/raid1/www/Hosts/bankrupt/TCRLA_Public/020408.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, April 8, 2002, Vol. 3, Issue 68

                           Headlines



A R G E N T I N A

BANCO FRANCES: Argentine Crisis Prompts Negative Outlook
CAMPOFRIO: Pulling Subsidiaries Out of Argentina
GRUPO GALICIA: Loan Portfolio Sale Rumors Pull Down Share Value
IMPSAT FIBER: Crisis Details Force Annual Report Filing Delay
IMPSAT FIBER: Company Profile

MASTELLONE HERMANOS: Fails To Pay US$13 Mln In Interest Due
PEREZ COMPANC: Shares Down On Expectation of Debt Defaults


B R A Z I L

ANDERSEN: Talks With KPMG In Brazil Fizzle
BCP: Shareholders Settle Funding Plan Conflict
VARIG: BNDES Analyzes Various Funding Options


C H I L E

MANQUEHUE NET: Company Profile
TELEX-CHILE: Redes Opticas Extends Tender Offer for Shares, ADSs


C O L O M B I A

SEVEN SEAS: 10b5-1 Stock Sales Plan Raised by $3 Each


D O M I N I C A N   R E P U B L I C

CAMPOFRIO: Ends Dominican Republic Operations


M E X I C O

GRUPO BITAL: Lehman Analyst Comments On SCH's Stake Purchase
GRUPO MEXICO: Zinc Mine Workers End Strike After New Wage Deal
ALFA: Investors Expect Better Profits On Higher Steel Prices


     - - - - - - - - - -

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

BANCO FRANCES: Argentine Crisis Prompts Negative Outlook
--------------------------------------------------------
Standard & Poor's said Thursday that it has revised its outlook
to negative from stable on Banco Bilbao Vizcaya Argentaria S.A.
(BBVA). The downgrade was based on the potential impact of the
Spanish bank's risk profile in an increasingly fragile financial
situation in Argentina.

At the same time, Standard & Poor's affirmed its double-'A'-minus
long-term and 'A-1'-plus short-term counterparty credit ratings
on BBVA.

"Although the bank made substantial provisions in 2001--enough to
cover in full the book value of its subsidiary in Argentina,
Banco Frances--a prolonged crisis in Argentina could increase the
risk BBVA faces there, as demonstrated by the recently announced
US$150 million facility to be provided by the bank to its
Argentine subsidiary," said Standard & Poor's credit analyst
Jes£s Martinez.

The impact of the Argentine crisis on local banks continues to
grow. "This situation amplifies the risk that BBVA is facing
while it maintains a presence in the country, and augments the
possibilities of the bank's having to inject further liquidity
and/or capital and record further charges," added Mr. Martinez.

The crisis in Argentina, if prolonged, could affect to an even
greater extent companies in which BBVA is a shareholder--such as
Repsol-YPF S.A. and Telef¢nica S.A.--thus increasing the need for
BBVA to make further provisions and reducing the profits received
through the equity method, as well as the level of capital gains
in this portfolio.

In addition to monitoring the evolution of the Argentine crisis,
Standard & Poor's continues to observe trends in the economies of
other Latin American countries where BBVA operates and evaluate
how these trends affect the bank's subsidiaries. A larger degree
of exposure to emerging markets, in addition to the sizable
amounts already invested by BBVA, as well as any weakening in the
core capital position would also affect the ratings negatively.

The ratings on BBVA continue to reflect the balance between the
bank's strong domestic franchise and financial profile, and the
heightened risk resulting from its exposure to Latin America.

BBVA has, in the past few years, invested heavily in Latin
America, where the group has reached a 10% market share in
customer deposits--with a noticeably strong position in Mexico--
and 28.5% in pension fund management. BBVA's total investment in
Latin America represents about half of the bank's adjusted core
equity--excluding preferred stock. This expansion has been
possible as a result of BBVA's strong and diversified position in
all segments of Spanish banking, which continues to be its
anchor, with market shares of between 16% and 21%.

The higher risk from Latin American subsidiaries has been
compensated for by a strong position domestically, where
profitability remains solid, based on the dynamism of the Spanish
economy as well as the gradual benefits of the merger between BBV
and Argentaria.

Over the past four years, BBVA has used its strong domestic
profits, including the capital gains realized on its industrial
portfolio, to amortize goodwill generated by the Latin American
banking acquisitions and increase provisioning to cover future
contingencies in the region. Despite internal moves, the severity
of the crisis in Argentina forced the bank to make substantial
additional provisions in 2001, diminishing profits from its Latin
American network. These provisions were offset by improving
earnings from other Latin American subsidiaries, mostly in
Mexico, and extraordinary revenues from the sale of equity
stakes.

ANALYSTS:  STANDARD & POOR'S (Madrid)
           Jesus Martinez
           Tel. (34) 91-389-6941
           Email: jesus_martinez@standardandpoors.com

           Elena Iparraguirre
           Tel. (34) 91-389-6963
           Email: elena_iparraguirre@standardandpoors.com

           Angela Cruz
           Tel. (34) 91-389-6945
           Email: angela_cruz@standardandpoors.com



CAMPOFRIO: Pulling Subsidiaries Out of Argentina
------------------------------------------------
The Spanish meatpacking group Campofrio announced that it would
wind down its operations in Argentina and sell off its affiliates
in the country, reports EFE.

The move came after its 40-percent owned Campo Austral posted
losses of US$13.2 million in 2001, tripling its losses in the
previous year.

Campofrio becomes the first of the many Spanish firms that have
invested heavily in Argentina to pull out of the crisis-plagued
Latin American region, acknowledging that it does not see any
reasonable chances of riding out the current economic meltdown.


GRUPO GALICIA: Loan Portfolio Sale Rumors Pull Down Share Value
---------------------------------------------------------------
Shares of Grupo Financiero Galicia SA, holding company for
Argentina's third-biggest bank, dropped 6.1 percent to ARS0.39 on
concern that it's selling part of its loan portfolio to raise
cash, said Leonardo Chavia, senior analyst at consulting firm
Delphos Investment.

"The bank has lost credibility," Chavia said.

Previous reports suggested that Galicia has run out of cash
following a run on deposits. The bank is seeking a buyer after
the Argentine government rejected its bailout proposal.

As of November, Galicia had more than a third of its ARS10.8
billion of assets (US$5.1 billion) in defaulted government debt.
It has borrowed more than ARS2 billion from the central bank to
cover deposit withdrawals.

Analysts believe that Galicia needs a foreign owner or government
bailout to regain depositor confidence. A takeover would likely
depend on Argentina's government presenting a clearer plan to
rebuild the country's financial system after a devaluation and
US$95 billion debt default left banks with billions of dollars of
losses, they said. Already, international banks face billions of
dollars of losses from Argentine loans.

CONTACTS:  BANCO DE GALICIA Y BUENOS AIRES
           Teniente General Juan D. Peron 456, Piso 3
           1038 Buenos Aires, Argentina
           Phone: +54-11-4343-7528


IMPSAT FIBER: Crisis Details Force Annual Report Filing Delay
-------------------------------------------------------------
Impsat Fiber Networks Inc. announced it will defer the filing of
its annual report until April 15 as it is still analyzing the
impact of the ongoing economic and political crisis in Argentina,
relates Dow Jones.

The Company's latest filing with the Securities and exchange
commission indicated that it has already took a one-time, non-
cash impairment charge of US$234.7 million in the third quarter
in connection with the crisis. The Company is assessing whether
it should increase the impairment charge for the full year.

Impsat Fiber has reportedly reached agreements in principle with
several of its largest vendors and bondholders to reduce or
recharactarize its debt by about US$680 million. The Company
disclosed it may have to reorganize under Chapter 11 of the U.S.
Bankruptcy Code.

Impsat Fiber is a leading provider of fully integrated broadband
data, Internet and voice telecommunications services in Latin
America. The Company currently provides services to 3,000
national and multinational companies, government entities and
wholesale services to carriers, ISPs and other service providers
throughout the region. The Company has local operations in
Argentina, Colombia, Venezuela, Ecuador, Mexico, Brazil, the
United States, Chile and Peru.

CONTACT:  Impsat Fiber Networks, Inc.
          Guillermo Jofre/Gonzalo Alende Serra, 54 11 5170 3700
          or
          Houlihan Lokey Howard & Zukin Capital
          John McKenna/Lily Chu, 212/497-4100
          or
          Citigate Dewe Rogerson
          John McInerney/Robin Weinberg, 212/688-6840

          IMPSAT ARGENTINA
          Alferez Pareja 256
          c1107bjd Buenos Aires
          Phone: +54-11-5170-0000
          Fax:   +54-11-5170-6500
          Home Page: http://www.impsat.com/
          Contact:
          Sr Gonzalo Alende Serra
          Vice President Investor Relations
          Phone: +54-11-5170-3700


IMPSAT FIBER: Company Profile
-----------------------------
NAME:  IMPSAT Fiber Networks, Inc.
       Alferez Pareja 256 (1107)
       Buenos Aires, Argentina

PHONE: +54-11-5170-0000

FAX: +54-11-5170-6500

EMAIL: rweinberg@dewerogerson.com

WEBSITE: http://www.impsat.com

EXECUTIVE MANAGEMENT TEAM:
     Enrique M. Pescarmona, Chairman
     Ricardo A. Verdaguer, President, CEO, and Director
     H‚ctor Alonso, Chief Operating Officer
     Guillermo Jofr‚, Chief Financial Officer

TYPE OF BUSINESS: IMPSAT Fiber Networks, Inc. is a provider of
private telecommunications network and Internet services in Latin
America. The Company offers integrated data, voice and Internet
solutions, with an emphasis on broadband transmission, for
national and multinational companies, financial institutions,
governmental agencies and other business customers. The Company
also offers dedicated Internet services to Internet service and
content providers. IMPSAT''s comprehensive telecommunications
solutions consist of any combination of its service offerings,
including the enhanced and additional services that the Company
is able to offer using its broadband network in Argentina and
Brazil.

SIC: Telecommunications - Cable TV & Satellite Systems

EMPLOYEES: 1,711 (last reported count)

SALES: $331.8M (as of April 2, 2002)

TOTAL ASSETS:  $ 935.6 million (Q ended Sept. 2001)

TOTAL LIABILITIES: $1.28 billion (Q ended Sept. 2001)

LATEST FINANCIAL STATEMENT:
http://bankrupt.com/misc/Impsat_Fiber.txt

PUBLIC SECURITIES: 91.43 million - Total Common Shares
                   Outstanding (Q ended Sept. 2001)



MASTELLONE HERMANOS: Fails To Pay US$13 Mln In Interest Due
-----------------------------------------------------------
Mastellone Hermanos, the dairy company owned by La Serenisima,
defaulted on a US$13-million interest payment for a negotiable
bond, reports South American Business Information.

The negotiable bond totals US$225 million. Mastellone Hermanos'
total liabilities, including this bond, amount to US$362 million.

The Company's inernal market sales have dropped substantially
while exports represent only 11 percent of its sales.

Mastellone Hermanos is among many Argentine firms caught
virtually flat-footed by the governmental measures, economic
situation and currency changes in the country during the first
quarter of the year.

Earlier, The Capital Foundation released a report that Argentine
firms that sold bonds in foreign markets during the past decade
face "enormous financial problems" and are "at imminent risk of
generalized default."

The foundation attributed "the extensive deterioration in the
corporate debt rating" of the companies to the devaluation of the
peso in January as well as to "the unprecedented depression that
has been punishing the Argentine economy for more than four
years."

Since President Eduardo Duhalde ordered the devaluation in
January, many companies with incomes in pesos have found it
nearly impossible to fulfill their financial obligations as a
result of the eroding currency.


PEREZ COMPANC: Shares Down On Expectation of Debt Defaults
-----------------------------------------------------------
Perez Companc SA shares fell 2.9 percent to ARS2.38 as investors
bet that the largest independent energy producer in Latin America
may default on its debts, said Leonardo Chavia, senior analyst at
consulting firm Delphos Investment.

However, spokesman Mario Grandinetti said last month that the
Company would meet debt obligations this year. Grandinetti also
disclosed that Perez Companc is in talks with creditors to
refinance US$1.3 billion of debt due this year. Perez Companc
owes US$270 million in international bonds, US$392 million in
bank loans and US$348 million in trade finance. Another US$243
million is owed to domestic banks, analysts said.

Analysts believe that Perez Companc may have to sell assets in
order to finance these debts. The Company has about US$600
million in accounts outside Argentina to cover payments as the
government maintains restrictions on bank transfers and the peso
continues to weaken, analysts said.

According to Terrance O'Dwyer, a corporate bond analyst at
Prudential Securities Inc. in New York, Perez Companc may sell
offshore oil fields to raise cash. Potential holdings include a
50-percent in an oil field in the Amazon region of Ecuador.

CONTACT:  PECOM ENERGIA S.A. DE PEREZ COMPANC S.A.
          Maipu 1 Piso 22 C1084ABA
          Buenos Aires, Argentina
          Phone: (54-11) 4344-6000
          Fax: (54-11) 4344-6315
          Home Page: http://www.pecom.com.ar/
          Contacts:
          Jorge Gregorio Perez, Chairman and Pres.
          Oscar Anibal Vicente, Vice Chairman and CEO

          Investor Relations:
          Daniel Rennis
          drennis@pecom.com

          Alberto Jankowski
          ajankows@pecom.com

          Phone:(5411)4344-6655



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

ANDERSEN: Talks With KPMG In Brazil Fizzle
------------------------------------------
KPMG in Brazil on Thursday said it had suspended talks with
auditing and consulting firm Andersen, saying negotiations on a
merger of the two firms had failed so far.

The two firms initiated negotiations last month. The conclusion
of the deal would have seen Andersen creating the largest
auditing firm in Brazil. With 37 percent market share, the
envisioned firm would have toppled PriceWaterhouseCoopers from
the current number one position in the market, with 33 percent
share or 147 publicly-held companies as clients.

Andersen currently ranks second with 27 percent market share or
126 companies. KPMG is the fifth largest in the Brazilian market
with 10 percent or 48 publicly-held companies. Ernst & Young and
Deloitte Touche, third and fourth respectively, have 16 percent
and 14 percent of the Brazilian market.

However, some of Andersen's clients in Brazil are firing the firm
as auditor while its parent company fights a criminal charge
brought against it by the U.S. Justice Department. Among these
clients are Copene, Votorantim, Gerdau and Embraer. These
companies are said to be looking for contracts with Andersen's
competitors.

Andersen is facing charges with obstruction of justice for
shredding documents relating to its audit of collapsed energy
trader Enron Corp.

Many experts expect a bankruptcy filing unless Andersen can come
to a settlement soon with the U.S. Justice Department.

CONTACTS:  ANDERSEN (Brazil)
           E-mail:
           brazil@andersen.com
           brazil.careers@andersen.com

           Belo Horizonte
           Av. Alvares Cabral, 1741 - 9  andar
           Belo Horizonte - MG Brasil
           CEP: 30170-001
           Phone: 55 31 3330 1300
           Fax: 55 31 3330 1400

           Curitiba
           R. Marechal Deodoro, 717 - 7  andar
           Curitiba - PR Brasil
           CEP: 80020-912
           Phone: 55 41 223 9511
           Fax: 55 41 232 6714

           Porto Alegre
           Av. Carlos Gomes, 403 - 10 , 11  e 12  andares
           Porto Alegre - RS Brasil
           CEP: 90480-003
           Phone: 55 51 3327 8800
           Fax: 55 51 3328 3031

           Rio de Janeiro
           Praia de Botafogo, 300 - 7  andar
           Rio de Janeiro - RJ Brasil
           CEP: 22250-040
           Phone: 55 21 2559 4141
           Fax: 55 21 2552 3253

           Sao Paulo
           R. Alexandre Dumas, 1981 - Chacar  de Santo Ant"nio
           Sao Paulo - SP Brasil
           CEP: 04717-906
           Phone: 55 11 5185 2444
           Fax: 55 11 5181 2911


BCP: Shareholders Settle Funding Plan Conflict
-----------------------------------------------
A spokesman for Banco Safra revealed that the investment fund,
which is controlled by the Brazilian bank's owners, and BellSouth
Corp. have reached a funding agreement for their loss-making
Brazilian wireless unit BCP SA, according to an article released
by Dow Jones.

Brothers Joseph and Moise Safra had been looking to overhaul the
balance sheet of mobile operator BCP SA, however, BellSouth had
earlier balked, causing an impasse that led to the carrier's
default on US$375 million last Thursday.

The default, says Dow Jones, triggered payment accelerations on
as much as US$1.6 billion of BCP's debt load. But even so, Carlos
Alberto Vieira, chief executive of Banco Safra, believes
creditors will likely give the shareholders some time to work out
their differences before demanding their cash.

The Safras and BellSouth each hold 44.5 percent of BCP.

The default comes at the backdrop of a continuing speculation
about a possible buyout of BCP by a larger wireless group here
and as BellSouth's Argentina mobile unit, Movicom, sorts out the
impact of that country's recent currency devaluation.

CONTACT:  BELLSOUTH CORPORATION
          1155 Peachtree St. NE
          Atlanta, GA 30309-3610
          Phone: 404-249-2000
          Fax: 404-249-5599
          Home Page: http://www.bellsouth.com
          Contacts:
          Investor Relations
          Phone (US): 800.241.3419
          Fax: 404.249.2060
          E-mail: investor@bellsouth.com

          BCP TELECOMUNICACOES
          Rua Florida, 1970 4o andar
          Sao Paulo - SP
          Tel: 55 11 5509-6428
          Fax: 55 11 5509-6257
          Home Page: http://www.bcp.com.br

          MOVICOM BELLSOUTH
          Ingeniero Enrique Butty 240
          1001 Buenos Aires
          Argentina
          Phone: 541-15-321-0000
          Fax: 541-14-321-0334


VARIG: BNDES Analyzes Various Funding Options
---------------------------------------------
The Brazilian development bank BNDES (Banco Nacional de
Desenvolvimento Economico e Social) is studying the possibility
of funding air transportation company Varig, says Gazeta
Mercantil.

The bank may acquire a minority stake in Varig or debentures in a
future issue, according to Gazeta.

Recently, Varig posted a staggering full-year 2001 net loss of
BRL481 million, compared to a full-year 2000 net loss of
BRL178.539 million.

The Company's problems deepened as currency depreciation
magnified costs and debts while an economic slump and the
September 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.

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

          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



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

MANQUEHUE NET: Company Profile
------------------------------
NAME:  Manquehue Net S.A.
       Av. Condor 796, Enterprise City,
       Huechuraba Santiago Chile

PHONE: 00 562 243 8800

FAX: 00 562 248 7292

EMAIL: info@manquehue.netl

WEBSITE: http://www.manquehue.net/
         http://www.manquehue.cl

EXECUTIVE MANAGEMENT TEAM:
     Mr. Miller Williams, President
     Sr. Jose Luis Rabat Vilaplana, Vice-president

TYPE OF BUSINESS: Manquehue provides local exchange service in
and around Santiago, Chile. Manquehue has approximately 92,000
lines in service or 2.6% of the Chilean market. Through its
affiliate, 122 Manquehue Net, the company provides international
and national long distance service. Manquehue also provides
Internet, cable TV and public telephony services. The current
ownership structure is as follows: Metrogas S.A. (25.75%),
Williams International Telecom (16.3%), Rabat Family (21%), Xycom
Development (6.87%) and National Grid (30%).

TRIGGER EVENT:  Manquehue Net hired investment bank ABN Amro
(ABN) to help it find a strategic partner after its foreign
shareholders, U.K. utility National Grid Group PLC (NGG) and
Williams Communications Group (WCGR) revealed plans to sell their
30 percent and 16.4 percent stakes, respectively.

To see financial statements:
http://bankrupt.com/misc/Manquehue.doc

Last TCRLA Headline DATE: Friday, April 5, 2002, Vol. 3, Issue 67


TELEX-CHILE: Redes Opticas Extends Tender Offer for Shares, ADSs
----------------------------------------------------------------
Redes Opticas (Cayman) Corp. ("Redes Cayman") extended the
expiration of the U.S. tender offer and Redes Opticas S.A.
("Redes") will announce in Chile that it will extend the
expiration of the concurrent Chilean tender offer, each initiated
on March 7, 2002, for 28.69% of the outstanding "Class A" shares
and 28.69% of the outstanding "Class B" shares (including
American Depositary Shares (the "ADSs")), totaling 65,392,249
shares, of Telex-Chile S.A. (the "Shares")(NYSE: TL).

Redes Cayman is making the tender offer in the United States(the
"U.S. Offer") for Shares held by U.S. holders and for the ADSs,
and Redes, the parent and sole shareholder of Redes Cayman, is
making a concurrent tender offer in Chile (the "Chilean Offer",
and together with the U.S. Offer, the "Offers") for Shares but
not for the ADSs. Redes Cayman is offering Ch$18 per Share and
Ch$180 per ADS, payable in each case, in U.S. dollars. Redes is
offering Ch$18 per Share payable in Chilean pesos. Only 28.69% of
the outstanding Shares, including Shares represented by the ADSs,
equal to an aggregate of 65,392,249 Shares will be purchased in
the Offers.

The expiration date of the U.S. Offer is extended to 5:00 p.m.,
New York City time, on April 11, 2002, and the Chilean Offer will
be extended to 5:00 p.m., Santiago time, on April 11, 2002. The
Offers are being extended to give holders of Shares and ADSs
additional time to tender their Shares and/or ADSs. Redes Cayman
and Redes remain confident that they will complete the Offers.

As of the close of business on April 3, 2002, approximately
213,046 Shares (including Shares represented by the ADSs),
representing approximately 0.1% of the total outstanding Shares,
had been validly tendered in the U.S. Offer.

The Bank of New York is the depository agent for the U.S. Offer
and Mackenzie Partners, Inc. is the information agent. Mackenzie
Partners, Inc. may be contacted for questions or assistance
regarding the U.S. Offer at, toll free, (800)322-2885, or writing
at 105 Madison Avenue, New York, New York 10016.

Additional Information

Redes Cayman is a newly incorporated Cayman Islands company and a
wholly owned subsidiary of Redes. Redes is a newly formed
company, organized under the laws of The Republic of Chile, and
an indirect majority owned subsidiary of Southern Cross Latin
America Private Equity Fund, L.P. ("Southern Cross"). Southern
Cross is a Cayman Islands partnership created in 1998 with the
purpose of making direct, control investments in companies
located in Latin America.

Telex-Chile S.A. is a Chilean telecommunications holding company
principally engaged, through its subsidiaries, in the provision
of long distance services within Chile as well as in other
selected Latin American countries and the United States. It is
one of the leading facilities-based providers of public long
distance services within Chile through Chilesat S.A., its long
distance carrier and principal subsidiary.

CONTACT:  REDES OPTICAS
          Mackenzie Partners, Inc., New York
          Charlie Koons, 212/929-5708

          TELEX-CHILE SA
          Rinconada El Salto 202,
          Huechuraba
          Santiago, Chile
          Phone: +56-2-380-0171
          Fax: +56-2-382-5142
          Toll Free: 800-379-9110
          E-mail: tlchile@chilesat.net
          Home Page: http://www.telex.cl
          Contacts:
          Juan Eduardo Ibanez, Chairman
          Fernando Poch, CEO
          Daska Radic, Vice Chairman
          Rafael Wilhelm, CFO

          Investor Relations
          Fax: 3825142



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

SEVEN SEAS: 10b5-1 Stock Sales Plan Raised by $3 Each
-----------------------------------------------------
Seven Seas Petroleum Inc. (Amex: SEV) announced that Robert A.
Hefner III, Chairman and CEO of Seven Seas, has modified a plan
established in February 2002 to sell 1,000,000 shares of Seven
Seas common stock. This plan, established under U.S. Securities
and Exchange (SEC) Rule 10b5-1, previously provided for the sale
of 300,000 shares at prices between $4.00 and $6.99 per share,
350,000 shares between $7.00 and $9.99 per share, and 350,000
shares at $10.00 per share or above. The modification uniformly
increases these ranges by $3.00 so that Mr. Hefner will now sell
300,000 shares at prices between $7.00 and $9.99 per share,
350,000 shares between $10.00 and $12.99 per share, and 350,000
shares at $13.00 per share or above. Mr. Hefner currently owns
4,783,251 shares and has the right to purchase an additional
8,699,402 shares through the exercise of warrants and stock
options. In accordance with SEC Rule 10b5-1, Mr. Hefner's sales
plan was designed to assure that all sales of common stock sold
under the plan will not be influenced by, or made on the basis
of, material non-public information of which Mr. Hefner or any of
his affiliates may be in possession.

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



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D O M I N I C A N   R E P U B L I C
===================================

CAMPOFRIO: Ends Dominican Republic Operations
---------------------------------------------
The cold meat storage company Campofrio said it will pull out of
the Dominican Republic and sell off its affiliates in the
country. The Company has already made a provision of US$2 million
to cover losses it expects from selling off its affiliate,
Agrocarne.

Campofrio is Spain's leading meat processor. It also has
production plants in Russia, the Philippines and Mexico, and
production now exceeds 50,000 tonnes annually.

Among the leading shareholders in Campofrio are Hormel. Campofrio
bought Spain's third-largest meat vendor, Navidul, in 2000.

CONTACT:  CAMPOFRIO ALIMENTACION, S.A
          Avda Europea 24, La Moraleja
          E-28108 Madrid, Spain
          Phone: +34-91 484 2700
          Fax: +34-91 661 5345
          Home Page: http://www.campofrio.es
          Contacts:
          Pedro Ballve Lantero, Co-Chairman
          Luis Serrano Martin, Co-Chairman
          Juan J. Guibelalde Inurritegu¡, CEO and VP



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

GRUPO BITAL: Lehman Analyst Comments On SCH's Stake Purchase
------------------------------------------------------------
Spanish banking giant SCH's move to increase its stake in Mexican
financial group Grupo Financiero Bital to 25.4 percent this week
is an interesting move, says Lehman Brothers Latin American
banking analyst Juan Partida in a Business News Americas report.

However, according to Partida and contrary to the Mexican press
speculation, it does not necessarily mean an acquisition is in
the making.

On Wednesday, Banco Comercial Portugues SA (BPC) agreed to sell
its interest in Bital to SCH for US$85 million, saying the
interest corresponds to 42.7 million shares, representing 8.3
percent of the share capital of the company, and 66.7 million
convertible bonds.

The move came as a surprise to analysts because it does not
represent a logical course of action if the Spanish bank really
wants to acquire control of Bital, Partida said, adding such an
acquisition would make little sense for SCH in terms of costs and
benefits.

Executives at SCH and Bital may have also fed rumors by refusing
to rule out a takeover.

As what Bital CEO Eduardo Berrondo said: "They would have to
convince us [to sell] and bring us to a price; it would be like
what happened with Banamex [acquired in July 2001 by Citibank]."

According to Partida, rumors are likely unfounded, because even
if SCH felt a need to acquire Bital, doing so would be very
costly as Bital is on the verge of successfully concluding its
US$400-million capitalization program and consequently finds
itself well positioned with a strong market value.

SCH also faces the dilution of its current 25.4 percent stake to
18 percent in the coming months when Dutch bank ING - which has
committed US$200 million to gain a 17.5 percent stake in Bital -
becomes a shareholder and the local controlling shareholder group
headed by Berrondo converts MXN1.5 billion (US$166 million) of
convertible debt holdings to equity.

Partida said that gaining equal minority footing with ING would
not be a logical explanation for SCH's purchase of BCP's stake.

According to Partida, SCH has two compelling reasons for
remaining a Bital shareholder. The first is to hold its position
in a financially sound bank with a high market value. The second
is to maintain a seat on Bital's board of directors, as this
gives SCH valuable market intelligence on an increasingly viable
competitor.

CONTACT:  GRUPO FINANCIERO BITAL
          Paseo De La Reforma
          No. 243, Cuauhtemoc,
          06500, Mexico ,D.F.
          Phone: 57.21.52.86
          Fax:  57.21.57.83
          Home Page: www.bital.com.mx
          Contact:
          Investor Relations
          Act. Ricardo Garza Galindo Salazar
          Phone: 57.21.26.40
          Fax:57.21.26.26
          E-mail: ricaggs@bital.com.mx

          BANCO COMERCIAL PORTUGUES
          Miguel Duarte
          +35-121-321-1081;

          CITIGATE DEWE ROGERSON FOR (BPC)
          Patrick Hughes or Paul Hebert
          +1 212-688-6840

          SANTANDER CENTRAL HISPANO S.A.
          Plaza de Canalejas, 1
          28014 Madrid, Spain
          Phone: +34-91-558-10-31
          Fax: +34-91-552-66-70
          Home Page: http://www.bsch.es
          Contacts:
          Emilio Botin-Sanz, Chairman
          Ana Patricia Botin, Chairman, Banesto
          Alfredo Saenz, CEO, Chairman BSN, Banif,
                              Deputy Chairman SCH Investment
          Jose Luis del Valle, EVP Finance

          ING GROEP N.V.
          Strawinskylaan 2631
          1077 ZZ Amsterdam,
          The Netherlands
          Phone: +31-20-541-54-11
          Fax: +31-20-541-54-44
          Home Page: http://www.ing.com
          Contacts:
          Ewald Kist, Chairman
          Cees Maas, Chief Financial Officer


GRUPO MEXICO: Zinc Mine Workers End Strike After New Wage Deal
--------------------------------------------------------------
Grupo Mexico SA, the world's third largest copper miner,
announced reaching an agreement with workers at its San Martin,
Zacatecas mine signaling an end to a month-long strike over wage
increases.

The strike at the plant in Zacatecas "has terminated in
accordance with the original conciliatory agreement, consisting
of a 5.25 percent increase in the salary revision of the
collective labor contract and an additional 0.5 percent increase
for benefits," Grupo Mexico said in a statement.

More than 4,000 workers at four units of Grupo Mexico walked out
March 5, demanding the Company improve its offer of a 5 percent
salary increase to between 8 percent and 10 percent.

Two weeks ago, workers at the units in Coahuila and San Luis
Potosi ended their strike, accepting a wage increases of 5.25
percent and 5.75 percent, respectively.

However, operations at Grupo Mexico's La Caridad plant in the
northern state of Sonora remain suspended as workers continue
their strike.

The strikes have crippled Grupo Mexico's mining activities as the
Company struggles to meet debt payments as low copper prices cut
into its cash flow.

A prolonged strike at the La Caridad mine may worsen the Mexico
City-based company's financial situation because it is a key
source of copper exports. Without production from the mine, the
Company's supply of cash to pay debt may dry up, analysts said.


ALFA: Investors Expect Better Profits On Higher Steel Prices
------------------------------------------------------------
Shares of Alfa SA, a steel and petrochemical producer, rose 6.7
percent to MXN16.32 pesos on optimism higher steel prices will
allow its steel unit, which is restructuring debt with creditors,
to boost profits and service its debt in the future, reports
Bloomberg.

Hylsamex SA, the steel business of Alfa SA, reached an agreement
late last year with creditors to reschedule US$627 million in
debt of its primary steel unit Hylsa.

On March 15, Hylsa failed to make good on a US$13.9 million
coupon on its eurobonds due to its "extremely low liquidity
position." The company has approximately US$1.1 billion in debt.

To see financial statements:  http://bankrupt.com/misc/Hylsa.doc

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




               ***********


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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