FORM 6-K

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                    Pursuant to Rule 13a-16 or 15d-16 of the
                             Securities Act of 1934

                          For the month of September 2003

                                 MULTICANAL S.A.
             (Exact name of Registrant as specified in its charter)

                                MULTICHANNEL S.A.
                 (Translation of Registrant's name into English)

                                   Avalos 2057
                         (1431) Buenos Aires, Argentina
                    (Address of principal executive offices)


Indicate by check mark whether the registrant files or will file annual reports
under cover of Form 20-F or Form 40-F.

                 Form 20-F   X                       Form 40-F
                           -----                               -----
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g-3-2(b) under the Securities Exchange Act of
1934.

                 Yes                                  No    X
                     ------                               -----

If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3-2(b):

                          82 - ______________________.

<PAGE>

                                                Buenos Aires, September 23, 2003

Messrs.
Argentine Securities Commission


               Reference: MULTICANAL S.A., Out-of-Court Restructuring Agreement.

Dear Sirs,

                  In my capacity as Person in Charge of Market Relations on
behalf of Multicanal S.A. (the "Company"), with a registered domicile
established at Hipolito Yrigoyen 1628, 2(0) Floor, Federal Capital City, (Tel:
4375-3629 Fax: 4375-2580), I address this letter to let you and the public
investors know about the status of the legal proceedings filed by the Company as
previously informed to this Commission. Accordingly, be it known that the Judge
presiding in the National Court of First Instance in Commercial Matters N(0) 4,
Clerk's Office N(0) 8 located at Av. Roque Saenz Pena 1211, 1(0) Floor, pursuant
to a Resolution dated September 22, 2003 and in relation to the petition made by
the Company to convene a Bondholders' Meeting as provided for in Article 45 bis
of the Bankruptcy Law, has resolved to authorize such petition stating that "the
only task of the Court will be to implement the measures necessary to make the
voting by the bondholders feasible, to establish the vote computation procedure
and order the actions necessary to disclose and communicate such procedure..."
(conf. 4.A, 2(0) paragraph of the Judicial Resolution).

                  Regarding obtaining the consent of bondholders, the Court
stated: "...that the only decision hereby taken is to determine how the votes of
dissenting and absent bondholders will be computed, and it is obvious that the
final outcome after vote computation, will be the negative or affirmative vote
of the proposals submitted..." (conf. 4. A, 3(0)paragraph of the Judicial
Resolution).

                  Furthermore, and as to the method of counting the votes, the
Court decided that "...the basis for the computation of votes and for the
assessment of the consent or rejection, is determined taking into account those
bondholders who attend the meeting and cast their vote, whether affirmative or
negative. Any other result regarding voting should be disregarded..." (conf. 4.
B, penultimate paragraph of the Judicial Resolution).

                  Regarding the legitimation of attendees, the Court has
resolved in this instance to approve the petition made by Multicanal S.A. The
legitimation requirements in order to attend and vote at the bondholders'
meeting shall be specified in detail by Multicanal S.A. upon the publication of
the related notices of a meeting.

                  Furthermore, the Court has resolved:

                  (i) to approve the Company's petition to hold a meeting in the
City of Buenos Aires at the place designated by it;

                  (ii) that the date of the meeting will be determined by
Multicanal S.A.;

                  (iii) that the meeting will be presided over by Multicanal
S.A. or a person designated by it;

                  (iv) that the deliberation and the outcome will be transcribed
in a notarial deed to be filed with the Court within 48 hours after the meeting
is held;

                  (v) that notices of the convening of a meeting as well as
other circumstances regarding this particular case will be published by means of
legal notices for five days in the Official Gazette of Argentina and in the
following newspapers: Clarin, La Nacion, Cronista Comercial and Ambito
Financiero and in a newspaper of wide circulation in the cities of New York and
Zurich; and

                  (vi) that Multicanal S.A. shall notify the Buenos Aires Stock
Exchange of such meeting.

                  By virtue of the Court's decision, once Multicanal S.A. has
determined the date and place of the meeting, the Company shall notify the Court
of such date and place and publish, for the information of holders, the legal
notices of a meeting in the above mentioned media and for the term fixed by the
Court.

                  Yours sincerely,



                                                      Martin G. Rios

Note: A copy of the Judicial Resolution is attached hereto for your reference.

<PAGE>


                                    SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

                                                MULTICANAL S.A.



Buenos Aires, Argentina, September 25, 2003       By: /s/ Adrian Meszaros
                                                    -----------------------
                                                    Adrian Meszaros
                                                    Chief Financial Officer