/raid1/www/Hosts/bankrupt/TCRLA_Public/020422.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 22, 2002, Vol. 3, Issue 78

                           Headlines


A R G E N T I N A

BHN/TGN: Structured Finance Defaults Hit; Secured Exports Dodge
IMPSAT FIBER: Forecasts 2002 Capex At US$29 Mln
MULTICANAL: S&P Drops Risk Rating To D Following Default
SCOTIABANK QUILMES: Central Bank Orders Operations Suspended


B E R M U D A

ANDERSEN: IPC Holdings Replaces Auditor
FLAG TELECOM: Bondholders Demand Return Of US$210M Transfer
GLOBAL CROSSING: Group Linked To Ex-CEO Engages In Share Trades
GLOBAL CROSSING: To Pay $500/Hr To Outside Directors
I.P.C. GROUP: A.M. Best Downgrades Ratings


B O L I V I A

ATLAS MINERALS: Emerges Bankruptcy; Deals On Bolivian Entities


B R A Z I L

GLOBO CABO: Shares Plunge To Two-Year Low
GLOBOPAR: To Sell TV Assets To Meet Debts, Raise Capital
TELEMAR: President Downplays Reports Of Imminent Crisis
TRANSBRASIL: Seizing Opportunity To Appeal Bankruptcy


C H I L E

COEUR D'ALENE: Chilean Mine Commences Production Ahead of Sched.
ENAMI: Mining Ministry Still Studying Ventanas' Fate


C O L O M B I A

SEVEN SEAS: Provides Escuela 2 Exploration Well Update


M E X I C O

NII HOLDINGS: Nextel Nixes US$250M Proposal; 1Q02 Results Improve
TFM/TMM: Moody's Confirms, Downgrades Ratings
VITRO: Sells Ampolletas Stake to Partner Gerresheimer Glas AG


P A N A M A

BLADEX: Despite Reducing Exposure, Argentina Foils 1Q02 Results


     - - - - - - - - - -


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

BHN/TGN: Structured Finance Defaults Hit; Secured Exports Dodge
---------------------------------------------------------------
The current Argentine crisis has caused the first-ever default
for emerging market structured finance, and defaults are
anticipated to increase over the course of the year, according to
a new report published Thursday by Fitch Ratings.

"Fitch's analysis will use the Argentine stress levels when
rating future emerging market securitizations," says Greg
Kabance, Senior Director at Fitch Ratings. "Fitch recognizes that
certain events might be unique to Argentina given the
characteristics of their economy."

According to the report, defaulted transactions include
residential mortgage transactions related to Banco Hipotecario
and an IFC B loan transaction related to TGN. The survivors
during this meltdown have been the export receivable future flow
securitizations, which include Molinos rio de la Plata S.A.'s
secured export notes (SEN) and YPF S.A.'s (YPF) SEN I and SEN II.
These transactions continue to perform, and Fitch believes that
hard currency export revenues, captured in offshore collection
accounts, provide the protection investors need to survive the
crisis.

Structured financings with a high probability to default in the
future include the provincial coparticipation/hydrocarbon
transactions and several utility transactions that were hybrid
deals involving preferred creditors or political risk insurance.

CONTACT:  FITCH RATINGS
          Greg Kabance, 312/368-2052
          Matt Burkhard, 212/908-0540 (Media Relations)

          BANCO HIPOTECARIO SOCIEDAD ANONIMA
          151 Reconquista
          Buenos Aires, Argentina
          Phone: +54 011 4347 5546
          http://www.hipotecario.com.ar

          MOLINOS RIO DE LA PLATA S.A.
          Uruguay 4075, Victoria
          B1644HKG Buenos Aires, Argentina
          Phone: +54-(0)11-4340-1100
          Fax: +54-(0)11-4340-1273
          URL: http://www.molinos.com.ar
          Contacts:
          Gregorio Perez Companc, Chairman
          Juan Manuel Forn, CEO
          Guillermo Garcia, COO
          Anibal Rodriguez Melgarejo, CFO

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


IMPSAT FIBER: Forecasts 2002 Capex At US$29 Mln
-----------------------------------------------
As a result of the sustained economic difficulties in Argentina
and Brazil, and the end of certain contracts with subsidiaries of
360networks Inc., Impsat Fiber Networks Inc. expects capital
spending to drop to around US$29.8 million this year from its
initial estimate of US$252 million, reports Dow Jones.

In its annual report filed recently with the Securities and
Exchange Commission, Impsat stated it is facing "significant"
cash flow and liquidity problems. Capital requirements under its
business plan for the year are greater than its available capital
resources, and its cash flows and liquidity are insufficient to
satisfy all of its obligations, the Company discolsed.

Impsat ended 2001 with total cash, cash equivalents and trading
investments of US$64.9 million and total debt of US$990.6
million.

Moreover, Impsat said it has no material working capital or other
credit facility from which it could borrow for working capital or
other general corporate purposes.

Since the Company isn't generating sufficient revenue to repay
obligations under debt agreements that are due and payable,
Impsat is in default under its senior notes. In the filing, the
Company revealed it has failed to make the semiannual interest
payment on its notes due 2003, its notes due 2005, and its notes
due 2008.

In each case, the Company wasn't able to make the required
payment within the 30-day grace periods before a default. Impsat
is also in default under its vendor financing agreements.

As of March 31, the Company's debt under the senior notes was
US$650 million, and under the vendor agreements, it had US$261.1
million outstanding, according to the filing.

With the assistance of the investment bank Houlihan Lokey Howard
& Zukin Capital, Impsat is negotiating with holders of the senior
notes and with creditors under the vendor financing agreements
regarding a proposed plan to restructure its balance sheet.

Impsat, also disclosed it received about US$2.6 million from
Global Crossing Ltd. last week with respect to the default on
payments related a series of agreements that provided
telecommunications services.

Impsat said that as of March 31, Global Crossing, which filed for
protection under Chapter 11 of the U.S. Bankruptcy Code in
January, was in default for US$5.6 million Impsat invoiced to
them during the second half of 2001 and the first quarter ended
March 31.

Earlier this month, Impsat said it submitted invoices totaling
US$3 million for services to be rendered under agreements with
Global Crossing for the second quarter.

In light of Global Crossing's payment defaults, the Company
declined to pay US$1.9 million owed to Global Crossing for
services through the first quarter.

CONTACT:  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

FINANCIAL ADVISER:  Houlihan Lokey Howard & Zukin Capital
                    Franklin W. "Fritz" Hobbs, CEO
                    1-800-788-5300 toll free
                    Website: www.hlhz.com


MULTICANAL: S&P Drops Risk Rating To D Following Default
--------------------------------------------------------
Standard and Poor's downgraded Multicanal's risk qualification
from CC to D after the cable TV operator of the Clarin group
defaulted on one of its debts again.

Multicanal, a leading cable TV provider in Argentina, failed to
make the US$19.4 million interest payments on 2 negotiable bonds
of US$150 million and US$175 million due last week. These
negotiable bonds are part of a global program of US$1.05 billion.

Multicanal's debt stands at US$560 million, said S&P.

CONTACT:  MULTICANAL S.A.
          Avalos 2057
          C1431DPM Buenos Aires, Argentina
          Tel: 54 11 4524-4700
          Fax: 54 11 4370-5162
          Contact: Fabian Melnitzky
          E-mail: fmelnitz@redarg.com.ar


SCOTIABANK QUILMES: Central Bank Orders Operations Suspended
------------------------------------------------------------
The Argentine central bank ordered Scotiabank Quilmes SA to suspend
for 30 days most of its operations, citing diminution of funds.
According to Dow Jones, the central bank also asked Scotiabank Quilmes
to present a recapitalization plan by May 18.

Scotiabank blamed Argentina's peso devaluation, a lack of assistance
from the central bank and the government's February decision to
convert outstanding dollar bank loans into pesos at a rate 30 percent
less than dollar deposits were converted into pesos for its cash
shortage and its inability to continue operations.

"We'll keep working with the government to assure that this process is
concluded as soon as possible," the bank said.

"The solid state of Scotiabank Quilmes' assets will permit the bank to
meet the obligations we have with our depositors, creditors and
staff," the bank added.

CONTACTS:  SCOTIABANK QUILMES
           Alan Macdonald
           Chief Executive Officer
           Phone: (54-11) 4338-8000
           Fax: (54-11) 4338-8033
           Mail: 6th Floor
           Gral. J.D. Peron 564
           (C1038AAL) Buenos Aires

           Roy D. Scott
           Vice-President and Managing Director, Latin America
           Phone: (54-11) 4394-8726
           Fax: (54-11) 4328-1901
           Mail: P.O. Box 3955
           C1000WBN Correo Central
           Buenos Aires, Argentina
           E-mail: scotiarep@sinectis.com.ar

AUDITORS:  KPMG LLP
           Av. Leandro N. Alem 1050, Piso 2
           C1001AAS-Buenos Aires, Argentina
           +54 (11) 4316 5700

           PRICEWATERHOUSECOOPERS LLP
           Buenos Aires Office
           Cerrito 268
           C1010AAF Buenos Aires
           Mail Address :
           Casilla de Correo Central 896
           C1010AAF Buenos Aires
           Argentina
           Telephone: [54] (11) 4370 6000, 4370 6700, 4370 6900
           Telecopier: [54] (11) 4370 6800, 4370 6339

           Cordoba Office
           PricewaterhouseCoopers
           Boulevard Chacabuco 492
           X5000IIR C>rdoba
           Telephone: [54] (351) 420 2300
           Telecopier: [54] (351) 420 2332



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

ANDERSEN: IPC Holdings Replaces Auditor
---------------------------------------
IPC's Board of Directors announced Wednesday that it has proposed
KPMG for appointment as the Company's independent auditors by the
shareholders at the Company's Annual General Meeting on June 14,
2002. Under IPC's current bylaws, shareholders are required to
appoint the auditor each year.

The decision to propose KPMG followed a thorough evaluation
process conducted by the Audit Committee of the Board of
Directors and the Audit Committee's recommendation of KPMG to the
Board. Arthur Andersen have served IPC as the Company's auditors
for the nine years since IPC's formation in May 1993, during
which period they have always adhered to a high standard of
professionalism.

IPC Holdings, Ltd., through its wholly-owned subsidiary IPCRe
Limited, provides property catastrophe reinsurance and, to a
limited extent, marine, aviation, property-per-risk excess and
other short-tail property reinsurance on a worldwide basis.

CONTACT:  IPC HOLDINGS
          Jim Bryce, President & CEO
          John Weale, Senior VP & CFO
          Tel.: +1-441-298-5100


FLAG TELECOM: Bondholders Demand Return Of US$210M Transfer
-----------------------------------------------------------
A group of FLAG Telecom Holdings Limited [FTHL], bondholders are
asking the Court for the return of US$210 million in funds
transferred by FTHL to a non-debtor subsidiary, FLAG Pacific
Holdings Limited.  The group also moves the Court to restrict any
further use of that cash without Court authority.

The bondholders, forming themselves into an ad hoc committee,
hold approximately US$200 million of FTHL's dollar-denominated
11-5/8% Notes and approximately E210,000,000 of Euro-denominated
11-5/8% Notes, says Adam L. Shiff, Esq., at Kasowitz, Benson,
Torres & Friedman LLP, counsel for the bondholders. The Steering
Committee -- comprised of Varde Partners Inc., Elliott
Associates, Cerberus Capital Partners and York Capital -- holds
approximately US$150 million of the Dollar Notes and E120,000,000
of the Euro Notes.

FTHL is in default, based on the cross-default provisions under
the Indentures to the Notes, after its bank lenders accelerated
the debt owed under a 1999 Credit Agreement. The lending
syndicate is comprised of:

      1.  Barclays Bank plc, as Administrative Agent for the
          Lenders
      2.  Dresdner Bank AG, New York and Grand Cayman Branches,
          as Documentation Agent
      3.  Westdeutsche Landesbank, as Syndication Agent
      4.  Girozentrale, New York Branch
      5.  Australia and New Zealand Banking Group Ltd.
      6.  Bank of Scotland
      7.  City National Bank
      8.  Credit Lyonnais
      9.  DG Bank
      10. Erste Bank Der Oesterriechischen Sparkassen AG
      11. Gulf International Bank B.S.C.
      12. Bayerische Hypo-Und Vereinsbank, AG, New York Branch
      13. IKB Deutsche Industriebank AG, Luxembourg Branch
      14. Kbc Finance Ireland
      15. Landesbank Hessan-Thuringen Girozentrale
      16. Landesbank Sachen Girozentrale
      17. Mitsubishi Trust & Banking Corp.
      18. NIB Capital Bank
      19. Rabobank International
      20. Raiffeisen Zentralbank Osterreich Aktiengesellschaft
      21. Societe Generale
      22. Sumitomo Bank Limited
      23. The Royal Bank of Scotland plc

Although FTHL is not a borrower or a guarantor under the credit
facility, its funds on deposit with Barclays Bank plc have been
frozen.  Further, FTHL held funds at a financial institution
that was a lender under the credit facility. From fear that
other financial institutions party to the FLAG Atlantic Limited
bank facility would similarly freeze funds, FTHL moved the
$210,000,000 out of such accounts to FLAG Pacific Holdings
Limited, a nonfiling subsidiary.

Mr. Shiff calls the fund transfer "fraudulent," saying that Kees
van Ophem, FLAG's Secretary and General Counsel, has failed to
offer justification for it in his declaration submitted to the
Court. Mr. van Ophem did say that the cash was intended to pay
creditors of other affiliated entities, a claim that Mr. Shiff
assailed as lacking "any showing to the Court."

Mr. Shiff says, FTHL in the past two weeks paid $4,600,000 in
"retention payments" to nine senior officers; paid $2,500,000 to
certain employees from "non-debtors" with cash possibly coming
from the questioned funds; amended the contract of its CEO to
increase his severance payment to $2,700,000, and to elevate it
to become an FTHL obligation.

Mr. Shiff says that, inasmuch as the "fraudulent transfer" makes
FTHL adverse to other FLAG entities, their creditors, and their
directors, officers and agents who participated in the fund
transfer (i) one or more suits will likely be commenced shortly
to recover the $210,000,000, and (ii) the interests of FTHL are
in direct conflict with the other debtors.

The Committee therefore submits that FTHL must be represented by
separate counsel, and its estates administered separately.
(FLAG Telecom Bankruptcy News, Issue No. 2; Bankruptcy
Creditors' Service, Inc., 609/392-0900)

CONTACT:  FLAG Telecom
          David Morales, VP, Corp. Finance
          Phone: (+44 20 7317 0837)
          E-mail: dmorales@flagtelecom.com
                  or
          Brunswick
          Jonathan Glass
          Phone: (+44 20 7404 5959)
                  or
          Tim Payne
          Phone:(+1 212 333 3810)


GLOBAL CROSSING: Group Linked To Ex-CEO Engages In Share Trades
---------------------------------------------------------------
A private investment partnership linked to former Global Crossing
Chief Executive Leo Hindery Jr. traded shares in the telecoms
company when the firm had already barred executives from doing
so, Reuters reports, citing The Wall Street Journal.

Accordingly, the partnership's trades in Global Crossing stock
were made at a time when the company was still trading at around
US$50 a share.

LJH Partners LP, a partnership in which Mr. Hindery is a limited
partner, sold shares on March 3, 2000, netting a profit of more
than US$150,000, and then bought additional shares in the
following weeks, says Reuters.

LJH earned US$229,908 from its sales of Global Crossing stock in
the first three months of 2000 but stopped trading in them in
late March, and the partnership ultimately had losses of more
than US$700,000 when it sold the rest of its holdings in October
2000.

Mr. Hindery, now chairman of the New York Yankees' Yes cable TV
network, denied awareness that LJH ever held Global Crossing
shares. But then after checking, he said that unbeknownst to him,
it did.

According to a Global Crossing spokeswoman, the company was not
obligated to report LJH's holdings because it is the individual's
duty and not the company's to report stock trades.

On January 28, 2002, certain companies in the Global Crossing
Group (excluding Asia Global Crossing and its subsidiaries)
commenced Chapter 11 cases in the United States Bankruptcy Court
for the Southern District of New York and coordinated proceedings
in the Supreme Court of Bermuda.

CONTACT:  GLOBAL CROSSING
          Press Contact:
          Catherine Berthier
          +1 212-412-4666
          Email: Catherine.Berthier@globalcrossing.com

          Becky Yeamans
          +1 973-410-5857
          Email: Rebecca.Yeamans@globalcrossing.com

          Analysts/Investors Contact
          Ken Simril
          +1 310-385-3838
          Email: investors@globalcrossing.com


GLOBAL CROSSING: To Pay $500/Hr To Outside Directors
----------------------------------------------------
Bankrupt Bermuda-based fiber optic firm Global Crossing Ltd.
filed a motion with the bankruptcy court Tuesday seeking approval
to pay three newly-appointed outside directors US$500 an hour for
time spent on an independent investigation into alleged financial
reporting improprieties, relates Dow Jones.

Directors usually receive a fixed fee for attending board and
committee meetings, but according to Global Crossing, the hourly
compensation is justified by the time commitment that might be
required of the new outside directors as special committee
members.

Dow Jones says the proposed hourly rate would be in addition to
the board members' fixed fees. The new directors' compensation,
including the hourly fees, would be subject to an existing
US$100,000 annual limit on fees received per director.


I.P.C. GROUP: A.M. Best Downgrades Ratings
------------------------------------------
A.M. Best Co. has downgraded the financial strength rating to C
(Weak) from B+ (Very Good) of the I.P.C. Group, Bermuda, and
removed the rating from under review.

I.P.C. includes: Mutual Indemnity (Barbados) Ltd., Mutual
Indemnity Ltd., Mutual Indemnity (Bermuda) Ltd., and Mutual
Indemnity (U.S.) Ltd., all of Bermuda. Mutual Indemnity (Dublin)
Ltd., Ireland, has been de-coupled from the group and downgraded
to a financial strength rating of D (Poor) due to its significant
unrealizable assets associated with Legion Insurance Company. The
rating has also been removed from under review.

On March 29, 2002, A.M. Best downgraded the financial strength
rating to E (Under Regulatory Supervision) of I.P.C.'s affiliated
U.S. companies, under Legion Insurance Group: Legion Indemnity
Company, Illinois, Legion Insurance Company and Villanova
Insurance Company, both of Pennsylvania. At that time, I.P.C. was
placed under review with negative implications along with the
downgrade of Legion Insurance Group.

The rating action reflects the uncertainty of the present and
future realizable value of the non-liquid assets of I.P.C.,
making the ability of capital to support an efficient and secure
run-off of the liabilities and any asset value shortfall
questionable. While remote, it is unclear whether all of the
assets of the I.P.C. companies are protected from the possible
need to liquidate at the Mutual Risk Management (MRM) level. With
no policy-issuing carrier identified to replace Legion Insurance
Company--placed in voluntary rehabilitation on April 1, 2002--the
operations of I.P.C. are at a standstill. Given the material
operating and financial problems, the ability of the rent-a-
captive companies to continue as an ongoing concern is doubtful.
Sale of the operations is similarly capricious.

MRM--the ultimate parent of I.P.C.--continues to maintain
significant debt obligations, the bulk of which is now short-term
bank debt. Without restructuring, holding company debt
perpetuates uncertainty, and the inability to repay debt
obligations may require MRM to liquidate. Therefore, instability
continues for all of the MRM companies.


CONTACT:  A.M. BEST CO.
          Public Relations
          Jim Peavy, 908/439-2200, ext. 5644
          james.peavy@ambest.com

          Rachelle Striegel, 908/439-2200, ext. 5378
          rachelle.striegel@ambest.com

          Analyst:
          Ralph Cagnetta, 908/439-2200, ext. 5211
          ralph.cagnetta@ambest.com




=============
B O L I V I A
=============

ATLAS MINERALS: Emerges Bankruptcy; Deals On Bolivian Entities
--------------------------------------------------------------
Atlas Minerals Inc. announced Wednesday its financial results for
the year ended December 31, 2001. The Company reports current
assets of $2.24 million and current liabilities of $.87 million,
the majority ($0.65 million) of which consists of payments to be
made to creditors as the result of future sales of certain non-
operating assets.

Over the last several months the Company has successfully settled
all outstanding lawsuits it had against various insurance
carriers for their failure to cover certain environmental costs
previously incurred by the Company. All of these lawsuits arose
as the result of the Company's need to permit and implement
remediation activities to mitigate alleged environmental impact
at the Company's past-producing uranium processing mill located
in Utah. Since mid-November, settlement agreements have been
reached with eight such insurance carriers resulting in net cash
to the Company, after payment of legal fees and required
distributions to creditors, of approximately $1.2 million as of
April 12, 2002.

The Company is also pleased to announce that effective December
31, 2001, the United States Bankruptcy Court for the District of
Colorado ordered that the Chapter 11 bankruptcy proceeding, which
the Company filed in September 1998, be closed.

According to Mr. Gary E. Davis, President of the Company, "these
successful insurance settlements are a tribute to the hard work
by the Company's staff, insurance advisors, and legal counsel.
With these proceeds, essentially all residual payables to
creditors associated with this environmental litigation will be
eliminated and, coupled with its emergence from bankruptcy, the
Company can now proceed with rebuilding into a profitable
operating entity."

In a separate action, an agreement has been reached with certain
Bolivian entities for the assumption by them of all of the
Company's remaining Bolivian assets and liabilities associated
with the Company's subsidiary, Arisur Inc., and its Andacaba
mine/mill complex. Although the Company's previous management had
announced in March 2001 that it had defaulted on the loans to
Arisur Inc. and essentially walked away from these operations,
there remained unquantifiable liabilities associated with social
payments to the miners. The Company believes that this new
agreement has now completely removed the Company from Bolivia and
all remaining uncertainties surrounding its previous operations
there.

In September 2001, the Company made sweeping changes both in its
management and in the composition of its Board of Directors. It
is the intention of the current management to remain in the
business of development and exploitation of natural resource
properties. Management's current efforts are being directed
toward the identification of possible acquisition opportunities
of smaller-scale properties, primarily in the sectors of
industrial minerals, base metals, precious metals and oil/natural
gas.

Commenting further on the Company's status, Mr. Davis said,
"these are exciting times for Atlas. It is not every company that
has the opportunity to start over with such a clean balance sheet
and with cash adequate to allow it to seriously look at operating
properties. I am pleased to be in the position to contribute to
raising Atlas from the ashes, a company (Atlas Corporation) that
was first listed on the NYSE in 1936 and that has such a rich
heritage."

CONTACT:  ATLAS MINERALS INC.
          Gary E. Davis, 303/306-0823



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

GLOBO CABO: Shares Plunge To Two-Year Low
-----------------------------------------
Shares of Globo Cabo SA dropped 4.7 percent to 41 Brazilian
centavos, its lowest level since April 26, 1999, reports
Bloomberg.

Brazil's biggest cable television provider has about 57 percent
of its BRL1.82-billion (US$779.1 million) in debt denominated in
U.S. dollars. Brazil's currency fell for a second day Thursday to
BRL2.322 per dollar.

Globo Cabo recently announced a recapitalization plan that
primarily aims to raise BRL1 billion in an upcoming equity
offering. With the new capital increase, the Company expects to
reduce its liabilities to about BRL800 million.

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


GLOBOPAR: To Sell TV Assets To Meet Debts, Raise Capital
--------------------------------------------------------
Brazilian media titan Organizacoes Globo reversed a US$446
million profit in 2000 to a negative US$547.5 million last year
due to financial losses and a shrinking advertising market. The
financial result includes holding company Globopar and the TV
Globo network but excludes newspaper and radio units.

As a result, Globopar President Henri Philippe Reichstul revealed
to analysts that the company planned to sell some TV transmission
units owned by the Marinho family, which controls Globo, to meet
debts and raise capital for Globopar. The move is expected to
bring in US$150 million to US$200 million.

Some analysts, who fear that Globopar is in danger of failing to
meet short-term debt payments, welcomed the move.

"This is positive because it shows the partners are in this to
stay," said Milena Zaniboni, an analyst at Standard & Poor's
rating agency, which in February lowered its credit rating on
Globopar and TV Globo.

"With less liquidity, Globo could have problems to refinance its
maturing short-term debt, especially in a period of volatility
because of elections," Milena said. Brazil holds presidential
elections in October.

Globopar's total liquid debt in December was US$1.568 billion,
almost all in foreign currency.

CONTACT:  GLOBO COMUNICACOES E PARTICIPACOES - GLOBOPAR
          Rua Afranio de Melo Franco
          135/4§ andar- Leblon
          Rio de Janeiro - RJ
          CEP: 22430-060
          Phone: (21) 240.2000
          Fax: (21) 259.6586
          Home Page: www.globopar.com.br
          Contacts:
          Mr. Roberto Marinho, President - Board of Directors
          Mauro Molchansky, Executive Director
          Marcos Carneiro, Director - Corporate Relations area



TELEMAR: President Downplays Reports Of Imminent Crisis
-------------------------------------------------------
Jose Fernandes Pauletti, president of Brazil's largest local phone
company Telemar, sees no impending crisis in the telecommunications
sector despite what was suggested in rumors surfacing last week.

According to a Reuters report, Pauletti said Brazil had an
overabundance of telephone lines, fiber optic cables and telephone
transmission systems which would prevent what local media are calling
a "phone-out," in reference to an energy crisis last year that
threatened the country with power "blackouts."

"There's none of that, no bankruptcies and no phone-outs. There is no
risk of an epidemic crisis," Pauletti said.

However, Pauletti is calling for a modification of the rules to allow
for a consolidation of the market.

According to several sector specialists, Brazil's telecommunications
market would be going through a stage of consolidation now were it not
for government rules, which prevent mergers or shareholder changes
before mid-2003.

"It would be nice if that authorization were brought forward, because
it's undeniable that the market is too small for the amount of
companies we have," Pauletti said.

Rumors of an impending telecommunications crisis surfaced after the
interim president of Brazil's regulatory National Telecommunications
Agency (Anatel) Antonio Carlos Valente accused phone companies of
telling the Central Bank the sector had dire problems as a way to
lobby for regulatory changes.

He made reference to a document presented to the Central Bank by BCP,
a mobile phone venture between BellSouth Corp. (BLS) and the local
Safra banking family that defaulted on US$375 million in debt last
month.

Telemar ended last year with BRL7.7 billion in debt and anticipates
that figure will increase 30 percent to about BRL10 billion this year.

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


TRANSBRASIL: Seizing Opportunity To Appeal Bankruptcy
-----------------------------------------------------
The latest update on GE's bankruptcy case against Transbrasil brought
temporary relief to the Brazilian airline. A Sao Paulo court decided
to have Transbrasil declared bankrupt in early May. However, the
decision of the three judges on the tribunal was not unanimous. In any
event, the decision leaves Transbrasil with a chance to appeal and
have the decision suspended. The case relates to US$40-million debt
that Transbrasil owes to GE.

Meanwhile, Transbrasil faces additional legal proceedings brought by
the federal government for non-payment of BRL220 million in taxes. The
Company also owes BRL115 million to Infraero, the state airport
management company, which has been trying to take over control of
airports areas used by the airline. This action is currently suspended
because of an injunction granted last week to the airline in a
Brasilian court.

CONTACT:  Antonio Celso Cipriani, CFO
          Rua Geral Pantaleao Telles, No. 4,
          Jardim Aeroporto
          04355-040 Sao Paulo, Brazil
          Phone: +55-11-533-7111
          Fax: +55-11-543-9083



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

COEUR D'ALENE: Chilean Mine Commences Production Ahead of Sched.
----------------------------------------------------------------
Coeur d'Alene Mines Corporation announced Wednesday that it has
commenced production at its Cerro Bayo high-grade gold and silver
mine in southern Chile, approximately one month ahead of
schedule.

With production from the Cerro Bayo and the recently acquired
Martha mine, Coeur expects to increase its annual silver
production by almost 50 percent in 2002 compared to the previous
year at significantly lower cash costs.

Total production in 2002, including the contribution from the
Martha mine, is forecast at 123,000 gold equivalent ounces at an
estimated cash cost of less than $150 per gold equivalent ounce.
Cash costs at startup will be somewhat higher as lower grade
development and stockpiled ore are processed. They are expected
to drop to below $125 per ounce when material from the higher-
grade zones begins to be milled.

Dennis E. Wheeler, Chairman, President and Chief Executive
Officer of Coeur commented, "Through the efforts of the Coeur
operations group, we have commenced production at Cerro Bayo one
month ahead of schedule and well within the budget. The Cerro
Bayo mine is the first of a new generation of high-grade, low-
cost mining properties for Coeur that will generate strong cash
flows and enhance the Company's leading position as a primary
silver producer."

Previous reports suggested that Coeur is facing mounting pressure
to pay off its debts. In its year-end financial report filed
recently, the Company stated it has US$19.8 million in payments
due June 10, and about US$18.2 million in cash. If the Company
defaults on the US$19.8 million payment, US$100 million in
additional debts due in 2003 and 2004 would be payable
immediately.

High-cost mines and low silver and gold prices have hurt Coeur's
bottom line in recent years. The Company has lost money for the
last five years, and took US$250 million in charges on high-cost
gold properties in Chile and Alaska.

In the financial report, accountant Arthur Anderson raised doubts
about Coeur's ability to continue as a "going concern," given its
recurring losses, debt load and declining amounts of cash.

Coeur d'Alene Mines Corporation is a leading international low-
cost primary silver producer, as well as a significant producer
of gold. The Company has mining interests in Nevada, Idaho,
Alaska, Chile, Argentina and Bolivia.

CONTACT:  COEUR D'ALENE MINES CORPORATION
          Michael A. Steeves, 208/769-8155


ENAMI: Mining Ministry Still Studying Ventanas' Fate
----------------------------------------------------
The future of Chile's Ventanas copper smelter-refinery, which is run by
state minerals company Enami, is still under careful scrutiny by the
mining ministry, reports Business News Americas, citing Chile's mining
minister Alfonso Dulanto.

"We still haven't decided what to recommend to the President [Ricardo
Lagos], and that's because we're still evaluating in great detail each
option," Dulanto said.

One option being considered is handing over up to 70 percent of Ventanas
to state copper corporation Codelco in order to help pay off Enami's
bank debts of US$480 million; US$230 million of which are short term
liabilities.

Another option is to transfer either 50 percent, or some amount between
50 and 70 percent, of Ventanas to Codelco. The copper company is also
considering leasing the plant, in central Chile's Region V. Whatever the
case, Enami will receive at least US$200 million from Codelco, said
Dulanto.

Previously, Ovalle mining association, an organization of small-scale
miners, expressed concern over a transfer of Ventanas to Codelco.
According to the association, such step could lead to handing over other
assets, such as Enami's Matta processing plant and Paipote smelter.

In the association's view, such a move would end Enami's support to
small-scale miners, implying the death of small and medium scale mining
in Chile.

However, according to Dulanto, irrespective of whether Ventanas stays in
Enami's hands or is transferred to Codelco, what's important is that
Enami is a sustainable company and that the support it gives to the
small and medium scale mining sectors be strengthened.

CONTACT:  CORPORACION NACIONAL DEL COBRE (CODELCO)
          Huerfanos 1270, Santiago, Chile
          Phone: 56(2) 690 3000 (Information)
          Fax:   56(2) 690 3059
          E-mail: comunica@stgo.codelco.cl
          Home Page: http://www.codelcochile.com
          Contacts:
          Juan Villarzu Rohde, President and CEO
          Juan Eduardo Herrera Correa, Chief Financial Officer

          ENAMI (Empresa Nacional de Mineria)
          MacIver 459,
          Santiago, Chile
          Phone: 637 52 78
                 637 50 00
          Fax:   637 54 52
          Email: webmaster@enami.cl
          Home Page: www.enami.cl/
          Contact:
          Jorge Rodriguez Grossi, President




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

SEVEN SEAS: Provides Escuela 2 Exploration Well Update
------------------------------------------------------
In an official company press release, Seven Seas Petroleum Inc.
announced that the Escuela 2 exploration well is currently
drilling below 15,650 feet.  Over the past week the well has
experienced a significant change in lithology and possibly the
dip angle of the formations being drilled, indicating that a
fault may have been crossed.  However, the Company does not
believe that the wellbore has crossed the Cambao fault, which is
interpreted to separate the overthrusted Guaduas Oil Field from
the Subthrust Dindal Prospect.  The Company believes that the
wellbore is currently drilling in the overthrusted Villeta
formation.  The well has been drilling faster as a result of the
change in lithology from hard shales and cherts to softer,
natural gas bearing shales and limestones.  Additionally, the
well has experienced encouraging gas shows.  The Company will
release further information about the well as soon as more
definitive information is available and analyzed.

To date, Seven Seas has spent approximately $11.0 million of the
$15.0 million escrowed for this well.  Provided no major
mechanical difficulties are encountered, the Company believes
that it can drill to the original objective depth of 18,000 feet
without spending more than the escrowed $15.0 million.  If the
well reaches the objective formations, completing and testing the
well could increase the well costs by $2.2 million above the
drilling costs.

"We are optimistic about the potential of the Escuela 2 well,"
stated Robert A. Hefner III, Chairman and Chief Executive Officer
of Seven Seas Petroleum Inc.  "The Subthrust Dindal Prospect's
potential remains as large as originally envisioned," 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
===========

NII HOLDINGS: Nextel Nixes US$250M Proposal; 1Q02 Results Improve
-----------------------------------------------------------------
As a part of its official reporting, Nextel Communications, Inc.
announced Wednesday consolidated financial results for the first
quarter of 2002 including a 22% increase over last year's first
quarter domestic revenues to approximately $2 billion and a 66%
increase in domestic operating cash flow to a record $586
million, before a restructuring charge, as compared with 2001's
first quarter domestic operating cash flow of $353 million.
During the first quarter of 2002, Nextel added 502,000 domestic
subscribers finishing the quarter with approximately 9.2 million
domestic subscribers.

"I am very excited about Nextel's results for the first quarter.
We set very aggressive targets for 2002 and we are on track to
meet or exceed them," said Tim Donahue, Nextel's president and
CEO. "Compared with this time last year, our subscribers are up
27%, cash flow is up 66%, and the cash flow margin is up to 32%.
Nextel continues to lead the industry in subscriber quality,
improve our market share and enhance our cash flow. Past
investments in network infrastructure, along with technological
advancements, are producing the highest network quality and
service levels in our history, allowing Nextel to reduce capital
spending and providing us with a clear path to positive free cash
flow."

"Nextel is achieving financial and operational balance," said Jim
Mooney, Nextel's executive vice president and COO. "Nextel is
driving our market share higher and, when compared with last
year's first quarter, Nextel grew revenue over 22% and added over
$230 million in quarterly cash flow. These results are driven by
our industry vertical market segmentation and sales distribution
strategies where sales through lower cost channels rose to 20% of
total sales. At the same time, we are executing our cost cutting
initiatives and strategic alliances aimed at reducing expenses
producing an eight percentage point operating cash flow margin
improvement over 2001's first quarter. We expect to continue to
reap the benefits of these actions in the coming quarters."

Domestic revenue for the first quarter of 2002 grew by 22% to
$1.96 billion compared with $1.60 billion generated during the
first quarter of 2001. Nextel's average monthly service revenue
per domestic subscriber was about $68, significantly higher than
other national wireless carriers.

Domestic operating cash flow (earnings before interest, taxes,
depreciation and amortization) was $586 million in the first
quarter 2002, prior to a $35 million one-time restructuring
charge associated primarily with our outsourcing arrangements for
customer care operations.

The consolidated loss attributable to common stockholders was
$654 million or $0.82 per share during the first quarter of 2002.
These amounts include a non-cash charge of $335 million to income
tax expense ($0.42 per share) to increase the valuation allowance
related to Nextel's net operating losses in connection with the
required adoption of SFAS No. 142, ("Goodwill and Other
Intangible Assets") and approximately $40 million of
restructuring charges ($0.05 per share). Excluding these one-time
items, first quarter consolidated loss attributable to common
stockholders was $279 million ($0.35 per share).

Domestic capital expenditures were $474 million in the first
quarter of 2002, a decrease of 26% from the $640 million in the
first quarter of 2001. Nextel added approximately 400 domestic
cell sites during the first quarter, ending the quarter with
approximately 15,900 cell sites in service. Total domestic system
minutes of use on the Nextel National Network increased 48%
during the quarter when compared with the same period in 2001 to
approximately 15.7 billion total system minutes of use. Capital
expenditures per minute of use declined 50% over last year.
During the first quarter of 2002, the Nextel National Network
carried approximately 47.3 million Internet text messages, a 79%
increase over the Internet text messages carried in the first
quarter of 2001.

"We are delivering on our stated financial objectives. We are
growing our subscriber base and market share with the right kind
of customers, improving our cash flow and scaling our capital
expenditures," said Paul Saleh, Nextel's executive vice president
and CFO. "Nextel made progress across all financial fronts. Our
domestic operations grew cash flow by 66% over last year, and in
the first quarter we improved our cash flow margin to 32%. Cash
flow conversion was above 60% as we continue to set the pace for
the wireless industry in customer quality, customer satisfaction,
and lifetime value per subscriber. We believe that the majority
of the benefits of our cost reduction initiatives are still ahead
of us. This gives me great confidence that we will meet or exceed
our financial goals for this year and that we are on track to
reach positive free cash flow by 2004 or earlier."

NII Holdings, Inc., our substantially wholly owned subsidiary,
reported $199 million in first quarter revenue and $25 million in
positive operating cash flow, excluding a $5 million one-time
restructuring charge. Nextel Communications, Inc. had previously
announced that it might elect to provide up to $250 million to
NII Holdings if certain conditions were met. Since those
conditions have not been met, Nextel Communications is now
withdrawing its proposal to provide NII Holdings with up to $250
million. While Nextel Communications continues to evaluate
strategic alternatives with respect to NII Holdings, there can be
no assurances that Nextel Communications will reach agreement
with NII Holdings' creditors with respect to a potential
restructuring of NII Holdings, or provide any additional funds to
NII Holdings. If NII Holdings is unable to obtain additional
funding or successfully restructure its obligations, it may be
required to reorganize under Chapter 11 of the United States
Bankruptcy Code or take other measures, which could include
liquidation of assets.

NII Holdings has digital trunking operations in the Philippines,
Argentina, Brazil, Peru, and Mexico plus analog radio services in
Chile.

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

CONTACT:  NEXTEL COMMUNICATIONS, INC., Reston
          Investors:
          Paul Blalock, (703) 433-4300
                or
          NEXTEL COMMUNICATIONS, INC.
          Media:
          Elizabeth Brooks, (703) 433-4263


TFM/TMM: Moody's Confirms, Downgrades Ratings
---------------------------------------------
International ratings agency Moody's confirmed its B1 senior debt
rating for Mexican railroad and logistics company TFM, taking
into account some US$170 million of additional new senior debt
expected to be issued to fund the purchase of the Mexican
government's remaining 24.6 percent interest in Grupo TFM, its
parent company.

Moody's also downgraded the senior implied and senior unsecured
debt ratings of Transportacion Maritima Mexicana (TMM) to B2 from
Ba3, citing the lower potential for TFM to return cash in the
near term.

The outlook for ratings of both TFM and TMM debt is stable.

Moody's says TFMs indebtedness remains high compared to cash
flow, and the risks associated with the high leverage are
reflected in the debt rating. TFM will need to refinance its
maturing bank backed commercial paper program, which matures in
late 2002. TFM is expected to approach the markets for
refinancing in the very near term. The direction of TFMs rating
over the medium term is expected to be driven to a large extent
by how its parent companies distribute what could be a
substantial amount of free cash flow, or otherwise seek to
monetize their investment.

On the other hand, the TMM debt rating takes into account the
high level of debt relative to the cash flow from its operating
companies, and recognizes that it could be some time before TMM
realizes any meaningful cash return on the TFM investment to
reduce that debt. TMMs debt was about US$448 million at FY 2001
with reported EBITDA of US$63 million. Operations were cash flow
breakeven for the year, and are expected to generate only
modestly positive cash flow for FY 2002.

Over the last two years, TMM has sold a number of its units
outright and substantial minority interests in other units, with
the proceeds used to reduce debt. While debt reduction has been
substantial, TMM is now left with a limited and more concentrated
operating base of businesses. TMMs largest investment remains its
majority interest in TFM. This provides substantial asset
protection for TMMs rating, but TMM has yet to recognize any cash
flow return on that investment.

TFM S.A. de C.V., based in Mexico City, Mexico, owns and operates
Mexico's northeast railway concession. Transportacion Maritima
Mexicana, based in Mexico City, Mexico, is Mexico's largest
multi-modal transport provider.

New York
Michael J. Mulvaney
Managing Director
Corporate Finance
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Robert Jankowitz
VP - Senior Credit Officer
Corporate Finance
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653


VITRO: Sells Ampolletas Stake to Partner Gerresheimer Glas AG
-------------------------------------------------------------
Vitro, S.A. de C.V. announced Thursday that it has sold its 51
percent interest in Ampolletas, S.A., to its joint partner
Gerresheimer Glas AG.

Vitro will receive net proceeds in cash of US$13.4 million dollars, which
will
be dedicated to reduce debt. Also, the divestiture will positively impact
Vitro's debt, which will be additionally reduced, as a result of the sale,
by
US$7.8 million dollars on a consolidated basis.

Ampolletas, S.A. was a 51-49 joint venture between Vitro and Gerresheimer
Glas
AG and is the largest manufacturer of tubing-glass packaging for
pharmaceuticals
in Mexico and Central America. The German-based Gerresheimer Glas AG is one
of
the leading international suppliers of high-quality packaging and system
solutions using tubular, specialty and container glass and also plastic.

Federico Sada, Vitro's Chief Executive Officer, commented that "The sale of
our
interest in Ampolletas to our partner is in line with our stated strategy to
focus resources in maintaining and developing our core businesses of Flat
Glass,
Glass Containers and Glassware, throughout the world"

Mr. Sada added: "Resources obtained from this and other sales of non-core
businesses will be used to strengthen our financial position"

With annual sales of approximately $30 million dollars, Ampolletas is the
largest manufacturer and supplier of tubing-glass packaging for
pharmaceuticals
in Mexico and Central America. Ampolletas is headquartered in the central
city
of Queretaro, Mexico, and employs approximately 470 people. The former joint
venture manufactures ampoules, vials, syringes, and laboratory glassware for
the
pharmaceutical industry.

Vitro, S.A. de C.V., through its subsidiary companies, is a major
participant in
four distinct businesses: flat glass, glass containers, glassware and
household
products. Vitro's subsidiaries serve multiple product markets, including
construction and automotive glass, wine, liquor, cosmetics, pharmaceutical,
food
and beverage glass containers, fiberglass, plastic and aluminum containers,
glassware for commercial, industrial and consumer uses, and household
appliances. Founded in 1909, Monterrey, Mexico-based Vitro has joint
ventures
with 9 major world-class manufacturers that provide its subsidiaries with
access
to international markets, distribution channels and state-of-the-art
technology.
Vitro's subsidiaries do business throughout the Americas, with facilities
and
distribution centers in seven countries, and export products to more than 70
countries. Vitro's website can be found at: http://www.vitro.com

CONTACT:  Vitro, S. A. de C.V.
          Media:
          Albert Chico Smith
          Phone: 011 (52) 81 8863-1335
          E-mail: achico@vitro.com
          Financial Community:
          Beatriz Martinez
          Phone: 011 (52 81 8863-1258
          E-mail: bemartinez@vitro.com

          or
          U.S. Contacts:
          Breakstone & Ruth Int.
          Luca Biondolillo/Susan Borinelli
          Phone: 646/536-7012 / 7018
          E-mail: Lbiondolillo@breakstoneruth.com
          E-mail: sborinelli@breakstoneruth.com



===========
P A N A M A
===========

BLADEX: Despite Reducing Exposure, Argentina Foils 1Q02 Results
---------------------------------------------------------------
Banco Latinoamericano de Exportaciones, S.A., a specialized
multinational bank established to finance trade in the Latin
American and Caribbean region, reported Thursday results for the
first quarter ended March 31, 2002. The Bank reported net income
before provisions of $20.5 million, of which $20.0 million was
allocated to increase the allowance for potential credit losses,
making the total of both the allowance for potential credit
losses and impairment of securities $255.0 million, compared to
$235 million at December 31, 2001. Net income available to common
stockholders was $0.2 million, or $0.01 per share, compared with
$26.8 million, or $1.42 per share, reported in the first quarter
of 2001.

The average number of common shares outstanding for the first
quarter of 2002 was 17,342,370 shares compared with 18,898,091
shares for the first quarter of 2001.

Jose Castaneda, Chief Executive Officer of BLADEX, said, "Our
financial results for the first quarter were negatively impacted
by the continued deterioration of the situation in Argentina. We
remain very concerned about current trends in that country.
However, we believe that our strong capitalization and operating
profitability, coupled with the liquidity and quality of our non-
Argentine portfolio, provide us with the support we need to
address the challenges we face in that country.

During the first quarter of 2002, the Bank's status as a
multilateral credit organization was confirmed by the Central
Bank of Argentina, entitling the Bank to receive payments in US
dollars from Argentine creditors without its prior approval.

In other countries of the region, the generally increasing risk
levels and diminished economic activity led to a reduction in our
loan balances in the quarter. Revenues were further reduced
because of our decision to build and maintain over $600 million
in liquidity, a course of action consistent with the prudent
management of the Bank.

We want to provide information to all of our stakeholders about
our Argentine portfolio in order to explain our strategy for this
difficult and complex problem. We have been successful working
with our borrowers in Argentina to help them adjust to the new
realities in that market, thereby improving our chances of
collection in the future. This approach resulted in our unpaid
interest from Argentine borrowers as of March 31, 2002 amounting
to less than $0.8 million. Our strategy is to continue to reduce
our overall exposure, which at March 31, 2002 was $1,001 million,
down approximately $158 million since year-end.

The market's perception of our exposure in Argentina, coupled
with the recent lowering of BLADEX's credit ratings, have
hindered our ability to maintain an ideal funding mix. We are
about to undertake a program of meetings with our depositors and
correspondents to help them better understand our strategy in
Argentina, and present details about the progress we are making
in that market. Concurrently, we will explain our program of
diversifying our revenue base and positioning the Bank for future
growth in fee-based income," Mr. Castaneda concluded.

The following table sets forth the condensed profit and loss
statements for the first quarter of 2002 and the first and fourth
quarters of 2001:

                 (In $ millions, except percentages)
                                   IQ01      IVQ01      IQ02
Operating net interest income      15.1       16.9      17.7
Effect of interest rate gap         3.4        5.7       3.3
Interest income on available
  capital funds                    12.0        5.4       3.8
Net interest income,
  net of adjustments               30.5       28.0      24.8
Net commission and other income     4.2        3.7       2.8
Derivatives and hedging activities  0.6        5.5      -0.3
Net revenues                       35.3       37.2      27.3
Operating expenses                 -5.6       -7.9      -5.3
Adjustments and
  accounting changes                1.2        0.0      -1.5
Net income before provisions
  and impairment of securities     29.7       29.3      20.5
Provision for possible
  credit losses and
  impairment loss on securities    -3.8     -106.0     -20.0
Net income                         27.1      -76.7       0.5
Net income available to
  common stockholders              26.8      -77.0       0.2

EXPOSURE IN ARGENTINA

At March 31, 2002, the Bank's exposure in Argentina amounted to
$1,001 million, consisting of $781 million of loans, $106 million
of securities, and $114 million of off-balance sheet financial
risk instruments. This exposure represented a reduction of 14%
from December 31, 2001 and of 32% from a year ago.

The distribution of the Bank's Argentine credit portfolio, which
is denominated in US dollars, was as follows, at the dates
indicated below:
                      DEC-31-00    SEP01   DEC-31-01   MAR-31-02
Controlled subsidiaries
of major
US & European Banks     19%        22%       20%         17%
Branches of major
US & European Banks      6%         4%        5%          6%
Controlled subsidiaries
of major US & European
Corporations            21%        19%       21%         25%
State owned banks        31%        29%       31%         25%
Local banks              13%        13%       11%         13%
Local corporations       10%        13%       12%         13%

In addition, the Bank had reverse repurchase agreements with
Argentine counterparties totaling US$245 million at March 31,
2002, which are fully collateralized with U.S. Treasury
securities.

The Bank does not hold Argentine sovereign debt and 32% of the
Bank's exposure in Argentina is considered to be comprised of
trade-related transactions. At March 31, 2002, the Bank's credit
portfolio in Argentina had the following maturity profile: 42%
maturing within 6 months, 29% maturing between 6 months and one
year and 29% maturing in more than one year.

At March 31, 2002, the Bank's impaired loans and securities in
Argentina amounted to $146 million, the same as at December 31,
2001, which represented the Bank's total exposure to one local
bank, one international bank and one local corporation.

As part of the Bank's continued, close monitoring of its
Argentine portfolio and of the adequacy of its loan loss
provisions, dedicated teams from BLADEX have visited each client
and held senior level meetings with relevant government
authorities, rating agencies and other banks. The Bank is
pursuing a proactive collection policy in the country, and
continues to diligently manage its Argentine portfolio.

BLADEX, with $5.0 billion in assets, is a specialized
multinational bank established to finance trade in the Latin
American and Caribbean region. Its shareholders include central
banks from 23 countries in the region and 159 commercial banks
(from the region, as well as international banks) and private
investors. Its mission is to channel funds for the development of
Latin America and the Caribbean, and to provide integrated
solutions for the promotion of the region's exports. BLADEX is
listed on the New York Stock Exchange. Further investor
information can be found at www.blx.com.


CONTACT:  BLADEX (Head Office)
          Calle 50 y Aquilino de la Guardia,
          Panama City, Panama
          Attention:
          Carlos Yap, VP, Finance & Performance Management
          Tel. No. (507) 210-858
          E-mail: cyap@blx.com

          THE GALVIN PARTNERSHIP
          67 Mason Street
          Greenwich, CT 06830
          Attention:
          William W. Galvin
          Tel. No. (203) 618-9800
          E-mail: wwg@galvinpartners.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
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is $575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
members of the same firm for the term of the initial subscription
or balance thereof are $25 each.  For subscription information,
contact Christopher Beard at 240/629-3300.


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