/raid1/www/Hosts/bankrupt/TCRLA_Public/030523.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

          Friday, May 23, 2003, Vol. 4, Issue 101

                           Headlines


A R G E N T I N A

ACINDAR: Extends Cash Tender, Reveals Creditor Payment Plans
BANCO FRANCES: Argentine S&P Assigns Bonds Junk Ratings
BANCO RIO: Fitch Assigns Ratings To Various Bonds
HSBC BANK ARGENTINA: Junk Bond Ratings Assigned by Local S&P
LOMA NEGRA: Standard & Poor's Argentina Issues `raD' to Bonds

MASTELLONE HERMANOS: Standard & Poor's Rates Bonds `raD'
SIDERAR: Fitch Withdraws Ratings Over Lack of Interest
PECOM ENERGIA: Fitch Argentina Assigns Weak Ratings to Bonds
SOCIEDAD COMERCIAL: $400M of Bonds Rated `D(arg)'
TELECOM ARGENTINA: Bonds Get `raD' from Standard & Poor's

TELECOM ARGENTINA: Argentine S&P Moves Bonds To Junk Territory
TRANSENER: Fitch Assigns Default Ratings To Bonds
TURBINE POWER: Fitch Argentina Rates $20M of Bonds `D(arg)'
* IDB, Argentina Sign Reformulation of a $250M Loan


B E R M U D A

ALPHASTAR: Announces More Delays in Filing Required Statements
COMMERCIAL RISK: Widening Losses Put Sale at Risk


B R A Z I L

BCP: Ups Investments, Expands Retail Network
ELETROPAULO METROPOLITANA: Brazil to Investigate Sale to AES


C O L O M B I A

IMPSAT COLOMBIA: Announces Expansion of Data Centers


D O M I N I C A N   R E P U B L I C

BANCO INTERCONTINENTAL: DR Seeks Int'l. Financial Support


E C U A D O R

BANCO DEL PACIFICO: To Merge Visa, Mastercard Units


J A M A I C A

HOMELECTRIX: Expected to Wind Up by End-June


M E X I C O

ALESTRA: Negotiating with Noteholders, Extends Exchange Deadline
PEMEX: PPQ Postpones Bidding For Control Of Plant
PVI: Expects to Make Bankruptcy Filing


T R I N I D A D   &   T O B A G O

BWIA: ILFC Seizes Plane for Lack of Payment


     - - - - - - - - - -


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

ACINDAR: Extends Cash Tender, Reveals Creditor Payment Plans
------------------------------------------------------------
Acindar Industria Argentina de Aceros S.A. ("Acindar") announced
Wednesday that it is extending its Cash Tender Offer (as defined
below) and is contemplating making certain payments to its
creditors on or about May 30, 2003.

As described in the Offer to Purchase (as defined below), Acindar
contemplated making certain payments of principal and interest,
referred to in the Offer to Purchase as the "Unpaid Loan
Assignment" and the "Debt Reduction" on the closing date of the
proposed restructuring of its financial indebtedness. The Unpaid
Loan Assignment included the payment of principal due on certain
loans as of November 30, 2001 and the Debt Reduction consisted of
payments of accrued and unpaid interest on any Notes and Dollar
Debt (as defined below) remaining after giving effect to the Cash
Tender Offer and the Unpaid Loan Assignment ("Remaining Debt"),
at contractual rates through November 30, 2001 and at 4% for the
period from December 1, 2002 through December 31, 2002. The Offer
to Purchase also stated that the Company contemplated paying
interest on Remaining Debt at 4% for the period from January 1,
2003 through the closing date of the proposed restructuring, with
such payment being made on the date of the first regular interest
payment under the new senior notes to be exchanged for such Notes
and Dollar Debt pursuant to the proposed restructuring.

As a result of ongoing discussions and negotiations with the ad
hoc committee of its creditors regarding the proposed
restructuring, Acindar announced Wednesday that it now
contemplates making all such principal and interest payments, as
well as paying interest on the amount of the Unpaid Loan
Assignment at contractual rates through November 30, 2001 and for
the period from December 1, 2001 through the Payment Date at 4%,
on or about May 30, 2003 (the "Payment Date"), provided that no
interest payment to be made on the Payment Date will include
interest for any period after such date. If no Notes or Dollar
Debt are tendered in the Cash Tender Offer, the total aggregate
amount of all such principal and interest payments to be made by
Acindar on the Payment Date would be approximately U.S.$10.9 in
connection with principal and interest on the Unpaid Loan
Assignment and U.S.$19.8 million in connection with interest on
Notes and Dollar Debt.

The Offer to Purchase also stated that Acindar contemplated the
redemption, on a discounted basis, of all of its financial
indebtedness that is denominated in Argentine pesos on the
closing date of the proposed restructuring. Acindar now
contemplates that it will make such redemption on or around the
Payment Date. The aggregate amount of payments to be made in
connection with the proposed redemption would be approximately
U.S.$20 million.

In light of these developments, Acindar also announced Wednesday
that it is extending its Cash Tender Offer until 12:00 p.m., New
York City time, on Thursday, May 29, 2003, unless further
extended by the Company in its discretion or otherwise in
accordance with the terms of the Offer (as defined below). The
Cash Tender Offer was scheduled to expire at 12:00 p.m., New York
City time, on Wednesday, May 28, 2003.

Acindar is also extending until 12:00 p.m., New York City time,
on Thursday, May 29, 2003, unless further extended by the Company
in its discretion or otherwise in accordance with the terms of
the Offer, the Early Tender Date (as such term is defined in the
Offer to Purchase) pursuant to which a Holder who validly tenders
and does not validly withdraw Notes or Dollar Debt prior to such
date will be paid U.S.$50.00 per U.S.$1,000 principal amount of
Notes or Dollar Debt tendered by such Holder, provided the Cash
Tender Offer is consummated and such Notes and Dollar Debt are
purchased in the Cash Tender Offer. The Early Tender Date was
scheduled to occur at 12:00 p.m., New York City time, on
Wednesday, May 28, 2003.

In addition, in light of the foregoing developments, Acindar is
granting Holders of its Notes and Dollar Debt who have tendered
in the Cash Tender Offer the right to withdraw such tenders,
subject to the terms and conditions contained in the Offer to
purchase under "Withdrawal of Tenders". Such withdrawal rights
will expire at 5:00 p.m., New York City time, on Wednesday, May
28, 2003 (the "Withdrawal Expiration Date"). Acindar will not
accept any withdrawals of tenders received after the Withdrawal
Expiration Date or that do not comply with the terms and
conditions for withdrawal contained in the Offer.

On April 10, 2003, Acindar announced an offer to purchase for
cash (the "Cash Tender Offer," as amended and extended pursuant
to press releases dated April, 28 2003, May 2, 2003 and May 19,
2003) upon the terms and subject to the conditions set forth in
the Offer to Purchase dated April 10, 2003 (the "Offer to
Purchase") and in the related letter of transmittal (the "Letter
of Transmittal" and, together with the Offer to Purchase, the
"Offer") its 111/4% Notes due 2004 (the "Notes") and certain of
its U.S. dollar denominated indebtedness (the "Dollar Debt") for
an aggregate purchase price of up to U.S.$30 million. The
purchase price for each U.S.$1,000 principal amount of Notes or
Dollar Debt will be determined pursuant to a modified dutch
auction procedure in which a Holder of Notes or Dollar Debt (each
a "Holder") may tender such Notes or Dollar Debt at prices within
a price range from U.S.$450 per U.S.$1,000 of principal amount to
U.S.$650 per U.S.$1,000 of principal amount of Notes or Dollar
Debt. Acindar will not pay any accrued and unpaid interest
(including default interest and additional amounts, if any) or
any amount described in this press release to be paid on the
Payment Date, on any Notes or Dollar Debt that are tendered for
purchase pursuant to the Offer.

As of 5:00 p.m., New York City time, on May 20, 2003, Holders of
approximately U.S.$39.2 million aggregate principal amount of
Notes and Dollar Debt had tendered in the Cash Tender Offer.

The Cash Tender Offer is made only by, and will remain subject
to, all of the other terms and conditions described in the Offer.

The Dealer Manager for the Cash Tender Offer is Credit Suisse
First Boston LLC ("CSFB"). The Depositary for the Cash Tender
Offer is JPMorgan Chase Bank. The Information Agent for the Cash
Tender Offer is Georgeson Shareholder and its telephone numbers
are North America: Banks and Brokers Call: +1(212) 440-9800, toll
-- free (800) 368-2245 and Europe and Latin America: +39 06 42
171 777. You can also contact the Information Agent at
acindarinfo@gscorp.com.

Additional information concerning the terms of the Cash Tender
Offer, including all questions relating to the mechanics thereof,
may be obtained by contacting the Information Agent or CSFB at +1
(212) 538-8474 or U.S. toll -- free at (800) 820-1653.
This extension notice is dated as of May 21, 2003.


BANCO FRANCES: Argentine S&P Assigns Bonds Junk Ratings
-------------------------------------------------------
The Argentine arm of Standard & Poor's International Ratings,
Ltd. issued a `raCC' rating to US$1 billion worth of bonds issued
by BBVA Banco Frances S.A. The National Securities Commission of
Argentina described the bonds as "programa de obligaciones
negociables", classified them under `program'. The maturity date
was not indicated.

Standard & Poor's said the bonds rated `raCC' means that it is
currently highly vulnerable to non-payment.

Meanwhile, S&P rated another US$1 billion worth of Banco Frances'
bonds, also described as "programa de obligaciones negociables"
`raCCC', which means that the bonds are currently vulnerable to
payment default. The ratings agency added that payment on this
debt is dependent on favorable business and financial conditions.

CONTACT:  BBVA Banco Frances SA
          199 Reconquista
          Buenos Aires
          Argentina
          1003
          Phone: +54 11 4346 4000
          Home Page: http://www.frances.com.ar
          Contact: Jaime Guardiola Romajaro, Chairman


BANCO RIO: Fitch Assigns Ratings To Various Bonds
-------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. assigned default
ratings to US$250 million of corporate bonds issued by Argentine
bank Banco Rio de la Plata. The National Securities Commission of
Argentina described the bonds as "obligaciones negociables",
under `simple issue'.

At the same time, US$1 billion worth of bonds called "Programa de
Oblgaciones Negociables tramo subordinado por US$ 1000.000.000",
were given `BBB(arg)' ratings.

Another set of US$1 billion worth of bonds with the same
description were rated `BBB(arg)'. These bonds are classified
under `program'. Their maturity dates, however, were not
disclosed.

The `BBB(arg)' rating was also assigned to US$500 million worth
of "obligaciones negociables de corto plazo", and US$250 million
worth of "obligaciones negociables por USD 250 millones".

According to Fitch, `BBB(arg)' ratings, which are based on the
bank's financial health as of December 31, 2002, denote an
adequate credit risk relative to other issues in Argentina.
Timely payment on these debts is highly dependent on favorable
business and economic conditions.

CONTACT:  Banco Rio de la Plata SA
          Bartolome Mitre 480
          1036 Buenos Aires
          Argentina
          Phone: +54 11 4341 1000
          Home Page: http://www.bancorio.com.ar
          Contacts:
          Jose Luis Enrique Cristofani, Chairman
          Claudio Alberto Cesario, Vice Chairman


HSBC BANK ARGENTINA: Junk Bond Ratings Assigned by Local S&P
------------------------------------------------------------
Some US$500 million worth of bonds issued by HSBC Bank Argentina
S.A. were rated `raCC', according to the information provided by
the National Securities Commission of Argentina in its Web site.
Standard & Poor's ratings agency, which gave the junk ratings,
said the bonds were currently highly vulnerable to nonpayment.
The bonds were classified under `program', and described as
"Programa de obligaciones negociables subordinadas y no
subordinadas".

The ratings agency also assigned a `raCCC' rating to US$500
million of bonds called "Programa de obligaciones negociables
subordinadas y no subordinadas ", also under program. S&P said
that such rating means that the debt is currently vulnerable to
nonpayment. The Company's capacity to make payments on the said
debt is dependent on favorable business and economic conditions.

Both ratings are given based on the bank's financial situation as
of the end of December 2002. The bonds' maturity dates were not
indicated.


LOMA NEGRA: Standard & Poor's Argentina Issues `raD' to Bonds
-------------------------------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal Argentina
assigned a `raD' rating to bonds issued by Loa Negra Industrial
Argentina. According to the country's National Securities
Commission, the ratings were based on the Company's financial
status as of February 28, 2003.

The bonds, which the NSC described as "programma eurobonos a
mediano plazo", were classified under the type, `program'. The
bonds are worth a total of US$300 million.

According to S&P, an obligation is rated `raD' when it is in
payment default, or when the company has filed for bankruptcy.
The rating may also be given when interest or principal payments
on the bonds are not made on the date due, even if the grace
period has not expired, unless the ratings agency thinks that
payment will be made during the said grace period.


MASTELLONE HERMANOS: Standard & Poor's Rates Bonds `raD'
--------------------------------------------------------
Standard & Poor's International Ratings, Ltd. Sucursal Argentina
issued `raD' ratings to two sets of bonds issued by Mastellone
Hermanos S.A..

The National Securities Commission of Argentina described the
first set of bonds as "programa de obligaciones negociables
autorizado por AGE de fechas 11 y 23.6.99", worth US$150 million.

Some US$225 million of "obligaciones negociables, autorizadas por
AGE de fecha 28.8.97." also received the `raD' rating. The bonds'
maturity dates were not indicated.

Standard & Poor's said that the ratings are issued when the
obligation is in payment default or when the company has filed
for bankruptcy. S&P added that default ratings may also be given
when interest or principal payments on the debt are not made on
the date, even if the applicable grace period has not expired,
unless the ratings agency believes that payment will be made
during the grace period.


SIDERAR: Fitch Withdraws Ratings Over Lack of Interest
------------------------------------------------------
Fitch Ratings has removed Siderar S.A.'s foreign currency rating
of 'C' from Rating Watch Negative and has simultaneously
withdrawn the foreign currency rating of Siderar S.A. The rating
action follows the successful completion of a refinancing
agreement with all its creditors to extend its debt maturities.
The refinancing provided all creditors with a partial pay down of
17.94% of outstanding debt, additional security and substantially
higher interest rates, which in Fitch's view provide incremental
compensation for extending the maturity of the notes sufficient
to prevent a loss of present value to the original noteholders.
The amended notes would likely be rated in the 'CC' rating
category.

Fitch has withdrawn the rating due to the lack of market interest
in the outstanding U.S. dollar denominated bonds. Fitch will no
longer provide international analytical service or coverage of
this issuer but will continue to follow the company on the
national scale. At present Siderar's national rating is
'BBB(Arg)', Rating Outlook Stable.

CONTACT:  Ana Paula Ares +54 11 4327-2444, Buenos Aires
          Anita Saha, CFA +1-312-368-3179, Chicago

MEDIA RELATIONS: James Jockle +1-212-908-0547, New York


PECOM ENERGIA: Fitch Argentina Assigns Weak Ratings to Bonds
------------------------------------------------------------
Various bonds issued by Pecom Energia S.A. (Antes Perez Companc
S.A.) received `BB(arg)' ratings from Fitch Argentina
Calificadora de Riesgo on May 07. The ratings were based on the
Company's finances as of the end of December 2002.

According to the National Securities Commission of Argentina, the
rating applies to the following bonds:

-- US$1.2 billion worth of "programa de obligaciones
negociables", classified under `program'.

-- US$1 billion of "Programa de Obligaciones Negociables por U$S
1,000,000,000", also under `program'.

Fitch said that these bonds have a fairly weak credit risk
relative to other issues in Argentina.

At the same time, US$1 billion worth of bonds described as
"Programa de TĦtulos de Corto y Mediano plazo" were rated
`B(arg)', which means that it has a significantly weak credit
risk relative to other issues in the country.

CONTACT:  Pecom Energia SA
          Piso 22
          Maipu1
          Buenos Aires
          Argentina
          C1084ABA
          Phone: +54 11 4344 6000
          Fax: +54 11 4344 6315
          Home Page: http://www.pecom.com.ar
          Contacts:
          Jorge Gregorio Perez Companc, Chairman
          Oscar A. Vicente, Vice Chairman


SOCIEDAD COMERCIAL: $400M of Bonds Rated `D(arg)'
-------------------------------------------------
Some US$400 million worth of bonds issued by Sociedad Comercial
del Plata S.A. received a rating of `D(arg)' from Fitch Argentina
Calificadora de Riesgo. The National Securities Commission of
Argentins described the bonds as "obligaciones negociables", and
classified them under `program'. The bonds' CUSIP and maturity
date were not indicated.

According to the ratings agency, bonds assigned `D(arg)' ratings
are assigned to entities that are in default. The ratings were
based on the Company's financial status as of December 31, 2002.

CONTACT:  Sociedad Comercial del Plata SA
          3/F
          1056 Reconquista
          Buenos Aires Capital
          Federal
          Argentina
          Phone: +54 11 4311 6854
          Contact:
          Dr. Santiago T. Soldati, Chairman
          Dr. Matias M Brea, Vice Chairman


TELECOM ARGENTINA: Bonds Get `raD' from Standard & Poor's
---------------------------------------------------------
Standard & Poor's International Ratings, Ltd. rated bonds issued
by Telecom Argentina Stet-France Telecom S.A. `raD', according to
the country's National Securities Commission.

The rating, based on the Company's financials as of the end of
March 31, 2003, applies to the following bonds:

-- US$1.5 billion of bonds described as "Programa Global de ONs
autorizado por Asamblea de fecha 16.3.99", maturing on August 2,
2004. These bonds were classified under `program'.

-- EUR250 described as "Serie 1, emitida bajo el Progr. Global de
Obligaciones Negociables vigente hasta Septiembre del 2004",
which matured earlier last month, and classified under `series
and/or class'

-- EUR190 worth of "Serie 2, emitida bajo el Programa de
Obligaciones Negociables (D) con vencimiento en Septiembre del
2004", also under `series and/or class', maturing on July 02,
2004.

-- US$126 million worth of "Serie C emitida bajo el Programa
Global de Obligaciones Negociables vencido en agosto de 1999"
also under `series and/or class', which matured in November 2002.

-- US$100 million worth of bonds described as "Serie E emitida
bajo el Programa Global de Obligaciones Negociables vencido en
agosto de 1999." These bonds are classified under `series and/or
class', and mature on May 05, 2005.

-- ITL40 billion of "Serie H emitida bajo el Programa Global de
Obligaciones Negociables vencido en agosto de 1999", under
`series and/or class' and matues on March 3, 2008.

-- EUR200 million of "Serie I emitida bajo el Programa Global de
Obligaciones Negociables vencido en agosto de 1999", under
`series and/or class', and matures on April 1, 2004.

-- EUR250 million of "Serie K, emitida bajo el Programa Global de
Obligaciones Negociables vencido en agosto de 1999" under `series
and/or class', and matured in July 2002.

The rating means that the debt is in payment default, or the
company has filed for bankruptcy. Such ratings may also mean that
interest or principal payment on the bonds was not made during
the due date.


TELECOM ARGENTINA: Argentine S&P Moves Bonds To Junk Territory
--------------------------------------------------------------
The National Securities Commission of Argentina announced that
Standard & Poor's International Ratings, Ltd. Sucursal Argentina
issued junk ratings to bonds issued by Telecom Argentina Stet-
France Telecoms S.A. last Wednesday.

Some US$200 million of bonds called "Programa de Eurodocumentos
Comerciales autorizado por Asamblea de fecha 18.12.97" were rated
`raCC'.  The bonds expired in February this year.

Bonds called "Serie F emitida bajo el Programa Global de
Obligaciones Negociables vencido en agosto de 1999" also received
the `raCC' rating. This set of bonds is worth ITL40 billion and
expires on May 02, 2007.

The ratings, which were based on the Company's financial position
as of the end of March 2003, means that the debt is currently
highly vulnerable to nonpayment.

CONTACT:  Telecom Argentina Stet France Telecom SA
          10th Floor
          Alicia Moreau de Justo 50
          Buenos Aires
          Argentina
          1107
          Phone: +54 11 4968 3626
          Fax: +54 11 4313 5842
          Home Page: http://www.telecom.com.ar
          Contacts:
          Amadeo R. Vasquez Sr., Non-Executive Chairman
          Christian Paul Chauvin Sr., Vice Chairman
          Alberto Messano Sr., Vice Chairman


TRANSENER: Fitch Assigns Default Ratings To Bonds
-------------------------------------------------
Fitch Ratings assigned a default rating to bonds issued by
Transener S.A., the National Securities Commission of Argentina
said in its official Web site. The bonds called "programa global
de obligaciones negociables simples no convertibles en acciones"
were rated `D(arg)', signifying that the bonds are in payment
default.

The rating was based on the Company's financials as of the end of
December 2002. The NSC classified the bonds, which matured on
March 1, 2003, under `Program'. The bonds were worth a total of
US$450 million.


TURBINE POWER: Fitch Argentina Rates $20M of Bonds `D(arg)'
-----------------------------------------------------------
Some US$20 million worth of corporate bonds issued by Turbine
Power Co. S.A. received default ratings (`D(arg)') from Fitch
Argentina Calificadora de Riesfo S.A. on May 08. The National
Securities Commission of Argentina described the bonds as
"obligations negociables garantizadas", which matured on November
30, 2002. The bonds were classified under `simple issue'.

Fitch said that the rating, based on the Company's finances as of
the end of December 2002, means that the bonds are currently in
payment default.


* IDB, Argentina Sign Reformulation of a $250M Loan
---------------------------------------------------
Inter-American Development Bank President Enrique V. Iglesias and
Guillermo Zoccali Argentine Executive Director at the
International Monetary Fund signed Wednesday the documents for
the reformulation of $250 million in fast-disbursing financing to
Argentina that will allow for the immediate disbursement of $125
million.

The disbursement will be made in recognition of the advances
achieved by Argentine authorities in several areas such as
strengthening the regulations and supervision of the insurance
sector with a risk-based approach, cancelling significant debts
that the Instituto Nacional de Reaseguros had with the private
sector, and codifying the Transparency Decree that establishes
new standards of corporate governance for publicly traded
companies.

The reformulation of the operation approved Wednesday by the IDB
Board of Executive Directors indicates the IDB's continuing
confidence in the country's ongoing economic recovery and
stabilization.

The $250 million financing was originally part of a $500 million
fast-disbursing loan to Argentina approved in 2001 to support
financial sector reform in the areas of pensions, insurance and
capital markets.

Because of a crisis in late 2001 that complicated the adoption of
some policies, part of the program could not be carried out, and
only half the funds were disbursed.

The reformulated program objectives include to provide greater
stability to the pension system and institute more rigorous
supervision, enhance transparency and competition in the
retirement insurance industry, as well as reduce costs and
improve competition and efficiency of private pension
administrators known as AFJPs. Disbursement of the final tranche
of $125 million will depend on the fulfillment of these
objectives.



=============
B E R M U D A
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ALPHASTAR: Announces More Delays in Filing Required Statements
--------------------------------------------------------------
AlphaStar Insurance Group Limited (Nasdaq: ASIGE) reported
Wednesday that on May 21, 2003, it received a notification from
the Nasdaq Listing Qualifications Department that the Company has
failed to comply with the filing requirements for continued
listing set forth in NASD Marketplace Rule 4310 (14). NASD
Marketplace Rule 4310 c(14) requires that Nasdaq issuers timely
file their periodic reports in compliance with the reporting
obligations under the federal securities laws. The Company has
not timely filed its Quarterly Report on Form 10-Q for the
quarterly period ended March 31, 2003.

The Company previously reported on April 22, 2003 that the Nasdaq
had notified it that its securities were subject to delisting
from The Nasdaq Stock Market, Inc. for failure to file its Annual
Report on Form 10-K for the fiscal year ended December 31, 2002.
At that time, the Company stated its expectation that it would be
able to file the 2002 Form 10-K within the following 10 days, or
by May 2, 2003.

The Company was not able to file the 2002 Form 10-K within the
stated period. The Form 10-K is in the final stages of review by
the Company's auditors. The Company anticipates that its Form 10-
Q for the first quarter of 2003 will be filed shortly after the
Form 10-K. The Company continues to believe that neither the 10-K
nor the 10-Q will reflect any restatement of prior results
(except to reflect certain discontinued operations).

The Company's late 10-K and 10-Q filings will be considered at an
oral hearing on May 22, 2003 before a panel authorized by the
Nasdaq Stock Market.

AlphaStar Insurance Group Limited is a Bermuda-domiciled holding
company with subsidiaries in the United States and United
Kingdom. Among its subsidiaries are a property-casualty insurance
company, managing general agencies, and reinsurance
intermediaries.


COMMERCIAL RISK: Widening Losses Put Sale at Risk
-------------------------------------------------
The increasing losses at Commercial Risk Partners will pose a
threat in the French parent's plan to sell the Bermuda-based
alternative risk insurer by the end of June. Denis Kessler, the
chairman of Commercial Risk's parent, Scor, told Reuters on
Friday that the French insurer had signed a letter of intent with
a third party to sell Commercial Risk.

However, the unit's operating loss for the first quarter, which
more than doubled to EUR21 million, is likely to hamper the
planned sale. Commercial Risk's loss was "bad news" because it
would cut the potential sale price, Mr. Kessler added.

Commercial Risk ceased underwriting in January this year.



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

BCP: Ups Investments, Expands Retail Network
--------------------------------------------
Sao Paulo mobile operator BCP, which was taken over by its bank
creditors in April after its former owners decided to default on
a US$375 million debt payment, boosted its investments in
marketing this year compared to the previous year.

Already, the operator has spent BRL40 million (US$13.3mn) on
marketing this year, more than half the amount disbursed last
year, reports Business News Americas.

On Tuesday, BCP opened doors to a new store in Sao Paulo, as part
of its retail drive to increase its direct sales channels to 19
by July from 12 today.

The operator has been gaining new subscribers at an accelerated
pace - this month to date the figure has already doubled May 2002
gross additions. BCP has 1.7 million subscribers in greater Sao
Paulo.

CONTACT:  BCP S.A.
          Rua Fl>rida, 1970 4o andar
          Sao Paulo - SP
          Tel: 55 11 5509-6428
          Fax: 55 11 5509-6257
          Home Page: http://www.bcp.com.br



ELETROPAULO METROPOLITANA: Brazil to Investigate Sale to AES
------------------------------------------------------------
A top official from Brazil said that the government will lodge an
inquiry into a report that U.S. energy giant AES Corp. conspired
with Enron Corp. to rig an auction for Latin America's largest
utility, relates Bloomberg. Brazilian Energy Minister Dilma
Rousseff said the government will investigate a Financial Times
report saying AES persuaded Enron, once the largest energy
trader, not to bid in a 1998 auction for Eletropaulo
Metropolitana SA.

Enron agreed not to bid for the utility in return for other
potentially lucrative energy deals with AES, an investigation by
the newspaper found. The alleged agreement allowed AES to buy
Eletropaulo for the minimum bid of US$1.78 billion.

"We need to gather information, judge whether they caused any
damage to the country and just how serious it was," Rousseff said
at a conference on the electricity business in Brasilia.

The Sao Paulo state government auctioned Eletropaulo as Brazil
sought to attract foreign investment by selling government-owned
businesses for cash. Sao Paulo got BRL2.03 billion (then worth
US$1.78 billion), less than analysts expected, for the power
distributor.

AES has launched an internal investigation, the Financial Times
reported. The company does "not tolerate illegal or unethical
behavior in any form," president and CEO Paul Hanrahan told the
newspaper.

Enron denied wrongdoing, telling the newspaper in a statement it
had decided not to bid for Eletropaulo as the auction deadline
approached.

AES is currently fighting to retain control of Eletropaulo after
defaulting on more than US$400 million in loan payments to
Brazil's development bank. The bank, known by its acronym of
BNDES, organized the 1998 Eletropaulo auction and provided
financing.

AES offered a controlling block of shares in Eletropaulo as
collateral for the US$1.2 billion loan it took to buy the
utility. The missed payments raise the prospect that the bank
could foreclose.

The bank has also started a process that would allow for the sale
of Eletropaulo in another auction as early as August.

Enron, which filed for bankruptcy in 2001 amid massive accounting
fraud, is trying cluster 19 international power and pipeline
assets in a new company as part of its Chapter 11 reorganization.

CONTACT:  ELETROPAULO METROPOLITANA
          Avenida Alfredo Egidio de Souza Aranha 100-B,
          13 andar 04726-270 San Paulo
          Brazil
          Phone: +55-11-548-9461, +55 11 5696 3595
          Fax: +55-11-546-1933
          URL: http://www.eletropaulo.com.br
          Contacts:
          Luiz D. Travesso, Chairman and President
          Orestes Gonzalves Jr., VP Finance/Investor Relations



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

IMPSAT COLOMBIA: Announces Expansion of Data Centers
----------------------------------------------------
Impsat Colombia said it has increased the number of its data
centers located in Bogota and Cali, Business News Americas
reports without revealing figures. The move is part of Impsat's
plan to improve its offer of IT solutions, Internet, data storage
and management, disaster recovery, content distribution and
security services. The Company ended the first year of its data
center operation in Colombia with 33 clients and now, it has 170.



===================================
D O M I N I C A N   R E P U B L I C
===================================

BANCO INTERCONTINENTAL: DR Seeks Int'l. Financial Support
---------------------------------------------------------
Dominican President Hip˘lito MejĦa called for financial support
from the international financial community after the fraud
scandal at one of the Dominican Republic's leading commercial
banks broke out. In a speech at the Inter-American Development
Bank's headquarters in Washington, DC, MejĦa asked the IDB to
head "a financial assistance package" to help the Dominican
Republic in its efforts to "maintain a pattern of growth with
stability and forge ahead with its economic and institutional
reforms".

In a meeting with Dominican business leaders who are traveling
with MejĦa, IDB President Enrique V. Iglesias said: "The
Dominican Republic is not on its own. We are working closely with
the World Bank and the IMF".

During his visit to the IDB, MejĦa also met with officials from
the International Monetary Fund and the World Bank.

Dominican banking regulators took control of Banco
Intercontinental (BanInter) last week after charging top
executives with various economic crimes.

In 1989, Baninter set up an unsupervised bank to use deposits to
purchase companies linked to company executives and forgive
millions of dollars in bad loans. Baninter officials ordered
staff to erase all bad or secret loan records.

The losses, which equal two thirds of the island republic's
annual budget, weakened the Dominican peso, which fell 40%
against the dollar in the last year, says the Times.

Just recently, Standard & Poor's Rating Services placed its 'BB-'
long-term ratings on the Dominican Republic on CreditWatch with
negative implications. The CreditWatch placement reflected the
risk that the ratings will be lowered if the emerging problems at
BanInter further weaken political institutions, the external
reserve position, and economic policy flexibility.



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

BANCO DEL PACIFICO: To Merge Visa, Mastercard Units
---------------------------------------------------
Ecuadorian government-controlled bank Banco del Pacifico will
create a new company to be named PacifiCard, reports Business
News Americas. The new company, which will have total assets of
US$93.8 million, annual sales of US$280 million, will be formed
from the merger of Pacifico's credit card units MasterCard del
Ecuador and Visa Cash.

PacifiCard, which will be the first single credit card company in
Ecuador selling and managing cards issued by the two US-based
issuers, will have 145,000 clients, who will still hold separate
cards for each brand.

Pacifico, which was taken into government receivership during the
country's 1998-1999 financial crisis, is already on a sound
financial footing, with assets totaling US$632 million at the end
of the first quarter, a 1.6% increase compared to the end of
2002.

In June, the central bank will conclude a valuation and decide
whether to sell the bank shortly or wait for up to 12 months.
French investment bank BNP Paribas has been awarded the contract
to manage the sale of Pacifico.



=============
J A M A I C A
=============

HOMELECTRIX: Expected to Wind Up by End-June
--------------------------------------------
Jamaican appliance and furniture retailer Homelectrix, formerly a
fierce competitor to market leader, Courts Jamaica, will be wound
up by the end of June. The decision came after it failed to
attract an investor who was prepared to continue its operation as
a going concern, the Jamaica Observer reports.

The receiver, Ken Tomlinson, who was sent to the Company last
year August by Joslin Jamaica, has been gradually selling off the
Company's stock, as well as the fixed assets in order to recover
some US$8 million that was reportedly owed to Joslin Jamaica.

Joslin Jamaica had acquired the right to collect debt owed to
Finsac, including money owed by Homelectrix to the former Workers
Bank, whose assets Finsac took over in 1998 when the bank
collapsed.



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

ALESTRA: Negotiating with Noteholders, Extends Exchange Deadline
----------------------------------------------------------------
Alestra, S. de R.L. de C.V. ("Alestra") announced Wednesday that
the deadline for its outstanding exchange offers, cash tender
offers and consent solicitations has been extended.

The offers will remain open until the new expiration date of May
30, 2003, unless further extended by Alestra. Alestra is
continuing to negotiate with an ad hoc committee of noteholders
regarding the offers. The extension does not affect the terms of
the offers. Alestra also announced that approximately $144
million principal amount of its outstanding 12 1/8% Senior Notes
due 2006 had tendered in the offers and that approximately $95
million principal amount of its outstanding 12 5/8% Senior Notes
due 2009 had tendered in the offers.

In addition, Alestra also announced that it did not make the
interest payments due on its Senior Notes as scheduled on May 15,
2003.

You may obtain copies of Alestra's prospectus and transmittal
documents for the offers from the Information Agent: D.F. King &
Co., Inc., 48 Wall Street, New York, New York, 10005. Banks and
brokers call collect: (212) 269-5550. All others call toll free:
(800) 549-6697.

This announcement and the cash tender offers, exchange offers,
and consent solicitations which are the subject hereof are not
being made in any jurisdiction in which, or to any person to
whom, it is unlawful to make such announcement and/or cash tender
offers, exchange offers and consent solicitations under
applicable securities laws. The new senior notes may not be sold
nor may offers to buy be accepted prior to the time Alestra has
obtained the necessary authorizations from the Comision Nacional
Bancaria y de Valores de Mexico. This release shall not
constitute an offer to sell or the solicitation of an offer to
buy nor shall any sale of these securities in Mexico or in any
U.S. state or territory in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under
the securities laws of Mexico and any such U.S. state or
territory.

This announcement shall not under any circumstances create any
implication that the information contained herein is correct as
of any time subsequent to the date hereof, or that there has been
no change in the information set forth herein or in the affairs
of Alestra or any of its affiliates since the date hereof. No
indications of interest in the offers are sought by this press
release.

Headquartered in San Pedro Garza Garcia, Mexico, Alestra is a
leading provider of competitive telecommunications services in
Mexico that it markets under the AT&T brand name and carries on
its own network. Alestra offers domestic and international long
distance services, data and internet services and local services.


PEMEX: PPQ Postpones Bidding For Control Of Plant
-------------------------------------------------
Pemex Petroquimica (PPQ), the petrochemicals arm of Mexico's
state oil company Pemex, has again delayed its plan to offer
majority control of a new US$1.7-billion petrochemicals plant to
the private sector, reports Business News Americas. The original
schedule for the bidding was April but was delayed until May and
now, until July.

In the meantime, PPQ continues to promote the project to drum up
investor interest. The project is the first of two plants in
Pemex's Fenix project aimed at reducing Mexico's estimated US$4bn
annual petrochemical imports.

Although the constitution does not allow the private sector to
take control of existing petrochemical plants, the restrictions
do not apply to new plants. The private sector will own at least
51%, and possibly more, though the exact percentage has not been
set yet.

Private sector participation in the project would free up as much
of Pemex's limited resources as possible for the country's
"sensitive and priority" exploration and production areas, PPQ's
president, Rafael Beverido, told Business News Americas earlier.


PVI: Expects to Make Bankruptcy Filing
--------------------------------------
Princeton Video Image, Inc. (OTCBB: PVII) announced Wednesday
that it expects to file for Chapter 11 bankruptcy protection in
the next several days. PVI is negotiating with a newly formed
entity owned by Presencia en Medios, SA de CV and Cablevision
Systems Corporation to purchase substantially all of the assets
of PVI and to provide debtor-in-possession financing for
approximately 90 days.

Presencia and Cablevision are the only secured creditors of PVI
and currently hold approximately 45% of PVI's common stock. The
asset sale would be subject to bankruptcy court approval and a
competitive bidding procedure in accordance with bankruptcy law.
The filing and the agreement are subject to the successful
negotiation of definitive agreements and the approval of PVI's
board of directors.

PVI expects that if the asset sale is consummated PVI would be
liquidated pursuant to a plan of liquidation which would be
subject to the approval of the bankruptcy court. In the event of
a liquidation, any recovery for shareholders of PVI would be
highly unlikely and would depend on the outcome of the
competitive bidding procedure.

PVI expects the debtor-in-possession financing, if consummated,
to allow the delivery of services to PVI's customers and clients
to continue without interruption during the bankruptcy process.
James Green, President and Chief Operating Officer of PVI, said "
We believe that this proposed transaction will allow us to
continue to service all of our customers."

About Princeton Video Image, Inc:

Princeton Video Image, Inc. (PVI) provides real-time virtual
advertising, programming enhancements, virtual product
integration and targeted interactive services for televised
sports and entertainment events. PVI services the advertising
industry with its proprietary, Emmy award-winning technology.
Headquartered in New York City and Lawrenceville, New Jersey, PVI
has offices in Los Angeles, Toronto, Tel Aviv, and Mexico City.



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

BWIA: ILFC Seizes Plane for Lack of Payment
-------------------------------------------
International Lease and Finance Company (ILFC) seized a plane it
leased to BWIA, leaving more than 100 passengers stranded in
Miami Tuesday. Shortly after three Tuesday afternoon, as BW
Flight 483 was being prepared to fly to Piarco from Miami
International Airport, agents of ILFC boarded the Boeing 737 and
took control of it, relates the Trinidad Express.

BWIA spokesperson Clint Williams said that the airline was
"working with the lessors to have the plane released. We are also
working with the Government to make the funds available".

In an interview with the Trinidad Express late Tuesday night,
Prime Minister Patrick Manning said that "they've asked for it
(the money) and they will get it. In fact, I have sent a letter
of comfort for $5 million (yesterday) afternoon".

BWIA has leased six of its seven aircraft from ILFC while the
other is leased from GECAS.

While airline officials declined to say how much money is owed to
ILFC, it was reported in early April that the airline had to pay
ILFC US$4 million or face the seizure of BWIA aircraft.

BWIA had a miserable financial year in 2002, losing $182.1
million. Late last year, the Government bailed out the airline to
the tune of US$13 million and just last month approved a bailout
package of $116.8 million to keep the national carrier in the
air.



               ***********


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 2003.  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
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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,
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or balance thereof are $25 each.  For subscription information,
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