/raid1/www/Hosts/bankrupt/TCRLA_Public/031219.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Friday, December 19, 2003, Vol. 4, Issue 251

                          Headlines


A R G E N T I N A

ALCORTA: Court Declares Company Bankrupt
ALIMENTOS FARGO: Legal Problem Compounds Debt Struggles
ARMOA-SHUAGER: Court Approves Reorganization Petition
BALOPTIK: Receiver Verifies Claims in Reorganization
BOVINOS: Bankruptcy Initiated on Court Order

CLISA: Argentine S&P Assigns Bonds Default Ratings
CORINEMA: Claims Review to Close October 27 Next Year
CORREO ARGENTINO: Judge Declares Bankruptcy
DERQUI REPUESTOS: Credit Verifications End Today
DIRECTV LA: Details Treatment of Claims, Interests

ENVIO EXPRESS: Receiver Reviews Bankruptcy Claims Filed
FADELERS: Court Declares Company Bankrupt
FIGORIFICO CAFAYATE: Bankruptcy Initiated by Court Orders
KLINEX: Receiver Verifies Claims in Bankruptcy
LISUALJO: Court Orders Bankruptcy

RODEL: Court Authorizes Reorganization Petition
SCHIANO: Court Designates Receiver to Oversee Reorganization
SINCLAIR'S: Creditor Claims Verification Ends Today
TDM: Court Approves Petition to Reorganize
* IDB Approves $400M Emergency Loan To Argentina


B R A Z I L

AES CORP.: BNDES Debt Agreement Still Eludes
AES TIETE: Moody's Slashes Certificates Grantor Trust Rating
AHOLD: CADE's Ruling Bars Asset Sale To Single Buyer
EMBRATEL: Telmex Confirms Purchase Interest, No Offer Yet


D O M I N I C A N   R E P U B L I C

BANCO LEON: Fitch Maintains Ratings
TRICOM: Names New Restructuring Chief in Turnaround
* IMF Mission Reaches Agreement with DR Authorities


E C U A D O R

BANCO DEL OCCIDENTE: Liquidation Set for December 22


M E X I C O

GRUPO MEXICO: Denies Reports On Possible Asarco Sale
GRUPO TMM: Debt Restructuring Leaves Ratings Unchanged
MAXCOM TELECOMUNICACIONES: Major Shareholder Buys Senior Notes


N I C A R A G U A

ENITEL: America Movil Offers $49.6M for 49% Stake


P U E R T O   R I C O

CENTENNIAL COMMUNICATIONS: Net Loss Shrinks in 2Q03


     - - - - - - - - - -


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

ALCORTA: Court Declares Company Bankrupt
----------------------------------------
Buenos Aires Court No. 26 declares local company Alcorta Pen
S.R.L. "Quiebra", according to Argentine news portal Infobae. The
city's Clerk No. 51 assists the court on the case. The Company
will undergo the bankruptcy process, which will conclude with
asset liquidation. The court has yet to indicate who is chosen as
a receiver for the case.

CONTACT:  Alcorta Pen S.R.L.
          Vidt 1755
          Buenos Aires


ALIMENTOS FARGO: Legal Problem Compounds Debt Struggles
-------------------------------------------------------
Compania de Alimentos Fargo, which is in the midst of
restructuring its debt, is facing another problem. This time,
ABN-AMRO has started a legal claim for the execution of
guarantees against the Argentine major bread producer company for
a total of US$48 million, which is around 40% of its total debt
of US$125 million that is in being reorganized.

ABN-AMRO, acting as an agent of guarantee, has taken the
`property certificates' from different Fargo brands as well as
its branches -- Capital Foods and Panificacion Argentina -- for
an amount that reaches US$30 million. Furthermore, some machinery
of Fargo estimated at US$18 million, might be taken as well.


ARMOA-SHUAGER: Court Approves Reorganization Petition
-----------------------------------------------------
Court No. 6 of the Civil and Commercial Tribunal of Canada de
Gomez in Santa Fe, Argentina approved the reorganization petition
filed by local company Armoa-Shuager S.H., reports Infobae. The
Company will undergo reorganization with Mr. Edgar Alfredo
Serrano as the Company's receiver.

Infobae relates that the general report is due at the court on
February 11, 2004. This report is a summary of the individual
reports that have been processed at court.

The informative assembly, which signals the end of the
reorganization process, will be held on July 8 next year.

CONTACT:  Armoa-Shuager S.H.
          Uruguay 1454
          Carcarana
          Santa Fe

          Edgar Alfredo Serrano
          Lavalle 1244
          Canda de Gomez
          Santa Fe


BALOPTIK: Receiver Verifies Claims in Reorganization
----------------------------------------------------
Mr. Gustavo Malay, the appointed receiver for the reorganization
of Argentine company Baloptik S.A., is verifying creditors'
claims until April 13, 2004. Verifications are done to determine
the nature and amount of the Company's debts.

Buenos Aires Court No. 17 approved the Company's petition for
"Concurso Preventivo" earlier this year, Argentine news portal
Infobae reports. The city's Clerk No. 33 assists the court on the
case. The source, however, did not indicate whether the court has
set the deadlines for filing of the receiver's reports.

CONTACT:  Baloptik S.A.
          Uruguay 362
          Buenos Aires

          Gustavo Malay
          Montevideo 666
          Buenos Aires


BOVINOS: Bankruptcy Initiated on Court Order
--------------------------------------------
Argentine company Bovinos S.R.L. entered bankruptcy on orders
from Buenos Aires Court No. 4. Infobae reports that Clerk No. 7
assists the court on the case, which will close with the
liquidation of the Company's assets to pay off its creditors.

Aside from verifying creditors' claims, the Company's receiver,
Ms. Silvia Amanda Ferrandina, will also prepare the individual
and general reports on the case. Creditors are required to
present their proofs of claims to the receiver for verification
before February 17, 2004.

CONTACT:  Silvia Amanda Ferrandina
          Asuncion 4642
          Buenos Aires


CLISA: Argentine S&P Assigns Bonds Default Ratings
--------------------------------------------------
The Argentine branch of Standard & Poor's International Ratings,
Ltd. assigned Monday default ratings to bonds issued by local
company CLISA. A report from the Comision Nacional de Valores
indicates that the rating affects a total of US$100 million worth
of the Company's bonds.

The bonds were described as "Obligaciones Negociables con
garantĦa", due on June 1 next year. These were classified under
`Simple Issue', the CNV adds without indicating the bonds' CUSIP.

S&P said that an obligation is rated `raD' when it is in payment
default, or the obligor has filed for bankruptcy. The rating is
also used when interest or principal payments are not made on the
date due, even if the applicable grace period has not expired,
unless Standard & Poor's believes that such payments will be made
during such grace period.


CORINEMA: Claims Review to Close October 27 Next Year
-----------------------------------------------------
The credit verification process for the bankruptcy of Buenos
Aires company Corinema S.A. ends October 27 next year, Argentine
news portal Infobae relates. Creditors must present their claims
to the Company's receiver, Mr. Eduardo Pronsky, before the said
date.

The city's Court No. 21 handles the Company's case, Infobae
relates. Clerk No. 42 assists the court on the case. The source
did not mention whether the court has set the deadlines for the
receiver's reports.

CONTACT:  Corinema S.A.
          Rodriguez Pena 694
          Buenos Aires

          Eduardo Pronsky
          Parana 480
          Buenos Aires


CORREO ARGENTINO: Judge Declares Bankruptcy
-------------------------------------------
Argentine judge, Eduardo Favier Dubois, declared Correo Argentino
bankrupt and has forbidden its head, Mr. Francisco Macri, from
leaving the country. The bankruptcy declaration follows last
month's decision by the Argentine government to strip Correo
Argentino of its national postal concession faulting the Company
for poor service and amassing debts of ARS450 million to the
state.

The Company's contract was established in 1997, making it the
world's first fully privatized mail service. It is owned by
Sideco Americana, a consortium run by Macri.


DERQUI REPUESTOS: Credit Verifications End Today
------------------------------------------------
Mr. Daniel Erdocia, receiver for Buenos Aires-based Derqui
Repuestos S.R.L., will close the credit verification process for
the Company's bankruptcy today. This part of the bankruptcy
process examines the nature and amount of the Company's debts.
The results of the verifications will form the basis of the
payments to be made after the Company's assets are liquidated.

The Troubled Company Reporter - Latin America reported earlier
that Judge Vassallo of Buenos Aires Court No. 5 issued the
bankruptcy order. Clerk No. 10, Dr. Polo Olivera, aids the court
on the case.

CONTACT:  Derqui Repuestos S.R.L.
          Zinny 1653
          Buenos Aires

          Daniel Erdocia
          7th Floor
          Paraguay 610
          Buenos Aires


DIRECTV LA: Details Treatment of Claims, Interests
--------------------------------------------------
In accordance with Section 1122 of the Bankruptcy Code, DirecTV's
Plan provides for the classification of claims and equity
interests.  Section 1122(a) permits a plan to place a claim or an
interest in a particular class only if the claim or interest is
substantially similar to the other claims or interests in that
class.

Pursuant to Section 1123(a)(1), Administrative Expense Claims,
Priority Tax Claims and DIP Facility Claims are not classified
and the holders of these Claims are not entitled to vote to
accept or reject the Plan.  Allowed Administrative and Allowed
Priority Claims are to be paid in full on the Effective Date of
the Plan, or, for ordinary course Administrative Claims, when the
claims become due and, for tax claims, as contemplated under
Section 507(a)(8).

Claims against and Interests in the Debtor are classified for all
purposes including voting, confirmation and distribution pursuant
to the Plan and pursuant to Sections 1122 and 1123(a)(1).  A
Claim or Interest will be deemed classified in a particular Class
only to the extent that the Claim or Interest qualifies for the
description and will be deemed classified in a different Class to
the extent that any remainder of that Claim or Interest qualifies
for the description of that different Class.  A Claim or Interest
is in a particular Class only to the extent that the Claim or
Interest is allowed in that Class and has not been paid or
settled before the Effective Date.

The Plan designates seven classes of Claims against and Interests
in the Debtor.

Class   Description              Treatment
-----   -----------              -----------------------
N/A     Administrative           Unimpaired, Paid in full in cash
        Expense Claims
                                 Estimated Recovery: 100%

N/A     Priority Tax Claims      Unimpaired, Paid in full in cash

                                 Estimated Recovery: 100%

N/A     DIP Facility Claims      Claimants will receive
                                 a portion of the Class 3
                                 share of the Reorganized
                                 Debtor Member Units.

                                 Estimated Claims: $148,000,000
                                 Estimated Recovery: 100%

1      Priority Claims          Unimpaired, Paid in full in cash

                                 Estimated Claims: $63,000

                                 Estimated Recovery: 100%

2      Secured Claims           Each Holder will:

                                 (a) receive legal, equitable and
                                     contractual rights to which
                                     it is entitled;

                                 (b) receive the collateral
                                     securing the claim, or

                                 (c) be rendered unimpaired

                                 Estimated Claims: $2,300

                                 Estimated Recovery: 100%

3      Hughes Claims            Hughes will receive:

                                 (a) full and final satisfaction
                                     of its allowed DIP Facility
                                     Claim;

                                 (b) a share in consideration of
                                     the Additional Hughes
                                     Contributions; and

                                 (c) to the extent there is any
                                     remaining value attributable
                                     to its share, full and final
                                     satisfaction of its allowed
                                     claims.

                                 Estimated Claims: $1,394,000,000

                                 Impaired, entitled to vote

4      General Unsecured        Each Holder will receive cash
        Claims                   payments equal to 20% of its
                                 Allowed Claim, in full and
                                 final satisfaction of the
                                 Allowed Claim

                                 Estimated Claims: $606,500,000

                                 Impaired, entitled to vote

5      Subsidiary Claims        No distribution

                                 Reorganized DirecTV will
                                 retain its interest in each of
                                 the subsidiaries

                                 Estimated Claims: $37,500,000

                                 Impaired, not entitled to vote

6      Put Agreement Claims     No distribution, all rights
        and Interest             will be cancelled and fully
                                 extinguished

                                 Estimated Claims: $189,500,000

                                 Impaired, not entitled to vote

7      Old Membership           No distribution, interests will
        Interests                be fully extinguished

                                 Impaired, not entitled to vote


(DirecTV Latin America Bankruptcy News, Issue No. 16; Bankruptcy
Creditors' Service, Inc., 215/945-7000)


ENVIO EXPRESS: Receiver Reviews Bankruptcy Claims Filed
-------------------------------------------------------
Ms. Susana Ines Santorsola is verifying claims for the bankruptcy
of Argentine company Envio Express S.R.L. until February 24 next
year. The Company's creditors must have their claims
authenticated by the receiver in order to qualify for payments to
be made after the Company's assets are liquidated.

The individual reports, which are prepared after credit
verifications are completed, must be submitted to the court on
April 6 next year, followed by the general report on May 18. The
general report is prepared after the individual reports are
processed at the court.

Buenos Aires Court No. 12 handles the Company's case, Infobae
reports. Clerk No. 23 works with the court.

CONTACT:  Susana Ines Santorsola
          Marcelo T de Alvear 1364
          Buenos Aires


FADELERS: Court Declares Company Bankrupt
-----------------------------------------
Buenos Aires Court No. 26 ruled that local company Fadelers S.A.
is bankrupt. Argentine news portal Infobae relates that the
city's Clerk No. 51 assists the court on the case. However, the
source did not mention whether the court has set the schedule for
the bankruptcy process or appointed a receiver.

CONTACT:  Fadelers S.A.
          Caldas 92
          Buenos Aires


FIGORIFICO CAFAYATE: Bankruptcy Initiated by Court Orders
---------------------------------------------------------
Frigorifico Cafayate S.R.L. enters bankruptcy on orders from
Buenos Aires Court No. 20, reports Infobae. Working with Clerk
No. 40, the court assigned Mr. Jacobo Alfredo Shalum as the
Company's receiver.

The credit verification process ends on February 24 next year,
after which the receiver will prepare the individual reports to
be filed on April 7. The general report, prepared after the
individual reports are processed at court, is due on May 21.

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

CONTACT:  Jacobo Alfredo Shalum
          Lavalle 1672
          Buenos Aires


KLINEX: Receiver Verifies Claims in Bankruptcy
----------------------------------------------
Klinex S.R.L.'s receiver, Mr. Mario Norberto Aragon is verifying
creditors' claims until February 19 next year. The company is
undergoing bankruptcy on orders from Buenos Aires' Court No. 2.

Working with Clerk No. 3, the court ordered the receiver to hand
in the individual reports on April 1, 2004. The receiver is also
required to prepare the general report after the individual
reports are processed and pass it to the court on May 13.

The Company's assets will be liquidated to reimburse creditors.
The results of the verification process will be used as basis for
payment distribution.

CONTACT:  Klinex S.R.L.
          Montevideo 527
          Buenos Aires

          Mario Norberto Aragon
          Alsina 1535
          Buenos Aires


LISUALJO: Court Orders Bankruptcy
---------------------------------
Buenos Aires Court No. 26 orders the bankruptcy of local company
Lisualjo S.R.L., reports local news portal Infobae. Clerk No. 51
assists the court on the case. The source, however, did not
mention whether the court has chosen a receiver for the case.

CONTACT:  Lisualjo S.R.L.
          Avenida San Juan 1269
          Buenos Aires


RODEL: Court Authorizes Reorganization Petition
-----------------------------------------------
Court No. 33 of the Civil and Commercial Tribunal of Cordoba
approved a motion for "Concurso Preventivo" filed by local
company Rodel S.A., according to an Infobae report. The ruling
gave the Company permission to start its reorganization process.

Without indicating whether the court has assigned a receiver to
the case, Infobae relates that the credit verification process
will run until February 27 next year. The general report must be
filed at the court on April 14, the source adds.

The informative assembly is set to take place on July 21, 2004.
This signals the end of the reorganization process.


SCHIANO: Court Designates Receiver to Oversee Reorganization
------------------------------------------------------------
Buenos Aires Court No. 23 assigns local accounting firm Bilenca,
Ghiglione y Sabor as receiver for the reorganization of Schiano y
Compania S.A., reports Infobae. The receiver has instructions to
examine and validate creditors' claims until March 22, 2004.

Working with Clerk No. 46, the court ordered the receiver to file
the individual reports on May 6, next year. These reports contain
the results of the verification process. After these are
processed at court, the receiver will prepare the general report,
which must be submitted to the court on June 18.

Creditors are invited to attend the informative assembly on
December 2, 2004.

CONTACT:  Bilenca,Ghiglione y Sabor
          Lavalle 1675
          Buenos Aires


SINCLAIR'S: Creditor Claims Verification Ends Today
---------------------------------------------------
Mr. Luis Maria Remeteria, receiver for Buenos Aires company
Sinclair's S.R.L. will close the credit verification process
today. This part of the reorganization process is done to
determine the nature and amount of the Company's debts.

The individual and general reports are to be filed on March 3,
2004 and April 22, 2004, respectively. The court has also set the
informative assembly to be held on September 24 next year.

An earlier report by the Troubled Company Reporter - Latin
America revealed that the city's Court No. 20 approved the
Company's motion for "Concurso Preventivo". Clerk No. 39 assists
the court on the case.

CONTACT:  Sinclair S.R.L.
          Ave del Libertador 7278
          Buenos Aires

          Luis Maria Remeteria
          Piedras 1319
          Buenos Aires


TDM: Court Approves Petition to Reorganize
------------------------------------------
T.D.M. S.A., which is based in Buenos Aires, will undergo
reorganization after the city's Court No. 23 approved its motion
for "Concurso Preventivo". Clerk No. 46 assists the court on the
case, local news portal Infobae reports.

The Company's receiver, Bilenca,Ghiglione y Sabor, will examine
and verify creditors' claims until March 22 next year. The
receiver's duties also include the preparation of the individual
reports, due at the court on May 6, and the general report, due
on June 18. The general report is prepared after the individual
reports are processed at court.

The informative assembly will be held on December 2, 2004.

CONTACT:  Bilenca,Ghiglione y Sabor
          Lavalle 1675
          Buenos Aires


* IDB Approves $400M Emergency Loan To Argentina
------------------------------------------------
The Inter-American Development Bank approved Wednesday a fast-
disbursing loan of $400 million to Argentina to help finance
social protection and to reduce the impact of a crisis on the
very poor.

The loan supports measures to be adopted by the government that
will ensure macroeconomic stability while focusing the benefits
of social services on low-income groups.

The program will prevent a decrease in coverage of health,
education and social development programs while reforms are being
undertaken.

Conditions for disbursement of the first tranche of the loan
include a stabilization agreement with the International Monetary
fund, protection for priority social programs, support for a
strategy that promotes efficiency and continuity in social
programs and advances in social protection in health, education
and social development.

The loan complements an IDB $1.5 billion emergency loan approved
for Argentina in February of this year for social protection and
reflects the IDB strategy of supporting greater efficiency in
social services, poverty reduction and a better quality of life
for the people.

The loan is for a five-year term, with a three-year grace period,
at an interest rate based on the six-month dollar LIBOR rate with
a spread of 400 basis points.



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

AES CORP.: BNDES Debt Agreement Still Eludes
--------------------------------------------
Brazil's development bank BNDES has not closed a deal with AES
Corp. over the renegotiation of US$1.2 billion in debt the U.S.
power group owes to the federal bank, a BNDES spokesman said
Tuesday. The statement came right after an AES spokeswoman in
Brazil said it closed the debt-rescheduling deal, and that its
legal department was now working on the final document.

The BNDES spokesman said legal issues are still preventing the
debt-rescheduling agreement from being concluded.

"There are legal issues that are still pending and the deal won't
be closed until everything is worked out," the bank spokesman
said.

A number of issues, including legal hurdles, stand in the way of
the two sides finding a solution and moving ahead with a plan to
create Novacom, a new company that would concentrate most of AES'
assets in Brazil, and would be jointly controlled by the U.S.
power group and BNDES.

Debt-rescheduling talks began after a series of debt defaults by
AES this year. AES borrowed US$1.2 billion from the bank to
finance the 1998 acquisition of its prize asset in Brazil - Sao
Paulo power distributor Eletropaulo Metropolitana SA.


AES TIETE: Moody's Slashes Certificates Grantor Trust Rating
------------------------------------------------------------
Moody's Investors Service downgraded the rating of AES Tiete
Holdings, Ltd. (Tiete Certificates Grantor Trust) to Caa2 from
Caa1. The rating outlook is negative. The downgrade reflects the
missed principal and interest payment due Dec. 15, 2003 of
approximately US$22 million.

In addition, the Caa2 rating incorporates the rating agency's
view that future debt service payments may need to be
restructured, which could result in a net present value loss for
debt holders.

The rating continues to be supported by the strong long-term
demand for power in the Brazilian economy, Tiete's 30-year
concession agreement, its low production cost and low hydro risk,
and its high portion of contracted revenues.


AHOLD: CADE's Ruling Bars Asset Sale To Single Buyer
----------------------------------------------------
Brazil's anti-trust agency CADE (Administrative Council for
Economic Defense) issued a ruling Wednesday preventing Dutch
retailer Ahold from selling all of its assets in northeastern
Brazil to a single buyer, relates Reuters. Under the ruling,
Ahold will be allowed to sell only 16 of its 32 G. Barbosa
Comercial stores together with its Bompreco Supermercados do
Nordeste chain and the Hipercard credit card company. The
remaining 16 G. Barbosa stores and their distribution centers
must be sold to a separate buyer to ensure competition.

Eugenio Foganholo, a retail specialist at Mixxer consultants in
Sao Paulo, sees the decision as favorable "as (the buyer) will
get to keep 50% of G. Barbosa."

However, a source tied to one of the companies bidding on the
assets frowned on the ruling, saying it would exclude some of G.
Barbosa's best stores from being sold with Bompreco and
Hipercard.


EMBRATEL: Telmex Confirms Purchase Interest, No Offer Yet
---------------------------------------------------------
Mexican phone carrier Telefonos de Mexico SA (Telmex) on Tuesday
confirmed its interest in buying a controlling stake in Brazilian
long-distance provider Embratel from bankrupt U.S.
telecommunications giant MCI, formerly known as WorldCom Inc..
But according to a Reuters report, the Company denied it had made
an offer for the MCI unit.

"Telmex showed interest in the possible acquisition of MCI's
stake in Embratel. No financial proposal was made, therefore
there is no amount or deadlines," a Telmex official said.

The official's comments came in response to a report by the Wall
Street Journal that suggested Telmex had made an undisclosed
offer for Embratel Participacoes.

Bankrupt MCI, which won control of Embratel in 1998 for US$2.3
billion, said in November it aimed to sell its 52% voting stake
in Embratel, but would maintain a commercial relationship with
the Company.



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

BANCO LEON: Fitch Maintains Ratings
-----------------------------------
The Dominican Republic's Banco Nacional de Credito (Bancredito)
has recently been renamed Banco Leon. The bank's ratings remained
unchanged at 'B-' for the long-term foreign currency (Rating
Watch Negative), 'B' for the short-term foreign currency rating,
'E' for the individual, '5' for the support, 'BBB+(dom)' for the
national long-term and 'F2(dom)' for the national short-term
ratings.

Banco Leon's shareholder, the Leon Asencio family, has stated its
intention of merging the bank with its other banking operation,
namely Banco Profesional (around 1% market share at end-March
2003) during 2004. While Banco Profesional is a recently-
established multiple services bank, the Leon Asencio family is
reputed to be one of the strongest industrial groups in the
country with interests in the beverage and tobacco sectors, among
others. The prospective merger with Banco Profesional will demand
the integration of two business cultures and the enhancement of
the market image of the bank following deposit outflows in the
second quarter of 2003.

During early to mid-June 2003 Bancredito experienced significant
deposit outflows, which resulted in the need for accessing
liquidity assistance from the Central Bank amounting to around
DOP1 billion, in addition to DOP2 billion interbank lending. Both
liquidity facilities from the Central Bank and other financial
institutions were completely repaid in July 2003. Bancredito's
turmoil resulted in the Leon Asencio family taking over the
institution in June 2003 and since the bank has been undergoing a
significant restructuring involving a full assessment of the
quality of the assets received and operating cost cuts.

While Banco Leon is not publishing its financial statements in
accordance with a special permission from the Dominican
authorities, it is estimated that the bank ranks as the fourth
largest and the third largest private commercial bank in the
country. It also has a privileged position in the credit card
business.

CONTACT:  Fitch Ratings

          Franklin Santarelli
          Caracas
          Phone: +58 212 286 3356

          Carlos Fiorillo
          Caracas
          Phone: +58 212-286-3232

          Gustavo Lopez
          New York
          Phone: 212-908-0853

          Peter Shaw
          Phone: 212-908-0553

          Matt Burkhard (media relations)
          Phone: 212-908-0540


TRICOM: Names New Restructuring Chief in Turnaround
---------------------------------------------------
Tricom, S.A. (NYSE:TDR) announced Wednesday that it has appointed
Kevin Lavin as Chief Restructuring Officer. Mr. Lavin is a senior
managing director at FTI Consulting, a leading consulting firm
specializing in corporate turnarounds and restructuring. FTI has
been retained by Tricom's board of directors to aid in the
Company's ongoing operational and financial restructuring. In his
capacity as Chief Restructuring Officer, Mr. Lavin will report
directly to the Company's board of directors.

"Kevin Lavin brings to Tricom a strong financial background and a
proven record of leadership in organizations undergoing
significant challenge and change," said Carl Carlson, chief
executive officer. "The appointment of Kevin is a positive step
forward for the Company. Kevin will focus exclusively on the
restructuring process, which will allow our management team to
spend its time on the day-to-day operations of the company,"
added Carlson.

Mr. Lavin has over twenty years of relevant business experience,
including over fourteen years of experience in advising companies
as well as their creditor constituencies in both financial and
operational restructurings. His work experience encompasses a
broad range of industries, and he has spent the last few years
working almost exclusively in companies in the telecommunications
and media industry. Mr. Lavin has led many large and high profile
national and international assignments, including Global Crossing
Ltd, ICO Global Communications and New World Networks (ARCOS-I).

Prior to joining FTI, Mr. Lavin was a partner in the
restructuring group of PricewaterhouseCoopers and prior to that
worked at the restructuring boutique Zolfo Cooper & Co. (now
Kroll Zolfo Cooper). Mr. Lavin holds a B.S. from Manhattan
College and is on the Board of Directors of the New York
Turnaround Management Association. He is a Certified Public
Accountant (CPA) and a Certified Insolvency and Reorganization
Advisor (CIRA).

About FTI Consulting

FTI Consulting is a multi-disciplined consulting firm with
leading practices in the areas of turnaround, bankruptcy and
litigation-related consulting services. Modern corporations, as
well as those who advise and invest in them, face growing
challenges on every front. From a proliferation of "bet-the-
company" litigation to increasingly complicated relationships
with lenders and investors in an ever-changing global economy,
U.S. companies turning more and more to outside experts and
consultants to meet these complex issues. FTI is dedicated to
helping corporations, their advisors, lawyers, lenders and
investors meet these challenges by providing a broad array of the
highest quality professional practices from a single source.

About TRICOM

Tricom, S.A. is a full service communications services provider
in the Dominican Republic. We offer local, long distance, mobile,
cable television and broadband data transmission and Internet
services. Through Tricom USA, we are one of the few Latin
American-based long distance carriers that is licensed by the
U.S. Federal Communications Commission to own and operate
switching facilities in the United States. Through our
subsidiary, TCN Dominicana, S.A., we are the largest cable
television operator in the Dominican Republic based on our number
of subscribers and homes passed. We also offer digital mobile
integrated services including two-way radio and paging services
in Panama using iDEN(R) technology. For more information about
Tricom, please visit www.tricom.net

CONTACT:  Miguel Guerrero, Investor Relations
          Phone: (809) 476-4044 / 4012
          Email: investor.relations@tricom.net


* IMF Mission Reaches Agreement with DR Authorities
---------------------------------------------------
An IMF mission left Santo Domingo today after reaching technical-
level understandings on economic policies for the first review of
the country's Stand-by Arrangement with the Fund.

Marcelo Figuerola, the IMF mission chief, said in Santo Domingo:

"The mission has reached broad agreement with the Dominican
authorities on the main elements of the Letter of Intent for the
upcoming review under the two-year Stand-By Arrangement with the
Fund. In the coming weeks, the authorities plan to move ahead
with a number of macroeconomic policy and structural measures of
critical importance to the success of the program. These include
the adoption of a strong budget for 2004, a plan to improve the
financial position of the electricity sector, improved monetary
control, and steps to ensure the efficient and transparent
functioning of the foreign exchange market. Once these key
measures are implemented, and financing assurances from official
creditors are secured, it is expected that the Letter of Intent
can be finalized and circulated to the IMF's Executive Board for
early consideration."

CONTACT:  INTERNATIONAL MONETARY FUND
          700 19th Street, NW
          Washington, D.C. 20431 USA

          IMF EXTERNAL RELATIONS DEPARTMENT
          Public Affairs: 202-623-7300 - Fax: 202-623-6278
          Media Relations: 202-623-7100 - Fax: 202-623-6772



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

BANCO DEL OCCIDENTE: Liquidation Set for December 22
----------------------------------------------------
Ecuador's deposit insurance agency AGD will liquidate Banco del
Occidente on Monday, December 22, according to a Business News
Americas report. Subsequently, the AGD will hand over the
relevant documents to the local banking regulator, effectively
completing the agency's liquidation of Occidente.

Occidente's liquidation is part of the AGD's commitment made to
the International Monetary Fund (IMF) to liquidate eight
institutions before the end of the year to clean up the country's
ailing financial system.



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

GRUPO MEXICO: Denies Reports On Possible Asarco Sale
----------------------------------------------------
Contrary to recent reports, Grupo Mexico, the world's no. 3
copper miner, is not mulling over a possible sale of its U.S.
unit Asarco Inc. "The company is not contemplating the sale of
Asarco," Juan Rebolledo, vice president of international
relations, told Reuters. "We are working to improve production
and productivity (there) and lower costs," Mr. Rebolledo added.

Mr. Rebolledo's comments follow a recent media report that Grupo
Mexico would ask creditors to extend payments on its bonds and
loans and possibly seek to sell control of Asarco.

"We are not talking at the moment with banks to negotiate debt.
We are content with the last negotiations, which left us with
flexible payments," Mr. Rebolledo said by telephone.

According to him, Grupo Mexico was in good shape to meet its debt
payments given the much-improved state of the copper market,
where prices are nearly $1/pound compared with about 76 cents a
pound in the first quarter.

For the next three years, the Company is comfortable with its
obligations, Rebolledo said.

In 2007, Grupo Mexico will have payments of over US$600 million
under current obligations. As of the close of third quarter,
Grupo Mexico had net debt of US$2.629 billion.

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


GRUPO TMM: Debt Restructuring Leaves Ratings Unchanged
------------------------------------------------------
Standard & Poor's Ratings Services said Wednesday that its
corporate credit and senior unsecured debt ratings on Grupo TMM
S.A. (Grupo TMM, D/--/--) remain unchanged. The company is
currently involved in its debt restructuring process, but it has
not made any public announcement. The downgrade to 'D' followed
the company's announcement that it did not make the interest and
principal amount payments due May 15, 2003, on its 2003 and 2006
notes.

Headquartered in Mexico City, Grupo TMM provides a combination of
ocean and land transportation services. Grupo TMM also has a
significant interest in TFM S.A. de C.V., which operates Mexico's
Northeast railway.


MAXCOM TELECOMUNICACIONES: Major Shareholder Buys Senior Notes
--------------------------------------------------------------
Maxcom Telecomunicaciones, S.A. de C.V., a facilities-based
telecommunications provider (CLEC) using a "smart- build"
approach to focus on micro, small and medium-sized businesses and
residential customers in the Mexican territory, announced
Thursday that it has been advised by Banc of America Equity
Partners, its major shareholder, that Banc of America Equity
Partners has purchased through Nexus-Maxcom Holdings I, L.L.C.,
an aggregate amount of Maxcom's new Senior Notes due 2007 with
face value of US$126.4 million, representing approximately 75% of
the total amount outstanding of such new Senior Notes.

Maxcom Telecomunicaciones, S.A. de C.V., headquartered in Mexico
City, Mexico, is a facilities-based telecommunications provider
using a "smart- build" approach to deliver last-mile connectivity
to micro, small and medium- sized businesses and residential
customers in the Mexican territory. Maxcom launched commercial
operations in May 1999 and is currently offering local, long
distance and data services in greater metropolitan Mexico City,
Puebla and Queretaro.



=================
N I C A R A G U A
=================

ENITEL: America Movil Offers $49.6M for 49% Stake
-------------------------------------------------
America Movil, Mexico's top mobile phone company, offered
Wednesday US$49.6 million for a 49% stake in Nicaragua's top
telephone firm Enitel, reports Reuters. The offer was accepted by
the government and was the highest in the running so far,
according to Carlos Fernandez, president of the government entity
overseeing Enitel's sale.

Authorities said Nicaragua's Megatel, which currently has
administrative control of Enitel, will have 30 days to match
America Movil's offer.

Last week, the Mexican company offered US$40.5 million for the
Enitel stake. Megatel presented a bid for US$34.2 million last
week but did not come up with a new offer on Wednesday.

Megatel purchased a 40% stake in Enitel for US$83.1 million in
December 2001 and has controlled the Nicaraguan firm for the past
three years. The remaining 11% stake of Enitel is in hands of the
Company's employees.



=====================
P U E R T O   R I C O
=====================

CENTENNIAL COMMUNICATIONS: Net Loss Shrinks in 2Q03
---------------------------------------------------
Centennial Communications Corp. (the "Company") (Nasdaq: CYCL)
announced Wednesday results for the quarter ended November 30,
2003. Consolidated revenues grew 12% from the same quarter last
year to $202.9 million. Net loss was $12.7 million for the second
quarter as compared to a net loss of $13.5 million for the same
quarter last year. Adjusted operating income (previously referred
to as "adjusted EBITDA") was $79.7 million, a 13% increase from
the same quarter last year. Adjusted operating income is net
income (loss) before interest, taxes, depreciation, amortization,
loss (gain) on disposition of assets, minority interest in
(income) loss of subsidiaries, income from equity investments and
other non-operating income (expense).

Significant events occurring during and after the quarter ended
November 30, 2003 include:

- Centennial Communications activated its one millionth wireless
subscriber during the month of December. The Company has
demonstrated four consecutive quarters of solid subscriber growth
across both of its wireless segments along with an improving mix
of postpaid customers and stronger retail financial results due
to our disciplined focus on profitable customers.

- The Company launched its global system for mobile
communications ("GSM") network in its Midwest cluster ahead of
schedule and within budget. We began receiving GSM roaming
traffic in late November and are now offering GSM service
features and phones to our retail customers in select markets.
Our Midwest GSM network overlay matches our time division
multiple access ("TDMA") coverage in the region on a one-to-one
basis as measured by cell sites. The Company expects to launch
GSM in its Southeast cluster by the end of calendar year 2004.

- In November, 10 million shares of the Company's common stock
were sold at $5.50 per share for total gross proceeds of $55.0
million. The offering included seven million primary shares sold
by Centennial and three million shares sold by affiliates of The
Blackstone Group. Proceeds to Centennial (after underwriting
commissions) of approximately $36.8 million were used to pay down
a portion of Centennial's unsecured subordinated notes due 2009
which are currently accruing paid-in-kind interest at a rate of
13%. The transaction almost doubled the public float of our
stock.

The Company's wireless subscribers at November 30, 2003 were
997,200, compared to 896,800 on the same date last year, an
increase of 11%. U.S. Wireless subscribers increased 2,400 from
the prior quarter, aided by national rate plans which helped
offset the decline in prepaid subscribers. Caribbean Wireless
subscribers increased 23,300 as compared to the prior quarter,
due primarily to strong growth of postpaid subscribers in both
Puerto Rico and the Dominican Republic. Caribbean Broadband
switched access lines reached 45,100 and dedicated access line
equivalents were 230,000 at November 30, 2003, up 22% and 35%,
respectively, from November 30, 2002. Cable television
subscribers were 75,000 at November 30, 2003, down 6,600 from the
same quarter last year.

"The addition of our one millionth wireless customer is a
significant milestone for the Company resulting from our
continued commitment to building the Centennial brand. We are
equally pleased by the rate of growth in our wireless portfolio
in which subscribers grew by 11% and revenues grew by 12% year
over year," said Michael J. Small, chief executive officer.

For the quarter, U.S. Wireless revenues were $90.1 million and
U.S. Wireless adjusted operating income was $35.4 million. U.S.
Wireless adjusted operating income decreased by 11% from the same
quarter last year primarily due to reduced roaming revenue of
approximately $6.8 million. Retail revenue per subscriber
increased to $47 from $42 in the prior year, primarily due to the
introduction of national rate plans.

For the quarter, total Caribbean (consisting of the Caribbean
Wireless and Caribbean Broadband segments) revenues were $112.8
million and total Caribbean adjusted operating income was $44.3
million. Total Caribbean adjusted operating income for the
quarter was up 42% from the same quarter last year. Caribbean
Wireless revenues for the quarter reached $76.2 million, an
increase of 23% from the same quarter last year. Caribbean
Wireless adjusted operating income for the quarter was $30.8
million, an increase of 35% from the same quarter last year.
Caribbean Broadband revenues for the quarter were $39.8 million
and Caribbean Broadband adjusted operating income reached $13.5
million, up 14% and 63% from the same quarter last year,
respectively.

Consolidated capital expenditures for the quarter ended November
30, 2003 were $35.6 million or 18% of revenue. Net debt at
November 30, 2003 was $1,646.8 million as compared to $1,712.0
million at November 30, 2002.

For the quarter, the Company's net loss of $12.7 million includes
a tax provision of $16.0 million. The Company's effective tax
rate is unusually high due to book losses generated in the
Dominican Republic for which, in management's judgment, it is
more likely than not that a tax benefit will not be realized,
state taxes net of federal tax benefit, certain interest expense
related to the Company's Mezzanine Debt that is not deductible
for U.S. income tax purposes and certain foreign taxes for which
a foreign tax credit cannot be claimed.

About Centennial

Centennial is one of the largest independent wireless
telecommunications service providers in the United States and the
Caribbean with approximately 17.3 million Net Pops and
approximately 997,200 wireless subscribers. Centennial's U.S.
operations have approximately 6.1 million Net Pops in small
cities and rural areas. Centennial's Caribbean integrated
communications operation owns and operates wireless licenses for
approximately 11.2 million Net Pops in Puerto Rico, the Dominican
Republic and the U.S. Virgin Islands, and provides voice, data,
video and Internet services on broadband networks in the region.
Welsh, Carson Anderson & Stowe and an affiliate of The Blackstone
Group are controlling shareholders of Centennial.

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

CONTACT:  CENTENNIAL COMMUNICATIONS CORP.
          Eric S. Weinstein
          732-556-2220

          Web sites:
          www.centennialwireless.com
          www.centennialpr.com
          www.centennialrd.com




               ***********


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
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Copyright 2003.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
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