/raid1/www/Hosts/bankrupt/TCRLA_Public/021112.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

           Tuesday, November 12, 2002, Vol. 3, Issue 224

                           Headlines


A R G E N T I N A

AUTOPISTAS DEL SOL: Meets Financial Obligations
EASA: Posts ARS519.5 Million Net Loss in Third Quarter
FLEETBOSTON FINANCIAL: Executives Face Legal Woes
HICKS MUSE: Cuts Atlantida, Ups Teledigital Stakes
IMAGEN SATELITAL: Claxson Completes Exchange Offer

REPSOL-YPF: Suspends 17 Employees Linked to Accounting Scam
TELECOM ARGENTINA: Decision to Halt Debt Payments Leads to Profit
TRANSENER: Reports Financial Results for the First 9 Mos. of 2002

* IMF Fails to Stave-Off Collapse of Government Institutions


B E R M U D A

AT&T: Enters Bermuda's Mobile Telephone Industry
FLAG TELECOM: Notice to Scheme Creditors
TYCO INTERNATIONAL: Board Unanimously Reaffirms Resolution


B O L I V I A

VINTO: Bolivia's Saavedra Defends March 2002 Sale to UK Company


B R A Z I L

AMERICANAS.COM: Posts Positive Ebitda Despite Undisclosed Losses
BESC: Supreme Court Suspends Sale
FIAT: Revises Brazilian Outlook for this Year
SWIFT-ARMOUR: Gets Rid of Remaining Sao Paulo-based Plant
USIMINAS: Wins Contracts to Supply Products to US Civil Works

* IMF Team To Review Brazil Loan


C H I L E

SAESA: Obtains Another Extension on Loan Payment Deadline

* Moody's Casts Doubt on Latin American Airports' Solvency


E C U A D O R

* Fitch Assigns 'CCC+' Rating To Ecuador


M E X I C O

CFE: To Call for Bids this Month for the Supply of LNG
SAN LUIS: Extends Debt Exchange, Tender Offer To Nov. 15
SATMEX: S&P Places Ratings on CreditWatch Negative


T R I N I D A D   &   T O B A G O

BWIA: Government Grants $13 Million Bailout Loan



                           *********


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

AUTOPISTAS DEL SOL: Meets Financial Obligations
-----------------------------------------------
In an effort to maintain good relationship with its creditors, Argentina's
Autopistas del Sol SA (Ausol) last week made a US$15 million payment on
about US$500 million of debt, reports Dow Jones.

The payment was the Company's first since it decided to halt debt payments
early this year. Ausol had suspended debt payments as it waited for more
clarity about the country's crisis-torn economy. However, even up to now,
the situation remains blurry as negotiations between the Company and the
government about tariff adjustments remain unresolved.

"We decided not to postpone any more partial payments to creditors," said
Mattias Seghezzo, a financial manager at Autopistas. "The difficult
situation is to know what will happen - we have many doubts - but we want a
good relationship with the creditors and we are trying to solve the
problem," Mr. Seghezzo said.

Ausol holds the concession to operate and collect tolls on the Autopistas
Highway System, one of the most important access roads to the city of Buenos
Aires. The concession includes 95 kilometers of the northern access road
(Ruta Panamericana) and 24 kilometers of the General Paz Avenue (the Buenos
Aires metropolitan area beltway). The northern access road consists of a
toll road and parallel toll-free lanes. The General Paz Avenue is toll free.
The concession requires the operation and maintenance of the toll road, the
parallel toll-free lanes, and the Avenida General Paz. The toll road
provides an important link with the suburbs northwest of downtown Buenos
Aires, with average daily traffic of about 250,000 vehicles.


EASA: Posts ARS519.5 Million Net Loss in Third Quarter
------------------------------------------------------
Argentine holding company Easa revealed to the Buenos Aires stock exchange
that it incurred a net loss of ARS519.5 million (US$145.9mn) in the third
quarter of 2002.

Business News Americas says the loss came from the Company's 51% interest in
distributor Edenor and debt service payments on some US$100 million of
dollar denominated debt. The said debt, according to Edenor administration
manger Roberto Molfese, is separate from operations at Edenor, which posted
ARS705.6 million losses in the period, generating ARS359.8 million in losses
for Easa.

Easa revealed a plan in August to renegotiate its US-dollar denominated
debt.

"We are trying to renegotiate with the banks but things have not progressed
much and we still don't know if there is going to be a rates increase or
not," Easa spokesperson Yves Desrousseaux said.

The banks are probably waiting until there is more stability and certainty
regarding the rates regime before they will make any final decision on debt
restructuring, Mr. Desrousseaux continued, adding that on the subject of the
government permitting a rates rise "there has been a lot of talk but so far
nothing has happened."

Edenor, which has over 2.2 million customers in the northern part of Buenos
Aires, has been seeking to raise power tariffs to stave off an impending
bankruptcy. Edenor managing director Henri Ducre has admitted Edenor could
go bankrupt unless it is allowed to hike power tariffs to offset the effects
of inflation and the depreciation of the peso.

CONTACT:  EDENOR S.A.
          Azopardo Building
          Azopardo 1025 (1107) Capital Federal
          Phone: (54-11) 4346-5000
          Fax: (54-11) 4346-5300
          E-mai: to ofitel@edenor.com.ar
          Home Page: http://www.edenor.com.ar
          Contact:
          Riuttort Marc, Treasurer
          Fax: (54 1) 348-2149


FLEETBOSTON FINANCIAL: Executives Face Legal Woes
-------------------------------------------------
No other foreign bank in Argentina is in danger of facing the same charges
the executives of FleetBoston Financial Corp. (FBF) are facing.

A Dow Jones report indicated that officials from other multinational banks
said they have not received any warning saying their bank is answerable to
any fraud charges regarding the way they handled the bank freeze that took
effect last December.

Argentine Criminal Court Judge Maria Cristina Bertola charged executives of
FleetBoston Financial Corporation Thursday, for allegedly refusing to return
US$700,000 in deposits before the government restricted withdrawals.

The bank's chief executive, Manuel Sacedote, and 14 other managers allegedly
committed "fraudulent administration related to the unwarranted retention of
deposits."

Bankers say that FleetBoston may have talked some clients out from
withdrawing their savings mid-2001 by providing a written promise that
dollar-denominated deposits, which were later converted into cheaper pesos
by a government decree, could be withdrawn at a later date without any
problem.

About a dozen plaintiffs claimed the bank refused to return their deposits
to them during a run on banks last year.

In a communique, FleetBoston spokesman Enrique Morad said that the reason
the plaintiffs did not get their money back is that they did not present
their bank certificates before the bank freeze took effect on November 30
last year.

A 12-page order from Judge Bertola instructs a court official to freeze
ARS500,000(US$141,000) of Mr. Sacedote's assets, but places no restrictions
on his movement.

FleetBoston has filed an appeal. The court handling the appeal has 90 days
to rule on it.

FleetBoston had about US$1.4 billion in writedowns related to Argentina when
it posted results in June. This year's third quarter resulted in a US$42
million loss for its Argentine unit.

Earlier, the group announced the suspension of further investments in the
country.

CONTACT:  FLEETBOSTON FINANCIAL CORP
          Head Office
          100 Federal Street
          Boston
          MASSACHUSETTS
          United States 02110
          Tel  +1 617 434-2200
          Web  http://www.fleet.com/
          Contacts:
          Terrence Murray, Chairman
          Charles K. Gifford, President & Chief Executive


HICKS MUSE: Cuts Atlantida, Ups Teledigital Stakes
--------------------------------------------------
American investment fund Hicks Muse Tate & Furst reduced its share in the
publishing company Editorial Atlantida, after losing US$1 billion investment
in telecommunications and broadband companies earlier this year.

The Vigil family and Donaldson Lufkin Jenrette (DLJ), now own 68 percent of
Editorial Atlantida after Hicks Muse reduced its shares to 32 percent from
43 percent. The transfer did not involve money, reports El Cronista.

Hicks had also increased its stake in Teledigital, the sixth main cable
television operator in Argentina, which Hicks acquired in 1999. Teledigital
has 180,000 subscribers.

Hicks, Muse, Tate & Furst Inc. now finds itself mired in its more than
US$1.5 billion investment in Latin America, including at least US$1 billion
in troubled Argentina.

The leveraged-buyout firm's buy-and-build strategy in the U.S. did not work
well in their chosen businesses in Latin America. Its Argentine investments,
having dollar-denominated debts but income in pesos, were severely affected
by the currency devaluation.

Hicks also owns half of the cable television operator CableVision

Hicks Muse has investments in Pan American Sports Network, a cable company
that filed for bankruptcy-court protection in March for failure to meet debt
payments. Pan American is based in Florida but has operations in Buenos
Aires and Los Angeles. Some of its assets were also used for other
investments, totaling at least US$660 million, most of which is in the cable
company.

Hicks Muse America has investments of at least US$600 million in Telefonica
Holding de Argentyna SA, owner of a struggling cable-television operator.

Hicks has another US$152 million investment in heavily indebted Claxson
Interactive Group Inc., a multimedia provider.

CONTACT:  HICKS, MUSE, TATE & FURST INCORPORATED
          200 Crescent Ct., Ste. 1600
          Dallas, TX 75201
          Phone: 214-740-7300
          Fax: 214-720-7888
          Home Page: none
          Contacts:
          Thomas O. Hicks, Chairman and Chief Executive Officer
          Charles W. Tate, President
          John R. Muse, Chief Operating Officer
          Darron Ash, Chief Financial Officer

          CLAXSON
          404 Washington Ave. 8th floor
          Florida, 33139, Miami Beach - USA
          Home Page: http://www.claxson.com/
          Contact for Argentina:
          Ezequiel Paz
          E-mail: epaz@claxson.com
          Phone: 305-894-3574

          GENERAL MOTORS INVESTMENT MANAGEMENT CORPORATION
          767 5th Avenue
          New York, NY 10153
          Contact:
          GM Investor Relations
          General Motors Corporation
          Mail Code: 482-C34-D71
          300 Renaissance Center
          P.O. Box 300
          Detroit, MI 48265-3000
          Phone: (313) 667-1669


IMAGEN SATELITAL: Claxson Completes Exchange Offer
--------------------------------------------------
Claxson Interactive Group Inc. (Nasdaq: XSON) announced Friday that it has
completed the exchange offer and consent solicitation (the Exchange Offer)
related to all US$80 million outstanding principal amount of the 11% Senior
Notes due 2005 (144A Global CUSIP No. 44545HHA0 and Reg S Global ISIN No.
USP52800AA04) (the Old Notes) of its subsidiary, Imagen Satelital S.A.

The Company received valid tenders from holders representing US$74.5 million
of the principal amount of Old Notes which represents 93.1% of the issue.
Accordingly, pursuant to the Exchange Offer, the Company will issue US$41.3
million of new 8-3/4% Senior Notes due 2010 (the New Notes). The Company
expects to close and settle the New Notes Friday.

"We are pleased that in light of the challenging economic situation in
Argentina, Imagen's bondholders have rallied in support of the restructuring
plan," said Jose Antonio Ituarte, Chief Financial Officer of Claxson.
Imagen is among the few Argentine companies that have successfully
renegotiated their debt since the devaluation of the peso in January.  "We
thank management for its dedication to this process and commitment to
working out a solution with the Imagen bondholders.  Closing this
transaction reaffirms our confidence in Claxson's future."

The New Notes have not been and will not be registered under the United
States Securities Act of 1933, as amended (the Act) and may not be offered
or sold in the United States or to any U.S. persons absent registration or
an applicable exemption from the registration requirements of the Act.  The
New Notes have been authorized by the Argentine Comision Nacional de Valores
for their public offering in Argentina.

Claxson (Nasdaq: XSON) is a multimedia company providing branded
entertainment content targeted to Spanish and Portuguese speakers around the
world.  Claxson has a portfolio of popular entertainment brands that are
distributed over multiple platforms through its assets in pay television,
broadcast television, radio and the Internet.  Claxson was formed in a
merger transaction, which combined El Sitio, Inc. and other media assets
contributed by funds affiliated with Hicks, Muse, Tate & Furst Inc. and
members of the Cisneros Group of Companies.  Headquartered in Buenos Aires,
Argentina, and Miami Beach, Florida, Claxson has a presence in all key
Ibero-American countries, including without limitation, Argentina, Mexico,
Chile, Brazil, Spain, Portugal and the United States.

This press release contains forward-looking statements within the meaning of
the "safe harbor" provisions of the U.S. Private Securities Litigation
Reform Act of 1995.  These statements are based on the current expectations
or beliefs of Claxson's management and are subject to a number of factors
and uncertainties that could cause actual results to differ materially from
those described in the forward-looking statements. For a detailed discussion
of these factors and other cautionary statements, please refer to Claxson's
annual report on Form 20F filed with the U.S. Securities and Exchange
Commission on June 27, 2002.

CONTACT:  Press
          Alfredo Richard, SVP, Communications
          Tel +1-305-894-3588
               or
          Investors
          Ezequiel Paz, AVP, Corporate Finance
          Tel +1-305-894-3574

          Web site:  http://www.claxson.com/


REPSOL-YPF: Suspends 17 Employees Linked to Accounting Scam
-----------------------------------------------------------
An investigation into the accounting irregularities and fraud at Repsol-YPF'
s Bolivian subsidiary Petrolera Andina saw the provisional suspension of 17
employees, relates Business News Americas.

Fifteen of the suspended employees were from Argentina and two from Bolivia.
Included in the number are some high-ranking officials. According to Repsol
Bolivia general manager Jose Maria Moreno, a full audit at Andina's offices
also kicked off.

The investigation, according Maria Moreno, was triggered four months ago
after evidence was uncovered indicating that Andina executives favored
certain companies in the tender of contracts.

Some employees have been locked out of the buildings to ensure that no
evidence is destroyed or hidden, Mr. Moreno said.

The 17 employees may return to their jobs if they are found to be innocent,
Mr. Moreno said. But guilty parties will be fired, he warned.

Meanwhile, Mr. Moreno denied media speculation that Repsol-YPF is also
investigating illegal sales of gasoline and tax scams.

CONTACT: Repsol YPF SA
         Head Office
         Paseo de la Castellana 278
         28046 Madrid
         Spain
         Tel  +34 91 348 81 00
         Fax  +34 91 348 28 21
         Telex  48162 RESOLE
         Web  http://www.repsol.com/
         Contacts:
         Alfonso Cortina de Alcocer, Chairman
         Jose Vilarasu Salat, Vice Chairman
         Antonio Hernandez, Vice Chairman


TELECOM ARGENTINA: Decision to Halt Debt Payments Leads to Profit
-----------------------------------------------------------------
Telecom Argentina Stet-France Telecom SA, Argentina's second biggest phone
company, reported a profit in the third quarter of 2002 following a decision
to halt payment on its debt, indicates Bloomberg.

The Company, which halted payment on US$3.2 billion in debt in April after
the government devalued the currency in January, registered a net income of
ARS480 million (US$135 million), or 49 centavos in the third quarter of this
year. That's almost ten times the ARS52 million, or 5 centavos a share,
reported a year earlier. Third-quarter results for last year were adjusted
for inflation.

"The Company intends to continue the conversations with its main financial
creditors," Telecom Argentina said in a statement.

Telecom Argentina, which is 54.7% owned by Telecom Italia SpA and France
Telecom SA through the holding company Nortel Inversora SA, lost ARS4.15
billion in the first nine months of this year as a result of the
devaluation. That compares to a ARS142-million gain in the same period last
year.

The Argentine peso lost about 72% of its value against the U.S. dollar since
Jan. 6, slashing revenue for companies with dollar-denominated debt and
revenue in pesos.

CONTACT:  TELECOM ARGENTINA STET - FRANCE TELECOM SA (TELECOM)
          Alicia Moreau de Justo 50, 10th Floor
          Capital Federal (1107) Repoblica Argentina
          Phone: +54 11 4968 4000
          Home Page: http://www.telecom.com.ar
          Contacts:
          Alberto J. Ricciardi, Chief Financial Officer
          Elvira Lazzati, Finance Director
          Pedro Insussarry, Investor Relations Manager
          Phone: (5411) 4968-3626/3627
          Fax: (5411) 4313-5842/3109
          Email: inversores@intersrv.telecom.com


TRANSENER: Reports Financial Results for the First 9 Mos. of 2002
-----------------------------------------------------------------
Argentine transmission company Transener revealed financial results for the
nine months to September 30, 2002. The following data appeared in a Business
News Americas report:

- Consolidated losses of ARS620.4 million (US$174.3mn), compared to net
profits of ARS51.5 million in the same period of 2001.

- A 34.4%-decrease in sales revenues, to ARS220.8 million due to the freeze
on power rates.

- An 18.4%-decrease in operating costs, to ARS158.2 million; lower costs
were offset in part by ARS10.8 million in debt finance exchange rate
differences relating to the Cuarta Linea (Fourth Line).

- Non-operating losses of ARS666.3 million, of which exchange rate
differences on liabilities accounted for ARS505.1 million.

- Interest payments on US dollar-denominated debts were negatively affected
by exchange rate differences, causing losses of ARS113.2 million, while
exposure to inflation caused a further ARS51.3-million loss.

Transener defaulted on debt payments in 2002 and holds some US$460 million
in dollar-denominated debt. The Company remains in default.

The Company "continues working towards the objective of evaluating the
restructuring of its debt and maintaining fluid conversation with its
creditors," Transener said in a statement.

Morgan Stanley is Transener's financial advisor.

"The evolution of negotiations over public services rates and the
macroeconomic conditions in Argentina will be of vital importance to the
completion of our plan," the statement continued.

Transener owns the concession to operate the extra high voltage electricity
transmission network in the Argentine Republic. During these years, since
its constitution in 1993, the Company has been positioned as a leader in
that activity.

Pecom Energia and the UK's National Grid own Transener.

CONTACT:  COMPANIA DE TRANSPORTE DE ENERGIA ELECTRICA EN ALTA
          TENSION (Transener S.A.)
          Av. Paseo Colon 728, 6"Piso - (1063)
          Buenos Aires, Argentina
          Tel. (5411) 4342-6925

          Business Development:
          Carlos A. Jeifetz (jeifecar@transx.com.ar)
          Gerardo Baseotto (baseoger@transx.com.ar)
          Tel.: (54-11) 4334-0182 / 4342-6925
          Fax: (54-11) 4342-4861

          MORGAN STANLEY, DEAN WITTER & COMPANY
          1585 Broadway
          New York, New York 10036
          United States
          Phone: +1 212 761-4000
          Home Page http://www.msdw.com


* IMF Fails to Stave-Off Collapse of Government Institutions
------------------------------------------------------------
Mexican Central Bank Governor Guillermo Ortiz said the International
Monetary Fund failed to stop a collapse in Argentine government
institutions.

Mr. Ortiz said that one of the most important goals of the fund in a country
is to avoid the breakdown of institutions. Bloomberg quoted Mr. Ortiz saying
the IMF failed to deter the breakdown when dispensing advise and loans to
the country.

At a conference in the IMF headquarters in Washington, Mr. Ortiz pointed out
that in the revisions in bankruptcy law and other legal chages it asked, the
IMF had overlooked the fundamental weakness of the Argentine judiciary.

Some of the changes the IMF had asked from the country make it easier for
creditors to take control of bad debtors. It also enables them to value
companies by the market price, rather than by the book value.

Last year, Argentina had defaulted on US$97 billion in debt. Negotiations
for a fresh loan, started in March failed to produce aid for the country
until now. The IMF gave conditions to be fulfilled before granting the loan.
The country had refused to impose some of those conditions, such as the
utility and tax hikes, fearing it would worsen the quality of life in the
troubled country.

Mr. Ortiz lauded the IMF's expertise in dealing with groups of countries,
but he added that the fund lacks the same expertise in dealing with single
countries. The IMF had acknowledged some mistakes in its handling of
Argentina's case.

Meanwhile, talks between the fund and Argentine will continue with the
country's Finance Secretary Guillermo Neilsen traveling to Washington
Monday.



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

AT&T: Enters Bermuda's Mobile Telephone Industry
------------------------------------------------
U.S. Telecoms giant AT&T has pulled out of operations in many small
Caribbean islands but it seems like the Company has been tempted into the
lucrative mobile telephone industry.

According to a report released by the Bermuda Sun, AT&T is buying up 60% of
the local mobile telephone section of Telecom Bermuda for an undisclosed
sum. It has bought into just the mobile telephone section of Bermuda
Telecom, but has not bought into the other part of the company -- the
two-way radios often seen on the island's construction site.

"Our investment in Telecom Bermuda's GSM business goes to our strategy of
expanding the AT&T wireless next-generation network to locations where our
customers work, live and play," said Stephanie Bariault, vice president and
general manager for AT&T Wireless Caribbean Services.

"Bermuda is a hub for financial and insurance services and attracts a
substantial number of visitors from the U.S., Canada and Europe who require
advanced wireless services," she said.

She added that Telecom Bermuda was the first operator in Bermuda to launch
the GSM system "perfectly complimenting AT&T Wireless new next-generation
network in the U.S."


FLAG TELECOM: Notice to Scheme Creditors
----------------------------------------
THE SUPREME COURT OF BERMUDA
CIVIL JURISDICTION
2002: Nos. 288 and 289

IN THE MATTER OF FLAG LIMITED
IN THE MATTER OF FLAG TELECOM HOLDINGS LIMITED
AND IN THE MATTER OF THE COMPANIES ACT 1981, Section 99

NOTICE TO SCHEME CREDITORS:
Notice is hereby given that at meetings of Scheme Creditors of Flag Limited
and Flag Holdings Limited held on September 23, 2002, the Scheme Creditors
voted in favor of adopting the Scheme of Arrangement proposed between each
of Flag Limited and Flag Holdings Limited and their respective Scheme
Creditors. The Schemes were sanctioned by order of the Supreme Court of
Bermuda on September 27, 2002 and became effective of October 9, 2002.

Dated this 10th day of October, 2002.

Joint Provisional Liquidators
Flag Limited and Flag Holdings Limited
C/o KMPG
Crown House
4 Par la Ville Road
Hamilton HM 08
Bermuda


TYCO INTERNATIONAL: Board Unanimously Reaffirms Resolution
----------------------------------------------------------
Board also Nominates Admiral Dennis C. Blair (U.S. Navy, Ret.) to
Fill Expected Vacancy

Tyco International Ltd. (NYSE: TYC, BSX: TYC, LSE: TYI) announced that its
Board of Directors unanimously reaffirmed Friday its September 12, 2002,
resolution under which the Board voted not to nominate or support for re-
election at the Company's 2003 annual meeting any of the nine current
Directors who were members of the Board prior to July of this year.  The
Board also voted unanimously that Chairman and CEO Ed Breen will select two
of the outgoing members of the Board to become non-voting advisors to the
Board.

"Today's [Friday] decision confirms the Board's commitment to select a new
slate of independent Directors who will bring a wide range of perspectives
to Tyco," said Mr. Breen.  "I believe the Board is acting in the best
interest of the Company and its shareholders.  I'd like to thank all the
members of the Board for making this decision. I also wish to express my
appreciation to Ira Millstein, who worked with members of the Board and
Tyco's counsel to achieve this result."

The Board also nominated Admiral Dennis C. Blair (U.S. Navy, Ret.) to fill
one of the vacancies expected to open on the Board.  Mr. Breen said, "I am
pleased to welcome Dennis Blair as the most recent nominee to the Tyco
Board. He has a lifetime of leadership experience to offer to this company
and a reputation for insightful and decisive action that is second to none.
He is known for his integrity and independent thinking and will be a fine
addition to this Company's Board of Directors."

Admiral Blair retired as Commander in Chief of the U.S. Pacific Fleet in
1999 after more than 30 years of service in the armed forces.  Previously,
Blair served as Vice Admiral and Director of the Joint Staff and member of
the Reserve Forces Policy Board for the Department of Defense.  During his
career he has also worked closely with The White House, the National
Security Council and the Central Intelligence Agency and served as Rear
Admiral and Commander of the Kitty Hawk Battle Group.  Blair graduated from
the U.S. Naval Academy and holds a Masters Degree from Oxford University.

As Board vacancies occur, Admiral Blair and other nominees previously
announced will be among those to fill such vacancies. The other nominees are
Jerome York, Mackey McDonald, George Buckley, Bruce Gordon and Sandra
Wijnberg.  Of the current directors, only Mr. Breen and Jack Krol, the
Company's lead outside director and Chairman of the Board's Corporate
Governance and Nominating Committee, will be nominated and supported for re-
election.

ABOUT TYCO INTERNATIONAL LTD.

Tyco International Ltd. is a diversified manufacturing and service company.
Tyco is the world's largest manufacturer and servicer of electrical and
electronic components; the world's largest designer, manufacturer, installer
and servicer of undersea telecommunications systems; the world's largest
manufacturer, installer and provider of fire protection systems and
electronic security services and the world's largest manufacturer of
specialty valves.  Tyco also holds strong leadership positions in medical
device products, and plastics and adhesives.  Tyco operates in more than 100
countries and had fiscal 2002 revenues from continuing operations of
approximately $36 billion.

CONTACT:  Media
          Gary Holmes
          Tel +1-212-424-1314
                or
          Investors
          Kathy Manning
          Tel +1-603-778-9700
          Web site: http://www.tyco.com/



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

VINTO: Bolivia's Saavedra Defends March 2002 Sale to UK Company
---------------------------------------------------------------
Bolivia's foreign minister Carlos Saavedra defended the sale of the Vinto
tin smelter to UK's Allied Deals, saying the process was "the most
transparent possible," relates Business News Americas.

The smelter, in southwest Bolivia's Oruro department, was sold to the
UK-based company, which later changed its name to RBG Resources, in March
2000 for US$14.7 million and a pledge to invest US$14 million.  Mr.
Saavedra, who at the time of the sale was Bolivia's foreign trade minister,
is now calling on the country's state auditor, the comptroller general of
the republic, to probe the privatization.

"But I'm absolutely sure they won't find anything, because I've never
engaged in any irregularities, least of all in the Vinto sale," he was
quoted as saying. "I have absolutely no worries about this."

But Vinto now has new owners. RBG Resources, which collapsed earlier this
year amid allegations of a US$600-million fraud, was obliged by a
court-appointed liquidator to sell Vinto to Bolivian mining company Comsur
and the UK government's Commonwealth Development Corporation in June for
US$6 million.

RBG also ran the Huanuni tin mine that supplies the smelter, but state
mining authority Comibol has retaken control of the mine, which had been the
subject of a joint venture between it and RBG.

Comsur, a company related to President Gonzalo Sanchez de Lozada, also
wanted to take RBG's place in the joint venture for Huanuni with Comibol,
but backed down after protests from miners.

Mr. Saavedra said he asked for the investigation in order to clear up any
doubts surrounding the sell-off.

CONTACT:  EMPRESA METALURGICA VINTO
          (Vinto Foundry Company)
          Superintendente de Adquisiciones
          Casilla 612
          Oruro
          Phone: 5273091
          Fax: 5278024



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

AMERICANAS.COM: Posts Positive Ebitda Despite Undisclosed Losses
----------------------------------------------------------------
Brazil's Americanas.Com (http://www.americanas.com.br)reported a positive
Ebitda of BRL2.2 million (US$620,000) for the first three quarters of this
year, compared to a negative Ebitda for the same period last year.

Business News Americas also mentioned that the company had suffered
undisclosed losses.

Earlier, the company's finance chief Richard Lark said the company expects
to be profitable on the first quarter of next year.

According to a report from Business News Americas, gross revenues jumped
105% year-over-year to 100 million reais, as compared to the same period
last year. Gross profits increased 135% year-over-year to 18.6 million reais
for the period.

Americanas.Com, voted best B2C site in Brazil for both 2001 and 2002 by
local Internet pollster Ibest, was spun off from the offline retail chain
Lojas Americanas, but still uses the same brand. The portal offers 55,000
items from 350 suppliers.

In October, Americanas.com clocked three million user sessions and one
million unique visitors.

CONTACT:  AMERICANAS.COM
          Rua Sacadura Cabral, 102
          CEP 20081-902-Saude
          Rio de Janeiro - RJ - Brazil
          Phone: 55 (21) 2206.6505
          Fax: 55 (21) 2206.6898
          Web: http://www.americanas.com.br/
          Contacts:
          Murilo Correa, Investor Relations Manager
          Email: murilo.correa@lasa.com.br
          Cida Rosa, Ombudsman
          Email: cida.rosa@lasa.com.br


BESC: Supreme Court Suspends Sale
---------------------------------
Brazil's Supreme Court suspended the federal government's plan to privatize
Banco do Estado de Santa Catarina SA following an injunction filed Thursday
by the Santa Catarina state government, reports Dow Jones.

Ellen Gracie, Supreme Court judge, attributed the ruling to possible "harm
to the economic order of the state of Santa Catarina."

The government announced on October 31 that it would sell 90% of the
state-controlled bank, also known as Besc, on December 16 at a minimum price
of BRL520.7 million (US$146.8 million).

However, the Santa Catarina state government filed a suit alleging that,
"the sale of Besc under the conditions foreseen in the sale edict will
result in serious financial damages to the Santa Catarina treasury in favor
of the acquiring private bank."

In asking for the injunction, Santa Catarina state said it invested about
BRL1.5 billion (US$430 million) in recapitalizing Besc after the federal
government took administrative control of the bank in 1999, under an
agreement with the federal government that the state would be involved in
any future sell-off of the bank.

The state now argues that with the central bank having set a minimum bid
price of BRL520 million for Besc and its real-estate lending unit Bescri,
the people of Santa Catarina state stand to lose up to a billion reais - the
difference between the cost of the recapitalization and the minimum bid
price.

In the suit, Santa Catarina called the minimum bid price a "derisory"
figure.

It also says the federal government has abandoned the state government as a
partner in the privatization process, effectively nullifying the original
deal.

Four private banks have qualified to bid on Besc: Dutch-based ABN Amro and
Brazilian banks Itau, Bradesco and Unibanco.

Besc is one of the four remaining state banks the federal government has
agreed to privatize under its loan agreement with the International Monetary
Fund.


FIAT: Revises Brazilian Outlook for this Year
---------------------------------------------
Fiat SpA, Italy's biggest manufacturer, changed its forecast for Brazil this
year, Bloomberg indicates.

At the start of last month, Fiat President Alberto Ghiglieno said that the
biggest maker of passenger cars in Brazil expected to earn a "small profit"
in the country this year, O Estado de S. Paulo reported.

Now, following a decision to absorb part of an increase in production costs
instead of passing them on to customers, the Company is expecting to break
even this year rather than make a profit.

Fiat earned BRL172 million ($48.5 million) in Brazil last year, the only
carmaker to post a profit in the country, the paper said.

Fiat's Brazil unit has been a bright spot for the Italian company as it
slashes jobs and production to return its auto division to profit after
losses in seven of the past eight years.

Reports have it that the Italian assembler may sell its Brazilian financial
arm, Banco Fiat, as part of an effort to sell assets to raise US$1.12
billion by the end of this year. The Company is facing total debts of US$3.5
billion and is struggling to honor deals with creditors. According to
international agencies, the bank is worth some US$97.4 million.

The four banks seen likely to vie for Banco Fiat's portfolio are Bradesco,
Itau, Unibanco and ABN-Amro Bank.

In 2001, the institution posted a profit of BRL132 million, 52% of the
figure posted by Fiat. Earlier reports held that Fiat is looking for a
partner for its Brazilian financing arm.


SWIFT-ARMOUR: Gets Rid of Remaining Sao Paulo-based Plant
---------------------------------------------------------
Swift-Armour, the Brazilian meat processing company, which is controlled by
the Bordon group, is getting rid of its last Sao Paulo-based industrial
plant, reports Gazeta Mercantil.

The said plant is worth an estimated BRL17 million and according to Banco do
Brasil, the bank managing the sale, the process has attracted several
companies. However, he didn't reveal the names of those companies.

Swift-Armour cornered the domestic meat market until the middle of the 90's,
when it lost its market share to Sao Paulo-based meat processing group
Bertin. In 2002, the Company eventually succumbed to competition with the
filing of its third bankruptcy. The filing posted BRL367 million in
liabilities.

During the year, it sold two plants, Campo Grande-based (Mato Grosso do Sul
state) and presidente Epitacio-based facilities (Sao Paulo state) to Bertin,
which also took over Bordon group's BRL70 million debts with Banco do
Brasil.

SWIFT ARMOUR SA IND E COM
RUA IRINEU JOSE BORDON, 215
SAO PAULO, SP 05120-060
Brazil

Tel: (0011) 835-8511
Fax: (0011) 261-4161


USIMINAS: Wins Contracts to Supply Products to US Civil Works
-------------------------------------------------------------
Usiminas, a Brazilian flat steel maker, was awarded contracts to supply
structural products to major civil construction works in the United States,
reports Business News Americas.

The Company, in a statement, revealed that its metallic construction arm,
Usiminas Mechanica, is participating in the revamping of San Francisco's Bay
Bridge - which will require 9,000t of high-resistant, rustproof structural
steel. The division also has a contract for the construction of 11 bridges
in the state of Virginia.

Usiminas has also won a contract for a new road-rail bridge over the Orinoco
River in Venezuela. The 3,180m bridge will need 20,000t of steel.

Usiminas said it has renewed efforts to push sales in the civil construction
sector, and has been investing in the development of new products and
services. It created a new commercial department directed solely toward the
civil construction sector, Usiminas said.

Meanwhile, the Company must wait until November 20, when China decides if it
will continue to apply safeguards to steel imports, to see how its exports
will be impacted. China is Usiminas' third largest export market after South
Korea and the United States.

"We are hoping that Brazil is given preferential conditions with the
safeguards, but this will depend on whether we have surpassed 3% of all
steel imported into the country," the Company's export general manager
Rodrigo Cesar Freitas was quoted as saying.

Belo Horizonte-based Usiminas' most important product sold to the Asian
giant is cold-rolled steel, which fetches US$430-440/t in China.

"The Chinese pay some of the best prices in the world" for the product, he
said.

CONTACT:  USIMINAS
          Rua Prof. Jos, Vieira de MendonOa 3011
          Engenheiro Nogueira
          31310-260 Belo Horizonte
          Minas Gerais, Brazil
          Phone: +55-31-3499-8000
          Fax: +55-31-3499-8899
          Web http://www.usiminas.com.br


* IMF Team To Review Brazil Loan
--------------------------------
The International Monetary would send a team of economists to Brazil to
review the progress of a US$30 billion loan program, reports Reuters.

IMF spokesman Tom Dawson said the team would review progress under the $30
billion loan as part of a process that should lead to the release of a $3
billion payment before the end of the year.

Dawson added that the team would also seek view of newly elected President
Inavio Lula da Silva on any potential modifications on the terms of the loan
agreement.

Brazil was granted the loan last September to calm investor's fears that a
Lula victory would default on Brazil's debts, which is about US$260 billion.

The loan program requires the government to maintain a budget surplus of
3.75 percent of the economic output to increase the sustainability of the
nation's medium-term debts.

The IMF had been urging Lula to outline his economic agenda as soon as
possible to dispel uneasiness in the markets.



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

SAESA: Obtains Another Extension on Loan Payment Deadline
---------------------------------------------------------
Chilean distributor Saesa and its sister distributor Frontel managed to
obtain another extension for the payment of a US$150-million syndicated
loan, Business News Americas reports, citing a statement released by the
Saesa Group.

Saesa and Frontel originally faced an October 18 deadline for the payment of
US$115 million and US$35 million, they respectively owe. However, the
companies managed to extend the deadline to November 8. Saesa had planned to
cover the loan through the proceeds of a US$175-million planned bond
issuance. But due to "investor uncertainty" following the fall of utility
shares on Wall Street, the plan did not push through.

And now, the group agreed with creditors to extend the deadline of the loans
by six months to April 4, 2003. The extension gives the two companies time
to continue restructuring their long-term debt, the statement said, adding
that the restructuring will be carried out through a bond issue and a
further syndicated loan.

PSEG, Saesa's parent, is selling its distribution and transmission assets in
Argentina, and will not start new projects in Latin America in the short
term. But PSEG is not turning its back on the region just yet.

"Saesa has a positive cash-flow and PSEG has no plans to get out of Chile,"
according to a spokesperson, adding that, "PSEG has a solid growth record
and is not selling its Chilean holdings."


* Moody's Casts Doubt on Latin American Airports' Solvency
----------------------------------------------------------
Moody's took a dim view of bond issues by airport concessionaires and
operators in Latin America and the Caribbean, citing the cash-strapped state
of airlines and airport administrators in the region, the economic recession
and the possibility of a war in Iraq.

In October, Moody's downgraded an US$80-million bond issue by Aruba's
airport authority to Baa3, down from Baa2, following lower passenger
estimates and KLM's suspension of 14 flights to Aruba.

The agency also lowered its rating for a US$213-million bond issue launched
in 1998 by the operator of the Arturo Benito Merino international airport in
Santiago, Chile, to B3 from Ba1. Santiago continues to suffer depressed
traffic and income owing to the international economic recession.

In its latest report, Moody's senior vice-president Adam Whiteman questioned
the airports' abilities to maintain adequate levels of liquidity in this
capital-intensive industry, which will be a major factor in their attempts
to raise more funds.



=============
E C U A D O R
=============

* Fitch Assigns 'CCC+' Rating To Ecuador
----------------------------------------
Fitch Ratings assigned a long-term foreign currency rating of 'CCC+' to
Ecuador. A short-term foreign currency rating of 'C' is also assigned by
Fitch. The ratings reflect concerns about Ecuador's sources of finance to
cover US$1.1 billion of 2003 public debt amortizations, as well as
uncertainties about future economic policies following the second round
presidential election on Nov. 23.

A rebounding economy, balanced fiscal accounts, and new legislation that
could improve fiscal performance have put Ecuador's sovereign
creditworthiness on an improving trend since its default in 1999-2000.
Nevertheless, considerable risks to timely debt service remain in both the
near and the medium term, particularly given uncertainty about the degree of
political commitment to sound economic policies of the incoming
administration. Populist rhetoric has figured in the election campaign, and
without a significant party base in Congress, the incoming president will be
challenged to assemble a workable reform coalition. Sources of finance in
2003 remains uncertain in light of the failure to reach an agreement with
the IMF, which would have made Ecuador eligible for multilateral program
lending.

Given the very high, though declining, level of public sector debt (84% of
GDP at end-2001), poor external liquidity position, cash management
problems, and recent sovereign debt service track record, sovereign credit
risks remain greater in Ecuador than in most other sovereigns rated by
Fitch. Debt sustainability is tenuous and will depend on favorable political
and economic developments, both domestically and externally. Ecuador's
persistent arrears to creditors - including on obligations to preferred
creditor multilateral institutions in March 2002-- underpin the gravity of
the government's cash pressures, raise questions about its willingness to
honor debts, and indicate that delayed payments to bondholders are a real
possibility if political and economic factors do not remain supportive.

In spite of extended negotiations this year and considerable progress on
important structural issues, an agreement with the IMF was not ultimately
reached. The Fund had continued concerns about rules governing which
categories of debt could be repaid with proceeds from incremental oil
revenues and about the appropriate primary surplus.

Along with economic growth and fiscal balance, momentum supporting improved
credit-standing has been driven by improvements in tax administration, the
passage of a fiscal responsibility law, and resolution of the country's
banking crisis -one of the triggers of the latest default. The adoption of
the US dollar in January 2000 was successful in breaking hyperinflation,
stemming capital flight and underpinning a rebound in national income.
Although the debt burden remains heavy, it is similar to some other
'B'-category credits, more than half of it is to official creditors, and net
public external borrowing is expected to remain near zero in the near term.

Near-term pressure on the credit will remain because of the tenuous cash
flow position and lack of access to finance. With no IMF program in place,
Ecuador is ineligible for multilateral program financing to relieve short
term balance of payments or fiscal pressures. Should oil prices remain
favorable through 2003, if fiscal surpluses are sustained, and cash
management is carefully executed, bond debt service could still be
sustainable. If external conditions remain supportive and recent
institutional improvements take hold, the credit could improve, especially
in the context of a Fund agreement with the incoming government and a clear
commitment by the authorities to improving fiscal performance and ensuring
timely debt service.

CONTACT:  Fitch Ratings
          Morgan C. Harting, CFA, 212/908-0820 or
          Roger M. Scher, 212/908-0240, New York.
          Media Relations:
          James Jockle, 212/908-0547, New York



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

CFE: To Call for Bids this Month for the Supply of LNG
------------------------------------------------------
Mexico's state power company CFE is poised to start three generation
projects, namely Altamira V, Tuxpan V and Tamazunchale, in 2005 to meet
Mexico's increasing power demand.

In this light, a CFE executive told Business News Americas that CFE will
call for bids this month for the supply of 500 million cubic feet a day
(mcf/d) of liquefied natural gas (LNG) for 15 years from 2006 to meet the
fuel supply needs of these three projects.

The contract "makes CFE projects feasible, so that we can guarantee fuel
supplies to our projects," said Alberto Ramos, deputy development director
at the CFE's financed projects department. Guaranteed supplies would drum up
more private sector interest in bidding for the plants, he added.

The winning company could build a regasification plant with greater capacity
than CFE needs and offer the difference to state oil company Pemex or
another company, Mr. Ramos continued, "but that would have nothing to do
with the CFE."

CFE will award the contract to the lowest-cost bidder, Mr. Ramos said,
although it is considering indexing the price to gas prices in other
international markets.

By November 18 the CFE will call for comments on draft bidding rules, in
order to incorporate relevant suggestions and make the call for bids by
month-end, by November 28 "at the latest," Mr. Ramos said.

The CFE posted a net loss of MXN4.92 billion in the third-quarter of this
year, against a profit of MXN3.07 billion in the same period a year ago, due
to exchange rate fluctuations.

However, for this year's January to September period, the CFE obtained
operating profits of MXN5.80 billion (US$568 million), while in the same
period of 2001, it reported a loss of MXN1.17 billion (US$115 million). The
Company attributed the improvements to lower costs of energy products and
the reduction in subsidies for domestic services.

But CFE director, Alfredo Elias Ayub, recognized that this year only MXN4
billion (US$392 million) of the MXN5 billion (US$490 million) expected would
be collected as a result of the reduction in subsidies.

CONTACT:  COMISION FEDERAL DE ELECTRICIDAD
          Rio Rodano 14, Col. Cuauhtemoc
          06598 Mexico, D.F., Mexico
          Phone: +52-55-5229-4400
          Fax: +52-55-5310-4614
          http://www.cfe.gob.mx
          Contacts:
          Alfredo Elias Ayub, General Director
          Arturo Hernandez Alvarez, Director of Operations
          Francisco J. Santoyo Vargas, Director of Finance


SAN LUIS: Extends Debt Exchange, Tender Offer To Nov. 15
--------------------------------------------------------
Instead of the November 8 deadline for cash and exchange offers for its
8.875% euro-denominated notes due 2008, Mexican auto parts maker Sanluis
Corp. extended the tender to November 15.

Citing a company press release, Dow Jones Newswires reports that the move
followed an indication by holders that they need more time to evaluate the
offers to complete their tenders.

Concurrently with the offers, Sanluis is requesting consents from holders of
its notes due 2008 to enact amendments and waive some existing defaults.
Holders of the notes that participate in the tender or swap are effectively
granting these consents.

Sanluis defaulted on a US$8.9-million payment on US$200 million of the bonds
in September 2001.

Previously, Sanluis has said it will accept tenders of up to US$128.6
million of principal debt in the cash offer, and up to US$162.7 million in
the exchange offer.

Creditors wishing to receive cash will get US$350 for each US$1,000 in
principal amount of Sanluis debt tendered. Those who accept the debt
exchange will get US$384.15 of newly issued 8% senior notes due June 30,
2010 for every US$1,000 in debt tendered and US$615.85 of newly issued 7%
mandatory convertible debentures due June 30, 2011 - both issues of Sanluis
Co-Inter, SA, or SISA, a unit to be formed.

The new unit will pay up to US$5 million in cash interest per year on the 8%
senior notes if funds are available. The convertible debentures will become
SISA shares if not paid in full when they mature. SISA will indirectly own
all of Sanluis' operating companies through its subsidiary, Sanluis Rassini
Autopartes SA.

SanLuis Corporacion quotes at the Mexican Stock Exchange under the board cod
e MSE: SANLUIS. Its Auto-Part Division, SANLUIS Rassini, manufactures
suspension and brake components and systems, and it is a leading company in
suspensions in North America and mercosur. Over 85% of SanLuis Corporacion's
consolidated sales are made abroad and denominate in dollars.

CONTACT:  SANLUIS Corporacion, S.A. de C.V.
          Hector Amador
          Tel. +11-5255-5229-5838
          Fax. +11-5255-5202-6604
          Email: hamador@sanluiscorp.com.mex
          Web site:  www.sanluiscorp.com


SATMEX: S&P Places Ratings on CreditWatch Negative
--------------------------------------------------
Standard & Poor's Ratings Services said Friday that it placed its
triple-'C'-plus corporate credit rating on Mexican satellite services
company, Satélites Mexicanos S.A. de C.V. (Satmex) on CreditWatch with
negative implications.

The rating action follows Satmex's filing for consent solicitation in order
to amend its insurance covenant on its senior unsecured notes due Nov. 1,
2004, to conform it to insurance coverage currently available on
commercially reasonable terms in the space insurance market. Additionally,
the company filed a waiver solicitation to be able to amend the terms of the
indenture of its senior secured floating-rate notes due June 29, 2004, and
its revolving credit facility that restrict Satmex's ability to amend the
insurance covenant in the senior notes indenture.

"Although the delivery of the consent and waiver solicitations will not
represent a discount on the existing bonds at maturity on Nov. 1, 2004, if
the consent and waiver are not received, Satmex will not be able to obtain
the required insurance upon expiration of its current policy on Nov. 29,
2002, and the company will default on its senior notes," stated Standard &
Poor's credit analyst Patricia Calvo.

Satmex's debt totals about US$543 million.

Resolution of the CreditWatch will focus on the successful completion of the
consent and waiver solicitations with approval from a majority of
noteholders. In the event that the solicitations are not approved, Satmex
will default on its debt obligations and ratings will be lowered to 'D'.

ANALYST: Patricia Calvo, Mexico City (52) 55 5279 2073



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

BWIA: Government Grants $13 Million Bailout Loan
------------------------------------------------
Trinidad and Tobago Trade Minister Ken Valley announced that the government
of Trinidad and Tobago would loan troubled regional airline BWIA the US$13
million needed to bailout the airline, reported Dow Jones.

The loan, which is for 10 years at the prevailing market interest rate,
payable in semiannual installments, comes after the airline submitted a
draft of its restructuring plan to Prime Minister Patrick Manning last week.
The airline had been seeking the loan from the government after reporting
heavy losses this year.

The draft was submitted even if the airline had yet to sign formal
agreements with the unions representing the airline's employees. The head of
CATTU, one of the unions involved had announced their agreement to the
concessions the airlines had asked, but no formal agreement between the
union and the airline had been signed yet.

Valley said BWIA will be granted an immediate loan of US$2 million. Another
of US$8 million will be given on November 29. The rest will be distributed
through the first half of next year.

The loan also comes with a number of conditions, which has been approved by
BWIA's board. The conditions include the airline's agreement to a study by
independent experts. The study will determine whether BWIA should, or should
not merge with other regional airlines to form a single regional carrier. It
will also aim to identify more ways for BWIA to reduce costs.

BWIA is also required to submit a plan enumerating the avenues where it
would obtain cuts to save at least US$1.4 million a month, on Nov. 29. The
plan is to be implemented on January.

The airline has already found ways to save US$900,000, according to BWIA
spokesman Clint Williams.

BWIA is the largest airline in the eastern, western and southern Caribbean,
based on both revenue and ASMs. From its headquarters, Piarco International
Airport, it has a network of twenty (20) destinations: New York, Miami,
Washington, London, Toronto, Trinidad, Tobago, Barbados, Georgetown -
Guyana, Caracas, Venezuela,  Antigua, Grenada, St. Lucia, St. Maarten, St.
Kitts, Jamaica, St. Vincent, Denver, Chicago, and Boston.

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



                           ***********


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

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


                * * * End of Transmission * * *