/raid1/www/Hosts/bankrupt/TCRLA_Public/020403.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, April 3, 2002, Vol. 3, Issue 65

                           Headlines


A R G E N T I N A

REPSOL YPF: Skips Dividend Payment For 2001 On Argentine Crisis


B E R M U D A

GLOBAL CROSSING: Farrow, Bramson Files Debtholders' Class Action
GLOBAL CROSSING: Zelle, Hofmann Files Securities Class Action
GLOBAL CROSSING: Restructuring Network Agreement With SWIFT
GLOBAL CROSSING: Execs' Margin Calls, Loan Plan Revealed


B R A Z I L

ACESITA: Posts BRL325-Mln Loss For 2001
ELETROPAULO METROPOLITANA: FY01 Results Substantially Improved
GLOBO CABO: JP Morgan Cuts To `Underperform'
LIGHT: Full-Year 2001 Net Loss Widens On Higher Costs
LIGHT: Confirms EDF's Plan To Inject US$1 Billion

TELEMAR: Shares Gain On Expectations Weighting May Rise In May
VARIG: Real Depreciation, Sept. 11 Events Magnify Losses


C H I L E

AES CORP: GE Gains Full Ownership of Chilean Joint Venture
AES CORP: Despite Trouble, Denies Reports of Chilean Unit Sale


C O L O M B I A

SEVEN SEAS: Higher Revenues Lead To Better EBITDA Results


M E X I C O

CYDSA SA: Extends $200M Proxy Solicitation, Tender Offer
GRUPO MEXICO: Regulators Seek Clarification On Strike Status
MINERA AUTLAN: Continues To Hold Talks With Potential Investors
VITRO: Deutsche Ups Rating On Recent Positive Changes


     - - - - - - - - - -


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

REPSOL YPF: Skips Dividend Payment For 2001 On Argentine Crisis
---------------------------------------------------------------
Spanish oil and gas group Repsol YPF won't be issuing an annual
dividend for 2001 in order to save the Company about EUR350
million (US$305 million). After the economic crisis in Argentina
cut profits last year, the Repsol is taking measures to stabalize
its business, says the Financial Times. According to the report,
in 2000, Repsol paid EUR610 million, or 50 cents per share, in
dividends.

Repsol has about half of its assets in Argentina, but the
collapse in that country's economy forced the Company to set
aside EUR2.7 billion in extraordinary provisions and write-offs
last year. Combined with lower oil prices, the internal measures
slashed net income by 58 percent to EUR1.03 billion. The Company
also provisioned EUR1.29 billion to cushion the effects of an
increase unpaid bills and higher debt servicing costs.

Additionally, Repsol revalued its assets based on lower oil
prices, a 20 percent tax on crude exports, 5 percent tax on
refined oil exports, and wrote off EUR1.45 billion to account for
the depreciation of the peso.

Alfonso Cortina, Repsol YPF chairman, said he aimed to trim costs
by up to EUR400 million this year and would scale down
investments to a maximum EUR3.2 billion from EUR4.5 billion last
year. These measures have to be taken in order to ensure that the
Company can service its debt, which stood at EUR16.5 billion at
the end of 2001.

CONTACT:  REPSOL YPF
          Alfonso Cortina De Alcocer, Chairman & CEO
          Ramon Blanco Balin, Vice Chairman
          Carmelo De Las Morenas Lopez, CFO

          Their Address:
          Paseo de la Castellana 278
          28046 Madrid, Spain
          Phone   +34 91 348 81 00
          Home Page: http://www.repsol.com
          or
          Av. Roque S enz Pe a, 777.
          C.P 1364. Buenos Aires
          Argentina



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

GLOBAL CROSSING: Farrow, Bramson Files Debtholders' Class Action
----------------------------------------------------------------
The law firms of Farrow, Bramson, Baskin & Plutzik, LLP, the Law
Offices of John W. Allured and Beattie and Osborn LLP announced
that on March 26, 2002, they filed a class action lawsuit in the
United States District Court for the Central District of
California on behalf of the purchasers of Senior Notes and common
stock issued by Global Crossing, Ltd. and its affiliates. The
suit seeks damages for violations of federal securities laws on
behalf of all investors who bought Senior Notes and common stock
of Global Crossing, Ltd. and its affiliates between April 28,
1999 through and including January 30, 2002 (the "Class Period").

Purchasers of the following Global Crossing Holdings Ltd. Senior
Notes during the Class Period are potential members of the class:

Coupon Rate     Maturity Date
9.625%          May 15, 2008
9.125%          November 15, 2006
9.5%            November 15, 2009
8.7%            August 1, 2007


CONTACT:  FARROW, BRAMSON, BASKIN & PLUTZIK, LLP
          Alan R. Plutzik
          2125 Oak Grove Rd., Ste. 120
          Walnut Creek, CA 94598
          Telephone: (925) 945-0200
          E-mail: aplutzik@fbbp-law.com


GLOBAL CROSSING: Zelle, Hofmann Files Securities Class Action
-------------------------------------------------------------
The law firm of Zelle Hofmann Voelbel Mason & Gette LLP ("Zelle
Hofmann") announced Friday that it filed a class action lawsuit
in the United States District Court for the Central District of
California on behalf of purchasers of the publicly traded
securities of Global Crossing Ltd. from January 2, 2001 to
October 4, 2001 (the "Class Period"). A copy of the complaint,
captioned Edward Gildea v. Gary Winnick, et al., is available
from the Court or from Zelle Hofmann.

The complaint alleges that six of the top executives of Global
Crossing violated the Securities Exchange Act of 1934 by issuing
false and misleading public statements during the Class Period
concerning Global Crossing's financial condition and its ability
to generate cash sufficient to service its debt. The company
inflated its revenues through the use of transactions by which it
sold capacity on its fiber optic network to other
telecommunications companies and offered to buy capacity back
from them in "swaps." The company then recorded the revenue on
its income statement while recording the cost as a capital
expense, which artificially inflated operating revenue.

The true picture of Global Crossing's financial condition emerged
on October 4, 2001, when the defendants announced that Cash
Revenues in the third quarter would be approximately $1.2
billion, $400 million less than the $1.6 billion expected by
analysts and forecast several times earlier in the year by
defendants. In addition, Global Crossing and the defendants
stated that they expected recurring adjusted Earnings Before
Interest, Taxes, Depreciation and Amortization (EBITDA) to be
"significantly less than $100 million" compared to forecasts of
nearly $400 million made several times earlier in the year.
Following this series of announcements, Global Crossing's share
price plummeted nearly 50% to $1.07 per share on extremely heavy
trading volume. Prior to the disclosure of Global Crossing's true
financial condition, the individual defendants and certain other
insiders sold their personally held Global Crossing stock for
more than $149 million.

On January 28, 2002, Global Crossing filed for bankruptcy. A
proposed plan of reorganization will extinguish the interests of
Global Crossing's preferred and common stockholders.

CONTACT:  ZELLE HOFMANN VOELBEL MASON & GETTE LLP
          David Nemecek, 800/229-5293
          Email: dnemecek@zelle.com


GLOBAL CROSSING: Restructuring Network Agreement With SWIFT
-------------------------------------------------
Global Crossing announced Monday that it plans to restructure its
service agreement with SWIFT, the industry-owned co-operative
supplying secure messaging services and interface software to
7,000 financial institutions in 196 countries. The new agreement,
which is still subject to certain approvals, was developed to be
consistent with Global Crossing's recently-announced refocusing
on its strategy of serving the world's top 200 business cities
with core high capacity, high speed data transport services. The
agreement is expected to be signed by both parties.

Both SWIFT and Global Crossing have altered their strategies
since the original partnership agreement was executed last year.
Increased awareness of the importance of carrier level diversity,
particularly following the terrorist attacks on September 11,
2001, prompted SWIFT to pursue a multi-provider solution to
provide maximum protection against intrusion or physical
infrastructure failure. Global Crossing is streamlining its
product offering as part of its cost restructuring and margin
improvement initiatives. Global Crossing has substantially
limited the availability of its managed services offering in
order to emphasize its more profitable and unique high capacity,
high speed data transport offering.

"We greatly value our relationship with SWIFT and look forward to
officially announcing later today that we have been able to
negotiate a new agreement with them that is more aligned with our
strategy and profitability targets, while at the same time giving
SWIFT greater flexibility," said John Legere, chief executive
officer of Global Crossing. "This is an example of the way in
which Global Crossing is building on its strengths and leveraging
its assets by doing what we do best -- providing the highest
quality core data transport services, cost-efficiently and
profitably."

"Continuing to provide SWIFT secure and reliable on-net core data
transport services maps to our inter-city networking strategy,"
Legere continued. "In addition, our decision to emphasize high-
margin services which can be delivered with significantly less
associated capital and operating expense will have an immediate
positive impact on our financial results as we continue to
aggressively manage our cash position."

SWIFT and Global Crossing originally announced they had entered
into an agreement to co-develop and co-manage SWIFT's network
operations with Global Crossing on February 6, 2001.

Under the terms of the new agreement expected to be signed today,
Global Crossing will no longer serve as the exclusive provider of
managed services to SWIFT. Global Crossing narrowed its global
managed services offering earlier this year as part of its effort
to streamline its product line and reduce expenses. Specifically,
Global Crossing would no longer manage the development and
operation of SWIFT's Secure IP Network (SIPN) infrastructure, nor
would Global Crossing continue to migrate SWIFT's current X.25
network to SIPN.

SWIFT is the industry-owned cooperative supplying secure
messaging services and interface software to 7,000 financial
institutions in 196 countries. SWIFT carried over 1.5 billion
messages in 2001. The average daily value of payment messages on
SWIFT is estimated to be above USD $6 trillion. SWIFT provides
messaging services to banks, broker/dealers and investment
managers, as well as to market infrastructures in payments,
treasury, securities and trade. These services help customers
reduce costs, improve automation and manage risk.

CONTACT:  GLOBAL CROSSING
          Press:
          Cynthia Artin
          Tel. +1-973-410-8820
          Email: cynthia.artin@globalcrossing.com
                OR
          Becky Yeamans
          Tel. +1-973-410-5857
          Email: rebecca.yeamans@globalcrossing.com

          Analysts / Investors:
          Ken Simril
          Tel. +1-310-385-5200
          Email: investors@globalcrossing.com



GLOBAL CROSSING: Execs' Margin Calls, Loan Plan Revealed
--------------------------------------------------------
A Web site set up by former-employee Steven W. Sutcliffe
disclosed a document explaining a Global Crossing loan-guarantee
plan, which according to people familiar with the matter, was set
up to help shield executives who were facing personal margin
calls.

In an article released by The Wall Street Journal, the unnamed
sources said that the plan, started in 2001 as the Bermuda-based
fiber-optic company's shares began declining, was used by two
executives.

The plan was designed to prevent the executives from selling
company stock to pay back loans made against the value of the
shares. It is unclear how much the Company guaranteed in total,
how many executives were eligible for the plan or which ones
tapped it.

If executives had to sell their stock, "that was very bad for the
Company," says a person familiar with the plan.

Low-interest loans and loan guarantees to executives have drawn
criticism from some investors and members of Congress, concerned
that companies are putting capital at risk for the personal
benefit of their executives.



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

ACESITA: Posts BRL325-Mln Loss For 2001
---------------------------------------
Acesita, Latin America's largest manufacturer of stainless steel,
ended 2001 with a BRL325-million loss, a 45-percent increase from
the amount posted in the previous year.

The Company attributed the widening loss to provisions for debt
payments and loss of assets with the sale of the heavily-indebted
autoparts company Sifco.

Acesita recently sold Sifco, which reportedly had debts greater
than its market value, to MTP (Metalurgica de Tubos de Precisao).

The suspension of production at its Timoteo plant for
renovations, the high dollar, a drop of 11.7 percent in foreign
sales and the low price of steel on international markets were
also blamed for the big loss.

Since its privatization in 1992, the Company has divested itself
of assets outside of the steel sector and invested BRL720 million
in repositioning itself in the market, focusing on products of
higher added value.

CONTACT:  HEAD OFFICE
          AvY. Joao Pinheiro, 580 - Centro
          Belo Horizonte, MG, Brasil
          CEP - 30130-180
          Phone: 55 - 31 - 3235-4200
          Fax: 55 - 31 - 3235-4294


ELETROPAULO METROPOLITANA: FY01 Results Substantially Improved
--------------------------------------------------------------
Eletropaulo Metropolitana, which is controlled by AES Corp.,
posted financial results for the full-year 2001. The results are
compared to the full-year 2000 numbers below:

                             2001                  2000
Net revenue              BRL5.9 billion       BRL4.6 billion
Operating profit         BRL759.9 million     BRL161.1 million
Net profit               BRL567.4 million     BRL238.9 million

Eletropaulo is an electricity distributor serving about 4.5
million people in heavily industrialized Sao Paulo state. The
Company's total indebtedness amounts to BRL4.5 billion.

CONTACTS:  ELETROPAULO METROPOLITANA
           Luiz D. Travesso, Chairman and President
           Orestes GonOalves Jr., VP Finance/Investor Relations

           THEIR ADDRESS:
           Avenida Alfredo Egidio de Souza Aranha 100-B,
           13 andar 04726-270 San Paulo
           Brazil
           Phone: +55-11-548-9461, +55 11 5696 3595
           Fax: +55-11-546-1933
           URL: http://www.eletropaulo.com.br


GLOBO CABO: JP Morgan Cuts To `Underperform'
--------------------------------------------
An equity research team from JP Morgan cut Brazilian cable
television provider Globo Cabo SA to market underperformer from
market performer, reports Dow Jones.

The downgrade comes on expectations that Globo Cabo's plans to
raise around BRR1 billion in capital via a stock issue could
cause dilution.

"Although the capital increase in itself is a positive and should
be enough to fund the company for the foreseeable future, we
believe that its mechanism creates the risk of significant
dilution for existing minority shareholders," JP Morgan said in a
research note.

JP Morgan also reduced Globo Cabo's EBITDA estimates about 7
percent, to US$155 million for 2002 and US$185 million for 2003,
at the backdrop of a "continued sluggishness in demand for the
Company's services" and a "somewhat soft" fourth quarter of 2001.

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

          J.P. MORGAN CHASE & CO.
          Investor Relations
          J.P. Morgan Chase & Co.
          270 Park Avenue
          New York, NY 10017-2070
          (1-212) 270-6000
          URL: www.jpmorganchase.com


LIGHT: Full-Year 2001 Net Loss Widens On Higher Costs
-----------------------------------------------------
Light-Servicios de Eletricidade SA, a unit of Electricite de
France, said full-year 2001 net loss widened to BRL951.46
million, against the previous year's BRL272.054 million, reports
AFX. The greater net loss reflected higher financial costs, the
depreciation of the real, slowdown in the Brazilian economy and
energy rationing.

According to Light, its financial costs in 2001 rose to BRL2.310
billion from BRL1.081 billion a year earlier after the Company
posted a loss from swap operations of BRL869.778 million, with
the 18.7 percent depreciation of the real in the period leading
to currency translation losses of BRL835.577 million.

Net operating revenues rose 31.6 percent in 2001 to BRL3.829
billion due mainly to tariff increases, while operating costs
rose 34.3 percent to BRL3.247 billion due to the higher cost of
energy purchases.

The Company also revealed its net operating loss widened to
BRL1.443 billion from BRL465.939 million a year earlier.

CONTACT:  LIGHT SERVICOS DE ELETRICIDADE S.A.
          Avenida Marechal Floriano, 168
          20080-002 Rio de Janeiro, Brazil     
          Phone: +55-21-2211-2794
          Fax:   +55-21-2211-2993
          Home Page: http://www.lightrio.com.br
          Contact:  
          Bo Gosta Kallstrand, Chairman
          Michel Gaillard, President and CEO
          Joel Nicolas, Executive Director, Operation
          Paulo Roberto Ribeiro Pinto, Executive Director,
                                 Investor Relations and CFO

          ELECTRICITE DE FRANCE (EDF)
          Rue Louis-Murat
          75384 Paris Cedex 08,
          France     
          Phone: +33-1-40-42-54-30
          Fax:   +33-1-40-42-79-40
          Home Page: http://www.edf.fr
          Contacts:
          Francois Roussely,  Chairman and CEO
          Yannick d'Escatha, COO, Industry Branch
          Jacques Chauvin, Chief Financial Officer

          ELECTRICITE DE FRANCE (INTERNATIONAL)
          30, Rue Jacques Ibert
          75017 Paris
          Phone: 33 (0) 1 40 42 22 22
          Fax :  33 (0) 1 40 42 31 83
          Home Page :  http://www.edf.fr
          Contact :  
          M. Fang Deyi
          Phone: 33 (0) 1 40 42 18 68
          Fax :  33 (0) 1 40 42 18 89
          E-mail : deyi.fang@edf.fr


LIGHT: Confirms EDF's Plan To Inject US$1 Billion
-------------------------------------------------
Light Servicos de Eletricidade SA, in a statement to the
Brazilian bourse supervisory commission, confirmed that its
controlling shareholder, Electricite de France (EDF), will pump
up US$1 billion into the company via an equity-for-debt swap and
in the form of cash.

The agreement, which is part of Light's restructuring, will call
for the French power giant EDF converting a US$550-million inter-
company loan granted to Light in September of last year and
another inter-company loan of US$250 million granted last month.
The balance of US$200 million will come in the form of a cash
injection, the statement said.

After the deal is completed, Light should become more dependent
on its controlling company, especially in power generation, being
obliged to contract and pay for EDF services, as well as to sign
contracts to guarantee sales of energy for EDF.

EDF has already had long-standing plans to spend US$1 billion up
to 2005 to boost Light's generation capacity to 1,500 megawatts
from 800 megawatts.

Light said the planned capital injection will be put to the
Company's AGM, and will respect the subscription rights held by
minority shareholders.


TELEMAR: Shares Gain On Expectations Weighting May Rise In May
--------------------------------------------------------------
Shares of Tele Norte Leste Participacoes SA rose 3.4 percent to
BRL30.20 on optimism investors will buy more shares when the
stock's weighting in the index is boosted in May, reports
Bloomberg.

The Bovespa issued the preliminary weightings for the period of
May through August. Telemar's weighting may rise to 13.687
percent of the Bovespa, from 10.924, making it the most- heavily
weighted share on the index.

"In Brazil, this would probably make an impact" on the share's
performance because the Bovespa is the local benchmark, said Binu
George, who helps manage about US$5 billion in indexed funds for
Barclays Global Investors in San Francisco. George said Barclays
usually bases its weightings on Morgan Stanley Capital
International's emerging market indexes or Standard &
Poor's/International Financial Corp. Investable indexes.

Telemar's preferred shares climbed 5.4 percent. Their weight in
the Bovespa may rise to 1.27 percent from 1.156 percent.

"Telemar may also be gaining because it has lost a lot recently,"
said Mario Epelbaum, Latin America phone analyst with Morgan
Stanley Dean Witter & Co. in New York.

CONTACT:  TELE NORTE LESTE PARTICIPACOES S.A. (TELEMAR)
          Rua Lauro Miller 116/22 andar-Botafogo
          22299-900 Rio de Janeiro, Brazil     
          Phone: +55-61-327-5544
          Fax: +55-61-617-7090
          Home Page: http://www.telemar.com.br
          Contacts:
          Sergio Lins de Andrade, Chairman
          Jose Fernandes Pauletti, VP Operations and
                                   Interim President
          Alvaro A.C. dos Santos, VP Finance


VARIG: Real Depreciation, Sept. 11 Events Magnify Losses
--------------------------------------------------------
Brazil's flagship carrier Varig sinks deeper into red after
posting a full-year 2001 net loss of BRL481 million Monday.
In 2000, Varig reported a full-year net loss of BRL178.539
million.

The Company's loss deepened as currency depreciation magnified
costs and debts while an economic slump and the Sept. 11 attacks
hurt demand.

A 16 percent depreciation in Brazil's currency, the real, over
the 12 months caused serious damage as it boosted the heavy
dollar-denominated costs of aircraft leasing and jet fuel and
magnified Varig's large foreign debt. Recovery of the real in the
last three months of the year helped the airline, but not enough
to bring about a profit.

Varig was particularly hard hit by its US$900-million debt.

The slowdown of the Brazilian economy in the latter half of the
year thanks to energy rationing, high interest rates and a global
economic downturn hampered growth in demand.

Demand further weakened after hijacked commercial jets demolished
New York's World Trade Center and part of the Pentagon in
Washington on Sept. 11, leading to job and route cuts across the
global aviation industry.

Varig slashed 1,700 jobs in September and cut its fleet and
routes in the wake of the attacks, but it has since announced
plans to add additional flights.

Varig's revenue eased slightly to BRL5.2 billion in 2001 from
BRL5.3 billion in 2000.

CONTACT:  VARIG (Viacao Aerea Rio-Grandense, S.A.)
          Rua 18 de Novembro No. 800, Sao Joao
          90240-040 Porto Alegre,
          Rio Grande do Sul, Brazil
          Phone: (51) 358-7039/7040
                 (51) 358-7010/7042
          Fax: +55-51-358-7001
          Home Page: www.varig.com.br/english/
          Contacts:
          Dorival Ramos Schultz, EVP Finance and CFO
          E-mail: dorival.schultz@varig.com.br

          Investor Relations:
          Av. Almirante Silvio de Noronha,
          n  365-Bloco "B" - s/458 / Centro
          Rio de Janeiro, Brazil



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

AES CORP: GE Gains Full Ownership of Chilean Joint Venture
----------------------------------------------------------
Further expanding its presence in the Latin American energy
market, GE Power Systems has acquired full ownership of a GE-AES
Gener SA joint venture based in Santiago, Chile, which offers a
broad range of services for power plants.

The joint venture, Servicios Integrales de Generacion de Energia
Electrica SA, (SIGEN), formerly was owned 60% by GE and 40% by
AES Gener SA. SIGEN now will be totally integrated into GE Power
Systems' energy services business.

"As many Latin American countries move through various stages of
privatization, the energy requirements of the region are diverse
and rapidly changing," said Ricardo Artigas, president and CEO of
GE Energy Services. "The acquisition of SIGEN will enhance our
capabilities to serve power plant owners and operators in this
dynamic market, and help them gain maximum productivity from
their power generating facilities."

The SIGEN joint venture was initially formed in 1998 by GE and
Gener SA of Santiago, which owns power plants in Chile. Gener was
purchased by AES Corp. in 2001. The first contract acquired by
the joint venture was an operation and maintenance agreement for
a 370-megawatt power plant in the Renca section of Santiago.
Featuring a GE MS9001FA gas turbine, this plant was the first
natural gas-fired, combined-cycle plant in Chile.

GE Energy Services develops extended, mutually beneficial
relationships with customers, including both multi-year parts and
services agreements and total operation and maintenance
agreements. GE currently has contractual service agreements in
place at 384 customer sites in 40 countries.

CONTACT:  AES Corporation
          Kenneth R. Woodcock
          Roger W. Sant, Chairman
          Dennis W. Bakke, President, CEO, and Director
          Barry J. Sharp, EVP Large Utilities, CFO, and COO

          THEIR ADDRESS:
          AES Corp.
          1001 N. 19th St.
          Arlington, VA 22209
          Phone: 703-522-1315
          Fax: 703-528-4510
          URL: http://www.aesc.com


AES CORP: Despite Trouble, Denies Reports of Chilean Unit Sale
--------------------------------------------------------------
AES Gener, the Chilean subsidiary of the troubled US energy group
AES Corp., registered losses of CLP5.03 billion for the year
2001, compared with profits of CLP2.3 billion in the previous
year.

The disappointing results reflected heavy financial losses at the
Company's Argentine generating subsidiaries, TermoAndes and
InterAndes, which have been hit by the devaluation and economic
contraction. In addition, the sell off of the Company's
subsidiaries, Central Puerto and Puerto Ventanas, also imposed
losses.

AES Corp. disclosed it is looking to reduce exposure in Latin
America in light of its ongoing restructuring. However, it denied
reports it is seeking a buyer for AES Gener.

Robert Morgan, AES Gener's new president, met with Chilean
securities regulator chief Alvaro Clarke to clarify the issue.

After the meeting, AES sent a letter to the securities regulator
that said: "It isn't true that The AES Corporation has any
intention of selling its stake in AESGener, nor is it in talks or
negotiations with parties that may be interested in acquiring
it."

AES paid about US$1.3 million last year for a 99-percent stake in
Gener.

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



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

SEVEN SEAS: Higher Revenues Lead To Better EBITDA Results
---------------------------------------------------------
Seven Seas Petroleum Inc. (Amex: SEV) announced Monday results
for the three months and twelve months ended December 31, 2001.
For the fourth quarter of 2001, the Company reported a net loss
of $1.2 million, or $.03 per share, as compared to a net loss of
$1.3 million, or $0.04 per share, for the fourth quarter of 2000.
For the year ended December 31, 2001, the Company reported a net
loss of $4.7 million, or $0.12 per share, as compared to a net
loss of $5.9 million, or $0.16 per share, for the year ended
December 31, 2000.

Earnings before Interest, Taxes, Depreciation and Amortization
(EBITDA) was $3.9 million for the fourth quarter of 2001, as
compared with a negative EBITDA of $0.2 million for the fourth
quarter of 2000. EBITDA was $4.8 million for the year ended
December 31, 2001, as compared with a negative EBITDA of $3.6
million for the year ended December 31, 2000.

Revenues from oil sales increased $4.7 million (175%) to $7.4
million in the fourth quarter of 2001 from $2.7 million in the
fourth quarter of 2000. For the year ended December 31, 2001,
revenues from oil sales increased $12.0 million (260%) to $16.6
million from $4.6 million for the year ended December 31, 2000.
This significant increase in revenues is attributable to the
completion of the pipeline connecting the Guaduas Oil Field to
Colombia's existing pipeline network and a successful development
drilling program.

"Our work over the past year now provides our Company with a
steady and increasing stream of cash flow and the most solid
financial position in our history," stated Robert A. Hefner III,
Chairman and Chief Executive Officer of Seven Seas. "We look
forward to increased production rates by the end of April, when
our natural gas injection system should begin operating,"
concluded Mr. Hefner.

Seven Seas Petroleum Inc. is an independent oil and gas
exploration and production company operating in Colombia, South
America. The Company's primary emphasis is on the development and
production of the Guaduas Oil Field and exploration of the
Subthrust Dindal Prospect, both of which are located in
Colombia's prolific Magdalena Basin.

To see statements of operations:  
http://bankrupt.com/misc/Seven_Seas.txt

CONTACT:  Bryan Sanchez, Investor Relations
          Phone: +1-713-622-8218

                  

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

CYDSA SA: Extends $200M Proxy Solicitation, Tender Offer
--------------------------------------------------------
Cydsa, S.A. de C.V. (BMV: CYDSASA) announced Monday that, in
connection with its proxy solicitation and tender offer relating
to its outstanding U.S.$200,000,000 9.375% Notes due 2002, it has
extended the proxy submission deadline and proxy payment deadline
for its proxy solicitation and the expiration date for its tender
offer.

Cydsa announced that it has extended the "Proxy Submission
Deadline" to 5:00 p.m., New York City time, on Tuesday, April 2,
2002, unless further extended. The Proxy Submission Deadline is
the time and date by which holders of record must deliver duly
executed proxies to the proxy and information agent in order to
vote by proxy at the adjourned meeting of noteholders pursuant to
the proxy solicitation.

Cydsa also announced that it has extended the "Proxy Payment
Deadline" to 5:00 p.m., New York City time, on Tuesday, April 2,
2002, unless further extended. The Proxy Payment Deadline is the
time and date by which eligible holders of record must deliver
duly executed proxies in favor of the extraordinary resolution in
accordance with the terms of the proxy solicitation in order to
be eligible to receive the proxy fee.

Furthermore, Cydsa announced that it has extended the "Offer
Expiration Date" to 5:00 p.m., New York City time, on Tuesday,
April 2, 2002, unless further extended. The Offer Expiration Date
is the time by which eligible holders of record must deliver, and
the depositary must receive, tenders of notes in accordance with
the terms of the tender offer in order to be eligible to
participate in the tender offer. Prior to the date hereof,
approximately U.S.$29,000,000 in aggregate principal amount of
notes were tendered to the depositary.

Cydsa's proxy solicitation and offer to purchase for cash is made
upon the terms and conditions set forth in the Proxy Solicitation
Statement and Offer to Purchase, dated January 25, 2002, as
supplemented by a Supplement to Proxy Solicitation Statement and
Offer to Purchase, dated March 19, 2002 (as supplemented, the
"Statement"). Prior to the date hereof, Cydsa distributed to all
holders of the notes a letter of eligibility requesting the
holder to return a certification as to whether it is (1) a
Qualified Institutional Buyer (as defined in Rule 144A under the
United States Securities Act of 1933, as amended (the "Securities
Act")), (2) not in the United States (as contemplated in Rule
903(a)(1) of Regulation S under the Securities Act) or (3) a
dealer or other professional fiduciary organized, incorporated,
or (if an individual) resident in the United States holding a
discretionary account or similar account (other than an estate or
trust) for the benefit or account of a non-U.S. person (as
contemplated by Rule 903(a)(1) of Regulation S under the
Securities Act). Only holders who have completed and returned the
certification in the letter of eligibility ("eligible holders")
are authorized to receive or review the Statement or to
participate in the proxy solicitation and the tender offer made
thereby.

Cydsa is a corporation based in Monterrey, Mexico with a presence
in various industrial sectors, such as Chemicals and Plastics,
Fibers and Textile Products and Flexible Packaging.

CONTACT:  CYDSA, S.A. DE C.V. MEXICO
          Jesus Montemayor, Treasury Director
          Phone: +011-528-18-152-4585
          E-mail: jmontemayor@cydsa.com
          Home Page: http://www.cydsa.com.mx


GRUPO MEXICO: Regulators Seek Clarification On Strike Status
------------------------------------------------------------
Mexican stock market officials said they will request
clarification from the executives of mining company Grupo Mexico
SA whether workers remain on strike at two of its mines, relates
Bloomberg.

"We are going ask them to clarify the situation," said Pedro
Zorrilla, adjunct director general of the Mexican Stock Exchange.

The move follows an announcement made by the Mexico City-based
company nearly two weeks ago that it reached an agreement with
its union to end a two-week strike at three mines and one zinc
refinery.

According to the union, the accord ended a strike at a zinc
refinery and one mine.

However, workers at La Caridad copper mine in the northwestern
state of Sonora and the San Martin mine in the northern state of
Zacatecas remain on strike after they rejected a 5.25 percent pay
raise. Miners are seeking at least an 8-percent pay raise.

Union officials said the Company and worker representatives were
scheduled to meet Monday to find ways to solve the dispute.

A drawn-out work stoppage could worsen Grupo Mexico's earnings
outlook after a decline in copper prices last year hurt the
Company's finances and raised doubts about its capacity to pay
its debts. La Caridad mine is a key source of Grupo Mexico copper
exports, and without production from that mine, the Company's
supply of cash may not be enough to cover its obligations.

Whether the Company paid a US$26-million interest payment last
week remains unclear.


MINERA AUTLAN: Continues To Hold Talks With Potential Investors
---------------------------------------------------------------
Mexican manganese and ferroalloy producer Minera Autlan continues
with its pursuit of a strategic investor, which began last year
as its debts mounted and demand for its product fell due to weak
international steel markets.

In a report by Business News Americas, company president, Antonio
Rivero Larrea, said that the Company has been holding talks with
potential investors from Canada and Brazil but it hasn't reached
any deals yet.

Rivera said that there are a number of investors interested,
however, he declined to disclose the names of the interested
parties

Word on the street says that the Brazilian minerals-transport
conglomerate CVRD is one of the companies weighing up an
investment in Autlan. Autlan brought on BNP Paribas bank last
year as the exclusive agent in its search for an investor.

Autlan's debts have ballooned to US$82.5 million and its stock
was suspended from trading on the Mexico City Bourse in February
this year after it failed to make good on its debt obligations.

With the concurrence of its creditor banks, led by BBVA Bancomer,
ABN Amro and Bank of America, the Company is looking to sell its
corporate headquarters in Mexico City, which could bring in some
US$10 million.

CREDITOR BANKS:  GRUPO FINANCIERO BBVA BANCOMER
                 Av. Universidad 1200,
                 Col. Xoco, Mexico, D.F.
                 Tel: (52) (55) 5621-4938
                      (52) (55) 5621-4966
                 Fax: (52) (55) 5621-7912
                 Email: investor.relations@bbva.bancomer.com
                 Contacts: David S nchez-Tembleque

                 ABN AMRO
                 Investor Relations(HQ1191)
                 Gustav Mahlerlaan 10
                 PO Box 283
                 1000 EA Amsterdam
                 The Netherlands
                 Tel. +31 (0) 20 628 78 35
                 Tel. +31 (0) 20 628 78 37
                 Email: investorrelations@nl.abnamro.com

                 BANK OF AMERICA - Corporate Headquarters
                 Bank of America Corporate Center
                 100 North Tryon Street
                 Charlotte, North Carolina 28255
                 www.BankofAmerica.com
                 Contacts: Ken Lewis, Chairman & CEO

                 BNP PARIBAS
                 16, Boulevard des Italiens
                 75009 Paris Cedex 09, France     
                 Phone: +33-1-40-14-45-46
                 Fax: +33-1-40-14-75-46
                 Home Page: http://www.bnpparibas.com
                 Contacts:
                 Michel Pebereau, Chairman and CEO
                 Baudouin Prot, President and COO

                 Investor Relations and Financial Information
                 3 Rue d'Antin
                 75078 Paris Cedex 02
                 Phone : 33 1 40 14 63 58
                 Fax : 33 1 42 98 21 22
                 E-mail: Investor.relations@bnpparibas.com

                 BNP Paribas Representative Office
                 Av. Paseo de la Reforma 300 piso 13
                 Colonia Juarez
                 06600 Mexico D.F., Mexico
                 Phone: (525) 241 94 00


VITRO: Deutsche Ups Rating On Recent Positive Changes
-----------------------------------------------------
Deutsche Banc. Alex Brown upgraded its rating on Mexican glass
firm Vitro to "market perform" from "underperform," reports
Reuters.

The upgrade follows Vitro's successful divestiture of non-core
assets, a reduction in capital spending, an 80 percent cut in
dividends and the formulation of "a more focused growth
strategy".

However, in a report, Deutsche Banc analyst Jorge Beristain said,
"We remain somewhat cautious on getting too bullish on the stock,
given Vitro's checkered history, but note that new management is
at least 'raising the glass ceiling' regarding Vitro's untapped
potential."

The expected de-consolidation of Vitro's large white goods
business and its ampoules and plastics businesses would help move
the Company to focus on its two core products: flat glass and
glass packaging, the report said.

CONTACT:  VITRO, S. A. DE C.V.
          Media Relations:
          Albert Chico Smith, 011 (52) 8863-1335
          Email: achico@vto.com or achico@vitro.com

          Investor Relations:
          Beatriz Martinez, 011 (52) 8863-1258
          Email: bemartinez@vto.com or bemartinez@vitro.com



               ***********


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

Troubled Company Reporter Latin 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
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