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       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 30, 2002, Vol. 3, Issue 215

                           Headlines



B E R M U D A

FLAG TELECOM: Expands Asian Network Reach
GLOBAL CROSSING: IP Platform Minutes Top 2.3 Billion
TYCO INTERNATIONAL: Profit Restatement Buried


B R A Z I L

CEMAR: Regulator Says Four Firms Present Pre-qualification Docs
GLOBOPAR: Difficult Economic Environment Prompts Default
KLABIN SA: Ratings Lowered to 'CCC+'; CreditWatch Negative Holds
LIGHT: Plans to Minimize Illegal Connections


C H I L E

ENDESA: Latin American Expansion Drags Down 3Q02 Earnings
MADECO: Addresses Three LatAm Countries' Impact On Results
TELEFONICA CTC CHILE: Cuts 900 Jobs to Lower Costs


M E X I C O

BANCO INDUSTRIAL: IPAB Pays 99.99% Of Claims
BANRURAL: Winding Up by April Next Year
BRIGHTPOINT: Sells Certain Operating Assets in Mexico
CINTRA: 3Q02 Net Loss Narrows
CINTRA: Delays Privatization of Two Airlines

GRUPO MEXICO: 3Q02 Net Loss Swells But Operations Improve
GRUPO SIMEC: Announces Results for the First Nine Months of 2002
GRUPO TMM: Announces TFM $822M Net Receivable From VAT Suit
MINERA AUTLAN: Poor 4Q01 Results Finally Submitted
NII HOLDINGS: U.S. Bankruptcy Court Confirms Reorganization Plan
SAVIA: 3Q02 Results Show Positive Turnaround Results


P A R A G U A Y

PETROPAR: Latest Report Indicates Technical Bankruptcy


U R U G U A Y

URUGUAYAN BANKS: Avoid Liquidation After CB Extends Intervention


V E N E Z U E L A

SIDOR: Workers Lodge Strike Over Labor Issues


     - - - - - - - - - -

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

FLAG TELECOM: Expands Asian Network Reach
-----------------------------------------
FLAG Telecom Group Limited (OTC: FTGLF), along with its group
companies ("FLAG Telecom"), announced Monday that the company has
been awarded a Type 1 Telecom license to establish and operate a
nationwide telecommunications network in Taiwan. The license
officially completes FLAG Telecom's North Asian Loop (FNAL) and
enables the company to extend its seamless IP and optical fibre
network and deepen its Asian footprint while enhancing its
offering of broadband services. The completion of FNAL enables
FLAG Telecom customers to connect seamlessly through one global
network to the United States, Europe, the Middle East and Asia.

"This licensing agreement enhances FLAG Telecom's competitive
position in the Asian market", said Ed McCormack, Chief Operating
Officer of FLAG Telecom. "Our global network enables top quality
connectivity in not only routes like the Atlantic loop linking
the U.S. to Europe, but also in the routes to other key
destinations like the Middle East, Asia and the Asia Pacific."

FNAL is an integral part of the FLAG Telecom global network,
providing reinforcement to the traffic flows on the FLAG Europe
Asia ("FEA") cable in the Asia region. It is a high capacity six
fiber pair redundant loop system, upgradeable using leading Dense
Wave Division Multiplexing ("DWDM") technology. The loop allows
FLAG Telecom to support the strong growth in intra-Asia Internet
traffic and provide intra-regional, city-to-city connectivity
between Hong Kong, Seoul, Tokyo and Taiwan, as well as on to the
rest of the world. Monday's licensing agreement adds Taipei to
FLAG Telecom's on-net destinations with direct connectivity for
Managed Bandwidth Services and eventually IP services.

About FLAG Telecom

FLAG Telecom is a leading global network services provider and
independent carriers' carrier providing an innovative range of
products and services to the international carrier community,
ASPs and ISPs across an international network platform designed
to support the next generation of IP over optical data networks.
Recent news releases and further information are on FLAG
Telecom's website at: www.flagtelecom.com.

Forward-looking Statements

Statements contained in this Press Release that are not
historical facts may be "forward-looking" statements as the term
is defined in the Private Securities Litigation Reform Act of
1995. To identify these forward-looking statements look for words
like "believes", "expects", "may", "will", "should", "seeks",
"intends", "plans", "projects", "estimates", or "anticipates" and
similar words and phrases. These, and all forward-looking
statements, are based on current expectations and necessarily are
subject to risks and uncertainties which could cause actual
results to differ materially from those currently anticipated due
to a number of factors which include, but are not limited to, our
ability to achieve the objectives laid out in the Plan of
Reorganization. More detailed information about these risks is
contained in our Plan of Reorganization. We caution readers not
to rely on forward-looking statements, and we disclaim any intent
or obligation to update these forward-looking statements.

CONTACT:  FLAG Telecom
          John Draheim, (+44 20 7317 0826)
          Jdraheim@flagtelecom.com

          David Morales, (+44 20 7317 0837)
          Dmorales@flagtelecom.com

          SLOANE & COMPANY
          Dan O'Connor, (212 446 1865)
          DOconnor@sloanepr.com


GLOBAL CROSSING: IP Platform Minutes Top 2.3 Billion
----------------------------------------------------
Global Crossing announced Monday that the number of minutes
carried over its seamless, global Voice over Internet Protocol
(VoIP) platform - one of the world's largest - grew to more than
2.3 billion minutes during the third quarter of 2002, a 255%
increase over the first quarter. The company says growth in
traffic from new and existing customers across the Americas and
in Europe is testament to its reliable, cost-effective voice
services over its global backbone.

"Global Crossing's VoIP platform allows us to bring the
simplicity and elegance of IP solutions to our clients over a
wide geographic area," said Juan Carlos Canto, CFO of LD Telecom,
which delivers enhanced communications solutions to small and
medium enterprises in shared tenant environments in Latin
America. Canto continued, "We're very pleased with the service
and continue to grow our customer base at a healthy rate as we
bring intelligence to voice networks in underserved markets."

Voice traffic is routed over Global Crossing's worldwide fiber
optic network using either packet-based VoIP or conventional Time
Division Multiplexing (TDM) technology. Both platforms are fully
interoperable. By managing a VoIP platform over its own network,
Global Crossing delivers a cost-effective, reliable solution
unaffected by public Internet delays and congestion. This premier
VoIP network also provides users with quality comparable to that
of the traditional Time Division Multiplexing (TDM)
infrastructure. The VoIP platform's multi-layered architecture
makes it an ideal choice for IP-based applications, built to
satisfy current and future communications needs.

"Our IP network, connecting over 200 cities in 27 countries, is
truly an exceptional asset, and we continue to reap its benefits,
as do our customers," said John Legere, CEO of Global Crossing.
"We are migrating increasing amounts of our growing voice traffic
onto our VoIP platform, and customers are experiencing the
quality they expect in their voice services with the added
efficiencies of an all-IP environment. Our global network is able
to address the connectivity needs of customers today while
providing solutions that match their future requirements."

Global Crossing's suite of voice products gives carrier and
enterprise customers access to switched and dedicated origination
and termination, both nationally and internationally, as well as
long-distance and toll-free services, with enhanced routing
capabilities over Global Crossing's secure fiber optic network.
Global Crossing's comprehensive, end-to-end network management
system monitors traffic 24 x 7 for unsurpassed reliability.

ABOUT GLOBAL CROSSING
Global Crossing provides telecommunications solutions over the
world's first integrated global IP-based network, which reaches
27 countries and more than 200 major cities around the globe.
Global Crossing serves many of the world's largest corporations,
providing a full range of managed data and voice products and
services. Global Crossing operates throughout the Americas and
Europe, and provides services in Asia through its subsidiary,
Asia Global Crossing.

On January 28, 2002, Global Crossing and certain of its
affiliates (excluding Asia Global Crossing and its subsidiaries)
commenced Chapter 11 cases in the United States Bankruptcy Court
for the Southern District of New York (Bankruptcy Court) and
coordinated proceedings in the Supreme Court of Bermuda (Bermuda
Court). On the same date, the Bermuda Court granted an order
appointing joint provisional liquidators with the power to
oversee the continuation and reorganization of the Bermuda-
incorporated companies' businesses under the control of their
boards of directors and under the supervision of the Bankruptcy
Court and the Bermuda Court.

On April 23, 2002, Global Crossing commenced a Chapter 11 case in
the Bankruptcy Court for its affiliate, GT UK, Ltd. On August 4,
2002, Global Crossing commenced a Chapter 11 case in the United
States Bankruptcy Court for the Southern District of New York for
its affiliate, SAC Peru Ltd. On August 30, 2002, Global Crossing
commenced Chapter 11 cases in the Bankruptcy Court for an
additional 23 of its affiliates (as specified in the July Monthly
Operating Report filed with the Bankruptcy Court) in order to
coordinate the restructuring of those companies with its
restructuring. Global Crossing has also filed coordinated
insolvency proceedings in the Bermuda Court for those affiliates
that are incorporated in Bermuda. The administration of all the
cases filed subsequent to Global Crossing's initial filing on
January 28, 2002 has been consolidated with that of the cases
commenced in Bankruptcy Court on January 28, 2002.

Global Crossing's Plan of Reorganization, which it filed with the
Bankruptcy Court on September 16, 2002, does not include a
capital structure in which existing common or preferred equity
would retain any value.

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

          John DeBellis
          +1 973-410-5936
          John.DeBellis@globalcrossing.com

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


TYCO INTERNATIONAL: Profit Restatement Buried
---------------------------------------------
Tyco International Chief Executive Officer Edward Breen buried a
profit restatement and tried to gloss over a US$1.75 billion
loss, reports Reuters. The text of Tyco's earnings release did
not mention the restatement. Instead, it was only shown in a
table. Investors were surprised as the first indication of the
restatement was from an article in The Wall Street Journal on its
Thursday edition.

Tyco's new finance chief David FitzPatrick admits that the report
was messy and promised to clarify the numbers. According to the
report, the release was in sharp contrast to FitzPatrick's tenure
as CFO of United Technologies Corp., which put out crisp and
clear earnings releases that highlighted net income performance
and eschewed pro forma accounting.

CONTACT: Tyco International Ltd.
         Corporate Office
         The Zurich Centre, Second Floor
         90 Pitts Bay Road
         Pembroke HM 08, Bermuda
         Phone: 441-292-8674
         Home Page: http://www.tyco.com



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

CEMAR: Regulator Says Four Firms Present Pre-qualification Docs
---------------------------------------------------------------
Brazilian power regulator Aneel announced that four companies
presented pre-qualification documents to bid for the insolvent
Maranhao state distributor Cemar, which is to be sold for a
symbolic US$1, relates Business News Americas.

The participating companies are local companies Brascan, GP
Investimentos, Docas Investimentos, and US-based Franklin Park
Energy.

Aneel will release a list of qualified bidders on November 1, and
bidders will have until November 29 to submit their plans for
reducing the Company's debt.

Cemar, which is 90%-owned by US power company PPL Global, filed
for protection from creditors in August this year. Subsequently,
Aneel intervened Cemar and appointed Sinval Zaidan Gama to run
the Company and seek new investors.

Cemar, which distributes electricity to about 1 million people in
Maranhao state, has been hurt by declining power demand and
losses triggered by nine months of power rationing that ended in
March. The drop in revenue forced the Company to miss payments on
its BRL560 million (US$180 million) debt and forced PPL Corp. to
write off all of its US$317 million investment in the unit.

CONTACT:  COMPANHIA ENERGETICA DO MARANHAO
          Av. Colares Moreira, 477
          65075-441 - Sao Luiz- MA
          PHONE: (98) 217-2119
          FAX: (98) 235-3024
          WEBSITE: http://www.cemar.com.br/

CREDITORS:  CENTRAIS ELETRICAS BRASILEIRAS S.A. - ELETROBRAS
            Avenida Presidente Vargas 409, 13 Andar
            20071-003 Rio de Janeiro Brazil
            Phone: (21) 2514-5151
            Fax: +55-21-2242-2697
            Home Page: http://www.eletrobras.gov.br
            Contacts:
            Cladio da Silva avila, President
            Jose Alexandre Nogueira de Resende, Director of
                                  Financial and Market Relations

            Investor Relations Division
            Phone: (0XX21) 2514-6207 / 2514-6333
            Av. Presidente Vargas, 409 - 9  andar
            20071-003 - Rio de Janeiro - RJ
            Email: arlindo@eletrobras.gov.br

            CENTRAIS ELETRICAS DO NORTH DO BRAZIL - ELETRONORTE
            Av. Presidente Vargas, 489 -13  andar.
            20071-003- Rio do Janeiro RJ
            Phone: + (55+61) 429 5139
            Fax: +(55+61) 328 1373
            E-mail: elnweb@eln.gov.br
            Home Page: http://www.eln.gov.br/
            Contact:
            Mr. Arlindo Soares Castanheira, Investor Relations
            Phone: 55 21 2514.6331
                   55 21 2514.6333
            Fax: 55 21 2242.2694
            E-mail: arlindo@eletrobras.gov.br

            FLEETBOSTON FINANCIAL CORP.
            100 Federal Street
            Boston, MA 02110
            Phone: (617) 434-2200
            Fax: (617) 434-6943
            URL: http://www.fleet.com/home.asp

MAJOR SHAREHOLDERS:

            PPL GLOBAL (90%)
            11350 Random Hills Road
            Suite 400
            Fairfax, VA 22030

            Phone: 703-293-2600
            Fax: 703-293-2659
            William F. HechtChairman, President/CEO
            John R. Biggar, Executive Vice President/CFO


GLOBOPAR: Difficult Economic Environment Prompts Default
--------------------------------------------------------
Globo Comunicacoes e Participacoes SA, the largest and most
powerful media group in Brazil, which posted onerous losses due
to the country's plunging currency and slumping economy, said it
will default on US$1.5 billion of debt, reports Bloomberg.

"The economic slowdown has made the Company unable to produce
enough operational profit to make up for an increase in the
liability triggered by a plunging currency," said Jorge Simino,
who helps manage BRL800 million (US$210 million) in equities for
Brazil's Unibanco Asset Management.

Globopar has hired Goldman Sachs Group Inc. and Houlihan Lokey
Howard & Sukin Capital as advisers, the Company said in a
statement. The market turmoil also prompted Globo, owned by the
influential Marinho family, to delay plans to make the
traditionally-hermetic company public in late September.

The Marinho family, which invested more than US$170 million in
Globopar over the past six months, said the Company's
difficulties would not affect Globo's vast television operations.
The media titan also owns a leading daily newspaper, as well as
radio, music and Internet interests.

Globo's planned conversion from a family-owned group with limited
access to capital markets into a fully incorporated company was
made possible only after Brazil's Congress approved an amendment
to the constitution on media ownership in May. The amendment
allows media companies to come under corporate and not just
individual ownership, and will allow foreigners to buy up to 30
percent of a local media company once the law is passed.

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

ADVISER:  HOULIHAN LOKEY HOWARD & ZUKIN CAPITAL
          John McKenna
          Lily Chu
          Phone: 212/497-4100


KLABIN SA: Ratings Lowered to 'CCC+'; CreditWatch Negative Holds
----------------------------------------------------------------
Standard & Poor's Rating Services said Monday that it lowered its
local and foreign currency corporate credit ratings on Brazilian
paper company Klabin S.A. to triple-'C'-plus from single-'B'-
plus. The ratings remain listed on CreditWatch with negative
implications, where they were placed on Oct. 8, 2002.

The downgrade reflects increasing likelihood that Klabin will not
be able to meet required amortizations on the local debenture and
fixed-rate notes maturing on Nov. 1 and Nov. 4, respectively.

The company is finalizing a long-term, local debt structure with
the support of BNDES and its major local banks to resolve these
maturities and at the same time most of its refinancing
requirements until the second semester of 2003. "Although the
deal is not yet closed, Standard & Poor's believes that the
company and its banks will reach an agreement. However, as the
due date of these maturities approaches, the company might not be
able to make these payments on a timely basis," stated Standard &
Poor's credit analyst Milena Zaniboni.

If the negotiation of the local deal fails, Klabin is likely to
default on its public debt, and the ratings would be lowered
further. Standard & Poor's will consider that the company is in
default if it fails to pay the maturities on the due date.

Nevertheless, if the company manages to borrow under this
facility, Standard & Poor's will revise the ratings in light of a
much-improved financial profile.

The CreditWatch will be resolved if the company manages to
refinance its upcoming maturities with the long-term instrument
currently under negotiation.

ANALYST: Milena Zaniboni, Sao Paulo (55) 11-5501-8945


LIGHT: Plans to Minimize Illegal Connections
--------------------------------------------
Brazil's Rio de Janeiro state distributor Light, struggling with
an estimated annual loss of BRL900 million from illegal
connections, introduced a measure to address the problem, reports
Business News Americas. Light operations executive Jose Marcio
Ribeiro explained that the move is part of a broader BRL100-
million (US$26mn) program that has been underway since the
beginning of the year to inform customers through the media about
the losses caused by these illegal connections.

Ribeiro revealed that the measure includes making available a
toll-free number for people to report illegal connections. Light
also plans to cut illegal connections immediately and may
prosecute those involved.

Moreover, the investment includes moving meters out of people's
houses and up on to the electricity poles. As well as making it
easier for Light to take readings, the external meters make it
harder for people to make illegal connections behind closed
doors, Ribeiro explained.

For the final prevention stage of the program, Light plans to
inform customers of how much power they can consume for the
amount of income they are prepared to spend on electricity,
Ribeiro said.

CONTACT:  LIGHT SERVICOS DE ELETRICIDADE S.A.
          Avenida Marechal Floriano, 168
          20080-002 Rio de Janeiro, Brazil
          Phone: +55-21-2211-2794
          Fax:   +55-21-2211-2993
          Home Page: http://www.lightrio.com.br
          Contact:
          Bo Gosta Kallstrand, Chairman
          Michel Gaillard, President and CEO
          Joel Nicolas, Executive Director, Operation
          Paulo Roberto Ribeiro Pinto, Executive Director,
                                 Investor Relations and CFO



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

ENDESA: Latin American Expansion Drags Down 3Q02 Earnings
---------------------------------------------------------
Analysts expected Endesa SA's Latin American investments to
reduce the Company's earnings in the third-quarter. The Spanish
power company, which has the greatest share of its earnings from
the region, is expected to post a 36% decline in third-quarter
profit, reports Bloomberg.

According to the average of eight analysts' estimates, the third-
worst performer in the Bloomberg Europe Electricity Index this
year will probably say net income fell to EUR185 million (US$182
million) from EUR290 million a year earlier.

Endesa Chief Executive Officer Rafael Miranda wants to sell
assets to reduce Endesa's EUR24 billion in debt after investing
EUR6 billion in the region.

"They're trying to take some of the heat off by reducing debt and
transferring it to the Latin American units, and by selling
assets," said Benito Vera, an analyst at Santander Central
Hispano Bolsa SVB SA.

Endesa aims to sell assets worth EUR3 billion by the end of next
year, including power lines in Spain, real estate, and assets in
Chile. Brazil accounted for 15% of Endesa's first-half operating
profit, second only to Spain.

Miranda slashed his five-year investment budget of EUR20 billion
by a third in February as the Company tries to reduce its
borrowings. Endesa has twice as much debt as rival Iberdrola SA
and owes as much as Enel SpA, which is triple Endesa's market
value.

Plans to generate cash may hit a snag if Endesa is unable to find
buyers for the EUR600 million in Chilean assets it plans to sell.


MADECO: Addresses Three LatAm Countries' Impact On Results
----------------------------------------------------------
Madeco S.A. ("Madeco") (NYSE: MAD) advised the Superintendencia
de Valores y Seguros (Superintendency of Securities and
Insurance, or "SVS"), pursuant to an official written request
made by the regulatory body to all open stock corporations in
Chile with foreign assets, of the effects the Company expects to
reflect on its financial statements for the period ended
September 30, 2002 as a consequence of changes in the
macroeconomic environments of the Latin American countries in
which the Company maintains operations. The determination of
effects on the Company's financial results included analysis of
macroeconomic factors such as exchange rates and inflation as
well as additional regulations and restrictions.

The accumulated year-to-date losses stemming from the Company's
Argentine, Brazilian and Peruvian operations to be recognized in
Madeco's individual and consolidated financial statements for the
period ended September 30, 2002 are estimated to total
approximately Ch$18,696 million. For the January

- September period in 2001, the Company recognized a loss of
Ch$10,623 million.

Brazilian and Peruvian Subsidiaries:

The estimated Ch$2,951 million loss for the January - September
2002 period stemming from the Company's Brazilian investments
reflect both reduced operating results as well as non-operating
losses. The operation's lower operating results are the
consequence of the dramatic drop-off in telecom cable demand.

The Brazilian operation's non-operating losses associated with
currency translation for the January - September 2002 period
reflect both the devaluation of the Brazilian Real against the US
dollar as well as the greater amount of assets versus liabilities
held in the Brazilian currency; the total currency translation
loss is expected to total Ch$2,046 million for the period ended
September 30, 2002, versus a Ch$415 million gain recorded in the
same period of the previous year.

With respect to the Company's Peruvian investment (Indeco S.A.),
Madeco expects to include in its financial results for the period
ended September 30, 2002 a gain of Ch$742 million, lower than the
Ch$832 million gain recorded for the nine-month period of 2001.
The gains reflect the Company's proportion of the Peruvian unit's
operating results (Ch$2,048 million in 2001 and Ch$1,726 million
in 2002), partially offset by non-operating losses which include
losses from the Peruvian sol devaluation against the US dollar
(Ch$214 million in the January-September 2002 period, versus
Ch$113 million for the same period in 2001).

Argentine Subsidiaries:

The Company's significant losses stemming from its Argentine
operations principally reflect nonoperating losses derived from
the temporary closure of its Wire and Cable and Brass Mills
production facilities (Quilmes, Barracas, Avellaneda and San Luis
facilities) as well as currency translation losses associated
with the Argentine peso devaluation and the Company holding a
greater amount of assets versus liabilities in Argentine pesos.

It is expected that the Company's Argentine operation will
register a significant non-operating loss associated with the
currency devaluation of the Argentine peso against the US dollar
for the January - September 2002 period. While the estimated net
amount for currency translation losses totals Ch$6,544 million,
this figure includes the reversal of a portion of a non-recurring
provision registered in the Company's financial statements for
the period ended December 31, 2001. The reversal was explained
and reflected in the financial statements for the period ended
June 30, 2002.

The Company estimates that as a result of Argentina's continued
economic and political turmoil, its Argentine subsidiaries could
be exposed to further negative effects on the value of its
assets, liabilities and/or operations in the future, over and
above those that which has already been recorded.

The Company expects to publish its results and financial
statements for the nine-month period ended September 30, 2002
during the first half of November.

CONTACT:  Marisol Fernandez
          Investor Relations
          Voice: (56 2) 520-1380
          Fax: (56 2) 520-1545
          E-mail: mfl@madeco.cl
          Web Site: www.madeco.cl


TELEFONICA CTC CHILE: Cuts 900 Jobs to Lower Costs
---------------------------------------------------
Chile's largest telephone company Telefonica CTC Chile ("CTC")
announced Monday that it will cut about 12 percent of its
workforce - equivalent to 900 jobs, in a bid to cut costs and
reduce losses. Bloomberg quoted Telefonica CTC spokesperson Edith
Flores saying the job cut will reduce third-quarter earnings,
without elaborating on the specific date of the job cuts.

Fired workers will receive the final month's wages, holidays and
compensation amounting to 40 days' wages per year employed, along
with other benefits and an early retirement plan, according to
Dow Jones Newswires.

The severance payments may cost CTC as much as US$5 million if
the fired workers have been with the company for five years, and
earning at least CLP850,000 (US$1,160) per month.

According to the reports, Telefonica CTC needs to reduce costs
after a second-quarter loss of 902 million pesos ($1.3 million)
on a 6 percent decline in revenue to 212 billion pesos. The
company earned 4.1 billion pesos last year after losing money in
2000 and 1999 as a result of a government decision to cut rates
for local telephone service, its biggest business.

CTC's restructuring plan aims for an improvement in customer
care, and higher profits from existing infrastructure.

After the restructuring, CTC will focus on three main business
areas:

-- CTC's unit in charge small customer business, including mall
companies will be under the management of Velko Petric.

-- Affairs concerning major businesses will be under Ricardo
Majluf.

-- Mobile Telefony will be headed by Jose Moles.

Spain-based Telefonica SA owns 44 percent of Telefonica CTC
Chile.

CTC shares, which have a 31 percent decline this year, fell to
CLP1,516 (US$2.1) at 5:30 p.m. Monday.

CONTACT:  TELEFONICA CTC CHILE
          Avenida Providencia 111, Piso 2
          Santiago, Chile
          Phone: +56-2-691-2020
          Fax: +56-2-691-2392
          Homepage: http://www.ctc.cl
          Contacts:
          Mr. Bruno Philippi, President
          Mr. Jacinto DĦaz, Vice President
          Gisela Escobar, Head of Investor Relations



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

BANCO INDUSTRIAL: IPAB Pays 99.99% Of Claims
--------------------------------------------
Mexico's bank savings protection agency IPAB said it has paid the
equivalent of 99.99% of claims related to deposits in Banco
Industrial. The deadline for presenting claims, according to Dow
Jones Newswires, was Oct. 26. IPAB, which is seeking to recover
the funds from the bank's assets, said it spent MXN4.5 billion to
cover the claims at the seized bank.

Banco Industrial, one of the smaller banks taken over by
regulators in the latter half of the 1990s, is in the process of
being shut down.

Banco Industrial was intervened in 1998 after financial problems
were detected in its assets and credit portfolio, as well as
insufficient preventive provisions for high-risk credits
estimated at MXN555 million (US$56.73 million).


BANRURAL: Winding Up by April Next Year
---------------------------------------
The National Rural Credit Bank (Banrural) will be phased out on
April 1, 2003, and at the same time, a new entity in the name of
Financiera Rural, will rise from Banrural's ashes. According to
Mexico City daily El Universal, Financiera Rural will get MXN4.6
billion (US$461.7 million) from the federal government. The draft
of the new institution's organic letter, sent to the Chamber of
Deputies, authorizes a transfer of MXN42.9 billion (US$4.30
billion) to address the requirements of the Banrural system, as
well as creating Financiera Rural.

The new institution will be able to grant loans, issue credit
cards, buy and sell dollars and make deposits in foreign banks.
All active employees of Banrural will be laid off by the time
Banrural disappears.

CONTACT:  BANRURAL
          Agrarianism No. 227
          Col. Escandsn
          Deleg. Miguel Hidalgo
          11800 Mexico, D.F.
          Lada 01
          Phone: 57-23-13-00
          Home Page: www.banrural.gob.mx/
          Contact:
          Dr. Jose Antonio Meade Kuribreqa, Main
          Directorate
          Agrarianism no. 227 70 floor
          Ext. 2000
          Fax Dir. 5230-1639
          Fax 1639


BRIGHTPOINT: Sells Certain Operating Assets in Mexico
-----------------------------------------------------
Brightpoint, Inc. (NASDAQ:CELL) announced Monday that it and
certain of its subsidiaries have completed the sale of certain
operating assets of Brightpoint de Mexico, S.A. de C.V. and their
respective ownership interests in Servicios Brightpoint de
Mexico, S.A. de C.V. (collectively, "Brightpoint Mexico ") to
Soluciones Inteligentes para el Mercado Movil, S.A. de C.V.
("SIMM"), an entity which is wholly-owned and controlled by
Brightstar de Mexico S.A. de C.V. ("Brightstar").

Pursuant to the transaction, Brightpoint received cash
consideration totaling approximately US$1.7 million and a short-
term promissory note from SIMM totaling approximately US$1.1
million that matures in December 2002. The repayment of the
promissory note is guaranteed by Brightstar. The Company expects
to record a loss in the range of US$4.5 million to US$5.0 million
relating to the sale of these operating assets (including
approximately US$3.4 million from a non-cash write-off of
cumulative foreign currency translation losses) during the fourth
quarter of 2002. Additionally, Brightpoint plans to initiate the
liquidation of the remaining assets and liabilities of its
Mexican operations during the fourth quarter of 2002. The losses
and the results of operations of Brightpoint Mexico will be
classified as a part of discontinued operations in Brightpoint,
Inc.'s consolidated statement of operations beginning in the
fourth quarter of 2002.

Brightpoint is one of the world's largest distributors of mobile
phones. Brightpoint supports the global wireless
telecommunications and data industry, providing quickly deployed,
flexible and cost effective third party solutions. Brightpoint's
innovative services include distribution, channel management,
fulfillment, eBusiness solutions and other outsourced services
that integrate seamlessly with its customers. Additional
information about Brightpoint can be found on its website at
www.brightpoint.com or by calling its toll-free Information and
Investor Relations line at 877-IIR-CELL (877-447-2355).

Certain information in this press release may contain forward-
looking statements regarding future events or the future
performance of Brightpoint. These statements are only predictions
and actual events or results may differ materially. Please refer
to the documents the Company files, from time to time, with the
Securities and Exchange Commission; specifically, Brightpoint's
most recent Form 10-K, Form 10-Q and Exhibits 99, thereto. These
documents contain and identify important risk factors that could
cause the actual results to differ materially from those
contained in or implied by these forward-looking statements.
These risk factors include, without limitation, the ability of
SIMM to repay the promissory note in full on its maturity date;
the tax implications on repatriation of the released funds to the
United States; business conditions in the Mexican market,
including currency, economic and political risks of operating in
the Mexican market and financial risk management. Readers are
cautioned not to place undue reliance on these forward-looking
statements that speak only as of the date these statements were
made. Brightpoint undertakes no obligation to update any forward-
looking statements contained in this press release.

About Brightstar

Founded in 1997, Brightstar Corporation is a solution provider
and value-added distribution and manufacturing services company.
The company provides customers in the wireless industry with
inventory management, logistics, fulfillment, Internet-based
solutions, customized packaging and after-sales support.
Brightstar ranks sixth on the Hispanic Business 500 and number
one on its technology list. Its customer base includes over 100
network operators and nearly 6,000 distributors, agents,
resellers and retailers around the world. Brightstar is one of
Motorola's strategic partners in Latin America and the U.S. and
an authorized distributor for all leading wireless equipment
manufacturers. Brightstar operates 18 facilities in 14 countries
worldwide. Its headquarters is based in Miami, FL, with
operations in Argentina, Bolivia, Brazil, Colombia, Chile, the
Dominican Republic, El Salvador, Guatemala, Mexico, Paraguay,
Peru, the United States and Puerto Rico, Uruguay and Venezuela.
During the year ended December 31, 2001, Brightstar's
consolidated revenues were $631 million. For more details, visit
http://www.brightstarcorp.com/.

CONTACT:  Brightpoint, Inc., Indianapolis, Indiana
          Frank Terence, 317/805-4100


CINTRA: 3Q02 Net Loss Narrows
-----------------------------
Mexico's government-owned airline holding company, Cintra SA, is
still reeling from the effects of the Sep. 11 terror attacks but
managed to trim down its net loss. According to Dow Jones, Cintra
posted a net loss of MXN99 million (US$9.9 million), lower than
the MXN233 million net loss it posted in the same period a year
earlier. The Company said sales were MXN7.81 billion
($1=MXN9.9730), down from MXN8.1 billion in the year-ago quarter.
Operating profit rose 22% to MXN202 million.

CONTACT:  CINTRA
          Xola 535, Piso 16, Col. del Valle
          03100 M,xico, D.F., Mexico
          Phone: +52-5-448-8050
          Fax: +52-5-448-8055
          Contacts:
          Jaime Corredor Esnaola, Chairman
          Juan Dez-Canedo Ruiz, CEO
          Rodrigo Ocejo Rojo, CFO
                       OR
          C.P. Francisco Cuevas Feliu, Investor Relations
          Xola 535, Piso 16
          Col. del Valle
          03100 M,xico, D.F.
          Tel. (52) 5 448 80 50
          Fax (52) 5 448 80 55
          infocintra@cintra.com.mx


CINTRA: Delays Privatization of Two Airlines
--------------------------------------------
Once again, Cintra SA is putting on hold plans to privatize
Aeromexico and Mexicana, which control around 80% of domestic
airline traffic in Mexico. Cintra said it made the decision after
receiving advice from Merrill Lynch & Co., the financial adviser
for the privatization plan.

"The board recognizes that in the short term conditions are not
favorable for the sale," Cintra said in a press release, adding
it will continue to prepare the paperwork for when a sale is
convenient.

The federal government controls more than 65% of Cintra, mostly
through the federal deposit insurance agency IPAB, which acquired
a 50.5% stake when the government rescued troubled banks in the
mid-1990s.

The government plans to sell the two airlines separately. The
initial idea of selling them as a single company was rejected by
antitrust regulators, who want to break up the monopoly on
domestic routes.

SALE ADVISER:

          MERRILL LYNCH & CO., INC.
          World Financial Center,
          North Tower, 250 Vesey St.
          New York, NY 10281
          Phone: 212-449-1000
          Toll Free: 800-637-7455
          Home Page: http://www.merrilllynch.com
          Contact:
          David H. Komansky, Chairman and CEO
          E. Stanley O'Neal, President, COO, and Director
          Thomas H. Patrick, EVP and CFO

          MERRILL LYNCH MEXICO
          Paseo de las Palmas No. 405
          Piso 8
          Col. Lomas de Chapultepec
          11000 Mexico City, Mexico
          Phone: 5255-5201-3200
          Fax: 5255-5201-3222


GRUPO MEXICO: 3Q02 Net Loss Swells But Operations Improve
---------------------------------------------------------
Grupo Mexico, the world's third-largest copper producer,
ballooned its net loss in the third quarter of this year to
MXN247.0 million, compared with a MXN1.41 billion net loss in the
same period in 2001. But it managed to reverse an operating loss
of MXN138.8 million in the third quarter in 2001 to an operating
profit of MXN273.3 million in the same quarter this year.

The Mexican mining and railroad concern said that cost savings
helped offset some of the effects of lower copper and zinc prices
in the third quarter.

Sales during the July-September period this year stood at MXN6.34
billion ($1=MXN10.06), compared with MXN6.79 billion in the same
period a year earlier.

Grupo Mexico said that under U.S. accounting methods, and in
dollar terms, earnings before interest, taxes, depreciation and
amortization, or EBITDA, totaled US$117.7 million in the quarter,
up from US$81.1 million in the year-ago quarter.

Total debt as of Sept. 30, 2002 was US$2.75 billion, and net debt
stood at US$2.4 billion, Grupo Mexico said.

CONTACT:  GRUPO MEXICO SA DE CV
          Avenida Baja California 200,
          Colonia Roma Sur
          06760 M,xico, D.F., Mexico
          Phone: +52-55-5264-7775
          Fax: +52-55-5264-7769
          Home Page: http://www.gmexico.com
          Contacts:
          Germ n Larrea Mota-Velasco, Chairman and CEO
          Xavier Garc­a de Quevedo Topete, President and COO
          Alfredo Casar P,rez, COO, Ferrocarril Mexicano
          Daniel Ch vez Carre›n, COO, Industrial Minera M,xico
          Daniel Tellechea Salido, VP Administration and Finance
                                   President


GRUPO SIMEC: Announces Results for the First Nine Months of 2002
----------------------------------------------------------------
Grupo Simec, S.A. de C.V. (Amex: SIM) ("Simec") announced Monday
its results of operations for the nine-month period ended
September 30, 2002. Net sales decreased 1% during the nine-months
ended September 30, 2002, as compared to the nine months ended
September 30, 2001, from Ps. 1,537 million to Ps. 1,528
million.  Primarily as a result of the recording of an exchange
loss in the 2002 period versus the recording of an exchange gain
in the 2001 period, Simec recorded net income of Ps. 64 million
in the nine months ended September 30, 2002 versus net income of
Ps. 120 million for the comparable period of 2001.

Simec sold 451,037 metric tons of basic steel products during the
nine- month period ended September 30, 2002 as compared to
427,237 metric tons in the same period of 2001. Exports of basic
steel products increased to 61,853 metric tons in the nine-month
period ended September 30, 2002 versus 36,870 metric tons in the
prior comparable period.  Additionally, Simec sold 21,476 tons of
billet in the nine-month period ended September 30, 2002; in the
nine months ended September 30, 2001 Simec had no sales of
billet.  Prices of finished products sold in the first nine
months of 2002 decreased 8% in real terms versus the same period
of 2001.

Simec's direct cost of sales was Ps. 1,025 million in the nine-
month period ended September 30, 2002, or 67% of net sales,
versus Ps. 1,032 million, or 67% of net sales for the first nine
months of 2001. Indirect manufacturing, selling, general and
administrative expenses (including depreciation) decreased 7% to
Ps. 325 million during the nine-month period ended September 30,
2002, from Ps. 350 million in the same period of 2001.

Simec's operating income increased 15% to Ps. 178 million during
the nine- month period ended September 30, 2002 from Ps. 155
million in the nine months ended September 30, 2001. As a
percentage of net sales, operating income was 12% in the nine-
month period ended September 30, 2002 and 10% in the same period
of 2001.

Simec recorded income from other financial operations of Ps. 10
million in the nine-month period ended September 30, 2002
compared to income from other financial operations of Ps. 34
million in the same period of 2001.  In addition, Simec recorded
a reserve for income tax and employee profit sharing of Ps. 13
million in the nine-month period ended September 30, 2002 versus
a reserve of Ps. 45 million in the nine-month period ended
September 30, 2001.

Simec recorded financial expense of Ps. 111 million in the nine-
month period ended September 30, 2002 compared to financial
expense of Ps. 24 million in the same period of 2001 as a result
of (i) net interest expense of Ps. 43 million in the nine-month
period ended September 30, 2002 compared to net interest expense
of Ps. 139 million in the same period of 2001, reflecting lower
debt levels in the 2002 period, (ii) an exchange loss of Ps. 92
million in the nine-month period ended September 30, 2002
compared to an exchange gain of Ps. 53 million in the same period
of 2001, reflecting a decrease of 11.2% in the value of the peso
versus the dollar in the nine-month period ended September 30,
2002 compared to an increase of 0.5% in the value of the peso
versus the dollar in the same period of 2001 and (iii) a gain
from monetary position of Ps. 24 million in the nine-month period
ended September 30, 2002 compared to a gain from monetary
position of Ps. 62 million in the same period of 2001, reflecting
the domestic inflation rate of 3.9% in the nine-month period
ended September 30, 2002 compared to the domestic inflation rate
of 3.4% in the same period of 2001 and the lower amount of debt
outstanding during the 2002 period.

In June 2002, Simec's parent company Industrias CH, S.A. de C.V.
("ICH") converted approximately $24.6 million of loans to Simec
plus accrued interest thereon (which loans were made principally
to fund the repayment of Simec bank debt described below) into
common shares of Simec at a conversion price equivalent to U.S.
$1.51 per American Depositary Share.

At September 30, 2002, Simec's total consolidated debt consisted
of approximately $52.7 million of U.S. dollar-denominated debt
(including $7.9 million of debt owed to ICH), while at December
31, 2001, Simec had outstanding $103 million of U.S. dollar-
denominated debt (including
$14.8 million of debt owed to ICH); Simec's lower debt level
reflects the prepayment of $39 million of bank debt in the nine-
month period ended September 30, 2002 (Simec financed $18 million
of this prepayment with loans from ICH), the amortization of $4.4
million of bank debt in May 2002 and the conversion to equity of
$24.6 million of loans from ICH.  Substantially all of Simec's
remaining consolidated debt (other than debt owed to ICH) matures
in 2009 and amortizes in equal semi-annual installments.

All figures were prepared in accordance with Mexican generally
accepted accounting principles and are stated in constant Pesos
at September 30, 2002.

Simec is a mini-mill steel producer in Mexico and manufactures a
broad range of non-flat structural steel products.

CONTACT:  GRUPO SIMEC, S.A. DE C.V.
          Adolfo Luna Luna
          Jose Flores Flores
          Tel. +011-52-33-3669-5740


GRUPO TMM: Announces TFM $822M Net Receivable From VAT Suit
-----------------------------------------------------------
    --  Grupo TMM Equity Improves $195 Million
    --  TFM Liquidity and Financial Measurements Improve
Substantially
    --  Grupo TMM Expects to Commence Bond Exchange Offering
Shortly
    --  Operating Performance Remains Stable in Difficult
Environment
    --  Port Traffic Increasing Because of U.S. Labor Disputes

Grupo TMM, S.A. (NYSE: TMM), the largest Latin American multi-
modal transportation and logistics company and owner of the
controlling interest in Mexico's busiest railway, TFM, announced
that the decision from TFM's value added tax lawsuit reached by
the Mexican Magistrates Court on September 25, 2002, is estimated
to exceed net $800 million and is not subject to appeal by the
Mexican government. As a result of the Court's decision, the
company is expecting to receive a new tax certificate shortly,
which we believe can be monetized within the next 12 months.

Jose Serrano, chairman of Grupo TMM and Grupo TFM said, "This
decision will greatly enhance the credit worthiness and financial
strength of Grupo TMM's railroad, and in the short-term create an
opportunity to de-lever TFM and to create a platform for its
eventual recognition as investment grade. Moving forward, this
decision could allow for the merger of Grupo TFM and TFM as a
possible result of negotiation with the Mexican government, which
may reduce the risk of the Put, creating tremendous value for
Grupo TMM and its partner KCS. As a result of this decision,
Grupo TMM's equity value has increased by $195 million and debt
to equity ratios have improved at both Grupo TMM and TFM. The
decision reaffirms the new government's commitment to the rule of
law and to transparency, and should instill confidence in foreign
and national investors as to the integrity and responsiveness of
the judicial system."

The decision by the Magistrates Court joins a list of strategic
accomplishments for Grupo TMM throughout 2002 that include:

1) the repurchase of the equity interest in Grupo TFM from the
Mexican government in July;

2) the refinancing of debt and reduction of commercial paper at
TFM in September;

3) the improvement of Grupo TMM's liquidity through a
securitization of revenue and other short-term instruments;

4) the merger of Grupo TMM's share classes in August and
September, which provides for ease of communication within the
investment community and aligns the interests of all
shareholders.

"The VAT decision serves as an important turning point in the
financial strength of TFM, now and in the future," Serrano
continued. "This action together with Grupo TMM's proposed
exchange offer for its outstanding bonds will give not only TFM,
but Grupo TMM, a solid platform for both financial and operating
success consistent with the company's long-term business plan to
extend maturities while de-levering the company."

There is a possibility that any third party in a separate
proceeding could seek to make a claim against TFM as a result of
the fiscal court's ruling in compliance with the federal court's
ruling, although TFM does not believe that any third party has
grounds to make any claim and that any such claim if made, would
not have any merit.

Securitization Program Extension and Debt Exchange at Grupo TMM

The company further announced Monday that it had completed an
extension of its securitization program, which has now been
funded. The extension of the current program by $30 million
enhances the company's short-term liquidity.

Additionally, consistent with its announcement on August 29,
2002, to extend the company's debt profile, Grupo TMM intends to
offer to exchange new debt securities for all of the outstanding
9 1/2 percent Senior Notes due 2003 and 10 1/4 percent Senior
Notes due 2006.

In connection with the exchange offer, the company also expects
to solicit consents from the holders of the outstanding 9 1/2
percent Senior Notes due 2003 and 10 1/4 percent Senior Notes due
2006, to amend or eliminate certain of the covenants contained in
indentures governing those notes. The company expects to commence
the offers as soon as practical after the registration statement
is declared effective and it has obtained the necessary
authorizations.

As noted above, the company is focused on not only its longer
term positioning, but is committed to improving its short-term
liquidity. The $30 million securitization extension, described
earlier has been funded. After the bond exchange concludes, the
company expects to have available the second traunch of the
senior convertible notes, previously announced in May, of up to
$32.5 million (as announced previously, the first traunch of that
convertible linked security continues to be paid off in cash
because management continues to believe that the company's
current share price does not reflect its fair market value),
which together is expected to provide over $60 million during the
fourth quarter. The company is additionally exploring the sale of
non-Mexican assets, and in the fourth quarter will continue to
improve working capital.

Javier Segovia, president of Grupo TMM stated, "Grupo TMM
continues to be profitable in a difficult environment. We are
focused on delivering high quality service to our customers,
which puts us in a position to increase our growth and
profitability as the economy improves.

"We believe that the key market drivers for integrated logistics
are still in place," Segovia continued. "We are focused on
increasing volume and enhancing our distribution network. These
efforts will reduce costs, improve reliability and provide
greater serviceability to our clients, positioning us for Mexican
and North American market opportunities."

Segment Results

TFM's carload volume for the third quarter of 2002 increased by
5.8 percent, but net revenue decreased by 2.9 percent, or $4.8
million, over the same period of last year. Revenue was affected
by the impact of a sluggish economy and reduced shipments of
finished autos and grain imports to Mexico, which were down for
the quarter by 26 percent compared to last year, because domestic
grain production experienced a record year. In comparing auto to
last year, both the Mexico City Ford and Chrysler plants have
been closed, the Ford production for exports moving to Hermosillo
in northwest Mexico and to the United States, and the Chrysler
production to Encantada. TFM attained an operating EBITDA of
$60.3 million (without Mexrail) for the quarter, which excludes
the impact of the VAT receivable. The quarter produced an
operating margin of 24.5 percent.

TFM's net revenue decreased $1.8 million in the first nine months
of 2002 over the same period of last year. EBITDA was $183.9
million (without Mexrail) in the period, a 38 percent EBITDA
margin. Operating profit increased 5.8 percent in the period
versus 2001. The first nine months produced an operating ratio of
75.1 percent (operating margin of 24.9 percent), a 1.5 percentage
point increase compared to the same period of 2001. No growth
occurred in Mexican exports and imports were down by 0.9 percent.
Truck-to-rail conversion, particularly in intermodal, continues
to expand at double-digit rates and positions the company for
stronger growth as recessionary conditions end in both the United
States and Mexico. TFM has revised its operational EBITDA target
of $280 million this year to $255 million excluding the VAT
receivable, because of the economic conditions cited above.
Additionally, the company provided significant fourth quarter
event information that will impact favorably Chemical and Grain
volumes and revenues.

At TexMex, grain imports, which normally represent 50 percent of
TexMex revenues, were down as described previously. As grain
imports return to normal levels at TexMex, we believe that the
property is now positioned for growth.

For the company's Ports and Terminals division, revenues
increased 11.2 percent in the third quarter of 2002 compared to
2001 in spite of storage revenue being down due to better
operations in Manzanillo. Due to recently signed customer
agreements and governmental approval of additional port
facilities in Manzanillo, the division has increased expenditures
in the first nine months of 2002 to prepare for this expansion
growth. In the third quarter, the division further reduced SG&A
by an annual run rate of $0.5 million at Mexico City corporate
headquarters, while operating margin in the third quarter
decreased by 5.1 percentage points over the third quarter of
2001. The third quarter of 2001 represented an extremely robust
world trade volume, which was impacted by events in September of
2001.

Grupo TMM anticipates that the Manzanillo terminal will continue
to grow in volume and revenue, and within the next 18 months
construction of the expansion yards and one of two berths should
be completed. Toward the end of the third quarter and throughout
the fourth quarter, the port continues to receive incremental
volume due to the west coast port slow down. Finally, passenger
activity at Cozumel increased by 117 percent compared to the
third quarter of last year (74 vessels total third quarter), and
for the first nine months increased by 84 percent compared to the
same period last year (277 vessels total in nine months).

The Specialized Maritime division for the first nine months has
increased operating profit by 14.6 percent. This primarily
occurred as supply ship revenue increased by 48 percent in the
same period, indicating strong oil exploration activity in the
Gulf of Mexico. Product tankers in the third quarter of 2002 were
impacted by one vessel being repaired and used in the spot
market, which produced increased costs and precluded it from
producing steady revenue. This same vessel was Mexican flagged in
September and was subsequently awarded a one-year PEMEX charter.
This action now places four vessels in PEMEX service.

The company's Logistics division has been setting new records for
RoadRailer and intermodal equipment managed. The division has
tightened per diem allowances by reducing the loading cycle and
is adding additional RoadRailers and trailers to their
operations. The logistics group continues its growth in the
intermodal terminal operations and is adding new equipment to
reduce their maintenance and rental costs. Also on the 3PL
business, Ford has become a new customer of the line-feeding
segment. The trucking division continues to convert their assets
into dedicated service contracts avoiding the uncertainty of the
spot market.

Grupo TMM, without TFM, produced an operating EBITDA (without the
effect of the VAT) of $15.5 million. It should be noted that this
total no longer includes Mexrail which is now a part of TFM.

"We are managing through what is clearly a significant global
economic downturn - which has produced new mixtures of revenue,
balance of trades and product patterns," said Segovia. "In spite
of these changes, the company has maintained stability and
strengthened its unique position which will make Grupo TMM
stronger as the economy improves."

To see financial statements, visit:
http://bankrupt.com/misc/GRUPO_TMM.htm

      GRUPO TRANSPORTACION FERROVIARIA MEXICANA, S.A. DE C.V. AND
          SUBSIDIARIES ("GRUPO TFM") OPERATIONAL RESULTS FOR
                       THE THIRD QUARTER OF 2002

Grupo TFM experienced 5.7 percent growth in volume during the
third quarter in spite of the economic downturn and no recovery
in foreign trade. The growth reflected higher volume in the
intermodal, chemical, cement and mineral product segments. The
continuing conversions of traffic from truck to rail transport
also contributed to third quarter volume. Although revenues were
impacted by a 6.6 percent devaluation of the peso, traffic mix
and a 4 percent lower average length of haul compared to the same
quarter of last year, consolidated net revenues for the three
months ended September 30, 2002 were $175.3 million, which
represents an increase of $7.3 million or 4.3 percent from
revenues of $168.0 million for the same period in 2001, this
figure includes $12.1 million from Mexrail operations which are
consolidated with Grupo TFM since the second quarter 2002.

Consolidated operating profit for the third quarter of 2002 was
$38.7 million, including a $1.3 million operating loss from
Mexrail operations, representing a decrease of $2.4 million from
the third quarter of 2001. The operating ratio (operating
expenses as a percentage of revenues) for the third quarter of
2002 was 77.9 percent including Mexrail operations (75.5 percent
without Mexrail). Operating expenses were reduced during the
third quarter as a result of continuous cost control measures and
a more efficient operation.

Operational Results for the Nine Months Ended September 30, 2002

Consolidated net revenues for the nine months ended September 30,
2002 were $519.1 million, which represents an increase of $23.1
million, or 4.7 percent, from the nine months ended September 30,
2001 including the $24.9 million from Mexrail operations
mentioned above.

Consolidated operating profit for the nine months ended September
30, 2002 was $121.2 million, resulting in an operating ratio of
76.6 percent. The consolidated operating ratio without Mexrail
was 75.1 percent.

Financial Expenses

Net financial expenses incurred in the nine months ended
September 30, 2002 were $68.3 million including $22.6 million of
amortization of discount debentures and $7.0 million of interest
of the new $180.0 million bond maturing in 2012. Grupo TFM
recognized a $14.4 million foreign exchange loss resulting from
the depreciation of the Mexican peso relative to the U.S. dollar.

EBITDA

EBITDA (as defined in our bond indentures) for the nine months
ended September 30, 2002 was $1,005.5 million, or $183.2 without
the VAT effect compared to the $178.6 million EBITDA for the
first nine months of 2001.

Liquidity and Capital Resources

As of September 30, 2002, the accounts receivable balance had
decreased to $195.7 million from $219.9 million at December 31,
2001 mainly due to the recovery of interline accounts and the
reimbursement of the dividend that was declared null. Outstanding
trade receivables were below 30 days.

Grupo TFM made capital expenditures of $180.0 million during the
third quarter of 2002. Gross capital expenditures for the first
nine months of 2002 were $52.2 million invested in the
improvement of Grupo TFM and Mexrail lines, additions in
operating capacity and intermodal terminals.

As of September 30, 2002, Grupo TFM had an outstanding net debt
balance of $981.2 million, including the refinanced $122.0
million of U.S. commercial paper, the new $128.0 Term Loan and
$41.9 million of cash and cash equivalents. During September
2002, Grupo TFM refinanced its U.S. Commercial Paper Program with
a new U.S. Commercial Paper and the Term Loan referred above.
During June 2002, Grupo TFM issued $180 million of 12.50 percent
senior notes due 2012. The net proceeds from this new debt have
been used during July 2002, to acquire the shares of Grupo
Transportacion Ferroviaria Mexicana consisting of 24.6 percent of
the total capital stock, held by Ferrocarriles Nacionales de
Mexico.

VAT Award

On September 25, 2002, the Mexican Magistrates Court of the First
District (the "Federal Court") issued its judgment in favor of
TFM on a value added tax claim, which has been pending in the
Mexican courts since 1997. The claim arose out of the Mexican
Treasury's delivery of a VAT credit certificate to a Mexican
governmental agency rather than to TFM. By a unanimous decision,
a three-judge panel of the Federal Court vacated a prior judgment
of the Mexican Fiscal Court (Tribunal Federal de Justica Fiscal y
Administrativa) and remanded the case to the Mexican Fiscal Court
with specific instructions to enter a new decision consistent
with the guidance provided by the Federal Court's ruling.

The Federal Court's ruling requires the fiscal authorities to
issue the VAT credit certificate only in the name of TFM. The new
decision of the Fiscal Court must be issued in accordance with
the guidelines of the Federal Court. TFM has been advised that
the Federal Court's order is not subject to appeal by the Mexican
government. However, the Fiscal Court's new decision may be
challenged by either of the parties if such party believes that
the new ruling does not comply with the order of the Federal
Court. There is a possibility that any third party in a separate
legal proceeding could seek to make a claim against TFM, as a
result of the tax court ruling in compliance with the federal
court ruling, although TFM considers that it has grounds to
defend itself from such an action and that such a claim would not
have any merit.

The face value of the VAT certificate at issue is approximately
$206 million, and the amount of any recovery will reflect that
principal amount adjusted for inflation and interest accruals
from 1997. Based upon the language of the Federal Court's order
and the advice of legal counsel, TFM remains confident about the
ultimate outcome of this matter; however, the recovery, including
the timing and final amount thereof, must await the conclusion of
the legal process.

This report contains historical information and forward-looking
statements regarding the current belief or expectations of the
company concerning the company's future financial condition and
results of operations. The words "believe", "expect" and
"anticipate" and similar expressions identify some of these
forward-looking statements. Statements looking forward in time
involve risks, uncertainties and other factors which may cause
the actual results, performance or achievements of the company to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such factors include, among others, global, U.S. and
Mexican economic and social conditions; the effect of the North
American Free Trade Agreement ("NAFTA") on the level of U.S. -
Mexico trade; the company's ability to convert customers from
using trucking services to rail transport services; competition
from other rail carriers and trucking companies in Mexico; the
company's ability to control expenses; and the effect of the
company's employee training, technological improvements and
capital expenditures on labor productivity, operating
efficiencies and service reliability. Readers are cautioned not
to place undue reliance on such forward-looking statements, which
speak only as of their respective dates. The company undertakes
no obligation to update publicly or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. For further information, reference should be made
to the company's filings with the Securities and Exchange
Commission, including the company's most recent Annual Report on
Form 20-F.

To see financial tables, visit:
http://bankrupt.com/misc/TMM_consolidated.htm

CONTACT:          Grupo TMM
                  Jacinto Marina, 011-525-55-629-8790
                  jacinto.marina@tmm.com.mx

                  Brad Skinner (IR), 011-525-55-629-8725
                  brad.skinner@tmm.com.mx

                  Luis Calvillo (MR), 011-525-55-629-8758
                  luis.calvillo@tmm.com.mx

                  Dresner Corporate Services
                  Kristine Walczak, 312/726-3600
                  kwalczak@dresnerco.com


MINERA AUTLAN: Poor 4Q01 Results Finally Submitted
--------------------------------------------------
Mexican manganese and ferroalloys company Minera Autlan belatedly
handed its financial results for the fourth quarter of 2001 to
the Mexico City Stock Exchange (BMV), says Business News
Americas. According to the filing, Minera Autlan had losses of
MXN643 million (currently US$64.7 million) for the fourth quarter
of 2001, compared to net profits of MXN18.1 million for the same
quarter in 2000.

In the last quarter of 2001, operating losses totaled MXN160
million (US$16.1 million today), compared to profits of MXN13.6
million in the fourth quarter of 2000. Sales during 4Q01 totaled
MXN864 million (currently US$86.9 million), 36% less than the
MXN1.35 billion in 4Q00.

Sales plummeted due to world steel crisis, as well as a shrinking
of the local and US markets. Due to weakening net sales, the
Company had to temporarily mothball operations at its mines in
western Mexico and cut production at its Gomez Palacio and
Tezuitlan pellet plants.

According to an earlier report by TCR-LA, Autlan's debts have
ballooned to US$82.5 million and its stock was suspended from
trading on the Mexico City Bourse in February this year after it
failed to make good on its debt obligations.

With the concurrence of its creditor banks, led by BBVA Bancomer,
ABN Amro and Bank of America, the Company is looking to sell its
corporate headquarters in Mexico City, which could bring in some
US$10 million.

Meanwhile, Minera told the BMV that it would hand in its results
for the first three quarters of 2002 "shortly."

CREDITOR BANKS:  GRUPO FINANCIERO BBVA BANCOMER
                 Av. Universidad 1200,
                 Col. Xoco, Mexico, D.F.
                 Tel: (52) (55) 5621-4938
                      (52) (55) 5621-4966
                 Fax: (52) (55) 5621-7912
                 Email: investor.relations@bbva.bancomer.com
                 Contacts: David S nchez-Tembleque

                 ABN AMRO
                 Investor Relations(HQ1191)
                 Gustav Mahlerlaan 10
                 PO Box 283
                 1000 EA Amsterdam
                 The Netherlands
                 Tel. +31 (0) 20 628 78 35
                 Tel. +31 (0) 20 628 78 37
                 Email: investorrelations@nl.abnamro.com

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

                 BNP PARIBAS
                 16, Boulevard des Italiens
                 75009 Paris Cedex 09, France
                 Phone: +33-1-40-14-45-46
                 Fax: +33-1-40-14-75-46
                 Home Page: http://www.bnpparibas.com
                 Contacts:
                 Michel Pebereau, Chairman and CEO
                 Baudouin Prot, President and COO

                 Investor Relations and Financial Information
                 3 Rue d'Antin
                 75078 Paris Cedex 02
                 Phone : 33 1 40 14 63 58
                 Fax : 33 1 42 98 21 22
                 E-mail: Investor.relations@bnpparibas.com

                 BNP Paribas Representative Office
                 Av. Paseo de la Reforma 300 piso 13
                 Colonia Juarez
                 06600 Mexico D.F., Mexico
                 Phone: (525) 241 94 00


NII HOLDINGS: U.S. Bankruptcy Court Confirms Reorganization Plan
----------------------------------------------------------------
NII Holdings Inc. ("The company"), a unit of Nextel
Communications, Inc., received confirmation of its revised
reorganization plan from a U.S. Bankruptcy Court in Wilmington,
six months after it filed for bankruptcy protection.

The revisions were done after Judge Mary F. Walrath found certain
points in the original plan unacceptable.

Under the plan, which will allow the company to emerge from
Chapter 11 bankruptcy as a streamlined going concern, the company
will restructure its secured debt, issue new common stock and
cancel existing stock.

Dow Jones Newswires reported Monday that an agreement for the
restructuring of its debt has been signed between the company and
its parent Nextel Communications, several creditors and
bondholders.

The said agreement provides for a new capital of US$190 million.
About US$140 million of this would be in the form of a rights
offering of new secured notes and warrants to bondholders,
according to the report.

The company's debt will be reduced to less that US$500 million
from about US$2.7 billion.

General unsecured creditors will get a pro-rated share of 4
million shares of new common stock. Unsecured creditors may also
purchase their pro-rated share of up to US$140 million of new
senior notes and up to 16 million shares of new common stock
making up 80 percent of the reorganized company.

The company also plans to pay 100 percent pf US$73 million in
claims filed by Motorola affiliates for handset financing
agreements.

Secured claims, totaling about US$281.7 million would also be
paid in full. Secured creditors will be paid US$56.65 million in
cash plus interest on any outstanding loans and preferred stock
in the reorganized company.

Equity holder, however, will not be paid anything and all
existing stock will be cancelled.

In its petition last May 24, the company declared assets of
US$1.24 billion and liabilities of US$3.26 billion as of the end
of last year.

CONTACT:  NII Holdings Inc.
          Claudia Restrepo
          Phone: +1-305-779-3086
          E-mail: claudia.restrepo@nextel.com

LEGAL REPRESENTATIVE:
          RICHARDS, LAYTON & FINGER, P.A.
          One Rodney Square
          P. O. Box 551
          Wilmington, Delaware 19899
          Phone: (302) 651-7700
          Fax: (302) 651-7701
          Home Page: http://www.rlf.com/welcome2.htm
          Contact:
          Daniel J DeFranceschi
          Phone:  (302) 651-7816
          Fax:  (302) 784-7090
          E-mail:  defranceschi@rlf.com

          NEXTEL COMMUNICATIONS
          2001 Edmund Halley Dr.
          Reston, Virginia 20191
          Corporate Communications
          Phone: 703-433-4700
          Contact: William E. Conway, Jr., Chairman of the Board
          Timothy M. Donahue, President/Chief Executive
          Contacts:
          William E. Conway Jr., Chairman
          Timothy M. Donahue, President and CEO
          Morgan E. O'Brien, Vice Chairman


SAVIA: 3Q02 Results Show Positive Turnaround Results
-----------------------------------------------------
Savia S.A. de C.V. (NYSE:VAI) (BMV:SAVIA) announced Monday its
results for the third quarter of 2002.

Executive Summary

--  Savia reported a consolidated net profit of US$29 million for
the nine months ending on September 30, 2002.

--  Savia reported third quarter accumulated sales of US$519
million.

--  Savia increased its operating income by US$92 million (222%)
for the nine months ending on September 30, 2002.

--  Savia attained an accumulated cash flow of US$68 million,
four times greater than the figure reported during the same
period in 2001.

--  As part of the process of restructuring the company's debt,
Savia is in negotiations with its bank lenders regarding a three-
year extension on its maturity. Following these negotiations, and
as approved by the company's shareholders, Savia will proceed to
issue common stock convertible bonds.

--  Seminis in addition to a decrease in bank debt reported an
operating income of 68 million dollars, an increment of US$71
million with a cash flow increase seven times greater for the
nine months ending on September 30, 2002.

--  Seminis reduced its bank debt by US$57.6 million, or 17%
during the last 12 months.

--  Seminis Annual General Shareholders Meeting approved the
issue of Common Class 'A' shares to be exchanged for Preferred
Class 'C' shares owned by Savia. With this operation Savia will
increase its share in Seminis to 76%.

--  Bionova will meet a committee of the American Stock Exchange
to present its business plan and to discuss the company's
continued listing on the exchange.

REPORT OF RESULTS
ACCUMULATED RESULTS TO THE THIRD QUARTER
Consolidated Net Sales

Consolidated net sales were 519 million dollars, a decrease of
11% compared to the same period last year. This reduction in
sales is a consequence of the divestiture of operations related
to Bionova and Agrosem. Of the total consolidated net sales,
Seminis accounted for 72%, Bionova 21% and other businesses 7%.
In terms of currencies, 48% of the sales were denominated in
dollars, 21% in Euros, 8% in Mexican pesos and the remaining 23%
in Asiatic and other currencies.

Consolidated Operating Income

Consolidated operating income accumulated to in the third quarter
of 2002 was 50 million dollars, a recovery of 92 million dollars
(222%) in comparison to a loss of 42 million dollars registered
during the same period last year. This substantial strengthening
in operating income was the result of a more efficient operation,
which reported a reduction of 31% in the cost of sales and a
decrease of 16% in operating expenses. Cash flow was 68 million
dollars, a figure that is a significant reversal to the negative
cash flow of 22 million dollars reported in the same period last
year.

Consolidated Net Income

In this period the consolidated net income rose to US$29 million
, a recovery of US$281 million in comparison to the loss of
US$252 million reported during the same period in 2001. The
majority net income was US$16 million, a recovery of US$232
million, reflecting a per share income of 0.35 pesos or USD 0.14
per ADR.

ACCUMULATED RESULTS TO THE THIRD QUARTER FOR THE PRINCIPAL
SUBSIDIARIES

Seminis

Accumulated sales for Seminis for the third quarter were US$376
million, a figure similar to that reported during the same period
last year. The gross profit as a percentage of sales increased to
62% in comparison to 46% obtained in the same quarter of 2001.
During the period, Seminis reduced its operating expenses by 7%.
As a result of its improved efficiency, Seminis reported
operating income of US$68 million, a figure that reflects an
increase of 23 times that obtained in 2001. The net cash flow
from operations for the period was US$80 million, an increase of
US$70 million or seven times the cash flow reported in 2001.

Bionova

The sales for Bionova were 108 million dollars, 38% less than
those reported during the same period in 2001. This reduction was
the result of the divestiture of Interfruver de Mexico completed
in 2001. The operating loss was 5 million dollars, 2 million
dollars (30%) less than the loss reported in the same period last
year.

CONSOLIDATED RESULTS FOR THE THIRD QUARTER

Consolidated Net Sales

Net sales were 144 million dollars in the third quarter of 2002,
11% less than in the third quarter of 2001. This reduction was
the result of the divestiture of operations related to Bionova
and Agrosem. Of the total consolidated net sales, Seminis
contributed 79%, Bionova 12% and the other businesses 9%. In
terms of currencies, 47% were in U.S. Dollars, 18% in Euros, 10%
in Mexican pesos and the remaining 25% in Asiatic and other
currencies.

Consolidated Operating Income

The consolidated operating income recovered US$13 million during
the quarter with the company reporting operating income of US$7
million compared to a loss of US$6 million in 2001. This
substantial strengthening in operating income was a result of a
23% improvement in the cost of sales and a reduction of 15% in
operating expenses. Operating cash flow was US$15 million, almost
10 times higher to the figure reported in the same period last
year.

Consolidated Net Income

The consolidated net income improved by US$112 million and
reported a loss of US$6 million, 95% less than the loss of US$117
million reported in the same period last year. The majority loss
in the third quarter was US$5 million, reflecting a per share
loss of 0.11 pesos or USD 0.05 per ADR.

THIRD QUARTER RESULTS FOR THE PRINCIPAL SUBSIDIARIES

Seminis

The total sales for Seminis (Nasdaq:SMNS) for the third quarter
were 114 million dollars, a figure similar to that which was
reported during the same period last year. The gross profit as
percent of sales increased to 62% in comparison to 61% obtained
in the same period in 2001. The company reduced its operating
expenses by US$4 million (7%). The operating income was US$16
million, US$6 million (56%) above the income level achieved in
2001. The company increased its cash flow by 35% to US$20 million
in comparison to the figure of US$15 million reported in the same
period last year.

Bionova

For the third quarter the results for Bionova (AMEX:BVA) showed
sales of US$17 million. The figures represent a reduction of 60%
compared to the previous year. This reduction was the result of
the divestiture of Interfruver de Mexico done in 2001. During the
third quarter the gross loss was US$1 million. The operating
income showed a loss of US$3 million in the third quarter of
2002, less than the loss of US$5 million registered in the third
quarter of 2001.

RELEVANT EVENTS

Savia

Savia's bank debt accounted for US$60 million due October 31,
2002. As part of the process of restructuring the company's debt,
Savia is in negotiations with its bank lenders regarding a three-
year extension on its maturity. During the fourth quarter, the
company expects to arrange long term refinancing of its debt.
Following these negotiations, and as approved by the company's
shareholders, Savia will proceed to the conversion of Series "A"
Shares Class I into a Unique Series "B" Shares; the underwriting
of unsecured convertible bonds to Series "B" Shares and the
corresponding issuing of Treasury Common Stock.

Seminis

During the period encompassing September 2001 and September 2002,
Seminis reduced its bank debt by US$57.6 million or 17%. Seminis'
total liabilities as at the last day of September 2002 were
US$278.5 million. During the Annual General Shareholders Meeting
conducted on September 26, 2002, the company approved the
issuance of 37,559,480 shares of Common, Class "A' stock in
exchange for Savia's Class "C" preferred stock, and additional
Paid-In Capital. In addition, as part of this operation, Savia
will receive US$15 million in cash from accrued and unpaid
dividends and will increase it share in Seminis to 76%.

Bionova

On September 18, 2002 Bionova announced that it had received a
notification from the American Stock Exchange stating that the
company is no longer in compliance with the requirements for
continued listing on this Exchange. In response to a request from
Bionova, an Exchange committee will meet with company officials
on November 7. During the meeting Bionova will present a business
plan for the continued listing of the company in this market.

Savia (www.savia.com.mx) is a company with global reach focused
on agro businesses. Its principal subsidiaries include Seminis, a
global leader in the production and marketing of fruit and
vegetable seeds, Bionova, distributor and marketer of fresh
fruits in the NAFTA market, and Desarrollo Inmobiliario Omega, a
company dedicated to the development of real estate in Northern
Mexico.

Savia's financial statements are prepared in compliance with
generally accepted accounting principles in Mexico. For the
consolidation of domestic subsidiaries, Savia follows the
guidelines set forth in bulletin B-10 and for foreign companies
follows the guidelines set forth in bulletin B-15. Seminis and
Bionova report following the generally accepted accounting
principles of the United States (GAAP) that differ from the
generally accepted accounting principles of Mexico. These results
are adjusted to reflect the above-mentioned guidelines. In
addition, Seminis reports its fiscal year the first quarter of
October through the last of September. Savia reports its fiscal
year on a calendar basis, including in its consolidated results
the operations of Seminis according to calendar year.

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

CONTACT:  SAVIA S.A. DE C.V.
          Investor Relations:
          Francisco Garza, 52818-1735500
          fjgarza@savia.com.mx

                 or

          Media Relations:
          Francisco del Cueto, 55-56623198
          elcueto@mail.internet.com.mx



===============
P A R A G U A Y
===============

PETROPAR: Latest Report Indicates Technical Bankruptcy
------------------------------------------------------
Paraguayan state owned oil company Petropar is technically
insolvent, according to the Company's August 2002 financial
report. The report showed liabilities of US$77.3 million and net
assets of US$76.2 million. In addition, the Company also piled up
debts of US$23.4 million.

Petropar posted losses for each liters of gasoline sold, since it
has to comply with government decreed subsidies of PYG204 per
liter. Considering it would sell 80,000 liters monthly, it would
have losses of PYG16,320,000. Moreover, Petropar has US$63.5
million debts with foreign suppliers, most of it with Repsol YPF.



=============
U R U G U A Y
=============

URUGUAYAN BANKS: Avoid Liquidation After CB Extends Intervention
----------------------------------------------------------------
Four intervened and suspended Uruguayan banks skirted liquidation
after the central bank extended intervention to November 15,
Business News Americas indicates. Authorities had until October
25 to find a buyer for Comercial, Banco de Credito, Banco
Montevideo and Banco Caja Obrera, which were intervened in July
and August due to capital problems and a massive run on deposits.
Had the extension of the intervention not been approved,
liquidation of the four banks would have kicked off by now.

Greece's Tsakos, which has been reportedly eyeing for Montevideo
and La Caja Obrera, has backed out of its plan, El Observador
reports, citing central bank sources.

The same sources confirmed that a company linked to the Soros
group and New York-based insurance company AIG were still
interested in Comercial, and said Banco de Credito minority
shareholder St George is still fine tuning its plan to capitalize
and takeover the bank.

CONTACT:  BANCO COMERCIAL
          Cerrito No. 400,
          11100 Montevideo
          Phone: 960-394/97
          Fax: 963-569
          Home Page: www.bancocomercial.com.uy/

          BANCO DE MONTEVIDEO
          Misiones
          1399 - Montevideo
          Fax: 9162880
          E-mail: info@bm.com.uy
          Home Page: http://www.bancomontevideo.com.uy
          Contact: Sr. Marcelo Pestarino, President



=================
V E N E Z U E L A
=================

SIDOR: Workers Lodge Strike Over Labor Issues
---------------------------------------------
Venezuela's Sidor (Siderurgica del Orinoco), the Andean region's
largest steel maker, said that its workers went on strike for
eight hours on Monday, relates Reuters. According to a company
representative, workers at the plant, Venezuela's biggest
exporter located in southeastern Bolivar State, went on strike
from 3 p.m until 8 p.m. (1900-2400 GMT) after union officials
stopped workers starting a late shift.

The strike, according to Sidor was over labor issues. However,
local Union Radio reported that the action was related to a
dispute over worker bonuses. Sidor steel workers have staged
three temporary strikes since August after becoming embroiled in
a dispute over benefit payments with management.

The Company, which failed to restructure US$1.4 billion in debt
with banks by the Sept. 30 deadline, is now in advanced talks
with its creditor banks.

Sidor is 70%-owned by Argentina's Siderar, Mexico's Hylsamex,
Tubos de Acero de Mexico SA, Brazil's Usinas Siderurgica de Minas
Gerais and Venezuela's Siderurgica Venezolana Sivensa SA. The
remaining 30% is owned by the Venezuelan government.

CONTACT:  SIDERURGICA DEL ORINOCO, C.A. (SIDOR)
          Edificio General, Piso 9
          Avda. La Estancia
          Chuao, Caracas 1060
          Venezuela
          Tel: (582) 902 3800/3917/3955
          Fax: (582) 993 2930
          Home Page: www.sidor.com.ve/




               ***********


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

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

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

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

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

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


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