TCRLA_Public/040406.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

             Tuesday, April 6, 2004, Vol. 5, Issue 68

                            Headlines

A R G E N T I N A

BANCO SUQUIA: Banco Macro Bansud Submits Bid
BIOPLAS: Files Petition to Reorganize
CANDALF SRL: Court OKs Creditor's Involuntary Bankruptcy Motion
CENTRICA: Awaits Court's Approval on Concurso Petition
CRESUD: Announces Execution of Warrants Attached to Nts

DELIVERY.COM.AR: Court Approves Creditor's Bankruptcy Petition
IRSA: Announces Execution of Warrants Attached to Nts - PR
LA BATUTA: Creditor's Bankruptcy Petition Gets Court's Approval
PESQUERA AUSTRAL: Court Issues Bankruptcy Ruling
PRODIFILMS: Court Declares Company Bankrupt

PRODUCCIONES GRAFICAS: Court OKs Reorganization Petition
REYSOL: Initiates Bankruptcy Proceedings
SEDA: Declared Bankrupt by Court
SEGURIDAD ARGENTA: Reorganization Proceeds to Bankruptcy
STAND BY SRL: Court OKs Involuntary Bankruptcy Petition

T.C.S.: Debt Payments Halted, Set To Reorganize
VER SOLUCIONES: Requests Bankruptcy Protection



B E R M U D A

GLOBAL CROSSING: Dismisses Grant Thornton as Independent Auditor


B R A Z I L

BANCO SANTOS: $100M Euro Note Program Gets B2 Rating
BRASKEM: Issues Notice to Shareholders, Market
CFLCL: Board Authorizes BRL16.7M Dividend Payment
COPEL: Considers Breaching Contract With Petrobras


C H I L E

AES GENER: Buys Back 75.35% of Convertible Notes Due 2005


C O L O M B I A

PAZ DEL RIO: In Search of New Partners


M E X I C O

ALESTRA: Reports Profit in 2003
VITRO: Completes Sale of Interest in Vitro OCF


N I C A R A G U A

* Moody's Reports On Nicaragua


V E N E Z U E L A

CANTV: Announces Results Of Annual Shareholders' Meeting

     -  -  -  -  -  -  -  -

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

BANCO SUQUIA: Banco Macro Bansud Submits Bid
--------------------------------------------
The tender offer for Argentine bank Banco Suquia, which ended
March 26, drew the interest of local bank Banco Macro Bansud.

According to Dow Jones, Banco Macro Bansud, created from the
merger of Banco Bansud and Banco Macro in December, announced
its interest in acquiring Banco Suquia in a statement to the
Buenos Aires stock exchange Friday. The statement didn't reveal
how much Macro Bansud had bid for the bank or other details of
its offer.

State-owned bank Banco de la Nacion has struggled to unload
Banco Suquia, a former unit of French financial group Credit
Agricole SA. Banco de la Nacion had tried once in 2003 to find a
buyer then restarted the process in November.

Banco Macro Bansud is the only institution that has publicly
announced its interest.


BIOPLAS: Files Petition to Reorganize
-------------------------------------
Bioplas SRL, a pharmaceutical products company, filed a
"Concurso Preventivo" motion, reports La Nacion. The Company's
case is now pending before Judge Dieuzeide of Buenos Aires Court
No.1, with assistance from Clerk No. 1 Dra. Fernandez Garello

CONTACT:  Bioplas SRL
          Yerbal 4558
          Buenos Aries


CANDALF SRL: Court OKs Creditor's Involuntary Bankruptcy Motion
---------------------------------------------------------------
Judge Ferraro of Court No. 6 declared Candalf SRL bankrupt,
reports Argentine newspaper La Nacion. The ruling comes in
approval of the bankruptcy petition filed by the Company's
creditor, Orlando Fernandez for nonpayment of US$20,663 in debt.
Clerk No. 11, Dr. Piatti, assists the court on the case, the
source adds.

The Company's receiver, Ms. Sandra Dallo, will examine and
authenticate creditors' claims until June 18, 2004. This is done
to determine the nature and amount of the Company's debts.
Creditors must have their claims authenticated by the receiver
by the said date in order to qualify for payments to be made
after the Company's assets are liquidated.

CONTACT:  Candalf SRL
          Avenida San Juan 2800


CENTRICA: Awaits Court's Approval on Concurso Petition
------------------------------------------------------
Security services provider Centrica SRL submitted a "Concurso
Preventivo" motion to court, reports La Nacion. The Company,
which ceased to pay debts since October 2002, is awaiting
approval from Judge Garibotto of Court No. 2. Clerk No. 4, Dr.
Romero, assists the court on the case.

CONTACT:  Centrica SRL
          Crisologo Larralde 3745


CRESUD: Announces Execution of Warrants Attached to Nts
-------------------------------------------------------
Cresud S.A.C.I.F. y A. (Nasdaq: CRESY) (BCBA: CRES) detailed the
execution of warrants attached to its Convertible Notes.

On March 31, 2004, the holders of the Company's Convertible
Notes executed their warrants for a total of 768,112 units. As a
result, 1,512,624 shares of $1 nominal value each were issued
(151,262 ADRs).

As of Friday, outstanding shares total 149,698,998 (14,969,899
ADRs), while outstanding Convertible Notes and warrants amount
to US$ 43,347,480 face value and 43,746,966 units, respectively.

The execution of the warrants allowed the Company to raise funds
totaling US$ 0.9 million.


DELIVERY.COM.AR: Court Approves Creditor's Bankruptcy Petition
--------------------------------------------------------------
Berta Schachner successfully sought the bankruptcy of
Delivery.com.ar SRL after Judge Villanueva of Court No. 23
declared the latter "Quiebra". The bankruptcy petition was
requested due to the Company's failure to pay US$66,053.21, La
Nacion reports, adding that Clerk No. 46, Dra. Cufari, assists
the court on the case.

The Company's receiver, Mr. Pedro Valle, will authenticate
creditors' claims until May 17, 2004. Proofs of claim are
examined to determine the nature and amount of the Company's
debts.

The bankruptcy process will conclude with the liquidation of the
Company's assets to pay creditors.

CONTACT:  Delivery.com.ar SRL
          Libertad 434, PB "4"


IRSA: Announces Execution of Warrants Attached to Nts - PR
-----------------------------------------------------
IRSA Inversiones y Representaciones Sociedad Anonima (NYSE: IRS)
(BCBA: IRSA) reported the execution of warrants attached to the
Company's Convertible Notes.

On March 31, 2004, the holders of the Company's Convertible
Notes executed their warrants for a total of 2,187,154 units. As
a result, 4,013,120 shares of $1 nominal value each were issued
(401,312 ADRs).

As of Friday, outstanding shares total 238,252,537 (23,825,253
ADRs), while outstanding Convertible Notes and warrants amount
to US$ 92,507,920 face value and 93,184,038 units, respectively.

The execution of the warrants allowed the company to raise funds
totaling US$ 2.6 million.


LA BATUTA: Creditor's Bankruptcy Petition Gets Court's Approval
---------------------------------------------------------------
La Batuta de B.A. SA will now undergo bankruptcy proceedings
after Judge Fernandez of Court No. 19 declared it "Quiebra,"
reports La Nacion. The declaration grants a petition filed by
AADI Capif Asociacion Civil Reguladora for non-payment of
US$7812.40 in debt.

The court, assisted by Dra. Mazzoni, Clerk No. 37, appointed Mr.
Juan Poggio as receiver, who will authenticate creditors' claims
until June 23, 2004. The bankruptcy case will conclude with the
liquidation of its assets to repay creditors.

CONTACT:  La Batuta de B.A. SA
          Avenida Santa Fe 3295

          Juan Poggio
          Cavia 3037, piso 9° "A"


PESQUERA AUSTRAL: Court Issues Bankruptcy Ruling
------------------------------------------------
Pesquera Austral S.A. will now enter bankruptcy after Buenos
Aires Court No. 14 declared it "Quiebra," reports Infobae. With
assistance from Clerk No. 27, the court named Mr. Ernesto Luis
Hilman as receiver. He will verify creditors' claims until June
9, 2004.

Following claims verification, the receiver will submit the
individual reports, which were prepared based on the
verification results, to the court on August 5, 2004. The
general report is due for submission on September 17, 2004.

The Company's bankruptcy case will close with the liquidation of
its assets to pay its creditors.

CONTACT:  Ernesto Luis Hilman, Receiver
          Viamonte 1446
          Buenos Aires


PRODIFILMS: Court Declares Company Bankrupt
-------------------------------------------
Prodifilms S.A. entered bankruptcy on orders from Buenos Aires
Court No. 25, reports Infobae.

Working with Clerk No. 50, the court assigned Mr. Raul Brener as
receiver, who will verify creditors' claims until May 19, 2005.
Creditors who fail to have their claims validated before the
deadline will be disqualified from receiving any payments to be
made after the Company's assets will be liquidated.

The individual reports, which are due on July 1, 2004, are to be
prepared upon completion of the verification process. The court
also requires the receiver to prepare a general report and file
it on August 30, 2004. This report contains a summary of the
results in the individual reports.

CONTACT:  Raul Brener, Receiver
          Lambare 1140
          Buenos Aires


PRODUCCIONES GRAFICAS: Court OKs Reorganization Petition
--------------------------------------------------------
Buenos Aires Court No. 24 authorized Producciones Graficas
Condor S.A. to start its reorganization process. According to
Infobae, the court, which is assisted by Clerk No. 48, granted
the Company's "Concurso Preventivo" motion, appointing Mr.
Antonio Florencio Canada as receiver.

Creditors have until May 17, 2004 to submit their proofs of
claim to the receiver, who will verify these claims and submit
them to court as individual reports on June 29, 2004. After
these reports are processed in court, the receiver will prepare
the general report and submit it to the court on August 26,
2004.

The informative assembly, the last stage of a reorganization
process, will be held on February 22, 2005.

CONTACT:  Antonio Florencio Canada, Receiver
          Luis Belaustegui 4531
          Buenos Aires


REYSOL: Initiates Bankruptcy Proceedings
----------------------------------------
Buenos Aires Court No. 14 declared Reysol S.R.L. "Quiebra,"
reports Infobae. Clerk No. 27 assists the court on the case,
which will close with the liquidation of the Company's assets to
repay creditors.

Mr. Ruben Joaquin Toytoyndjian, who has been appointed as
receiver, will verify creditors' claims until June 9, 2004 and
then prepare the individual reports based on the results of the
verification process.

The individual reports will then be submitted to court on
August 5, 2004 followed by the general report on September 17,
2004.

CONTACT:  Ruben Joaquin Toytoyndjian, Receiver
          Roque Saenz Pena 1219
          Buenos Aires


SEDA: Declared Bankrupt by Court
--------------------------------
Seda S.R.L. will now undergo bankruptcy proceedings after Buenos
Aires Court No. 5 declared it "Quiebra."

According to Infobae, the Company will proceed with the
bankruptcy process with Mr. Guillermo Torres as receiver, who
will authenticate creditors claims until May 17, 2004.

With assistance from Clerk No. 10, the court set the schedules
for the submission of the individual and the general reports on
June 30, 2004 and August 26, 2004, respectively.

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

CONTACT:  Guillermo Torres, Receiver
          Av Corrientes 922
          Buenos Aires


SEGURIDAD ARGENTA: Reorganization Proceeds to Bankruptcy
--------------------------------------------------------
Seguridad Argenta S.R.L., which was undergoing reorganization,
entered bankruptcy on orders from Buenos Aires Court No. 13.
Infobae relates that the court, which is assisted by Clerk No.
25, appointed Mr. Agustin Cueli Gomez, to be the receiver on the
case. Mr. Gomez will conduct the credit verification process
"por via incidental."

CONTACT:  Agustin Cueli Gomez, Receiver
          Av Corrientes 915
          Buenos Aires


STAND BY SRL: Court OKs Involuntary Bankruptcy Petition
-------------------------------------------------------
Judge Ottolenghi of Court No. 4 approved a petition filed by
María Galvan to declare Stand By SRL bankrupt. According to La
Nacion, the petition was filed after the Company failed to pay
Maria Galvan debts amounting to US$4795.12. The Court, aided by
Dr. Juarez, Clerk No. 7, appointed Mr. Juan Esturo as receiver,
who will verify creditors' claims until May 26, 2004.
Liquidation of the Company's assets will culminate the
bankruptcy process.

CONTACT:  Stand By SRL
          Av. del Libertador 743

          Juan Esturo, Receiver
          Reconquista 336, 8°


T.C.S.: Debt Payments Halted, Set To Reorganize
-----------------------------------------------
Judge Gutierrez Cabello of Buenos Aires Court No. 7 is now
analyzing whether to grant T.C.S. S.A. approval for its petition
to reorganize. La Nacion recalls that the Company filed a
"Concurso Preventivo" petition following cessation of debt
payments in March this year. Clerk No. 14, Dr. Giardinieri, is
assisting the court on the Company's case.

CONTACT:  T.C.S. S.A.
          Av Julio A Roca 751
          Buenos Aires


VER SOLUCIONES: Requests Bankruptcy Protection
----------------------------------------------
Buenos Aires' Ver Soluciones SRL, which stopped paying debts in
December 2001, is seeking to undergo bankruptcy. According to La
Nacion, the Company's request for bankruptcy is pending before
Buenos Aires Court No. 14, with assistance from Clerk No. 27.

CNTACT:  Ver Soluciones S.R.L.
         Alsina 1432
         Buenos Aires



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

GLOBAL CROSSING: Dismisses Grant Thornton as Independent Auditor
----------------------------------------------------------------
On December 9, 2003, the plan of reorganization of the
predecessor to Global Crossing Limited, a Bermuda company (the
"Company"), became effective. At that time, a new Board of
Directors was established for the Company. During the first
quarter of 2004, the Board of Directors' newly established audit
committee initiated a process to select an independent auditor
for the Company. At the conclusion of that process, on April 1,
2004 a decision was reached by the audit committee to engage
Ernst & Young LLP ("Ernst & Young") and to dismiss Grant
Thornton LLP ("GT") as the Company's independent auditor for the
year ending December 31, 2004, subject to the requirements of
Bermuda corporate law.

Under Bermuda corporate law, the independent auditor may not be
removed other than by the shareholders acting at a general
meeting. Moreover, Bermuda corporate law provides that a new
independent auditor may be appointed only by the shareholders
acting at a general meeting, except in the event of a
resignation of an existing auditor. Accordingly, in order to
effectuate an orderly and expeditious transition pending the
annual general meeting of shareholders in June 2004, the audit
committee, acting with the support of Singapore Technologies
Telemedia Pte Ltd (the Company's controlling shareholder),
requested GT to tender its resignation. Grant Thornton
accommodated this request and tendered its resignation on April
2, 2004.

GT's reports on the consolidated balance sheet of the Company
and its subsidiaries as of December 31, 2003 and of the
Company's predecessor and its subsidiaries as of December 31,
2002, and the related consolidated statements of operations and
comprehensive income (loss), stockholders' equity (deficit) and
cash flows for the period from December 10, 2003 to December 31,
2003 (in the case of the Company) and for the period from
January 1, 2003 to December 9, 2003 and the years ended December
31, 2002 and 2001 (in the case of the predecessor)
(collectively, the "Audited Financial Statements") did not
contain any adverse opinion or disclaimer of opinion and were
not qualified or modified as to uncertainty, audit scope, or
accounting principles. During the fiscal years ended December
31, 2002 and 2003 and through the date of this Form 8-K, there
were no disagreements between the Company or its predecessor and
GT on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope or procedures,
which, if not resolved to the satisfaction of GT, would have
caused GT to make reference to the matter in connection with its
reports.

As previously disclosed in Item 14 of the Company's
predecessor's 2002 annual report on Form 10-K and in Item 9A of
the Company's 2003 annual report on Form 10-K, GT identified to
the Company's audit committee and management certain internal
control deficiencies that GT considered to be "significant
deficiencies" that, in the aggregate, constituted "material
weaknesses" under standards established by the American
Institute of Certified Public Accountants. In each case, GT
further advised the audit committee that these internal control
deficiencies did not affect GT's unqualified report on the
Audited Financial Statements.

During the fiscal years ended December 31, 2002 and 2003 and
through the date of this Form 8-K, none of the Company, the
Company's predecessor or anyone acting on either's behalf
consulted Ernst & Young regarding any matter described in Item
304(a)(2)(i) or (ii) of Regulation S-K of the Commission.



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

BANCO SANTOS: $100M Euro Note Program Gets B2 Rating
----------------------------------------------------
Moody's Investors Service assigned a B2 long-term foreign
currency rating to Banco Santos S.A's US$100 million Euro Note
program and a Not Prime (NP) rating to short-term debt.

According to the ratings agency, the sub-investment-grade B2
rating for the multiple seniority program is at the country
ceiling for Brazil.

As of the end of December 2003, Banco Santos, which is
headquartered in Sao Paulo, Brazil, had US$2.1 billion in
assets.


BRASKEM: Issues Notice to Shareholders, Market
----------------------------------------------
Braskem S.A., or Braskem, in compliance with the provisions of
Instructions CVM Nos. 319/99 and 358/02, hereby informs its
shareholders and the market of the following:

In a meeting of the Board of Directors held on April 1, 2004, a
public offer for primary distribution was approved, to occur
simultaneously in Brazil and abroad, or a Global Offering, in
the approximate amount of BRL900 million, upon the increase in
the Company's capital stock within the limits of the Company's
authorized capital, and the issuance of class "A" preferred
shares by the Company, or Shares (Bovespa: BRKM5;
LATIBEX: XBRK). The price, amount of shares to be issued and the
final amount of the increase in the Company's capital stock
shall be determined after the bookbuilding procedure (collection
of statements of investment intentions) is conducted by the
coordinators of the Global Offering.

The Shares shall be distributed to institutional and retail
investors in Brazil, through the unorganized over-the-counter
market, in accordance with the provisions of Instruction CVM No.
400/03. In the United States and other countries, the Shares
shall be distributed through the unorganized over-the-counter
market as American Depositary Shares, or ADSs (NYSE: BAK), in
accordance with the provisions of the U.S. Securities Act of
1933 or the legislation in effect in the country of each
investor's domicile, pursuant to Regulation S of the U.S.
Securities Act.

A Global Offer shall be subject to previous registration at the
CVM and the U.S. Securities and Exchange Commission.

In order to comply with the limitations to issue non-voting
shares or shares with vote restrictions pursuant to Paragraph 1,
article 4, of Braskem's by-laws, an extraordinary shareholders'
meeting shall be timely called, for the purpose of analyzing the
proposal for the conversion of class "A" preferred shares into
common shares issued by Braskem, subject to the effectiveness of
Global Offering, pursuant to articles. 6, Paragraph 2, of
Braskem's by-laws. The conversion terms shall be disclosed
together with the publication of the applicable notice of
convocation.

The implementation of the Global Offer shall be subject to
conditions of domestic and international securities markets. If
the current conditions are maintained, the coordinators of the
offer in Brazil shall publish a notice to the market in
accordance with the provisions of article 53 of Instruction CVM
No. 400/03, which such notice shall include the following
information:

    (i)   other characteristics of the offer;

    (ii)  addresses where the red herring will be made
          available;

    (iii) estimated dates and places of the public offer; and

    (iv)  the conditions, the procedures, and the periods for
          reservations for and collection of statements of
          investment intentions.


CFLCL: Board Authorizes BRL16.7M Dividend Payment
-------------------------------------------------
We hereby give notice that at a meeting held on this date, and
in due accordance with art. 13 of the Company bylaws and art.
204 and paragraphs 1 and 2 thereto of Law 6.404/76, the Board of
Directors of this Company authorized the payment of interim
dividends to the amount of BRL16,722,604.34 (sixteen million,
seven hundred and twenty-two thousand, six hundred and four
reals and thirty-four cents), to be debited from the financial
results for the financial year and the accrued profits presented
by the balance sheet for the financial year ended December 31,
2003, corresponding to BRL0.2092 per thousand Class "A"
preferred shares and BRL 0.1255 per thousand Class "B" preferred
shares, based on the share standings as on March 29, 2004, which
shall be attributed to the value of the priority dividends of
the preferred shares concerning the 2003 financial year.

It was also decided that the payment of said dividends shall
begin forthwith, following the lifting of the temporary
suspension placed on the payments, as decreed the by Presiding
Judge of the Rio de Janeiro State Capital Court on March 28th,
2004 and the Substitute of the Presiding Federal Judge of the
22nd Federal Court on March 28th, 2004, thereby authorizing the
Executive Committee to take the necessary measures to effect the
payment under these terms.

CONTACT:  Praca Rui Barbosa, 80 - Cataguases (MG)
          Telefone: (32) 3429.6000 - Fax: (32) 3429.6317
          E-mail: http://www.cataguazes.com.br


COPEL: Considers Breaching Contract With Petrobras
--------------------------------------------------
Brazilian power generator Copel (Companhia Paranaense de
Energia) is threatening to break a contract with state owned oil
and gas company Petrobras, reports Valor Economico.

It's been a year since Copel has tried to negotiate the
contract, which involves buying natural gas for the thermal
electric power plant, UEG Araucaria. But Petrobras is yet to
give an answer.

Copel and Petrobras each hold a 20% stake in the plant. El Paso
is the controller with a 60% stake, with whom Copel is competing
for the contract to acquire the power generated by the plant.

Copel is claiming that operations at UEG Araucaria were halted
due to security and technical problems. Despite the stoppage of
the operations, Petrobras is still charging for the natural gas.

In 2003, Petrobras charged BRL193.1 million for the natural gas
supplied to the plant. From this total, Copel paid off BRL31.1
million and BRL162 million was provisioned.



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

AES GENER: Buys Back 75.35% of Convertible Notes Due 2005
---------------------------------------------------------
AES Gener S.A. (the "Company") announced that at 12:01 a.m., New
York City time, on April 2, 2004, it accepted for payment the
aggregate principal amount of its 6% Senior Convertible Notes
due 2005 (the "U.S. Convertible Notes") that had been validly
tendered (and not withdrawn) as of the expiration date of its
previously announced cash tender offer for such notes. As of
such time, the Company had received valid tenders and related
consents from holders of approximately US$55.7 million in
principal amount of U.S. Convertible Notes, representing 75.35%
in aggregate principal amount of U.S. Convertible Notes
outstanding as of such time.

The Company also announced Friday that, having received the
requisite consents from holders of the U.S. Convertible Notes to
certain amendments to the indenture governing the U.S.
Convertible Notes (the "U.S. Convertible Note Indenture"), the
Company executed a supplemental indenture giving effect to such
amendments to the U.S. Convertible Note Indenture on March 22,
2004.

The Company has retained Deutsche Bank Securities, Inc. and its
affiliates to act as the exclusive Dealer Manager in connection
with the tender offer for the U.S. Convertible Notes and as
Solicitation Agent in connection with the related consent
solicitation. Questions concerning the terms of the offers for
the U.S. Convertible Notes (the "Tender Offer") and the consent
solicitation for the U.S. Convertible Notes (the "Consent
Solicitation") may be directed to Deutsche Bank Securities,
attention: Jenny Lie, at (866) 627-0391 (US toll-free) or (212)
250-7445 (collect). Deutsche Bank Trust Company Americas is the
Tender Agent in connection with the Tender Offer and the Consent
Solicitation.

The Company has engaged D.F. King & Co., Inc. to act as the
Information Agent in connection with the Tender Offer and the
Consent Solicitation.

CONTACT:  Vanessa Thiers, AES Gener S.A. (562) 686-8948



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

PAZ DEL RIO: In Search of New Partners
--------------------------------------
Colombian steel company Acerias Paz del Rio, which is undergoing
a restructuring under Colombia's bankruptcy protection law, is
looking for new partners.

Local news source Portafolio suggests that the new partners,
either foreign or local, would bring in capital for the
Company's industrial reconversion.

Company president, Alberto Hadad Lemos, says that, after seven
years with no investment in Acerias Paz del Rio, it is extremely
urgent to develop the Company's program, given the growing
demand for steel, its prices, the increase in construction and
the imminent free trade deal with the United States.

The executive is hopeful that a contract for the purchase of
needed equipment will be finalized in the first half of the
year, in order to begin production of billet steel within
fourteen months.

Acerias Paz del Rio ended 2003 with a profit of COP40.555
billion, reversing a loss of COP12.99 billion in the previous
year.



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

ALESTRA: Reports Profit in 2003
-------------------------------
Mexican telecoms operator Alestra ended 2003 with a net profit
of MXN913 million, reversing a net loss of MXN1.47 billion in
the previous year, under Mexican accounting rules, reports
Business News Americas.

Under US accounting rules, the Company posted a net loss of
MXN136 million in 2003 compared to MXN1.37 billion in 2002.

At the end of December 2003, the Company's debts totaled MXN4.5
billion on shareholders' equity of MXN2.5 billion.

The Company expects to report losses for "at least the next
several quarters" due to high debts, economic slow-down, lower
international settlement payments from foreign operators,
competition in the domestic long distance market and high
customer attrition and churn rates.

Also, an oversupply of fiber optic cable in Mexico is driving
down domestic and international long distance revenues, which
accounted for 76.4% of Alestra's revenues in 2003.

Furthermore, if the government ends as expected the current
proportionate return system for calculating revenues for
incoming international long distance calls, international prices
would fall and its revenues would subsequently decline, said
Alestra.

To offset these issues, the Company is pushing data and internet
services, but faces obstacles such as the fast change in
technology and products, strong competition and the dominance of
Telmex.

But Alestra is worried that it might not be able to keep up with
its investments due to cash woes.

"Due to our financial condition, in the past year we have had to
reduce our capital expenditures and postpone the roll-out of new
services," the company said.

"Our failure to make necessary capital expenditures could impair
our ability to accommodate increases in traffic volumes or
service our existing customers as well as to implement our data
services strategy, which requires more capital expenditures than
we can afford to make at this time."

A New York court has yet to make a final ruling on the motion
brought by WRH Global Securities Pooled Trust to block the
restructuring of 121/8% senior notes due 2006 and 12 5/8% senior
notes due 2009. If WRH wins, Alestra said it might not have
enough liquidity to pay US$83 million of principal and interest
due on the senior notes.

Furthermore, it could cause a cross-default on other debts
including US$304.2 million of senior notes due 2010.

Meanwhile, a decision regarding a request made by Eximius
Capital Funding, related to WRH, in October 2003, to have
Alestra declared insolvent is still pending.

CONTACT:  Business Address:
          AVENIDA LAZARO CARDENAS NO 2324 PISO 9
          011-528-368-2200 COL RESIDENCIAL SAN
          AGUSTIN GARZA GARCIA O5 00000

          Mailing Address:
          1633 BROADWAY
          212-245-4107
          NEW YORK NY 10019


VITRO: Completes Sale of Interest in Vitro OCF
----------------------------------------------
Vitro, S.A. de C.V. (NYSE: VTO and BMV: VITROA) announced Friday
that, it has completed the sale of its 60 percent interest in
Vitro OCF, S.A. de C.V, the holding Company of Vitro Fibras, for
US$71.5 million in cash. Vitro OCF was Vitro's joint venture
with Owens Corning engaged in the manufacture and distribution
of fiberglass insulation and composite reinforcement products.

Approximately US$5.4 million of the sales price was placed in
escrow to secure certain indemnification obligations related to
the sale. Thus, at closing, Vitro received approximately US$66.1
million. Pursuant to the terms of the sale, Vitro repaid Vitro
OCF's debt of approximately US$22.6 million immediately prior to
the sale.

After the sale, Owens Corning will become the sole owner of this
Mexican operation, which was formed in 1957.

"We are very pleased to complete this important transaction. The
sale is consistent with Vitro's strategy to focus on its core
businesses of Flat Glass, Containers and Glassware" said
Federico Sada, Vitro's CEO.

"The transaction meets two important corporate goals. First, it
allows us to devote the Company's resources and energy to
maintain and develop our glass-oriented businesses throughout
the world. Secondly, it provides us with the capital to
strengthen our operations and financial position", he concluded.

Vitro OCF and its subsidiaries manufacture a wide range of
light-density, fiber glass products as well as molded pipe,
board and composite reinforcements with operations in Mexico
City and three (3) manufacturing facilities located in Mexicali,
Monterrey, and San Luis Potosi. In 2003 Vitro OCF had
consolidated sales of US$63 million.

Vitro, S.A. de C.V. (NYSE: VTO; BMV: VITROA), through its
subsidiary companies, is one of the world's leading glass
producers. Vitro is a major participant in three principal
businesses: flat glass, glass containers and glassware. Its
subsidiaries serve multiple product markets, including
construction and automotive glass; fiberglass; food and
beverage, wine, liquor, cosmetics and pharmaceutical glass
containers; glassware for commercial, industrial and retail
uses; plastic and aluminum containers. Vitro also produces raw
materials and equipment and capital goods for industrial use.
Founded in 1909 in Monterrey, Mexico-based Vitro has joint
ventures with major world-class partners and industry leaders
that provide its subsidiaries with access to international
markets, distribution channels and state-of-the-art technology.
Vitro's subsidiaries have facilities and distribution centers in
eight countries, located in North, Central and South America,
and Europe, and export to more than 70 countries worldwide.

CONTACT:  VITRO, S. A. DE C.V.
          (Media Monterrey):
          Albert Chico Smith
          +52 (81) 8863-1335
          achico@vitro.com

          (Media Mexico D.F.):
          Eduardo Cruz
          +52 (55) 5089-6904
          ecruz@vitro.com

          (Financial Community):
          Beatriz Martinez/Jorge Torres
          +52 (81) 8863-1258/1240
          bemartinez@vitro.com
          jtorres@vitro.com

          BREAKSTONE & RUTH INT.
          (U.S. Contacts):
          Alex Fudikidis/Susan Borinelli
          (646) 536-7012 / 7018
          afudukidis@breakstoneruth.com
          sborinelli@breakstoneruth.com

          URL: http://www.vitro.com



=================
N I C A R A G U A
=================

*Moody's Reports On Nicaragua
-----------------------------
In its annual report on Nicaragua entitled "Nicaragua: Global
Credit Research," Moody's Investors Service said that the
country carries a Caa1 ceiling for foreign currency debt and a
Caa2 ceiling for foreign currency bank deposits due to its
limited and still-strained ability to repay its foreign currency
obligations.

Both ratings carry a stable outlook.

According to the report, the government's capacity to finance
its significant external and fiscal imbalances continues to
depend on the good will of the international community, which
has reduced the country's debt burden over the last decade. That
burden, however, remains very high even after receiving massive
debt relief over the years.



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

CANTV: Announces Results Of Annual Shareholders' Meeting
--------------------------------------------------------
Compania Anonima Nacional Telefonos de Venezuela (CANTV) (NYSE:
VNT) announced Friday that, at its Annual Shareholders' Meeting,
its shareholders approved the payment of an ordinary dividend
for 2004 of VEB550 per share, representing VEB3,850 per ADS
equivalent to US$2.01. This dividend will be paid on April 16,
2004, to shareholders of record on April 13, 2004.

Other items that were approved at Friday's Annual Shareholders'
Meeting include:

i. Cantv's annual report and financial statements for the fiscal
period ended December 31, 2003, as well as the Statutory
Auditors' report for the same period.

ii. Appointment of New Board of Directors and their alternates:
Gustavo Roosen (principal) and Vicente Llatas (alternate)
Daniel C. Petri (principal) and Mike Pawlowski (alternate)
John Lack (principal) and Charles Fallini (alternate)
John Doherty (principal) and Luis Esteban Palacios (alternate)
Ruth de Krivoy (principal) and Lorenzo Mendoza Gimenez
(alternate) Ricardo Hausmann (principal) and German Garcia-
Velutini (alternate Yelitza Garcia (principal) and Luis Parra
(alternate) Ubaldo Suniaga (principal) and Ricardo Armas
(alternate) Antonio Policastro (principal) and Luis Rafael
Quiaro (alternate) The re-election of Gustavo Roosen as
President of CANTV.

iii. The shareholders also ratified the nominated statutory
auditor, Quisquella Planas (principal) and Eudoro Barreto
(alternate) and their respective compensation for services to be
rendered.

iv. The issuance of Commercial Papers of up to US$ 100 million
or its equivalent in bolivars.

The Company

CANTV, a Venezuelan corporation, is the leading Venezuelan
telecommunications services provider with approximately 2.7
million access lines in service, 2.7 million cellular
subscribers and 1.1 million Internet users as of December 31,
2003. The Company's principal strategic shareholders are
affiliates of Verizon Communications Inc. with 28.5% of the
outstanding capital stock, and Telefónica S.A. with 6.9%. Other
major shareholders include the Venezuelan Government with 6.6%
of the outstanding capital stock (Class B Shares), and
employees, retirees and employee trusts which own 9.0% (Class C
Shares). Public shareholders hold the remaining 48.9 % of the
outstanding capital stock.

CONTACT:  Gregorio Tomassi
          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

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

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