/raid1/www/Hosts/bankrupt/TCRLA_Public/021002.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, October 2, 2002, Vol. 3, Issue 195

                           Headlines


A R G E N T I N A

CORREO ARGENTINO: Debt Resolution Eludes; Seeks Competition Law
DINAR: Grounded on Lack of Funding; Employees Protest
FLEETBOSTON FINANCIAL: Class Action Fingers LatAm Disclosure
RURAL/METRO: Posts 4Q, FY02 Results After LatAm Divestiture
RURAL/METRO: Reaches Final Agreement With Banks
TERMOANDES: Enre Upholds Ruling; Guemes Must Abide Competition


B E R M U D A

GLOBAL CROSSING: Documents Reveal CEO Knew of Shady Deals
STIRLING COOKE: Renamed AlphaStar Insurance Group Limited
TYCO INTERNATIONAL: Auditor Faces Probe


B R A Z I L

BRAZILIAN COMPANIES: Difficulty Mounts as Debt Deadlines Loom
COSIPA: US Commerce Department Charges of Steel Dumping
CSN: Minority Shareholders Could Jeopardize Planned Corus Merger
NET SERVICOS: Summons Shareholders To Extraordinary General Mtg.
* $30B IMF Loan Pledge May Be Too Little for Brazil


C H I L E

DISPUTADA: Chile Authorizes $1.55B Anglo Investment
TELEFONICA CTC: Selling 25% Of Sonda for US$37.5 Million


M E X I C O

AHMSA: Directors Criticize Creditors' Move
CORPORACION DURANGO: Shuts Down Only Functional Unit In Georgia
EMPRESAS ICA: Clarifies Cabo del Sol Media Reports
NII HOLDINGS: Selects Teradata to Increase Customer Retention


P U E R T O   R I C O

CENTURY/ML CABLE: Files Chapter 11 Reorganization Petition


V E N E Z U E L A

SURAL GROUP: Supplier Extends Credit To Ease Debt Resolution

     - - - - - - - - - -


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

CORREO ARGENTINO: Debt Resolution Eludes; Seeks Competition Law
---------------------------------------------------------------
The Argentine government and local entrepreneur Francisco Macri,
who controls national postal service Correo Argentino SA,
continue to argue over liabilities each owes to the other.

Early last month, Argentina's Auditor General urged the state to
revoke Correo's concession because the Company owes ARS207
million (US$56 million) and hasn't paid its semi-annual royalties
in full since 1998.

Then, last week, Macri accused the government of owing it ARS700
million (US$190 million) for violating the terms of the
concession. The entrepreneur revealed that ARS325 million of the
debt is compensation for failing to force the Company's
competitors to pay the same labor costs.

Macri is now urging Congress to pass a new law to regulate
competition among postal providers.


DINAR: Grounded on Lack of Funding; Employees Protest
-----------------------------------------------------
After failing to get necessary funding from its US investors,
Argentine domestic carrier Dinar closed its operations Sunday,
reports Airwise News. US investors and businessman Fatez Chehob
bought the privately-held airline three months ago. But due to
recent difficulties including a bank decision to call in debts,
the investors decided to discontinue funding.

Dinar, which was launched as a charter operation 10 years ago and
expanded to provide scheduled flights to eleven destinations in
Argentina, has debts of around USD$30 million.

Some of the airline's 300 employees occupied the company's
offices Monday in protest over the closure and the loss of jobs.


FLEETBOSTON FINANCIAL: Class Action Fingers LatAm Disclosure
------------------------------------------------------------
The Law Firm of Cauley Geller Bowman & Coates, LLP announced
Monday that a class action has been filed in the United States
District Court for the District of New Jersey on behalf of all
persons who exchanged shares of Summit Bancorp ("Summit") for
shares of the common stock of FleetBoston Financial Corporation
(NYSE: FBF) ("FleetBoston" or the "Company") in connection with
the merger between Summit and FleetBoston which was completed on
or about March 1, 2001 (the "Merger"), seeking to pursue remedies
under the Securities Act of 1933 (the "Class").  A copy of the
complaint filed in this action is available from the Court, or
can be viewed on the firm's website at
http://www.cauleygeller.com/pr/fleetboston.pdf.

The Complaint alleges the Registration Statement filed by
FleetBoston with the Securities and Exchange Commission on
January 25, 2001 and the Joint Proxy Statement and Prospectus
included within the Registration Statement (collectively, the
"Merger Proxy/Prospectus"), incorporated by reference
FleetBoston's Form 10-K for its year ended December 31, 1999, and
its

Form 10-Qs for the three months ended March 31, 2000, June 30,
2000, and September 30, 2000 ("Incorporated Filings").  The
Complaint alleges that the Incorporated Filings contained falsely
positive and misleading information about FleetBoston's success
in Latin American markets, in particular Argentina, and that the
Incorporated Filings contained false financial information
regarding FleetBoston's earnings stemming from its Argentinian
operations and its reserves for credit losses related to loans in
Argentina. This information was material to Summit shareholders
considering how to vote on the Merger, including whether the
Exchange Ratio accurately reflected the value of FleetBoston
common stock.  Starting in January 2002 and continuing into 2002,
after the Merger was complete and Summit shareholders had already
tendered their shares, FleetBoston shocked its investors by
taking charges for credit losses on loans in Argentina amounting
to approximately $2.3 billion.

Defendants are the officers and/or directors of FleetBoston who
signed the Registration Statement.  As a result of defendants'
false statements, misrepresentations, and omissions, the price of
FleetBoston securities was artificially inflated at the time of
the Merger.  FleetBoston shares reached a closing price of $41.00
per share on March 1, 2001, the closing date of the Merger.

Members of the class described above who wish to serve as lead
plaintiff must move the Court no later than November 19,
2002.  Those who qualify as members of the class can join this
class action online at
http://www.cauleygeller.com/sign_up.html. Any member of the
purported class may move the Court to serve as lead plaintiff
through Cauley Geller or other counsel of their choice, or may
choose to do nothing and remain an absent class member.

Cauley Geller is a national law firm that represents investors
and consumers in class action and corporate governance
litigation.  Regarded as one of the country's premiere firms in
the area of securities fraud, Cauly Geller utilizes its in-house
finance and forensic accounting specialists and extensive trial
experience in pursuing cases. Since its founding, Cauley Geller
has recovered in excess of two billion dollars on behalf of
aggrieved shareholders.  The firm maintains offices in Boca
Raton, Little Rock, and San Diego.

Questions about loss recovery or serving as one of the lead
plaintiffs in this lawsuit, may be directed to the Firm via phone
or e-mail or by visiting their website at www.cauleygeller.com.

CONTACT:  CAULEY GELLER BOWMAN & COATES, LLP
          Client Relations Department:
          Jackie Addison, Sue Null or Heather Gann
          P.O. Box 25438
          Little Rock, AR 72221-5438
          Toll Free: 1-888-551-9944
          E-mail: info@cauleygeller.com
                    or
          Randall K. Pulliam
          Shelly Nicholson
          Tel. +1-501-312-8500
          Web site: http://www.cauleygeller.com/sign_up.html
          http://www.cauleygeller.com/pr/fleetboston.pdf
          http://www.cauleygeller.com


RURAL/METRO: Posts 4Q, FY02 Results After LatAm Divestiture
-----------------------------------------------------------
Rural/Metro Corporation (Nasdaq:RURLC), a leading national
provider of ambulance and fire protection services, announced
Monday unaudited results for the fourth quarter ended June 30,
2002 and fiscal year 2002.

Results for the fiscal year ended June 30, 2002 reflect revenue
of $497.0 million and earnings before interest, taxes,
depreciation and amortization (EBITDA) of $43.0 million. Net
income for fiscal 2002 was $3.9 million, or $0.25 cents per fully
diluted share, before the effect of a cumulative change in
accounting principle.

The company recorded a non-cash charge to earnings of $49.5
million ($3.14 per share) related to the adoption of Statement of
Financial Accounting Standards (FAS) No. 142, "Goodwill and Other
Intangibles." This amount was recorded as a cumulative effect of
a change in accounting principle as of July 1, 2001. The company
also recorded a charge of $2.0 million during the quarter to
increase its reserve for workers' compensation claims.

In total, the company reported a fiscal 2002 net loss of $45.6
million, or $2.89 per fully diluted share, including the effect
of a cumulative change in accounting principle. This compares to
a net loss of $226.7 million, or $15.38 per share, for fiscal
2001.

The company reported fourth-quarter revenue of $123.0 million, a
net loss of $454,000, and EBITDA of $9.0 million, excluding the
charge for workers' compensation expenses. Including the charge,
the company reported a fourth-quarter net loss of $2.5 million,
or $0.16 per fully diluted share, compared to a net loss of
$177.4 million, or $11.91 per share for the same period of the
prior year.

Jack Brucker, President and Chief Executive Officer, said, "The
company maintained positive operating trends throughout fiscal
2002, demonstrated by consistent improvements in billing and
collections, cash flow, and same-service-area growth. Our
objective is to sustain these achievements while continuing to
provide the finest care and protection to our patients and
customers." Same-service-area medical transportation and related
revenue increased 7.0 percent overall for the year, compared to
the prior year.

Brucker continued, "We also entered into more than a dozen new
and renewal agreements during the fiscal year to provide
emergency and non-emergency ambulance and fire protection
services, representing more than $46 million in revenue annually.
In the first few weeks of fiscal 2003, we have been awarded
significant renewal contracts totaling approximately $52 million
in annual revenue."

Billing and collections initiatives continued to result in
historically low average days' sales outstanding (DSO). Average
DSO was 74 days for the fourth quarter and fiscal year ended June
30, 2002, compared to 89 days for the same period of fiscal 2001.
Brucker added, "We are very pleased that the system enhancements
we have introduced are continuing to expedite and maximize
reimbursement for ambulance services."

Effective billing and collections efforts also contributed to
improved cash-flow performance. Cash collected in excess of
domestic EMS revenue for fiscal 2002 was $5.8 million. Cash
collections from ongoing operations improved 7.9 percent during
the fourth quarter, compared to the same quarter of the prior
year.

"Looking ahead to fiscal 2003, we are off to a solid start,"
Brucker said. "New initiatives are under way to further enhance
and refine our billing and collections systems, to target
additional market share in order to sustain profitable growth,
and to create greater operational efficiencies. We are excited
about the possibilities and look forward to achieving our
objectives in the coming year."

The company is releasing unaudited fiscal year 2002 results at
this time pending the finalization of an amended credit facility
with its lenders. The company released a separate announcement
Monday that outlines the terms of the proposed agreement. The
company will file its annual Form 10-K and audited financial
statements on or before October 14, 2002, with results expected
to remain consistent with Monday's announcement.

Brucker continued, "We are very pleased to bring our bank
discussions to a close and announce the proposed terms of our
amended credit facility. We have worked diligently to create a
solution that we believe will support the company's long-term
operational and financial objectives."

The agreement provides for the company's banks to receive an
equity stake in the company through a grant of preferred stock.
Rural/Metro stockholders will be asked at the company's next
annual meeting to approve additional common shares in connection
with the agreement.

"From a practical standpoint, as equity holders, our lenders will
share a greater interest in the company's long-term success. From
a financial standpoint, the agreement allows for increased
flexibility and future growth," he said. "We believe this is the
best solution for the company at this time and ask that
stockholders give the proposal to authorize additional shares
their full consideration."

The company also announced Monday that it has divested its Latin
American operations in Argentina and Bolivia to management of
those operations for consideration of assumed liabilities. The
transaction includes the company's ambulance and urgent home
medical care business in Argentina, known as Emergencias Cardio
Coronarias (ECCO), and its aircraft rescue and fire fighting
operations in Bolivia. The company will record the effect of the
transaction in the first quarter of fiscal 2003.

Brucker continued, "The economic decline in Latin America,
coupled with our strategic objective to focus on domestic growth,
were primary factors in our decision to divest the operations at
this time. We believe the interests of all stakeholders are best
served through this transaction."

Rural/Metro Corporation provides emergency and non-emergency
ambulance transportation, fire protection, and other safety
services to municipal, residential, commercial and industrial
customers in approximately 400 communities throughout the United
States.

To see financial statements:
http://bankrupt.com/misc/RURAL_METRO.htm

CONTACT:          RURAL/METRO CORPORATION
                  Liz Merritt, 480/606-3337
                  or
                  FD Morgen-Walke
                  Jim Byers, 415/439-4504 (investors)
                  Christopher Katis, 415/439-4515 (media)


RURAL/METRO: Reaches Final Agreement With Banks
-----------------------------------------------
Rural/Metro Corporation (Nasdaq:RURLC), a leading national
provider of ambulance and fire protection services, announced
Monday that it has reached an agreement in principle with its
banks to amend and extend its credit facility.

Jack Brucker, President and Chief Executive Officer, said, "We
are pleased to present a solution that allows us to further
strengthen the business, while at the same time preserve
significant value for our existing stockholders. This is an
important step toward ensuring the long-term success of the
company by helping to maintain financial flexibility while
positioning us for future growth opportunities."

The proposed agreement includes the following key points:
maturity date extended to December 31, 2004; no required
principal amortization until maturity; adjustable LIBOR-based
rate, initially anticipated to be 8.8 percent; full covenant
compliance; and, lenders receive 10-percent equity stake in the
company through a grant of preferred shares automatically
convertible, with stockholder approval, to common shares.

The company has been engaged in discussions with its banks since
February 2000, when it entered into non-compliance with three,
ratio-driven covenants of its revolving credit agreement. During
that time, the company focused on strengthening cash flow,
restructuring its base of domestic ambulance operations,
enhancing billing and collections systems to expedite payment for
services, and creating same-service-area growth.

Brucker continued, "We have achieved measurable progress in the
last two years and believe opportunities exist for continued
success. The amended facility contains several new provisions
that we believe make it the best choice for the company and its
stakeholders at this time."

The new interest rate will be an adjustable rate, based on a 30-
day LIBOR rate plus 7 percent, for an initial rate of
approximately 8.8 percent. The company currently pays a combined
rate of approximately 7.0 percent. Under the new agreement,
deferred interest of approximately $7.0 million accrued since
March 31, 2000 and certain other amounts will be added to the
principal balance of the loan. Total balance of the facility will
be approximately $152 million, with a new maturity date of
December 31, 2004.

Brucker continued, "We believe the rate under the amended
agreement is reasonable, especially when we consider Monday's
lending environment. That the facility will remain unsecured and
requires no mandated principal payments are added points in the
company's favor."

The agreement also provides for the company's banks to be given
an equity stake in the enterprise through a grant of preferred
stock. The preferred shares will be convertible into 10 percent
of the post-conversion common stock on a diluted basis (as
defined), subject to stockholder approval. If the company fails
to convert lenders' preferred shares into common shares by the
time the facility matures, lenders will be paid at least $15
million in recognition of the potential appreciation of the
company's common stock during that time period. Similarly, absent
conversion to common, the preferred stockholders will be eligible
to receive a preference over common stockholders ranging from $10
million to $15 million in the event of certain other corporate
transactions. Rural/Metro's preferred shares cannot be traded on
the open market, although lenders will have registration rights.

Brucker continued, "We are hopeful that stockholders will
recognize the benefits provided under this agreement. As equity
holders in Rural/Metro, we believe the banks take on a greater
interest in the Company's success and long-term equity value
because they, too, will benefit from future achievements."

Stockholder approval to convert the lenders' preferred shares to
fully diluted common stock will be sought at the company's next
annual meeting. "We are confident our stockholders will recognize
the long-term benefits of this agreement and the financial
flexibility it provides to the company," Brucker explained.

Brucker continued, "The Company will be in full covenant
compliance under its amended credit facility, and can continue to
build the financial strength necessary to refinance or
renegotiate the line at its new maturity date. All in all, we
believe the potential upsides to be significant."

Rural/Metro Corporation provides mobile health services,
including emergency and non-emergency ambulance transportation,
fire protection and other safety-related services to municipal,
residential, commercial and industrial customers in approximately
400 communities in the United States.

Except for historical information herein, this press release
contains forward-looking statements that involve risks and
uncertainties that could cause actual results to differ
materially. These risks and uncertainties include the company's
ability to conclude a definitive agreement with its bank group;
maintain compliance with covenant and other requirements of the
amended agreement; effectively manage collateral requirements and
costs related to the Company's insurance coverage; retain
existing contracts; secure new contracts; effectively control
labor and other costs; increase the efficiency of the collections
process; and improve operating margins. The Company disclaims any
obligation to update its forward-looking statements.

    Additional Information and Where to Find It

The Company intends to file a preliminary proxy statement
regarding the conversion proposal with the Securities and
Exchange Commission, and it intends to mail a definitive proxy
statement to its stockholders regarding the proposal. Investors
and stockholders of the Company are urged to read the definitive
proxy statement when it becomes available because it will contain
important information about the Company and the conversion
proposal. Investors and stockholders may obtain a free copy of
the definitive proxy statement (when it is available) and all of
the Company's annual, quarterly and special reports at the SEC's
web site at www.sec.gov. The Company and its executive officers
and directors may be deemed to be participants in the
solicitation of proxies from the Company's stockholders in favor
of the conversion proposal. Information regarding the security
ownership and other interests of the Company's executive officers
and directors will be included in the definitive proxy statement.


TERMOANDES: Enre Upholds Ruling; Guemes Must Abide Competition
--------------------------------------------------------------
Salta-based generator Guemes failed to overturn Argentina
electricity regulator Enre's ruling that allows fellow Salta
generator Termoandes to dedicate 203MW of its 637MW capacity to
the Argentine grid, reveals Business News Americas.

Termoandes, which is owned by Chilean generator AES Gener,
previously dedicated all output to Chile's northern grid (SING),
through a private transmission line owned by fellow AES Gener
subsidiary Interandes.

But oversupply in the SING meant a large part of Termoandes was
lying idle. So, it applied for permission to supply the Argentine
grid. Enre approved the request in August, despite opposition
from Guemes, which objected to the competition.

Early last month, AES Gener, the Chilean subsidiary of US energy
company AES Corp., reached an agreement with the Bank of America
(BofA) to takeover the US$82-million debt of its Argentine
subsidiaries, Termoandes and Interandes.

Under the agreement, AES Gener would use the US$10 million
portion notes it had secured in a collateral account to
repurchase US$5 million at the time of closing, and another US$5
million in November. The agreement included subsequent quarterly
purchases of the remaining notes until July 2004.

BofA owns the floating rate notes of Termoandes and Interandes,
with US$82 million face value, issued in 1999 and due in December
2007. The bank had the right to sell its floating rate notes to
AES Gener between October 31st 2002 and January 31st 2003, but
both parties agreed to negotiate an agreement ahead of schedule.

AES Gener is the second largest electricity generation group in
Chile in terms of operating revenue and generating capacity with
an installed capacity of 1,757 MW composed of 1,512 MW of thermal
and 245 MW of hydro generating capacity. The company operates
most of the thermal electric power plants in the country. AES
Gener serves both the Central Interconnection System (SIC) and
Northern Interconnection System (SING) through various
subsidiaries and related companies.

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

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



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B E R M U D A
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GLOBAL CROSSING: Documents Reveal CEO Knew of Shady Deals
---------------------------------------------------------
The congressional committee investigating the matter released
documents last Monday disclosing that the founder and chairman of
Global Crossing Ltd., Gary Winnick, took part in efforts to
bolster the waning fiber-optic company last year, according to a
report by the Associated Press.

Winnick had turned to Enron Corp., which also traded
telecommunications bandwidth, and other companies to help Global
Crossing close US$400 million in deals in June 2001.

House Energy and Commerce Committee Spokesperson Ken Johnson,
said that Winnick's lawyer contend that Winnick was not active in
day-to-day affairs including the Company's participation in swaps
of capacity between telecommunications company.

However, Rep. James Greenwood, R-Pa., chairman of the panel's
investigative subcommittee said that the documents they reviewed
and interviews with Global Crossing proved that Winnick was well
aware of the Company's strategy to use an ever increasing number
of swaps to meet Wall Street revenue expectations. Five former
and current executives of Global Crossing, including Winnick are
expected to appear at a congressional hearing on Tuesday.

The Company's accounting is under investigation for misleading
accounting practices. The investigators are also probing whether
Winnick and other executives acted on inside knowledge in their
decision to sell company stock.

The documents released show that Winnick had sold a total of
US$734 million in Global Crossing stock before the Company filed
for bankruptcy protection in January. Two Asian companies
recently bought the Company for US$250 million.

In June 2000, before everything went wrong for the Company, a
Global Crossing executive told Winnick, Casey, and co-chairman
Lodwrick Cook that it is advisable to move fast and sell the
Company.

Leo Hindery, who briefly served as Global Crossing's chief
executive, wrote, "The stock market can be fooled, but not
forever, and it is fundamentally insightful and always
unforgiving of being misled."

CONTACT:  GLOBAL CROSSING
          45 Reid Street, Wessex House
          Hamilton HM 12, Bermuda
          Phone: (441) 296-8600
          Fax: (441) 296-8606
          Email: investors@globalcrossing.com

          PRESS:
          Becky Yeamans, +1-974-410-5857,
          Email: Rebecca.Yeamans@globalcrossing.com

          Tisha Kresler, +1-973-410-8666
          Email: Tisha.Kresler@globalcrossing.com

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


STIRLING COOKE: Renamed AlphaStar Insurance Group Limited
----------------------------------------------------------
Stirling Cooke Brown Holdings Limited announced Monday that it
has changed its name to AlphaStar Insurance Group Limited,
effective immediately.  The symbol for the Company's ordinary
shares, which trade on the NASDAQ "Small Cap" market, has also
been changed, to "ASIG," effective Monday.

The Company reported that its Board of Directors had decided that
a change of name would enable the Company and its subsidiaries to
make a cleaner break from a past in which reinsurance disputes
created image issues that unfairly burdened the Group's ongoing
operations.  Also, given the extensive re-engineering that has
been implemented throughout the organization, the Board felt that
a new name would appropriately reflect the creation of what is
essentially an entirely new Company.

Stephen A. Crane, Chairman, President & CEO of AlphaStar, stated,
"In astronomy, the alpha star is the largest or brightest star in
a constellation. Although the Group still faces significant
challenges, we hope to live up to our new name by using our
assets intelligently to create value for shareholders."

AlphaStar Insurance Group Limited (Nasdaq: ASIG) is a Bermuda
holding company that, through its subsidiaries, provides
commercial property and casualty insurance services and products
to insurance and reinsurance companies, agents, and
insureds.  Its subsidiaries are located in the United States,
London, and Bermuda.

To see financial statements:
http://bankrupt.com/misc/Stirling_Cooke.htm

CONTACT:  ALPHASTAR INSURANCE GROUP LIMITED
          Stephen A. Crane, Chief Executive Officer
          +1-212-422-0770


TYCO INTERNATIONAL: Auditor Faces Probe
---------------------------------------
Investigation of Tyco International Ltd. has now grown to include
the Company's auditor, PricewaterhouseCoopers LLP, according to
The Wall Street Journal. Investigators want to determine if the
accounting firm was aware of the secret bonuses paid to Tyco
executives, as well as the accounting practices used to hide the
payments. They also want to know if PricewaterhouseCoopers knew
that Tyco's annual proxy filings were inaccurate

Tyco's former chief executive officer, Dennis Kozlowski, and its
former chief financial officer, Mark Swartz, face charges of
enterprise corruption and grand larceny, facing up to 25 years in
prison if convicted. Both have pleaded not guilty.

PricewaterhouseCoopers LLP Steven Silber said that his firm was
being questioned by the Manhattan district attorney's office
about Tyco. "We have no reason to believe we will be anything but
a provider of information for them," he added.

CONTACT:  TYCO INTERNATIONAL, LTD.
          The Zurich Center, Second Floor
          Pembroke HM 08, Bermuda
          Phone: (441) 292-8674





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

BRAZILIAN COMPANIES: Difficulty Mounts as Debt Deadlines Loom
-------------------------------------------------------------
Brazilian companies with debt obligations due in the coming
months are in for a hard time as the country's currency values
and debt spreads had dropped to their all-time worst, reports Dow
Jones Newswires. The local currency has declined 41% against the
dollar, and so far, it has been increased costs for companies
with foreign debt while earning in the local currency.

Companies continue to starve for new financing, as banks are
reluctant to hand out credit. Many are dipping into cash
reserves.

"The stress on corporates has been increasing," said Milena
Zaniboni, a corporate bond analyst at Standard & Poor's Corp. in
Brazil.

Majority of companies facing bond deadlines in the next few
months are banks that are relatively cash-rich, which softens the
blow a bit. Banks have been the most active companies in buying
investments that protect against losses related to foreign
exchange risk.

Unibanco-Uniao de Bancos Brasileiros SA (UBB), Banco Bradesco SA
(BBD), Banco Safra, and Banco Itau SA (ITU) all have principal
payments sized between US$100 million and US$200 million apiece
on bonds coming due in October. Bradesco has another US$150
million bond payment coming due in November. Even if these
companies can afford the cash required, they would still have to
deal with the soaring expenses.

Rafael Alvarez de Araya, an analyst at Dresdner Bank
Lateinamerika in Miami cited that the Brazilian Development Bank,
or BNDES, must soon fork over around US$89 million for a coupon
payment on its US$1 billion of debt maturing in 2008. Coupon
payments take place on a regular basis, and seldom amount to more
than US$5 million. BNDES faces an exorbitant coupon payment this
month because the rate is linked to price movements on the
comparable government bonds, whose values have plunged recently.

Other companies begging creditors for payment deadline
extensions. The utility Eletropaulo Metropolitana (E.EPM) had to
ask its creditors for more time to meet its payments on hundreds
of millions in dollar debt. The company still has to roll over
another US$671 million in short-term debt maturing by June 2003.

Brazilian pulp and paper maker Klabin SA (E.KLB) is also trying
to change the deadlines on its bond debt due this fall. The
Company hopes to restructure US$110 million of Eurobonds coming
due between November and December, and this week proposed to
creditors that it pay 15% of the full amount on payment deadlines
while refinancing the rest for two years. The cash-strapped
company faces deadlines on another US$540 million coming due over
the next twelve months.

Other Brazilian companies in an effort to avoid ending up like
Eletropaulo and Klabin, have lightened their debt burdens in
recent weeks. The creditors, in their eagerness to lessen
exposure to Brazil, have allowed prepayment of debts at a
discount. But the need for companies to meet such payments in
dollars has contributed to the local currency's relative weakness
against the dollar.


COSIPA: US Commerce Department Charges of Steel Dumping
-------------------------------------------------------
Brazilian steel maker Sao Paulo-based Cosipa allegedly dumped
cold-rolled steel on the US market at margins of as little as
34%, according to an ongoing investigation conducted by the
United States commerce department. In a Business News Americas
report, the probe also alleged that the steel maker is also
enjoying subsidies of up to 14%.

While exporters to the US market must pay the corresponding
countervailing duty, a definitive decision on the application of
anti-dumping tariffs will be made by the US International Trade
Commission (ITC) by November 7.

Armando Franco, a steel analyst for consulting firm Tendencias,
told Business News Americas he would like to know what criteria
the commerce department used to determine that the Brazilian
steel maker is selling cold-rolled steel in the US below prices
on the Brazilian market.

"Although there is an unspoken 'cartelization' on the domestic
steel market, international steel prices are used as a reference
for determining local prices. Therefore, it would be against the
interest of Brazilian mills to drive international prices down by
dumping their products," he said.

Steel can cost more in Brazil due to "internalization costs" such
as insurance coverage and transport, the analyst said. These
costs are tacked on to the international reference price.

But industry representatives predict that the ITC will not
approve the anti-dumping measures since the quasi-judicial US
department threw out similar sanctions against steel producers in
Australia, India, Sweden and Thailand.

Cosipa slipped into the red in the second-quarter this year after
the value of the dollar rose by 22.4% versus the local currency,
the real, between April and June. The Company registered a net
loss of BRL345 million (currently US$111 million) for the second-
quarter this year, compared to a net profit of BRL4 million for
the same-period 2001.

Financial losses jumped six fold to BRL594 million (US$192
million) for the second quarter 2002 against the figure posted in
the same year-ago period. EBITDA inched up less than 2% to BR120
million (US$39 million) in the same quarterly comparison, but
ebitda margins fell from 25.8% to 21.2%. Net operating revenues
during the quarter grew 23% to just over BRL566 million (US$183
million) from the same period in the previous year. With new
equipment increasing capacity, sales volumes rose 30% to 871,000t
in the same period.

Cosipa's production capacity has jumped from 2.5Mt/y to 4.5Mt/y
this year. With the completion of a US$1.1-billion investment
program, Cosipa expects to be operating at full capacity from
4Q02 onward.

Fabio Zagatti, a steel analyst with HSBC bank, told Business News
Americas that he predicts Cosipa will end this year with an
accumulated loss of BRL185 million (US$60 million).

Cosipa manufactures cold- and hot-rolled steel sheets, as well as
heavy plates and slabs. It sells its products internationally to
auto, home appliance, and pipe manufacturers, with most exports
going to North and Central America, South American countries,
Europe, and Asia and Oceania. The Company also runs its own
domestic port terminal for receiving raw materials used in steel
production and for exporting steel products. Usiminas owns 49.8%
of Cosipa's voting shares.

CONTACT:  COSIPA
          Avenida do Cafe, 277
          Torre B, 8  e 9  andar
          Vila Guarani
          04311-000 Sao Paulo, Brazil
          Phone: +55-11-5070-8800
          Fax: +55-11-5070-8863
          URL: http://www.cosipa.com.br


CSN: Minority Shareholders Could Jeopardize Planned Corus Merger
----------------------------------------------------------------
Rio de Janeiro-based flat steel maker CSN's plans to merge with
Anglo-Dutch steel group Corus have encountered yet another
glitch. According to a report by Business News Americas, a group
of CSN minority shareholders are threatening to contest the
planned operation, arguing it is not at all a merger but an
acquisition. And so, a public tender offer should be made for the
outstanding shares on the market. As it stands, the operation
involves an exchange of shares in which CSN shareholders will
retain 37.6% of the merged company.

Armando Franco, a steel analyst with consulting firm Tendencias,
told Business News Americas however that he sees no problem with
the merger being carried out since the stock swap is very similar
to the operation that created the largest beverage maker in South
America - Brazilian firm AmBev.

The reported discontent comes after CSN shareholders approved the
steel maker's acquisition of steel can maker Metalic. Disgruntled
shareholders say this operation could still be contested, too.

"The shareholders are still going to evaluate if some measure
will be taken," Waldir Correa, the president of the national
association of investors in the capital market, was quoted as
saying.

Minority shareholders could ask stock market watchdog CVM to
annul the measure approving the Metalic deal. These investors
want the regulatory authority to forbid controlling shareholders
from voting on cases such as Metalic's, because the Vicunha group
is the controller of both the can maker and its buyer CSN.

To see financial statements: http://bankrupt.com/misc/CSN.pdf

CONTACT:  Jose Marcos Treiger
          CSN - Investor Relations General Manager
          Tel. +55 21 2586 1442
          Email: jmtreiger@csn.com.br
          URL: www.csn.com.br

          Isabel Viera
          Thomson Financial
          Tel. +1 (212) 701-1823
          Email: isabel.vieira@tfn.com
          URL: www.thomsonfinancial.com


NET SERVICOS: Summons Shareholders To Extraordinary General Mtg.
----------------------------------------------------------------
Net Servi‡os de Comunica‡ao S.A. (the "Company") shareholders are
hereby summoned to join the Extraordinary General Shareholders
Meeting to be held on October 11th, 2002, at 10 am (Brazilian
Time) at the Company's headquarters, located at 1356 Verbo Divino
Street, 1st floor, Sao Paulo, SP to deliberate on the following
AGENDA:

1. Approval of the amendments on the Company's 3rd public issue
of debentures indenture in the scope of the debt restructuring,
which was subject of the relevant notice published on the "Valor
Econ“mico" Newspaper on July 16th, 2002, and the amendments of
the Company's 2nd public issue of debentures indenture, referring
to the rendering of guarantees by the Company as in clause 8.1.11
of the first addendum to the first referred indenture of the 2nd
public issue.

2. To amend the 5th article of the Company By-laws, in order to
reflect the capital stock increase in the amount of R$
1,223,411,170.80, increasing from R$ 1,525,239,629.31 to R$
2,748,550,800.11, comprised of 828,371,343 common shares and
1,200,484,187 preferred shares, all being nominatives, inscribed
and without nominal value, accordingly to approvals of the
Company's Board of Directors' meetings, held on 8.09.2002,
8.19.2002 and 9.25.2002, respectively.

3. To amend the 2nd article of the Company's By-Laws, in order to
authorize the Board of Directors to deliberate about the transfer
of the Company's headquarters.

4. To elect the new member, as well as, the alternate member of
the Company's Board of Directors.

In the terms of CVM instruction n# 165/91, amended by instruction
n# 282/98, the percentage for the adoption of the multiple voting
process, for the election of Board of Directors members is 5% of
the voting capital.

Shareholders of the Company who are participants of the Brazilian
Stock Exchange Custody Program, and who intend to attend the
Meeting, will be required to present a statement issued by the
Custodian dated no less than 48 (Forty eight) hours prior to the
Meeting, showing their holding positions in the Capital Stock of
the Company.

Sao Paulo, September 25th, 2002

Roberto Irineu Marinho - Chairman of the Board of Directors


* $30B IMF Loan Pledge May Be Too Little for Brazil
---------------------------------------------------
The International Monetary Fund pledged Brazil a US$30 billion
loan in an effort to subdue the country's financial crisis. But
now the huge financing package may not be enough. Bloomberg
reports that Brazil's currency, the real sank on Sept. 27 to a
record low of 3.8750 to the U.S. dollar, down 28 percent since
the IMF disclosed its plan on Aug. 7. Brazil's benchmark 8
percent bond due 2014 slid to 48.44 cents on the dollar, down
17.6 percent since Aug. 7, for a yield of 25 percent.

Brazil now faces US$335 billion in debt. The amount is more than
twice the US$130 billion Argentina had when it faced default and
recession last year. Brazil's net public debt equals 62 percent
of its gross domestic product compared with 54 percent for
Argentina last year. About 45 percent of Brazil's debt is tied to
the U.S. dollar. The debt burden grows, as the real falls.

Brazil's recovery or downfall may depend on the outcome of the
coming presidential elections this October 6. Luiz Inacio Lula da
Silva, whose Workers' Party has long supported the idea of
renegotiating some of Brazil's debt, currently leads voter
opinion polls. A Sept. 17 Vox Populi poll put Lula's support at
42 percent; his nearest rival, Jose Serra of the current
coalition government, registered 17 percent.

"Now it's up to the politicians," says Mark Dow, a former IMF
economist who now helps manage US$400 million in emerging-market
debt at MFS Investment Management.

The Bank for International Settlements revealed that
international banks had US$66 billion in claims outstanding in
Brazil and U.S. banks' claims totaled US$15 billion. On June 30,
Citigroup's claims in Brazil was US$9.3, including loans financed
by deposits outside the country, according to the bank's second-
quarter filing with the U.S. Securities and Exchange Commission.

If Brazil defaults, scores of U.S. companies would lose
substantial profit prospects. The 100 largest U.S. companies
derive an average of about 3 percent of their annual sales from
Brazil, according to Mark Smith, executive vice president of the
Brazil-U.S. Business Council. Alcoa Inc. and Coca-Cola Co.
Brazilian sales represent 5 percent of annual sales. For
Whirlpool Corp., 6 percent.

At first, U.S. Treasury Secretary Paul O'Neill criticized the
move to help Brazil with IMF loans. But when executives from
large U.S. companies told him that if Brazil's economy collapsed,
U.S. banks, U.S. corporate profits and U.S. stocks would suffer,
he backed the rescue move.

Adam Lerrick, an economic adviser to House majority leader Dick
Armey, said O'Neill's turnabout shows Brazil's economic relevance
to U.S. economy.

U.S. undersecretary of state for economic affairs Alan Larson
says restoring Brazil to prosperity is crucial to safeguarding
open markets and democracy in Latin America.

Brazil is beachhead for dozens of U.S. companies for the planned
2005 launch of the Free Trade Area of the Americas. The accord
would remove trade barriers in the hemisphere's US$13 trillion
market of 800 million consumers.

"Growth could be meteoric if the economy can stabilize and
improve," says Alcides Amaral, former president of Citigroup's
Brazilian unit. "That is the great motivator that drew all these
companies here." And that's why they want to keep Brazil from
going the way of its neighbor to the south.



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

DISPUTADA: Chile Authorizes $1.55B Anglo Investment
---------------------------------------------------
In a step that brings closer to completion the sale of U.S. oil
company Exxon Mobil's Disputada de Las Condes copper miner to
South African mining giant Anglo American, the Chilean
government's Foreign Investment Committee authorized Monday an
investment of US$1.55 billion from Anglo.

Citing a statement by the committee, Business News Americas
reports that Anglo will have eight years to complete the entire
investment, and the transaction will take place on Chilean soil
as stipulated in the terms of the DL 600 foreign investment
statute.

But while the authorization moves the delayed sale forward, the
fate of an option to 49% of Disputada held by state minerals
company Enami still needs to be resolved before the sale is
finalized.

Exxon agreed to sell Disputada to Anglo in May in a US$1.3-
billion cash deal plus further payments of up to US$120 million
depending on future copper prices. The deal was expected to close
June 30, however, the Enami option and the amount of tax to be
paid, depending on whether the deal was carried out in Chile or
offshore, have stalled the transaction. A source at London-based
Anglo American said finalization is now expected in 4-6 weeks.

The deal had originally been formatted as an offshore
transaction, which would have exempted it from capital gains tax.
The Chilean government then introduced a modification to a bill
passing through congress that would hit offshore transactions
with capital gains, potentially handing Exxon a US$300-million
bill on the Disputada sale. Anglo's investment request was then
resubmitted, this time as an onshore transaction, which would
subject it to tax of US$40 million -US$45 million.

Exxon initially declined to recognize the Enami option, which
derives from its 1978 sale of Disputada to the Texas resources
company. Anglo American has agreed to include the Enami option in
the sale contract, but exactly how it should be valued remains to
be determined. Enami and Exxon have both filed lawsuits over the
matter in a Santiago civil court.

The principal assets of Disputada include Los Bronces copper
mine, El Soldado copper mine and the Chagres smelter, all located
in Chile's central region. Disputada's two copper mines produced
252,000 tonnes of copper in 2001. Chile is the world's No.1
copper producer.

CONTACT:  EXXONMOBIL (U.S.)
          Cynthia Langlands
          Phone: 972/444-1107

          DISPUTADA (CHILE)
          Guillermo Garcia
          Phone: 562/230-6488


TELEFONICA CTC: Selling 25% Of Sonda for US$37.5 Million
--------------------------------------------------------
Compa¤ˇa de Telecomunicaciones de Chile S.A. (NYSE: CTC)
("Telef˘nica CTC Chile" or the "Company") announced that on
September 26, 2002, it signed an agreement through its subsidiary
Telef˘nica Empresas CTC Chile S.A. ("Telef˘nica Empresas"), to
sell 25% of its information systems subsidiary Sonda S.A.
("Sonda") for Ch$ 27,921 million (approximately US$37.5 million)
in cash. The Company will sell 11% of Sonda to Inversiones
Pacˇfico II Limitada, and 14% to Inversiones Santa Isabel
Limitada ("Santa Isabel"); both companies are related to Mr.
Andr‚s Navarro, founder of Sonda. As a result of this transaction
Telef˘nica CTC Chile, through its subsidiary Telef˘nica Empresas,
maintains a 35% stake in Sonda, while the remaining 65% is
controlled by Mr. Andr‚s Navarro, through his related companies.

In addition, the Company has signed an agreement with Santa
Isabel, through which Telef˘nica CTC Chile has a put option for
its 35% stake in Sonda, to be exercised in July 2005, at the book
value of this investment as of June 30, 2005 plus UF 142,021
(approximately US$3.1 million), with a minimum value of UF
2,048,885 (approximately US$45.2 million). This minimum price has
been guaranteed by Santa Isabel to Telef˘nica CTC Chile by a
performance bond issued by Chilean banks.

During August 2005, Santa Isabel will have a call option for
Telef˘nica Empresas's 35% stake in Sonda, under the same
conditions. Santa Isabel can also anticipate the exercise of its
call option. It may exercise this option in July 2003, at book
value as of June 30, 2003, plus a premium of UF 96,000
(approximately US$2.1 million), with a minimum price of UF
1,983,185 (approximately US$43.8 million). Alternatively, Santa
Isabel may exercise the call option in July 2004, at book value
as of June 30, 2004, plus a premium of UF 119,000 (approximately
US$2.6 million), with a minimum price of UF 2,003,260
(approximately US$44.2 million).

The sale of Sonda is in line with Telef˘nica CTC Chile's focus on
its core business areas and its interest in concentrating its
investments in assets that are essential to the development of
the telecommunications business. Furthermore, in March, 2001,
Telef˘nica CTC Chile, through its subsidiary Telef˘nica Data
Chile S.A., acquired from Sonda the company Sonda Comunicaciones
S.A. (now Telefonica Comunicaciones Empresariales S.A.) in the
amount of UF 72,120 (approximately US$1.9 million as of March
2001). Sonda Comunicaciones is a provider of telecommunications
services and network solutions to corporate customers, and is the
part of Sonda which management believed to have the most
synergies with Telef˘nica CTC Chile's operations. In addition,
since October 2001, Telef˘nica CTC Chile has a full outsourcing
agreement with IBM de Chile for the operation, support and
maintenance of its information systems infrastructure, a service
that was previously provided by Sonda.

Accounting Impacts of the Transaction

As a result of this transaction, Telef˘nica CTC Chile will
register the following extraordinary effects in its third quarter
2002 results:

An extraordinary non-operating gain in the amount of
approximately Ch$6,788 million (US$9.1 million), as a result of
the sale of 25% of Sonda at a price higher than book value, as
the sale price includes a control premium.

A one-time non-operating charge in the amount of approximately
Ch$8,884 million (US$11.9 million), which corresponds to the
write-off of the goodwill of the 25% stake in Sonda, which was
being amortized over a 7-year period.

In addition, as of September 30, 2002, the Company will no longer
own a majority stake in Sonda nor have management control of this
company. Therefore, the financial results of this subsidiary will
no longer be consolidated with the Company's results after August
31, 2002. As of September, 2002, the Company's consolidated
income statement will show as a non-operating income/expense the
corresponding 35% of Sonda's net result.

The Company will continue to amortize the goodwill corresponding
to the 35% stake that it maintains in Sonda. As of October, 2002,
this remaining goodwill, which amounts to approximately Ch$12,438
million (US$16.7 million), will be amortized over a period of 34
months, excluding the premium of UF 142,021 (approximately US$
3.1 million). In the case that Mr. Andr‚s Navarro anticipates the
exercise of his call option, this would have a one-time negative
impact on Telef˘nica CTC Chile's results at the time of the sale.
The Company estimates that this negative impact on results would
amount to approximately Ch$9,000 million (US$12.1 million) in the
case that the call option is exercised in July 2003, or Ch$5,600
(US$7.5 million) in the case that the call option is exercised in
July 2004. If the call option is exercised in July 2005, the
Company believes that there would be no material impact on the
Company's financial results.

Compa¤ˇa de Telecomunicaciones de Chile S.A., the first South
American company to list shares on the New York Stock Exchange,
is the largest telecommunications enterprise in Chile, providing
local service, as well as domestic and international long
distance services throughout the country. Additionally, the
Company provides equipment marketing, data transmission, value-
added services and information systems services and operates a
nationwide cellular network.

CONTACT:  TELEFONICA CTC CHILE
          Gisela Escobar - Veronica Gaete
          M. Jose Rodriguez - Florencia Acosta
          Tel: 562-691-3867
          Fax: 562-691-2392
          gescoba@ctc.cl - vgaete@ctc.cl
          mjrodri@ctc.cl - macosta@ctc.cl

          THOMSON FINANCIAL/CARSON
          Richard Huber - Mariana Crespo
          Tel: 1-212-701 18 30
          richard.huber@tfn.com
          mariana.crespo@tfn.com



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

AHMSA: Directors Criticize Creditors' Move
------------------------------------------
Mexican iron and steel maker Altos Hornos de Mexico SA shrugged
off calls from creditors that it file for bankruptcy, reports
Business News Americas. Last week, creditors led by Bank of
America Corp., Citigroup Inc.'s Banamex and Grupo Financiero BBVA
Bancomer SA, requested a judge to declare AHMSA bankrupt
following more than three years of fruitless negotiations.

Ronald Dickins, a spokesman for the steering committee of
creditor banks, implied that bankruptcy would produce a change in
management, as well as help creditors reach a debt restructuring
agreement with AHMSA.

But AHMSA's directors, in a statement, questioned the "hidden
intentions" of the steering committee, saying last week's actions
in calling for the firm to declare bankruptcy were "outside the
law."

The Monclova-based steel company, whose debts total some US$1.85
billion, maintains that "the law does not consider a declaration
of bankruptcy as a way of reorganization [of a company's]
administration, but as a process of liquidating its assets," and
that should AHMSA shut down, it would be a blow for "its workers,
the community and the country." Ahmsa says its liquidation would
affect 120,000 families, whose livelihoods either directly or
indirectly depend on its business.

AHMSA, which is owned by the Ancira and Autrey families, has been
mired in problems after world steel prices tumbled following the
1998 Asian crisis. With two plants in Monclova, in northern
Mexico's Coahuila state, the Company describes itself as the
country's largest steelworks.

CONTACT:  AHMSA
          Prolongacion B. Juarez s/n,
          Monclova , Coahuila 25770
          Mexico
          http://www.ahmsa.com
          Phone: +52 86 33 81 72
          Fax: +52 86 33 65 66
          Contacts:
          Alonso Ancira Elizondo, CEO, Vice Chairman, Pres./CEO
          Jorge Ancira Elizondo, Chief Financial Officer
          Manuel Ancira Elizondo, Chief Operating Officer


CORPORACION DURANGO: Shuts Down Only Functional Unit In Georgia
---------------------------------------------------------------
Durango-Georgia Paper Co., a subsidiary of Mexico-based
Corporacion Durango SA de CV, decided to close its third and only
functional paper-producing plant Thursday to address safety
concerns, reports Knight Ridder Business News. Closure came a day
after Gov. Roy Barnes announced the state would pay half of a
$100,000 study to find ways to keep the financially-troubled
facility open.

According to state Rep. Charlie Smith (D-St. Marys), Barnes was
not told about the decision to close the plant until after he
decided Wednesday to fund the study with Durango to try to save
the mill and its 903 jobs.

R.K. Sehgal, commissioner of the Georgia Department of Industry,
Trade and Tourism, however said that the Company told him it
plans to bring one of its other two production plants online
soon.

Sehgal said that an inspector with the U.S. Occupational Safety
and Health Administration expressed concerns about the plant.
Joselyn Baker, a spokeswoman for Barnes, said the setback will
not affect plans for the independent study, due to be completed
by the end of October.

On Thursday, Sehgal said the state hired a British firm, AMEC
PLC, to conduct a technical, economic and marketing study of the
mill.

In a related news item, the mill's Mexican parent, Corporacion
Durango, hired Ernst & Young at its own expense to conduct an
audit of its Georgia subsidiary's finances, Sehgal said.

Corporacion Durango said it would close the mill by Nov. 15
because it lost millions of dollars each year since purchasing
the 61-year-old facility in 1999 from Gilman Paper Co. But Miguel
Rincon, Corporacion Durango's board chairman, said he is willing
to keep the facility open depending upon the study's findings.

CONTACTS:  CORPORACION DURANGO, S.A. DE C.V.
           Mayela R. Velasco
           +52 (1) 829 1008
           mrinconv@corpdgo.com.mx

           Arturo Diaz Medina
           +52 (1) 829 1015
           adiaz@corpdgo.com.mx


EMPRESAS ICA: Clarifies Cabo del Sol Media Reports
--------------------------------------------------
Empresas ICA Sociedad Controladora, S.A. de C.V. (BMV and NYSE:
ICA), the largest engineering, construction, and procurement
company in Mexico, announced that it continues its non-strategic
asset divestment program. This divestment program includes ICA's
interest in the Cabo del Sol tourism project.

ICA desires to clarify certain recent press reports regarding the
value of its 49% interest in the Cabo del Sol tourism project.
ICA's minority ownership interest in the Cabo del Sol project had
a book value of approximately Ps. 385 million as of June 30,
2002. The project's liabilities include a loan of approximately
US$ 40 million, which is guaranteed by ICA's shareholding in the
project. Revenue generated by the project has fallen
significantly in recent periods, as a result of the decline in
tourism after the September 11th attacks, as well as the economic
slowdown in the United States.

ICA has entered into negotiations to sell its minority ownership
interest in the Cabo del Sol project, but no assurance may be
given that such transaction will be consummated or as to the
amount of proceeds that would result from any such transaction.
ICA reaffirms its commitment to keep the investment community
informed of the conclusion of any such transaction.

Founded in 1947, ICA has completed construction and engineering
projects in 21 countries. ICA's principal business units include
Civil Construction, which builds highways, bridges, dams,
tunnels, ports, pipelines, and other large-scale civil
engineering works, as well as office buildings, commercial
centers, urban developments, and housing; Industrial
Construction, which constructs refineries, electrical generation,
petrochemical and industrial plants for the public and private
sectors. Through its subsidiaries, ICA also manages airports and
operates specialized port terminals, tunnels, highways, and
municipal services under government concession contracts and/or
partial sale of long term contract rights.


NII HOLDINGS: Selects Teradata to Increase Customer Retention
-------------------------------------------------------------
NII Holdings, Inc. (formerly Nextel International), one of the
world's leading providers of fully integrated digital wireless
communication, has selected Teradata, a division of NCR
Corporation (NYSE:NCR), to provide advanced data warehousing
technology and business solutions for Nextel de Mexico, NII
Holdings, Inc.'s largest operator. Nextel de Mexico is the first
Mexican telecommunications company to implement a Teradata
solution.

With a focus on improving customer retention, Nextel de Mexico
needed a faster, more efficient way to calculate monthly churn
and detect potential problems. By gaining a single, enterprise-
wide view of its customers and initiating the use of predictive
modeling and multi dimensional reports with its new Teradata
solution, Nextel de Mexico will be identifying those customers
most likely to churn, and will be taking appropriate action. This
timely access to integrated information enables the company to
take preventive measures and increase customer retention.

"Teradata's approach of focusing on solving the business
challenge rather than solely addressing technology issues was a
key factor in our decision," said John McMahon, vice president of
business operations, NII Holdings, Inc.

"Customer churn continues to be a big issue for the industry. And
churn reduction is perhaps even more important for business-to-
business providers such as Nextel," said Jack Knapp, vice
president of communications industry marketing at Teradata. "When
you lose one business customer, it has a much greater impact on
the bottom line than losing a single consumer account. Teradata's
warehousing solution provides the foundation to support Nextel's
rapidly expanding growth."

About NII Holdings, Inc.

NII Holdings, Inc., formerly known as Nextel International, is a
substantially wholly owned subsidiary of Nextel Communications
(Nasdaq:NXTL). NII has operations in Mexico, Brazil, Peru,
Argentina, Chile and the Philippines. NII offers a fully
integrated wireless communications tool with digital cellular,
text/numeric paging, wireless Internet access and Nextel Direct
Connectr, a digital two-way radio feature. Visit the website at
www.nextelinternational.com.

About Teradata Division

Teradata, a division of NCR Corporation (NYSE:NCR), is the global
leader in enterprise data warehousing and enterprise analytic
technologies and services. For more information, visit
www.teradata.com.

About NCR Corporation

NCR Corporation (NYSE:NCR) is a leading global technology company
helping businesses build stronger relationships with their
customers. NCR's ATMs, retail systems, Teradata data warehouses
and IT services provide Relationship TechnologyT solutions that
maximize the value of customer interactions. Based in Dayton,
Ohio, NCR (www.ncr.com) employs approximately 30,400 people
worldwide.

NCR and Teradata are trademarks or registered trademarks of NCR
Corporation in the United States and other countries.

Nextel, the Nextel logo, Nextel Online, Nextel Business Networks
and Nextel Direct Connect are trademarks and/or service marks of
Nextel Communications, Inc.

CONTACT:  TERADATA DIVISION
          NCR Corporation
          Virve Tremblay, 937/445-1863
          virve.tremblay@ncr.com



=====================
P U E R T O   R I C O
=====================

CENTURY/ML CABLE: Files Chapter 11 Reorganization Petition
----------------------------------------------------------
Adelphia Communications Corporation (OTC: ADELQ) announced Monday
that Century/ML Cable Venture -- a holder of the cable franchise
in Levittown, Puerto Rico and a New York joint venture between
Century Communications Corp., a wholly-owned indirect subsidiary
of Adelphia, and ML Media Partners, L.P. -- has filed a voluntary
petition for relief under Chapter 11 of the United States
Bankruptcy Code. The petition was filed Monday in the U.S.
Bankruptcy Court for the Southern District of New York.

The Company says it remains committed to continuing operations
with no interruptions in service, providing cable entertainment
and services to its 15,000 customers in the communities of Toa
Baja, Toa Alta and Catano. CMLCV expects that all post-petition
obligations to local franchise authorities, vendors, employees
and others will be satisfied in the normal course of business.

The joint venture, Adelphia and Century Communications, which
holds a 50% interest in and manages the joint venture, are
currently involved in litigation with the other venture partner,
ML Media Partners.

"After carefully considering all of our options, we concluded
that Chapter 11 protection would protect our creditors and allow
for an orderly resolution of the litigation related issues facing
the joint venture while enabling us to continue to provide
quality service to our 15,000 customers," said Century
Communications Vice President and Treasurer Chris Dunstan, who
also serves as Executive Vice President and Chief Financial
Officer of Adelphia. "The business is fundamentally sound and
substantially current on its obligations to its vendors, and we
expect to emerge from the proceedings fully able to maintain
operations going forward."

CMLCV Employees to Continue to Receive Wages and Benefits

All of CMLCV's 18 current employees will continue to receive
their wages, as well as health and welfare benefits, subject to
Bankruptcy Court approval. The Company also has the resources to
carry on day-to-day operations and will pay local franchise
authorities and its vendors for post-petition obligations in the
normal course of business.

Operations of Other Adelphia Systems in Puerto Rico Remain
Unaffected.

The subsidiary of CMLCV, Century-ML Cable Corporation, will not
be affected by CMLCV's Chapter 11 filing. Cable services to
Century-ML Cable Corporation's 130,000 customers in San Juan,
Bayamon, Carolina, Guayanabo and Trujillo Alto will not be
impacted by Monday's filing.

Background on Chapter 11

Chapter 11 of the United States Bankruptcy Code allows a company
to continue operating its business and managing its assets in the
ordinary course of business. Congress enacted Chapter 11 to
encourage and enable a debtor business to continue to operate as
a going concern, to preserve jobs and to maximize the recovery of
all its stakeholders.

Adelphia is represented in its Chapter 11 cases by Willkie Farr &
Gallagher.

About Adelphia

Adelphia Communications Corporation, with headquarters in
Coudersport, Pennsylvania, is the sixth-largest cable television
company in the country. It serves 3,500 communities in 32 states
and Puerto Rico. It offers analog and digital cable services,
high-speed Internet access (Adelphia Power Link), and other
advanced services.

Cautionary Statement Regarding Financial and Operating Data

As a result of actions taken by the former management of Adelphia
Communications Corporation (the "Company"): (a) the Company has
not yet completed its financial statements as of or for the year
ended December 31, 2001, or received its independent auditors'
report thereon or filed with the Securities and Exchange
Commission (the "Commission") its Form 10-K for the year ended
December 31, 2001, (b) the Company's former independent auditors,
Deloitte & Touche LLP, suspended their auditing work on the
Company's financial statements as of and for the year ended
December 31, 2001 and withdrew their audit report with respect to
the years ended December 31, 1999 and 2000; (c) the Company has
not yet completed its financial statements as of and for the
three months ended March 31, 2002 or June 30, 2002, or filed with
the SEC its Form 10-Q for the quarters ended March 31, 2002 or
June 30, 2002; and (d) the Company expects to restate its
financial statements for the years ended December 31, 1999 and
2000, and its interim financial statements for 2001 and possibly
other periods. Current management took control in May 2002 and
has retained new independent auditors and begun the preparation
of new financial statements for the periods in question; as a
result of certain actions of prior management that the Company
has previously disclosed, the Company is unable to predict at
this time when such financial statements will be completed. In
addition, current management believes that the public information
provided by prior management on other matters of interest to
investors, such as the Company's rebuild percentage (the
percentage of the Company's cable television systems that the
Company believes have been upgraded to current standards), was
unreliable. As a result, the Company anticipates that it may have
to supplement the financial and other information contained in
this press release and that such supplemental information may be
material.

Cautionary Statement Regarding Forward-Looking Statements

This document includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended
(the "Securities Act") and Section 21E of the Securities Exchange
Act of 1934, as amended (the "Exchange Act"). All statements
regarding Adelphia Communications Corporation and its
subsidiaries' (collectively, the "Company's") expected future
financial position, results of operations, cash flows,
restructuring and financing plans, business strategy, budgets,
projected costs, capital expenditures, competitive positions,
growth opportunities, plans and objectives of management for
future operations and statements that include words such as
"anticipate," "if," "believe," "plan," "estimate," "expect,"
"intend," "may," "could," "should," "will," and other similar
expressions are forward-looking statements. Such forward-looking
statements are inherently uncertain, and readers must recognize
that actual results may differ from the Company's expectations.
The Company does not undertake a duty to update such forward-
looking statements.

Actual future results and trends for the Company may differ
materially depending on a variety of factors discussed in the
Company's filings with the Commission, including its recently
filed Current Reports on Form 8-K, the most recently filed
Quarterly Report on Form 10-Q, the Form 10-K for the year ended
December 31, 2000, and the most recent prospectus supplement
filed under Registration Statement No. 333-64224, under the
section entitled "Risk Factors" contained therein. Factors that
may affect the plans or results of the Company include, without
limitation: (a) the Company's filing of a petition for relief
under Chapter 11 of the United States Bankruptcy Code; (b) the
results of litigation against the Company including the recently
filed civil complaint by the Commission and the potential for a
criminal indictment of the Company; (c) the lack of substantial
cable industry experience among certain members of the Company's
senior management; (d) the effects of government regulations and
the actions of local cable franchise authorities; (e) the
availability of debtor-in-possession financing and surety bonds
to support the Company's operations; (f) the results of the
Company's internal investigation and the matters described above
under "Cautionary Statement Regarding Financial and Operating
Data"; (g) actions of the Company's competitors; (h) the pricing
and availability of equipment, materials, inventories and
programming; (i) product acceptance and customer spending
patterns; (j) the Company's ability to execute on its business
plans, to provide uninterrupted service to its customers and to
conduct, expand and upgrades its networks; (k) technological
developments; (l) matters relating to or in connection with the
recent bankruptcy filing and proceedings of Adelphia Business
Solutions, Inc.; (m) changes in general economic conditions
and/or economic conditions in the markets in which the Company
may, from time to time, compete; (n) the movement of interest
rates and the resulting impact on the Company's interest
obligations with respect to its pre-petition bank debt; and (o)
the delisting of Adelphia Communication Corporation's common
stock by Nasdaq. Many of such factors are beyond the control of
the Company and its management.

CONTACT:  ADELPHIA COMMUNICATIONS CORPORATION
          Eric Andrus, +1-877-496-6704
          URL: http://www.adelphiacom.com



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SURAL GROUP: Supplier Extends Credit To Ease Debt Resolution
------------------------------------------------------------
Sural Group, which produces wire, wire rod and aluminum bars,
with primary aluminum, will continue to receive supplies from
Venezuela's state-owned aluminum producer CVG-Venalum, reports
Business News Americas. The announcement comes after Venalum's
board granted Sural new payment terms on the US$25 million debt
it holds with the smelter. The debt corresponds to previous
shipments to the aluminum fabricator.

"The agreement gives Sural 30 more days, subject to interest.
Additional legal and financial conditions were imposed so the
Company will have to comply with the terms of the new agreement,"
a Venalum official said. According to the spokesperson, the new
agreement will make it easier for Sural to comply with payment
conditions.

"What Venalum wants is to protect the workforce and not have to
take legal action, and to protect the Company," he said.

A professional team from several sectors is being set up to
analyze Sural's financial situation and offer medium-term
alternatives to repay its debt.

Founded in 1976, Sural is one of the largest manufacturers of
wire, wire rod, and aluminum bars used in mechanical applications
and welding, as well as cables and conductors for electricity. It
has three plants, in Puerto Ordaz (Venezuela), Taranto (Italy)
and Quebec, Canada.



               ***********

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

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

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

This material is copyrighted and any commercial use, resale or
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