TCRLA_Public/041109.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

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

          Tuesday, November 9, 2004, Vol. 5, Issue 222

                            Headlines


A R G E N T I N A

BANCO HIPOTECARIO: Commercial Court Ditches Debt Offer
CENTRAL COSTANERA: Reports Higher 9-Month Net Profits
CONIX S.A.: Enters Bankruptcy on Court Orders
CREACIONES ALMALI: Liquidates Assets to Pay Debts
ECYM S.A.: Court Rules for Liquidation

FEDER POL: Enters Bankruptcy on Court Orders
GERI CLUB: Begins Liquidation Proceedings
GOLD JUICE: Gets Court OK for Reorganization
ITAYCO S.A.: Court Declares Company Bankrupt
LITTLE PALACE: Seeks Bankruptcy Protection

NUEVAS FORMAS: Liquidates Assets to Pay Debts
PANELMASTER S.A.: Reorganization Proceeds To Bankruptcy
PUNTA IGLESIA: Court Grants Reorganization Plea
RECOMAR S.A.: Initiates Bankruptcy Proceedings
S.C. METALURGICA: Court Favors Creditor's Bankruptcy Petition

SOLDINI Y CIA: Court Orders Liquidation
TALLERES GRAFICOS: Court Designates Trustee for Bankruptcy
TELEFONICA DE ARGENTINA/TELECOM ARGENTINA: Ministry Orders Truce
VICTOR PARDO: Bankruptcy Process Begins By Court Order


B A H A M A S

ULTRAPETROL BAHAMAS: S&P Rates $150M Mortgage Notes `BB-`


B A R B A D O S

C&W BARBADOS: Introduces New Charges
ROYAL SHELL: Divests Oil Products Business in the Caribbean


B E R M U D A

ALDFORD LTD.: Appoints Robin Mayor as Liquidator
AMWELL LTD.: Resolves to Wind-Up Operations
ANDSELL LTD.: Liquidator Sets Claims Filing Deadline
ARNEWAY LTD.: Moves for Voluntary Wind-Up
FOSTER WHEELER: Moves to Reduce Authorized Share Capital

GAINFORD LTD.: Robin Mayor to Serve as Liquidator in Wind-Up
SEA CONTAINERS: Net Earnings Drop to $22.6M Year-on-Year


B R A Z I L

ESCELSA: S&P Issues Update on Ratings
NET SERVICOS: Investors Support Planned Private Offering
POLARIS FSC-1: To Undergo Wind-Up Proceedings


C H I L E

ENAMI: Senate Mining Committee Ratifies Ventanas Transfer


M E X I C O

CYDSA: Losses Worsen in the 1st 9 Mos. of 2004
EMPRESAS ICA: S&P Issues Update on Ratings
GRUPO MEXICO: BBVA Raises Stock Recommendation to "Buy"
INDUSTRIAS UNIDAS: S&P Updates Ratings


P A R A G U A Y

VISION S.A.: S&P Upgrades Counterparty Credit Rating to 'B-'


P E R U

* PERU: To Hire JP Morgan, UBS as Advisers in Paris Club Talks


V E N E Z U E L A

CANTV: Board Authorizes Digitel Buy
PDVSA: Struggles to Close Deal With Foreign Partners on LNG Proj

     -  -  -  -  -  -  -  -

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

BANCO HIPOTECARIO: Commercial Court Ditches Debt Offer
------------------------------------------------------
Argentine mortgage bank Banco Hipotecario was dealt a legal blow
on Oct. 29 when a local Court rejected its out-of-Court debt-
restructuring offer.

Dow Jones Newswires reports the commercial Court handling the
case rejected the bank's US$971-million debt restructuring deal,
known in Spanish as an APE.

In this kind of restructuring, a two-thirds creditor agreement
allows a Company to submit a debt offer for legal approval. That
final clearance then allows the repayment terms to be imposed on
all creditors.

Under Argentine law governing financial entities, these kinds of
institutions cannot go through bankruptcy proceedings. Banco
Hipotecario, which announced 94% for its APE in late December
and submitted the offer to the Court in June, had argued that
the extrajudicial restructuring didn't count as a traditional
bankruptcy proceeding.

But the Court disagreed, saying, "the APE can't be considered
alien to bankruptcy procedures. It isn't outside of those
bankruptcy proceedings but rather falls in the same terrain."

The Court went on to say that the APE is "an alternative
mechanism for the prevention or healing of insolvency," a
characteristic that links the new procedure closely with
standard bankruptcy proceedings.

Sources from Banco Hipotecario said that the bank plans to
appeal the rejection and take the case to the Supreme Court, if
necessary.

Local real estate developer IRSA Inversiones y Representaciones
SA (IRS) holds a majority stake in Banco Hipotecario and the
Argentine government has 44%.

CONTACTS:  Marcelo Icikson
           Nicolas Vocos
           Capital Markets
           Tel. (54-11) 4347-5798
           Fax (54-11) 4347-5874
           E-mail: micikson@hipotecario.com.ar
                   nmvocos@hipotecario.com.ar

           Gabriel G. Saidon, Chief Financial Officer
           Tel. (54-11) 4347-5759/5212
           Fax (54-11) 4347-5874/5113
           E-mail: gsaidon@hipotecario.com.ar


CENTRAL COSTANERA: Reports Higher 9-Month Net Profits
-----------------------------------------------------
Argentine thermo generator Central Costanera posted net profits
of ARS42.2 million for the first nine months of 2004, almost
double the profits of ARS21.4 million in the same period last
year.

Higher demand and energy sales during this year's nine-month
period sent the Company's revenues up 64.4% to ARS482 million
from ARS293 million a year earlier.

However, its spot market sales revenue dropped ARS177 million
over the period because of an August 2003 measure from the
Energy Secretariat requiring the power grid operator to
calculate spot power prices as if generators were using natural
gas.

Central Costanera and other companies are in fact using
costlier, alternative liquid fuels because of a shortfall in
natural gas supplies.

As a result, operating costs soared to ARS340.2 million,
compared with ARS165.1 million a year earlier. Central Costanera
posted gross profit of ARS141.6 million, higher than ARS127.9
million a year ago. Operating profit totaled ARS132 million,
compared with ARS120.3 million in the first nine months of 2003.

Central Costanera caught a break from exchange rate movements
over the period. It booked an ARS53.4 million financial results
loss, down from an ARS80.3 million loss a year earlier. The
Company said an appreciation in the U.S. dollar against the peso
during the nine-month period generated a gain of ARS12.8
million.

The Company had ARS1.71 billion of net equity as of September
30, 2004.

Central Costanera has 2,982MW installed capacity, around 11% of
the national total, and is a subsidiary of Endesa Chile (NYSE:
EOC).


CONIX S.A.: Enters Bankruptcy on Court Orders
---------------------------------------------
Conix S.A. enters bankruptcy protection after Court no. 23 of
Buenos Aires' civil and commercial tribunal ordered the
Company's liquidation. The bankruptcy order effectively
transfers control of the Company's assets to the Court-appointed
trustee who will supervise the liquidation proceedings.

Infobae reports that the Court selected Ms. Zulma Irene Glave as
trustee. She will be verifying creditors' proofs of claims until
the end of the verification phase on November 22.

Argentine bankruptcy law requires the trustee to provide the
Court with individual reports on the forwarded claims and a
general report containing an audit of the Company's accounting
and business records. The individual reports will be submitted
on February 4, 2005 followed by the general report that is due
on March 18, 2005.

CONTACT: Ms. Zulma Irene Glave, Trustee
         Deheza 4883
         Buenos Aires


CREACIONES ALMALI: Liquidates Assets to Pay Debts
-------------------------------------------------
Creaciones Almali S.A. of Buenos Aires will begin liquidating
its assets following the bankruptcy pronouncement issued by
Court no. 24 of the city's civil and commercial tribunal.

Infobae reports that the bankruptcy ruling places the Company
under the supervision of Court-appointed trustee Enrique J.
Battellini. Mr. Battellini will verify creditors' proofs of
claims until February 8, 2005. The validated claims will be
presented in Court as individual reports on March 22, 2005

The trustee will also submit a general report, containing a
summary of the Company's financial status as well as relevant
events pertaining to the bankruptcy, on May 2, 2005.

The bankruptcy process will end with the disposal Company assets
to repay its creditors.

CONTACT: Mr. Enrique J. Battellini, Trustee
         Parana 774
         Buenos Aires


ECYM S.A.: Court Rules for Liquidation
--------------------------------------
Buenos Aires' civil and commercial Court no. 1 ordered the
liquidation of Ecym S.A. after the Company defaulted on its
obligations, Infobae reveals. The liquidation pronouncement will
effectively place the Company's affairs as well as its assets
under the control of Mr. Ricardo Bataller, the Court-appointed
trustee.

Mr. Bataller will verify creditors' proofs of claims until
February 1 next year. Clerk no. 1 assists the Court on this case
that will end with the disposal of the Company's assets to repay
its debts.

CONTACT: Mr. Ricardo Bataller, Trustee
         Junin 684
         Buenos Aires


FEDER POL: Enters Bankruptcy on Court Orders
--------------------------------------------
Court no. 24 of Buenos Aires' civil and commercial tribunal
declared Feder Pol S.A. bankrupt after the Company defaulted on
its debt payments. The bankruptcy order effectively places the
Company's affairs as well as its assets under the control of
Court-appointed trustee Hugo Edgardo Borget.

As trustee, Mr. Borget is tasked with verifying the authenticity
of claims presented by the Company's creditors. The verification
phase is ongoing until December 21.

Following claims verification, the trustee will submit the
individual reports based on the forwSarded claims for final
approval by the Court on March 2, 2005. A general report will
also be submitted on April 14, 2005.

Infobae reports that clerk no. 48 assists the Court on this
case.

CONTACT: Mr. Hugo Edgardo Borget, Trustee
         Montevideo 665
         Buenos Aires


GERI CLUB: Begins Liquidation Proceedings
-----------------------------------------
Geri Club S.A. of Buenos Aires will begin liquidating its assets
after Court no. 21 of the city's civil and commercial tribunal
declared the Company bankrupt. Infobae reveals that the
bankruptcy process will commence under the supervision of Court-
appointed trustee Juan Carlos Facoltini.

The trustee will review claims forwarded by the Company's
creditors until November 26. After claims verification, the
trustee will submit the individual reports for Court approval on
February 22, 2005. The general report submission will follow on
April 13, 2005.

Clerk no. 42 assists the Court on this case.

CONTACT: Mr. Juan Carlos Facoltini, Trustee
         Bernardo de Irigoyen 330
         Buenos Aires


GOLD JUICE: Gets Court OK for Reorganization
--------------------------------------------
Gold Juice S.A. will begin reorganization following the approval
of its petition by Court no. 24 of Buenos Aires' civil and
commercial tribunal. The opening of the reorganization will
allow the Company to negotiate a settlement with its creditors
in order to avoid a straight liquidation.

Mr. Roque A. Pepe will oversee the reorganization proceedings as
the Court-appointed trustee. He will verify creditors' claims
until December 28. The validated claims will be presented in
Court as individual reports on March 11, 2004.

The trustee is also required by the Court to submit a general
report essentially auditing the Company's accounting and
business records as well as summarizing important events
pertaining to the reorganization. This report will be presented
in Court on April 22, 2005.

The Informative Assembly, the final stage of a reorganization
where the settlement proposal is presented to the Company's
creditors for approval, is scheduled on September 2, 2005.

CONTACT: Mr. Roque A. Pepe, Trustee
         Avda Argentina 5785
         Buenos Aires


ITAYCO S.A.: Court Declares Company Bankrupt
--------------------------------------------
Judge Cirulli, serving for Court no. 6 of Buenos Aires' civil
and commercial tribunal, declared local Company Itayco S.A.
"Quiebra", relates La Nacion. The Court approved the bankruptcy
petition filed by Union Obreros y Empleados Plasticos whom the
Company failed to pay debts amounting to US$1,410.67.

The Company will undergo the bankruptcy process with Ms. Norma
Fernandez as trustee. Creditors are required to present their
proofs of claims to the trustee for verification before December
21. Creditors who fail to have their claims authenticated by the
said date will be disqualified from the payments that will be
made after the Company's assets are liquidated at the end of the
bankruptcy process.

Dr. Memdez Sarmiento, Clerk no. 12, assists the Court on the
case.

CONTACT: Itayco S.A.
         General RodrĄguez 2065
         Buenos Aires

         Ms. Norma Fernandez, Trustee
         Plaza 3442
         Buenos Aires


LITTLE PALACE: Seeks Bankruptcy Protection
------------------------------------------
Judge Uzal, working under Court no. 26 of Buenos Aires' civil
and commercial tribunal, is now analyzing whether to grant
Little Palace S.A. approval for its petition to reorganize,
reports La Nacion.

Once approved by the Court, reorganization will allow the
Company to prepare a settlement plan for its creitors in order
to prevent a straight liquidation.

Dr. Dermardirossian, Clerk no. 51, assists the Court on this
case.

CONTACT: Little Palace S.A.
         Guemes 3856
         Buenos Aires


NUEVAS FORMAS: Liquidates Assets to Pay Debts
---------------------------------------------
Nuevas Formas S.A. will begin liquidation proceedings following
the pronouncement of Buenos Aires' civil and commercial Court
no. 21 that the Company is bankrupt, Infobae reports.

The ruling places the Company under the supervision of Court-
appointed trustee, Mr. Jose Luis Rodas. The trustee will verify
creditors' proofs of claims until December 17. The validated
claims will be presented in Court as individual reports on March
2, 2005.

The trustee will also submit a general report, containing a
summary of the Company's financial status as well as relevant
events pertaining to the bankruptcy, on April 13, 2005.

CONTACT: Mr. Jose Luis Rodas, Trustee
         Leandro N Alem 619
         Buenos Aires


PANELMASTER S.A.: Reorganization Proceeds To Bankruptcy
-------------------------------------------------------
The reorganization of Panelmaster S.A. has progressed into
bankruptcy. Argentine news source Infobae relates that Court no.
13 of Buenos Aires' civil and commercial tribunal ruled that the
Company is "Quiebra Decretada".

The report adds that the Court assigned Mr. Jose Ruiz as
trustee, who will verify creditors' proofs of claim until
December 15.

The Court also ordered the trustee to prepare individual reports
after the verification process is completed, and have them ready
by March 1, 2005. A general report on the bankruptcy process is
expected on April 12, 2005.

The Company will present the completed settlement plan to its
creditors at the informative assembly scheduled on September 23,
2005.

CONTACT: Panelmaster S.A.
         Marcelo T de Alvear 1381
         Buenos Aires

         Mr. Jose Ruiz, Trustee
         Avda Corrientes 4264
         Buenos Aires


PUNTA IGLESIA: Court Grants Reorganization Plea
-----------------------------------------------
Mar del Plata-based Punta Iglesia S.A. successfully petitioned
for reorganization after Court no. 11 of the city's civil and
commercial tribunal issued a resolution opening the Company's
insolvency proceedings.

During insolvency, the Company will continue to manage its
assets subject to certain conditions imposed by Argentine law
and the oversight of a Court-appointed trustee.

Infobae relates that Mr. Diego Fabian Giannetti will serve as
trustee during the course of the reorganization. He will be
accepting creditors' proofs of claims for verification until
December 13.

CONTACT: Punta Iglesia S.A.
         Rivadavia 2641
         Mar del Plata

         Mr. Diego Fabian Giannetti, Trustee
         Rawson 2272
         Mar del Plata


RECOMAR S.A.: Initiates Bankruptcy Proceedings
----------------------------------------------
Court no. 24 of Buenos Aires' civil and commercial tribunal
declared Recomar S.A. "Quiebra," reports Infobae. Mr. Jorge
Tomas Byrne, who has been appointed as trustee, will verify
creditors' claims until December 22 and then prepare the
individual reports based on the results of the verification
process.

The individual reports will then be submitted to Court on March
3, 2005 followed by the general report on April 15, 2005.

The city's clerk no. 48 assists the Court on the case that will
close with the liquidation of the Company's assets to repay
creditors.

CONTACT: Mr. Jorge Tomas Byrne, Trustee
         Piedras 1319
         Buenos Aires


S.C. METALURGICA: Court Favors Creditor's Bankruptcy Petition
-------------------------------------------------------------
Mr. Eduardo Martin successfully sought for the bankruptcy of
S.C. Metalurgica S.A. after Judge Braga, working for Court no.
22 of Buenos Aires' civil and commercial tribunal, declared the
Company "Quiebra," reports La Nacion.

As such, the Company will now start the bankruptcy process with
Mr. Ruben Calcagno as trustee. Creditors of the Company must
submit their proofs of claim to the trustee before December 14
for authentication. Failure to do so will mean disqualification
from the payments that will be made after the Company's assets
are liquidated.

The creditor sought for the Company's bankruptcy after the
latter failed to pay debts amounting to US$4,400. Dr.
Julianelli, clerk no. 44, assists the Court on the case that
will culminate in the liquidation of all of its assets.

CONTACT: S.C. Metalurgica S.A.
         Maure 3913
         Buenos Aires

         Mr. Ruben Calcagno, Trustee
         Pieres 161
         Buenos Aires


SOLDINI Y CIA: Court Orders Liquidation
---------------------------------------
Soldini y Cia S.A.C.I.E. prepares to wind-up its operations
following the bankruptcy pronouncement issued by Court no. 19 of
Buenos Aires' civil and commercial tribunal. The declaration
effectively prohibits the Company from administering its assets,
control of which will be transferred to a Court-appointed
trustee.

Infobae reports that the Court appointed Mr. Jorge Alberto Arias
as trustee. He will be reviewing creditors' proofs of claims
until February 14. The verified claims will be the basis for the
individual reports to be presented for Court approval on March
30, 2005. Afterwards, the trustee will also submit a general
report on May 11, 2005.

Clerk no. 37 assists the Court on this case that will end with
the disposal of the Company's assets to repay its liabilities.

CONTACT: Soldini y Cia S.A.C.I.E.
         Rio Cuarto 1464
         Buenos Aires

         Mr. Jorge Alberto Arias, Trustee
         Avda Rivadavia 1227
         Buenos Aires


TALLERES GRAFICOS: Court Designates Trustee for Bankruptcy
----------------------------------------------------------
Buenos Aires accountant Jose Teodoro Gonzalez was assigned
trustee for the bankruptcy of local Company Talleres Graficos
Cordoba S.R.L., relates Infobae.

The trustee will verify creditors' claims until December 20, the
source adds. After that, he will prepare the individual reports,
which are to be submitted to the Court on March 1, 2005. The
general report should follow on April 12, 2005.

The city's civil and commercial Court no. 24 holds jurisdiction
over the Company's case. Clerk no. 24 assists the Court with the
proceedings.

CONTACT: Mr. Jose Teodoro Gonzalez, Trustee
         Avda Cordoba 2444
         Buenos Aires


TELEFONICA DE ARGENTINA/TELECOM ARGENTINA: Ministry Orders Truce
----------------------------------------------------------------
Argentina's Labor Ministry Friday has intervened in a salary
dispute between the telephone union Foetra (Federation of
Telephonic Workers and Employees) and the two main fixed-line
providers, Telefonica de Argentina and Telecom Argentina.

According to Dow Jones Newswires, the labor ministry, which
Telecom Argentina asked to intervene last week, ordered a
mandatory, 10-day truce between the conflicting parties. The
order took effect on Friday, Nov. 5, and lasts until Nov. 15.

Some 8,000 call center employees, cable technicians and
administrative personnel working for fixed-line carriers Telecom
and Telefonica in Buenos Aires and the surrounding suburbs
launched a strike last Wednesday, demanding a 25% raise.

According to a Telecom Argentina spokeswoman, conditions of the
truce preclude the companies from commenting on the strike, but
that the ministry order will lead to renewed negotiations during
the coming 10 days.

CONTACT:  TELECOM ARGENTINA S.A.
          Alicia Moreau de Justo 50, 10th Floor
          Capital Federal (1107) Republica Argentina
          Phone: +54 11 4968 4000
          Home Page: http://www.telecom.com.ar

          Contacts:
          Alberto J. Ricciardi, Chief Financial Officer
          Elvira Lazzati, Finance Director
          Pedro Insussarry, Investor Relations Manager
          Phone: (5411) 4968-3626/3627
          Fax: (5411) 4313-5842/3109
          E-mail: inversores@intersrv.telecom.com.ar

          TELEFONICA DE ARGENTINA
          Tucuman 1, 18th Floor, 1049
          Buenos Aires, Argentina
          Phone: (212) 688-6840
          Home Page: http://www.telefonica.com.ar


VICTOR PARDO: Bankruptcy Process Begins By Court Order
------------------------------------------------------
Court no. 20 of Buenos Aires' civil and commercial tribunal
declared Victor Pardo E Hijos S.A. "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. 40, appointed Mr. Marcos
Urwicz, as trustee who will authenticate proofs of claim until
December 23. Afterwards, the trustee will prepare the individual
reports based on the results of the authentication and then
submit these reports in Court on March 9, 2005. Once, these
results are processed in Court, the trustee will then submit the
general report on April 25, 2005.

CONTACT: Mr. Marcos Urwicz, Trustee
         Avda. Corrientes 1250
         Buenos Aires



=============
B A H A M A S
=============

ULTRAPETROL BAHAMAS: S&P Rates $150M Mortgage Notes `BB-`
---------------------------------------------------------
Standard & Poor's Ratings Services affirmed its 'BB-' local and
foreign corporate credit rating on Bahamas-based Ultrapetrol
(Bahamas) Ltd., a shipping Company with river and oceangoing
operations primarily in South America, upon the Company's cash
tender offer and consent solicitation for any and all of the
outstanding principal amount (currently $122 million) on its
First Preferred Ship Mortgage Notes due 2008.

At the same time, Ultrapetrol's forthcoming $150-million
Preferred Ship Mortgage Notes due 2014, aimed at funding the
cash tender offer, were also rated 'BB-'. The outlook on the
corporate credit ratings is negative.

The ratings on Ultrapetrol reflect its aggressive financial
profile, characterized by substantial debt leverage; its plans
to continue acquiring and building new vessels in the next
several years; and a still-concentrated aging fleet and customer
base, which exposes the Company to higher operating and
commercial risks in that they could affect revenues and cash
generation. These negatives are partly offset by the Company's
initiatives to extend debt duration through the issuance of the
new notes due 2014; its expertise and niche positioning in the
tanker and dry bulk business in South America, with particularly
strong commercial relationships with the largest oil companies
and trading companies in the region; and some increasing
business diversification, with the strengthening of its position
in the river barge operation and its minority stake in the
construction and operation of platform supply vessels (PSVs).
Ultrapetrol's total debt amounted to $184 million as of June 30,
2004.

"Ultrapetrol has declared its intention to call for redemption
all 2008 notes that remain outstanding, and Standard & Poor's
expects that to occur soon after the settlement of the cash
tender offer and consent solicitation," said Standard & Poor's
credit analyst Reginaldo Takara. "In fact, the perfection of the
mortgage for the new 2014 notes will derive from the integral
retirement of the 2008 notes."

The 'BB-' rating assigned to Ultrapetrol factors in continuing
strengthening of cash generation and the maintenance of minimum
cash reserves to service short-term debt, in particular because
the Company has plans to continue investing in acquisition of
new vessels. For that reason, the ratings on Ultrapetrol may be
lowered if the Company's actual performance (cash generation,
liquidity, and capital expenditure assumptions) results are
weaker than those expected by Standard & Poor's for 2005.

After divesting its oldest and single-hull vessels during 2003
and 2004, Ultrapetrol now operates a fleet of three Suezmax OBOs
(Princess Katherine, Princess Nadia, and Princess Susana), one
Aframax tanker (Princess Marina), and two oceangoing tug barges
(Alianza G2 and Alianza G3). Through its subsidiary, UABL, it
also operates 457 river barges and 21 pushboats used in cabotage
in the Parana-Paraguay River System. UABL is the leading Company
in the region with a 46% capacity share. The Company also holds
60% of Ultracape (Holdings) Ltd., a joint venture that currently
owns a Capesize bulkcarrier (Cape Pampas), and a 27.8% stake in
UP Offshore Ltd., a joint venture created to build and operate
several PSVs in Brazil.

The negative outlook addresses the risks associated with
Ultrapetrol's substantial debt leverage, some refinancing risks
posed by its existing 2008 debt maturity if the transaction is
not completed, and the Company's weak financial performance that
only now is showing signs of recovery, despite the fact that
market conditions have been quite positive for some time. The
negative outlook also reflects the potential risks associated
with the Company's plans of new buildings and acquisitions going
forward, which may constrain liquidity somewhat.

The current benign environment and Ultrapetrol's divestment of
single-hull vessels should allow it to continually and
consistently improve its financial ratios within the next
several quarters, allowing it to reach ratios more commensurate
with its rating category by first-half 2005. While debt is not
expected to decline any time soon, the Company's financial
profile should substantially improve with more robust cash
generation. Ultrapetrol's inability to reach expected financial
ratios by mid-2005 or capital expenditures higher than projected
would lead to a downward revision of the ratings. On the other
hand, the ratings outlook could be revised to stable if
Ultrapetrol manages to strengthen liquidity and expand cash
generation through the cycle, with a younger and more efficient
fleet, and reinforce its leading position in river barges in the
Parana river.



===============
B A R B A D O S
===============

C&W BARBADOS: Introduces New Charges
------------------------------------
Beginning Nov. 15, Cable & Wireless (C&W) in Barbados will
charge customers at least $1 every time they call the operator
to ask for a telephone number, says the Barbados Daily Nation.

And if it is an overseas number they want, then the charge will
be $3.

The move stirred mixed reactions from market players.

President of the Barbados Consumer Research Organisation,
Malcolm Taitt, an intervener in the recent C&W rate proposal
hearings, said he was opposed to the new charges.

"The more I hear of this sort of thing, I am convinced that
Barbados needs proper regulations in the telecommunications
industry. I am opposed to metering of any kind."

On the other hand, both Minister of Consumer Affairs, Senator
Lynette Eastmond, and Public Counsel Barry Carrington noted it
was a simple case of paying for a service that was being
provided by C&W.

But Chief executive Officer (CEO) of the Fair Trading Commission
(FTC), Michelle Goddard, was guarded on the new development,
saying only "the decision with respect to the implementation of
these charges for directory inquiries was not taken by the
commission and the commission is presently looking into it".

C&W is advising customers to make full use of the telephone book
or new on-line enquiries service as an alternative.


ROYAL SHELL: Divests Oil Products Business in the Caribbean
-----------------------------------------------------------
The Royal Dutch/Shell Group of Companies (Shell) and the Sol
Group (Sol), a petroleum affiliate of the Interamericana Trading
Corp (ITC), announced Friday that they will sign a Sale and
Purchase Agreement and a Trade Mark Licence Agreement relating
to the divestment of Shell's Oil Products businesses in
Barbados, St. Lucia, Netherlands Antilles, St. Kitts & Nevis,
British Virgin Islands, Anguilla, Grenada, St. Vincent, Antigua,
Dominica, Belize, Guyana and Suriname, excluding the Aviation
business.

The agreements relate to Shell's retail, commercial, local
marine and liquified petroleum gas (LPG) businesses and includes
a network of 111 retail service stations and 30 distribution
depots geographically spread across the region.  The sale is
subject to regulatory approval and completion is expected early
in 2005.

Sol will continue to use the Shell brand under a Trade Mark
Licence Agreement and act as the sole distributor of Shell's
fuels and lubricants in this region, thereby better serving
dealers and customers, and maintaining awareness of the Shell
brand in the region.  Furthermore, Sol will act as an agent and
partner on behalf of Shell Aviation facilitating further
development of aviation business opportunities in the region.

Sol and Shell Aviation will receive a secure supply of high
quality Shell products via Shell Western Supply and Trading
Limited ("Shell West").  Shell West is the largest energy trader
in the Caribbean and will continue its operations from Barbados.

Shell Antilles & Guianas Limited Chairman, Nicholas Shorthose
said: "A long term alliance will be established with Sol that
brings together the best of Shell's products and standards with
Sol's regional focus and local decision making. Our priority now
is to work with our staff, customers and other stakeholders to
ensure a smooth transition and jointly grow the business."

Mr Shorthose added: "The transaction is consistent with our
strategy of proactive portfolio management, which aims at
creating maximum value to customers and shareholders, by
focusing our activities where we believe we can deliver better
value to both while improving the returns in the underlying
business."

Kyffin Simpson, Chairman of the Sol Group said: "Sol represents
a new approach to the oil business - one that combines the reach
and regional relationships of ITC with Shell's world class
technical expertise and products. We are delighted to be able to
focus on investment in the Caribbean, for the Caribbean and
intend to grow the business through close local partnerships
that can respond rapidly to customer needs."



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

ALDFORD LTD.: Appoints Robin Mayor as Liquidator
------------------------------------------------
        IN THE MATTER OF THE COMPANIES ACT 1981

                         and

             IN THE MATTER OF Aldford Ltd.

The Member of Aldford Ltd., acting by written consent without a
meeting on November 1, 2004 passed the following resolutions:

1) THAT the Company be wound up voluntarily, pursuant to the
provisions of the Companies Act 1981; and

2) THAT Robin J. Mayor be and is hereby appointed Liquidator for
the purposes of such winding-up, such appointment to be
effective forthwith.

Mr. Mayor informs that:

- Creditors of Aldford Ltd., which is being voluntarily wound
up, are required, on or before November 19, 2004 to send their
full Christian and Surnames, their addresses and descriptions,
full particulars of their debts or claims, and the names and
addresses of their lawyers (if any) to Robin J Mayor at Messrs.
Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, HM DX, Bermuda, the Liquidator of the said Company,
and if so required by notice in writing from the said
Liquidator, and personally or by their lawyers, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- A final general meeting of the Member of Aldford Ltd. will be
held at the offices of Messrs. Conyers Dill & Pearman, Clarendon
House, Church Street, Hamilton, Bermuda on December 13, 2004 at
9: 30 a.m., or as soon as possible thereafter, for the purposes
of:

1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator;

2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and

3) by resolution dissolving the Company.

CONTACT: Mr. Robin J. Mayor, Liquidator
         Clarendon House
         Church Street
         Hamilton, Bermuda


AMWELL LTD.: Resolves to Wind-Up Operations
-------------------------------------------
         IN THE MATTER OF THE COMPANIES ACT 1981

                         and

                IN THE MATTER OF Amwell Ltd.

The Member of Amwell Ltd., acting by written consent without a
meeting on November 1, 2004 passed the following resolutions:

1) THAT the Company be wound up voluntarily, pursuant to the
provisions of the Companies Act 1981; and

2) THAT Robin J Mayor be and is hereby appointed Liquidator for
the purposes of such winding-up, such appointment to be
effective forthwith.

The Liquidator notifies that:

- Creditors of Amwell Ltd., which is being voluntarily wound up,
are required, on or before November 19, 2004 to send their full
Christian and Surnames, their addresses and descriptions, full
particulars of their debts or claims, and the names and
addresses of their lawyers (if any) to Robin J Mayor at Messrs.
Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, HM DX, Bermuda, the Liquidator of the said Company,
and if so required by notice in writing from the said
Liquidator, and personally or by their lawyers, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- A final general meeting of the Member of Amwell Ltd. will be
held at the offices of Messrs. Conyers Dill & Pearman, Clarendon
House, Church Street, Hamilton, Bermuda on December 13, 2004 at
9:30 a.m., or as soon as possible thereafter, for the purposes
of:

1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator;

2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and

3) by resolution dissolving the Company.

CONTACT: Mr. Robin J. Mayor, Liquidator
         Clarendon House
         Church Street
         Hamilton, Bermuda


ANDSELL LTD.: Liquidator Sets Claims Filing Deadline
----------------------------------------------------
IN THE MATTER OF THE COMPANIES ACT 1981

and

IN THE MATTER OF Andsell Ltd.

The Member of Andsell Ltd., acting by written consent without a
meeting on November 1, 2004 passed the following resolutions:

1) THAT the Company be wound up voluntarily, pursuant to the
provisions of the Companies Act 1981; and

2) THAT Robin J Mayor be and is hereby appointed Liquidator for
the purposes of such winding-up, such appointment to be
effective forthwith.

The liquidator informs that:

- Creditors of Andsell Ltd., which is being voluntarily wound
up, are required, on or before November 19, 2004 to send their
full Christian and Surnames, their addresses and descriptions,
full particulars of their debts or claims, and the names and
addresses of their lawyers (if any) to Robin J Mayor at Messrs.
Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, HM DX, Bermuda, the Liquidator of the said Company,
and if so required by notice in writing from the said
Liquidator, and personally or by their lawyers, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- A final general meeting of the Member of Andsell Ltd. will be
held at the offices of Messrs. Conyers Dill & Pearman, Clarendon
House, Church Street, Hamilton, Bermuda on December 13, 2004 at
9:30 a.m., or as soon as possible thereafter, for the purposes
of:

1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator; and

2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and

3) by resolution dissolving the Company.

CONTACT: Mr. Robin J. Mayor, Liquidator
         Clarendon House
         Church Street
         Hamilton, Bermuda


ARNEWAY LTD.: Moves for Voluntary Wind-Up
-----------------------------------------
          IN THE MATTER OF THE COMPANIES ACT 1981

                          and

                 IN THE MATTER OF Arneway Ltd.

The Member of Arneway Ltd., acting by written consent without a
meeting on November 1, 2004 passed the following resolutions:

1) THAT the Company be wound up voluntarily, pursuant to the
provisions of the Companies Act 1981; and

2) THAT Robin J Mayor be and is hereby appointed Liquidator for
the purposes of such winding-up, such appointment to be
effective forthwith.

The Liquidator informs that:

- Creditors of Arneway Ltd., which is being voluntarily wound
up, are required, on or before November 19, 2004 to send their
full Christian and Surnames, their addresses and descriptions,
full particulars of their debts or claims, and the names and
addresses of their lawyers (if any) to Robin J Mayor at Messrs.
Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, HM DX, Bermuda, the Liquidator of the said Company,
and if so required by notice in writing from the said
Liquidator, and personally or by their lawyers, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- A final general meeting of the Member of Arneway Ltd. will be
held at the offices of Messrs. Conyers Dill & Pearman, Clarendon
House, Church Street, Hamilton, Bermuda on December 13, 2004 at
9:30 a.m., or as soon as possible thereafter, for the purposes
of:

1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator; and

2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and

3) by resolution dissolving the Company.

CONTACT: Mr. Robin J. Mayor, Liquidator
         Clarendon House
         Church Street
         Hamilton, Bermuda


FOSTER WHEELER: Moves to Reduce Authorized Share Capital
--------------------------------------------------------
           IN THE MATTER OF THE COMPANIES ACT 1981

                            and

            IN THE MATTER OF Foster Wheeler Ltd.


      NOTICE OF REDUCTION OF AUTHORISED SHARE CAPITAL

NOTICE IS HEREBY GIVEN, pursuant to Section 46(2)(a) of the Act,
that Foster Wheeler Ltd. proposes:

(a) to reduce the amount of its authorized share capital from
US$161,500,000, divided into 160,000,000 common shares of par
value US$1.00 each and 1,500,000 preferred shares of par value
US$1.00 each, to US$1,615,000, divided into 160,000,000 common
shares of par value US$0.01 each and 1,500,000 preferred shares
of par value US$0.01 each (the "First Capital Reduction"); and

(b) immediately following the effectiveness of the following:

(i) the First Capital Reduction;

(ii) an increase of the amount of its authorized share capital
from US$1,615,000 to US$14,774,089.57 by the creation of an
additional 1,315,908,957 common shares of par value US$0.01 each
in the authorized capital of the Company (the "Capital
Increase"); and

(iii) a proposed consolidation of its common shares of par value
US$0.01 each, on a 1-for-20 basis, into 73,795,447.85 common
shares of par value US$0.20 each (the "Common Share
Consolidation");

to reduce the amount of its authorized share capital from
US$14,774,089.57, divided into 73,795,447.85 common shares of
par value US$0.20 each and 1,500,000 preferred shares of par
value US$0.01 each, to US$752,954.4785, divided into
73,795,447.85 common shares of par value US$0.01 each and
1,500,000 preferred shares of par value US$0.01 each (the
"Second Capital Reduction").

The First Capital Reduction will take effect on the date on
which resolutions are passed by the shareholders of the Company
to approve the First Capital Reduction and the Capital Increase
at the annual and special general meeting of the Company
convened for 29 November 2004 (or such other date to which the
said meeting may be duly postponed or adjourned).

The Second Capital Reduction will take effect, immediately
following the effectiveness of the First Capital Reduction, the
Capital Increase and the Common Share Consolidation, on the date
on which a resolution is passed by the shareholders of the
Company to approve the Second Capital Reduction at the annual
and special general meeting of the Company convened for 29
November 2004 (or such other date to which the said meeting may
be duly postponed or adjourned). The Capital Increase and the
Common Share Consolidation (in that order) will take effect on
the date on which a resolution is passed by the common
shareholders of the Company to approve the Common Share
Consolidation at the special general meeting of common
shareholders of the Company convened for 29 November 2004 (or
such other date to which the said meeting may be duly postponed
or adjourned) and a resolution is passed by the shareholders of
the Company to approve the Capital Increase and the Common Share
Consolidation at the annual and special general meeting of the
Company convened for 29 November 2004 (or such other date to
which the said meeting may be duly postponed or adjourned).

The Company has mailed to shareholders and filed with the SEC a
proxy statement in connection with the meetings of shareholders
to approve the above noted reductions of capital, which
shareholders are urged to read because it will contain important
information. The proxy statement and any other relevant
documents may be obtained free of charge at the SEC's web site
at www.sec.gov. Free copies of the Company's SEC filings may be
obtained at the Company's investor relations website,
www.fwc.com, under the heading "Investor Relations," by
selecting the heading "SEC Filings." The Company and its
executive officers and directors may be deemed to be
participants in the solicitation of proxies for the general
meetings. For their names and their interests in the Company,
please refer to the proxy statement and the Company's Annual
Report on Form 10-K for the fiscal year ended December 26, 2003.

CONTACT: Foster Wheeler Ltd.
         Perryville Corporate Park
         Service Rd. E. 173
         Clinton, NJ 08809-4000
         USA
         Phone: 908-730-4000
         Web Site: http://www.fwc.com/


GAINFORD LTD.: Robin Mayor to Serve as Liquidator in Wind-Up
------------------------------------------------------------
       IN THE MATTER OF THE COMPANIES ACT 1981

                      and

            IN THE MATTER OF Gainford Ltd.

The Member of Gainford Ltd., acting by written consent without a
meeting on November 1, 2004 passed the following resolutions:

1) THAT the Company be wound up voluntarily, pursuant to the
provisions of the Companies Act 1981; and

2) THAT Robin J Mayor be and is hereby appointed Liquidator for
the purposes of such winding-up, such appointment to be
effective forthwith.

The Liquidator informs that:

- Creditors of Gainford Ltd., which is being voluntarily wound
up, are required, on or before November 19, 2004 to send their
full Christian and Surnames, their addresses and descriptions,
full particulars of their debts or claims, and the names and
addresses of their lawyers (if any) to Robin J Mayor at Messrs.
Conyers Dill & Pearman, Clarendon House, Church Street,
Hamilton, HM DX, Bermuda, the Liquidator of the said Company,
and if so required by notice in writing from the said
Liquidator, and personally or by their lawyers, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- A final general meeting of the Member of Gainford Ltd. will be
held at the offices of Messrs. Conyers Dill & Pearman, Clarendon
House, Church Street, Hamilton, Bermuda on December 13, 2004 at
9:30 a.m., or as soon as possible thereafter, for the purposes
of:

1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator; and

2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and

3) by resolution dissolving the Company.

CONTACT: Mr. Robin J. Mayor, Liquidator
         Clarendon House
         Church Street
         Hamilton, Bermuda


SEA CONTAINERS: Net Earnings Drop to $22.6M Year-on-Year
--------------------------------------------------------
Sea Containers Ltd. (NYSE: SCRA and SCRB) marine container
lessor, passenger and freight transport operator and leisure
industry investor, announced its results for the third quarter
and nine months ended September 30, 2004. Net earnings for the
quarter were $18.1 million ($0.76 per common share diluted) on
revenue of $492 million.  Revenue increased 6% over the prior
year period. Excluding gains on sale of assets and non-recurring
charges in 2003, net earnings declined $22.6 million from the
prior year period.

For the nine months ended September 30, 2004 net earnings were
$8.1 million ($0.35 per common share) on revenue of $1.3
billion.  Revenue increased 6% over the prior year period.
Excluding gains on sale of assets and non-recurring charges, net
earnings declined $31.7 million from the year earlier period.

Mr. James B. Sherwood, President, said that the third quarter
was the period of highest demand for light fuel needed to
operate the Company's fast ferry fleet and the price had soared
beyond expectation at the time of the last earnings press
release. The Company's expenditure on fuel for the quarter
increased by $3 million over the prior year period.  Light fuel
prices have reduced recently by 15% from their peak but the
price outlook for 2005 is uncertain.

The Company's Hoverspeed unit got caught in a price war between
Eurotunnel and other ferry operators on the Dover/Calais ferry
route and was forced to reduce rates to retain market share.
The savings achieved by moving to seasonal operations were lost
through this pricing conflict and higher fuel costs.  The main
ferry operator on the route, P&O, has announced the withdrawal
of two large passenger ferries in 2005 which should help to
achieve a better balance between supply and demand.

Hoverspeed had earlier won a lawsuit against H.M. Customs &
Excise in the U.K., reaffirmed on appeal, and has now lodged its
claim for damages in the amount of $91.5 million (o50 million).
The original award provided that the damages would be determined
by a single judge in the High Court and this is expected to be
heard late in 2005.  Shortly after the filing of the damages
claim the European Commission separately filed suit against the
U.K. on similar grounds, i.e. breach of the European Union
treaty concerning the free movement of goods across frontiers
between members states, so Hoverspeed believes it has a strong
claim.

Silja incurred start-up losses in connection with its
introduction of the m.v. Finnjet into the Germany/Estonia/Russia
trade.  This introduction coincided with the imposition of visas
at large cost for EU visitors to Russia, causing a reduction in
expected demand.  Silja has decided to lay-up the vessel during
this winter while negotiations progress with the Russian
authorities.  Silja also suffered from the higher than expected
fuel costs for its fleet, including two SuperSeaCat fast ferries
and the Finnjet which burn light fuel.

GNER's results for the quarter were impacted by a portion of the
$15 million settlement made with the Strategic Rail Authority
which is being written off over the balance of its current
franchise which expires in April, 2005.  Poor weather in the
period dampened tourist rail travel.  Better performance by
Network Rail reduced delay compensation payments compared with
the prior year period.

Mr. Sherwood reviewed results by activity as follows:

1. Silja, the Baltic ferry operator.

             Three months ended 09/30    Nine months ended 09/30

                 2004         2003          2004         2003

Silja operations:

Revenue         $181,940    $181,813       $481,010
$451,082

Operating and
SG&A expenses  150,861      146,090        424,119
394,017

EBITDA           31,079       35,723         56,891
57,065

Depreciation     10,535        8,363         30,872
26,324

Earnings before
net
finance costs $ 20,544     $ 27,360       $ 26,019      $
30,741

Silja's business plan for 2005 calls for substantial improvement
in results of the m.v. Finnjet, increase in freight capacity on
routes which are currently constrained and sale or charter of
the pure cruise ship m.v. Walrus, currently based in Hong Kong.
Silja's core routes continue to operate satisfactorily as does
its pure cruise vessel m.v. Silja Opera.

2. GNER, the intercity high speed rail service connecting London
with Leeds, Newcastle and Scotland.

              Three months ended 09/30    Nine months ended
09/30

                 2004         2003          2004         2003

Rail operations:
Revenue      $224,945     $197,364      $633,411     $526,947

Operating and
SG&A expenses 211,115      166,228       588,156      456,178

EBITDA         13,830       31,136        45,255       70,769

Depreciation    3,242        2,379        11,234        7,550

Earnings before
net finance
costs        $ 10,588     $ 28,757      $ 34,021     $ 63,219

GNER and other bidders are required to submit their applications
for a new 10 year franchise on December 6, 2004.  An award is
expected in February, 2005.  GNER has prepared carefully for its
tender and believes it will win the new franchise.

3. Other ferry operations, consisting of Hoverspeed's 5 ships
operating in U.K. waters, SNAV-Hoverspeed's two ships operating
in the Adriatic, two high speed ferries chartered out to other
operators and SeaStreak's 7 passenger-only fast ferries
operating commuter services between Manhattan and New Jersey.


              Three months ended 09/30    Nine months ended
09/30

                 2004         2003          2004         2003

Other ferry operations:
Revenue       $43,940      $54,793       $78,459     $143,335

Operating and
SG&A expenses 43,179       50,025        87,038      138,058

EBITDA            761        4,768        (8,579)       5,277

Depreciation    3,585        3,254        10,229       11,876

Earnings before
net
finance costs $(2,824)     $ 1,514      $(18,808)   $ (6,599)

Extra fuel costs and reduced yield on the Dover/Calais route
accounted for the swing from a profit of $1.5 million in the
third quarter of 2003 to a loss of $2.8 million in the third
quarter of 2004.

Hoverspeed is in negotiation with Transmanche to sell them the
Newhaven/Dieppe route including the vessel (sale or charter).
In 2005 two larger ships will be employed on the Dover/Calais
route in order to accommodate more peak season volumes.  The
third ship employed on the route this year will be moved to the
Mediterranean.  Other fast ferry fleet deployment changes are
planned and will be announced before Christmas.  When taken as a
whole the results from other ferry operations are expected to be
significantly improved in 2005.

4. GE SeaCo, the 50% owned joint venture with GE Capital,
engaged in the ownership and leasing out of marine cargo
containers.

              Three months ended 09/30    Nine months ended
09/30

                  2004         2003          2004         2003

Container operations:
Revenue         $37,513     $25,421      $101,714       $69,772

Operating and
SG&A expenses    5,066       2,818        12,711         8,775

EBITDA           32,447      22,603        89,003        60,997

Depreciation     10,909       7,910        30,238        21,664

Earnings before
net
finance costs    21,538      14,693        58,765        39,333

Finance costs     4,392       2,804        11,373         8,237

Earnings
before tax      $17,146     $11,889      $ 47,392       $31,096

Sea Containers'
50% share       $ 8,573     $ 5,945      $ 23,696       $15,548

Profits were up 44% over the third quarter of 2003, reflecting
the continued strong growth of this activity.  GE SeaCo took
delivery of $225 million of new containers in the nine months
ended Sept 30, 2004 and now expects to invest $270 million for
the year.

The GE SeaCo owned fleet had 99% utilization at the end of the
third quarter of 2004 while the "pool fleet" consisting of
containers owned by Sea Containers and GE Capital and managed by
GE SeaCo, had 89% utilization.

Despite some signs of new container prices easing, they have now
risen again and no short term relief is in sight.  Lease rates
have risen in step with new container prices.  New container
purchases are spread throughout the year of purchase but will
generate profits for the entire following year, assuring
earnings growth in 2005.  There are no signs of slackening of
demand.  Shipyards have full order books through 2007 for new
containerships, most of which have greater container capacities
than existing ships.  More containers will be needed to fill
these ships.

Both utilization and lease rates have risen for all container
types in the "pool fleet".  GE SeaCo is finding difficulty to
find space on vessels to position units from surplus areas to
areas of demand but more capacity should open up after the
Christmas shipping season.

"In my 40 years in the marine container leasing business I have
never seen such demand and high utilization.  Our lessees are
making excellent profits and are accepting container lease rate
increases with a minimum of fuss," Mr. Sherwood said.

5. Other container operations, including factories, depots and
service facilities.

              Three months ended 09/30    Nine months ended
09/30

                 2004         2003          2004         2003

Other container operations:
Revenue       $36,104      $25,922        $88,650      $85,024

Operating and
SG&A expenses  20,563       11,175         45,368       37,538

EBITDA         15,541       14,747         43,282       47,486

Depreciation   11,166       11,958         33,512       36,338

Earnings before
net
finance costs $ 4,375      $ 2,789        $ 9,770      $11,148

Operating profits from these activities rose 57% in the quarter,
to $4.4 million from $2.8 million in the prior year period.  All
units showed improvement and for the first time profits from the
group of businesses in Australia and New Zealand acquired from
the Owens Group contributed to the gains.

6. Property, Plantations and Publishing.  This unit includes the
Company's port interests (primarily the Corinth Canal in Greece
and Newhaven, England), plantations in the Ivory Coast and
Brazil and publishing services.

             Three months ended 09/30    Nine months ended 09/30

                 2004         2003          2004         2003

Other operations:
Revenue        $5,307       $5,126        $16,373     $17,118

Operating and
SG&A expenses  5,576        5,002         16,999      15,433

Gain on sale
of port assets 5,732        5,000          5,732       5,000

EBITDA          5,463        5,124          5,106       6,685

Depreciation      361          353            981         906

Earnings before
net
finance costs  $5,102       $4,771       $  4,125     $ 5,779

The improvement in operating profits to $5.1 million from $4.7
million in the year earlier period was largely due to real
estate sales and improved Corinth Canal results.  Further sales
are expected in the fourth quarter.  Fruit farming is having a
poor year due to heavy rain and crop rotation problems, however,
the linked leasing of refrigerated containers has increased.
Publishing should achieve a modest profit for the year.

7. Leisure investment.  Orient-Express Hotels Ltd. in which the
Company has a 42% shareholding, increased its net income in the
third quarter by 40% over the prior year period to $11.5 million
from $8.2 million in the year earlier period.

Sea Containers' share of these earnings was $4.8 million in the
quarter, up 26% from $3.8 million in the year earlier period.

"The investment in Orient-Express Hotels has a current market
value of about $270 million, yet the total current market value
of Sea Containers' equity is only about $360 million. This
valuation does not seem to recognize the value of the Company's
50% shareholding in GE SeaCo, nor the net asset value of ferry
assets.  As Orient-Express Hotels' earnings improve we expect
their share price will rise.  While current problems with fuel
prices and the competitive environment for ferries have caused a
reduction in earnings, investors should not lose sight of the
true values in the group.  Furthermore, while we do not exclude
going to the public debt markets to replace debt, our plan to
reduce total debt from $1.5 billion at the end of 2003 to $1
billion or less by the end of 2006 remains intact," Mr. Sherwood
said.

Management believes that EBITDA (net earnings adjusted for
interest, tax, depreciation, amortization and the investment in
Orient-Express Hotels) is a useful measure of operating
performance, to help determine the ability to incur capital
expenditure or service indebtedness, because it is not affected
by non-operating factors such as leverage and the historic cost
of assets.  However, EBITDA does not represent cash flow from
operations as defined by U.S. generally accepted accounting
principles, is not necessarily indicative of cash available to
fund all cash flow needs and should not be considered as an
alternative to earnings from operations under U.S. generally
accepted accounting principles for purposes of evaluating
results of operations.

To view financial statements:
http://bankrupt.com/misc/Sea3Q04.htm

CONTACT: Mr. Steve Lawrence
         Public Relations and Communications
         Sea Containers Services Ltd.
         Sea Containers House
         20 Upper Ground, London SE1 9PF.
         Phone: +44 02 7805 5830.
         e-mail: steve.lawrence@seacontainers.com

                  or

         Head Office
         Sea Containers Ltd.
         Canon's Court
         21 Victoria Street
         Hamilton HM12
         Bermuda
         Phone:  +1 (441) 295 2244
         Fax:  +1 (441) 292 8666

         Web Site: www.seacontainers.com



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

ESCELSA: S&P Issues Update on Ratings
-------------------------------------
Rationale

Standard & Poor's Rating Services' 'B+' foreign and local-
currency ratings on Espirito Santo Centrais Eletricas S.A.
(Escelsa) remain on CreditWatch with developing implications in
its global scale. The 'B+' rating on the US$431 million senior
notes program is also on CreditWatch with developing
implications.

The CreditWatch reflects the uncertainty surrounding the
significant ownership restructuring of EDP Brasil's assets in
Brazil, having potential effects on Escelsa's balance sheet and
cash generation. It also reflects Standard & Poor's expectations
that the Company's financial profile will remain aggressive in
the absence of a positive ownership-restructuring outcome,
although Escelsa's consolidated figures have shown some progress
when compared with 2003 figures.

EDP Brasil announced in April 2004 an ownership restructuring
that aims at lining up all investments of Portugal-based
Eletricidade de Portugal Group (EDP Group) in Brazil, under its
direct control. As part of that restructuring and following
legal provisions enacted in the beginning of the year by the
federal government--which require the separation of all types of
assets from the control of a concession--the investment in the
subsidiary Empresa Energetica de Mato Grosso do Sul S.A.
(Enersul) will be transferred to another ownership. Standard &
Poor's anticipates that the financial compensation for the
divestment on Enersul will result in a reduction in Escelsa's
financial leverage, most likely through the transfer or
settlement of part of the US$431 million senior notes program,
as these notes were the financial vehicle to acquire Enersul in
1997.

Escelsa's financial indicators in September 2004 presented some
improvement from those presented in fiscal year end 2003, which
in turn were already depressed for the rating category at that
time. Funds from operations (FFO) to total debt reached 10.2%
and FFO to interest coverage was 1.81x (annualized) in the nine
months ended 2004; compared with 7% and 1.64x in the full year
2003, respectively. Standard & Poor's continually assumed that
the Company would be able to report better results and cash
generation from 2004 on, reflecting a more stable operating
environment for the electric sector in general. In addition, the
expected stronger improvement in those ratios going forward
tends to be limited by Escelsa's high debt burden, therefore,
leading the Company to depend on external funding and on the
volatile credit availability in Brazil.

Liquidity

Escelsa's consolidated total debt amounted to Brazilian real
(BrR) 2.2 billion as of September 2004 remaining steady if
compared with fiscal year-end 2003. Approximately 60% of the
total amount of the debt refers to the senior notes program due
in 2007 (BrR1.25 billion). The take out of the senior notes will
depend on the potential transfer of part of this liability to
another Company of the group, or a capitalization, since the
controlling shareholder holds 83% of the outstanding notes.
Escelsa's short-term debt represents 22% of total debt, mostly
maturing in 2005, which can be amortized through available cash
holdings and internal cash generation. The Company's cash
position on Sept. 30, 2004 was BrR265 million, largely U.S.
dollar-denominated. Long-term debt maturities are smooth until
2013, except for a relevant concentration in 2007 due to the
senior notes program bullet maturity. The Company's ratio of
total debt/total capital in a high 80% level together with
relevant currency mismatches--with 64% of total debt being
foreign currency denominated, free of hedges, in contrast to all
revenues being raised in local currency--places Escelsa in a
vulnerable position and in an aggressive financial profile.

Standard & Poor's expects to keep these ratings on CreditWatch
Developing until the ownership restructuring strategy is defined
and Standard & Poor's can assess the rating implications
involved in this process. Standard & Poor's believes that the
ownership restructuring might strengthen Escelsa's credit
profile. The resolution of the CreditWatch on the issue rating
on the notes will depend on the credit quality of the eventual
new obligor of the debt.

Primary Credit Analyst:  Marcelo Costa, Sao Paulo
(55) 11-5501-8955; marcelo_costa@standardandpoors.com

Secondary Credit Analyst: Milena Zaniboni, Sao Paulo
(55) 11-5501-8945; milena_zaniboni@standardandpoors.com


NET SERVICOS: Investors Support Planned Private Offering
--------------------------------------------------------
The decision by Brazilian cable television and broadband
operator Net Servicos de Comunicacao SA (NETC) to abandon a
public tender of preferred shares in favor of a private offering
gained a favorable response from investors.

"The decision is very welcome. It safeguards minority
shareholders, and is a ratification that Level 2 of Bovespa was
respected," said Marcos Duarte, a director at Animec, an
association of capital market investors.

Net's shares are listed on Level 2 of Sao Paulo's Bovespa stock
exchange, which requires higher commitments to corporate
governance and minority shareholder rights than the standard
listing.

Net said Wednesday it plans to raise BRL639 million ($1=BRL2.82)
from the sale of 1.8 billion shares through a private offering,
with ordinary and preferred shares priced at BRL0.35 each.

Previously, the Company was planning to hold a public
bookbuilding process to set the price for the sale of preferred
shares, meaning the price could have been much higher than the
BRL0.35 minimum price.

However, owners of voting shares would be allowed to buy shares
at a fixed price of BRL0.35, upsetting minority investors. The
orignal plan not only hurt Net minority shareholders but might
have set a precedence for other Level 2 companies, Animec's
Duarte said. It would have created a "very large opening for
future operations that would be damaging to the market," he
said.

At the same time, UBS Investment Research also agreed with Net's
new decision, says Dow Jones.

"We believe Net's decision to make voting and preferred
shareholders rights equal in the upcoming capital increase has
to be celebrated from a corporate-governance point of view," UBS
said in a report, adding, the original plan had cast Brazilian
minority-shareholder rights "in a negative light."

UBS has raised its stock recommendation on Net to neutral from
reduce.

CONTACT: Net Servicos de Comunicacao S.A.
         Investor Relations
         Mr. Marcio Minoru or Mr. Rodrigo Alves
         Phone: 55-11-5186-2811
         E-mail: ri@netservicos.com.br


POLARIS FSC-1: To Undergo Wind-Up Proceedings
---------------------------------------------
          IN THE MATTER OF THE COMPANIES ACT 1981

                        and

            IN THE MATTER OF Polaris FSC-1 Ltd.


The Member of Polaris FSC-1 Ltd., acting by written consent
without a meeting on 1st November, 2004 passed the following
resolutions:

1) THAT the Company be wound up voluntarily, pursuant to the
provisions of the Companies Act 1981; and

2) THAT Robin J Mayor be and is hereby appointed Liquidator for
the purposes of such winding-up, such appointment to be
effective forthwith.

The Liquidator informs that:

- Creditors of Polaris FSC-1 Ltd., which is being voluntarily
wound up, are required, on or before November 19, 2004 to send
their full Christian and Surnames, their addresses and
descriptions, full particulars of their debts or claims, and the
names and addresses of their lawyers (if any) to Robin J Mayor,
at Messrs. Conyers Dill & Pearman, Clarendon House, Church
Street, Hamilton, HM DX, Bermuda, the Liquidator of the said
Company, and if so required by notice in writing from the said
Liquidator, and personally or by their lawyers, to come in and
prove their debts or claims at such time and place as shall be
specified in such notice, or in default thereof they will be
excluded from the benefit of any distribution made before such
debts are proved.

- A final general meeting of the Member of Polaris FSC-1 Ltd.
will be held at the offices of Messrs. Conyers Dill & Pearman,
Clarendon House, Church Street, Hamilton, Bermuda on December
13, 2004 at 9:30 a.m., or as soon as possible thereafter, for
the purposes of:

1) receiving an account laid before them showing the manner in
which the winding-up of the Company has been conducted and its
property disposed of and of hearing any explanation that may be
given by the Liquidator; and

2) by resolution determining the manner in which the books,
accounts and documents of the Company and of the Liquidator
shall be disposed of; and

3) by resolution dissolving the Company.

CONTACT: Mr. Robin J. Mayor, Liquidator
         Clarendon House
         Church Street
         Hamilton, Bermuda



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

ENAMI: Senate Mining Committee Ratifies Ventanas Transfer
---------------------------------------------------------
A bill that will see the transfer of Chilean state mining
Company Enami's Ventanas copper smelter-refinery to state copper
corporation Codelco has been ratified by the senate mining
committee.

Business News Americas reveals that the first article of the
bill had been approved by 30 votes and two abstentions in the
full house and by three to two in the committee stage.

The transfer of Ventanas to Codelco will cut down Enami's debt,
which currently stands at US$400 million, to nearly US$30
million.

The government has fulfilled its agreements and defended a
project that will substantially benefit small and medium-sized
mines, said mining minister Alfonso Dulante.



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

CYDSA: Losses Worsen in the 1st 9 Mos. of 2004
----------------------------------------------
Mexican industrial group Cydsa (BMV: CYDSASA) saw its net loss
balloon in the first nine months of 2004 to MXN819 million, from
a MXN387-million loss in last year's comparable period.

The Company blames burgeoning losses on the high prices of input
materials such as petrochemicals products, coupled with
increasing energy rates.

Sales through Sep. 2004 were MXN5.17 billion (US$453 million),
up 18% from the same period last year as shipments and product
prices increased, said the Company.

Product shipments increased in Cydsa's PVC resin tubing and
connection lines, it told Mexico City's bourse (BMV).

Operating profit for the nine-month period reached MXN118
million compared with a MXN34 million operating loss in the same
period last year.

Cydsa produces textiles, industrial packages, chemicals,
petrochemicals and plastics, and offers wastewater and
environmental management and services.

CONTACTS: CYDSA, S.A. de C.V. (BMV: CYDSASA)
          Ave. Ricardo Margain Zozaya # 565
          Parque Corporativo Santa Engracia, Edificio B,
          66267 Garza Garca, Nuevo Leon
          Mexico

          Mr. Oscar Casas Kirchner
          Financing Manager
          Direct Phone: (52) (81) 81-52-46-04
          Fax: (52) (81) 81-52-48-13
          E-mail: ocasas@cydsa.com

          Mr. Alberto Balderas Calderon
          Administrative Information Manager
          Direct Phone:(52) (81) 81-52-46-08
          Fax: (52) (81) 81-52-48-13
          E-mail: abalderas@cydsa.com

          Web Site: www.cydsa.com


EMPRESAS ICA: S&P Issues Update on Ratings
------------------------------------------
Rationale

The ratings on Empresas ICA Sociedad Controladora S.A. de C.V.
(ICA) reflect ICA's tight liquidity and weak financial profile.
The ratings also consider the Company's position as the largest
engineering, construction, and procurement concern in Mexico.
The ratings show the expectation that over the next 16 months
ICA's liquidity will remain tight and that corporate debt
payments depend on the Company's ability to finish its asset
sale program and financial restructuring. The ratings also
reflect the risk of operating losses and swings in working
capital associated with cost overruns that have hurt the
Company's financial performance and liquidity in recent years.
Nevertheless, the improvement in the Company's backlog,
particularly its ability to secure works from PEMEX and CFE,
provides evidence of its standing as the leading E&C concern in
Mexico.

ICA's operating and financial performance has improved over the
past months and reflects a 30% increase in revenues that has had
a positive impact on its key financial ratios. For the first
nine months of 2004, ICA posted EBITDA interest coverage, total
debt/EBITDA, and FFO/total debt ratios of 3.5x, 5.2x, and 16.0%,
respectively, which compare favorably to the 1.4x, 9.3x and
(1.2%) posted in 2003. Revenues have been driven by the increase
in the Company's backlog, which stood at 16 months of
construction equivalent as of Sept. 30, 2004, and the progress
of El Cajon hydroelectric project, which accounted for 22% of
consolidated revenues in the third quarter and is now 36%
complete. The $694 million contract for the reconfiguration of
PEMEX's Minatitlan refinery will be an important addition to the
Company's backlog and reflects a more favorable operating
environment for ICA in Mexico. The Company has indicated that it
expects a response from the CFE regarding its request to
recognize the increase in steel prices on the El Cajon project
cost before the end of the year.

Liquidity

ICA's liquidity is tight. The Company faces significant
investments in working capital, particularly for El Cajon, that
will lead to a deficit in free operating cash flow that will be
met with additional debt and asset sales. ICA has indicated that
the Minatitlan project will require working capital investments
than are significantly lower that those required by El Cajon,
and this should benefit the Company's liquidity. The Company has
been able to secure credit for its works in progress. During the
third quarter, ICA obtained four working capital loans for a
total of $70 million to finance the construction of four marine
drilling platforms for PEMEX. Nevertheless, corporate expenses
and debt service depend on the successful completion of the
Company's asset sale program ($15 million in 2004) and the
successful restructure/refinancing of $35 million of bank debt.
Liquid assets are scarce, as ICA's unrestricted cash has been
depleted by the need to post cash as collateral to obtain LOCs
to support working capital investments. In addition, the Company
does not have corporate credit lines available and practically
all of its assets have been pledged to current debt holders.

Outlook

The negative outlook reflects the expectation that ICA's
liquidity will remain tight over the next 16 months and that
ratings could be lowered if the Company's liquidity weakens
further. A positive rating action would need to be preceded by a
significant improvement in liquidity and a sustained improvement
in the Company's financial and operating performance.

Primary Credit Analyst: Jose Coballasi, Mexico City (52) 55-
5081-4414; jose_coballasi@standardandpoors.com

Secondary Credit Analyst: Santiago Carniado, Mexico City (52)
55-5081-4413; santiago_carniado@standardandpoors.com


GRUPO MEXICO: BBVA Raises Stock Recommendation to "Buy"
-------------------------------------------------------
BBVA Securities raised its stock recommendation on Mexican
mining and railroad Company Grupo Mexico SA (GMEXICO.MX) to
"buy" from "outperform," reports Dow Jones Newswires.

The raise follows Southern Peru's recent approval of a planned
merger with Grupo Mexico unit Minera Mexico, which includes the
Cananea and La Caridad mines.

"Our upgrade factors in the benefits we expect from the merger
of Grupo Mexico's subsidiaries, Minera Mexico and Southern Peru
Copper Corporation," the brokerage said in a research report.

Despite the perceived advantages, Grupo Mexico's environmental
liabilities at its U.S. unit Asarco still give the stock a
higher risk profile than other regional metals companies such as
Brazil's Usiminas or Gerdau, BBVA said.

"The Company is apparently trying to amend these issues, but we
are still maintaining a 'wait and see' approach," the brokerage
added.

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 Perez, COO, Ferrocarril Mexicano
          Daniel Chavez Carren, COO, Industrial Minera Mexico
          Daniel Tellechea Salido, VP and Administration and
                                         Finance President


INDUSTRIAS UNIDAS: S&P Updates Ratings
--------------------------------------
Rationale

The ratings assigned to Industrias Unidas S.A. de C.V. (IUSA)
reflect the Company's tight liquidity and high leverage. These
factors are partially offset by its leading market positions in
Mexico and the U.S. in the manufacture and distribution of
copper and copper-alloy products, electrical products, and watt-
hour meters. IUSA is one of Mexico's largest diversified
industrial companies, offering a large variety of products
through integrated manufacturing and distribution operations
located principally in Mexico and the U.S. The Company's
operations are conducted by seven principal business groups:
copper tubing, wire and cable, copper alloys, electrical
products, watt-hour meters, valves and controls, and diversified
assets group.

Financial performance during the 12 months ended Sept. 30, 2004,
reflects more favorable market conditions in Mexico and the U.S.
The 43% increase in EBITDA during the nine months ended Sept.
30, 2004 has led to an improvement in IUSA's key financial
measures. For the 12 months ended Sept. 30, 2004, the Company
posted EBITDA interest coverage, total debt-to-EBITDA, and funds
from operations (FFO)-to-total debt ratios of 5.0x, 2.7x, and
23.0%, respectively, which compare favorably to the 2.8x, 3.7x,
and 10.5% posted during 2003. Nevertheless, the Company's high
leverage is evident in its adjusted key financial ratios, which
treat its trade finance facility with Gerald Metals (about $100
million outstanding) as debt. For the 12 months ended Sept. 30,
2004, IUSA posted EBITDA interest coverage, total debt-to-
EBITDA, and FFO-to-total debt ratios of 4.6x, 3.4x, and 17.3%,
respectively.

Liquidity

IUSA's liquidity is tight and remains a concern for Standard &
Poor's. Nevertheless, it has improved slightly as a result of
the Company's top line growth. As of Sept. 30, 2004, the Company
had about $30 million in cash and equivalents, which compares
unfavorably to $111 million in short-term debt (including $39
million in long-term debt maturities and $48 million in euro-
CP). The aforementioned is partially mitigated by the Company's
bank line and trade finance availability (about $35 million).
IUSA's free operating cash-flow generation during 2004 is
expected to reach about $10 million, which highlights the need
to secure long-term financing to improve the Company's capital
structure and debt maturity schedule, to reduce its refinancing
risk, and to free liens, which also limits the Company's
financial flexibility.

Outlook

Failure to improve the Company's capital structure and liquidity
in the coming months could lead to a downgrade. Nevertheless,
Standard & Poor's expects that IUSA will be able to continue to
roll over its short-term debt maturities while it moves forward
with its efforts to improve its capital structure. A stable
outlook could be assigned if the Company is able to improve its
debt maturity profile through the issue of long-term debt.

Primary Credit Analyst: Jose Coballasi, Mexico City (52) 55-
5081-4414; jose_coballasi@standardandpoors.com

Secondary Credit Analyst: Santiago Carniado, Mexico City (52)
55-5081-4413; santiago_carniado@standardandpoors.com



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

VISION S.A.: S&P Upgrades Counterparty Credit Rating to 'B-'
------------------------------------------------------------
Standard & Poor' s Ratings Services raised its counterparty
credit rating on Vision S.A. de Finanzas F.C.A. (Vision) to 'B-'
from 'CCC'. The outlook is stable.

The upgrade reflects the Company's enhanced financial
flexibility as a result of the incorporation of a new
shareholder, Accion Investments in Microfinance SPC, by which
Vision has significantly improved its capitalization ratios and
thus addressed one of the Company's main weaknesses. Vision
needed to receive new capital contributions to sustain its
present high growth levels and to generate loan-loss coverage in
accordance with the risks it faces. The agreement to incorporate
Accion Internacional-an international organization dedicated to
the development of microfinance-into its ownership structure is
to cover Vision's medium-term capital needs.

Vision is a financial Company dedicated to providing loans and
services in the microfinance industry and the traditional
consumer segment in the middle- and lower-income sectors. "The
ratings on Vision balance the risks inherent to operating in
risky market segments in the volatile Paraguayan financial
system with the Company's positive features, which include
cautious asset liability management policies, management's
experience in developing businesses in environments of high
financial stress, and good revenue diversification, with a
relatively high participation of fee income in total revenues
for a Company of its size and profile," said Standard & Poor's
credit analyst Carina Lopez.

At present, the Company is involved in the last stages of a
reengineering, consisting of the redefinition of processes, the
upgrade of overall systems, and the development of effective
information management tools. This project aims to increase
efficiency levels and enhance the availability of information
for timely business decisions and preventive measures.

The stable outlook reflects Standard & Poor's expectation that,
despite Paraguay's still-high operating and sovereign risks, the
successful implementation of changes aimed at increasing
efficiency and improving management tools will enable Vision to
improve its present competitive position without a deterioration
of its credit portfolio.

Primary Credit Analyst(s): Carina Lopez, Buenos Aires (54) 11-
4891-2118; carina_lopez@standardandpoors.com



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

* PERU: To Hire JP Morgan, UBS as Advisers in Paris Club Talks
--------------------------------------------------------------
Peru will hire JP Morgan Securities Inc (JPM) and UBS Ltd. (UBS)
to advise it on the restructuring of its debts with the Paris
Club, Dow Jones Newswires indicates.

The government revealed that the debt involved "certain credits
reprogrammed under an accord with the Paris Club on May 4, 1993,
and July 20, 1996," as well as other non-reprogrammed bilateral
debt and other securitized debt.

Renegotiating Paris Club debt is part of the finance ministry's
overall plan to restructure government debt. Finance ministry
officials have said they could present a concrete proposal to
the Paris Club this month.

The Central Reserve Bank of Peru recently disclosed that Peru's
debt with the Paris Club totaled $8.255 billion as of June 2004.



=================
V E N E Z U E L A
=================

CANTV: Board Authorizes Digitel Buy
-----------------------------------
CANTV, Venezuela's leading landline Company, announced Friday
that its board has approved a plan to buy Digitel, a unit of
Telecom Italia Movile (TIM).

"CANTV announces that the board of this Company has approved a
letter of intent signed with Telecom Italia Mobile S.p.A. (TIM)
to acquire 100 percent of the shares of Corporacion Digitel,
C.A., for $450 million," CANTV said in a statement.

The deal is subject to regulatory approval, CANTV added. Until
the deal closes, each Company will continue to run its own
independent marketing strategies and operations.

Simultaneously, CANTV's board had also recommended that
shareholders approve an extraordinary dividend of VEB120 per
share, equivalent to VEB840 (43.75 cents) per ADR. This would be
put before a shareholders meeting to be held Dec. 7.

CANTV is Venezuela's No. 1 telecoms provider with more than 2.9
million access lines and 2.7 million mobile phone subscribers.

CONTACTS: CANTV Investor Relations
          Phone: +011 58 212 500-1831 (Master)
          Fax: +011 58 212 500-1828
          e-mail: invest@cantv.com.ve


PDVSA: Struggles to Close Deal With Foreign Partners on LNG Proj
----------------------------------------------------------------
Venezuelan state-oil Company Petroleos de Venezuela (PdVSA) is
willing to proceed with the development of the Mariscal Sucre
natural gas project alone if it fails to agree on a joint
venture with foreign companies, Dow Jones Newswires reports,
citing PdVSA Vice President Felix Rodriguez.

In November 2003, Venezuela signed a preliminary agreement with
Royal Dutch/Shell Group and Japan's Mitsubishi Corp. to develop
the project. Under the agreement, PdVSA would own 60%, Shell
would control 30% and Mitsubishi would hold an 8% stake. But up
to now, the concerned parties have yet to close the deal.

"The project already started up," said Rodriguez, referring to a
number of studies that have already been done as part of the
development plan. "If we cannot reach an agreement (PdVSA) will
go it alone."

Officials from Shell and Mitsubishi said they're still
interested in cementing a deal with the government but they
insisted the government has the power to make the deal happen.

Joaquin Moreno, president for Shell in Venezuela, said his
Company is ready to agree to a deal "if (the government's offer)
makes strategic and economic sense.

Some observers of the deal note that the government's insistence
on selling the gas locally at below market prices makes the
project less enticing to foreign investors.

Yasushi Iwamatsu, president for Mitsubishi Venezolana, makes
clear, however, that the foreign companies knew that supplying
the domestic market is a major goal of Mariscal Sucre.

Nonetheless, Iwamatsu pointed out that Mitsubishi will remain
interested in the project if the government offers a "package
deal" that includes selling gas domestically but also overseas
at higher prices.



                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

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Copyright 2004.  All rights reserved.  ISSN 1529-2746.

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* * * End of Transmission * * *