CST
on May 6, 2004, at the conference hall of the Dr. Burton E.
Grossman International Conference Center, University of the
Incarnate Word, 4301 Broadway, San Antonio, Texas. All persons
owning shares of the company's common stock or the series A
convertible preferred stock on record as of March 25, 2004, are
entitled to notice and to vote at the annual meeting. The
Company expects to commence mailing of its Annual Report and
Proxy Statement to shareholders on March 31, 2004.

As previously announced, ATSI plans to reincorporate in Nevada
upon shareholder approval. This will provide the company with
greater flexibility, simplicity in corporate transactions,
reduced taxes, and the reduction of various costs of doing
business. The reincorporation will also change the Company's
capital structure by reducing the number of shares of common
stock outstanding, thus improving the Company's ability to raise
capital and pursue strategic transactions.

The most frequently asked questions ("FAQ") and answers
concerning ATSI's restructuring and reincorporation plan have
been filed with the SEC and are being provided to shareholders
via ATSI's website. Shareholders can access the FAQ list at
www.atsi.net and www.sec.gov.

ATSI Communications, Inc. is an emerging international carrier
serving the rapidly expanding niche markets in and between Latin
America and the United States, primarily Mexico. ATSI believes
that it has clear advantages over its competition through its
unique concession license in Mexico, interconnection and service
agreements, and strategic partnerships with established carriers
and network operators in Mexico.


CINTRA: Units Appoint New CEOs
------------------------------
CINTRA, the holding company that trades in the Mexican Stock
Exchange informed that the Board of Director of Aerorovˇas de
M‚xico S.A. de C.V., on Tuesday designated, Mr. Fernando Flores
as Chief Executive Officer. On the other hand, the Board of
Directors of Compa¤ˇa Mexicana de Aviaci˘n, S.A. de C.V., named
Emilio Romano, as Chief Executive Officer.

The nominations resulted from actions taken by the group of
companies coordinated by CINTRA to surpass the economic
difficulties that the companies have faced since some years ago,
to grant financial feasibility to these Mexican Airlines, to
consolidate their positions in the market, and to prepare their
healthy future development.

The purpose of bringing Mr. Fernando Flores to Aeromexico is to
consolidate his expertise in the financial, air transportation
and business fields, particularly after his great success being
the head of Mexicana de Aviaci˘n.

Fernando Flores, who holds Bachelor of Law degree from
Universidad Iberoamericana, is a brilliant business man. He
served Mexicana de Aviacion for more than 12 years, has been
member of Consejo Regional Metropolitano of Banamex, Advisor to
the Confederacion de Camaras Industriales; First Vicepresident
to International Air Transport Association, and Chief
Administration Director of Instituto Mexicano del Seguro Social,
among other positions.

Mexicana adds to its Board of Directors the strong career
history and leadership of Mr. Emilio Romano, with broad
experience in the communications, finance and business
management areas. He holds a Bachelor of Law Cum Laude from
Escuela Libre de Derecho; a Graduate Degree from the City of
London Polytechnic, and acts as Advisor and Member of the Board
of various important corporations in areas such as
communications, construction and entertainment. Mr. Romano was
founder of Border Group LLC company, International Operations
Vice-president of Grupo Televisa, and Member of the Board of
Transportes Aeromar S.A. de C.V., among some other positions of
the aforesaid sectors, from which he directed several financial
engineering. Previously, he was Chief Executive Officer of
Policy Income at Secretaria de Hacienda y Credito Publico and
Federal Fiscal Attorney.

Aerovias de Mexico S.A. de C.V., Board of Directors recognized
and thanked Mr. Manuel Reyes Medina, for his splendid work
carried out during the time he briefly acted as Chief Executive
Officer. He will return to his previous role as Technical
Director, and he will continue contributing, as he has for the
past 15 years, outstanding results and quality service to the
Operations and Maintenance area.


HYLSAMEX: Announces Plans for 2004
----------------------------------
Mexican steelmaker Hylsamex (BMV: HLYSAMXB) is painting a
brighter picture for this year, as strong demand from China is
expected to increase steel prices, reported Business News
Americas.

The Company plans to invest US$70 million this year to
consolidate plant operations, according to CEO Alejandro
Elizondo Barragan.

It will also continue to reduce debt this year. Some US$59
million is scheduled to be paid back this year.

According to a Reuters report, Hylsamex is also delaying plans
to find a strategic partner to help strengthen corporate
finances.

"The topic of a possible strategic alliance will continue to be
in our minds given globalization trends shown by the industry,"
Reuters quoted Elizondo as saying.

CONTACT:  Hylsamex S.A. de C.V.
          101 Ave Munich Cuauhtemoc
          66452 San Nicolas de los Garza
          Nuevo Leon
          Mexico
          Phone: +52 81 8865 2828
          Fax: +52 81 8865 1210
          Home Page: http://www.hylsamex.com.mx
          Contact:
          Engr. Dionisio Garza Medina, Chairman
          Alejandro Elizondo Barragan, Chief Executive Engr



                            ***********


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Troubled Company Reporter - Latin America is a daily newsletter
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