/raid1/www/Hosts/bankrupt/TCRLA_Public/020404.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Thursday, April 4, 2002, Vol. 3, Issue 66

                           Headlines


A N T I G U A   &   B A R B U D A

LIAT: Reports Record Passenger Traffic During Easter Season


A R G E N T I N A

BANCO HIPOTECARIO: Tender Complete, S&P Rates New Paper `CC'
HSBC: Mulls Argentine Pullout As Conditions Worsen
METROGAS S.A.: Seeks Restructuring, Lifting Payment Suspension
REPSOL YPF: Slump In Peso May Lead To Another Asset Write-Down
TELECOM ARGENTINA: Suspends Principal Debt Payments
TELECOM ARGENTINA: Mexican Operators Deny Acquisition Talks


B A R B A D O S

APW LTD: Announces Financial Results, Restructuring Talks Start
APW LTD.: Shares To Be Suspended, Delisted From NYSE


B E R M U D A

GLOBAL CROSSING: Former Frontier Shareholders Files Class Action
GLOBAL CROSSING: Andersen Delays Filing Annual SEC Reports
GLOBAL CROSSING: Confirms Agreement Signed With SWIFT


B R A Z I L

BCP S.A.: US$375 Payment Missed, S&P Drops To "BrD" From "BrCC"


C O S T A   R I C A

RICA FOODS: Executives Forecast Turnaround


M E X I C O

BANCA QUADRUM: IPAB Reports Updates On Liquidation
GRUPO MEXICO: Labor Ministry To Decide Two Units' Fate
GRUPO MEXICO: Debt Restructuring May Take Weeks To Conclude
CYDSA SA: Receives Affirmative Proxies for US$200M Notes
SL INDUSTRIES: In Default, Losses Continue, Closes Mexican Unit


     - - - - - - - - - -

=================================
A N T I G U A   &   B A R B U D A
=================================

LIAT: Reports Record Passenger Traffic During Easter Season
-----------------------------------------------------------
David Stuart, director of marketing at LIAT, announced that the
Antigua-based airline is experienced record passenger numbers
during the recent the Easter holiday season, relates The Barbados
Advocate.

According to Stuart, Easter is normally a bumper time for LIAT
and to handle the increased demand, the carrier has leased a Dash
8-100 aircraft from Canada. Operations from the UK and Europe to
the Caribbean continue to be very strong, said Stuart.

As a result, "LIAT would look at expanding its hub operations at
St. Maarten and Guadeloupe, working with its CaribSky Alliance
partners and the international carriers serving the European
route. In this way, hoteliers and tourism bodies in the region
will have access to and from Europe directly to their island
destinations," Stuart said.

LIAT has been short of cash for the last couple of years but got
a shot in the arm last month after it received an EC$31-million
(US$11 million) loan to replace aging planes, finance its
voluntary severance program and boost marketing initiatives.



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

BANCO HIPOTECARIO: Tender Complete, S&P Rates New Paper `CC'
-----------------------------------------------------------
Banco Hipotecario S.A. successfully completed its offer to
exchange all its senior unsecured debt maturing in 2002 with new
securities paying lower interest rates and maturing in 2005. The
securities tendered reached approximately 97% of outstanding debt
subject to the offer. Standard & Poor's is simultaneously rating
the tendered securities 'D' (see details below) as a result of
the loss of net present value implicit in the transaction, and
rating the newly issued securities 'CC', reflecting the
continuing difficult financial situation of Banco Hipotecario and
the substantial problems affecting the Argentine financial
system.

As a result of the different devaluation of the Argentine peso
applied to assets and liabilities of Argentine banks, Banco
Hipotecario's currency gap was exogenously increased, and its
ability to generate positive cash flows was crippled.
Additionally, the negative after-effects of the devaluation on
the bank's debtors' ability to repay mortgages is difficult to
quantify, but is expected to further impact the bank's future
cash flow. It is in this context that the bank began to
restructure its debt, of which this exchange is believed to be
the first phase. The remaining, unrestructured, senior unsecured
debt of the bank is approximately $900 million.

The bank initiated this debt exchange in the public eye of the
financial markets. The transparency of the transaction helped
overcome the difficulties arising from the numerous markets and
the high diversification of the bondholders, leading to a
successful completion of the exchange offer.

Outlook

Standard & Poor's continues to monitor closely the financial
condition of Banco Hipotecario. The rating agency says the
Company now operates in a context that has become almost hostile
to sound banking principles and its problems could continue for
some time.

Analyst: Gabriel Caracciolo, Buenos Aires (54) 114-891-2100
Rationale


HSBC: Mulls Argentine Pullout As Conditions Worsen
--------------------------------------------------
HSBC Holdings Plc, Europe's largest bank by market value, may
exit from the Argentinean market if the current crisis continues,
said Charles de Croisset, chairman of the bank's French unit,
Credit Commercial de France.

If the government creates "a situation that doesn't allow a bank
to operate properly, of course this could be the result", said de
Croisset.

"Fortunately we are not quite at that stage. But it is true that
we are on the edge of the abyss", he continued.

Already, HSBC's pre-tax profits plunged 14 percent to US$8.8
billion compared with US$10.9 billion the previous year. The
figure was accentuated by a US$520-million foreign currency
trading loss after the Argentine Government's decision to
introduce a punishing foreign exchange regime for banks. HSBC
also made a general US$600 million provision against other loans
in the country.

HSBC had US$4.9 billion of Argentine exposure as of June 30 last
year.

CONTACT:  HSBC HOLDINGS PLC
          10 Lower Thames St.
          London EC3R 6AE, United Kingdom
          Phone: +44-020-7260-0500
          Fax: +44-020-7260-0501
          Home Page: http://www.hsbc.com
          Contacts:
          Sir John R. H. Bond, Group Chairman / Exec. Dir.
          Sir Brian Moffat, Deputy Chairman / Sr. Non-Exec. Dir.
          Keith R. Whitson, Group Chief Executive


METROGAS S.A.: Seeks Restructuring, Lifting Payment Suspension
--------------------------------------------------------------
Argentine gas distributor MetroGas S.A., which suspended payments
due to the economic crisis in the country, is looking to initiate
talks with creditors with a view to restructuring its debt and
lifting of the payments suspension.

On March 25, 2002, Metrogas suspended principal and interest
payments on all of its financial indebtedness following the
alteration of its concession agreement by the Argentine Public
Emergency Law No. 25.561, which includes the suspension of tariff
adjustments and the tariff's pesofication. These changes combined
with the devaluation impact, have materially affected the
financial condition of MetroGas, given the mismatch between its
income in pesos and its debt in hard currency, at an exchange
rate of around ARS$4=US$1. The Company's maturities in 2002 are
US$5 million on April 1, 2002 (interest), US$1.6 million on May 7
(interest) and US$94.4 million in September (principal).

MetroGas is the largest of eight natural gas distribution
companies. MetroGas is 70-percent owned by Gas Argentino S.A.,
10-percent owned by employees and 20 percent is traded in the
Buenos Aires Stock Exchange. Gas Argentino S.A. is a consortium
composed by British Gas PLS (54.7 percent), and Repsol-YPF (45.3
percent).

CONTACT:   METROGAS
           Alberto Alfredo Alvarez, President
           William Harvey Adamson, First VP
           Gen. Director Enrique Barruti, HR Director
           Fernando Aceiro New Bus. Director
           Luis Domenech Admin. and Fin. Director

           Their Address:
           G. Araoz de Lamadrid 1360
           1267 Buenos Aires, Argentina
           Phone: (800) 422-2066
           Fax: (201) 262-2541
           Email: info@metrogas.com.ar


REPSOL YPF: Slump In Peso May Lead To Another Asset Write-Down
--------------------------------------------------------------
The devaluation of the Argentine peso could force the Spanish oil
group Repsol YPF SA to write down another EUR1.15 billion
(US$1.01 billion) in assets, says Bloomberg. Additionally, in a
statement to regulators, the Company said that a potential slide
in the peso to 3.7 per dollar from 2.9 Monday, would also force
it to wipeout EUR76 million of earnings.

Argentina accounts for 42 percent of Repsol's operating profit
after buying oil driller YPF SA in 1999 for US$15 billion.

"Repsol is keeping the market up to date on the impact of
Argentina, but we'd still be very cautious until the situation
there clears up," said Iciar Gomez, an analyst at Eurosafei, who
rates the stock `hold.'

Argentina's currency has shed 65 percent of its value since the
country dropped its one-to-one peg with the dollar in January.
The devaluation hurts earnings for foreign investors as their
Argentine revenue is converted to euros or dollars.

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


TELECOM ARGENTINA: Suspends Principal Debt Payments
---------------------------------------------------
Telecom Argentina Stet- France Telecom SA (TEO) said Tuesday it
is suspending principal payments on all debt obligations, citing
Argentina's economic crisis, currency devaluation and subsequent
conversion of its tariffs into pesos, says Dow Jones.

"As a consequence of the macroeconomic environment in Argentina,
the devaluation and volatility of the peso, the 'pesification' of
the Company's tariffs at the rate of US$1 = ARS1 ... the Company
has resolved to suspend principal payments," Telecom Argentina
said in a statement.

The suspension applies to payments by the Company's subsidiaries
as well as by the corporate parent.

The Company and its Argentine subsidiaries will continue to make
interest payments on debt, "subject to the receipt of necessary
approvals from the Central Bank," according to the statement.

TEO also said it would "develop and propose to its creditors a
comprehensive plan to restructure all of the Company's financial
debt obligation on a timely basis."

Telecom Argentina, one of the country's largest
telecommunications providers, is controlled by Nortel Inversora
SA (NTL), which is a joint venture between France Telecom (FTE)
and Telecom Italia SpA (I.TIL).

CONTACT:  TELECOM ARGENTINA STET - FRANCE TELECOM SA(TELECOM)
          Alicia Moreau de Justo 50, 10th Floor
          Capital Federal (1107) Rep£blica Argentina
          Phone: +54 11 4968 4000
          Home Page: http://www.telecom.com.ar
          Contacts:
          Alberto J. Ricciardi, Chief Financial Officer
          Elvira Lazzati, Finance Director
          Pedro Insussarry, Investor Relations Manager
          Phone: (5411) 4968-3626/3627
          Fax: (5411) 4313-5842/3109
          Email: inversores@intersrv.telecom.com.ar


TELECOM ARGENTINA: Mexican Operators Deny Acquisition Talks
-----------------------------------------------------------
Sources from the Mexican telecommunication operators controlled
by billionaire Carlos Slim denied that the companies are in talks
to purchase a controlling stake in troubled Telecom Argentina SA
(TEO), reports Dow Jones.

Speculation abounds that Nortel Inversora SA (NTL), a joint
venture between Telecom Italia SpA (TI) and France Telecom (FT),
is looking to sell its 55-percent stake in Telecom Argentina.

Telecom Argentina denied awareness of such negotiations, while
Telecom Italia called the speculation "baseless."

Fanning the rumors were apparent sightings of potential suitors
from Slim's giant fixed-line Mexican operator, Telefonos de
Mexico SA (Telmex), in Argentina, says Dow Jones.

In a worst case scenario, said Merrill Lynch analyst Whitney
Johnson in a report Wednesday, Telmex might pay the face value of
the Argentine telecom's debt, bumping the Mexican operator's net
debt up to about US$10 billion from US$6.7 billion currently.

With a market cap of US$26.3 billion, Telmex's estimated
enterprise value to forecast 2002 earnings before interest,
taxes, debt and amortization (EBITDA) would slide to 5.6 from
5.1, Johnson said. Therefore, Telmex could still be attractive.

While an acquisition by Telmex would appear to make sense since
Telecom Argentina is a wireline operator, any such purchase
should fall under the jurisdiction of sister company America
Movil SA, a Telmex spokeswoman said.

America Movil was designated to pursue the empire's international
aspirations, and is the wireless arm of Slim's telecom
conglomerate.

America Movil Spokeswoman Patricia Ramirez said that perhaps the
Mexican operators had been singled out as prospective buyers of
Telecom Argentina because they are in better financial shape than
many other companies operating in the region. But according to
Ms. Ramirez, the company is not involved in any talks to purchase
a stake in Telecom Argentina.

America Movil had net debt of about US$1.02 billion at the end of
2001 on annual revenues close to US$4.52 billion.

CONTACT:  TELEFONOS DE MEXICO, S.A. DE C.V. (TELMEX)
          Parque Via 190, Colonia Cuauhtemoc
          06599 Mexico, D.F., Mexico
          Phone: +52-55-5703-3990
          Fax: +52-55-5545-5550
          Home Page: http://www.telmex.com.mx
          Contacts:
          Carlos Slim Helu, Chairman
          Jaime Chico Pardo, CEO and Director
          Adolfo Cerezo Perez, Director Finance and
                               Administration

          AMERICA MOVIL, S.A. DE C.V.
          Lago Alberto 366, Colonia Anahuac
          11320 Mexico, D.F., Mexico
          Phone: +52-55-5703-3390
          Fax: +52-55-5545-5550
          Home Page: http://www.americamovil.com
          Contacts:
          Carlos Slim Helu, Chairman
          Daniel Hajj Aboumrad, Chief Executive Officer
          Carlos J. Garcia Moreno Elizondo, CFO



===============
B A R B A D O S
===============

APW LTD: Announces Financial Results, Restructuring Talks Start
---------------------------------------------------------------
APW Ltd. (NYSE: APW), a Technically Enabled Manufacturing
Services "TEMS" Company based in based in St. Michael, Barbardos
announced Monday its financial results for the fiscal second
quarter ended February 28, 2002. The following results are for
the quarter and six months ended February 28, 2002.

FISCAL SECOND QUARTER SUMMARY

Sales for the three months ended February 28, 2002 were $201
million, an 8.6% decline from the first quarter ended November
30, 2001, and a decline of 36.8% from the same period last year.
Allowing for the lesser number of working days in the second
quarter and the effect of the sale of the company's Zero Cases
business unit, sales per shipping day in the second quarter were
comparable to those in the first quarter. Sales for the six
months ended February 28, 2002 were $421 million, a decline of
37.9% from the same period last year. Sales have been relatively
stable since September 2001 at approximately $70 million per
month, with the exception of December, which was lower due to
holidays. APW expects sales to increase in its third quarter
compared to the second quarter based on ramps in two major
programs, new program start-ups and a continued lessening of
inventory corrections at our customers. During the second
quarter, APW was awarded nineteen new programs with a total
anticipated program value of $195 million. These new program
awards were from both existing and new customers and reflect the
high levels of customer service that APW has consistently
provided.

Cash flow from operations, excluding cash used in restructuring,
was $(0.4) million during the quarter and $(2.7) million for the
six months ended February 28, 2002. Free cash flow, defined as
cash flow from operations less capital expenditures of $5.9
million and including $5.2 million of cash used in restructuring,
was $(11.6) million during the quarter. APW continues to be
effective in managing its operations to minimize its use of cash
while it restructures its operations. APW's projections indicate
that free cash flow will continue to improve.

Net debt was $635 million at February 28, 2002, slightly less
than the $638 million at November 30, 2001.

Cost reduction initiatives continued during the quarter and were
focused on further reducing Manufacturing Overhead (MOH) and
Sales, Administrative, and Engineering (SAE) expenses through the
rationalization of its global facilities. During the quarter, the
company announced the closing of three small facilities in
Austin, TX, Hudson, NH and New Forest, England. As a result of
these restructuring initiatives and in accordance with EITF-94-
03, the company recorded GAAP restructuring charges of $9.5
million to cover lease exit and severance costs. Additionally,
the Company recorded non-recurring restructuring related charges
of $9.5 million primarily for non-cash write-offs of leasehold
improvements associated with exited facilities. Also during the
quarter, APW completed investments in and occupied its new
150,000 sq.ft. facility in Shanghai, PRC and just recently
occupied a new 120,000 sq. ft. facility in Galway, Ireland. The
combination of consolidating and adding sites is directed at
minimizing APW's total fixed cost while providing the capacity
and regional service that our global customers need.

MOH and SAE expenses were a combined $80.7 million in the second
quarter, down from $84.3 million in the first quarter. APW
expects to reduce MOH and SAE expenses to below $75 million per
quarter during the fourth quarter of fiscal 2002.

Recapitalization Update

APW is in advanced discussions with its lenders on a
recapitalization of the company. This plan would dramatically
reduce APW's debt. Although some work remains to be completed and
no assurances can be made, APW expects to be able to make a more
definitive announcement during April as to when and how it will
implement the recapitalization.

Richard G. Sim, Chairman, CEO and President of APW commented, "I
am pleased with the underlying performance of our business in the
quarter. Our revenue has stabilized, we were awarded significant
new programs from our existing customer base as well as new
customers, and we continue to realize the benefits of our cost
reduction efforts. Our underlying financial results are improving
as evidenced by the minimal use of operating cash in the quarter
which was somewhat masked by the non-recurring, non-cash charges
recorded in the quarter. We accomplished many things in the
quarter including the sale of our Zero Case business and made
significant progress on our recapitalization plan. The
recapitalization plan as conceived should be reassuring to our
customers and to our suppliers. We are looking forward to
completing our recapitalization as soon as possible so that we
can completely focus on exploiting our competitive advantages in
the markets we serve."

Non-recurring Items

The company incurred and recorded additional non-recurring
charges in the quarter partially driven by its efforts to
recapitalize its balance sheet. In accordance with Statement of
Financial Accounting Standards ("SFAS") 121 a non-cash charge of
$392 million to reduce the carrying value of goodwill and other
intangibles was recorded. In accordance with SFAS 109, a non-cash
income tax expense of $40 million was recorded to provide for a
valuation allowance against the Company's net deferred tax asset
position. Other non-recurring charges include professional fees
associated with the recapitalization and a charge related to an
obligation of the company's 401(k) benefit plan tied to the
company's stock price. Additionally, the company recorded a non-
recurring gain of $8 million on the sale of its Zero Case
business. Including all non-recurring items in the quarter, GAAP
net loss was ($488.8) million.

In accordance with EITF 86-30, as of February 28, 2002 the
Company's revolving credit facility debt has been reclassified as
current. The Company received a waiver of its financial covenants
for the second quarter ended February 28, 2002 from its lenders.

About APW Ltd.

APW Ltd. is a Technically Enabled Manufacturing Services "TEMS"
company that designs and manufactures large, complex
infrastructure products for OEMs in the communications, large
enterprise hardware and Internet markets.

APW Ltd. has particular skills in the areas of designing and
manufacturing enclosures, thermal management, power supplies and
backplanes; as well as core competencies in product and system
design, integration and supply chain management. APW Ltd.
operates in over 30 locations throughout North America, South
America, Europe and Asia.

The Company's 10-Q with complete financial statements for the
quarter ended February 28, 2002 will be filed on April 15, 2002.

CONTACT:  APW LTD.
          Mike Gasick, Treasurer
          262-523-7631
          Email: mike.gasick@apw.com
          URL: www.apw.com



APW LTD.: Shares To Be Suspended, Delisted From NYSE
----------------------------------------------------
APW Ltd. (NYSE: APW), announced Tuesday that it has received
notification from the New York Stock Exchange ("NYSE") that the
Company's shares of common stock will be suspended and that the
issue will be removed from the NYSE's trading list. On January
15, 2002, APW communicated that it was considering a possible
recapitalization of the Company. Since that time, APW's stock has
traded at historically low levels in anticipation of a
recapitalization. This trading level conflicts with certain NYSE
listing standards, leading to the suspension and removal of APW's
listing on the NYSE. The Company expects that APW's shares will
commence trading on the OTC Bulletin Board ("OTC") while the
Company continues to execute the recapitalization of its balance
sheet.

The anticipated change from the NYSE to the OTC will not affect
the Company's operations, customers or suppliers. APW recently
announced that it expects to release details of the contemplated
recapitalization plan during the month of April. APW views the
actions being taken by the NYSE as an understandable and direct
consequence of the recapitalization process that is underway.

"While we are disappointed that we need to make this change in
our listing, we want to assure our customers, suppliers and
employees that this change does not impact our ability to provide
the high level of customer service that our customers are
accustomed to from APW. We remain committed to completing our
recapitalization efforts," said CEO Richard G. Sim. "The Company
is working with sponsors to ensure that our shares will trade on
the OTC. As with all public companies, we will continue to
communicate to the public markets with press releases and
required Securities and Exchange Commission filings."

The Company expects that the shares will commence trading on the
OTC and will provide additional information to investors in due
course. The OTC is a regulated quotation service that displays
real-time quotes, last sale prices and volume information in
over-the-counter securities. The OTC provides access to over
3,600 securities and includes more than 330 participating market
makers. Quotations and trading information can still be accessed
via websites such as Yahoo and other quotation services or
through a securities broker. Information regarding the OTC can be
found at www.otcbb.com.

The Company's Form 10-Q with complete financial statements for
the quarter ended February 28, 2002 will be filed on April 15,
2002.

Contact:  APW Ltd.
          Mike Gasick, Treasurer
          Phone: 262-523-7631
          Home Page: www.apw.com


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

GLOBAL CROSSING: Former Frontier Shareholders Files Class Action
----------------------------------------------------------------
Notice is hereby given that a class action lawsuit was filed in
the United States District Court for the Central District of
California on behalf of all persons or entities that acquired
shares of Global Crossing (OTC BB: GBLXQ) stock in exchange for
shares of Frontier Corporation ("Frontier") stock on or about
September 30, 1999.

The complaint charges defendants including Arthur Andersen,
certain current and former officers and directors of Global
Crossing, and certain controlling persons of Global Crossing with
violations of Sections 11 and 15 of the Securities Act of 1933.

CONTACT:  Kevin Prongay, Esq. / Oren Giskan, Esq.
          PRONGAY & BORDERUD
          12121 Wilshire Boulevard
          Suite 400
          Los Angeles, CA 90025
          TELEPHONE: 310-207-2848
          E-MAIL: osgiskan@aol.com


GLOBAL CROSSING: Andersen Delays Filing Annual SEC Reports
----------------------------------------------------------
Global Crossing announced Tuesday that the filing with the
Securities and Exchange Commission of its annual report on Form
10-K for the fiscal year ended December 31, 2001 would be
delayed.

In a filing Tuesday with the Securities and Exchange Commission,
Global Crossing stated that its independent public accountants,
Arthur Andersen, have informed Global Crossing that they will not
be able to deliver an audit report with respect to the financial
statements contained in the Form 10-K report until the completion
of an investigation by a special committee of its board of
directors into allegations made by a former employee regarding
Global Crossing's accounting and financial reporting practices.
In recognition of this fact, and in light of the demands of the
bankruptcy process and ongoing governmental investigations,
Global Crossing has not yet completed its preparation of the
disclosures required in the annual report. Until the disclosures
are completed and the audit report is received, Global Crossing
will be unable to file the Form 10-K report.

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. Global Crossing announced
Tuesday that it intends to make available to the public the
monthly reports of financial operations it is required to file
with the bankruptcy court on an ongoing basis. The first such
report, covering the month of February 2002, is expected to be
filed the week of April 8, 2002.

Global Crossing continues to work with creditors and potential
investors to develop a plan of reorganization with the bankruptcy
court. Global Crossing does not expect that any such plan, if and
when approved by the court, would include a capital structure in
which existing common or preferred equity would retain any value.


CONTACT:  GLOBAL CROSSING
          Press Contacts:
          Becky Yeamans
          +1 973-410-5857
          rebecca.yeamans@globalcrossing.com

          Cynthia Artin
          +1 973-410-8820
          cynthia.artin@globalcrossing.com

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


GLOBAL CROSSING: Confirms Agreement Signed With SWIFT
-----------------------------------------------------
Global Crossing announced Tuesday that it has signed a memorandum
of understanding to restructure its network services agreement
with SWIFT, the industry-owned co-operative supplying secure
messaging services and interface software to 7,000 financial
institutions in 196 countries. On Monday, the companies announced
their intentions to restructure their agreement, which was
originally executed last year.

"Our new agreement with SWIFT aligns with our goal to become
world's most focused, cost-competitive data communications
provider," explained John Legere, Global Crossing's chief
executive officer. "To do so, we are emphasizing our core
services which deliver higher margins and have more immediate
positive impact on our cash position and financial results. We
look forward to continuing to serve SWIFT under the restructured
agreement signed today."



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

BCP S.A.: US$375 Payment Missed, S&P Drops To "BrD" From "BrCC"
---------------------------------------------------------------
Standard & Poor's lowered the corporate credit rating assigned in
the Brazil National Scale to BCP S.A. (BCP) to "brD" from "brCC".
At the same time, the Brazil National Scale rating on BCP's R$
500-million local debentures was also lowered to "brD" from
"brC".

The rating action follows BCP's confirmation that the company has
not met its US$375-million maturity due March 28, 2002 at 12:00
New York time, relative to a principal payment of the notes used
by the company to finance the concession bid in March 1998.
According to the terms of the bonds, the non-payment of the
maturity on March 28 constitutes an event of default on the
notes.

Standard & Poor's expectation that controlling shareholders,
BellSouth Corp. ("A+/Stable/A-1") and Safra Group, would continue
to support BCP in meeting its financial obligations was one of
the main driving factors of the company ratings, given its weak
cash flow generation relative to debt burden. On March 26, 2002,
Standard & Poor's lowered the rating assigned to BCP to "brCC",
because the uncertainties about this support increased
considerably as the maturity was approaching and a clear
refinancing strategy was not publicly announced. The company has
informed Standard & Poor's that it was not able to meet the
maturity, as the controlling shareholders have not reached an
agreement on the terms and form of financial support to be
provided to the company.

BCP has also informed Standard & Poor's that the shareholders are
still under negotiations, seeking for a resolution for the
liquidity shortage of the company.

However, the default on the payment will trigger the acceleration
of payment of nearly all the company's debt, in the approximate
amount of US$1.6 billion due to cross-default clauses existent in
the company's other debt contracts. The rating on BCP's R$ 500
million debentures has also been lowered to "brD", due to a
similar cross-default clause.

The majority of these debentures have been held by the
controlling shareholders since February 2002, when a put was
exercised by debentureholders. Standard & Poor's will continue to
closely follow the developments on BCP's liquidity situation,
while reevaluating the level and extension of support extended by
the controlling shareholders, BellSouth and Safra, to all its
telecom interests in Brazil (including, in this case, BSE S.A.)

BCP is the largest B-band cell phone operator in Brazil,
servicing the Metropolitan Region of Sao Paulo (Region 1), the
largest urban area in the country.



===================
C O S T A   R I C A
===================

RICA FOODS: Executives Forecast Turnaround
------------------------------------------
Executives from the Costa Rican poultry-producer Rica Foods
remain optimistic that the Company will get back on the road to
recovery soon.

According to an article released by The Miami Herald, Rica Foods
established a niche as the only Central American company traded
on a U.S. stock exchange five years ago. However, the Company's
problems began to surface following its year-end disclosure that
it had violated the terms of its debt agreement with its largest
creditor.

Specifically, the Company, exceeded a debt limit set by creditor
Pacific Life, while making loans to Chairman and CEO Calixto
Chaves that also breached certain lending conditions.

The December 28 disclosure sparked a spate of class-action
lawsuits, the resignation of Rica Food's chief financial officer
and even the departure of the Scion family that controls the
Company.

The lawsuits claimed that shareholders lost money because the
executives -- Chairman and CEO Calixto Chaves, his son, his
daughter and the former chief financial officer -- filed
financial statements that they knew to be "false and misleading,"
which caused the share price to become artificially inflated and
then fall.

In July 2001, Rica Foods' share price soared to US$29, which was
90 times earnings. Currently, the stock trades at about US$1.

Rica Foods, which has been a family operation, has been
undergoing many changes. Chaves' daughter, son and brother-in-law
serve in the Company. Mauricio Marenco, who is married to one of
Chaves' nieces, said that Jose Pablo Chaves, the chief operating
officer and the son of Calixto Chaves, had left the Company,
along with the former chief financial officer Randall Piedra.
Jose Pablo Chaves will continue as a passive investor and the
Company intends to groom new executives, Marenco said.

On March 4, Fitch Ratings reaffirmed its BB debt rating on notes
issued by the Company's two Costa Rican subsidiaries. While not
investment grade, the Fitch rating was not a downgrade.

Roberto Guerra, food industry analyst at Fitch Ratings, said the
rating agency was comfortable with the measures taken at Rica
Foods since the announcement that the Company had not met its
"negative covenants" in the debt agreement with Pacific Life.

The problem was that Rica Food's total debt of US$46.3 million at
the end of September had grown to slightly more than the upper
limit under the Pacific Life loan, which was three times its
earnings before interest, taxes and depreciation.

Another issue for the loan covenant turned out to be US$8 million
in loans the Company made to Calixto Chaves. Although the lending
was disclosed, it could be considered a breach of restrictions on
transactions with affiliates.



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

BANCA QUADRUM: IPAB Reports Updates On Liquidation
--------------------------------------------------
It's all over but the final small details. About 96 percent of
the defunct bank Banca Quadrum's deposits have been repaid by the
Institute of Bank Savings Protection (IPAB), reveals Mexico
Analytica in a report.

Accordingly, the bank savings protection agency paid off 33 of
Banca Quadrum's financial obligations from March 26 to April, and
71 are now in the process.

IPAB is yet to deal with 191 applications for payment, and of
those, only 31 are greater than MXN1,000 (US$111).

Since March 4, IPAB has dealt with 689 payment applications,
including account co-holders who ceded their rights.

IPAB was tasked to liquidate Banca Quadrum after the bank's
shareholders failed to find a new partner, nor inject the much-
needed MXN850 million (US$93.5 million) into the ailing bank.
IPAB has designated the consultancy KPMG as representative to
liquidate Banca Quadrum.

To see Banca Quadrum's financial statements:
http://bankrupt.com/misc/Bancaquadrum.doc

CONTACTS:  BANCA QUADRUM
           Ernesto Rodriguez, Investor Relations
           Tel. +011-52-55-5284-5693
           Email: erodrigu@quadrum.com.mx

           KPMG - Ciudad de Mexico
           Bosque de Duraznos Nom. 55
           Bosques de las Lomas
           11700 Mexico, D.F.
           Tel.: +(55) 5246 83 00
           Fax.: +(55) 5596 80 60
           Contacts:
           Guillermo Garcia-Naranjo, General Director
           Phone: +(55) 52 46 8320
           Email: garcia.guillermo@kpmg.com.mx


GRUPO MEXICO: Labor Ministry To Decide Two Units' Fate
------------------------------------------------------
The decision regarding what action to take concerning the ongoing
strike at the two units of Grupo Mexico's subsidiary Minera
Mexico SA is now in the hands of the labor authorities.

The labor ministry was the one who brokered the recent pay accord
reached between Grupo Mexico and the workers at its units in
Pasta de Conchos and Zinc Electrolitica. The workers at the units
have accepted the 5.25-percent wage hike and have returned to
work.

But workers at the La Caridad and San Martin mining units
continue to strike and remain obstinate to the agreement. These
workers are seeking at least an 8-percent pay raise.

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.


CONTACT:  GRUPO MEXICO S.A. DE C.V
          Avenida Baja California 200,
          Colonia Roma Sur
          06760 Mexico, D.F.
          Mexico
          Phone: +52-55-5264-7775
          Fax: +52-55-5264-7769
          http://www.gmexico.com
          Contacts:
          German Larrea Mota-Velasco, Chairman & CEO
          Xavier Garcia de Quevedo Topete, President & COO


GRUPO MEXICO: Debt Restructuring May Take Weeks To Conclude
-----------------------------------------------------------
Two of Grupo Mexico's units, both of which defaulted amid falling
copper prices late last year, may have to wait for several weeks
to finalize their debt restructurings, according to market
sources in a Dow Jones report.

Grupo Minero Mexico defaulted on roughly US$660 million of
secured export notes and loans, while U.S. mining company Asarco
Inc. on a US$450 million loan.

Already, Asarco's bank creditors delivered a restructuring
counterproposal two weeks ago, but Grupo Mexico has not responded
yet, making the bankers increasingly nervous.

Grupo Mexico says it needs at least two more weeks to obtain a
complete evaluation of its subsidiaries' financial states.

"Until we have the final decision about (those companies')
capacity of payment, we will not be in a position to close the
restructuring," a source close to Grupo Mexico said.

Copper prices hit 14-year lows last autumn, taking with them the
values on copper inventory and the Southern Peru Copper Corp.
equity that backed Asarco's loan. The result put the Grupo Mexico
unit in violation of bank debt covenants, says Dow Jones.

The copper inventory and equity that made up that collateral was
about US$80 million short of the required amount last fall,
according to Grupo Mexico.

Now that copper prices have rebounded somewhat, the Company
believes the shortfall is more on the order of US$10-$15 million.

While Asarco negotiates with creditors on its loan, GMM is trying
to reach an agreement about how to restructure its secured export
notes, whose holders are mainly insurance companies.

CONTACT:   SOUTHERN PERU COPPER CORPORATION (SPCC)
           Ave. Caminos del Inca 171
           Urb. Chacarilla del Estanque
           Santiago de Surco
           Lima 33, Peru
           Tel: +51 1 372 1414
           Fax: +51 1 372 0238
           Home Page: http://www.southernperu.com
           Contacts:
           German Larrea Mota-Velasco, Chairman & CEO
           Oscar Gonzalez Rocha, President & Director General
           Daniel Tellechea Salido, VP - Finance

           ASARCO, INC.
           2575 E. Camelback Rd., Ste. 500
           Phoenix, AZ 85016
           Phone: 602-977-6500
           Fax: 602-977-6701
           Home Page: http://www.asarco.com
           Contacts:
           German Larea Mota-Velasco, Chairman & CEO
           Genaro Larrea Mota-Velasco, President
           Daniel Tellechea Salido, VP & CFO


CYDSA SA: Receives Affirmative Proxies for US$200M Notes
--------------------------------------------------------
Cydsa, S.A. de C.V. announced Tuesday that it has received
sufficient proxies from eligible holders of its outstanding
U.S.$200,000,000 9.375% Notes due 2002 in favor of the
extraordinary resolution to satisfy the voting requirements for
passing the extraordinary resolution at its adjourned meeting of
noteholders to be held on Friday, April 5, 2002. Prior to the
date hereof, approximately U.S.$40,400,000 in aggregate principal
amount of notes has been validly tendered and not withdrawn under
its tender offer, thereby satisfying the minimum tender condition
to the tender offer.

Cydsa also announced that it has extended the "Offer Expiration
Date" to 12:00 Noon, New York City time, on Friday, April 5,
2002, shortly following the adjourned meeting of noteholders. 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.

Cydsa also announced that it has extended the "Proxy Submission
Deadline" to 5:00 p.m., New York City time, on Wednesday, April
3, 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.

Furthermore, Cydsa announced that it has extended the "Proxy
Payment Deadline" to 5:00 p.m., New York City time, on Wednesday,
April 3, 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.

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 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.

This news release is not an offer to purchase, nor a solicitation
of an offer to purchase or a solicitation of proxies, with
respect to the securities. The notes have not been and will not
be registered under the Securities Act and may not be offered or
sold in the United States absent registration or an applicable
exemption from registration requirements. 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: Jesus Montemayor, Treasury Director
         Phone: +011-528-18-152-4585
         E-mail: jmontemayor@cydsa.com
         Home Page: http://www.cydsa.com.mx


SL INDUSTRIES: In Default, Losses Continue, Closes Mexican Unit
---------------------------------------------------------------
SL Industries, Inc. announced Tuesday that its net loss for the
year ended December 31, 2001 was $10,650,000, or $1.87 per
diluted share. Net losses for the year included a loss, after
tax, of $3,947,000, or $0.69 per diluted share, from discontinued
operations and pre-tax nonrecurring charges aggregating
$11,078,000, or $1.21 (net of tax) per diluted share, consisting
of restructuring charges of $3,868,000 related to closing down
two facilities and laying off 810 employees, inventory write-offs
of $2,940,000, and asset impairment write-offs of $4,270,000.
Discontinued operations included a realized loss of $2,745,000,
pre-tax, upon the sale of the assets of SL Waber.

For the year ended December 31, 2000, net income was $1,700,000,
or $0.30 per diluted share, which included a gain of $875,000, or
$0.15 per diluted share, from the settlement of a class action
suit with one of the Company's life insurance carriers.

Net sales for 2001 were $138.5 million, compared with net sales
of $148.4 million for the prior year (excluding sales at SL
Waber, a discontinued operation).

For the three months ended December 31, 2001, the net loss was
$3,107,000, or $0.54 per diluted share. This included pre-tax
charges at Condor D.C. Power Supplies in connection with the
costs of closing down the manufacturing facility in Reynosa,
Mexico ($1,102,000) and impairment charges relating to the Todd
Products acquisition ($4,145,000). For the fourth quarter of
2000, the net loss was $373,000, or $0.07 per diluted share,
which included a loss of $1,601,000, or $0.28 per diluted share,
after tax, for discontinued operations.

For the 2001 fourth quarter, net sales were $34,438,000, compared
with net sales of $35,638,000 for the same period in the prior
year (excluding sales at SL Waber, a discontinued operation).

As previously announced, at the Annual Shareholder Meeting held
on January 22, 2002, in a contested election, shareholders
elected five new directors and re-elected three incumbent
directors to the Company's Board. Shortly after the annual
meeting, Warren Lichtenstein was elected Chairman of the Board
and Chief Executive Officer, and Glen Kassan was elected
President of the Company. The former Chairman of the Board and
Chief Executive Officer, Owen Farren, was not elected to the
Board and has subsequently been terminated as an officer and
employee of the Company. All of the senior divisional and most of
the corporate management teams are continuing in their respective
positions.

Shortly after the annual meeting, two of the incumbent directors,
Charles T. Hopkins and J. Edward Odegaard, resigned as directors,
creating two vacancies on the Board of Directors. On March 8,
2002, Richard A. Smith was appointed to the Company's Board of
Directors. Smith is a private investor based in New York.
Previously, he served in various management positions with Morgan
Stanley Inc., most recently as co-head of the Worldwide
Institutional Equity Division. During his 16-year career with
Morgan Stanley, Mr. Smith was a Managing Director, served as a
member of the Management Committee and as worldwide head of the
International Equity, Convertible Bond and Derivative Products
Department. Smith received a B.A. from Yale University in 1961,
and is a member of the Board of Directors of CMT Technologies.

Warren Lichtenstein, Chief Executive Officer, commented, "The
2001 financial results reflect the challenges faced by the
Company in the semiconductor and telecommunications markets last
year. In particular, the acquisition of Todd Products Corp. and
the performance of SL Waber, Inc. contributed to substantially
all of the Company's losses over the past two years. With respect
to the Todd Products division, the Company's Condor D.C. Power
Supplies subsidiary instituted layoffs, closed two facilities,
consolidated manufacturing operations and wrote-off intangible
assets and component and finished goods inventory. The Company's
SL Waber subsidiary was sold last year at a loss. Substantially
all of the costs related to these restructuring initiatives were
charged or paid in 2001 and should not have a significant affect
on the results of operations this year."

Lichtenstein continued, "Since assuming control of the Board of
Directors and the management of SL Industries, the new directors
have been working with employees and executives throughout the
Company to review ongoing operations and to establish new budgets
and projections for 2002, which includes the anticipated receipt
of tax refunds totaling approximately $5,500,000 during 2002. We
continue to work with Credit Suisse First Boston to explore a
sale strategy to maximize shareholder value. We expect to develop
and begin implementing our new corporate strategy by the end of
April and plan on sharing that strategy with our shareholders.

"As previously announced, the Company has received a notice from
its lenders stating that SL has defaulted under its revolving
credit facility due to its failure to meet the scheduled debt
reduction to $25.5 million due March 1, 2002. Currently, the
Company has approximately $26.2 million outstanding under its
line of credit. Additionally, the Company expects that it will
not be able to meet earnings covenants under the bank loan due to
(a) the write-off of certain intangibles at its Condor subsidiary
during the fourth quarter of 2001 and (b) the operating charges
incurred in connection with the charge of change-in-control
payments and proxy cost expenses incurred in the first quarter of
2002. The opinion of Arthur Andersen LLP regarding the Company's
2001 financial statements contains a qualification with respect
to the Company's ability to continue as a going concern, which
qualification, if not acceptable to the Company's lenders, would
be a violation of a financial reporting covenant.

"We are in discussions to cure the default and to obtain a waiver
of the subject covenants. As we are now in the midst of
discussions, there can be no assurance that we will be able to
obtain waivers of the default."

About SL Industries, Inc.

SL Industries, Inc. designs, manufactures and markets Power and
Data Quality (PDQ) equipment and systems for industrial, medical,
aerospace, telecommunications and consumer applications. For more
information about SL Industries, Inc. and its products, please
visit the Company's website at www.slpdq.com.

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




               ***********


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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Information contained herein is obtained from sources believed to
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The TCR Latin America subscription rate is $575 per half-year,
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