/raid1/www/Hosts/bankrupt/TCRLA

/raid1/www/Hosts/bankrupt/TCRLA_Public/020325.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, March 25, 2002, Vol. 3, Issue 59 Headlines A R G E N T I N A TELECOM ARGENTINA: France Telecom Looks To Sell Stake TELECOM ARGENTINA: Company Profile B E R M U D A GLOBAL CROSSING: CEO Defends Accounting Practices GLOBAL CROSSING: Moves To Establish Professionals' Payment Rules GLOBAL CROSSING: Ex-Frontier Executives Will Bid for US Piece B R A Z I L ENRON: Shell Continues To Study Latin American Partnerships GLOBO CABO: Parent Company Defends Globo's Recapitalization Plan C H I L E ANDERSEN: Banco Santiago Severs Ties, Retains PWC TELEFONICA CTC: Chilean President Comments on $274M Suit D O M I N I C A N R E P U B L I C SMITH ENRON: Receives Letter Of Intent For Plant Purchase M E X I C O AEROMEXICO/MEXICANA: LanChile Maintains Interest In Alliance CINTRA: Transport Commission Official Applauds Break Up GRUPO MEXICO: TFM May Sue to Block Ferromex-Ferrosur Merger HYLSA: S&P Cuts US$300-Mln Eurobond Due 2007 To 'D' T R I N I D A D & T O B A G O BWIA: Union Threatens Industrial, Legal Action - - - - - - - - - - ================= A R G E N T I N A ================= TELECOM ARGENTINA: France Telecom Looks To Sell Stake ----------------------------------------------------- Telecom Argentina-Stet France Telecom SA, the country's second- largest phone company, will renegotiate its $3.2 billion debt with creditors, reports Bloomberg. The Company has hired Morgan Stanley & Co. to assist it in the restructuring. Telecom Argentina posted a loss of US$17 million in the fourth quarter, its first quarterly loss since it began operating November 1990. Just like many other Argentine companies with dollar-denominated debt, Telecom Argentina has come under extreme financial pressure as a result of a 60 percent drop in the value of the peso since it was devalued on January 6th. The monetary problems are compounding a continuing slide in demand following four years of economic contraction. The Company's looming debt-restructuring has driven France Telecom SA, part owner of Telecom Argentina, to halt any further investment in the Company, saying that the debt restructuring will reduce the value of its stake. The French company said in an earnings report for the second half of 2001 that it wrote down the entire value of its holdings in Telecom Argentina, or EUR360 million (US$318.3 million), because of losses at the Argentine unit. "The restructuring of the debt leads us to conclude we no longer have control of the Company," Chief Executive Michel Bon said. "We are not putting any more money in Telecom Argentina." Telecom Argentina is 54.7 percent owned by Nortel Inversora SA, a partnership of France Telecom and Telecom Italia, according to the companies' financial statements. Employees own 5 percent and the remainder is publicly traded. TELECOM ARGENTINA: Company Profile ---------------------------------- NAME: Telecom Argentina Stet-France Telecom SA Alicia Moreau de Justo 50 Buenos Aires 1107, Argentina PHONE: (800) 997-8970 FAX: (781) 575-4082 E-MAIL: inversores@intersrv.telecom.com.ar WEBSITE: http://www.telecom.com.ar/english/index.html EXECUTIVE MANAGEMENT TEAM: Juan Carlos Masjoan, President Susana Malcorra, Operations Director Alberto Ricciardi, Corporate Director, Administration, Finance, and Information Systems INVESTOR RELATIONS: Investor Relations Division Pedro Insussarry, Investor Relations Manager Phone: (5411) 4968-3626/3627 Fax: (5411) 4313-5842/3109 TYPE OF BUSINESS: The fixed-line operator has more than 3.7 million phone lines providing local and domestic and international long-distance services. It also offers cellular, data transmission (including Internet access), directory publishing, and PCS (personal communications services) in parts of Paraguay through a 75% stake in Cable Insignia. The company is 55% owned by Nortel Inversora, which is equally controlled by France Telecom and Telecom Italia SIC: Telecommunications - Diversified Telecom Service Providers EMPLOYEES: 14,040 (year 2001) REVENUE: US$784.0 million (Q ended Sept. 2001) TOTAL ASSETS: US $ 6,772.0 million (Q ended Sept. 2001) TOTAL LIABILITIES: US $ 4,385.0 million (Q ended Sept. 2001) PUBLIC SECURITIES: 196.9 million shares outstanding (Q ended Sept. 2001) RESTRUCTURING ADVISER: Morgan Stanley, Dean Witter & Company 1585 Broadway New York, New York 10036 United States Phone: +1 212 761-4000 Home Page http://www.msdw.com ============= B E R M U D A ============= GLOBAL CROSSING: CEO Defends Accounting Practices ------------------------------------------------- Global Crossing chief executive officer John Legere testified before the Congress Thursday saying that its downfall was not due to Enron Corp-type problems and its accounting practices are common to the telecommunication sector. "Global Crossing is no Enron," Legere said. "Some may see superficial similarities between Enron and Global Crossing," Legere said in a statement to a House Financial Services Committee panel, noting that like the energy trading corporation, Global Crossing had seen a collapse in its stock price, had had executive stock sales and had faced questions about accounting procedures and employee pension plans. The companies also both utilized auditor Arthur Andersen. However, the CEO insisted that the Company's problems, leading to a decision to file for bankruptcy protection in January, were a result of aggressive expansion, overcapacity in the telecommunications network market and the national economic downturn -- not business improprieties. Legere and other Global Crossing executives were called before Congress to explain the Company's collapse -- the fourth largest corporate bankruptcy in history -- and to provide insights into its accounting practices. Global Crossing provides telecommunications solutions over the world's first integrated global IP-based network, which reaches 27 countries and more than 200 major cities around the globe. Global Crossing serves many of the world's largest corporations, providing a full range of managed data and voice products and services. Global Crossing operates throughout the Americas and Europe, and provides services in Asia through its subsidiary, Asia Global Crossing. On January 28, 2002, Global Crossing and certain of its affiliates (excluding Asia Global Crossing and its subsidiaries) commenced Chapter 11 cases in the United States Bankruptcy Court for the Southern District of New York and coordinated proceedings in the Supreme Court of Bermuda. CONTACT: GLOBAL CROSSING Press Contact: Cynthia Artin + 1 973-410-8421 Cynthia.Artin@globalcrossing.com Tisha Kresler + 1 973-410-8666 Tisha.Kresler@globalcrossing.com Analysts/Investors Contact: Ken Simril + 1 310-385-5200 investors@globalcrossing.com GLOBAL CROSSING: Moves To Establish Professionals' Payment Rules ---------------------------------------------------------------- According to a motioned filed by Global Crossing, the Company is attempting to promote cooperation between the US Bankruptcy Court and the Bermudian Court with respect to the payment of the fees and expenses of the Joint Provisional Liquidators (JPL), the JPLs' Professionals and the Chapter 11 Professionals. The Debtors add that establishing such protocols for compensation proceedures would help to avoid the possibility of conflicting orders being made by the two courts. Contemporaneously with the application filing, the JPLs will file a parallel application with the Bermudian Court. The Debtors request that these procedures be approved: A. The fees and expenses of the Chapter 11 Professionals shall be paid, without necessity of further order of the Bermudian Court, by the appropriate Debtor or Debtors in accordance with the terms of the order of the Bankruptcy Court. The Chapter 11 Professionals shall be subject to the sole and exclusive jurisdiction of the Bankruptcy Court with respect to their appointment, remuneration and reimbursement of expenses. The Chapter 11 Professionals, insofar as they are required to assist in connection with the provisional liquidations of the Bermudian Companies, shall not be required to seek approval of their appointment or remuneration or reimbursement of expenses by the Bermudian Court. B. The Bermudian Companies shall pay, without necessity of further order of the Bankruptcy Court, the fees and expenses of the JPLs and the JPL Professionals. The JPLs and the JPL Professionals shall be subject to the sole and exclusive jurisdiction of the Bermudian Court with respect to, as applicable, the appointment, remuneration and reimbursement of the fees and expenses of the JPLs and the JPL Professionals. C. The payment of the fees and expenses of the JPLs and the JPL Professionals is subject to the approval of the Bermudian Court. D. The Debtors and their advisors will carefully review the fee applications of the Chapter 11 Professionals, including Debtors' attorneys, to ensure against unreasonable, unnecessary and inappropriate charges. (Global Crossing Bankruptcy News, Issue No. 6, Bankruptcy Creditors' Service, Inc., 609/392-0900) GLOBAL CROSSING: Ex-Frontier Executives Will Bid for US Piece ------------------------------------------------------------- A group of former top executives of Frontier Corp., led by Anthony J. Cassara, unveiled plans Wednesday to bid for the U.S. portion of Global Crossing Ltd.'s communications network, says the Los Angeles Times. Cassara, who was president of the carrier business at Frontier and then at Global Crossing after it acquired Frontier, said that the group has yet to finalize the details of the bid. But, he says, the group is considering teaming up with other investors to buy and run the part of Global Crossing's network once run by Frontier. The group does not plan to bid for the entire company, which filed for bankruptcy protection in late January. "If they are going to entertain offers for parts of the business, then I think we're going to have a good presentation," Cassara said. "This team that we put together is essentially the team that built and ran that (US$2-billion) business." CONTACT: FRONTIER CORP 180 South Clinton Avenue Rochester, NY 14646 Phone: (716) 777-1000 Home Page: http://www.frontieronline.com/db/template/home.xml Contact: Kirsten Sullivan, Investor Relations Director Phone: (716) 777-6853 =========== B R A Z I L =========== ENRON: Shell Continues To Study Latin American Partnerships ----------------------------------------------------------- Shell Southern Cone business development is still examining the acquisition of shares in its Latin American partnerships with bankrupt US energy company Enron, said Shell VP Ken Marnoch in a Business News Americas report. The two companies joined forces in a number of projects, including the Cuiaba thermoelectric plant in Brazil, the Transredes natural gas pipeline in Bolivia, and the Bolivia- Brazil pipeline. These negotiations have been delayed since Enron declared bankruptcy, as everything must now be approved by the Enron's creditors' committee. Naturally, the creditors are demanding that Enron secures the highest possible price for these assets, Marnoch explained. The bankruptcy creates opportunities but also makes sealing the process complicated, he said. All the partnerships have positive cash flows, he added. GLOBO CABO: Parent Company Defends Globo's Recapitalization Plan ---------------------------------------------------------------- Brazilian media titan Organizacoes Globo is actively campaigning for a deal to recapitalize its pay television unit Globo Cabo. According to a Reuters report, Organizacoes Globo, in an extensive editorial published on the first page of its newspaper O Globo titled "The Truth," said that the BRL1-billion ($426 million) injection simply made sense for its shareholders. The published article also rejected allegations that the company was favoring the government's presidential candidate in October's elections. Last week, Globo Cabo unveiled a plan to raise the funds via a stock issue to reduce the bulk of its BRL1.6-billion debt. As one of its shareholders, the government's National Economic and Social Development Bank (BNDES) promised to guarantee up to BRL284 million of the offer. "Nobody loaned or gave anything to 'Globo' -- much less bailed it out, which it does not need. There will be a capital injection into Globo Cabo by its shareholders, among them the BNDES. And why? Because they think it is good business to financially revitalize the leading pay television company in Brazil," Globo said in the editorial. Most of the capital will be subscribed by Organizacoes Globo itself while minority shareholder Microsoft has so far opted to sit out on the deal. Globo also argued the BNDES would only actually pump in BRL39 million in fresh cash, the rest being debt that is converted to equity. BNDES commitment to the deal has attracted questions on why a state-owned bank is helping bail out a media company ahead of elections. Both the Senate and the lower house of Congress have called BNDES President Eleazar de Carvalho to testify about the deal. To see financial statements: http://bankrupt.com/misc/globo_cabo.pdf CONTACT: GLOBO CABO Investor Relations: Luis Henrique Martinez, +5511-5186-2684, lmartinez@globocabo.com.br Marcio Minoru, +5511-5186-2811, minoru@globocabo.com.br BNDES Main Office Av. Republica do Chile, 100 Rio de Janeiro - RJ Phone: (021) 2277-7447/6978 Home Page: http://www.bndes.gov.br/english/welcome.htm Contacts: Enterprise Information Center Main Office Av. Republica do Chile, 100 - 13 andar - Sala 1301 Tel.: (21)2277-8888 Fax: (21) 2220-2615 Email: contact@bndes.gov.br ========= C H I L E ========= ANDERSEN: Banco Santiago Severs Ties, Retains PWC ------------------------------------------------- Banco Santiago SA, Chile's second-largest bank, dropped Arthur Andersen-Langton Clarke Auditores y Consultores Ltda. as its auditor, after shareholders approved the decision at the bank's annual meeting. "If there's a lack of confidence in Andersen, it's better not to have them," said Manuel Vega, a Banco Santiago shareholder, in reference to the recent indictment of Arthur Andersen-Langton Clarke's parent in the U.S. on charges of obstructing an investigation into the bankruptcy of Enron Corp. Banco Santiago has hired PricewaterhouseCoopers LLP, the largest accounting firm, to replace Chile's Arthur Andersen-Langton Clarke. Banco Santiago's decision reflects a new policy in favor of rotating auditors and wasn't "directly" tied to Enron's bankruptcy, according to the bank's president, Carlos Olivos. Chilean securities regulators are considering whether to propose that auditors rotate their clients to ensure fair auditing and separate their auditing and consulting businesses to prevent conflicts of interest, said Roberto Portilla, a spokesman for the regulator. Arthur Andersen-Langton Clarke became affiliated with Andersen in 1998. Langton Clarke had been affiliated with PricewaterhouseCoopers prior to 1998, said officials at Banco Santiago. Arthur Andersen-Langton Clarke said in a newspaper advertisement on Friday that it planned to break from Andersen to ease the "commercial impact" of the Enron indictment. CONTACTS: ARTHUR ANDERSEN-LANGTON CLARKE AUDITORES Y CONSULTORES LTDA. Orphans N� 770 Floor 5 Santiago, Chile Phone: (56-2) 676-1000 (56-2) 638 1320 Fax: 638 2850 Home Page: http://www.arthurandersen.cl/framearea.asp Contact: Jose Monsalves Asses PRICEWATERHOUSECOOPERS LLP 1301 Avenue of the Americas New York, NY 10019 Phone: 646-471-4000 Fax: 646-394-1301 Home Page: http://www.pwcglobal.com Contacts: Andrew Ratcliffe, Global Chairman Samuel A. DiPiazza, Global CEO Thomas O'Neill, Global COO; CEO, PwC Consulting Geoffrey E. Johnson, Global CFO TELEFONICA CTC: Chilean President Comments on $274M Suit -------------------------------------------------------- Chilean President Ricardo Lagos said he regretted Telefonica CTC Chile had to file a lawsuit against the government seeking compensation of US$274 million for the damages caused by a decree which regulates Chilean telephone charges, relates Expansion. However, while Lagos expressed regret, he also indicated that he regarded the way the decree had been passed as 'adequate'. Last week, Telefonica CTC Chile sued the government for US$274 million in damages, alleging a government tariff caused it unfair financial harm. The move came after two years of unsuccessful requests by CTC to get the authorities to overturn what it called a faulty pricing structure. CTC, which controls 85 percent of the fixed line telecommunications market in Chile, said a government decree setting tariffs for the 1999-2004 period resulted in lower prices for the Company and unfairly damaged its financial health. CTC's competitors in Chile have criticized the firm for trying to alter the tariffs, saying it has created uncertainty that is discouraging investment in the industry. CONTACT: Telefonica CTC (Corporacion Telefonica Chilena S.A.) V. Providencia 111 Providencia - Santiago (56)-Chile Phone: (2) 2320511 (2) 6912020 Home Page: http://www.telefonicadechile.cl/ Contacts: Mr. Bruno Philippi, President Mr. Jacinto D�az, Vice President Gisela Escobar, Head of Investor Relations =================================== D O M I N I C A N R E P U B L I C =================================== SMITH ENRON: Receives Letter Of Intent For Plant Purchase --------------------------------------------------------- Smith Enron Cogeneration, the company operating a 175-megawatt power plant in Puerto Plata, confirmed it had received a letter of intent from the government for the purchase of the plant. However, the letter apprently did not specify terms. In a report released by the DR1 Daily News, the Company said the specifics are necessary for the offer to be evaluated. A previous El Caribe report revealed plans by the government to purchase the Smith Enron power plant to release itself from the onerous contract signed in 1994 during the Balaguer administration. The contract stipulates the government must pay US$2 million monthly, regardless of whether the plant is in operation or not. The government reportedly owes US$24 million to the Company, but US$121 million would ultimately be owed if the state cannot release itself from its contractual obligation. Buying Smith Enron out would allow the state to get out from under the binding contract, then re-sell the plant to another private operator under a new contract. The Company explained it is not supplying power because of the government's debt, of which US$21.8 million is in arrears. =========== M E X I C O =========== AEROMEXICO/MEXICANA: LanChile Maintains Interest In Alliance ------------------------------------------------------------ Chilean airline Lanchile reiterated its interest in forming an alliance with either Aeromexico or Mexicana, two of Mexico's leading airlines, in order to capitalize on operating advantages of the Mexican airlines, said Ivan Zika Gutierrez, general manager of Mexico and Cuba for Lanchile. The announcement comes as Cintra, which controls Aeromexico and Mexicana, prepares to split up the two airlines paving the way for the holding company's sale. Zika said that Lanchile was waiting to see how the companies came out of the split to decide which would best suit its needs. According to the GM, Lanchile was already working with the two airlines, but conditions would change necessarily under the terms of the sale. Zika said that the Chilean company is not planning to participate in the auction of the two Mexican airlines, but also did not rule out major investments in Mexico in the long term. CINTRA: Transport Commission Official Applauds Break Up ------------------------------------------------------- Juan Manuel Duarte Davila, president of the Transport Commission of the Chamber of Deputies, applauded a move to split Cintra before its sale, saying the decision was a good one. Once the sale is confirmed, Mexican investors would assume control of the airlines Aeromexico and Mexicana. Foreign investment must be limited to that established in the foreign investment law, Duarte said. The division will reorganize Cintra's subsidiaries into two sub- holdings, Grupo Aeromexico S.A. and Grupo Mexicana de Aviacion, S..A., which will each have control of operating and service businesses for the airlines. Aeromexico and Mexicana, commanding 80 percent of the local market, were brought under government control during a severe economic crisis sparked by the botched peso devaluation in late 1994. In 2000, the Federal Competition Commission (CFC), an anti- monopoly regulator, said Cintra's assets should be sold to spur competition in the local market. But the sale was delayed by the Congress and industry unions for fear of job losses. CONTACTS: CINTRA Jaime Corredor Esnaola, Chairman Juan Dez-Canedo Ruiz, CEO Rodrigo Ocejo Rojo, CFO Xola 535, Piso 16, Col. del Valle 03100 M,xico, D.F., Mexico Phone: +52-5-448-8050 Fax: +52-5-448-8055 OR C.P. Francisco Cuevas Feliu, Investor Relations Xola 535, Piso 16 Col. del Valle 03100 M,xico, D.F. Tel. (52) 5 448 80 50 Fax (52) 5 448 80 55 infocintra@cintra.com.mx AEROMEXICO Mayte Sera Weitzman of AeroMexico, +1-713-744-8446, or mweitzman@aeromexico.com MEXICANA DE AVIACION Jenny Jenks, Marketing Director, International Division of Mexicana Airlines, +1-210-491-9764, or ennyjenks@mexicana.com GRUPO MEXICO: TFM May Sue to Block Ferromex-Ferrosur Merger ----------------------------------------------------------- Officials at Transportacion Ferroviaria Mexicana (TFM) will oppose the proposed merger between Grupo Mexico's rail unit Ferromex and conglomerate Grupo Carso SA's rail unit Ferrosur, as the terms of the transaction will affect the company. According to company officials, TFM may even take legal action to prevent its approval. "The privatization of the railroad companies was based on a system of three concessionaires, not two," TFM officials say. "If those bases are violated, the rules must change." Earlier, Grupo Mexico asked the Mexican antitrust agency Federal Competition Commission (CFC) to approve the proposed share merger. The decision is currently being evaluated by the Secretariat of Communications and Transport. Grupo Mexico insisted that the proposal is for "a share transaction, not a merger," and therefore allowed under the privatization rules. Additionally, Grupo Mexico said the restriction on concession holders to own no more than 5 percent of other privatized railway concerns was in effect for the privatization process, but no longer applies. "Ferromex and Ferrosur will continue to own the concessions granted for rail service," Grupo Mexico said. The proposal calls for Carso's mining unit Empresas Frisco and sister company, venture capital fund Sinca Inbursa, to take a 20 percent stake in Grupo Mexico's railways holding company Infraestructura y Transportes Mexico SA, in exchange for their controlling stake in Ferrosur. The holding company would also consolidate Grupo Mexico's 74 percent stake in Ferromex. CONTACTS: German Larrea Mota-Velasco, Chairman and CEO Avenida Baja California 200, Colonia Roma Sur 06760 M,xico, D.F., Mexico Phone: +52-5-264-7775 Fax: +52-5-264-7769 C.P. Hector Garcia De Quevedo Topete, Corporate Dir. Av. Baja California No. 200, Colonia Roma Sur C.P. 06760 MEXICO, D.F. Phone: 55-64-70 66 ext 7238 Fax: 55-64-3714 UNDERWRITER: ING BARRINGS Corporate communication and public relations: C.P. HECTOR GARCIA DE QUEVEDO TOPETE CORPORATE DIRECTOR AV. BAJA CALIFORNIA No. 200 Colonia ROMA SUR C.P. 06760 MEXICO, D.F. Tel: 55-64-70 66 ext 7238 Fax: 55-64-3714 moram@gmexico.com.mx HYLSA: S&P Cuts US$300-Mln Eurobond Due 2007 To 'D' --------------------------------------------------- Mexican flat steel and wire producer Hylsa had its US$300-million eurobond due 2007 lowered to 'D' from 'CC' by Standard & Poor's Corp., says Business News Americas. Concurrently, S&P cut the Company's corporate credit rating to `D' from `SD' (Selective Default). Hylsa failed to make good on a US$13.9 million coupon payment due March 15 on its eurobonds due to its "extremely low liquidity position." The Company has approximately US$1.1 billion in debt, and is in talks with its creditor banks. Hylsa is a division of Hylsamex, Mexico's second largest steel producer, which in turn is a subsidiary of industrial conglomerate Grupo Alfa. CONTACTS: HYLSA SA DE CV Ave Munich 101, San Nicolas de los Garza, NL 66452 Mexico Phone: +52 83 28 2828 Fax: +52 83 28 2810-15 Home Page: http://www.hylsa.com.mx Contact: Investor Relations: Margarita Guti�rrez Phone: (52) 81 8865 1224 E-Mail: mgutierrez@hylsamex.com.mx Ricardo Sada Phone: (52) 81 8865 1201 E-Mail: rsada@hylsamex.com.mx ================================= T R I N I D A D & T O B A G O ================================= BWIA: Union Threatens Industrial, Legal Action ---------------------------------------------- Trinidad national carrier is now facing the threat of industrial and legal action after it sent home an additional batch of workers, including ten security workers, who were served notices on Monday as part of the Company's retrenchment operation. According to a report released by The Trinidad Guardian, the Aviation Communication and Allied Workers Union (ACAWU) said that the staff is at the stage of zero tolerance. "The union can no longer guarantee industrial peace," president general, Christopher Abraham, said. He called for Government intervention to save the airline and maintain industrial peace. Workers are uneasy, "not knowing if they were next in line to go," he said. ACAWU is convinced BWIA is engaged in a witch-hunt aimed at ridding the airline of union officers and workers opposed to CEO Conrad Aleong. "There are several other instances which openly support our contention that Mr. Aleong's program of separation is specifically targeted at certain individuals," Abraham said. Based on their claim of victimization, ACAWU is seeking legal recourse. Wrongful dismissal hearings for two of the 44 employees have already begun in the Industrial Court. Abraham said the parties have been advised to settle out of court. He said ACAWU, and the other unions representing BWIA workers, would also take up cases of other employees whom they felt were unfairly targeted. Abraham criticized the carrier for inadequately addressing compensation for displaced workers. Separation letters simply indicate they will be paid in accordance with the collective agreement but does not specify amount nor payment date. CONTACTS: BWIA West Indies Airways Phone: + 868 627 2942 E-mail: mailto:mail@bwee.com Home Page: http://www.bwee.com/ Contacts: Conrad Aleong, President and CEO (Trinidad) Beatrix Carrington, VP Marketing and Sales (Barbados) Paul Schutz, Chief Financial Officer (Trinidad) *********** 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 American is a daily newsletter co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ, and Beard Group, Inc., Washington, DC. John D. Resnick, Edem Psamathe P. Alfeche and Ma. Cristina Canson, Editors. Copyright 2002. 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 re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR Latin America subscription rate is $575 per half-year, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Christopher Beard at 240/629-3300. * * * End of Transmission * * *