/raid1/www/Hosts/bankrupt/TCRLA_Public/031118.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                   L A T I N   A M E R I C A

          Tuesday, November 18, 2003, Vol. 4, Issue 228

                          Headlines

A R G E N T I N A

ASOKA: Court Sets Schedule For Bankruptcy Process
AT&T LATIN AMERICA: Telmex To Use Bond Proceeds For Acquisition
BRILLOS: Court Schedules Bankruptcy Process
CACONFI: Court Orders Reorganization in Lieu of Bankruptcy
DAGER: Receiver Verifies Credit Claims in Bankruptcy Process

DISENO GRAFICO: Requests Reorganization
DRJ SEGURIDAD: Credit Verifications End Today
EDUCATIVA PALERMO: Court Declares Company Bankrupt
FRIGORIFICO: Enters Bankruptcy on Court Orders
IRSA: Starting Commercial Center Construction in Two Weeks

JUNCAL AUTOMOTORES: Court Assigns Receiver for Bankruptcy Process
LATIN TRADE: Receiver Closes Verification Process
PAPELERA LUJAN: Court Orders Bankruptcy
PET SUPPLIES: Files "Concurso Preventivo" Motion
PINTURAS MAG: Court Orders Bankruptcy

SANABRIA AUTOMOTORES: Bankruptcy Motion Gets Court Approval
SYST: Receiver Validates Claims For Bankruptcy


B E R M U D A

FOSTER WHEELER: Shares to Trade on OTC Bulletin Board


B R A Z I L

BCP: America Movil Completes Purchase
EMBRATEL: Announces Proposed Offering Of Guaranteed Notes
SABESP: Announces BRL$28.9M Net Income for Third Quarter 2003


C H I L E

AES GENER: S&P Places Rating on CreditWatch Positive
MADECO: Reports Improved Results in the Jan-Sept. 2003 Period
MADECO: Opens Production Line at Buenos Aires Plant


E C U A D O R

PETROECUADOR: Delays Awarding Two Rig Contracts


J A M A I C A

JPSCO: Mirant Gets More Time To Complete Reorganization Plan


M E X I C O

ALESTRA: Schedules Offers for Senior Notes Due 2006 and 2009
CONE MILLS: Judge Approves Bid Procedures
HYLSAMEX: Likely To Surpass Merrill's Projections
LUZ Y FUERZA: Govt. Asks Congress To Approve $1.74B Subsidy
NII HOLDINGS: Shareholder Proposes Sale


U R U G U A Y

COMMERCIAL BANK: Auctions Off Artwork To Pay Account Holders

     -  -  -  -  -  -  -  -

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

ASOKA: Court Sets Schedule For Bankruptcy Process
-------------------------------------------------
Court No. 17 of Buenos Aires set the schedule for local company
Asoka S.R.L.'s bankruptcy, reports local news portal Infobae. The
Company is currently in the hands of its receiver, Ms. Maria
Lilia Orazi.

The deadline for the credit verification process has been moved
to December 30. Creditors must present their claims to the
receiver for validation before that date, after which the
individual reports are prepared. These reports are due for filing
next March 19.

The receiver will prepare a general report after the individual
reports are processed at court. The court requires this report to
be submitted on May 7 next year.

CONTACT:  Asoka S.R.L.
          Munoz 1949
          Buenos Aires

          Maria Lilia Orazi
          Montevideo 536
          Buenos Aires


AT&T LATIN AMERICA: Telmex To Use Bond Proceeds For Acquisition
---------------------------------------------------------------
Mexican telephone company Telefonos de Mexico S.A., or Telmex,
will use the US$1 billion it collected through a bond offer last
Wednesday for general corporate purposes, including refinancing
debt, working capital needs and financing the acquisition of AT&T
Latin America.

During a phone interview, Telmex's Financial and Administration
Director, Adolfo Cerezo, said the company intends to spend US$1.1
billion this year on its Mexican network and that it has to pay
US$280 million in debts.

"If there is something left from the bond offer after this, no
more than US$100 million may be allocated to AT&T Latin America,"
added Cerezo. Telmex agreed to purchase AT&T Latin America for
US$207 million in October.

On Wednesday, Telmex launched US$1 billion worth of five-year
bonds. Credit Suisse First Boston and J.P. Morgan managed the
deal.

Telmex is the largest telecommunications company in Mexico,
providing local service, public telephony, domestic and
international long-distance, data transmission, Internet access
and directory services. The Company had 15.3 million lines in
service at September 30, 2003.

The Company is indirectly controlled by Carlos Slim and his
family via its control of Carso Global Telecom, which owns 72.5%
of the controlling shares of Telmex.


BRILLOS: Court Schedules Bankruptcy Process
-------------------------------------------
The individual reports for the bankruptcy process of Buenos Aires
company Brillos S.A. must be submitted to the court on March 9
next year. These reports are to be prepared after the Company's
receiver, Mr. Jorge Serrano, closes the credit verification
process on December 23.

The receiver is also required to hand in the general report on
April 23 next year, relates local news source Infobae. This
report is prepared after the individual reports are processed at
court. This contains a summary of the individual reports and the
receiver's opinions on the factors that led to the Company's
bankruptcy.

The Troubled Company Reporter - Latin America earlier revealed
that the city's Court No. 6 issued the bankruptcy order. The
city's Clerk No. 12 aids the court on the case.

CONTACT:  Brillos S.A.
          Parana 123
          Buenos Aires

          Jorge Serrano
          Uruguay 662
          Buenos Aires


CACONFI: Court Orders Reorganization in Lieu of Bankruptcy
----------------------------------------------------------
A Buenos Aires Court ruled that local company Caconfi S.A., which
was declared bankrupt earlier, should undergo reorganization,
instead, according to local news portal Infobae.

An earlier report by the Troubled Company Reporter - Latin
America revealed that Judge Paez Castaneda issued the bankruptcy
order. Under the new ruling, the Company retains its receiver,
Mr. Juan Raul Belli. The credit verification deadline remains to
be March 15 next year.

The individual reports, which are prepared after the credit
verification process is completed, must be presented to the court
on April 6 next year. The general report should follow on June 8.
Infobae, however, did not mention whether the court has set the
date for the informative assembly.

CONTACT:  Caconfi S.A.
          Ave Roque Saenz Pena 705
          Buenos Aires

          Juan Belli
          7th Floor
          Ave Santa Fe 960
          Buenos Aires


DAGER: Receiver Verifies Credit Claims in Bankruptcy Process
------------------------------------------------------------
Argentine accountant Roberto Boffa takes charge as receiver for
local company Dager S.R.L., which is undergoing the bankruptcy
process. Buenos Aires Court No. 6, which handles the Company's
case, has set February 5, 2004 as the end of the credit
verification period.

The receiver will prepare the individual reports after the credit
verifications are completed. These reports must be submitted to
the court on March 18 next year followed by the general report on
May 4.

The Company's assets will be liquidated at the end of the process
to reimburse its creditors. Payments will be based on the results
of the credit verification process.

CONTACT:  Roberto Boffa
          Uruguay 390
          Buenos Aires


DISENO GRAFICO: Requests Reorganization
---------------------------------------
Argentine company Diseno Grafico D. y C. S.A. filed a motion for
"Concurso Preventivo" at Buenos Aires Court No. 23. Judge
Villanueva handles the Company's case, relates local newspaper La
Nacion. Dr. Timpanelli, the city's Clerk No. 45 aids the court on
the case. The Company stopped making debt payments at the end of
September, reveals La Nacion.

CONTACT:  Diseno Grafico D. y C. S.A.
          6th Floor
          Pacheco de Melo 1827
          Buenos Aires


DRJ SEGURIDAD: Credit Verifications End Today
---------------------------------------------
The credit verification period for the bankruptcy of private
security company S.R.J. Seguridad S.A. expires today, according
to an earlier report by the Troubled Company Reporter - Latin
America. The Company's receiver, Mr. Oscar Arias, will prepare
the individual reports on the results of the verifications.

The Company entered bankruptcy on orders from Buenos Aires Court
No. 4, which is under Dr. Ottolenghi. Clerk No. 4, Dr. Juarez,
assists the court on the case.

The receiver is also required to prepare the general report on
the case. Local sources did not reveal the deadlines for the
filing of the receiver's reports.

CONTACT:  D.R.J. Seguridad S.A.
          Ave. San Juan 3531
          Buenos Aires

          Oscar Arias
          11th Floor
          Carlos Pellegrini 1063
          Buenos Aires


EDUCATIVA PALERMO: Court Declares Company Bankrupt
--------------------------------------------------
Educativa Palermo S.R.L., based in Buenos Aires, entered
bankruptcy on orders from the city's Court No. 22. Local news
source Infobae relates that the court declared the Company
"Quiebra".

Working with Clerk No. 44, the court assigned Ms. Alejandra Ethel
Giacomini as receiver. She is to verify creditors' claims until
December 26 this year. Creditors who fail to have their claims
validated before the deadline will be disqualified from receiving
any payments to be made from the liquidation of the Company's
assets at the end of the process.

The individual reports, which are due on March 9 next year, are
to be prepared upon completion of the verification process. The
court also requires the receiver to prepare a general report and
file it on April 20, 2004. This report contains a summary of the
results in the individual reports.

CONTACT:  Alejandra Ethel Giacomini
          Carabobo 250
          Buenos Aires

          
FRIGORIFICO: Enters Bankruptcy on Court Orders
----------------------------------------------
Buenos Aires Court No. 8 declares local company Frigorifico
"Quiebra", reports Argentine news portal Infobae. Clerk No. 16
aids the court on the case, the source adds.

The Company's receiver, Mr. Ricardo Sukiasian will validate
creditors' claims until next February 5. This part of the
bankruptcy process determines the nature and amount of the
Company's debts. The court requires the receiver to submit the
individual and general reports on March 18, 2004 and April 29,
2004, respectively.

The Company's assets will be liquidated at the end of the
bankruptcy process to reimburse creditors. Payments will be based
on the results of the verification process.

CONTACT:  Ricardo Sukiasan
          San Martin 1009
          Buenos Aires


IRSA: Starting Commercial Center Construction in Two Weeks
----------------------------------------------------------
Inversiones y Representaciones SA, a leading Argentine real
estate company, announced Friday that it will start construction
on a ARS50-million commercial center in the city of Rosario in
two weeks, relates Dow Jones.

The first stage, according to press reports, will take one-and-a-
half years to complete and will consist of a shopping center,
convention hall and a railroad museum.

In the beginning of 2005, IRSA will begin adding a Coto grocery
store and a movie theater. The project is expected to create
8,000 new jobs.

IRSA said it has several other ongoing projects. One is an upper-
income high-rise building in the plush dockside area of Puerto
Madero in Buenos Aires that will open by the end of 2003. The
company is also planning "a complex of high-quality 'house-type'
residential units" in the tony Barrio Parque area of Buenos
Aires. Construction will begin in December and the units are
scheduled to go on sale in October 2004.

IRSA, whose fiscal year ends on June 30, posted a net loss of
ARS15.2 million for the first quarter of 2004 against a net
profit of ARS58.0 million in the year-earlier period. The Company
blamed a 4% appreciation in the peso against the dollar that
produced a net exchange loss of ARS14.1 million.

Its total net assets as of Sep. 30, 2003, stood at ARS794.3
million.

IRSA is Argentina's largest, most well-diversified real estate
company, and it is the only company within the industry whose
shares are listed on the Bolsa de Comercio de Buenos Aires and
The New York Stock Exchange. Through its subsidiaries, IRSA
manages an expanding top portfolio of shopping centers and office
buildings, primarily in Buenos Aires. The Company also develops
residential subdivisions and apartments (specializing in high-
rises and loft- style conversions) and owns three luxury hotels.
Its solid, diversified portfolio of properties has established
the Company as the leader in the sector in which it participates,
making it the best vehicle to access the Argentine real estate
market.

CONTACT:  IRSA Inversiones y Representaciones S. A.
          Gustavo Mariani, Finance Manager
          Phone: +011-54-11-4323-7513
          Email: gm@irsa.com.ar
          Web site: http://www.irsa.com/


JUNCAL AUTOMOTORES: Court Assigns Receiver for Bankruptcy Process
-----------------------------------------------------------------
Buenos Aires Court No. 22 assigned Mr. Ruben Eduardo Calcagno as
receiver for the bankruptcy of local company Juncal Automotores
S.A., relates local news source Infobae. Mr. Calcagno will
validate creditors' claims until December 22 this year to
determine the nature and amount of the Company's debts.

The receiver will prepare the individual reports after the
verifications are closed. These reports must be submitted to the
court on March 5 next year, followed by the general report on
April 20.

The city's Clerk No. 43 assists the court on the case, which will
end with the liquidation of the Company's assets to reimburse
creditors.

CONTACT:  Ruben Eduardo Calcagno
          Pieres 161
          Buenos Aires


LATIN TRADE: Receiver Closes Verification Process
-------------------------------------------------
Norma Gomez Salgado, receiver for Argentine telecommunications
company Latin Trade Satellite S.A., closes the credit
verification process for the Company's bankruptcy today. As
ordered by Judge Bavastro of Buenos Aires' Court No. 17, the
receiver will prepare the individual reports on the results of
the verifications.

An earlier report by the Troubled Company Reporter - Latin
America indicated that the bankruptcy ruling comes after the
Company's creditor filed a petition for the Company's bankruptcy
for nonpayment of debt. Local sources did not reveal whether the
deadlines for the submission of the receiver's reports have been
set.

CONTACT:  Latin Trade Satellite S.A.
          2nd Floor, Room 6
          San Martin 982
          Buenos Aires

          Norma Gomez Salgado
          5th Floor, Room 503
          Viamonte 1546
          Buenos Aires


PAPELERA LUJAN: Court Orders Bankruptcy
---------------------------------------
Papelera Lujan S.A., which was undergoing reorganization, enters
bankruptcy on orders from the Buenos Aires Court No. 14. Local
news portal Infobae reports that Clerk No. 28 aids the court on
the case.

Local accountant Ernesto Luis Hilman was assigned as the
Company's receiver. The credit verification would be done "por
via incidental", and the general report must be submitted to the
court next April 28.

CONTACT:  Ernesto Luis Hilman
          Viamonte 1446
          Buenos Aires
          
          
PET SUPPLIES: Files "Concurso Preventivo" Motion
------------------------------------------------
Buenos Aires-based Pet Supplies International S.A. has asked to
undergo reorganization. Argentine newspaper La Nacion reports
that the Company has submitted a motion for "Concurso Preventivo"
at the city's Court No. 2, under Dr. Garibotto.

According to papers submitted to the court, the Company stopped
making debt payments in November. The report, however, did not
say whether the court, which works with Clerk No. 4, Dr. Romero,
is likely to approve the motion.

CONTACT:  Pet Supplies International S.A.
          La Pampa 4340
          Buenos Aires

          
PINTURAS MAG: Court Orders Bankruptcy
-------------------------------------
Buenos Aires Court No. 5 rejected a petition for reorganization
filed by local company Pinturas Mag S.R.L., relates Argentine
newspaper La Nacion. Instead, the paper revealed, the court
declared the Company bankrupt.

The Company retains its receiver, Mr. Guillermo Alejandro Torres,
a local accountant. The court instructed the receiver to validate
creditors' claims to determine the nature and amount of the
Company's debts. The deadline for verifications is February 5
next year.

The receiver is also required to prepare the individual and
general reports on the process. However, La Nacion did not
mention whether the court, which works with Clerk No. 9, Dr.
Peres Casado on the case, has set the deadlines for the filing of
these reports.

CONTACT:  Pinturas Mag S.R.L.
          Alvarez Thomas 1099
          Buenos Aires

          Guillermo Alejandro Torres
          7th Floor, Room 38
          Ave Corrientes 922
          Buenos Aires
          

SANABRIA AUTOMOTORES: Bankruptcy Motion Gets Court Approval
-----------------------------------------------------------
Judge Vassallo of Buenos Aires Court No. 5 approved a petition
for the bankruptcy of local company Sanabria Automotores S.A.,
relates local newspaper La Nacion. The Company's creditor, Banco
Ciudad de Buenos Aires filed the bankruptcy motion on grounds of
the car dealer's failure to meet is financial obligations.

The Court assigned Mr. Jose Andres Sabuqui as receiver. He will
authenticate creditors' claims and prepare the required reports.
La Nacion revealed that the credit verification period expires on
February 16 next year. However, the report did not indicate
whether the court, which is assisted by Dr. Perez Casado, the
city's Clerk No. 9, has set the deadline for the filing of the
individual and general reports.

CONTACT:  Jose Andres Sabuqui
          2nd Floor Room 36
          Bernardo de Yrigoyen 330
          Buenos Aires

                       
SYST: Receiver Validates Claims For Bankruptcy
----------------------------------------------
Susana Graciela Marino, receiver for Argentine company Syst
S.R.L. is validating creditors' claims for the Company's
bankruptcy process. A report by local news source Infobae reveals
that verification period expires on February 18 next year.

Upon completion of the verification process, the receiver will
prepare the individual reports, which are to be submitted to the
court on March 31, 2004. The receiver will also prepare the
general report, which is due for filing on May 13 next year,
after the individual reports are processed at court.

CONTACT:  Susana Graciela Marino
          Uruguay 560
          Buenos Aires



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

FOSTER WHEELER: Shares to Trade on OTC Bulletin Board
-----------------------------------------------------
Foster Wheeler Ltd. (NYSE: FWC) announced Friday the new ticker
symbols that have been assigned to its shares for trading on the
Over-the-Counter Bulletin Board, which commences on November 14,
2003. Effective on that date, Foster Wheeler common stock will
trade under the ticker symbol FWLRF. The Company's 9.00% FW
Preferred Capital Trust I securities will trade under the ticker
symbol FWLRP.

The OTCBB is a regulated quotation service that displays real-
time quotes, last-sale prices and volume information in OTC
securities. The OTCBB provides access to over 3,600 securities
and includes more than 330 participating market makers.
Quotations and trading information can still be accessed through
various internet service providers and other quotation services
or through a securities broker. Information concerning the OTCBB
can be found at www.otcbb.com.

Foster Wheeler Ltd. is a global company offering a broad range of
design engineering, construction, manufacturing, project
development and management, research and plant operation
services. Foster Wheeler serves the refining, oil and gas,
petrochemical, chemicals, power, pharmaceutical, biotechnology
and healthcare industries. Foster Wheeler Ltd. is based in
Hamilton, Bermuda, and its operational headquarters are in
Clinton, New Jersey.

CONTACT:  Foster Wheeler Ltd.
          Media Contact:
          Richard Tauberman
          Phone: 908-730-4444

          Other Inquiries
          Phone: 908-730-4000
          URL: www.fwc.com


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

BCP: America Movil Completes Purchase
-------------------------------------
Mexican wireless communications company America Movil SA told the
Mexican Stock Exchange that it now holds 100% of Brazilian
carrier BCP SA after it completed its purchase of the operator on
Friday, relates Dow Jones.

America Movil, the largest wireless company in Latin America,
originally agreed in August to buy BCP for US$625 million pending
approval by Brazilian regulators.

As part of the deal, America Movil offered Tele Norte Leste
Participacoes SA (TNE), Brazil's leading fixed-line phone
carrier, an option to buy 28% of BCP. Telemar opted out of the
option in October.

The deal gives America Movil 1.7 million new subscribers in
Brazil's biggest and wealthiest city. It already has about 37
million subscribers in Mexico, Brazil, Argentina, Ecuador,
Colombia, Venezuela, Guatemala and the United States.


EMBRATEL: Announces Proposed Offering Of Guaranteed Notes
---------------------------------------------------------
Embratel Participacoes S.A. ("Embrapar") (NYSE: EMT; BOVESPA:
EBTP3, EBTP4) announced Friday that its subsidiary, Empresa
Brasileira de Telecomunicacoes S.A. ("Embratel") intends to offer
guaranteed notes due 2008 by means of a private placement to
qualified institutional buyers under Rule 144A, and in offshore
transactions pursuant to Regulation S, under the Securities Act
of 1933, as amended (the "Securities Act"). Embratel will use the
net proceeds from the offering to refinance existing
indebtedness, and to the extent remaining, for general corporate
purposes.

The notes will be unsecured and unsubordinated obligations of
Embratel and will be fully and unconditionally guaranteed by
Embrapar. The guarantee will rank equally in right of payment
with all of Embrapar's other unsecured and unsubordinated debt
obligations. Embratel and Embrapar will agree to file an exchange
offer registration statement with respect to the notes under a
registration rights agreement.

The notes and the related guarantee have not been and, at the
time of the offering, will not be registered under the Securities
Act of 1933, or any state securities laws, and may not be offered
or sold in the United States absent registration under, or an
applicable exemption from, the registration requirements of the
Securities Act of 1933 and applicable state securities laws. This
press release shall not constitute an offer to sell or a
solicitation of an offer to buy the notes, nor shall there be any
sale of these notes in any state or jurisdiction in which such an
offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any
such state or jurisdiction.

This communication is only being distributed to and is only
directed at (i) persons who are outside the United Kingdom or
(ii) to investment professionals falling within Article 19(5) of
the Financial Services and Markets Act 2000 (Financial Promotion)
Order 2001 (the "Order") or (iii) high net worth entities, and
other persons to whom it may lawfully be communicated, falling
within Article 49(2) of the Order (all such persons together
being referred to as "relevant persons"). The notes are only
available to, and any invitation, offer or agreement to
subscribe, purchase or otherwise acquire such notes will be
engaged in only with, relevant persons. Any person who is not a
relevant person should not act or rely on this communication or
any of its contents.

Embratel is the premium telecommunications provider in Brazil and
offers and ample variety of telecom services - local and long
distance telephony, advanced voice, high-speed data transmission,
Internet, satellite data communications, and corporate networks.

The Company holds 98.8 percent of Empresa Brasileira de
Telecomunicacoes S.A. ("Embratel").

CONTACT:  Silvia M.R. Pereira, Investor Relations
          Phone: (55 21) 2121-9662
          Fax: (55 21) 2121-6388
          Email: silvia.pereira@embratel.com.br
                 invest@embratel.com.br


SABESP: Announces BRL$28.9M Net Income for Third Quarter 2003
-------------------------------------------------------------
Cia. de Saneamento Basico do Estado de Sao Paulo, (BOVESPA:SBSP3)
(NYSE:SBS), the largest water and sewage utility company in the
Americas and the third largest in the world (in terms of number
of customers), announced Friday its financial results for the
third quarter of 2003 (3Q03). The Company's operating and
financial information, except when indicated otherwise, is shown
in Brazilian Reais, in accordance with the Brazilian corporate
law. All comparisons are with respect to the third quarter of
2002 (3Q02), unless otherwise stated.

Highlights:

-- New tariff formula, to automatically define the annual
readjustment. The 18.95% readjustment implemented on August 29,
2003 was based on this new formula.

-- Refinancing of debt maturing in 2003: Repricing of Debentures,
5th issue (October 2003); Issue of US$ 225 million in Eurobond
(June 2003)

-- Kick-off of the economic evaluation of Sao Bernardo do Campo
water and sewage system, to obtain the concession to serve that
municipality.

-- SABESP recorded gross revenues of R$ 1,081.8 million and
EBITDA of R$ 499.6 million in 3Q03. Net income for the period was
R$ 28.9 million, mainly due to higher gross revenues.

-- After registering 43.6% in 3Q03, EBITDA margin rose to 48.4%
in the quarter, returning to the average levels of the recent
years.

CONTACT:  SABESP, Sao Paulo
          Helmut Bossert
          Phone: 5511-3388-8664
          Email: hbossert@sabesp.com.br

          Marisa Guimaraes
          Phone: 5511-3388-9135
          Email: marisag@sabesp.com.br



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

AES GENER: S&P Places Rating on CreditWatch Positive
----------------------------------------------------
Standard & Poor's Rating Services said Friday it placed its 'B'
local and foreign currency corporate credit ratings on Chile-
based power generator AES Gener S.A. on CreditWatch with positive
implications.

The rating action follows the company's announcement of a
financial strengthening plan including a US$300 million capital
increase that will be applied to reduce debt, and the refinancing
of remaining obligations.

"This plan should strongly improve AES Gener's capital structure
and liquidity and significantly extend the average life of its
financial debt, alleviating refinancing risk," said Standard &
Poor's credit analyst Sergio Fuentes.

"Because the current ratings mainly reflect AES Gener's
relatively weak liquidity position, combined with its poor access
to credit markets and high refinancing risk, the successful
implementation of the plan could result in a rating upgrade,"
added Mr. Fuentes.

As of June 30, 2003, AES Gener had about US$1 billion of
consolidated debt (excluding Chivor's nonrecourse debt). The
company faces the maturity of a US$500 million convertible bond
in March 2005 and a US$200 million bond in January 2006. Although
financial indicators have improved during 2003, given the
company's relatively weak liquidity and limited market access,
those maturities are a significant concern for Standard & Poor's.

The new plan announced by AES Gener contemplates a cash infusion
of approximately US$300 million from its controlling shareholder,
Inversiones Cachagua S.A. (100% owned by AES Corp.). The funds
will come from the repayment of an intercompany loan that will be
funded with the sale of a noncontrolling equity stake in AES
Gener and from a capital infusion to be carried out by AES Corp.

These funds plus the proceeds from a new US$400 million bond are
projected to be applied to repurchase the company's outstanding
bonds. The plan also contemplates the refinancing of the
outstanding financial debt at the levels of the Argentine-based
power generator Termoandes and electric transmission company
Interandes.

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

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


MADECO: Reports Improved Results in the Jan-Sept. 2003 Period
-------------------------------------------------------------
Madeco SA, Chile's biggest copper wire manufacturer, saw its
financial standing improve in the January-September 2003 period.

According to a report by Reuters, the Company reported a loss of
CLP5.538 billion in the said period compared to a loss of
CLP36.356 billion in the same period a year ago. The results are
picking up due to improved performance by all four of its
business units -- copper cables, tubes, flexible packaging and
aluminum profiles. Lower financial expenses also helped narrow
the Company's losses.

The Company, a unit of financial conglomerate Quinenco
(nyse: LQ), reported an operating profit of CLP7.302 billion, up
45.5% from a year earlier.

Madeco is a leading Latin American manufacturer of finished and
semi-finished non-ferrous products based on copper, copper alloys
and aluminum. The Company is also a leading manufacturer of
flexible packaging products for use in the packaging of mass
consumer products such as food, snacks and cosmetics.

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


MADECO: Opens Production Line at Buenos Aires Plant
---------------------------------------------------
Madeco has opened a 30-man production line at its Buenos Aires
plant, according to a report by Bloomberg.

Additionally, the report says the Company plans to reopen the
entire plant with 400 workers if Argentina's President Nestor
Kirchner succeeds in bringing back credit and sparking investment
in the country.

But according to Chief Financial Officer Jorge Tagle in an
interview at the Company's 60-year-old plant in an industrial
neighborhood of Santiago, there are no plans yet to reopen the
other closed Argentine plants.

"We work with cash only right now in Argentina, no credit, we
don't want to take risks. But we would be ready to reopen the
plant if some action taken by Kirchner to make banks solvent and
raise utility rates," said Tagle. "Our business relies on
investments in telecommunications, energy and infrastructure and
there's not very much of that right now."



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

PETROECUADOR: Delays Awarding Two Rig Contracts
-----------------------------------------------
The board of Ecuador's state oil company Petroecuador decided to
delay until this week the awarding of two contracts worth a total
of US$96 million to provide nine drilling rigs, Business News
Americas reports, citing a company spokesperson.

The announcement was originally scheduled for November 14,
Friday. But according to Roberto Freire, spokesperson for
Petroecuador's production subsidiary Petroproduccion, the board
delayed the event because it needed more time.

In an earlier report, the Troubled Company Reporter - Latin
America cited Freire as saying that each contract is worth about
US$46 million.

The first contract, which is to provide three rigs to drill new
wells on Petroecuador's main oil fields, has attracted bids from
five companies, including US companies Hargrave, Pool
International, Pride South America, HP and China's Sinopec
Petroleum.

The second contract, which is to provide six rigs to recondition
existing wells on Petroecuador fields, has attracted bids from
nine companies, including local companies Drillfor and Dygoil.

In August, Petroecuador awarded Drillfor a contract as part of
its emergency plan to rehabilitate its fields and carry out new
drilling. The contract involved hiring two rigs from Drillfor to
renew drilling activities in the Shushufindi and Lago Agrio oil
fields. However, Petroecuador annulled the contract, claiming the
Drillfor rigs did not pass its technical inspections.



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

JPSCO: Mirant Gets More Time To Complete Reorganization Plan
------------------------------------------------------------
Jamaica Public Service Company's (JPSCo) bankrupt parent company
gained more time to complete its reorganization, RadioJamaica
reports.

Mirant spokesperson David Payne said the U.S. Bankruptcy Court in
Fort Worth, Texas granted the Company an extension to April 30,
2004 to file its plan for reorganization. Mirant originally had
until Nov. 12 to file its reorganization plan.

The Atlanta-based energy producer and trader, which acquired 80%
of the then state-owned JPSCo four years ago, filed for Chapter
11 protection July 15. The bankruptcy filing, however, did not
affect JPSCo's operations.

On Oct. 28, Mirant reported a net loss of US$2.2 billion on
IS$1.25 billion in operating revenue in the second quarter,
compared with a restated net loss of US$182 million on US$1.12
billion in operating revenue in the second quarter of 2002. It
also cut 350 jobs, or 5% of its work force, at the end of
October.



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

ALESTRA: Schedules Offers for Senior Notes Due 2006 and 2009
------------------------------------------------------------
Alestra, S. de R.L. de C.V. ("Alestra") announced that it has
scheduled for Monday, November 17, 2003 (the "Settlement Date"),
the closing of its exchange offers, cash tender offers and
consent solicitations for its 12 1/8% Senior Notes due 2006 and
its 12 5/8% Senior Notes due 2009 (the "Offers").

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.

CONTACT:  Simon Morgan
          Phone: 212/761-2219


          Jason Whitt
          Phone: 212/761-1893


CONE MILLS: Judge Approves Bid Procedures
-----------------------------------------
Cone Mills Corporation announced last week that the Delaware
Bankruptcy Court has approved bid procedures agreed upon by the
company and its creditors that will enable the company to move
forward with its proposed sale of assets to WL Ross & Co. in
accordance with Section 363 of Chapter 11 of the U.S. Bankruptcy
Code.

WL Ross & Co. has agreed to purchase substantially all of the
company's assets for an estimated total consideration of
approximately $90 million, positioning the purchaser as the
"stalking horse" -- or original bidder -- in the auction process.
The WL Ross & Co. offer sets a floor for other bids to be
submitted during a Section 363 auction process approved by the
court, and is subject to higher or better offers. In addition,
the agreement calls for WL Ross & Co. to receive a $1.8 million
breakup fee if a higher or better bid for the company is
accepted.

The bidding procedures will also allow parties interested in
purchasing only selected assets of Cone Mills to do so as long as
Cone Mills will obtain greater value from such offers than under
the offer submitted by WL Ross & Co. The bidding procedures set
January 23, 2004 as the deadline for receipt of bids for an
auction to be held on January 29, 2004.

John L. Bakane, Chief Executive Officer of Cone Mills, said
"Having established bid procedures and an opening bid to finance
our exit from bankruptcy gives comfort to our stakeholders for a
speedy exit from Chapter 11 early next year."

About Cone Mills

Founded in 1891, Cone Mills Corporation, headquartered in
Greensboro, NC, is the world's largest producer of denim fabrics
and one of the largest commission printers of home furnishings
fabrics in North America. Manufacturing facilities are located in
North Carolina and South Carolina, with a joint venture plant in
Coahuila, Mexico.

CONTACT:  Michael Gross     Nyssa Tussing
          212.484.7721      212.484.7966
          URL: http://www.cone.com


HYLSAMEX: Likely To Surpass Merrill's Projections
-------------------------------------------------
Juan Carlos Maussan, an analyst at Merrill Lynch, said that
Mexican steelmaker Hylsamex is likely to beat the financial
management company's projection that the Company will end the
year with sales of US$1.49 billion, relates Business News
Americas.

The analyst said Hylsamex sales could exceed by 10-15% the figure
Merrill Lynch projected in its October report on Hylsamex parent
company Alfa.

"Although our projections logically included a recovery, it has
been stronger than expected," he said.

The 10-15% increase, however, is not an official forecast.

Though energy prices, which drove down Hylsamex' third quarter
earnings, are unlikely to subside, a growth in sales volume this
quarter - based largely on economic recoveries in Mexico and the
US - will compensate and keep margins relatively strong, Maussan
said.


LUZ Y FUERZA: Govt. Asks Congress To Approve $1.74B Subsidy
-----------------------------------------------------------
The government of Mexico is taking steps to save the money-
losing, state-owned power company Luz y Fuerza del Centro (LFC)
from a financial meltdown.

Citing local daily Reforma, Bloomberg reports that the government
is asking congress to approve a MXN19.4-billion (US$1.74 billion)
subsidy for 2004, a figure larger than the annual budgets of
Mexico's Transportation Ministry, the state social development
agency and spending on the indigenous population.

Luz y Fuerza will spend most of the subsidy on pensions, which
are projected to cost MXN18 billion next year and almost triple
its MXN6.5 billion cost of salaries for active employees, Reforma
said.

Luz y Fuerza posted an operating loss of MXN24.2 billion in 2002.
Company director, Luis de Pablo Serna, earlier blamed the
Comision Federal de Electricidad (CFE), as well as other high
costs, for causing a financial deficit that is suffocating the
state-owned power company and limiting its competitiveness.

Serna criticized CFE for not providing it with discounted
electricity prices considering that the Company is one of the
CFE's biggest clients.


NII HOLDINGS: Shareholder Proposes Sale
---------------------------------------
NII Holdings (Nasdaq: NIHD) announced Friday that Nextel
Communications, Inc. (Nasdaq: NXTL), the owner of approximately
31% of its shares, proposes to sell 3,000,000 NII Holdings'
shares in a secondary public offering. Goldman, Sachs & Co. is
the sole underwriter in this offering. The price to the public
will be $70.50 per share. The offering is by prospectus only.

About NII Holdings, Inc.

NII Holdings, Inc., a publicly held company based in Reston, Va.,
is a leading provider of mobile communications for business
customers in Latin America. NII Holdings, Inc. has operations in
Argentina, Brazil, Mexico and Peru, offering a fully integrated
wireless communications tool with digital cellular service,
text/numeric paging, wireless Internet access and Nextel Direct
Connectr, a digital two-way radio feature. NII Holdings, Inc.
trades on the Nasdaq market under the symbol NIHD.  

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

CONTACT:  Investor Relations: Tim Perrott
          (703) 390-5113
          Cellular 703-906-1779
          tim.perrott@nii.com
          URL: http://www.nii.com



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

COMMERCIAL BANK: Auctions Off Artwork To Pay Account Holders
------------------------------------------------------------
In a bid to raise funds to compensate account holders for their
lost money, the bankrupt Commercial Bank of Uruguay will put on
the block 212 paintings.

According to a report released by EFE, five auction houses will
be working to fetch the highest prices for the Blanes, Figari and
Gurvich paintings that are scheduled for sale at a Montevideo
hotel on Tuesday and Wednesday.

It is still not known how much the auction houses expect to raise
at the auction. The auction houses fear bidders are concerned the
Education and Culture Ministry might prevent any art it considers
a "national treasure" from leaving the country.

The artwork was purchased by brothers Carlos and Jose Rohm when
they were running Commercial Bank. Both are accused of engaging
in fraudulent transactions that cost bank customers some US$600
million.




               ***********


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 America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA. 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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