/raid1/www/Hosts/bankrupt/TCRLA_Public/030527.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, May 27 2003, Vol. 4, Issue 103

                           Headlines


A R G E N T I N A

ACINDAR: Adds Additional Day to Tender Offer Deadline
AEROLINEAS ARGENTINAS: Airport-Government Deal May Bring Suit
AEROPUERTOS ARGENTINA: Strikes Crucial Deal with Departing Govt
AEROPUERTOS ARGENTINA: Q1 Net Loss Down to ARS7 Million
AUTOPISTAS DEL SOL: Seeking Administration OK on 15% Toll Hike

CIT: Fitch Ratings Assigns `C(arg)' To US$400 Million of Bonds
CORREO ARGENTINO: Fate Depends on 'Goodwill' of New Government
FOTOGRABADOS ALAS: Concurso Preventivo Provided by Court
IMPSAT FIBER: Forecasts 100% Growth for Colombian Operation
IMPSAT FIBER: 1Q03 Results Reflect Emergence from Chapter 11

JUAN MINETTI: Reports ARS65.1 Million Profit For 1Q03
METROVIAS: Limits First Quarter Losses to ARS4 Mln as Costs Drop
PERLINI: Court Provides Concurso Preventivo
ROSENDO PERDIGUES E HIJOS: Under Concurso Preventivo
ROYAL AHOLD: Audited Filing Extended, Earnings Slashed In Probe

TELEFONICA ARGENTINA: Notes Slide to 'D' Due to Bond Exchange
* Govt Plan to 'Unfreeze' Deposits Gets 40% Participation Only


B R A Z I L

BBVA: Central Bank Approves BBV Banco Acquisition
VARIG: Revamps Board in Favor of Merger Plans


C H I L E

CGE: Rating Lowered to 'BBB+'; Off CreditWatch
COEUR D'ALENE: Completes $10 Million Common Stock Financing


C O S T A   R I C A

ICE: Mulls Rate Hike as Alternative to Contentious Bond Issue


H O N D U R A S

BANCO SOGERIN: Financial Instability Prompts Sell Off


M E X I C O

IUSACELL: Lenders Grant More Time to Formulate Rehab Plan


P E R U

AT&T PERU: Report Indicates Five Rivals to Start Due Diligence


T R I N I D A D   &   T O B A G O

CARONI: In Land Dispute With Billionaire Church Leader


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

ACINDAR: Adds Additional Day to Tender Offer Deadline
-----------------------------------------------------
Argentine iron and steel company, Acindar, recently announced it
is extending its cash tender offer until May 29, 2003.  The offer
was scheduled to expire on May 28, 2003.  The company also
announced it is contemplating making certain principal and
interest payments to its creditors on or about May 30, 2003.

If no notes or debt denominated in US dollars are tendered within
the period, the total aggregate amount of all such principal and
interest payments to be made by Acindar on the payment date (May
30, 2003) would be approximately US$10.9 million in connection
with principal and interests on the unpaid loan assignment
(remaining debt) and US$19.8 million in connection with interest
payments on notes and dollar debt.

The offer to purchase also stated that Acindar is contemplating
redeeming, on a discounted basis, all of its financial
indebtedness that are denominated in Argentine pesos on the
closing date of the proposed restructuring.  The firm is
considering making 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 US$20 million.

Holders of notes and dollar debt, who have already tendered, have
until May 28, 2003 to withdraw such tenders.  A total of US$39.2
million in principal amount of notes and dollar debt have been
tendered as of May 20.

CONTACT:  ACINDAR INDUSTRIA ARGENTINA DE ACEROS SA
          1609 Boulogne, San Isidro
          E. Zeballos Esq. Uruguay
          Buenos Aires, Argentina
          Phone: +54 11 47198500
          Fax:   +54 11 47198501
          Home Page: http://www.acindar.com.ar/ir/eng/default.htm
          Contacts:
          Lic. Jose I. Giraudo, Investor Relations Manager
          Phone: (54-11) 4 719-8674
          Fax:   (54-11) 4 719-8501 Int. 8674

          Lic. Andrea Dala, Investor Relations Officer
          Phone: (54-11) 4 719-8672
          Fax: (54-11) 4 719-8501 Int. 8672


AEROLINEAS ARGENTINAS: Airport-Government Deal May Bring Suit
-------------------------------------------------------------
Troubled Argentine airline Aerolineas Argentinas is threatening to
file a lawsuit against the government's decision to renegotiate
airport concessions with Aeropuertos Argentina 2000(AA 2000).
Local news source NewsEdge relates that the airline believes that
the government's decision to award a `monopolistic' contract is
outrageous. The government will talk with AA 2000 on the Company's
concession to operate 32 airports in the country. AA 2000 owes
some $1.1 billion to Argentina, said the report.


AEROPUERTOS ARGENTINA: Strikes Crucial Deal with Departing Govt
---------------------------------------------------------------
Airport concessionaire, Aeropuertos Argentina 2000, has reached a
new agreement with the government that will substantially cut its
annual concession fees, or canon. Under the agreement -- one of
the last entered into by departing President Eduardo Duhalde --
the annual fees will now be based on billing levels and passenger
traffic.  The amount will be adjusted every month.

"When we won the tender process, we had bided ARS171 million based
on a traffic of 23 million passengers.  According to the new
agreement, with the current traffic (no more than 12 million
passengers), we will start paying ARS100 million (US$34.48
million) a year," company Spokesman Sergio Resumil told Troubled
Company Reporter-Latin America.

In the original contract, he said, the company had to pay ARS85.5
million (US$29.48 million) every six months.

Also under the new contract, Aeropuertos Argentina will be obliged
provide an annual insurance bond that the state will use to cover
the canon in case it fails to pay in the expected terms.  Another
part of the new contract is a modification in the amount of
ongoing investments.  The company will have to spend around ARS2.6
billion, instead of ARS2.22 billion, until the end of the contract
in 2028.

The company allegedly owes the government about ARS358 million
(US$123.45 million).  The matter is still under litigation.


AEROPUERTOS ARGENTINA: Q1 Net Loss Down to ARS7 Million
-------------------------------------------------------
A stronger peso and lower inflation in the first quarter helped
airport concessionaire, Aeropuertos Argentina 2000, to log only
ARS7.3 million in net losses for the first quarter, Business News
Americas said Friday. Although still in red, the latest figure
however is a huge improvement from last year's ARS259 million- net
loss.  Revenues, according to the report, reached ARS78.2 million,
a 0.99% edge over last year's performance.

The improved loss figure added to the recent "festive mood" at the
company, a result of successfully renegotiating its 30-year
concession.  The revised agreement cut the company's canon by more
than half.  It, however, requires the company to provide insurance
coverage in order to guarantee the canon.

Operating 32 airports in Argentina, Aeropuertos Argentina is a
multinational consortium formed by Corporacion America
Sudamericana (35%), Societa Per Azioni Esercizi Aeroportuali
(28%), Simest Spa (8%), Ogden Corporation (28%) and RIVA (1%). The
30-year concession began in 1998.


AUTOPISTAS DEL SOL: Seeking Administration OK on 15% Toll Hike
--------------------------------------------------------------
Toll concessionaire, Autopistas del Sol (Ausol), which recently
announced a proposal to restructure its US$490 million debt, is
urging President-elect Nestor Kirchner to increase road tolls by
15%.

The company claims that, after the devaluation of the peso its
income has been stagnant, while its debts in U.S. dollars continue
to rise.  Over the past ten years, the concessionaire has invested
US$800 million in the extension, remodeling and improvement of the
routes under its administration.  Last year, however, customers
using its toll-ways dropped 14%.  The company is now left with a
paralyzed investment and a contract that won't expire until 2020.

Meanwhile, the company hopes to get the approval of two-thirds of
its creditors, the threshold needed for its debt-restructuring
proposal to pass.  The company admits it might file for a formal
restructuring proceeding if it fails to get the necessary nod.


CIT: Fitch Ratings Assigns `C(arg)' To US$400 Million of Bonds
--------------------------------------------------------------
Fitch Argentina Calificadora de Riesgo S.A. assigned `C(arg)'
ratings to a total of US$400 million of corporate bonds issued by
Compa¤Ħa Internacional de Telecomunicaciones. Some US$225 million
of bonds, which the National Securities Commission of Argentina
described as "Clase A bajo el Programa de U$S 800 millones", and
US$175 million of "Clase B bajo el Programa de U$S 800 millones"
received the junk ratings.

The bonds were classified under `series and/or class', but their
CUSIP and maturity dates were not indicated.

The ratings, issued on Thursday, were based on the Company's
financial situation as of the end of March 31, 2003. Fitch said
that such ratings denote an extremely weak credit risk relative to
other issues in Argentina. The Company's capacity to meet these
financial commitments is solely reliant on favorable business and
economic conditions.


CORREO ARGENTINO: Fate Depends on 'Goodwill' of New Government
--------------------------------------------------------------
Correo Argentino is expected to start from scratch in its
negotiations with the government following the election of a new
administration. Chief of Ministers Alfredo Atanasof told Troubled
Company Reporter-Latin America the fate of the troubled postal
services concessionaire would depend on the goodwill of President
Nestor Kirchner's government.

The company owes the government about ARS445.6 million (US$153.65
million) in annual fees (canon), of which ARS296 million (US$102
million) are currently under debt restructuring proceedings.
These figures represent overdue amounts dating back to 1999, the
year the company stopped paying the canon due to alleged contract
breaches by the government. The government has also accused the
company of several violations.

Until about two months ago, negotiations to end the row had been
ongoing in earnest, but without result.  The company wants the
mandate to be adjusted according to its billing, claiming that the
state owes it some ARS1.07 billion (US$369.65 million) due to
presumed contract breaches.  The company also complains that the
government has done nothing to avoid these breaches and curb
illegal courier services, which it claims number over 1,000.

The company's total debt is estimated to be ARS597 million (US$
205.86 million).


FOTOGRABADOS ALAS: Concurso Preventivo Provided by Court
--------------------------------------------------------
Concurso preventivo has been provided for Fotograbados Alas S.R.L.
at the Federal Capital Court, according to an Infobae report on
Thursday. The Company, which offers press-related services, is
under receivership.

The appointed receiver is Mr. Jose Tsanis, who may be reached at
his address: Presidente Peron 1410, at the Federal Capital.

Deadline for verifications is on July 7, 2003.

CONTACT:  Fotograbados Alas S.R.L.
          Cossio 7185,
          Capital Federal


IMPSAT FIBER: Forecasts 100% Growth for Colombian Operation
-----------------------------------------------------------
Argentina-based Impsat Fiber Networks expects its Colombian
operations to grow significantly this year, after the unit
reported a steady increase in clients, Business News Americas said
late last week.

The unit, according to the paper, currently has 170 clients, but
it has been adding at least 20 a quarter.  The Argentine parent
now expects the unit to double its US$2 million revenue last year.

Andean region data center manager, Jorge Trujillo, says this
steady growth is probably due to the fact that the service is
relatively new in the region.  He expects the data center
operations in Colombia and Venezuela to represent 3-4% of Impsat's
total business this year.

Meanwhile, in preparation for a brisk business in 2004, Impsat
will expand the data center in Bogota by 130 sq. meters to bring
the center's total floor area to 410 sq. meters.  Business News
Americas says this will be the third expansion since the center
opened in August 2001 and should cover requirements until year-
end.

Aside from the data center, Impsat Colombia also has a 315 sq.
meter tele-housing center in Cali, which is 20% occupied.  The
bulk of clients are based in Bogota and Medellin but can be
equally well-served by both data centers, especially as clients
see added security in having their data housed outside their home
city.

With its pan regional broadband network, Impsat operates in
Argentina, Brazil, Chile, Colombia, Ecuador, Mexico, Peru,
Venezuela and the U.S.  The firm provides fully integrated
broadband data, Internet and voice services.

CONTACT:  Impsat Fiber Networks Inc
          Alferez Pareja 256 (1107)
          Buenos Aires
          Argentina
          1107
          Phone: +54 11 5170-0000
          Fax:  +54 11 5170-6500
          Home Page: http://www.impsat.com
          Contacts:
          Enrique M. Pescarmona, Chairman
          Ricardo A. Verdaguer, President & Chief Executive


IMPSAT FIBER: 1Q03 Results Reflect Emergence from Chapter 11
------------------------------------------------------------
IMPSAT Fiber Networks, Inc. ("Impsat" or the "Company"), a leading
provider of integrated broadband data, Internet and voice
telecommunications services in Latin America, announced Thursday
its results for the first quarter of 2003, during which the
Company successfully emerged from Chapter 11 and finalized the
restructuring of the obligations covered by its Plan of
Reorganization. All figures are in U.S. dollars.

FIRST QUARTER 2003 HIGHLIGHTS

-- Total revenues were $56.1 million, an increase of 5.5% from the
fourth quarter of 2002.

-- The Company recorded positive EBITDA of $13.5 million for the
first quarter of 2003, as compared to $8.8 million for the first
quarter of 2002 and $3.4 million for the fourth quarter of 2002.

-- Available cash, cash equivalents and trading investments at
March 31, 2003 totaled $61.9 million, slightly in excess of the
Company's cash, cash equivalents and trading investments of $61.0
million at March 31, 2002.

-- Impsat's total debt was reduced by $728 million to $267.5
million at March 31, 2003 in connection with the Company's Plan of
Reorganization.

FIRST QUARTER 2003 RESULTS

Overview

The Company is pleased to report the results of its operations for
the first quarter of 2003. Despite the challenges imposed on the
telecommunications sector, including the Company, by the continued
difficult macroeconomic environment and conditions in Latin
America, Impsat was able to successfully emerge from Chapter 11
while implementing an operational restructuring to improve the
efficiency of its operations and its operating performance.

Total net revenues for the first quarter of 2003 were $56.1
million, compared to total net revenues for the first quarter of
2002 of $ 62.4 million. The decrease in net revenues was
principally due to the macroeconomic downturn affecting businesses
in Latin America, including the devaluation of the Argentine peso
and the Brazilian real against the U.S. dollar, which adversely
affected the U.S. dollar value of our revenues. Net revenues for
the first quarter of 2003 represented a 5.5% increase over our net
revenues for the fourth quarter of 2002 of $53.1 million.

Direct costs for the first quarter of 2003 totaled $26.3 million,
a decrease of 20.9% as compared to the first quarter of 2002.
Selling, general and administrative (SG&A) expenses for the first
quarter of 2003 totaled $5.5 million and represented a reduction
of 25.1% as compared to SG&A expenses for the three months ended
March 31, 2002, while salaries and wages expense for the first
three months of 2003 totaled $10.7 million, a decrease of 17.7% of
our salaries and wages expenses for the first quarter of 2002.
These reductions in our operating expenses, which resulted in part
from the devaluation of local Latin American currencies against
the U.S. dollar and from efforts by management to reduce
expenditures in line with the Company's lower revenues, created
the basis for Impsat's improved operating results and the
preservation of its cash balances.

On March 25, 2003, the Company formally emerged from its Chapter
11 proceeding that was commenced in June 2002 following the
approval of the Company's Plan of Reorganization by its creditors.
The Plan substantially reduced its total indebtedness, from $1.04
billion at December 31, 2002 to $262.0 million at March 31, 2003.
Cash, cash equivalents and trading investments totaled
approximately $61.9 million at March 31, 2003.

Commenting on results, Impsat CEO Ricardo Verdaguer stated: "We
are pleased to report better than expected results for the
quarter. Our improved results reflect better than projected
performance of our data products business in Colombia, Venezuela
and Argentina, and better than expected overall gross margins.
Despite the downturn in the Latin American economy that continues
to adversely affect our business, we have implemented measures to
improve and enhance our operating performance by completing our
financial restructuring and significantly streamlining operating
expenses. We believe that these efforts will position us to
service our clients well and grow our business once the economy
begins to improve. To achieve this kind of performance, despite
facing a negative macroeconomic environment, is a credit to our
employees and represents a continued commitment by our company to
expand our business throughout the region. Moreover, we are
extremely pleased that our emergence from Chapter 11 and our
reorganization were completed in a timely manner. Our improved
financial position will allow us to continue delivering high-
quality services to our customers and also gives us a competitive
advantage in an industry where many of our competitors in the
region still face the challenge of restructuring their balance
sheets. As a result of our emergence and restructuring, our
company is now much stronger and better capitalized. We look
forward to providing excellent service to our customers and value
to our shareholders in the months and years ahead."

Revenues from Services

Despite the negative macroeconomic environment affecting our
business in Latin America, the Company's total net revenues for
the first quarter 2003 aggregated $ 56.1 million. Net revenues
from services (i.e., excluding revenues related to equipment
sales) for the first quarter of 2003 totaled $56.0 million, a
decrease of 9.9% compared to net revenues from services for the
three months ended March 31, 2002. The decrease was attributable
to continuing adverse macroeconomic conditions in Latin America,
in particular to the devaluation of the Argentine peso and the
Brazilian real, which resulted in lower U.S. dollar values for our
revenues. Compared to net revenues from services for the three
months ended December 31, 2002, net revenues from services
increased 5.5% ($2.9 million) during the first quarter of 2003.

Revenue Breakdown by Business Line

Broadband and satellite data service revenues totaled $41.4
million and accounted for 73.9% of our total consolidated
revenues, compared to $46.3 million, or 74.5% of total revenues,
for the first quarter of 2002.

During the first quarter of 2003, Impsat's revenues from Internet
services totaled $5.7 million, or 10.2% of total revenues, a
decrease of $2.2 million from Internet service revenues for the
first quarter of 2002.

                                     Three Months Ended March 31,
                           ------------------------------------
                                 2002   % change(1)     2003
                           ------------------------------------
                                (dollar amounts in thousands)

Broadband and satellite         $46,314      (10.6)    $41,382
Value added services (2)          3,617      (32.2)      4,781
                           -------------           ------------
Internet                          7,854      (27.0)      5,733
Telephony                         4,344       (5.5)      4,106
                           -------------           ------------
Total net revenues from
services                       $62,129       (9.9)    $56,002
                           =============           ============

    (1) Percentage increase (decrease) in first quarter of 2003
compared to first quarter of 2002.

    (2) Includes data center services and systems integration and
other information technology services.

Revenue Breakdown by Country

During the first quarter of 2003, Impsat recorded total revenues
in Argentina of $14.7 million, compared to revenues of $15.8
million in the first quarter of 2002, a 7.3% decrease. The
decrease in revenues in Argentina resulted from the continued
adverse economic conditions in Argentina that has adversely
affected many of the Company's customers and from the devaluation
of the Argentine peso against the U.S. dollar.

In Colombia, total revenues from services for the first quarter of
2003 were $13.6 million, compared to revenues of $15.1 million in
the same quarter of 2002. Total revenues from services in Brazil,
which aggregated $7.3 million during the first quarter of 2003 as
compared to $10.7 million in the first quarter of 2002, were
adversely affected by the devaluation of the Brazilian real
against the U.S. dollar. Total revenues from services in Venezuela
were $9.0 million for the first quarter of 2003 compared to $7.9
million in the first quarter of 2002. Revenues by country are
reported without deduction for intercompany revenues.

Operating Expenses

Operating expenses for the first quarter of 2003 were $61.8
million compared to operating expenses of $77.6 million in the
first quarter of 2002. The Company's efforts to streamline its
operations, as well as the beneficial effect of local currency
valuations on certain of its expenses, resulted in a $15.8 million
decrease in operating expenses (or 20.4% decrease) during the
first quarter of 2003 as compared to same quarter of 2002.
Operating expenses for the fourth quarter of 2002 totaled $68.6
million. The Company recorded lower provisions for doubtful
accounts in the first quarter of 2003, as well as lower salaries
and wages expenses and reduced SG&A expenses, than compared to the
same quarter in 2002.

EBITDA

During the first quarter of 2003, Impsat recorded consolidated
EBITDA of $13.5 million, an increase of 54.5% over EBITDA of $8.8
million in the first quarter of 2002. Compared to the three months
ended December 31, 2002, EBITDA increased by $10.2 million. The
increase in EBITDA for the period resulted from a combination of
higher revenues, lower fixed expenses and lower provisions for
doubtful accounts as compared to those recorded in the previous
period in 2002. As a result, EBITDA margin for the period was
24.1%, as compared to an EBITDA margin of 14.1% for the three
months ended March 31, 2002 and 6.3% for the three months ended
December 31, 2002.

Emergence from Chapter 11

On March 25, 2003, the Company's Plan of Reorganization under
Chapter 11 of the U.S. Bankruptcy Code became effective, and the
Company emerged from its bankruptcy proceedings. The Plan was
confirmed by order of the U.S. Bankruptcy Court on December 11,
2002, six months after the Company initially filed for protection
under the US Bankruptcy Code.

The Company's Plan of Reorganization, which was approved by
creditors holding 83% of the indebtedness eligible to vote
thereon, included the following main features:

-- The cancellation of all of the shares of the Company's existing
common stock, options and other equity interests;

-- The issuance of 9,800,000 shares of its new common stock to
holders of its 13 3/4 % Senior Notes due 2005 and its 12 3/8%
Senior Notes due 2008, which were cancelled as part of the Plan,
and to other holders of general unsecured claims against the
Company;

-- The issuance of $67.5 of its Convertible 6% Series A Notes due
2011 to holders of its 12 1/8 % Notes due 2003, which were
cancelled;

-- The restructuring of its obligations to certain holders of
guaranteed indebtedness of its operating subsidiaries, who agreed
to reduce and restructure such indebtedness in accordance with the
terms of the Plan and who received, in addition to such
restructured indebtedness totaling $144.0 million, $23.9 million
of its Convertible 6% Series B Notes due 2011, and warrants to
acquire 15.3% of the Company's common stock on a fully diluted
basis; and

-- A new Board of Directors of seven persons, consisting of the
Chief Executive Officer, two persons originally designated by the
holders of the Company's Series A Notes, one person originally
designated by Nortel Networks Ltd., and three persons originally
designated by the holders of the Company's prior 13 3/4% Senior
Notes due 2005 and its 12 3/8% Senior Notes due 2008, was
constituted and took office.

As a result of the effectiveness of the Plan of Reorganization,
the Company has substantially reduced its outstanding debt and
annual interest expense. At December 31, 2002, prior to the
effectiveness of the Plan of Reorganization, Impsat's consolidated
indebtedness totaled approximately $1.04 billion. Upon
effectiveness of the Plan of Reorganization, the Company's total
indebtedness was reduced to approximately $262.0 million. Net
interest expense for 2002, excluding post-petition interest on the
Company's old Senior Notes and interest waived on certain
indebtedness owed by IMPSAT Brazil to one creditor, totaled $73.9
million. The Company estimates that its net cash interest expenses
will be reduced to approximately $18.7 million during 2003.

The Plan provides, among other matters, that the Company shall use
its reasonable efforts to have the New Common Stock listed on a
nationally recognized market or exchange. The Company is currently
assessing the most convenient timing and manner for certain
liquidity for its common stockholders.

Effect of Foreign Exchange Losses, Taxes, Net Income and Operating
Loss

For the first quarter of 2003, the Company recorded a net gain on
foreign exchange of $10.0 million, compared to a net loss of $7.4
million for the first quarter of 2002. The gain on foreign
exchange was primarily due to the appreciation of the Argentina
peso and Brazilian real during the first three months of 2003.

For the first quarter of 2003, the Company reported net income of
$729.8 million, compared to a net loss of $58.5 million in the
same period in 2002. The significant increase was due to the
extraordinary gain on the extinguishment of indebtedness as part
of the Company's successful completion of its Reorganization Plan.
For the first quarter of 2003, operating loss totaled $5.7
million, compared to an operating loss of $15.2 million for the
first quarter of 2002.

Non-GAAP Financial Measures

The Company presents EBITDA as a supplemental measure of
performance because it believes that EBITDA provides more complete
understanding of our operating performance before the impact of
investing and financing transactions. EBITDA and EBITDA margins
are among the more significant factors in management's evaluation
of Company-wide performance. EBITDA can be computed by adding
depreciation and amortization to operating income (loss).
Reconciliation of EBITDA to Operating Income (Loss) is presented
in Appendix I Supplemental Financial Information in this Press
Release. See page 9. EBITDA (earnings before interest, taxes,
depreciation, amortization, and non-recurring items) should not be
considered as an alternative to any measure of operating results
as promulgated under accounting principles generally accepted in
the United States such as operating income or net income, nor
should it be considered as an indicator of our overall financial
performance. EBITDA does not fully consider the impact of
investing or financing transactions as it specifically excludes
depreciation and interest charges, which should also be considered
in the overall evaluation of results. Moreover, our method for
calculating EBITDA may differ from the method utilized by other
companies and therefore comparability may be limited.

Impsat Fiber Networks, Inc. is a leading provider of fully
integrated broadband data, Internet and voice telecommunications
services in Latin America. Impsat operates an extensive pan-Latin
American high capacity broadband network in Brazil, Argentina,
Chile and Colombia using advanced technologies, including IP/ATM
switching, DWDM, and non-zero dispersion fiber optics. The Company
has also deployed thirteen facilities to provide hosting services
Impsat currently provides services to nearly 2,600 national and
multinational companies, government entities and wholesale
services to carriers, ISPs and other service providers throughout
the region. The Company has local operations in Argentina,
Colombia, Venezuela, Ecuador, Brazil, the United States, Chile and
Peru. Visit us at www.impsat.com.

Statements made in this press release that state Impsat's
intentions, beliefs, expectations, or predictions for the future
are forward-looking statements. It is important to note that the
company's actual results could differ materially from those
projected in such forward-looking statements. Information
concerning factors that could cause actual results to differ
materially from those in the forward-looking statements is
contained in the company's filings with the U.S. Securities and
Exchange Commission (SEC). Copies of these filings may be obtained
by contacting Impsat or the SEC.

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


JUAN MINETTI: Reports ARS65.1 Million Profit For 1Q03
-----------------------------------------------------
Argentina's second-largest cement producer, Juan Minetti, returns
to the black with an ARS65.1 million (US$22.3 million) net profit
for this year's first quarter. For the first quarter of last year,
the Company posted an ARS335 million net loss.

The Company, controlled by Swiss cement giant Holcim, reports a
46.5 percent increase in sales revenue.  In a statement to
Argentina's securities regulator, the CNV, Juan Minetti reports
operating profits of ARS26.5 million versus an ARS29.2 million
loss in 1Q02.

Credit ratings agency Fitch maintained Juan Minetti stocks ratings
at Category 4. Category 4 is for low quality, medium liquidity
shares with a low capacity to generate free cash flow or
dividends, said Business News Americas.

The rating reflects the company's weak fund generation denominated
in pesos compared to the company's high dollar-denominated debt,
coupled with the effect of the peso's devaluation on the Company's
dollar-denominated costs, said the ratings agency.


METROVIAS: Limits First Quarter Losses to ARS4 Mln as Costs Drop
----------------------------------------------------------------
Subway operator, Metrovias, reported last week a modestly improved
net loss figure for the first quarter, which it attributed to a
61.3% drop in costs, Business News Americas said over the weekend.
Compared to last year's first quarter net loss of ARS9.97 million,
this year's net loss of ARS4.28 million came in at less than half.
The company said an ARS23.5 million decline in cost was the major
reason behind the improvement.  Revenues, however, dropped 49.8%
to ARS31.6 million year-on-year.

According to the paper, the biggest problem of the company right
now is its concession contract that needs to be renegotiated.
Earlier this year, credit rating agency, Fitch Ratings,
highlighted this contract when it maintained its Category 3 rating
on the company.  This grade is normally assigned to firms with low
liquidity shares.

Fitch pointed out that a government-dictated fare freeze in face
of increasing costs and dollar-denominated supplies have created
pressure on Metrovias' cash flow, while the country's economic
situation has led to a drop in passengers.

A division of local infrastructure and services company CLISA,
Metrovias promises to continue renegotiating its concession
contract with the government through the next quarter.  Under the
24-year concession, the company is obligated to invest a total of
ARS1.7 billion.


PERLINI: Court Provides Concurso Preventivo
-------------------------------------------
Concurso preventivo has been provided for Argentine clothes maker
Perlini S.A., says Infobae on Thursday, through a ruling by
Juzgado No. 10. Deadline for verification of claims is on July 10,
2003. An informative assembly is set for April 30, 2004.

The assigned receiver is Estudio Kullahian & Diaz at Uruguay 750
in the Federal Capital.


ROSENDO PERDIGUES E HIJOS: Under Concurso Preventivo
----------------------------------------------------
Concurso preventivo has been provided for Rosendo Perdigues e
Hijos S.R.L through the Tribunal Civil and Commercial Court of San
Rafael in the Argentine state of Mendoza.

A report from Infobae related that Mr. Alfredo Luis Alonso is
assigned receiver for the Company. He may be reached at the the
following address:
          Mr. Alfredo Luis Alonzo
          Coronel Suarez 323,
          San Rafael, Mendoza
          Argentina

The Company sells structures, electricity, pipes and other related
products.


ROYAL AHOLD: Audited Filing Extended, Earnings Slashed In Probe
---------------------------------------------------------------
- Completion of internal accounting investigations expected over
next two weeks
- Estimated additional USD 29 mln reduction of pre-tax earnings as
a result of internal investigations

Ahold on Monday announced that its syndicate of banks has agreed
to extend the deadlines for the provision of audited 2002
financial statements for Stop & Shop from May 31, 2003 to June 30,
2003 and audited 2002 consolidated financial statements for Ahold
from June 30, 2003 to August 15, 2003. The Albert Heijn audited
2002 financial statements are to be provided no later than June 2,
2003.

The USD 915 million unsecured tranche of the Euro 2.65 billion
credit facility announced on March 5, 2003, will remain available
subject to the satisfaction of various conditions, including
delivery of the 2002 audited financial statements on or before the
new dates specified. In any event, based on the company's current
cashflow projections, Ahold does not foresee the need for any
drawings on the unsecured tranche prior to August 15, 2003. The
deadline extensions under the facility confirm the company's
continued access to sufficient liquidity notwithstanding the later
than anticipated delivery of accounts.

The audit of Stop & Shop's 2002 financial statements is far along,
but delays have occurred in particular with regard to accounting
implications of treating Stop & Shop on a standalone basis.
As a result, more time is required to complete the audit.

With respect to the audit of Ahold's 2002 consolidated financial
statements, Deloitte & Touche confirmed that an important
condition for resuming the audit was the completion of several
internal investigations (or completion of certain identified key
steps of such investigations) at U.S. Foodservice and at various
operating and joint venture companies, all of which have been
initiated by Ahold. Deloitte & Touche noted that, while important
progress had been made in these investigations, various delays in
the completion of these investigations had placed the resumption
of important parts of the audit some four to six weeks behind
schedule. The auditors did not provide any indication of the
expected timing for the completion of the audit of the 2002
financial statements, but did give assurances of their commitment
to an effective audit process once the conditions for resumption
have been met.

Ahold also today announced that internal forensic accounting
investigations at 14 of its operating and joint venture companies
were substantially complete and expected the investigations at the
remaining three entities to be completed within the next two
weeks. Based on the information received to date, intentional
accounting irregularities involving earnings management and
misapplications of generally accepted accounting principles were
found, principally at the Tops Markets U.S. subsidiary. The amount
of these accounting irregularities is approximately USD 29
million, which will require adjustments to reduce Ahold's pre-tax
earnings.

The investigations completed thus far have also preliminarily
identified or confirmed various accounting issues and internal
control weaknesses. Management is studying the findings to assess
whether additional adjustments may be required to correct any
accounting errors that may affect results of operations and to
identify needed improvements in controls and procedures at the
relevant companies.

The adjustments referred to above exclude those required by the
overstatement of pre-tax earnings at U.S. Foodservice as announced
on May 8, 2003, adjustments that may be required at Disco with
respect to the investigation underway there, and adjustments due
to Ahold's decision to consolidate its joint ventures on the
equity method.

The separate internal investigation at Disco in Argentina is
expected to be completed shortly. Ahold is currently discussing
with its local auditor, Ernst & Young, issues with respect to the
resumption of the audit at Disco.

Once all the investigations are completed, the company intends to
review all findings with the audit committee to determine the
necessary accounting adjustments. Ahold will also determine what
steps must be taken to strengthen internal controls, to eliminate
any improper accounting practices and to take whatever remedial
actions are deemed necessary.


TELEFONICA ARGENTINA: Notes Slide to 'D' Due to Bond Exchange
-------------------------------------------------------------
Standard & Poor's Rating Services announced recently it would
lower the ratings on Telefonica de Argentina's (TASA) US$300
million 11.875% senior unsecured notes due in November 2004 and
US$368.5 million 9.125% notes due May 2008, to D from CC, if the
announced exchange offer on the notes is completed, implying a
loss of value for the bondholders.

TASA recently presented its voluntary bond exchange program before
the SEC and has indicated that the new notes will have similar
characteristics to the original ones with the exception of the
final maturity, which will be extended until 2007 for the US$300
million notes and until 2010 for the US$368.5 million notes.

As regards the US$300 million notes, TASA will offer to pay US$150
in cash for every US$1,000 for those who exchange before the
deadline and half this sum for those who exchange after this date.
A similar proposal will be applied for the US$368.5 million issue.
TASA will pay US$100 in cash for every US$1,000 in circulation and
half this sum to the bondholders that exchange their notes after
the deadline.

The company also wants to launch an offer to acquire Cointel's
US$225 million and ARS175 million (US$60.34 million) bonds by
exchanging them for new bonds issued by TASA.  In this way,
Cointel's bondholders will become TASA's bondholders and Cointel's
bonds will be acquired by TASA.  After this, TASA will transfer
the Cointel bonds to its creditor, Telefonica Internacional
(TISA), in order to cancel part of its own short-term inter-
company debt.

As of March 2003, TASA had total debts of US$1.82 billion and a
cash and current investment position of US$176 million.  Short-
term debt amounted to US$961 million of which US$869 million is
debt owed to TASA.

CONTACT:  Telefonica de Argentina SA
          18/F
          1 Tucuman Street
          Buenos Aires
          Argentina
          Phone: +54 11 4334 5530
          Home Page: http://www.telefonica.com.ar
          Contacts:
          Miguel Angel Gutierrez, Chairman
          Antonio Viana-Baptista, Vice Chairman


* Govt Plan to 'Unfreeze' Deposits Gets 40% Participation Only
----------------------------------------------------------------
Less than half of depositors with frozen accounts participated in
the government's cash-plus-bonds offer which, according to Dow
Jones, expired Friday. Bankers say the low participation reflects
the fact that many depositors are still pursuing lawsuits
requesting court injunctions to unfreeze their funds in full.
These lawsuits number in hundreds and are expected to take awhile
to resolve.  Still, despite these pending lawsuits, the general
consensus is that confidence in the financial sector is back.

Figures from several banks show that the vast majority who took up
the government's offer re-invested their liberated funds in the
banks.  A central bank spokeswoman said that as of early Friday,
42% of depositors had accepted the government offer that would
give them a combination of cash and bonds to free dollar-
denominated Certificate of Deposits (CDs) that were frozen and
converted into devalued pesos in February 2002.  At least 95% of
these depositors have reinvested their money in certificates of
deposit, she said.

Central bank figures show that as of the close of business Tuesday
-- when there were still three days left in the offer period --
ARS6.9 billion had been liberated since the "corralon" was lifted
April 7.  This left about ARS9.7 billion of the original ARS16.64
billion in the accounts, Dow Jones said.

The government had originally intended its offer to last only 10
working days, from April 7 to 23, but it later decided to run the
program for another month to allow depositors more time to
consider their options.

Under the government offer, savers received ARS1.40 for every
dollar originally deposited -- the rate at which deposits were
"pesified" under the emergency decrees of early 2002 -- plus an
accumulated interest payment indexed to inflation, Dow Jones said.
The rest of the peso value of the original dollar deposits was
made up with a 10-year dollar-denominated government bond.



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

BBVA: Central Bank Approves BBV Banco Acquisition
-------------------------------------------------
The central bank of Brazil has given its blessing for the sale of
the former Brazilian unit of Spanish bank BBVA, BBV Banco, to
local bank, Banco Bradesco, reports Business News Americas.
Bradesco will now ask for shareholder permission to buy 49% of
common shares and 99.99% of preferred shares in BBV Banco from the
Spanish parent company. Bredesco says the stake is worth about
BRL1.85 billion.

Earlier this year, Bradesco agreed to buy BBV Banco for about BRL2
billion in cash. BBV Banco's recent financial papers indicate that
the bank is worth some BRL2.58 billion.

Bradesco will issue about BRL630 million worth of shares as part
of the payment to BBV Banco's shareholders. BBV Banco will then
operate as a full subsidiary of Bradesco.


VARIG: Revamps Board in Favor of Merger Plans
---------------------------------------------
Varig controlling holder, the Ruben Berta Foundation, revamped its
board in what officials described as a step towards a merger with
its main rival, TAM. The foundation had voted to fire a number of
people, who had questioned a merger between Viacao Aerea
Riograndense (Varig) and TAM Linhas Aereas SA.

Among those voted out of the board are chairman Yutaka Imagawa,
Lucio Ricardo and Gilberto Rigoni, who was especially vocal in his
opposition to the proposed merger, according to Reuters News.

Norberto Hoffman, who currently heads Varig's operations in the
southern city of Porto Alegre will take Mr. Imagawa's post, while
Carlos Luis Martins, who is said to be a staunch supporter of the
merger, will become vice president of the board, said the report.

The report indicated that the airline's creditors are likely to be
pleased with the new development. The country's National
Development Bank, or BNDES has particularly said that it will give
financial aid only if the airline agrees to the merger.

The merger plans provide that the BNDES, state-run Banco do
Brasil, fuel supplier BR Distribuidora and air traffic controller
Infraero would together have a 40 percent stake in the new
company, while TAM would hold 35 percent, followed by
international creditors -- mostly Varig's -- with 20 percent, and
the Ruben Berta Foundation the remaining 5 percent, said the
report.

The government has been seeking the merger of the two airlines in
its effort to restructure its ailing airline industry. The two
airlines are saddled with a combined debt of almost US$1.3
billion.

Presently, Varig has returned at least 13 aircraft to leasing
companies this year.

CONTACT:      VARIG (Viacao Aerea Rio-Grandense, S.A.)
              Rua 18 de Novembro No. 800, Sao Joao
              90240-040 Porto Alegre,
              Rio Grande do Sul, Brazil
              Phone: (51) 358-7039/7040
                     (51) 358-7010/7042
              Fax: +55-51-358-7001
              Home Page: www.varig.com.br/english/
              Contacts:
              Dorival Ramos Schultz, EVP Finance and CFO
              E-mail: dorival.schultz@varig.com.br

              Investor Relations:
              Av. Almirante Silvio de Noronha,
              n  365-Bloco "B" - s/458 / Centro
              Rio de Janeiro, Brazil

              TAM
              Daniel Mandelli Martin, President
              Buenos Aires
              Tel. (54) (11) 4816-0001
              URL: www.tam.com.br



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

CGE: Rating Lowered to 'BBB+'; Off CreditWatch
----------------------------------------------
Standard & Poor's Ratings Services lowered its corporate credit
ratings on Chilean electricity and gas distributor Compa¤Ħa
General de Electricidad S.A. (CGE) to 'BBB+' from 'A-' given that
the company's financial policy caused a weakening of financial
ratios to levels below those considered adequate for the 'A-'
rating category. The rating was removed from CreditWatch where it
was placed on April 4, 2003, after the company announced that it
would acquire Chilean electricity distributor Rio Maipo S.A. The
outlook is now stable.

"CGE's consolidated financial ratios have deteriorated during the
past four years because of the debt financing of its business
expansion and the consolidation of Metrogas since its 2000
financial statements," said credit analyst Sergio Fuentes. "As a
result, and in spite of the company's stable cash generation, FFO
interest coverage and FFO-to-average total debt decreased to 3.5x
and 16.4% in 2002 from 4.5x and 29.1%, respectively, in 1999."

Standard & Poor's expects CGE's consolidated debt to peak at about
US$1.2 billion in 2003 because of the debt financing of Rio
Maipo's acquisition and to decrease only marginally in the next
three or four years, given CGE's expected investment needs and its
dividend policy. However, financial indicators should slightly
improve by 2004 due primarily to the projected higher cash
generation at the electric subsidiaries and Metrogas. Standard &
Poor's also expects CGE's FFO to cover 3.5x-4.0x of interest and
15%-20% of average total debt by 2004-2005. As of March 31, 2003,
CGE had US$21 million in cash and US$1 billion in debt, of which
US$262 million mature between April 2003 and March 2004. Standard
& Poor's does not expect CGE to have difficulties rolling over its
debt maturities based on its overall credit strength and stable
cash flows.

CGE is a holding company, mainly involved in electricity
transmission and distribution as well as in natural and liquefied
gas distribution in Chile, and in electricity and natural gas
distribution in Argentina. About 75%-85% of CGE's dividends
received from subsidiaries are projected to be derived from
Chile's electricity distribution and transmission businesses. CGE
is Chile's second-largest electricity distributor in terms of
gigawatt-hours sold, providing 25%-30% of national demand
(including Rio Maipo) and the largest natural gas distributor in
the country, being the sole operator in the Santiago metropolitan
area. Although the company's operations in Argentina pose higher
regulatory and operational risk, exposure is limited to a small
portion of consolidated revenues and cash flow.

Complete ratings information is available to subscribers of
RatingsDirect, Standard & Poor's Web-based credit analysis system,
at www.ratingsdirect.com. All ratings affected by this rating
action can be found on Standard & Poor's public Web site at
www.standardandpoors.com; under Fixed Income in the left
navigation bar, select Credit Ratings Actions.

Analyst:  Sergio Fuentes
          Buenos Aires
          Phone: (54) 114-891-2131

          Marta Castelli
          Buenos Aires
          Phone: (54) 114-891-2128


COEUR D'ALENE: Completes $10 Million Common Stock Financing
-----------------------------------------------------------
Coeur d'Alene Mines Corporation (NYSE: CDE) announced Thursday
that it issued 8,130,081 shares of its common stock to an
institutional investor for aggregate proceeds of $10 million, or
$1.23 per share. The Company also granted the investor an option,
exercisable within 30 days, to purchase an additional 1,219,512
shares of common stock at $1.23 per share. The Company offered and
issued the shares to the investor under the Company's shelf
registration statement.

The funds will be used for general corporate purposes and working
capital needs, which may include the repayment of debt such as the
Company's 13 3/8% senior convertible notes due December 2003 or
the 6 3/8% convertible subordinated debentures due January 2004.

Coeur d'Alene Mines Corporation is the world's largest primary
silver producer, as well as a significant, low-cost producer of
gold. The Company has mining interests in Nevada, Idaho, Alaska,
Argentina, Chile and Bolivia.

CONTACT:  Coeur d'Alene Mines Corporation
          Tony Ebersole, Investor Relations
          Tel: +1-208-665-0335



===================
C O S T A   R I C A
===================

ICE: Mulls Rate Hike as Alternative to Contentious Bond Issue
-------------------------------------------------------------
State-run telephone operator, ICE, will seek a 15-20% rate hike,
ostensibly to keep the company afloat as it faces a debilitating
workers strike that quite possibly could go on indefinitely.
Since May 16, workers at the telephone monopoly have been on
strike to demand that government deliver its promise to approve
the company's CRC38 billion- (US$96 million) bond issue.

According to Business News Americas, the rate hike, if approved,
will raise the firm's revenues by US$63.7 million.  The proposal
wants to increase basic telephony monthly charge to US$5.20 from
US$4.20 and the mobile monthly charge to US$8.80 from US$7.70. The
company also wants to raise the per-minute rate for mobile calls
to US$0.08 from US$0.07.



===============
H O N D U R A S
===============

BANCO SOGERIN: Financial Instability Prompts Sell Off
-----------------------------------------------------
Honduran bank Banco Sogerin will be put up for sale, reports local
newspaper La Prensa Grafica. The bank will be sold through an
auction open to local and foreign institutions. The exact date of
the auction will be determined by the Honduran deposit insurance
agency Fosede, said Business News Americas.

According to the paper, the country's banking and securities
regulator CNBS was set to open bidding rules last Friday. Pre-
qualification will be on May 27-28.

CNBS intervened Banco Sogerin in May 2002, hoping to capitalize
the bank through Fosede's funding. However, the bank's financial
instability prompted the regulator to close the bank.



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

IUSACELL: Lenders Grant More Time to Formulate Rehab Plan
---------------------------------------------------------
Creditors of Iusacell have allowed the company more time to
formulate its restructuring plan, agreeing last week to extend
until June 13 the exemption of obligations applicable to a debt
restructured two years ago.

This debt relates to a US$266 million obligation restructured in
March 2001, according to a company statement.  The exemption of
obligations, such as debt to EBITDA ratio limits, was scheduled to
expire May 22, Business News Americas said.

With the extension, the company now has enough time to consult
with financial advisor, Morgan Stanley, the report said.  The
exemption agreement prevents Iusacell from being found technically
in default before it finalizes the restructuring plan. The company
has a total debt burden of about US$822 million, the report added.

US-based Verizon and UK's Vodafone are the company's majority
shareholder with 37.2% and 34.5% stakes, respectively.  The
company is Mexico's third largest mobile operator.

CONTACT:  GRUPO IUSACELL, S.A. DE C.V.
          Investor: Russell A. Olson, Chief Financial Officer
          Tel: +5255-5109-5751
          Email: russell.olson@iusacell.com.mx

          Carlos J. Moctezuma,
          Manager, Investor Relations
          Tel: +5255-5109-5780
          Email: carlos.moctezuma@iusacell.com.mx



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

AT&T PERU: Report Indicates Five Rivals to Start Due Diligence
--------------------------------------------------------------
At least five competitors are expected to conduct due diligence on
the Peruvian division of AT&T Latin America within the next 30
days, Business News Americas said Friday. Citing local daily
Gestion, the paper also said the offer could even be expanded to
include all Latin American divisions, which AT&T Corp. has
actually been peddling since late 2002.

The American parent, which currently holds a 67% stake in AT&T
Latin America, has a standing offer from Southern Cross investment
group.  A decision on the offer is still pending. Business News
Americas and Gestion did not identify the five possible bidders
eyeing the Peruvian assets.

CONTACT:  AT&T Corp
          900 Route 202/206 North
          Bedminster
          NEW JERSEY
          United States
          07921
          Phone: +1 800-257-7865
          Home Page: http://www.att.com
          Contacts:
          C. M. Armstrong, Chairman & Chief Executive
          David W. Dorman, President



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

CARONI: In Land Dispute With Billionaire Church Leader
------------------------------------------------------
Caroni (1975) Ltd. is at odds with billionaire pastor Vishnu
Lutchmansingh, over a land at Main Road, Cunupia. The Trinidad
Guardian reports that under Caroni's orders, bulldozers razed a
portion of land paved by Mr. Lutchmansingh.

Mr. Lutchmansingh claims the three and one-half acre site belongs
to the Faith Sanctuary Ministries, of which he is president.
According to him, the church bought the land from Junior Gopaul,
who is still in possession of the deed.

However, Caroni is also claiming ownership of the same land. The
Company's corporate secretary, Clarence Rambanath said the matter
may have to be taken to court, adding that a piece of land north
of the Divali Nagar site was approved for Faith Sanctuary
Ministries.

Spokespersons at Caroni's Jerningham Junction section said the
Company served Mr. Lutchmansingh a notice to deter him from
trespassing. However, he reportedly ignored the notice as he
continued with infrastructure work at the site.

In the meantime, Mr. Lutchmansingh, who inherited billions of
dollars from his late employer, Englishman Buford Keaton, said the
incident will not stop him from launching a church at Chin Chin
Road on a 26-acre site next Sunday. He added that he plans to
shift operations from Union Road, Marabella, to Cunupia.

Mr. Lutchmansingh said that the church intended to build 300
houses for the poor people. However, if he keeps running into
stonewalls, he hinted that he might have to move to Guyana and
help the poor people there, instead.

CONTACT:  Caroni Limited
          Old Southern Main Road, Caroni,
          Trinidad & Tobago
          Phone: (868) 663-1781 or 662-0879
          Fax: (868) 663-1404



               ***********


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
written permission of the publishers.

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

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


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