/raid1/www/Hosts/bankrupt/TCRLA_Public/040407.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
Wednesday, April 7, 2004, Vol. 5, Issue 69
Headlines
A R G E N T I N A
ADECK CONFECCIONES: Court Issues Bankruptcy Ruling
BANCO SUQUIA: Sale Attracts Four Bidders
CAMISUR: Requests Permission to Begin Reorganization Process
CARTOON: Bankruptcy Process Begins By Court Order
DEL GORRO: Court Declares Company Bankrupt
LA MANTOVANA: Court OKs Concurso Petition, Sets Important Dates
MARCOS MARTINI: Commences Reorganization Process
MOTOR CUENTA: Initiates Bankruptcy Proceedings
RAF KAZ: Court Declares Company Bankrupt
REPSOL YPF: Reaches 40% Gas Tariff Hike Agreement With Govt
SAUCO CONSTRUCCIONES: Declared Bankrupt by Court
TMC: Court Rules Bankruptcy, Names Receiver
TRANSPORTES CAPA: Undergoes Bankruptcy
UNITEN: Declared Bankrupt After Creditor's Petition
URGENCIAS: Court Converts Reorganization to Bankruptcy
ZNB: Court Declares Company Bankrupt
B E R M U D A
FOSTER WHEELER: Secures EPC Contract for $18M in Saudi Arabia
TYCO INTERNATIONAL: Unit Files Patent Infringement Lawsuit
B R A Z I L
CYCLELOGIC: Acquired By IMS
MRS LOGISTICA: To Up Investment in '04
PARMALAT: Issues More Extraordinary Administration Announcements
C H I L E
COEUR D' ALENE: Announces Managerial Promotions
ENERSIS/ENDESA/EDELNOR: Exports Mean Gains in Share Value
PARMALAT CHILE: Assets Eyed By Three Groups
TELEFONICA CTC: Chile Unit's Regulated Prices Likely to Change
M E X I C O
AHMSA: Sales, Losses Increase in First Nine Months of '03
AHMSA: To Name New CEO to Speed Debt Talks
MEXICANA: Begins Operations With Its New Allies
TFM: FCC Grants KCS Extension of Ruling
T R I N I D A D & T O B A G O
BWIA: Spokesman Quits
- - - - - - - -
=================
A R G E N T I N A
=================
ADECK CONFECCIONES: Court Issues Bankruptcy Ruling
--------------------------------------------------
Adeck Confecciones S.A. will now enter bankruptcy after Buenos
Aires Court No. 20 declared it "Quiebra," reports Infobae. With
assistance from Clerk No. 39, the court appointed "Gutierrez,
Marchese, Parada" as receiver.
Creditors must present their claims to the receiver before June
16, 2004 in order to qualify for the payments that will be made
after the Company's assets are liquidated.
Following claims verification, the receiver will submit the
individual reports, which were prepared based on the
verification results, to the court on August 11, 2004. The
general report is due for submission on September 22, 2004.
CONTACT: "Gutierrez, Marchese, Parada" - Receiver
Calderon de la Barca 3231
Buenos Aires
BANCO SUQUIA: Sale Attracts Four Bidders
----------------------------------------
In a press release Friday, state-owned bank Banco de la Nacion
announced that four Argentine-owned banks have submitted their
bids for Banco Suquia, the former unit of French financial group
Credit Agricole SA, reports Dow Jones.
The four bidders are Banco Macro Bansud (BSUD.BA), state-owned
mortgage bank Banco Hipotecario, Grupo Roggio and Nuevo Banco de
Santa Fe. There were no details of their bids, but the press
release said the four institutions offered "much higher" bids
than during last year's failed first auction attempt.
The offers, according to the press release, will now go to an
evaluation committee, which will announce its view on the bids
within 15 days. The committee is run jointly by the central
bank, Banco Nacion and the Economy Ministry.
Banco de la Nacion had difficulty unloading Banco Suquia, which
fell into state hands at the height of Argentina's economic
crisis, and two other former Credit Agricole holdings - Nuevo
Banco Bisel and Nuevo Banco de Entre Rios SA, or Bersa - in
2003. The process broke down late last year and was started from
scratch in November.
CAMISUR: Requests Permission to Begin Reorganization Process
------------------------------------------------------------
Buenos Aires's Camisur SA, which operates in the textile
industry, is seeking to reorganize its finances, says La Nacion.
The Company's petition to undergo "Concurso Preventivo" is now
pending before Judge Ottolenghi of Court No. 4, who is aided by
Clerk No. 8, Dr. Anta.
CONTACT: Senillosa 8
Piso 5ř "I"
Buenos Aires
CARTOON: Bankruptcy Process Begins By Court Order
-------------------------------------------------
Buenos Aires Court No. 20 declared Cartoon S.R.L. "Quiebra,"
reports Infobae. The declaration signals the Company to proceed
with the bankruptcy process, which will close with the
liquidation of its assets.
The court, assisted by Clerk No. 39, appointed Mr. Carlos Leon
Desseno as receiver who will authenticate proofs of claim until
June 16, 2004. Afterwards, the receiver will prepare the
individual reports based on the results of the authentication
process and then submit these reports to court on August 11,
2004. After these results are processed in court, the receiver
will then submit the general report on September 22, 2004.
CONTACT: Carlos Leon Desseno, Receiver
Presidente Peron 1558
Buenos Aires
DEL GORRO: Court Declares Company Bankrupt
------------------------------------------
Del Gorro S.A. entered bankruptcy on orders from Buenos Aires
Court No. 10, according to local news source Infobae.
Working with Clerk No. 20, the court assigned Mr. Eduardo Hector
Vasini as receiver. He is to verify creditors' claims until June
18, 2004. 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 August 18, 2004, 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 October 14, 2004. This report contains a summary
of the results in the individual reports.
CONTACT: Eduardo Hector Vasini, Receiver
Avenida Rivadavia 4783
Buenos Aires
LA MANTOVANA: Court OKs Concurso Petition, Sets Important Dates
---------------------------------------------------------------
La Mantovana de Servicios S.A. obtained approval from Judge
Dieuzeide of Buenos Aires Court No. 1 on its petition to undergo
reorganization, reports Infobae.
Along with the approval is the appointment of Mr. Hector Gustavo
Caferatta as receiver who will authenticate proofs of claim
until May 14, 2004.
After verifying the claims, the receiver will submit these
claims to court on June 30, 2004 by way of individual reports.
After these reports are processed in court, the receiver will
then submit to court the general report on August 26, 2004.
The court, which is aided by Clerk No.2 Dr. Pasina, scheduled
the informative assembly, the last stage of the reorganization,
for February 23, 2005.
CONTACT: La Mantova de Servicios S.A.
Constitucion 4268
Buenos Aires
Hector Gustavo Caferatta, Receiver
Laprida 1898
Buenos Aires
MARCOS MARTINI: Commences Reorganization Process
------------------------------------------------
The Tribunal civil y comercial de Moron No. 5 approved the
"Concurso Preventivo" petition filed by local company Marcos
Martini S.A., says Infobae.
The Company will now kick off with the reorganization process
with "Estudio Fernandez, Miro, Dazza" as receiver, who will be
tasked to authenticate proofs of claim until April 23, 2004.
After authenticating the claims, the receiver will submit the
individual reports on May 28, 2004, followed by the general
report on July 2, 2004. The informative assembly will take place
on September 3, 2004.
CONTACT: Marcos Martini S.A.
Pasteur 2874 Castelar
(Partido de Moron)
"Estudio Fernandez, Miro, Dazza" - Receiver
San Martin 131
Moron
MOTOR CUENTA: Initiates Bankruptcy Proceedings
----------------------------------------------
Buenos Aires Court No. 11 declared Motor Cuenta S.A. "Quiebra,"
reports Infobae. Clerk No. 22 assists the court on the case,
which will close with the liquidation of the Company's assets to
repay creditors.
Mr. Miguel Angel Marceesi, who has been appointed as receiver,
will verify creditors' claims until May 20, 2004 and then
prepare the individual reports based on the results of the
verification process.
The individual reports will then be submitted to the court on
July 2, 2004, followed by the general report on August 30, 2004.
CONTACT: Miguel Angel Marceesi, Receiver
Avellaneda 1135
Buenos Aires
RAF KAZ: Court Declares Company Bankrupt
----------------------------------------
Raf Kaz S.R.L. entered bankruptcy on orders from Buenos Aires
Court No. 20, reports Infobae.
The Company's receiver, Mr. Oscar Chapiro, will examine and
authenticate creditors' claims until June 2, 2004. The
individual reports are due to be presented to court on July 16,
2004, followed by the general report on September 13, 2004.
The Company's assets will be liquidated at the end of the
bankruptcy process to repay its creditors. Payments will be
based on the results of the verification process.
Clerk No. 40 assists the court on the case.
CONTACT: Oscar Chapiro, Receiver
Avenida Raul Scalabrini Ortiz 151
Buenos Aires
REPSOL YPF: Reaches 40% Gas Tariff Hike Agreement With Govt
-----------------------------------------------------------
Tariffs for natural gas distributors are set to rise by an
average 40% by July 2005 after Repsol YPF announced its
agreement with the Argentine Government on the matter, reports
AFX.
The largest part of the increase, said a spokesman for Repsol,
will be made on May 1, with three further adjustments scheduled
for October 2004, May 2005 and July 2005. The expected increase
for this period is 37%. "This is a positive agreement which is
expected to boost investments in natural gas over the medium
term," he said.
Following the tariff hike, Argentine gas prices are expected to
be "about the same" as in 2001 by the end of 2006, at which
point both industrial and domestic markets are due to be
liberalized, the spokesman added.
SAUCO CONSTRUCCIONES: Declared Bankrupt by Court
------------------------------------------------
Sauco Construcciones S.R.L. is now "Quiebra" - meaning bankrupt,
says Infobae. Buenos Aires Court No. 7 decreed the Company's
bankruptcy and appointed Mr. Luciano Arturo Melegari as receiver
for the Company.
The receiver will be reviewing creditors' claims until June 2,
2004. Analyzing these claims is important because the outcome of
the process will determine the amount each creditor will get
after all the assets of the Company are liquidated. The court,
which is aided by Clerk No. 13, will conclude the bankruptcy
process by liquidating its assets to repay creditors.
CONTACT: Luciano Arturo Melegari, Receiver
Bartolome Mitre 1131
Buenos Aires
TMC: Court Rules Bankruptcy, Names Receiver
-------------------------------------------
Buenos Aires Court No. 20 declared local company TMC S.A.
"Quiebra", relates Argentine news source Infobae. The Company is
now in the hands of the appointed receiver, Mr. Roberto Alfredo
Mazzarella.
Working with Clerk No. 40, the court gave creditors until May
31, 2004 to have their claims authenticated by the receiver.
This is done to ascertain the nature and amount of the Company's
debts. The results of the verification process are to be
presented to court via the individual reports on July 7, 2004.
The receiver is also required to submit a general report on
September 3, 2004.
CONTACT: Roberto Alfredo Mazzarella, Receiver
Laprida 1411
Buenos Aires
TRANSPORTES CAPA: Undergoes Bankruptcy
--------------------------------------
Transportes Capa S.R.L. will now undergo bankruptcy on orders
from Buenos Aires Court No. 21. The court, which is assisted by
Clerk No. 41, assigned Ms. Patricia Monica Narduzzi as receiver.
The receiver will examine and authenticate creditors' claims
until July 12, 2004. The receiver will also prepare the
individual reports and submit these reports to court on
September 13, 2004. The receiver will then submit the general
report on October 25, 2004.
The bankruptcy case will conclude with the liquidation of the
Company's assets to repay creditors.
CONTACT: Patricia Monica Narduzzi, Receiver
Lavalle 1675
Buenos Aires
UNITEN: Declared Bankrupt After Creditor's Petition
---------------------------------------------------
Clothes maker Uniten SA was declared bankrupt by Judge Vassallo
of Court No. 5, reports Argentine news source La Nacion.
The bankruptcy declaration grants approval to a petition filed
by Ms. Antonia Donato Grosso to whom Uniten owes unpaid debts
amounting to US$14,566.
Creditors of Uniten will have until June 24, 2004 to submit
their claims to the appointed receiver, Mr. Jose Antonio
Sabuqui, for authentication. This is done to determine the
nature and amount of the Company's debts. Creditors must have
their claims authenticated by the receiver by the said date in
order to qualify for payments to be made after the Company's
assets are liquidated.
CONTACT: UNITEN SA
Tarija 4372
Jose Antonio Sabuqui, Receiver
Bernardo de Irigoyen 330, piso 2ř "36"
URGENCIAS: Court Converts Reorganization to Bankruptcy
------------------------------------------------------
Urgencias S.A., which was undergoing reorganization, entered
bankruptcy on orders from Tribunal civil y comercial de La Plata
No. 7, according to Infobae. The court assigned "Estudio
Bogomolny, Garcia" as the Company's receiver.
The credit verification process will be done "por via
incidental", says the report, adding that the court ordered the
receiver to submit the general report on April 9, 2004.
CONTACT: Urgencias S.A.
Diagonal 78 numero 924
La Plata
"Estudio Bogomolny, Garcia" - Receiver
Calle 14 numero 765
La Plata
ZNB: Court Declares Company Bankrupt
------------------------------------
Buenos Aires Court No. 23 declared local company ZNB S.A.
"Quiebra", reports Infobae. The city's Clerk No. 45 assists the
court on the case. The Company will undergo the bankruptcy
process, which will conclude with asset liquidation. The court
is yet to appoint a receiver for the case.
=============
B E R M U D A
=============
FOSTER WHEELER: Secures EPC Contract for $18M in Saudi Arabia
-------------------------------------------------------------
Foster Wheeler Ltd. (OTCBB: FWLRF) announced Monday that its
subsidiary Foster Wheeler Energy Limited has been awarded a
contract to proceed with the detailed engineering, procurement
and construction planning for the low-sulfur automotive diesel
oil (LSADO) project for Saudi Aramco Mobil Refinery Co Ltd
(SAMREF) based at Yanbu, Saudi Arabia. The total investment
value of the project is $18 million. The terms of the Foster
Wheeler contract were not disclosed.
The commencement of the work follows the completion, by Foster
Wheeler, of the front-end engineering design (FEED) for the
project in October 2003. The LSADO project upgrades existing
refinery facilities to produce low-sulfur diesel products in
line with increasingly stringent environmental requirements in
Saudi Arabia and internationally.
Ian Bill, chairman and chief executive of Foster Wheeler Energy
Limited, said: "We are very pleased to undertake this contract
for SAMREF, following on from a series of successful projects at
this refinery over the last ten years."
Foster Wheeler is executing the contract primarily from Reading,
its UK office, with significant participation from Chennai, its
India office, in line with Foster Wheeler's strategy of
delivering competitive services drawn from its worldwide
resource network.
The project is scheduled for completion in the refinery
turnaround early in 2006.
Foster Wheeler Ltd. is a global company offering, through its
subsidiaries, 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,
pharmaceuticals, biotechnology and healthcare industries. The
corporation is based in Hamilton, Bermuda, and its operational
headquarters are in Clinton, New Jersey, USA. For more
information about Foster Wheeler, visit our Web site at
www.fwc.com.
CONTACT: Foster Wheeler Ltd.
Richard Tauberman 908-730-4444
Anne Chong +44 (0)118 913 2106
Other Inquiries: 908-730-4000
TYCO INTERNATIONAL: Unit Files Patent Infringement Lawsuit
----------------------------------------------------------
Tyco Healthcare Group LP announced Tuesday that it has filed a
lawsuit in the United States Court for the Eastern District of
Virginia against Daniels Corporation, Daniels Sharpsmart, Inc.,
and American Waste Industries, Inc. Tyco Healthcare asserts that
Daniels' Sharpsmart reusable sharps disposal containers infringe
two patents: Patent number 5,947,285 titled "Medical Waste
Disposal Container," and Patent number 4,779,728 titled "Sharps
Disposal Container." American Waste is alleged to be a marketer
and distributor of Daniels' manufactured products.
In 1981, Tyco Healthcare introduced the first sharps container
for safe disposal of needles and other sharp-edged or -ended
medical equipment commonly known as sharps. Tyco Healthcare has
since focused on providing healthcare workers with innovative
sharps disposal products in the effort to protect them from the
risks of sharps injury, including accidental needlesticks. Tyco
Healthcare's 20-plus-year commitment to clinical and
environmental safety includes the investment of hundreds of
millions of dollars in product development and manufacturing.
This investment has resulted in the broadest range of products
and programs available to healthcare facilities today, as well
as has provided Tyco Healthcare with a strong portfolio of U.S.
patents.
Tyco Healthcare now offers a broad array of sharps disposal
products with more than 30 different safety in-room catalog
items - ranging in size from five quarts to four gallons in
several color options - including the SharpStar„ and GatorGuard„
Safety In-Room Containers.
Tyco Healthcare, a business segment of Tyco International, Ltd.,
is a leading manufacturer, distributor and servicer of medical
devices worldwide. Its portfolio includes disposable medical
supplies, monitoring equipment, medical instruments and bulk
analgesic pharmaceuticals and chemicals.
===========
B R A Z I L
===========
CYCLELOGIC: Acquired By IMS
---------------------------
Bankrupt mobile applications company Cyclelogic has been
acquired 100% by US-based wireless data investment fund
Intelligent Mobile Solutions (IMS) for an undisclosed sum,
reports BNamericas.
The negotiations with IMS began in October and were finalized
last week, Cyclelogic Brazil chief executive Henrique Thoni told
BNamericas, He, however, refused to comment on reports that
Cyclelogic sold US$1.6 million of assets at yearend as part of
the bankruptcy process.
Cyclelogic's previous owners, an investment group headed by US
telco Bellsouth (NYSE: BLS) and US investment bank JP Morgan,
are entirely responsible for concluding the bankruptcy process,
which started in December.
Mr. Thoni said IMS expects Miami-based Cyclelogic to bill US$7
million to US$8 million over the next twelve months. The company
is optimistic on the growth of the wireless data market in Latin
America, and expects to sign a couple of new contracts next
week, he added.
"The principal focus of IMS will be to redirect energies after
the merger through quality of service. Cyclelogic will be the
commercial partner for telecoms operators," IMS chief executive
Miguel Ordo¤ez said.
Mr. Thoni also said that Cylelogic would still focus on
ringtones and SMS platforms, where the bulk of its revenue comes
from.
Cyclelogic has operations in the US, Argentina, Brazil, Chile,
Colombia, Mexico, Venezuela, and 35 clients in 13 countries in
the Americas region. The Cyclelogic brand will remain post-
acquisition. The company spun off from regional internet service
provider Starmedia in July 2002, following the acquisition of
the latter by Spain's EresMas.
MRS LOGISTICA: To Up Investment in '04
--------------------------------------
MRS Logistica, the Brazilian railroad concessionaire, will
invest BRL200 million (US$69.4mn) this year, up 60.3% from 2003,
Jornal do Commercio quoted MRS President Julio Fontana Neto as
saying, reports BNamericas.com
The investment should increase this year's cargo movement to
95Mt from 86Mt in 2003, said Neto. The investment is helping MRS
meet growing demand from sectors such as mining and steel, and
from new general cargo clients, Brazil's transport ministry said
previously.
MRS operates the 1,700km southeast network known as Malha
Sudeste through the states of Minas Gerais, Rio de Janeiro and
Sao Paulo.
PARMALAT: Issues More Extraordinary Administration Announcements
----------------------------------------------------------------
Further to the announcements made by Parmalat Finanziaria S.p.A,
in Extraordinary Administration, on 19, 20 and 26 March 2004,
and in relation to the forthcoming dates established for the
submission of requests for inclusion amongst the list of
creditors of Parmalat S.p.A (20 April 2004) and Parmalat
Finanziaria S.p.A (30 April 2004) the following should be noted:
- The date established for the submission of requests for
inclusion as creditors under the various declarations of
insolvency1 of the relevant companies should not be read as a
final limit date since Italian law considers admissible all
submissions received prior to the date at which the Group's
total liabilities have been established. Given the presumed
complexity of the matter it is assumed that it will require a
number of hearings before reaching this point and that a precise
figure for liabilities will be established no earlier than the
point at which the Extraordinary Commissioner intends to present
his Restructuring Plan (Article 4, Paragraphs 2 and 3, Law
39/04).
- Under Italian law submissions for inclusion in the list of
creditors must be made in Italian; in order to facilitate the
request process the Court of Parma's website
(http://web.1tt.it/tribunale/home.htm)carries an English
translation of the application form. Any documentation attached
to a request can be in its original language: it is however at
the Judge's discretion to request a translation of this
documentation in the case that it is not otherwise made
available under the procedure or that a translation is not
subsequently provided by the creditor.
- The `blocking' of securities is required simply in order to
avoid any duplication of submissions from creditors. The
securities in question can however be traded at any point so
long as such trades are communicated in a timely fashion to the
Court by whomever has previously placed a restriction on the
trading of the security; the lifting of such a restriction also
entails a non-admission to the list of the companies' creditors
and/or the non-participation in any subsequent settlement. The
acquirer of the security can make a separate submission for
inclusion amongst the list of creditors.
- It should be noted that the process of verification of the
Group's liabilities by the Presiding Judge cannot include the
admission of creditors that have not themselves requested
registration. This is however possible in the specific case that
a `concordato' were to be proposed.
While the above relates specifically to the process of
submitting requests to be included amongst the list of
creditors, it is also useful in order to establish a record of
creditors in the event that the Extraordinary Commissioner
presents a Restructuring Plan that includes a proposed agreement
or `concordato' and that this is approved by the Minister for
Production Activities.
=========
C H I L E
=========
COEUR D' ALENE: Announces Managerial Promotions
-----------------------------------------------
Coeur d'Alene Mines Corporation (NYSE: CDE), the world's largest
primary silver producer, announced Monday several promotions
within its managerial staff as the Company continues to advance
its future growth projects.
Troy Fierro, will assume of the position of Senior Vice
President of Coeur Alaska, Inc., which includes the Company's
major Kensington gold project, in addition to his current role
as Vice President of Mining Operations for the Company. Mr.
Fierro joined Coeur in 1997 as Chief Mine Engineer of the
Company's flagship Rochester Mine. He advanced to Technical
Services Superintendent and Vice President-General Manager at
the Rochester Mine, prior to his promotion to Vice President
Mining Services within the Coeur Corporate Group.
Tim Arnold will be relocating to Juneau, Alaska as the Vice
President and General Manager of the Kensington gold project.
Mr. Arnold joined Coeur in 2001 as Vice President and General
Manager of Coeur Rochester. While he will undertake this new
role immediately, Rick Richins will continue to manage the
permitting portion of the Kensington project until completion.
Mr. Arnold has over 25 years of progressive mining experience,
specializing in underground mining, which will benefit the
Kensington Project.
Chris Harrison has been named Vice President of Operations CDE
Chile, the Company's Chilean subsidiary, where he helped lead
Coeur's development of its low new cost silver/gold operations.
Mr. Harrison has over 32 years of progressive mining experience.
Barry Olson has accepted the position of Vice President, General
Manager of Coeur Rochester, the Company's flagship operation in
Nevada. Mr. Olson joined Coeur in 2001 as Process Manager at
Coeur Rochester, advancing to the position of Vice President and
General Manager of CDE Chile, Coeur's Chilean subsidiary in
2002. He has over 17 years of progressive mining experience in
both South America and the United States.
"With our two development stage properties moving ahead at a
better than expected pace and with favorable conditions in the
marketplace, we felt now was the opportune time to not only
recognize our executives but also to place them in positions
that will enhance the Company's growth strategy," said Robert
Martinez, President and Chief Operating Officer.
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
Heather Turner
Manager Public, Community and Governmental Relations
208-769-8155
ENERSIS/ENDESA/EDELNOR: Exports Mean Gains in Share Value
---------------------------------------------------------
With Argentina's decision to decrease natural gas exports to
Northern Chile, the new Chilean energy landscape has resulted in
gains in value for the shares of Chilean power companies
Enersis, Endesa and Edelnor, according to an El Mercurio
newspaper report.
The value of Edelnor shares increased by 16.2% in a single day,
with transactions worth CLP705 million. Meanwhile, Enersis'
shares rose by 2.01%, while those of Endesa's was up 3.2%. These
increases were made possible by the minimal effect the power
woes in the north have on these companies. The positive
performance of these shares can also be attributed to their
capacity to supply more power in the case of scarcity.
PARMALAT CHILE: Assets Eyed By Three Groups
-------------------------------------------
The assets of Parmalat Chile are being eyed by three groups,
reports the El Diario newspaper.
Bethia, the Chilean holding company, Chilean businessman Max
Marambio and Surlat, the dairy company owned by the Spanish
group Iparlat, have already submitted their bids for the Chilean
assets of Parmalat. Of the three, Bethia is expected by market
sources to win, being the only group to bid for 100% of the
company's assets.
The sale is being managed by Chilean bank Banco Bice.
TELEFONICA CTC: Chile Unit's Regulated Prices Likely to Change
--------------------------------------------------------------
The regulated prices for Chilean telecommunications company
Compania de Telecomunicaciones de Chile SA (CTC) are likely to
be revised slightly in favor of the company after the
publication Monday of an expert committee's recommendations, Dow
Jones reports.
The committee's comments were requested by CTC, which dominates
the local fixed-line market with an 80% market share, after
government regulator Subtel said a month ago it wanted a 23% cut
in fixed-line tariffs, hitting 46% of sales and 50% of EBITDA.
The company, on the other hand, had been seeking to raise end-
customer fees by 60% and to more than triple interconnection
fees in its grid.
Subtel generally takes the committee's recommendations into
account in publishing the final fees May 5, which will be in
effect for the next five years, though the committee's findings
are non-binding.
The committee recommendation said Subtel assumed a cost of
capital rate that was too low at 8.2%, recommending a 9.5%-10.0%
level. "If the capital cost rate proposed by the experts is
superior by 20% to that sought by Subtel, it's possible to think
that the government's rate proposal could also improve by 20%,"
said Francisco Montaner, Chief Executive of brokerage
Euroamerica.
Mr. Montaner added that the government would be risking another
lawsuit should Subtel fail to consider the proposals. CTC filed
a similar suit, which is still in court, after the last revision
five years ago.
CTC A-shares closed up 4.1% at 1926.19 pesos ($1=CLP603.10).
After Subtel released its initial report, its shares fell more
than 15%.
===========
M E X I C O
===========
AHMSA: Sales, Losses Increase in First Nine Months of '03
---------------------------------------------------------
BNamericas reveals that Mexican steelmaker Ahmsa (Altos Hornos
de M‚xico; BMV: AHMSA.MX) has reported a rise in both its sales
and losses during the first nine months of 2003.
AHMSA posted sales of MXN9.25 billion for the period, an 11%
increase from the same period the year before, while net losses
totaled MXN1.07 billion compared to MXN288 million for the year
through 3Q02.
The steelmaker also told the Mexico City stock exchange that
during the period, operating losses came in at MXN983 million
pesos compared to MXN827 million year-on-year, while total
liabilities touched MXN27.8 billion and assets totaled MXN33.7
billion.
Domestic sales make up 94% of Ahmsa's business through the third
quarter, with steel contributing MXN7.71 billion to total sales
and thermal coal from subsidiary Micare accounting for the
balance. Ahmsa invested MXN172 million in steel and MXN90
million in coal operations through the third quarter.
Monclova-based Ahmsa has a capacity of roughly 3Mt/y and
describes itself as Mexico's biggest integrated steelmaker.
Controlled by Mexico's GAN group, it has been in a form of
bankruptcy protection for more than four years, having defaulted
on some US$1.9 billion in payments.
AHMSA: To Name New CEO to Speed Debt Talks
------------------------------------------
In a bid to reach an agreement with creditors five years after
defaulting on US$1.8 billion in debt, William Bricker, the
former head of steelmaker LTV Corp., is to be appointed as the
new chief executive officer of Altos Hornos de Mexico SA,
Mexico's second-largest steel producer, Bloomberg reports.
AHMSA spokesman Francisco Orduna said Mr. Bricker, who became
CEO of Cleveland-based LTV less than two months before it filed
for bankruptcy in December 2000, would be replacing Alonso
Ancira, who will resign at the company's annual shareholder
meeting tomorrow.
Creditors including New York-based Citigroup Inc. and Bilbao,
Spain-based Banco Bilbao Vizcaya Argentaria SA called off
discussions with Ahmsa's management two years ago and demanded
that Ancira step down as a condition for reviving talks.
"It's too early to tell if there's a true desire to get things
moving or not, said Robert Rauch, a director at Greenwich,
Connecticut-based Gramercy Advisors LLC, which has owned Ahmsa's
bonds since the end of 2001.
Mr. Ancira and Ahmsa Chairman Xavier Autrey, who own 75% of
Ahmsa's shares, will still control the company, the spokesman
said. Mr. Ancira resigned upon the request of the Mexican firm
hired last month to lead talks with creditors. The firm, Vector
Casa de Bolsa, has a team of about a dozen executives lead by
Jose Manuel Garcia to help Ahmsa craft a strategy to get banks
back to the negotiating table, said Valdemar Villarreal,
director of administration and finance for Vector.
"We're putting together a working plan so we can begin talks
with the banks as soon as possible," he said. "Right now, we're
still in the analysis stage."
Ahmsa will retain UBS Securities LLC to help negotiate new debt
terms with foreign bondholders, said Steve Smith, a managing
director of UBS's restructuring group in San Francisco. "We
entered into an engagement letter with them and are awaiting
instructions from the company to begin work," Mr. Smith said.
Mr. Ancira also resigned in 1999 after the company filed for
protection from creditors in Mexican courts and named Jose
Domene, a former executive of cement maker Cemex SA, as CEO to
boost confidence among creditors. Mr. Domene left Ahmsa before
the end of 1999 and Mr. Ancira returned as CEO.
MEXICANA: Begins Operations With Its New Allies
-----------------------------------------------
As of April 1, 2004, the start of a new stage takes place in the
history of alliances for Mexicana Airlines. Thanks to the
negotiations that were finalized at the beginning of this year,
passengers can enjoy the benefits from the bilateral agreements
between Mexicana, American Airlines and Iberia.
As of April 1, Mexicana's clients traveling with any of these
airlines will be able to accumulate miles on their flights with
their Frecuenta cards, or redeem their miles for tickets on both
airlines.
These new alliances with Iberia and American Airlines now form
part of a wide array of agreements that Mexicana offers its
clients that include benefits and accumulation of miles with the
most prestigious international airlines like Lufthansa, Air
Canada, Copa Airlines, Avianca, Varig, Scandinavian Airlines,
LOT Polish Airlines, All Nippon Airways, Asiana Airlines,
Singapore Airlines and Air New Zealand.
Thanks to this new alliance with American Airlines, Mexicana's
passengers will have at their disposal more than 500 weekly
flights between Mexico and the United States. Additionally they
can enjoy the best services to the most important markets in the
United States, Europe, Asia, and to new destinations in the
Caribbean.
Beginning this new stage with Iberia, Mexicana offers its
clients the possibility of traveling on transatlantic flights
with this European airline to 34 destinations in Spain, 31
cities in Europe, six to Africa and the Middle East.
"Mexicana is proud to offer the best variety of destinations and
products all over the world through our commercial associates,"
confirmed Fabricio Cojuc, Director of Alliances for Mexicana
Airlines. "We are convinced that with these new alliances that
are at a world-class level, we will continue to offer the best
options for travel. This reaffirms our commitment as a company
that continues to be at the forefront, and is always attentive
to the necessities and preferences of our customers."
Mexicana Airlines is the leading international carrier of
Mexico. Its fleet is considered to be amongst the most modern in
the world, servicing over 52 destinations in North, Central,
South America and the Caribbean. Additionally, Mexicana offers
great benefits in the accrual and redemption of miles in
conjunction to its strategic allies from diverse countries,
access to Executive Lounges, coordinated flight schedules to a
vast route network and a wide array of connections.
CONTACT: MEXICANA AIRLINES
Public Relations, Adolfo Crespo
E-mail: adolfo.crespo@mexicana.com.mx
Ana Cinthya Uribe
Tel: +011-52-55-5566-2822 ext. 260
+011-52-55-5414-6876
E-mail: ana.uribe@edelman.com
Web site: http://www.mexicana.com/
TFM: FCC Grants KCS Extension of Ruling
---------------------------------------
Kansas City Southern (KCS) (NYSE:KSU) announced Monday that on
April 2, 2004, the Mexican Federal Competition Commission (FCC)
granted an extension of 180 calendar days from the date of
notice (April 2, 2004) for its ruling issued on May 19, 2003,
granting authority for the sale of Grupo TMM's interest in Grupo
TFM (GTFM) to KCS.
Kansas City Southern is a transportation holding company that
has railroad investments in the U.S., Mexico and Panama. Its
primary holding is The Kansas City Southern Railway Company,
which serves customers in the central and south central regions
of the U.S. KCS' rail holdings and investments are primary
components of a NAFTA Railway system that links the commercial
and industrial centers of the U.S., Canada and Mexico.
KCS is comprised of, among others, The Kansas City Southern
Railway Company ("KCSR") and equity investments in Grupo TFM,
Southern Capital Corporation ("Southern Capital") and Panama
Canal Railway Company ("PCRC").
=================================
T R I N I D A D & T O B A G O
=================================
BWIA: Spokesman Quits
---------------------
The spokesman for Trinidad and Tobago carrier British West
Indies Airways (BWIA), Clint Williams, has resigned from his
post effective April 16, The Trinidad Guardian reports.
BWIA's spokesman for three years, Mr. Williams insisted that his
resignation, which he handed in on March 15, does not mean he
lacks confidence in the future of the troubled airline. "Nobody
should read any more into it than Clint Williams having made a
personal decision," he said. "My timing is based on my needs as
a person and on my professional and family's needs, not on any
indication of BWIA's condition. I am firmly convinced BWIA will
continue to be a key cornerstone in Caribbean transport," he
added.
His resignation comes amidst some uncertainty as to the
carrier's exact financial status as it has not yet released any
figures for the first quarter of 2004. It was also reported that
the government is mulling over continuing to provide financial
funds to the airline.
According to Mr. Williams, he already has a job lined up but
would not give further details. "I am heading back towards
marketing/communications which is really my first love," he
said.
Through its most turbulent times, Williams has often been the
voice of BWIA, but has also been strongly identified by union
leaders and retrenched workers as the management's spokesman. He
was hired as BWIA's director of corporate communications in July
2001. Last year, he was assigned the portfolio of director of
product design with responsibility for in-flight entertainment.
For its part, the management of BWIA said it would have
preferred Williams to stay on, but added it respects his
decision.
CONTACT: BRITISH WEST INDIES AIRWAYS
Phone: + 868 627 2942
E-mail: mailto:mail@bwee.com
Home Page: http://www.bwee.com/
Contacts:
Conrad Aleong, President and CEO (Trinidad)
Beatrix Carrington, VP Marketing and Sales (Barbados)
Paul Schutz, CFO (Trinidad)
***********
S U B S C R I P T I O N I N F O R M A T I O N
Troubled Company Reporter - Latin America is a daily newsletter
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Copyright 2004. All rights reserved. ISSN 1529-2746.
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