/raid1/www/Hosts/bankrupt/TCRLA_Public/020501.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

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

            Wednesday, May 1, 2002, Vol. 3, Issue 85

                           Headlines

A R G E N T I N A

AGUAS ARGENTINAS: Renegotiates Debt Payments
ARGENTINE BANKS: Government Orders Reopening
BANCO RIO: Cash Reserves May Only Last Three-Months
IMPSAT: Names Hector Alonso As New CFO


B E R M U D A

ANDERSEN: To Face Trial For Role In Foundation's Collapse
TYCO INTERNATIONAL: CIT Files Registration Statement for IPO
TYCO INTERNATIONAL: CIT on CreditWatch Developing Pending IPO
TYCO INTERNATIONAL: Uncertainty Sends Shares Spiraling


B R A Z I L

AES CORP: Agrees to Sell CILCORP to Ameren Corporation
BCP: Bank Creditors Ditch BellSouth's Debt-Reduction Proposal
BELL CANADA: Recapitalization Plan Subject of Class Action Suit
COPENE: Reports Disapointing 1Q02 Results, Net Loss


M E X I C O

ALESTRA: Net Loss Widens In 1Q02
GRUPO BITAL: 1Q02 Results Show 30% Net Earnings Drop
MAXCOM TELECOMUNICACIONES: Completes Exchange Offer


P E R U

AMERICA TELEVISION: May Have Its Assets Seized


T R I N I D A D   &   T O B A G O

BWIA: Recovering After Q401 Industry Difficulties


     - - - - - - - - - -


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

AGUAS ARGENTINAS: Renegotiates Debt Payments
--------------------------------------------
The water company Aguas Argentinas, which has debts of US$650
million and ARS70 million, is petitioning the Government for an
official exchange rate to pay at 1 to 1 its debt to foreign
banks.

The State owes it some ARS50 million and the Company is
reportedly renegotiating tariffs with the commission of the
Ministry of Economy.

During its 9 years of concession, Aguas Argentinas, which is
controlled by the French company Suez Lyonnaise de Eaux (39.93
percent) and by Aguas de Barcelona (25.01 percent), earned US$427
million. The Company has invested US$1.7 billion and paid US$1
billion in taxes, distributing a total of US$109 million in
dividends to the shareholders.

Also during the period, the Company paid US$104 million to Suez
Lyonnaise des Eaux 6 percent of the operating margin in
management fees.

Early last month, international credit rating agency Standard and
Poor's downgraded the Company's ratings following its
announcement that it will suspend debt payments.

S&P lowered the Argentine water utility's local and foreign
currency corporate credit ratings to 'D' from 'SD' (selective
default), noting that Aguas Argentinas' debt repayment capacity
has been substantially diminished because of the strong and
continuing devaluation of the Argentine peso.

Combined with the lack of liquidity in the financial system, the
Company's financial condition has worsened, S&P said.

CONTACT:  SUEZ
          Media:
          Antoine Lenoir
          Phone: +331-4006-6715
                 or
          Investors:
          Arnaud Erbin
          Phone: +331-4006-6489
                 or
          Belgium
          Guy Dellicour
          Phone: +322-507-02-77


ARGENTINE BANKS: Government Orders Reopening
--------------------------------------------
Economy Minister Roberto Lavagna, who recently took office,
ordered banks opened after Congress reinforced restrictions
designed to prevent the kind of large-scale withdrawals that
forced the government to close branches last week, reports
Bloomberg.

By reopening the banks, Lavagna ended a week-long bank shutdown
that stifled commerce, sending Argentines scrounging for cash
left in automatic tellers, and threatened to exacerbate an
economic contraction already forecast to be 15 percent this year.

However, the move also reintroduces risks that some banks may be
unable to meet the demand for deposits and fail. The peso has
lost 68 percent of its value this year as Argentines bought
dollars on concern that banks will fail and inflation will soar.

The reopening of the banks also boosted the value of the peso.
The currency strengthened 5.5 percent to 2.95 per dollar from
3.12 on Friday, according to an average mid-price of dealer
quotes compiled by Bloomberg. Banks and exchange houses sold
pesos at 3.00 per dollar, compared to 3.15 on April 19.


BANCO RIO: Cash Reserves May Only Last Three-Months
---------------------------------------------------
Banco Santander Central Hispano SA's (SCH) Argentine affiliate,
Banco Rio de la Plata, only has sufficient liquidity to operate
for another three months, said SCH CEO Alfredo Saenz, reiterating
that SCH rules out any further capital injection.

"Our presence (in Argentina) is conditional on the financial
system becoming viable and profitable," Saenz remarked.

The announcement came after SCH reported on Monday that its first
quarter profits were up a nominal 0.34 percent from a year
earlier, putting the blame on the Argentine economic crisis.

In its filing with Spain's security regulator, the CNMV, the bank
noted that Argentina had "contributed nothing" to the balance
sheet in the first three months of 2002, whereas in 2001 the
Latin American country channeled US$49.2 million to the group's
results.

In a statement, SCH said its "special fund," totaling EUR1.287
billion, now fully covers all its investments in Argentina,
including asset managers.

The devaluation of the peso during the first quarter wiped EUR380
million of SCH's reserves in the first quarter.

CONTACT:  SANTANDER CENTRAL HISPANO S.A.
          Plaza de Canalejas,1
          28014 Madrid, Spain
          Phone: +34-91-558-10-31
          Fax: +34-91-552-66-70
          Email: investor@grupo.bsch.es
          Home Page: http://www.bsch.es
          Contacts:
          Ana P. Bot¡n, Chairman, Banesto
          Emilio Bot¡n-Sanz, Chairman
          Francisco G. Rold n, Financial Division General Manager

          Investor Relations:
          Phone: + 34.91.558.13.69
                 + 34.91.558.10.05
          Fax: + 34.91. 558.14.53
               + 34.91.522.66.70

          BANCO RIO DE LA PLATA S.A.
          Bartolome Mitre 480
          1036 Buenos Aires, Argentina
          Phone: +54-14-341-1081-1580
          Fax: +54-14-341-1074-1084
          Home Page: http://www.bancorio.com.ar
          Contacts:
          Ana Patricia B. S. de Sautuola y O'Shea, Chairman
          Jose L. E. Cristofani, Executive Vice Chairman and CEO
          Pablo Caride, Corporate Finance


IMPSAT: Names Hector Alonso As New CFO
--------------------------------------
IMPSAT Fiber Networks, Inc., a leading provider of integrated
telecommunications services in Latin America, announced Monday
that as of May 1st, 2002, Guillermo Jofre will step down as chief
financial officer of the Company to pursue personal initiatives.

Hector Alonso will replace Mr. Jofre and will be responsible for
all financial and administrative functions including treasury,
accounting, information technology, risk management and auditing.
Mr. Alonso joined Impsat in 1993 and has held a number of senior
executive positions with the Company, including his most recent
one as chief operating officer.

Commenting on the announcement, Impsat's chief executive officer,
Ricardo Verdaguer stated, "We are very pleased to have Hector
Alonso direct the financial operations of Impsat. His excellent
performance as a member of the senior management along the past
nine years, and his knowledge of the company and finance gives us
great confidence in his abilities to help the company at this
crucial time.

"Guillermo Jofre has been an enormous contributor to our
expansion across South America," continued Mr. Verdaguer. "He
directed our efforts to obtain the financing that allowed us to
develop the first pan-Latin telecommunications network during the
past several years, and has been instrumental in the coordination
of the Company's financial restructuring. We're pleased that he
will continue as an advisor to the Company. On behalf of Impsat,
we wish him the best in his personal endeavors."

Mr. Jofre stated, "These past seven years at Impsat have been
filled with exceptional professional rewards. I will always be
grateful for them. After careful consideration, I've decided to
begin a new phase in my life and undertake some personal
initiatives that I had previously postponed."

As recently announced, Impsat has reached an agreement in
principle with several of its largest creditors in support of a
restructuring plan to reduce the Company's overall indebtedness.
The Company is currently involved in obtaining additional
creditor support to formalize its financial restructuring plan
under Chapter 11.

Impsat Fiber Networks, Inc. is provides fully integrated
broadband data, Internet and voice telecommunications services in
Latin America. Impsat has recently launched an extensive pan-
Latin American high capacity broadband network in Brazil,
Argentina, Chile and Colombia using advanced technologies,
including IP/ATM switching, DWDM, and non-zero dispersion fiber
optics. The Company has also deployed fourteen facilities to
provide hosting services. Impsat 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.
          Investor Relations:
          Gonzalo Alende Serra
          Phone: 54.11.5170.3700
          Home Page: www.impsat.com
             or
          Citigate Dewe Rogerson Inc.
          John McInerney/ Robin Weinberg
          Phone: 212/688-6840



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

ANDERSEN: To Face Trial For Role In Foundation's Collapse
---------------------------------------------------------
Embattled accounting firm Arthur Andersen was scheduled to go on
trial Monday for its role in the collapse of the Baptist
Foundation of Arizona.

The foundation collapsed in 1999, leading to the largest
bankruptcy filing by a non-profit organization in U.S. history,
costing investors US$570 million. Andersen had agreed in March to
pay US$217 million to the foundation to settle the case brought
by a bankruptcy trust for foundation investors. But Andersen
reneged on the deal, saying its insurance carrier, Bermuda-based
Professional Services Insurance, couldn't make the payment.

Attorneys believe Andersen concealed huge losses on financial
statements that would have alerted foundation investors to
trouble.

Jury selection was scheduled to begin Monday in Maricopa County
Superior Court, with opening arguments expected on Tuesday,
revealed Sean Coffey, one of the lawyers for investors. The trial
could last up to three months.

"It's been brutally hard for all sides involved," Coffey said.
"We look forward to bringing justice to the innocent BFA
investors who have certainly found themselves on a roller coaster
ride these last few months."

Andersen lawyer Ed Novak said the company is looking forward to
presenting its case, but declined further comment.

In a motion to dismiss state charges filed last year, Andersen's
attorneys argued that Arizona officials knew as early as 1992 of
possible fraud at the foundation but took no action.

The March settlement also would have resolved a class-action
lawsuit by former foundation investors, a civil suit by state
regulators and disciplinary proceedings brought by the Arizona
Board of Accountancy. Because the settlement fell through,
lawyers say those cases will also be heard in court.


TYCO INTERNATIONAL: CIT Files Registration Statement for IPO
------------------------------------------------------------
Tyco International Ltd. announced Monday that its wholly-owned
subsidiary, CIT Group Inc. (Del), filed a registration statement
on Form S-1 for an initial public offering of 100% of its common
stock. CIT Group Inc. (Del) will be the successor to CIT Group
Inc. following a reincorporation merger that will take place
immediately prior to the offering. The proceeds of the offering
will be received by Tyco's subsidiary, Tyco Capital Holding Inc.
as the selling stockholder. CIT will receive the proceeds from
the underwriters' over-allotment option if it is exercised.
Goldman, Sachs & Co. and Lehman Brothers will serve as Joint
Book-runners.

A registration statement relating to these securities has been
filed with the U. S. Securities and Exchange Commission but has
not yet become effective. These securities may not be sold nor
may offers to buy be accepted prior to the time of the
registration statement becomes effective. The Company's press
release does not constitute an offer to sell or the solicitation
of an offer to buy nor shall there be any sale of these
securities in any state in which such offer, solicitation, or
sale would be unlawful prior to registration or qualification
under the securities laws of any such state.

A copy of the prospectus relating to the offering, when
available, may be obtained from Goldman, Sachs & Co., 85 Broad
Street, New York, NY 10004 (telephone 212-902-1000); or Lehman
Brothers, 745 Seventh Avenue, New York, NY 10019 (telephone 212-
526-7000.

CONTACT:  TYCO INTERNATIONAL LTD.
          Investors: R. Jackson Blackstock, +1-212-424-1344
          Media: J. Brad McGee or Peter Ferris, +1-212-424-1300


TYCO INTERNATIONAL: CIT on CreditWatch Developing Pending IPO
-------------------------------------------------------------
Standard & Poor's said today that its single-'A'-minus/'A-2'
counterparty credit ratings on CIT Group Inc. remain on
CreditWatch with developing implications, where they were placed
on Feb. 4, 2002. Tyco International Ltd. announced today that it
plans to monetize CIT through a 100% public offering. An S-1
registration statement was filed today with the SEC for equity
issuance of $6.5 billion. Standard & Poor's expects that the IPO
will occur by the end of the second quarter, June 2002.

The cash proceeds from the IPO will go to Tyco. The proceeds from
any overallotment option exercised by the underwriters (Green
Shoe) would be kept by CIT. The company also remains in
discussions with potential strategic acquirers. CIT had total
assets of $48.95 billion at March 31, 2002.

"Following a complete separation from Tyco International Ltd., in
addition to maintenance of financial strength, profitability, and
asset quality at current levels, the ratings of CIT are likely to
be raised. Standard & Poor's is indifferent as to the form of
separation, either by spin-off or IPO," said credit analyst Lisa
J. Arcinow, CFA.

If CIT is sold to a third party with a higher credit rating,
ratings are likely to go higher. Ratings could be lowered if
CIT's parent's ratings are lowered or if CIT is sold to a third
party with a lower credit rating.

Analyst: Lisa J Archinow, CFA, New York (1) 212-438-7364


TYCO INTERNATIONAL: Uncertainty Sends Shares Spiraling
------------------------------------------------------
Mounting worries over Tyco International's accounting, heavy debt
load, and the risk of floating one of the largest IPOs ever have
pulled down the value of its shares.

According to a report by Reuters, the stock, on Monday, plummeted
15 percent -- to 1997 levels -- prompting one investor to dump
US$200 million worth of the stock.

In a trade crossed by Lehman Brothers, the unnamed investor sold
11.8 million shares at US$17 each.

The stock's steady descent has also hit the wallets of Tyco's
chairman and chief financial officer, who together spent about
US$29.4 million in January buying 1 million Tyco shares in the
open market as a show of confidence, reveals Reuters.

Accordingly, the shares, purchased by Tyco Chairman Dennis
Kozlowski and CFO Mark Swartz, have lost about US$12 million in
value since each purchased 500,000 shares on Jan. 30.



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

AES CORP: Agrees to Sell CILCORP to Ameren Corporation
------------------------------------------------------
The AES Corporation announced Monday an agreement with the Ameren
Corporation (NYSE: AEE) to sell 100 percent of its ownership
interest in CILCORP, a utility holding company whose largest
subsidiary is Central Illinois Light Company (CILCO), in a
transaction valued at $1.4 billion including the assumption of
$860 million of debt and preferred stock.

The transaction also includes an agreement to sell AES Medina
Valley Cogen, a 40 MW gas-fired cogeneration facility located in
CILCO's service territory.

The transaction value equates to an equity purchase price in
excess of $500 million (subject to certain closing adjustments)
which approximates the book value of AES' investment in CILCORP
and Medina Valley. AES acquired CILCORP in October 1999 in a
transaction valued at $1.3 billion including the assumption of
$412 million of debt and preferred stock and the payment of $885
million in cash to CILCORP public shareholders. AES financed its
acquisition of CILCORP with $469 million of equity and the
balance with acquisition debt.

The agreement includes all of CILCO's electric and gas utility
assets and the cogeneration assets of Medina Valley. The sale of
CILCORP by AES was required under the Public Utility Holding
Company Act (PUHCA) when AES purchased IPALCO, a regulated
electric utility based in Indianapolis, Indiana, in March 2001.

The transaction is subject to regulatory approvals by the
Illinois Commerce Commission (ICC), the Federal Energy Regulatory
Commission (FERC), the Securities and Exchange Commission (SEC)
and expiration of the waiting period under the Hart-Scott-Rodino
Anti-trust Improvement Act. AES expects the sale of CILCORP to
close in the first quarter of 2003 and to receive cash proceeds
in excess of $500 million.

CILCO, an integrated electric and gas utility based in Peoria,
Illinois, serves more than 200,000 electric and gas customers in
central Illinois. Ameren, an integrated electric and gas utility
with more than $10 billion in assets, provides electric and gas
service in Illinois and Missouri. With the acquisition of
CILCORP, Ameren will rank as Illinois' second largest electric
utility.

Dennis W. Bakke, AES President and Chief Executive Officer,
commented, "AES conducted a comprehensive and deliberate sale
process, dealing with multiple interested parties. The outcome is
a sale agreement that we believe meets the needs of both AES
shareholders and the CILCO community."

"This sale will significantly contribute to the long-term
strength of AES' balance sheet in keeping with our commitment to
improve liquidity. The sale price is in line with our
expectations. Ameren's strong financial position and high ranking
for quality service give us confidence that the proposed
transaction will obtain all required regulatory approvals."

"We listened closely to the concerns of local stakeholders during
the sales process. In Ameren, we have selected a company with the
resources and demonstrated commitment to continue CILCO's
tradition of high quality service and community support."

Lehman Brothers acted as financial advisor to AES in the
transaction.

CONTACT:  AES CORP.
          Kenneth R. Woodcock, 703/522-1315


BCP: Bank Creditors Ditch BellSouth's Debt-Reduction Proposal
-------------------------------------------------------------
The bank creditors of Brazilian wireless carrier BCP shunned a
proposal from major shareholder BellSouth to reduce by US$110
million BCP's US$1.1 billion debt. These banks are creditors on a
US$1.6-billion syndicated loan that BCP defaulted on in late
March. BellSouth's request included an offer to pay off the
balance in one payment.

The 34 banks have initiated an audit of BCP, to be undertaken by
PriceWaterhouse. The goals are to look over the Company's books
to see what are its cash needs and ability to pay its debts, and
to get an estimate of the value of the company.

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

          PRICEWATERHOUSECOOPERS LLP
          1301 Avenue of the Americas
          New York, NY 10019
          Phone: 646-471-4000
          Fax: 646-394-1301
          Home Page: http://www.pwcglobal.com

CREDITORS: FLEETBOSTON FINANCIAL CORPORATION
           100 Federal St.
           Boston, MA 02110
           Phone: 617-434-2200
           Fax: 617-434-6943
           Home Page: http://www.fleetboston.com
           Contact:
           Investor Relations
           Phone: 617-434-2200

           Terrence Murray, Chairman
           Charles K. (Chad) Gifford, President/CEO/Director
           Eugene M. McQuade, Vice Chairman and CFO

           CITIBANK
           Avenida Paulista, 1111
           13th floor - room 5
           Sao Paulo 01311- 920
           Brazil
           Home Page: http://www.citibank.com.br
           Contact:
           Fernando Tafner
           Phone: 55-11-5576-2004
           E-mail: fernando.tafner@citicorp.com

           ABN AMRO HOLDING N.V.
           Foppingadreef 22
           1102 BS Amsterdam, The Netherlands
           Phone: +31-20-628-9393
           Fax: +31-20-629-9111
           Home Page: http://www.abnamro.com
           Contact:
           Investor Relations(HQ1191)
           Gustav Mahlerlaan 10
           PO Box 283
           1000 EA Amsterdam
           The Netherlands
           Tel. +31 (0) 20 628 78 35
           Phone:  +31 (0) 20 628 78 37
           E-mail: investorrelations@nl.abnamro.com


BELL CANADA: Recapitalization Plan Subject of Class Action Suit
---------------------------------------------------------------
Bell Canada International Inc. announced that a lawsuit has been
filed with the Ontario Superior Court of Justice Monday, April
29, 2002, by certain former holders of BCI's $250,000,000 6.75%
convertible unsecured subordinated debentures (the "Debentures").
The plaintiffs are seeking the Court's approval to proceed by way
of class action on behalf of all holders of the Debentures on
December 3, 2001. The plaintiffs seek damages from BCI and its
directors, BCE Inc. and BMO Nesbitt Burns Inc. up to an amount of
$250,000,000 plus punitive damages and other amounts totalling
$35,000,000 in connection with the settlement, on February 15,
2002, of the Debentures through the issuance of common shares, in
accordance with BCI's Recapitalization Plan announced on December
3, 2001.

BCI is of the view that the allegations contained in the lawsuit
are without merit and intends to take all appropriate actions to
vigorously defend its position.

The Recapitalization Plan was implemented in order to enable the
Corporation to meet its short-term financial obligations and
improve its financial position. As previously indicated, BCI
believes the Recapitalization Plan is fair from a financial point
of view to the Corporation's common shareholders and other
stakeholders, including the former holders of the Debentures.

BCI, through Telecom Americas, owns and operates 4 Brazilian B
Band cellular companies serving more than 4.5 million subscribers
in territories of Brazil with a population of approximately 60
million. BCI is a subsidiary of BCE Inc., Canada's largest
communications company. BCI is listed on the Toronto Stock
Exchange under the symbol BI and on the NASDAQ National Market
under the symbol BCICF.

CONTACT:  BELL CANADA INTERNATIONAL INC.
          Marie-Lise Gauthier, 514/392-2318
          marie-lise.gauthier@bci.ca


COPENE: Reports Disapointing 1Q02 Results, Net Loss
---------------------------------------------------
COPENE - Petroquimica do Nordeste S.A. announced Monday results
for the three-month period ended March 31, 2002. All financial
figures discussed in this announcement are based on Brazilian
Corporate Law.

COPENE announced a net loss for the first quarter of 2002 of
R$45.6 million. For the same quarter of the previous year, the
company posted net income of R$2.6 million. This was mainly due
to difficulties in passing on the year-over-year increases in the
price of naphtha and the one-month shutdown in March of Pyrolysis
Unit 1 for the previously announced expansion of the company's
ethylene capacity. The year-over-year increase in financial costs
for the quarter resulting from the acquisitions in 2001 of Nova
Camacari, Proppet and Intercapital, together with the decline in
financial revenues due to the diminishing availability of cash,
allowed the company to post an operating profit after financial
results and equity in subsidiaries and affiliates for the quarter
of R$15.0 million. In addition, the amortization of the premiums
paid in the acquisitions of companies mentioned above together
with provisions for investment losses for the quarter of R$47.2
contributed to the company's poor financial performance for the
quarter and resulted in a difficult year-over-year comparison.

The Board of Directors of COPENE approved the payment of cash
dividends for the first quarter of 2002 for a total amount of
R$13.3 million, based on the Retained Earnings Reserve. The cash
dividend payment corresponds to R$10.40 per lot of thousand
shares, or R$0.52 per ADR -(one ADR represents 50 Class A
preferred shares). The dividend is payable exclusively to holders
of preferred shares Classes A and B, in accordance with the terms
of the Private Instrument of Re-Ratification of the Private Deed
of Issue of Non-Convertible Debentures with Floating Guarantee of
the 10th Issue and in the Export Prepayment Credit Agreement of
December 2001.

Analysis of Results

Net sales for the first quarter of 2002 declined year-over-year
by 24 percent to R$585.5 million, or R$650.4 million on a
consolidated basis. Quarter-over-quarter, net sales declined by
27.5 percent. This was mainly due to year-over-year declines of
19 percent and 26.1 percent in ethylene and all petrochemicals,
respectively, sold by the company for the quarter.

Consequently, gross margin for the quarter declined to 13.4
percent (15.8 percent on a consolidated basis) from 14.4 percent
for the same quarter of 2001, and from 16.6 percent for the
fourth quarter of 2001 (X percent on a consolidated basis).

Sales in the domestic market represented 94.0 percent of COPENE's
net revenues for the first quarter, compared with 87.0 percent
for the same quarter of 2001.

Following is a breakdown of the Cost of Products Sold by COPENE
for the first quarter of 2002 and 2001 (in percentage terms):

                                   1Q02                   1Q01
Naphtha                            74.0                   84.6
Personnel                           3.3                    2.3
Maintenance                         3.0                    1.3
Depreciation and Amortization       4.7                    3.9
Others                             15.0                    7.9
TOTAL                             100.0                  100.0

The inclusion of raw materials for the making of PET resins and
the decline in overall production resulted in a year-over-year
decline in the participation of naphtha to the composition of the
cost of products sold for the first quarter of this year. During
the first quarter, COPENE was able to take advantage of pricing
conditions for naphtha, the company's main raw material, that
were more advantageous than those that prevailed in 2001. During
the first quarter, COPENE through a fixed naphtha supply contract
with three international suppliers imported approximately 230
thousand tons of naphtha, with better prices, payment periods and
quality. For 2002, COPENE's goal is to import approximately 30
percent of the company's naphtha needs, or 1.2 million tons,
while continuing to buy the remainder in the local market from
Petrobras. In the meantime, negotiations between Petrobras, the
only supplier of naphtha in Brazil, and COPENE and Copesul, the
country's two largest producers of petrochemicals, entered the
final stages and are expected to be concluded shortly, pending
reaching an agreement on few minor details.

Financial expenses for the quarter increased year-over-year by
111.6 percent, mainly due with the increase in the company's debt
in connection with the above-mentioned acquisitions, which were
carried out in July 2001 as the first step in the restructuring
of the Polo Nordeste petrochemical complex. The devaluation of
the Real against the U.S. Dollar in the quarter generated an
exchange variation of R$8.9 million, compared with R$106.1
million for the first quarter of 2001.

Financial expenses for the first quarter of 2002 and 2001, in
thousands of Reais (R$), are broken down as follows:

                                 1Q02                   1Q01
Financial Expenses               72,442                 34,227
Monetary Variation and
Exchange Losses                 16,861                105,836
TOTAL                          R$89,303              R$140,063

Financial revenues for the first quarter from financial
applications in Reais declined year-over-year by 70.5 percent,
due to the decline in financial applications over the period. The
item Monetary Variations and Exchange for the quarter declined
year-over-year by 79.6 percent, as shown below.

The composition of financial revenues for the first quarter of
2002 and 2001, in thousands of Reais (R$), is broken down as
follows:

                                  1Q02                   1Q01
Financial Revenues                9,001                 30,436
Monetary Variation and
Exchange Assets                  6,437                 31,537
TOTAL                          R$15,438               R$61,973

Within non-operational income (expenses), R$33.6 million
represented goodwill amortization for in the first quarter
related to the acquisition of Nova Camacari Ltda., the company
that incorporated into COPENE in September of 2001 together with
the assets belonging to Economico Empreendimentos and provisions
for investment losses in subsidiaries of R$47.2 million.

EBITDA

EBITDA for first quarter reached R$123.3 million, or R$142.6 on a
consolidated basis, compared with R$112.2 million for the same
quarter last year, representing an increase of 9.9 percent year-
over-year and a decrease of 24.1 percent quarter-over-quarter.

Investments

Capital expenditures for the first quarter were R$59.4 million,
representing a 6.1 percent year-over-year decline. Decreases of
87.7 percent in expenditures for logistics and 63.6 percent for
updating of equipment offset the increases of 79.2 percent in
expenditures for the expansion of the pyrolysis unit and 154.2
percent in costs related to maintenance shutdowns. Quarter-over-
quarter, capital expenditures for the period declined by 17.8
percent.

The project for the expansion of the ethylene capacity started in
March and should continue throughout the entire month of April.
Even though the increase in capacity is of 80 thousand tons/year,
the alterations made to the unit are expected to result in a
final improvement in capacity of 120 thousand tons/year, as a
result of incorporating a portion of the preexistent capacity
that for technical reasons was never reached.

The following table offers a breakdown, in millions of Reais, of
COPENE's capital expenditures for the first quarter of 2002 and
2001:

                                  1Q02                   1Q01
Capacity Expansion                30.1                   22.4
Logistics                          4.4                   22.7
Permanence                         3.7                    7.9
Maintenance Shutdowns             15.7                    6.2
Finance                              0                    0.1
Others                             5.5                    4.0
Total                             59.4                   63.3
Debt

On March 31, 2002, COPENE's gross debt was R$2.9 billion, or
R$2.6 billion on a consolidated basis. The table below shows, in
millions of Reais, the overall composition of the debt, including
the type of currency and the payment schedule. On that date, of
the company's gross debt, 45.3 percent was indexed to the U.S.
Dollar, compared with 55 percent on December 31, 2001, and was
composed of Eurobonds (25.9 percent), export prepayments (63.8
percent) and others (10.3 percent).

In thousands of R$                      Schedule

----------------------------------------------------------------
                     Balance  Short
                        at    term
                3/31/02  2002   2003   2004   2005   2006   2007
----------------------------------------------------------------
Gross debt:     2,967.5  607.3  341.9  377.6  316.1  967.3  357.3
- In US$       1,343.8  326.0  203.2  324.1  298.0  145.8  357.3
- In  R$ (TJLP)1,526.5  281.3   41.5   53.5   18.1  821.5    0.0
- Related
    parties (R$)   97.2    0.0   97.2    0.0    0.0    0.0    0.0
Cash and cash
equivalents           261.7
Net debt             2,705.8
----------------------------------------------------------------
Export prepayments have a natural hedge since they are tied to
exports that are carried out in U.S. Dollars. On a consolidated
basis, short term financing denominated in U.S. Dollar, related
or not to exports, is hedged as follow: a minimum of 60 percent
for trade related and 75 percent for non trade related.

The table below shows a breakdowns of the amounts, in millions of
Reais (R$), hedged as of March 31, 2002:

In R$ Million                Total        Minimum       Required
                           financing       hedge          hedge

Non-Export Related Financing  236.4          75%          177.3
Export Related Financing      131.5          60%           79.0
Total of Required Hedge                                   256.3
Hedge on 03/31/02                                         265.2
Coverage index                                             1.04

COPENE's gross debt on March 31, 2002, increased year-over-year
by 112.5 percent, as a result of the financing obtained in
conjunction with the acquisition of the assets of Economico
Empreendimentos at the July 25, 2001, auction, and the
incorporation of Proppet and Intercapital.

COPENE's net debt on March 31, 2002, reached R$2.7 billion, or R$
2.3 million on a consolidated basis, unchanged quarter-over-
quarter, but reflecting a 353.3 percent increase from net debt on
March 31, 2001. On March 31, 2002, cash and cash equivalents
declined by 64.7 percent to R$261.7 million, from R$741.8 million
on March 31, 2001.

Fuels

In the first quarter of 2002, net sales of automotive gasoline
were R$27.1 million, representing a year-over-year 15.5 percent
decline despite volumes rose over the same period by 17.2 percent
to 69.9 million liters. This was mainly due to a year-over-year
decline in price. At the same time, the maintenance shutdown in
March explains the quarter-over-quarter decrease of 42.1 percent
in volume sold for the quarter, vis-a-vis a 40 percent decline in
production. Sales of LPG started in the fourth quarter of 2001,
reaching R$3.6 million on volume of 7.1 thousand tons for the
first quarter. Net sales of fuels for the quarter represented 4.6
percent of COPENE's total sales.

Due to the high quality of automotive gasoline produced by COPENE
and its consequent acceptance by the North-American market, the
company started exporting this product to that market, for a
total of 11.8 million liters for the first quarter of 2002.

PET Resin

In the first quarter of 2002, COPENE sold 3.7 thousand tons of
DMT and 13.9 thousand tons of PET, representing total net
revenues of R$35 million, or 6.0 percent of the company's total
sales. This represented a quarter-over-quarter decline of 11.3
percent. The sales for the quarter of DMT and PET were all
directed to the domestic market.

Utilities

Net sales of utilities for the first quarter were R$67.1 million,
representing a 6.1 percent year-over-year improvement. Sales of
utilities represented the brightest spot in the company's
performance for the quarter, reaching R$25 million and reflecting
a 15.7 percent year-over-year improvement. Net sales of utilities
represented 11.5 percent of COPENE's total net revenues for the
quarter.

Production of petrochemicals

Quarter-over-quarter, production of ethylene and all
petrochemicals for the quarter declined year-over-year by 21.3
percent and 26.3 percent, respectively. This was mainly due to
the above-discussed shutdown of Pyrolysis Unit 1.

About COPENE:

COPENE produces and sells basic petrochemicals and utilities.
With ethylene production capacity of 1,200,000 tons per year, the
Company is Latin America's largest basic petrochemical producer
and ranks among the ten largest plants in the world. Most of
COPENE's output is consumed by downstream companies located at
the Northeast Petrochemical Complex in Camacari, which produce
"second generation" petrochemicals. COPENE is listed on the Sao
Paulo stock exchange and its ADRs (American Depositary Receipts)
are traded in the U.S. on the New York Stock Exchange under the
ticker symbol PNE. One ADR represents 50 class A preferred
shares. The Company's Depositary Bank is Citibank, N.A. On March
31, 2002, COPENE had 1,792,416,435 shares outstanding.

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

CONTACT:  COPENE PETROQUIMICA DO NORDESTE S.A.
          Carlos Augusto de Oliveira Freitas
          Tel: +55-71-632-5847
          Fax: +55-71-632-5047
          E-mail: caof@copene.com.br
                  or
          Breakstone & Ruth International
          Luca Biondolillo
          Tel: 646-536-7012
          Fax: 646-536-7100
          E-mail: Lbiondolillo@breakstoneruth.com



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

ALESTRA: Net Loss Widens In 1Q02
--------------------------------
Mexican long distance and data services company Alestra reported
its disheartening financial condition deteriorated even further
in the first quarter this year. The company registered a first
quarter net loss of MXN128 million this year, compared to a
MXN43-million loss posted in the first quarter of 2001.

According to Dow Jones, Alestra, backed by AT&T, has US$270
million in unsecured notes due 2006 and US$300 million due in
2009. The Company's next interest payment on debt is due in May,
after which ratings agency Standard & Poor's says the escrow
account Alestra has been tapping since 1999 to make debt payments
will be depleted.

The payment due in November is less certain, noted S&P analyst
Manuel Guerena, although Alestra's arrangement for a syndicated
loan could ease the stress.

All in all, Alestra had MXN7.12 billion in liabilities at the end
of March, including reserves for employees and debt plus interest
owed to creditors.

"I don't even want to contemplate a scenario in which we do not
have capital to move forward," Alestra Chief Executive Rolando
Zubiran remarked recently.

Spanish-Mexican financial group BBVA-Bancomer and Monterrey
conglomerate Alfa also own stakes in Alestra, however to date
none of the shareholders have promised capital to aid the
carrier.

Market participants say that Alestra's bonds have been some of
the most vulnerable in the Mexican market for some time, swinging
between 70 U.S. cents on the dollar to the 30 cent-range. Late
Monday both maturities were trading around 44 cents on the
dollar.

"They have a lot of debt, slow growth and not enough cash to
invest properly. It's really questionable whether they will be
able to pay interest on their debt in 2003," said James Harper,
an analyst with BCP Securities in Greenwich, Conn.

Alestra's current assets stood at MXN1.45 billion at the end of
the first quarter. Earnings before interest, taxes, depreciation
and amortization reached US$16 million, an improvement over
recent quarters but still 9 percent below levels reported in the
first quarter of 2001.

CONTACT:  ALESTRA
          Edificio ALESTRA
          Av. Lazaro Cardenas 2321, p.9
          Col. Residencial San Agust¡n
          CP. 66260 San Pedro,
          Garza Garcia Nuevo Le¢n
          Phone: 8625-2100

          Megacentro
          Av. Munich 175
          Col. Cuauhtemoc
          CP. 66450 San Nicolas de los Garza Nuevo Leon
          Phone: 8748-6100

          ALESTRA Guadalajara
          Av. Libertad 1955
          Col. Americana 44160
          Guadalajara, Jalisco
          Mexico
          Phone: 3540-8300

          ALESTRA Mexico
          Optima I
          Paseo de las Palmas
          405, piso 21
          Lomas de Chapultepec 11000 M‚xico, D.F.

          Optima II
          Paseo de las Palmas
          275, piso 8
          Lomas de Chapultepec 11000 Mexico, D.F.

          Phone: 8503-5000
          Home Page:  http://www.att-alestra.com.mx.

          Contact:
          Jorge Escribano
          Alestra - Mexico
          Phone: +52 8 503 5011
          E-mail: :jescriba@alestra.com.mx


GRUPO BITAL: 1Q02 Results Show 30% Net Earnings Drop
----------------------------------------------------
Mexican financial group GF Bital revealed that consolidated net
earnings in the first quarter fell 30.9 percent from the year ago
period as net interest margins came under pressure from
historically low interest rates, relates Reuters.

Accordingly, the group's net earnings fell to MXN101 million
(US$10.7 million) in the first quarter compared with MXN146.6
million in the year ago period.

"The big concern for most Mexican banks revolves around the net
interest margins," said Robert Lacoursiere, an analyst at Lehman
Brothers in New York.

Many Mexican banks saw the difference between what they charge to
borrowers and what they pay to savers narrow significantly in the
first quarter as interest rates fell sharply during the period.

Rates on Mexico's 28-day Cetes, or local T-bills, averaged 7.37
percent during the first quarter compared with a 17.01 percent
average in the same period of 2001.

Also at the end of the first quarter, Bital's past due loan
portfolio was 7.1 percent of total loans, an improvement over the
10 percent reported in the fourth quarter of 2001.

The group's capitalization index, including market and credit
risk, stood at 9.3 percent at the end of the first quarter, down
from 13.1 percent at the end of the fourth quarter and 12.8
percent in the year-ago period.

Bital, which has traditionally been one of the most poorly
capitalized Mexican banks, said it completed in the first quarter
the first phase of its US$400 million capitalization program part
of which included the sale of a 17.5 percent stake in the group
in mid-March to Dutch Insurance giant ING for US$200 million.

The ING transaction is expected to be finalized by the end of
May.

Bital's president said in early April the bank still needs to
raise $93 million to complete its capitalization in order to meet
Mexican regulatory requirements.

Also recently, Santander Central Hispano, Spain's largest bank,
upped its stake in Bital to nearly 27 percent by converting debt
to the bank into equity and buying a stake held by Portugal's
Banco Comercial Portugues.

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


MAXCOM TELECOMUNICACIONES: Completes Exchange Offer
---------------------------------------------------
Maxcom Telecomunicaciones, S.A. de C.V. announced Monday that it
had consummated the exchange offer for its 13-3/4% Series B
Senior Notes due 2007 and the U.S.$66.2 million private equity
investment.

Holders tendered U.S.$259,410,000 in principal amount of Series B
Senior Notes, representing 94.3% of all such notes outstanding.
These holders received in exchange an aggregate of
U.S.$165,078,150 in principal amount of New Senior Notes bearing
0% interest through March 1, 2006, and 10% annual interest in the
last year. Tendering holders also received an aggregate of
26,459,820 series N2 convertible preferred stock, with an initial
liquidation preference of $0.4927 per share and limited voting
rights, in the form of Mexican Trust Certificates known as
"CPOs." Series B Senior Notes in an aggregate principal amount of
U.S.$15,590,000 remained outstanding.

Also on Monday, Maxcom announced that Rodrigo Sanchez-Mejorada, a
partner at the Mexican law firm Sanchez-Mejorada, Velasco y
Valencia, has been appointed as the initial Common Representative
of the series N2 CPO holders. Mr. Enrique Boilini, a Managing
Member of Farallon Capital Management, LLC and Farallon Partners,
LLC, has been designated as the initial Board Observer for the
series N2 CPO holders.

Maxcom Telecomunicaciones, S.A. de C.V, headquartered in Mexico
City, Mexico, is a facilities-based telecommunications provider
using a "smart-build" approach to deliver last-mile connectivity
to small- and medium-sized businesses and residential customers
in the Mexican territory. Maxcom launched commercial operations
in May 1999 and is currently offering local, long distance and
data services in Mexico City and the City of Puebla.

CONTACT:  MAXCOM TELECOMUNICACIONES, S.A. DE C.V.
          Jose-Antonio Solbes
          Tel: +5255-5147-1125
          Email: investor.relations@maxcom.com

          CITIGATE DEWE ROGERSON
          Lucia Domville
          Tel: +1-212-419-4166
          Email: lucia.domville@citigatedr-ny.com



=======
P E R U
=======

AMERICA TELEVISION: May Have Its Assets Seized
----------------------------------------------
Due to allegations that its owners were caught accepting cash
from ex-spy chief Vladimiro Montesinos, America Television, a
leading Peruvian TV station, could be placed in court-appointed
administration or have their assets frozen, reports Reuters.

State attorney Luis Vargas, who is investigating a network of
corruption spun by Montesinos during ex-President Alberto
Fujimori's 1990-2000 tenure, has filed a request for a court
administrator to be appointed to run America Television on the
grounds of "criminal conduct" during Fujimori's administration.

"What we are seeking is to repair the damage caused to the
state," Vargas said, adding, "the judge has two weeks to resolve
the request for a judicial administrator."

However, Attorney Luis Felipe Cortez, who represents America
Television, considers Vargas' request as invalid because the
station is undergoing financial restructuring with creditors and
a state regulator.

America Television's chief creditors are Mexico's biggest media
group, Televisa and Peru's No. 2 bank, Banco Wiese Sudameris. It
has debts of US$222.3 million, said National Institute for the
Defense of Competition and Protection of Intellectual Property
(INDECOPI).

"You can't bring in court-appointed administrators over the heads
of creditors," Cortez said.

America Television is owned by Jose Enrique Crousillat and his
son, Francisco Crousillat. Peru is seeking their extradition to
face corruption charges.

CONTACT:  AMERICA TELEVISION
          Montero Rosas 1099
          Santa Beatriz
          Lima-Peru
          Tel : (511) 472-8985
          Fax : (511) 471-9594
          Home Page: www.americatv.com.pe
          Contact:
          Mr. Jose Francisco Croussillat

          BANCO WIESE SUDAMERIS
          Dionisio Derteano
          102 Esquina con Miguel Seminario
          Lima 27, Peru
          Phone: +51-1-211-6243
          Fax: +51-1-440-4832
          Home Page: http://www.bws.com.pe
          Contact:
          Luis Felipe Wiese de Osma, Chairman
          Eugenio Bertini, Chief Executive Officer
          Carlos Palacio, Executive Committee President
          Rafael Llosa Barrios,  Finance

          GRUPO TELEVISA, S.A.
          Avenida Chapultepec 28
          06724 Mexico, D.F., Mexico
          Phone: +52-55-5224-5000
          Fax: +52-55-5261-2494
          Home Page: http://www.televisa.com
          Contacts:
          Emilio Azcarraga Jean,  Chairman, President, and CEO
          Jaime Davila Urcullu, EVP and Director
          Alfonso de Angoitia Noriega, EVP Corp.
                                       Planning/Director



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

BWIA: Recovering After Q401 Industry Difficulties
-------------------------------------------------
Trinidad national carrier BWIA said it is now on its way to
recovery after losing some US$2 million in the five days when all
flights into and out of the United States were restricted last
September following the attacks.

Although the September attacks cost it millions, it also enabled
the airline to acquire the Airbus A340 and expand its services
into Suriname, revealed chief executive officer Conrad Aleong.

BWIA was able to seize opportunities they might not have gotten
otherwise because of the dropping aircraft prices around that
period last year, explained Aleong.

"It gives you an opportunity to tighten your belt, to learn how
to cut your spending and get back on track and focus. For every
dark cloud there is a silver lining," he said.

"This year we will acquire the Airbus A340... one will come into
service on June 23 to London, England, and the other one will
come into service in December," the CEO said in reference to the
aircrafts that seat 288.

Aleong said, as soon as the market picked up, BWIA hoped to
upgrade the 50-seater to a 737, which would increase its fleet,
from six to ten.

"The basic challenge is always one of how will the economy go in
terms of the economies worldwide. It appears to be coming back
now so we think we should be able to get some of that lift.

CONTACTS:  BWIA West Indies Airways
           Phone: + 868 627 2942
           E-mail: mailto:mail@bwee.com
           Home Page: http://www.bwee.com/
           Contacts:
           Conrad Aleong, President and CEO (Trinidad)
           Beatrix Carrington, VP Marketing and Sales (Barbados)
           Paul Schutz, Chief Financial Officer (Trinidad)




               ***********


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

Troubled Company Reporter Latin American is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Trenton, NJ,
and Beard Group, Inc., Washington, DC. John D. Resnick, Edem
Psamathe P. Alfeche and Ma. Cristina Canson, Editors.

Copyright 2002.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

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

The TCR Latin America subscription rate is $575 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for
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or balance thereof are $25 each.  For subscription information,
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